View more on these topics

The Mortgage Mole

Naughty Time Travel Mole thought it had travelled back in time last week to a market before the credit crunch, when naked golf caddies and showgirls were a feature of the mortgage market.

Mortgage Strategy editor Robert Thickett donned his best tuxedo and red dickie bow tie for a daytime bridging event last week, but was left a little red faced following the day’s entertainment.

In a performance that would have given Dita Von Teese a run for her money, a burlesque dancer took to the stage leaving little to the imagination after stripping down to just some sparkly underwear and nipple tassels.

Thickett quipped: “Bridging may not be riskier than mortgage lending but it is certainly more risqué.”

Dead in Debt Just when you thought the news could not get any more depressing, last week Drewberry Insurance made the eurozone crisis and lending drought look quite positive after launching its death calculator.

The online tool has been designed to encourage consumers to take out mortgage life insurance

You might need it more than you think, with the ’risk of death calculator’ estimating that one in 10 first-time buyers will die before they pay off their mortgage.

After inputting your age, gender and mortgage repayment length, the mortgage life insurance calculator returns the likelihood that you will die during the mortgage term.

After inputting her details into the calculator, Mortgage Strategy’s deputy editor, Natalie Thomas, found out there is a 1 in 32 chance of her passing away before the end of her mortgage.

With odds like that, it’s little wonder that lenders are cutting back their interest-only lending.


BSA welcomes exemption from ring-fencing rule on investments

The Building Societies Association has welcomed the government’s decision to exempt societies from having to ring-fence their retail activities from their riskier investments. Last week, the government published its White Paper on the Bank Reform Bill, which confirmed it intends to push ahead with requiring banks to ring-fence their activities and make them hold 10% […]

Dragonfly to pick partners after winning FSA approval

Dragonfly Property Finance has been approved by the Financial Services Authority and will start to accept regulated business from August 1, 2012. Dragonfly plans to have selected 10 key partners by then that will broker all regulated deals during the initial rollout. To ensure it can cope with the increased demand that will come with […]

Lenders may have to give reasons for rejection as part of directive

Lenders could be forced to provide borrowers with the main reasons for rejecting a mortgage deal under the European mortgage directive. Earlier this month, the European parliamentary body, the European Economic and Monetary Affairs committee, approved its mortgage regulation proposals. The parliament is proposing lenders provide customers with the main reasons for rejecting them for […]


News and expert analysis straight to your inbox

Sign up