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Brokers struggling to source deals

Eight out of 10 brokers have been forced to leave clients on SVRs because they cannot find them suitable remortgage deals.

And a report from the Intermediary Mortgage Lenders Association also reveals that seven out of 10 have been unable to source deals for their clients over the past two months.

Over half of respondents blamed tighter lending criteria and the increase in deposits required as LTVs are cut and deals pulled.

As a result, many would-be first-time buyers are now choosing to rent while 14% of brokers report that their clients face repossession.

Peter Williams, executive director of IMLA, says: “Many custom-ers are feeling the pain due to the lack of products. Either they’re paying more for existing loans or are being kept out of the housing market and renting instead.

IMLA received 270 valid respon-ses to the survey it conducted to produce the report.

But Bob Riach, proprietor of Riach Independent IFAs, says: “I’m able to place 99% of all mainstream deals I submit.”


Lloyds TSB faces Scottish rebellion

Jim Spowart, founder of Standard Life Bank and the man who put Intelligent Finance on the map for HBOS, went on the BBC’s Breakfast TV show on September 23 to add some media momentum to a Scottish National Party bid for Bank of Scotland.

CBI predicts 12,000 financial job losses

The Confederation of British Industry is predicting that the financial services sector will suffer at least 12,000 job losses over the next quarter.

Irish regulator probes developer loans to buyers

In a bid to stem the Irish property market collapse, two of the Republic’s largest property developers are offering interest-free loans to buyers who are unable to raise the large deposits needed to purchase a home.


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