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Marketwatch

It’s good to see lenders passing on swap rates reductions at all LTVs. And it’s scary that the cost of helping borrowers with the Mortgage Rescue Scheme is three times more than expected – at £92,307 per home

heroes & villains

Hero of the week is Paragon Mortgages’ parent, the Paragon Group of Companies. It reported a £39.5m pre-tax profit for the six months ended March 31 2011, up 34.8%. It shows a buy-to-let lender can operate profitably.

Villain of the week has to be Halifax Intermediaries for its latest draconian changes to interest-only lending. Sadly, other lenders are likely to follow suit because if they don’t, they will be flooded with interest-only applications.

Recommended

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 […]

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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

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