This week is a big week for both the Governments Economic Policy and the Bank of England.
Whilst Cameron & Clegg large it up in Davos, (nice Swiss Ski Resort), meeting top bankers and world leaders to discuss growth, lending and bonuses at the World Economic Forum, the latest GDP figures on the UK’s economic growth are released tomorrow followed by Bank of England Governor Mervyn Kings’ first speech of the year.
In the meantime there is a new Shadow Chancellor waiting in the wings keener to attack than Karen Brady smiling smugly at Football “pundits” Keys and Gray with that “I told you so” look on her face.
Also posted in Best Mortgage Rates, Coreco, Davos, Independent Mortgage Advice, Large Mortgage Loans, Monetary Policy Committee, Mortgage Brokers in London, Property Market | Tagged Bank of England Base Rate, Coreco, Housing Market, Large Mortgage Loans, Mortgage Broker in London, mortgage products, Property Market, Property Prices, The Economy |
This morning my 4 am alarm call pervaded my fitful slumbers to remind me that something was happening today that could potentially be rather important. As I travelled to the BBC for the second time in a week, this time for BBC Radio 5 Live’s Wake Up To Money, I reflected on the subject in hand – today’s meeting between Grant Shapps, Housing Minister and Hector Sants, Chief Executive of the FSA.
The discussion was of course the much publicised Mortgage Market Review, (MMR) which in many people’s eyes threatens to derail any hope of recovery in the housing market and has certainly at least got Mr Shapps all fired up and even the Prime Minister himself concerned about the economic effects of the proposed regulation.
Also posted in Coreco, Economic Recovery, FSA, First Time Buyers, Interest Only Mortgages, Large Mortgage Loans, MMR, Mortgage Brokers in London, Mortgage Market Review | Tagged BBC 5 Live, Economy, FSA, Large Mortgage Loans, Mortgage Broker in London, Mortgage Market Review, Regulation, Wake Up To Money |
Recently we have heard talk, and indeed seen evidence, that some lenders are starting to target the remortgage markets once more, perhaps a little earlier than many would have expected.
This is of course good news for mortgage brokers and borrowers alike, after all more choice and more competition is what is badly needed.
The issues for many is whether they should fix now or enjoy a low variable rate tracker.
There has been so much contradictory economic data and press speculation in recent months, culminating in recent data showing that the UK economy grew more than expected in the last quarter, leading to renewed claims that interest rates may rise quicker than many first expected.
Last week I was asked to speak as part of a panel at the OPP Live Property Investor Show at the Excel Centre on the subject of the UK Economy and the market as a whole. I thought I may as well share my short speech with you to get some feedback.
Granted there are alot of questions that remain unanswered and were meant to provoke some debate but anyway, here you go…
Also posted in Bank Base Rate, Best Mortgage Rates, Coreco, Economic Recovery, Mortgage Brokers in London, Mortgage Finance, The Economy | Tagged Bank of England Base Rate, Economy, Employment, House Prices, Housing Market, Mortgage Broker in London, Mortgage Rates, Property Market, The Economy |
The frustration felt by many individuals that banks still do not seem to be lending in sufficient quantities is still evident in the latest Lending To Individuals figures from the Bank of England, which explains the frustration felt by many would-be borrowers.
Just 47,643 loans were approved for house purchases and a mere 29,949 loans for remortgages meaning that both sets of figures have now dropped below their previous 6 months average.
First-time buyers have every right to feel discriminated against, as while mortgage lending has become more profitable for many lenders, it is too often targeted at those customers who are already well catered for. Lenders are continuing to walk the easy path.
Also posted in Bank of England Lending Figures, Best Mortgage Rates, Coreco, First Time Buyers, Mortgage Brokers in London, Property Market | Tagged Bank of England, First Time Buyers, House Prices, Housing Market, London Mortgage Broker, Mortgage Market, Property Market |
Andrew Montlake, Director and Spokesperson for Coreco, gives his honest and forthright views on the mortgage market, economy and all things property related. Monty was voted "Mortgage Personality of the year 2008" and is the current holder of the British Mortgage Awards "Best Press Spokesperson" title. Expect expert analysis, delivered in a down to earth style with a side helping of exuberance.
