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The best of the comments from Mortgage Strategy online

On a law firm investigating the legality of Skipton’s SVR clause: “I have another client who had his interest rate changed on a commercial loan, even though everything was up to date. The lender cited “adverse market conditions”. His rate went from Bank base rate + 1% to BBR + 5%.


“Put the moral issues aside, of which there are many, I am in complete agreement with the comments surrounding advisers who have based their advice to clients around this SVR ceiling.

This sort of action makes brokers look incompetent when we all know that nine out of 10 times it’s the lenders who are incompetent, unfair and misleading. FSA – where are you when we need you?


On Yorkshire Building Society launching a range of first-time buyer deals, including an 85% LTV deal at 5.89%: “I can see a high risk of repossessions at these high rates considering incomes are facing increasing downward pressure.


“Are you mental? 5.89% isn’t high – 12%is high. The rates reflect the cost of funds that are not based on and have never been based on the Bank of England base rate. I thought you lot had to have a basic understanding of the mortgage market?



Race is on for retail funding

Although the launch of a £2.5bn retail mortgage-backed securities deal from The Co-operative Bank was a further sign that the securitisation market is continuing to thaw, there’s no getting away from the fact that it’s still not functioning properly. Without securitisation, there is no exit for loans originated, and the only viable model is deposit-based […]

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What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?


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