View more on these topics

BUDGET 2008: IMLA welcomes Mortgage Working Group

The Intermediary Mortgage Lenders Association has welcomed the chancellor’s plan for a working group to focus on mortgage-backed securities.

The trade body supports Alistair Darling’s plan to create a Mortgage Working Group to help create a gold standard for UK mortgage-backed securities.

But IMLA, which represents many specialist lenders that fund themselves through the wholesale markets, warns it will not solve the urgent short-term problem in the industry.

Peter Williams, executive director of IMLA, says: “IMLA will be pleased to support this and provide its expertise to this initiative. 

“But we note the working group is expected to report in the summer of 2008 and that specific measures will not be announced until the Pre-Budget Report in the autumn – that is far too long to wait, and we believe progress can and should be made on this matter more quickly.”

He adds: “While this is an important initiative for the long term health of the market, it will do little to alleviate the urgent short-term funding problems that lenders currently face. 

“It is essential that the Tripartite authorities continue their programme of intervention, providing additional liquidity and implementing other measures to support the return of confidence to the wholesale markets.”

Recommended

BUDGET 2008: Darling ups ISA limits

Chancellor Darling has risen individual savings accounts limits to £7,200.He has also risen tax free limits on cash ISAs to £3,600 and is extending the savings gateway scheme across the nation.He says over 17m people are currently taking advantage of ISA.

Scottish market set for growth

The Royal Institution of Chartered Surveyors predicts that the Scottish housing market will grow in 2008. Speaking at the Mortgage Business Expo Glasgow, David Stubbs, senior economist at RICS, said that while house prices were slowing across the UK, he expected the Scottish market to outstrip other parts of the country.

We did not cry crocodile tears over LMS’ demise

In response to Chris Gardner’s recent letter, I’d like Mortgage Strategy readers to know that KGB Packaging has delivered genuine benefits to the brokers who approached us for help follow-ing the collapse of LMS Packaging.

Now more than ever, we need to back the small developer

In the context of the current housing deficit, the latest housebuilding stats aren’t great. But what does doing better look like? The Department for Communities & Local Government published its latest figures at the end of August, which revealed that housebuilding starts in England rose 2 per cent in Q2 compared to the previous quarter […]

Newsletter

News and expert analysis straight to your inbox

Sign up