From James TownAs an estate agent and mortgage broker you will forgive me for being less than enthusiastic in my support of HIPs. Yet week in, week out in all the industry trade magazines HIP providers not only extol the virtues of this government revenue earner but berate critics like myself as though we were Neanderthals. Should HIPs come in, most of these providers will fall by the wayside and it will be Rightmove or Countrywide that dominate the market. The mortgage industry should be looking to have its own sole provider so it can compete. HIPs represent a purely political gesture to further interfere in the democratic process. They are a stealth tax from a Labour government with little regard for the house buying and selling process. You can’t mess about with the UK housing market. It represents people’s aspirations and is coming to replace pensions. I suppose you can’t blame HIP providers for their slavish approach to this abomination – it’s the honey pot syndrome. But it would be nice if one of them would at least admit that the packs will not speed the house buying and selling process as most of us in the firing line know very well. It should be possible for the house sale process to take a maximum of six weeks from start to finish. Why does this not happen? It’s the conveyancers, stupid – some of the same people now extolling the virtues of HIPs. James Town Mortgage Decisions Scott Goodbourn Estate Agents By email
- Top trends
- Top trends
The Financial Services Authority has confirmed the compensation and eligibility limits for the Financial Services Compensation Scheme and for the compulsory jurisdiction of the Financial Ombudsman Service will remain at their existing levels.This follows a consultation by the FSA in which the majority of respondents supported the FSA’s proposal for no change to the limits. […]
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