Monty’s Mortgage Blog

Category Archives: Mortgage Lenders

It’s A Service Driven Economy, Stupid!

With apologies to James Carville, the title is of course a slight variation of the phrase “The economy, stupid” which he coined as a campaign strategist of Bill Clinton’s successful 1992 presidential campaign against sitting president George H.W. Bush.

A perversion it may be, but it is the one subject that is guaranteed to get a bevy of brokers, (if that is the right collective term), most animated when discussing the market.

Whilst justifying to prospective clients what an independent broker does, apart from the obvious and most important advice part, service is the secondary selling point.

Also posted in Best Mortgage Rates, Coreco, First Time Buyers, Independent Mortgage Advice, Large Mortgage Loans, London, London Property Market, Mortgage Blog, Mortgage Brokers in London, Mortgage Market, Mortgages, Professional Mortgage Brokers, Property Market, Service Standards | Tagged , , , , , , , , , , , , | Leave a comment

Mortgage Fees Rising

Last week was dominated by a report from Moneyfacts that found that Mortgage Fees have risen to their highest level for 25 years, on average standing at £1,522.

In my opinion, lenders have been steadily increasing fees over the past few years in order to counter a reduction in the headline rate, make more profit and remain top of Best Buy Tables.

As a result a growing number of so called Best Buys can be deceiving and can actually end up costing a borrower more over the initial period of the loan, once the fees are taken into account, than a product with a slightly higher rate.

Also posted in Best Buy Tables, Best Mortgage Rates, Coreco, First Time Buyers, Independent Mortgage Advice, Mortgage Blog, Mortgage Brokers in London, Mortgage Fees, Mortgage Finance, Mortgages | Tagged , , , , , , , , , , , | Leave a comment

Large Mortgage Loans Head Back To The High Street

It may have taken a while, but we have seen an increase in the appetites of mainstream lenders in offering large mortgage loans in the last few weeks of 2012 and the prospect that this will continue to improve this year.

Until recently Private Banking institutions cleaned up in the High Net Worth lending market as high street lenders pulled back post credit crunch, but we are seeing the first signs of a return of the high street.

Also posted in Best Mortgage Rates, Coreco, Funding For Lending, House Prices, Independent Mortgage Advice, Interest Only Mortgages, Large Loan Mortgages, Large Mortgage Loans, London, London House Prices, London Property Market, Mortgage Brokers in London, Mortgage Finance, Mortgage Market, Mortgage Rates, Mortgages, Professional Mortgage Brokers | Tagged , , , , , , , , | Leave a comment

Predictions For 2013 – Part 3 Mortgage Lending

The Mortgage Market – Lending

2012 Prediction: £140 Billion

2012: Actual £144 Billion (CML estimate)

2013: £158 Billion

This is the section that is most different to what it could have been, with all the focus at the start of the year on the Governments’ Funding for Lending Scheme, which has much riding on it.

This scheme led  the Council of Mortgage Lenders, (CML) to re-boot their 2012 total gross lending predictions from £133 billion to even more than our own £140 billion prediction, estimated at £144 billion.

Also posted in Best Mortgage Rates, CML, CML Gross Lending Figures, Coreco, Council of Mortgage Lenders, First Time Buyers, Funding For Lending, Independent Mortgage Advice, Interest Rates, Large Mortgage Loans, London, Mortgage Blog, Mortgage Brokers in London, Mortgage Finance, Mortgage Funding, Mortgage Market Review, Professional Mortgage Brokers, Regulation | Tagged , , , , , , , | Leave a comment

Hidden Fees?

Like many brokers I have spoken to in the past few days, I was a little confused by the comments from the Council of Mortgage Lenders’ chairman Martijn Van Der Heijden, that “hidden procuration fees” were distorting consumer choice.

Apart from some of the more unprintable responses that I have heard, many emanating from the fact that Mr Van Der Heijden is also head of lending at HSBC who have been in the news yet again recently with their own issues, it does seem strange to lump procuration fees in the same category as branch sales incentives and targets.

Also posted in Best Mortgage Rates, CML, Coreco, Council of Mortgage Lenders, Independent Mortgage Advice, Large Mortgage Loans, MMR, Mortgage Brokers in London, Mortgages, Professional Mortgage Brokers | Tagged , , , , , , , , , | 1 Comment
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  • Andrew MontlakeAndrew 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.

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