It is a sad day as another well known brand, C&G, takes a quick bow and scuttles off into the shadows, at least where intermediaries are concerned. As someone who started using C&G in the days before they paid a proc fee and who has their mortgage with them it is a double shame.
However, before we all get carried away on a sentimental journey let’s be honest, it was always going to happen, probably before the ink was even dry on the Lloyds / HBOS deal.
Figures from the Council of Mortgage Lenders, (CML) today show that gross mortgage lending in June was an estimated £12.3 billion, a 17% increase from £10.5 billion in April and a 48% decline from £24.8 billion in June 2008. The last two quarters have held steady, albeit at low levels.
Whilst there has been some tentative positive news emerging from the housing market in recent days, these latest figures reflect more of a seasonal jump than a long-term improvement. There is still no doubt that lenders are not lending enough to meet consumer demand and where lending is taking place, this is often at seemingly expensive levels. A sustained increase in lenders willingness to lend is vital to help provide the boost to the economy that is sorely needed.
One story in particular that caught my eye this week in the industry press was the report that members of Legal & Generals Mortgage Club have “voted overwhelmingly against the use of dual pricing by lenders.” This is all very well, but isn’t it a bit like Turkeys voting against Christmas? (As one of our office wags put it).
If there is one subject that guarantees to raise blood boiling levels for brokers and lenders alike it is the subject of dual pricing. This type of pricing is nothing new, it has been around for years, although mainly it had been in the brokers favour.
Andrew Montlake, Communications Director at Coreco and ‘Mortgage Personality of the Year 2008’, gives his views — honest and no holds barred — on the latest developments within the mortgage and property markets.A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.
Coreco Group Limited is an appointed representative of the following companies which are authorised and regulated by the Financial Services Authority for advising on and arranging the following: Mortgage Advice Bureau Limited for mortgages, Mortgage Advice Bureau (Derby) Limited for insurance.
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