View more on these topics

BUDGET 2008: Connells brands Budget a wasted opportunity

Connells Survey & Valuation has branded the Budget a wasted opportunity to help a weakened housing market.

Connells says borrowers now looking to buy a property will not benefit at all from chancellor Alistair Darling’s plans.

Ross Bowen, managing director of Connells Survey & Valuation, says: “This Budget is all smoke and mirrors.

“The government is ignoring the perilous situation in the housing market completely. We needed to see decisive action in this Budget to address the lack of confidence in the market – what a wasted opportunity.”

Bowen says long-term fixed rates are already available to borrowers but they choose not to take them.

He dismisses the chancellor’s claims that increasing the choice of long-term fixed rate mortgage products will encourage borrowers to fix for two decades.

Bown adds: “Darling’s focus on this dodges the real problems in the mortgage market – rates are too high for borrowers to afford and tightened criteria means limited access to funds for those with poor credit histories.

“Stamp Duty relief for those in equity share schemes will have virtually no impact on the vast majority of first-time buyers. The take-up rate for these schemes has been shamefully low so far – what’s going to change now?”


S&P lowers A&L’s long-term credit but outlook is stable

Standard & Poor’s says although it’s lowered Alliance & Leicester’s long-term credit rating, changes to the UK bank’s funding arrangements mean its off CreditWatch and the outlook is stable. Its long-term counterparty credit rating has been lowered by S&P from A+ to A.But the bank has been removed from the credit rating agency’s CreditWatch where […]

HSBC says squeeze may last until late next year

HSBC has warned that the US cre-dit crunch is unlikely to peak until the end of 2009.Last week the banking giant report-ed a 10% rise in pre-tax profit despite unveiling £8.7bn worth of write-downs – 63% more than in 2006.Some £5.85bn of write-downs were generated by the group’s US business as a result of exposure […]

Let others take the strain of change

With industry mergers on the horizon, financial services firms facing serious upheaval should consider the benefits of using interim management specialists, says Paul Belton

Stroud & Swindon pulls 100% mortgage

Stroud & Swindon has become the latest lender to pull its 100% LTV mortgage.Brokers were told four days ago that the mortgage was be withdrawn at close of play today.The society says the product became too popular following a number of withdrawals from the high LTV market, it will now only borrow up to 90% […]


News and expert analysis straight to your inbox

Sign up