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Leader: Solving our own problems

After almost a week of ’will they won’t they’ the Conservatives and Liberal Democrats finally bit the bullet and joined hands in what has been dubbed an arranged marriage.

So what does it mean for the mortgage market? Well, love them or loathe them it looks like Home Information Packs are on the way out so estate agents might have started to pop the champers, but the property sector could still be in for a bumpy ride.

We’ve already stood by while lenders have slashed their sales forces and now HIP providers could suffer a similar fate.

Another sore point for brokers is that the Financial Services Authority looks set to stay. Brokers across the land no doubt descended on polling booths to vote Tory en masse, clinging to the promise that the party would scrap the FSA. But now it seems the regulator will not be putting up the ’To Let’ sign at its Canary Wharf offices any time soon.

What should be more worrying for the sector is the lack of political attention that has been directed at the mortgage market. Housing minister Grant Shapps is notably absent from the Cabinet and little, if anything, has been mentioned regarding what action will be taken to boost mortgage funding or get first-time buyers back on the property ladder.

It seems the mortgage sector will be way down the list of priorities for the new government. No change there then.

Meanwhile, it was encouraging to see Aldermore release product details last week and commit not to dual price. Other lenders are no doubt waiting in the wings, gearing up to launch into the market.

It seems that if the mortgage market is to solve its problems, it will have to do it on its own.


At last, the FSA is getting involved in the transfer of ARs

I have just read that the Financial Services Authority is preventing 23 appointed representatives from being re-authorised under the First Complete banner (Mortgage Strategy Online). At last, the regulator has seen fit to get involved with a network’s transferred ARs. It’s about time. I was previously responsible for the transfer of two networks’ ARs and […]

The Scottish survey process should be extended across UK

In response to the news that Home Information Packs are to be scrapped (Mortgage Strategy Online), the government should consider bringing in Home Reports in England and Wales like we have in Scotland. This would be good news as it would save both buyers and sellers a lot of money. In England and Wales lenders […]

Reforming India: just the beginning

By Kunal Desai, Neptune India Fund

As global investors continue to scour emerging markets through the lens of reform potential, India shines bright. Indeed, we think it can sparkle even brighter. We anticipate India’s self-imposed 10-year ‘policy holiday’ to turn into one of the most pro-growth and pro-investment policy calendars seen in Asia in years. The Indian electorate has engineered a historic verdict. We now have the strongest Indian government since 1984, with the pro-market Bharatiya Janata Party (BJP) achieving an absolute majority for the first time in the party’s history.


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