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.