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The Mortgage Mole

Digging the dirt in the mortgage world.

Dry run
January represents a new start for the industry, but good intentions are easily forgotten.

Mole lost all faith in new year resolutions 12 months ago, but what of the pundits’ for 2007?

Cobalt Capital’s Andrew Montlake along with his fellow advisers have pledged not to touch a drop of alcohol in January or risk a £100 fine for charity.

Judging from Monty’s own account of his boozing on new year’s eve Mole’s not convinced a month is enough time for his liver to recover.

Meanwhile Quantum’s Jonathan Burridge has also decided to quit the booze, but at least he is being more realistic.

“I can’t wait to break the resolution and indulge in some wine-fuelled lunches,” he confessed to Mole.

Fat chance
Ever eager to start a new year diet, poor Mole was thrown off kilter when a one kilo hamper of Cadbury’s chocolate landed in the burrow courtesy of those kind folk at Chelsea.

Alas, other new year gifts didn’t go down so well. The MP3 players from Bank of Scotland certainly looked the part but sadly arrived minus plugs to power them up from the mains. Nice thought though.

Plane mean
Alliance & Leicester’s finance director David Bennett has been branded the biggest Christmas Scrooge of them all after he whisked his family off on a winter break to southern Spain on easyJet.

For a man who scooped a whopping £684,000 pay package last year, his family has every right to feel cheated at his choosing a low-cost option, particularly when compared with the first class jaunts regularly enjoyed by fellow mortgage directors – not to mention any names of course.

Then again, Bennett’s family is probably used to frugality – he is a chartered accountant after all.

Fallen star It’s always distressing to hear of people losing their homes but few tales are as sad as that of Whitney Houston who has been forced to auction her underwear to keep debt collectors from seizing her house. The singer, who recently lost her Atlanta mansion after failing to pay the mortgage on it, is selling off 13 designer bras as well as a leather whip and sexy stage outfits in a bid to stop the government repossessing her £3m estate in New Jersey.

Pack it in
Mole would like to wish John Malone and Premier Mortgage Service the best of luck in the Business Moneyfacts Awards, although it comes as something of a surprise to see the mortgage club has been nominated for best buy-to-let packager 2006. PMS’ business must have been pretty good in 2006 seeing as it doesn’t actually package.

Mole is sure fellow nominees Exclusive Connections, the GHL Group, Pink Home Loans and TBMC are quaking in their boots.


Are you looking for a mortgage or a remortgage in 2007?

The New Year is well underway and it is traditional at this point to reassess priorities and aspirations. For some this will mean gym memberships, faddy diets and trips abroad. For others it will mean buying their first home or freshening up their finances with a remortgage.

So this week Mortgage Strategy asks: Are you looking for a mortgage or remortgage in 2007?

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