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10 Years Ago: The big mortgage stories from October 2007

Unexpected industry links with Richard Branson and Delia Smith

1 OCTOBER 2007

Regulator’s review of PPI sales standards found flaws

10-years-1
In personal finance you’ll be hard pressed to find three words more emotive than ‘payment protection insurance’. Mortgage Strategy readers need no reminder of the multibillion-pound consequences arising from the controversial insurance cover, which, 10 years ago, were only just bubbling to the surface.

15 OCTOBER 2007

Branson-led consortium made bid for beleaguered lender

After Northern Rock hit the buffers, Sir Richard Branson cantered to the rescue like a latter-day white knight, eventually buying the ‘good bank’ side of NR from the Government and rolling it into Virgin Money. The passage of time has shown the soundness of the deal, with the brand having become a force to be reckoned with in UK mortgages.

15 OCTOBER 2007

Canaries or turkeys?

Combining mortgages with football, this story was always going to be a hit. The only minor fly in the ointment was that it turned out to be wrong ­— but it did at least feature one of the all-time-best Mortgage Strategy opening paragraphs. So hats off to our former reporter, Marcel le Gouais, who, 10 years on, is still a journalist and can be found editing Credit Strategy magazine (not related to this esteemed title).

15 OCTOBER 2007

The full Monty

A momentous one, this: the first time Coreco’s Andrew Montlake put pen to paper to write a Market Watch piece. Now a Mortgage Strategy institution, Monty’s column is respected across the industry for its blend of market commentary, analysis and humour. Here’s to many more years of the same.

15 OCTOBER 2007

Lenders’ defence of 100%-plus mortgages

An interesting question, and one now tainted by the backlash against loans such as Northern Rock’s now-infamous 125 per cent Together mortgages. The regulator, via the MMR, would say ‘No’. However, just as our experts thought a decade ago, an increasing chorus of voices among today’s first-time buyers, and in the mortgage market itself, can see the benefits of responsible lending at 100 per cent LTV, if perhaps no higher.

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