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Over 20% of sub-prime cases can’t be placed says RAMP

John Rice, managing director of the Regulatory Alliance of Mortgage Packagers says it is unable to place around 20-25% of sub-prime cases, as lenders struggle to stay in the market.

He says: “We find that brokers in prime land are relatively untouched, however, in sub-prime land a massive amount of cases just can’t be placed when they could six months ago. We think between 20-25% of cases just can’t be placed at all now in the market, that’s many billions of pounds worth of business, you have frustrated clients and frustrated brokers, who are sending multiple applications to packagers to try and get the case place, but much of the time it just can’t be done.”

Rice’s views come as releases figures today
showing that vast numbers of UK borrowers have borrowed themselves into a position of vulnerability in order to buy property and are not in a position to remortgage.

Nearly 35% of respondents to its recent survey are juggling a mortgage debt more than three times their gross annual salary.

The website says that of these, nearly 30% are unsure
whether they would be able to provide proof of their income to a new lender. Both factors seriously weaken their ability to secure affordable loans in the future.

Richard Brown, chief executive of, says: “Many of these borrowers are likely to find it very difficult to remortgage now that the days of easy borrowing have come to an abrupt end.
“Fewer and fewer lenders will be prepared to offer competitive alternative deals to anyone who is considered at risk of default. These borrowers will have little choice but to accept what their present lender is prepared to offer when their current deal comes to an end.”


Barnetts Solicitors hires Julian Wells from Mortgages PLC

Barnetts Solicitors has hired Julian Wells from Mortgages PLC to head up its brand and marketing strategy.Wells, former head of marketing at Mortgages PLC, has been hired to help Barnetts’ plans to build its residential and commercial conveyancing customer base. One of the top five conveyancers in England and Wales, Barnetts works with some of […]

House building may fall 150,000 below government target

The number of new houses being built this year could come in at 150,000 below government targets, Assetz has claimed. Stuart Law, chief executive of Assetz, says the number of new houses which started being built in January 2008 was down 40% on January last year.He says: “If that carried on we would be down […]

House building target is under threat

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Malone speaks out about PMS decision

John Malone, managing director at PMS has spoken out about why he decided to stay with the mortgage club, citing current market conditions as his main reason for staying.Malone says: “I thought things would be pretty awful this year, but even I didn’t expect the seriousness of the situation. It was felt because I had […]

Life cover for life

When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that waybecause before the arrival of RDR in 2013, that’s more or less exactly what they were. For advisers thinking […]


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