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10 Years Ago: The big mortgage stories from November 2017

5 NOVEMBER 2007

Sell-and-rent-back providers slammed

The sale-and-rent-back market was never far away from controversy, as this headline shows. Mortgage Strategy ran a campaign for tougher market regulation. Not to be outdone, the Financial Services Authority went one step further and shut down the entire sector in February 2012. The FSA said many products were “unaffordable or unsuitable and never should have been sold”.

12 NOVEMBER 2007

CML prescient on homeownership

This proved to be correct. Ten years ago the Labour government set ambitious targets to get 75 per cent of the UK population buying their own homes. The CML and Ray Boulger said the targets were unrealistic, citing affordability issues. These problems went largely unfixed and, lo and behold, homeownership has now fallen to a 30-year low of 62.9 per cent.

12 NOVEMBER 2007

A transport of delight

Long-term readers of Mortgage Strategy (we’re sure that’s all of you) will remember the much-loved ‘Me and My Car’ column, where readers detailed their favourite motor. Imla’s Peter Williams put a fresh spin on the topic with a piece about racing punts on the River Thames. A tongue-in-cheek Williams noted that, while punts were a slower form of transport than cars, their performance on water was notably better.

19 NOVEMBER 2007

Lender blamed delays on its ‘sexy’ rates

The 2007 market was more boisterous than today’s. Here, brokers took potshots at Woolwich for 10-day delays in returning calls and telephone waiting lists topping 100 callers. Woolwich’s response? A frank apology, and an explanation that having the “sexiest” rates on the market had led to a surge of broker interest. Perhaps we need a bit more of that swagger in 2017.

26 NOVEMBER 2007

That hip has sailed

Home information packs — or HIPs. Rarely have three letters been more vexatious in the property industry, with many saying the packs were a dud idea that blocked buyers. Delays, moving goalposts and wars of words surrounded the HIP scheme, which was phased in from August 2007 only to be scrapped in May 2010.

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Partied out and penniless

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