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Some positive steps on funding at last


I always keep an eye out for Mortgage Strategy’s Top 10 articles online section as it gives a fair idea of what advisers and the wider readership of the magazine are interested in.

Two out of the three most-read stories a few weeks ago were about a potential funding improvement.

The first was a story about the number of potential new lenders that might enter the market and the second was Santander’s recent £3.75bn securitisation.

Clearly, brokers are interested in any story that might convey an improvement in lending activity.

News that a number of organisations are applying for authorisation is positive. But it remains to be seen when they will secure Financial Services Authority approval.

And we have no idea when these new firms might be in a position to come to market in any meaningful way.

The Santander securitisation is particularly interesting because it may signal a large step forward for the wholesale lending market.

With the focus on prime, top quality residential loans could we be seeing a move towards a far more active market for European residential mortgage-backed securities? One certainly hopes so.

There is a huge desire from brokers to see more lenders, products, competition and finance across a range of sectors.
We are some way from the mortgage market we would like but we are further down the road to a new normality than we have been since the days of the credit crunch.

Long may the positive news continue.



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FSA roadshow left me in the dark on regulatory issues

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