An open Letter to Santa

Dear Santa

This year has been a stressful, busy, interesting, challenging, sad and unusual time for many institutions and individuals. So for Christmas and the new year the mortgage industry would like the following presents:

  • The government to buy mortgage-backed assets that are still outstanding and return the profit to taxpayers in the longer term.

  • Lenders to start lending to 90% LTV again. This will also give them the best present for 2009 – a small decrease in asset values rather than a much bigger decrease if such lending does not return.

  • The media and politicians to appreciate that before making negative comments about irresponsible lending, toxic loans or anything else they should visit lenders, talk to the regulator and get an understanding of the second largest mortgage industry in the world.

  • Consumers to realise that the majority of them have been well served by the likes of Northern Rock, HBOS, Abbey, Nationwide and Bradford & Bingley.

  • Lenders to remember that brokers offer a valuable service and have provided what they wanted over many years.

  • Everyone to understand that the market will recover and that if firms offered value before they will do so again.

    Oh and one last thing. I know you are busy but if you find time, can I have my hair back please?

    Ian Balfour

    chief executive officer

    Solent Mortgage Services