The company says the housing market shares many features with how it was in the late 1980s with borrowers getting creative to jump financial hurdles. It says in the late 1980s soaring property prices led friends and siblings to pool their resources in order to get a foot on the ladder. Many young people are now doing a similar thing.Paul Hearnden, managing director of My Mortgage Direct, says: “Over the past three months we have seen a 15% rise in enquiries from first-time buyers. The stability of interest rates and the stagnation of property prices have coaxed prospective purchasers to take the leap into the property market.” “Joint applicants are much better placed to secure an affordable property and mortgage to suit. People are realising they have to be creative if they are to succeed.”
- Top trends
Technology is a vital part of the modern mortgage industry and plays a role that will only grow in importance. But there are signs that all the flashy websites and whizzy online systems are starting to erode the relationship at the heart of the mortgage industry – the interaction between lenders and their customers, whether they are brokers or borrowers.
Ray Boulger, senior technical manager at John Charcol has welcomed some of the news form the Budget but says there is the usual missed opportunities.Boulger comments: The plight of the first-time buyer has dominated the personal finance and news pages, and indeed the mortgage industry, for some time now. A lack of first-time buyers reduces […]
Royal Bank of Scotland is to create a single intermediary channel for all its mortgage products under the banner of RBS Intermediary Partners. The move follows consultation with existing intermediaries and reflects their desire for a single point of entry to the Group for all the RBS mortgage brands – The One account, First Active, […]
IFA Promotion welcomes NatWest Business Bankings announcement that it is to become its latest sponsor, demonstrating further lender support for the IFA sector. The commercial lending arm of NatWest becomes IFAPs 32nd sponsor and its fifth mortgage sponsor. Alastair Hutt, head of introducer development for NatWest Business Banking, says: We recognise the importance of firms […]
Jamie Clark gives the lowdown on what happens when an employer fails to pay auto-enrolment fines. An employer has been served County Court Judgement (CCJ) for failing to pay auto-enrolment fines, according to the latest data from The Pensions Regulator (TPR). The CCJ TPR cite a case where a removal company continually ignored them despite […]
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