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Fitch downgrades A&L rating

Fitch Ratings has downgraded Alliance & Leicester’s long-term issuer default rating to A+ from AA-. It says the action reflects the lender’s weak access to funding. Its short-term IDR has also been downgraded to F1 from F1+. Fitch says this reflects A&L’s weak prospects for profitability thanks to higher funding costs and possible write-downs on its structured credit portfolio. A Fitch statement says: “These ratings take account of the uncertainty surrounding the UK market. A&L’s capitalisation is acceptable.”

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FSF calls for changes to the financial system

The Financial Stability Forum is calling for changes to be made to the financial system in order to address the current market downturn.While no alterations have been decided or announced the coalition of countries including the UK, US, Canada, Italy, France, Germany, Japan and Switzerland, are considering the suspension of capital requirements and the public […]

AToM accuses regulator of failing to tackle fraud

Vic Jannels, chairman of All Types of Mortgages, says police enforcement in the mortgage industry highlights the failure of industry regulators to combat fraud.Jannels says: “The appointment of a further 50 specialists by City police to focus on mortgage fraud, is a poor reflection on us as an industry and how we identify fraud.“After more […]

House prices stayed static in February

House prices in England and Wales remained static on average during February with no monthly price change, says the Land Registry. The Land Registry says the average house price in the UK now stands at £185,616.When the Land Registry’s latest figures are broken down into regions instead of average UK prices, they show London prices […]

Lenders are rejecting applications out of hand, warns Moneynet.co.uk

Moneynet.co.uk is warning borrowers that applications submitted with insufficient data or poor credit history are likely to be rejected out of hand.The comparison site today advises would-be borrowers that they will need to double check their applications if they are to stand a chance of getting a mortgage at competitive rates – even if they […]

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