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Regulator should wake up and listen to industry bodies

The CML has stated that 45% of mortgage borrowers this year would have been blocked by MMR so why would the FSA want to even consider the implementation of MMR if this is the case?

This country needs mortgage lending. Without it not only the housing market but many other industries would come to a halt.

Many other sectors are affected by the supply and demand for housing which is driven by the availability of mortgage lending.

The FSA needs to wake up and listen to bodies like the CML and the Association of Mortgage Intermediaries otherwise this paper will result in a catastrophic reduction in lending that will drive us back into another credit crunch.

The saying – cutting off your nose to spite your face – comes to mind. Perhaps someone should remind the FSA it is funded by levies o financial firms.

Luke Atkinson


Law firm offering £20 leads voucher for cases next year

Goldsmith Williams is giving away a £20 Leadbay voucher for every re-mortgage or conveyancing case that completes through it on or after January 4 2011. The offer is being launched at this week’s Mortgage Business Expo in time for brokers to acquire leads and start the mortgage process before January. There is no limit to […]

RBS said yes to 90% of cases as lending grew

The Royal Bank of Scotland says it accepted 90% of mortgage applications in Q3 2010 as it reported gross lending of £5.3bn – an 8% rise compared with Q2. In its interim management report last Friday, the bank also revealed its net UK mortgage balances increased by 6% to £2.6bn. But it reported an operating […]

Leader: One-week sales hit market

Since the credit crunch hit we’ve seen lenders adopt many different ways of distributing mortgages. There’s been tranche lending, the gradual return of exclusives and semi-exclusives, and obviously the dreaded reliance on high street lenders’ branches offering deals direct to consumers. Last week we saw a new addition to this list – lenders providing limited […]

Interest-only onus should be on clients

A massive 97% of The Mortgage Alliance’s directly authorised bro-kers believe borrowers should retain responsibility for repaying the capital on an interest-only deal. TMA’s October Distribution Indicator survey follows the Council of Mortgage Lenders’ response to the Financial Services Authority’s Mortgage Market Review consultation on interest-only. The CML proposed an alternative approach where borrowers retain […]

Can you put a hat on?

By Sarah Scott, marketing consultant You might think the question in the title is a strange one. Perhaps even more so when you learn that it’s one of several asked as part of an assessment for Employment Support Allowance eligibility in the opening scenes of the 2016 film, ‘I, Daniel Blake’. Daniel is a carpenter […]


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