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Behave like a lender and reject network for no good reason

I read with interest the story in last week’s Mortgage Strategy that said Citri’s future was in doubt after its deal with Openwork fell through.

Gary Watts, director of Which Network, recommended that brokers should choose a network carefully. I think brokers should treat any network like a lender treats a mortgage application for the self-employed wanting to go into an interest-only mortgage deal.

They should ask for three years’ accounts, three months’ bank statements and how it intends to repay any debt, then turn it down for no good reason.
Alternatively, brokers could come to their senses and get a different job so they get paid each month.

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Halifax demands proof of repayment plan for interest-only

Halifax Intermediaries will now require evidence of the repayment plan for borrowers taking out an interest-only mortgage before it proceeds to offer stage. From Tuesday Halifax Intermediaries will only proceed to offer stage if the repayment plan is on its list of acceptable vehicles. Existing customers will also be required to give evidence of a […]


After the surrender

Banks have given up their fight on PPI and set aside billions to pay compensation for mis-selling policies. But their fruitless attempt to fight the FSA will cost them more in terms of reputation and customer trust. By Samuel Dale

Demand and house prices dependant on people’s ability to pay

After reading a letter in last week’s Mortgage Strategy entitled ’Silly comments on house prices ignore supply and demand,’ I felt obliged to write in. The author was quoted as saying that housing shortages, combined with the fact that the UK is a great country to live in, explain why prices as a whole will […]


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