View more on these topics

Lenders report increased shortfalls after sale of property

Nearly half of lenders have reported an increase in shortfalls after sale of property, a survey by litigation specialists Moore & Blatch reveals.

The research, which included high street banks, building societies and specialist prime and sub-prime lenders, showed that of those who said that they were seeing an increase in shortfalls, 100% thought that they were
arising more frequently compared to a year ago.

House price cooling was the principal factor named by 56% whilst 44% indicated high LTV as the reason.

Paul Walshe, head of lender services at Moore & Blatch, says: The constant increase in house prices has lulled people into a false sense of security.

The recent cooling off of property prices in the market means that buyers are now being left in a vulnerable position.

Buying a property is a risk-based investment and people need to allow for fluctuations in the market.

Recommended

Personal advice spurs saving

Face-to-face financial advice is the key to helping to bridge the UK’s £2.3trillion protection gap, claims Co-operative Insurance. Its research has found personal advice is a key factor in encouraging previous non-savers to get into the savings habit – a process that should be replicated in the protection market.

Mixed response

The response to Gordon Brown’s 11th Budget last week was mixed, with many in the industry viewing it as a wasted opportunity on Stamp Duty and others praising the raft of measures to encourage green housing. So, was Brown a hero or a zero? Two industry pundits give us their take.

Brokers see record monthly deals, says IMLA

Recent research from the Intermediary Mortgage Lenders Association has revealed volumes of mortgages handled by intermediaries have risen to a record 20 per month.More than 300 intermediaries in all parts of the country responded to the independent in the Q4 2006 survey conducted on behalf of IMLA. From the statistics collected by IMLA, 38% of […]

Kensington ousts Maltby

John Maltby has quit Kensington Group bagging a 310,000 pay-off, following the group’s board issuing a profit warning.Maltby resigned from his role as chief executive last week. In an announcement to the London Stock Exchange on Friday, the group put his resignation down to the preliminary conclusions of a strategic review which confirmed it will […]

Health services

Challenges and opportunities

By Sarah Scott, marketing consultant On 22 February this year the charity Diabetes UK launched a fundraising initiative, #Swim22. They challenged individuals to swim 22 miles over the course of 89 days – a distance that equates to the width of the English Channel. Because of the time period the challenge is spread over, it […]

Newsletter

News and expert analysis straight to your inbox

Sign up