It was refreshing to see a few days ago that there is to be another enquiry into the mortgage industry and why lenders are not lending more – refreshing in a dry glass of hot sawdust type of way!
They are going to investigate in-particular, “the sharp rise in repossessions and the chronic shortage of affordable home loans for first-time buyers”.
Brilliant. Is that really the best that the Government can come up with? A cross-party committee of MP’s wagging fingers at bankers and telling everyone what they are doing wrong whilst they try to keep their latest expenses form under wraps!
In committing to doing a blog several times a week, the biggest worry is how the hell am I going to find something to write about each time? Since I started the blog a few months before the credit crunch I needn’t have worried, events have been nothing short of sensational and yesterday’s announcement from the Lloyds Banking Group marks another historic landmark.
It is incredibly unfortunate that it has come to this, and great names such as C&G, Abbey, Alliance & Leicester, and Bradford & Bingley disappearing from our high streets is sad to see.
Like millions of people, and after proclaiming my hatred for all reality shows, I could not help watch Britains Got Talent and getting carried away by some great performances. Whilst Stavros Flatley had me crying with laughter at their innocent high jinks, and young Aiden had me proclaiming the next great star, I thought it was apt, and more than justified, that the brilliant Diversity won.
Apt because of the name. Apt, because in these times everyone is looking for diversity. For many in business, certainly in the mortgage broking arena, diversification is key. And it got me thinking, like many others, why the hell did we all not do this sooner?
It always makes me smile when I get slagged off for some comments I have made by various bloggers who disagree with me. Not because I find their comments amusing, as their opinions are as valid as mine, but because it means by provoking discussion it shows that I am doing something right.
This time I was slated for my comments that appeared yesterday on the BBC News website by a blog entitled Back Office Wine. The nameless person writing writes very well and has some very valid points, although I thought I should clarify my remarks and share with you a precise of my response.
A very interesting product was released today by Lloyds Tsb which shows two things. Firstly it has renewed my faith that lenders can still be innovative when the put their minds to it, and secondly that arguably this is a step towards lenders actively encouraging first time buyers back into the Market perhaps believing that house prices will begin to recover soon.
While there are a few conditions to this new mortgage product, they are far outweighed by the positives. 4.39% fixed for three years at 95% LTV is an exceptional rate and, presuming parents still have some spare cash floating around, will be a major fillip for certain first time buyers and therefore the market as a whole.
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.
