View more on these topics

The Mortgage Mole

Poor old MP Frank Dobson, former Cabinet minister and MP for Holborn and St Pancras, still lives in a council house in north London because he says he can’t afford to rent privately.

The 71 year old gets a taxpayer-funded salary of £66,000 and claimed £70,000 in expenses last year. With his wife’s salary Janet is a university lecturer the household will be affected by government plans to ban those earning £100,000 or more from renting a council house.

The Evening Standard reports that Dobson pays around £160 a week for his flat while private flats in his building fetch £1,000 a week.

“I couldn’t rent easily,” Dobson told the paper. “Rents in our area are phenomenal. I wouldn’t be able to afford it.”

Unsurprisingly, Dobson has criticised plans to turf out wealthy council residents. Considering the thousands on low wages living in the private rented sector, Mole has no sympathy for Dobson.

Going Slow Wriglesworth boss John Wriglesworth broke a track record at e.surv’s recent track day at Thruxton. Speed demons usually get round the course in 49 seconds but the Wrigler smashed the time for the slowest go-kart driver ever when his fastest lap came in at one minute and 20 seconds.

Hotting up The mortgage market almost caught fire last week. No, it wasn’t an unexpected boost to lending the Council for Mortgage Lenders was forced to evacuate its building after a fire at nearby Marconi House.

The Strand in London saw plumes of smoke billowing down the street and boffins at the CML had to take a break from compiling mountains of mortgage data.

But there is no reason to fear. Mole understands the next set of gloomy figures will be released right on time next month. Phew!


Paul Muolo

Good and bad news on mortgage debt

There are two primary ways to make money in mortgage banking in the US fee income from originating new loans or servicing those loans on a monthly basis. Thanks to the housing bubble and subsequent re-regulation of lending standards, the origination business is in the tank, and that’s putting it mildly. As noted in previous […]

How to use wills to protect your clients’ wishes

March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]


News and expert analysis straight to your inbox

Sign up
  • Post a comment
  • Sean Piper 27th June 2011 at 1:40 pm

    Poor Mr Dobson,

    I used to go to school with his son and at the time they lived in a mansion which I believe was all funded by the Unions. How tough it now must be to try and scrape by on only 100k without any one else to subsidise your accomodation.