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The Mortgage Mole


Auf Wiedersehen, Pet

So farewell to Grant Shapps as the UK’s housing minister.

With former surveyor Mark Prisk taking over the role from the former printer, it looks hopeful that with his wife Lesley Titcomb high up at the FSA, he should hopefully have a better grasp of the UK housing market.

Despite Shapp’s endless tweets and constant ideas to reinvigorate the market, he leaves the UK housing market in the same state he found it – a total mess.

No doubt in his new role as chairman of the Conservatives he’ll try the same tricks again – but with reports that Conservative membership in Shapps’ own constituency of Welwyn Hatfield declining by 37 per cent, surely he’s a bit of a poison chalice?


Creative finance

Mole was intrigued to read an interesting article in the Daily Mail last week on the dire situation of first-time buyers which has led many of them to be locked out of the housing market. So far so ordinary – but it had a case study with an enterprising chap who rented in Clapham Junction in London, but in order to get his foot on the housing ladder, had managed to get a 90 per cent LTV mortgage on a property that he was renting out back in his home town. Hmmm, sounds suspiciously like a buy-to-let mortgage. But Mole must have been struck down by temparary blindness and missed all the adverts for for 90 per cent deals, as otherwise this would be a nice advert for, ooh, what’s the word?! Begins with an f…


Your money or your life!!!

Finally, Mole was tickled pink by the pic sent of a senior member of a specialist lender (that despite its prime Central London location, has been relatively quiet recently) dressing up as punk legend Adam Ant. In addition to the normal caption prize, an additional box of chocolates goes to the first person who can guess who it is.





AFI two-year fix set at 2.79%

Abbey for Intermediaries has launched a new two-year fix at 2.79 per cent and cut its buy-to-let rates by up to 1.04 per cent and its residential mortgage rates by up to 0.75 per cent. The two-year fix is a key account exclusive and is available for a £995 fee up to 60 per cent […]

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How to win every argument, by Madsen Pirie

UK Britain Union Jack 480

UK unemployment falls to 2.59m

The number of people out of work fell by 7,000 to 2.59 million in the three months to July, compared with the previous three month period, according to figures from the Office for National Statistics.

Boulger calls on Government to extend FirstBuy scheme’s scope

The Government’s shared equity scheme, FirstBuy, would be of more benefit if it was not limited to first-time buyers, according to mortgage brokerage John Charcol. Last week, the Government announced a raft of housing and planning measures in an effort to kick-start the economy. Among the many proposals was an announcement that the Government would […]


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