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CML says builder’s code does not go far enough

THE COUNCIL of Mortgage Lenders says that the recent revamp of the House Builders Federation’s code of conduct does not go far enough.

The HBF has rewritten its code to make the disclosure of all sales incentives on new developments mandatory for members.

The police has previously warned that fraudsters could exploit the incentives offered by builders that allow them to secure loans in excess of properties’ market values.

In the past the CML has expressed concern over the lack of transparency and the influence of incentives on the new-build valuation process.

A spokeswoman for the CML says: “We welcome the changes but there is still a long way to go. There must be a universal approach to make de velopers disclose incentives.”

But Stewart Baseley, executive chair man of the HBF, says: “We believe the amended code will provide assurance to buyers and lenders that discounts and incentives are transparent.

We will continue to work with our members, lenders and the CML to help buyers get the support they need.”


Rightmove sounds warning over house prices

Rightmove is warning there could be an overcorrection in house prices if confidence between lenders does not improve.The website’s house price index re-leased last week shows that the average asking price fell 3.7% between March and April, while the average unsold stock held by estate agents rose from 67 to 70 properties.Rightmove says the correction […]

Norwich Union beefs up LTV rates

The equity release provider is enhancing its lifetime mortgage product range by increasing its LTV on all fixed rate and providing cash reserve option.

Help clients see the bigger picture

Clients are increasingly in need of information on trends in the housing market and the wider economy and brokers should be able provide this, says Justine Tomlinson

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Financial advice can benefit customers by £40,000

New research shows those customers who receive financial advice can be better off on average by £40,000 We’ve sponsored a research project with the International Longevity Centre – UK (ILC-UK) to produce ‘The Value of Financial Advice’ report. This independent research demonstrates that customers who take financial advice can, on average, be £40,000 better off than those […]


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