View more on these topics

Darling must say to lenders that enough is enough

It appears that the best efforts of chancellor Alistair Darling are inadequate at best. After all, government-owned Northern Rock is increasing its rates and it is not alone.

Despite being bailed out at taxpayers’ expense, with billions of pounds ploughed into the banking system to stop it collapsing, calls by industry, commerce and consumers for banks to lend and pass rate cuts on to consumers are still falling on deaf ears.

We’re seeing lenders hike rates, tighten criteria and continue with repossessions in the midst of a crisis brought about by them.

The credit market in the UK was leagues ahead of that in the US, yet the sheer greed of the institutions in this country has caused serious difficulties and hardship for everyone. They are not doing enough to rectify the situation.

They need to make repossession the last resort and negotiate revised payment schedules with all existing borrowers facing financial difficulties.

Lenders must also institute fair and reasonable lending criteria, vastly improve their service standards to brokers and consumers and meet the burden of Treating Customers Fairly as the rest of us have to despite the appalling treatment we receive at their hands. Enough is enough.

Roy Leyshon

Associates Mortgage Network

By email


Investment landlords turning their backs on rental property

Nine out of 10 investment landlords are closing their doors and neither selling or buying residential rental property, despite asset values and rental yields falling, shows the Q4 Association of Residential Landlords Members Survey of the private rented sector.

3-month LIBOR falls to 3.37%

In the wake of the 1% base rate fall yesterday, 3-month LIBOR has fallen today by 0.34% to 3.37%.

Fiddling while market burns

Chancellor Alistair Darling has so far failed to put out the fire engulfing the mortgage market. The Bank of England has cut rates in the hope of stimulating some sort of recovery but as lenders hoard capital and bemoan the price of funding, the base rate could fall to zero for all the respite it would offer. As for the Financial Services Authority, creative thinking to get us out of this mess is beyond the regulator’s remit.

What the huge rebound in sterling means for the UK's inflation outlook

The world’s strongest currency in November was not the US dollar, despite the greenback rallying 3.5% against the euro, 8.7% against the Japanese yen and over 8.6% versus the Mexican peso and the Turkish lira up to yesterday’s close. The strongest currency last month was sterling, which had strengthened 2.2% versus even the mighty US […]


News and expert analysis straight to your inbox

Sign up