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On a high

Mole was tickled to hear how one building society reacted to the news that it was being downgraded in Moody’s assault on the mutual sector recently.

One society boss questioned the logic of using a stress test of 60% peak-to-trough fall in house prices when the industry agrees it is more likely to be about 30% to 40%.

“I wish I could smoke what they were on,” the mutual boss told Mole.

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Scheme not a quick fix

Housing minister Margaret Beckett finally launched the government’s long-awaited Homeowners Mortgage Support Scheme last Tuesday – nearly five months after it was first announced.

Rich man’s world

It’s good to know that in the economic turmoil it’s not just us regular folk feeling the pinch.

Long-term fixes are back in vogue

Fixed rate products are now firmly back in favour as brokerage John Charcol saw applications for fixed deals in March surge to eight out of 10 new mortgages.

Become an equity release referrer

I made the point last week that you should think carefully before deciding how to enter the equity release market and I hope you have taken my advice.

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