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
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. […]
Nationwide has made changes to its fast-track rules. Now all applications for loans under 50% LTV are guarenteed to be fast-track if they pass Nationwide credit scores.
The number of pensioners using equity release as a means of debt consolidation indicates a worrying trend of unsecured borrowing among the older generation. Latest figures from the Institute of Public Policy Research show that almost a million pensioners with more than 100,000 of housing wealth are on means-tested benefits and half of retired people […]
The dividing line between bending over backwards to help someone buy a home and being an irresponsible lender is getting finer.
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