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A few simple words of warning

A mandatory repossession warning on all credit products would help level the playing field between mortgage lenders and consumer credit providers, says Paul Walshe, head of lender services at Moore Blatch


With regard to the first point it is unacceptable that any lender that might seek an order of sale should not be compelled to use the same wording that applies to mortgage lenders.

This is not a new suggestion. Prior to the credit crunch we asked lenders whether unsecured loans should carry a repossession warning and 80% agreed.

Regarding the MoJ’s recommendation of imposing a credit threshold, my advice would be to prevent the event occurring in the first place.

We recently asked lenders if secondary lenders should be compelled to consider the affordability of all borrowing prior to offering credit. All said yes.

Respondents were then asked if they would welcome tighter regulation of credit card lenders, second charge mortgage firms, retail loan providers and unsecured loans companies. Again, all respondents said yes to credit card lenders, second charge mortgage providers and retail loan firms.

A consistent risk warning for all credit providers highlighting the risk of borrowers losing their homes if they fail to repay could be implemented now.


Election time

So the parties are ready, the date is set and they’re off!  The election will now take centre stage for the next month and there will be plenty of column inches filled with the pros and cons of each of the main contenders as they do battle to outwit their opposite number. 


Joined-up approach will help fight fraud

A round of applause please for the National Fraud Authority in establishing the Mortgage Fraud Forum. It is timely that stakeholders in the mortgage industry have come together to establish a forum to tackle fraud, which has blighted the housing market for years. Experian has predicted that mortgage fraud losses could hit £2bn this year. […]


On track with retro lending

With so much innovation in the mortgage industry the diminutive Stafford Railway Building Society should have been shunted into the sidings of history long ago but under Mike Heenan’s leadership it’s well placed to steam into the future as a retro lender


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