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Letters: Markets seem to want to jump off the cliff before they are pushed

Markets seem to want to jump off the cliff before they are pushed

The financial markets are reacting as though it’s 2007 Lehman. It’s more 2016 lemming!
Michael White, Boutique Capital

‘Help me with lender court cases – or we are all going to drown’

I hope the mortgage industry backs me at Property 118 because the sharks have tasted the blood in the water now. My efforts to date will be a pyrrhic victory if the PI insurers don’t back us to take BoI and Skipton to court.

Remember, the FoS decision still stands on those cases and over 150,000 borrowers are affected. Claims quantum is thought to be over £600m excluding legal costs and compensation, let alone the disruption to the industry.

I am like the little boy who stuck his finger in the dam. If I don’t get help soon, we will all drown!
Mark Alexander, Property 118

We can’t benefit from new-build if builders won’t let clients use us

I was interested to read Tony Fullbrook’s letter last month (‘As the new-build sector picks up, well-informed brokers will benefit’). I am sure most brokers would agree with his sentiments.

However, brokers are hampered by the fact that builders often insist on purchasers using their own in-house advisers and solicitors. I have just had a case when, fortunately, my client insisted on using me and I had obtained a decision in principle. The trade-off was that he still had to use their solicitor.

Coupled with this, we have certain corporate estate agents that carry out similar practices. Qualifying a purchaser’s mortgage prospects is quite acceptable; attempting to place the mortgage usually with the same lender is not.

I had a case when an agent tried to use a carrot of £1,000 off the purchase price “if you use our adviser and solicitor”. When studying their quote for conveyancing and a fee for financial services plus a separate fee from that of the lender for the valuation, it was found that the ‘carrot’ had cost an additional £500.

Practices as described above should be stopped. Brokers in the main are fully aware of the new-build opportunities but please give us a level playing field.
James Town, Mortgage Decisions

Article 50 could hinder repayments of Help to Buy equity loans

Regarding Mortgage Strategy’s recent cover story, ‘Brexit fears rock new-build sector’, the real question is how Help to Buy equity loans will perform when they become due for payment in 2018.If we’re deep in Article 50 arrangements, uncertainty there could mean a bumpy ride ahead.

Charlie Blagbrough, Building Societies Association



How would a Brexit affect the mortgage market?

A Brexit from the European Union is unlikely to hit the UK mortgage market hard, according to economists and trade bodies. A vote on whether the UK stays in the EU will be held on 23 June, Prime Minister David Cameron announced last weekend. Cameron wants the UK to remain part of Europe, but London […]


Brexit price-cutting could push fixes down to 0.95%

Brexit uncertainty, low swap rates and a possible future base rate drop are causing a wave of price-cutting by mortgage lenders that could push two-year fixed rates as low as 0.95 per cent, say mortgage experts. Several lenders announced lower rates or made other competitive changes following Britain’s vote to leave the European Union last […]

The Mortgage Lender to open next week

The Mortgage Lender will officially open for business next week. The broker-only lender will accept broker registrations, decision in principle requests and processing applications on its website from 11 July. The Mortgage Lender will offer mortgages to the self-employed, older borrowers and those with poor credit, as well as more mainstream borrowers. The products are […]


Employers fined £52,500 for auto-enrolment failings

By Jamie Clark, Business Development Manager The Pensions Regulator (TPR) has taken the step of naming and shaming employers that have been served County Court Judgments (CCJs) for non-payment of auto-enrolment fines. We take a look at what this means for employers, their employees and advisers Shamed into action? Sixty-four employers have been served CCJs […]

Naming a reward programme

Six tips to get your reward programme name right

by Debra Corey, group reward director  Choosing a name isn’t easy. Whether it’s for your new puppy, a bundle of joy or your reward programme, a name determines a first impression – and often a lasting memory. When it comes to your reward programme, the name will determine how your employees feel about it even before […]


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