View more on these topics

BoS must be a candidate for villain of the year

Should there be such a thing in 2008, a prime candidate for villain of the year on MS’ Marketwatch page must be Bank of Scotland for withdrawing its 100% LTV mortgages without telling anyone, including its workers.

Such deals are still advertised on its website and its call centre staff remain more than happy to speak about 100% LTV deals.

Other lenders have managed to notify all market players by email when they have made similar moves, giving them plenty of time to make the required adjustments.

Now I’m having to deal with many distraught clients who have current accounts with BoS, trying to explain why their lender took this decision.

No matter how things like this are explained to borrowers, brokers always appear at fault. Once again, TCF proves to be an alien concept for many lenders.

John Miller
Independent financial adviser
Bates Investment Services
By email

Recommended

Record year for Coventry

Robust growth in its savings book delivered a 97% increase in Coventry’s net mortgage lending last year – a record for the mutual.In its full-year results for 2007 published last week, Coventry reveals that net lending increased to £1.7bn while gross mortgage advances spiralled to more than £4.2bn.Coventry chief executive David Stewart says: “We have […]

Approvals drop again, says Connells

Mortgage approvals for house purchase feel 3.5% last month, reversing January’s slight recovery.Connells Survey and Valuation, part of the Connells group, has revealed that mortgage approvals fell from 71,400 compared with 74,000 in January. Year-on-year, approvals have declined 40.5%, making February’s decline the 10th in the last 12 months. But non-seasonally adjusted approvals rose to […]

Budget chance to kick-start market

A bruised and battered mortgage market awaits the Budget speech on Wednesday with bated breath. It will be made by the first chancellor to preside over a run on a UK bank since savers lined the streets outside Overend, Gurney & Co in 1866.

Most readers doubt value of packager code

Some 63% of Mortgage Strategy Online readers doubt that a code of conduct for packagers will help them improve their service to brokers. Just 37% think it would be beneficial. This week, Mortgage Strategy asks: “Do you support the recent proposal for an industry-funded compulsory insurance plan to help borrowers avoid repossession?” Q: Will a […]

Newsletter

News and expert analysis straight to your inbox

Sign up