View more on these topics

10 Years Ago: The big mortgage stories from December 2007/January 2008

Brokers faced regulatory ire but planned to work in their Christmas break

3 DECEMBER 2007

Regulator slated brokers for failing standards
10-Years-1

The regulator was decidedly unimpressed with many mortgage brokers in 2007, saying that more than a fifth did not meet its advice standards. However, given that mortgage regulation in 2007 could be politely described as being in its infancy, this is no slight on the professionalism of brokers. And, of course, 2017 offers a different picture altogether.

10 DECEMBER 2007

RDR ‘will not affect brokers — yet’, said regulator

A big worry for brokers at the time was that the regulator would bring in a Retail Distribution Review for the mortgage market, banning commission payments. This was not an unfounded fear as FSA director Stephen Bland had given a speech at a Mortgage Strategy event encouraging the market to learn lessons from the RDR. Fortunately for the procuration fee system, it was all a flash in the pan.

17 DECEMBER 2007

No rest for the wicked?

‘Brokers Working In Time Off’ shocker! This poll showed that more than two-thirds of mortgage intermediaries expected to work during the Christmas break that year. Mortgage Strategy hopes that 2017 will see fewer firms beavering away over the festive period, but knows that those that do will be motivated by the good old-fashioned Protestant work ethic rather than any Scrooge-like impulse.

14 JANUARY 2008

Doom mongers called out for underestimating BTL investors

L&C’s David Hollingworth, who mysteriously appears not to have aged in the interim 10 years, defied those who said buy-to-let was about to ‘implode’. Although the market deflated from 2008/12, it then grew quickly year-on-year, proving Hollingworth’s theory that B2L landlords were in it for the long term.

21 JANUARY 2008

Northern rock clinging on by fingernails

This front page shows one of the big stories of the time: the long-drawn-out demise of Northern Rock. Mortgage Strategy sent a reporter to the firm’s extraordinary general meeting in Newcastle, where shareholders grilled management about the lender’s future. The reporter said there was a tense atmosphere but “room for humour” at the event. One month later, former Labour chancellor Alastair Darling nationalised the firm.

Recommended

House-Keys-Mortgage-Estate-Agent-700.jpg

Mortgage approvals increase despite base rate rise: e.surv

The number of mortgage approvals rose by 2.5 per cent in November, following the increase in interest rates at the start of the month. This latest housing market data, by chartered surveyors, e.surv, suggests that this rate increase prompted many homeowners to switch from variable rate deals to fixed-rate products. In total, 66,167 mortgages were […]

Housing market to remain subdued in 2018: Halifax

House price growth will be minimal next year, with values rising by a maximum of 3 per cent, according to Halifax’s 2018 outlook. It predicted that growth will continue to be weakest in London and the South East. The lenders said it expected house prices to be “broadly stable” in 2018. It said continued pressure […]

Financing properties owned in trusts

Over recent weeks I have been looking at various niche markets within the buy-to-let sector where choice of lender is more restricted than for normal borrowers. One such area involves loans secured on residential properties owned through trusts.

Insurance - thumbnail

Consumer attitudes to protection

Royal London commissioned Opinium to run our State of the Protection Nation research to find out how people felt about their own protection needs and the industry as a whole. By Ross Jackson, Senior Protection Marketing Manager We surveyed people who had already taken out some kind of protection insurance and those who didn’t have […]

Newsletter

News and expert analysis straight to your inbox

Sign up