The Council of Mortgage Lenders has admitted it does not have data on niche markets including self-cert and sub-prime, following its prediction that repossessions will rise 46% in 2006.Last week executive committee papers written by Sue Anderson, head of external relations at the CML, and Jim Cunningham, senior economist at the CML, were leaked by an unknown source. Both are on the CML’s executive committee. Christopher Dean, press officer at the CML, says it is asking members for data on niche markets. He adds: “We are in discussions about how feasible it is for lenders to provide this data. A lot of work goes into collating it and this is extra work for lenders that already have to provide the Financial Services Authority with information.” Another leaked document discloses that the CML believes the expected rise in repossessions is due to specialist lenders getting tough on arrears. Dean adds: “Some lenders are taking firmer action when it come to repossessing properties but repossession is the last resort. It is in lenders’ interests to come to a suitable repayment structure for consumers.” The CML predicts there will be 15,000 repossessions this year compared with 10,250 in 2005. Last week it released figures that show the number of properties taken into possession in the first half of this year was 8,140 – 76% higher than the same period last year. It says its 46% rise prediction is unchanged because interest rates rose in 2003 and 2004 so people have fallen into arrears and properties have been repossessed. Bob Sturges, director of communications at Money Partners, says: “The CML’s forecast is within reason, but I don’t think there will be a quantum leap in repossessions. It’s important to keep it in context even if it proves to be accurate, as repossessions are still at relatively low levels.”
KGB Packaging now has onsite underwriting facilities provided by South Pacific Mortgage Ltc and Freedom Lending. Rachel Bancroft, managing director of KGB, says: The ability to offer onsite underwriting facilities will be a key element in successful mortgage distribution in future, so we are very pleased to add SPML and Freedom underwriters to our growing […]
Aidan Plumridge is marketing and business development manager at Cassidy DavisThe mortgage payment protection insurance market has undergone a shake-up over the past 12 months with product providers introducing innovative products to what was once considered a ‘one size fits all’ sector. Today there is increased flexibility, choice and affordability, making MPPI a more attractive […]
Peter Saint-Ruth has been appointed senior manager for the intermediary channel and product development at Nationwide. He was previously national account manager within intermediary markets at Nationwide.Tim Hughes, head of intermediary markets, says: “I am delighted to welcome Saint-Ruth to the role of senior manager within intermediary markets. “Our focus going forward is to ensure […]
Bestinsurance.co.uk has scrapped a clause which allowed it to withdraw cover at 30 days’ notice from its mortgage payment protection insurance products.
While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]
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