Mainstream lenders are still “scared shitless” by the sub-prime market.That was the striking message from Michael Bolton, managing director of HBOS Specialist Lending, at the Mortgage Summit. Bolton launched a stinging attack on the likes of Barclays and Bristol & West, criticising them for being no more than a fa栤e for other lenders. Bolton told delegates: “2004 saw big changes in the sub-prime market. It seemed each month another lender would join the ranks – with mainstream lenders still bottling it.” But, he says, boutique lenders such as Beacon Home Loans will thrive, helping to serve a market that now includes the nine million adults estimated to have been refused credit in the past year. Bolton went on to say remortgaging will continue to play a key part in the sub-prime market, with 29% of sub-prime applicants citing debt consolidation as the reason for their loan.
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GMAC-RFCsays that at a time when other lenders’ service seems tobe falling flat, broker feedback reveals that 80% rate its processes above average. When asked to ratethe service levels of GMAC-RFC, 79% of brokers said it provided above average service. Some 28% rated its staff as highly efficient and helpful and when asked to rate […]
The Bank of England has voted to keep interest rates on hold at 4.5%The decision by the nine-member Monetary Policy Committee comes after last months cut of a quarter point from 4.75%, the first cut in two years.
From Dave King Ray Boulger is as distanced from the real world as I always suspected if he really thinks independent brokers are giving limited advice due to not using a large number of lenders (Mortgage Strategy September 5). It is only necessary to read your letters pages to see why some of us exclude […]
Pink Home Loans has launched a shared exclusive fixed rate buy to let product range in association with Mortgage Trust, which offers initial pay rates from 4.55% fixed until January 31 2009.The 4.89% fixed until January 31 2008 offers a competitive low rate, a reduced arrangement fee and the rental income is calculated using the […]
The tables used for capped drawdown maximum income calculations have been updated. We look at the reasons for the change and what the impact could be. Changes to capped drawdown tables Capped income drawdown involves taking a pension directly from a fund instead of buying an annuity. However, there’s a limit on the maximum amount […]
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