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January market was subdued

The January mortgage market was dominated by subdued activity, low LTVs and low income multiples, according to John Charcol. The broker says 52% of borrowers took out fixed rates in February – high compared with the recent norm of around 30%. Remortgages for buy-to-let deals were also up in February compared with January but the number of buy-to-let purchases remained low.

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E-conveyancing cut backs are market opportunities

Xit2 says the Land Registry decision to shelve plans for some elements of e-conveyancing and in particular the Chain Matrix provides a tremendous opportunity for the market to focus on other priorities. Peter Stibrany, managing director of Xit2, says although the aims of the e-conveyancing project were commendable they faced rising practical difficulties. He says: […]

Compulsory MPPI slammed

Proposals for a government-backed mort- gage payment protection insurance scheme have been slammed as inadequate by industry members. The Sustainable Home Ownership Partnership was proposed in a report published last week by the Joseph Rowntree Foundation as a way to help borrowers safeguard their homes in the event of un- employment, sickness or an accident. […]

Scottish Widows Bank pre-tax profit surges 5.3%

Scottish Widows Bank has revealed a 5.3% pre-tax profit rise for 2007. Pre-tax profit for the bank increase to £30.4m for the 12 months to December 31 2007, up from £28.9m in 2006. Net mortgage growth for the year was £240m – an increase of 4.3% – bringing total retail lending as at the end […]

Nearly half of landlords unaware of deposit responsibilities

Research from Business Development Research Consultants has revealed over 40% of landlords are still unaware of their responsibilities under the Tenancy Deposit Scheme.Despite a strong initial uptake on the compulsory scheme, research shows that one year on awareness may have plateaued. However, it remains strong amongst landlords with a BM Solutions product with three quarters […]

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