View more on these topics

10 Years Ago: The big mortgage stories from February 2008

BTL déjà vu, a slump in house prices and the end of supersized mortgages


Deja vu on landlord tax?

This is a headline we have found ourselves repeating several times over the past decade, albeit in varying contexts. The years may come and go but government interference in landlord taxation appears to be relentless. This particular headline reflected annoyance that buy-to-let investors had been exempted from a new 10 per cent capital gains tax.


13% slump in house prices

February 2008 was a pivotal month for UK property prices. House values had already fallen by 5 per cent from the 2007 peak and the market was pondering what would happen next. Hats off to Deloitte for correctly predicting a 13 per cent slump during 2008–09. Hats firmly on heads for Nationwide, which thought property prices would be flat. You can’t win ‘em all.

11 FEBRUARY 2008

Black and white, but not read all over

Talking of not winning them all, here’s an example from Mortgage Strategy itself. We had just broken the news that major sub-prime broker Black and White had gone into administration and its chief executive had resigned. However, we forgot to alter the script for our annual awards, held the very next day, at which the firm was named ‘Best mortgage broker’. Oops.

18 FEBRUARY 2008

When long-term relationships mattered

In today’s market it seems consumers are hooked on two- and five-year fixed rates, with longer-term fixes largely snubbed. Ten years ago, however, longer fixes were common, as this piece reminds us. Perhaps we will see those days again some time – although many brokers, probably, would rather not, from a proc fee point of view.

25 FEBRUARY 2008

Supersized loans were superceded

This month in 2008 also saw the end of 100 per cent-plus mortgages. Once upon a time, deals for up to 125 per cent LTV were offered by many household-name lenders, include Abbey, Alliance & Leicester and, of course, Northern Rock, the firm people tend to associate most with these products. It is hard to foresee such loans ever returning to the marketplace, although the case for 100 per cent deals is growing.


Financing properties owned in trusts

Part of a series 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. Properties can be held in trust for many reasons. For example, if a property is left to minors in […]


OneSavings Bank eases ICR requirements

OneSavings Bank has simplified its buy-to-let interest coverage ratio requirements for its Kent Reliance and InterBay Commercial brands. The changes increase the amount customers can borrow against their buy-to-let property. Before, ICRs depended on various factors. These included whether the applicant was an individual or limited company and the number of other properties owned. Now […]


UK Finance updates conveyancing disclosure form

UK Finance has today published a new disclosure form for residential conveyancing. The new form replaces the disclosure of incentives form and can be completed by a property seller or developer. It is designed to improve the flow of information to all parties involved in the mortgage process. The new form should be provided to a lender’s […]

Houses, house, property, monopoly

Mortgage market remains ‘steady’ in January: MAB

The housing market enjoyed a “slow but steady” start to the year, with house prices rising year-on-year, according to the latest National Mortgage Index. This data, compiled by Mortgage Advice Bureau, showed the average purchase price in January was £245,742 – a 0.8 per cent increase on the average price recorded in January last year. […]


Guide: 10 required letters — what to send, to whom and when?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.


News and expert analysis straight to your inbox

Sign up