Ever since the issues first engulfed our industry 4 years ago I seem to be fed up of saying, “wow, that was an extraordinary week” and last week was no exception.
It began with some positives from the previous week; UK growth was confirmed at 0.5% in the 3rd quarter of this year and the Government launched its much anticipated Housing Strategy, pulling together a range of announcements with a couple of new ones to try to stimulate growth and return some confidence back to the house building industry.
Posted in Coreco, European Union, First Time Buyers, House Prices, Housing Strategy, Independent Mortgage Advice, Large Mortgage Loans, Mortgage Blog, Mortgage Brokers in London, Regulation, The Economy | Also tagged Best Mortgage Rates, Coreco, Economy, Housing Market, Housing Strategy, Large Mortgage Loans, Mortgage Broker in London, Property Market, The Economy |
It is always interesting for me to get feedback on some of the things I write, positive or negative, and often the most interesting part of any article is not the article itself, but the comments section. This comments section is a fantastic development that enables everyone to have their say and allows the writer or contributor to gauge opinion and sometimes some very valuable pointers for the future.
Of course there are also the rants, usually from anonymous individuals who can’t spell, that don’t really help anyone, but sometimes there is a point that needs clarification, as now.
Posted in Blogging, Coreco, House Prices, Mortgage Blog, Mortgage Brokers in London, Mortgage View, Property Market | Also tagged Coreco, Mortgage Blog, Mortgage Broker in London, mortgage products, Property Prices |
We all know that 83.5% of statistics are made up on the spot, but this startling little nugget was published a week or so ago by none other than First Direct who stated that a whopping 92% of those planning to take out a mortgage do not understand the difference between the types of deals on offer.
However, even more worrying is that only 26% of existing mortgage borrowers said they really understood the difference between fixed, variable and tracker rate mortgage types!
To be honest, as far as direct only business lenders are concerned, whilst this is incredibly worrying, it is of no real surprise.
Posted in Coreco, First Time Buyers, Independent Mortgage Advice, Mortgage Advice, Mortgage Brokers in London, Professional Mortgage Brokers | Also tagged Best Mortgage Advice, Coreco, First Direct, HSBC, Mortgage Advice, Mortgage Broker in London, Mortgage Lenders, Professional Mortgage Broker, Regulation |
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.
Posted in Bank of England Lending Figures, Best Mortgage Rates, Coreco, First Time Buyers, House Prices, Mortgage Brokers in London, Property Market | Also tagged Bank of England, House Prices, Housing Market, London Mortgage Broker, Mortgage Market, Property Market |
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, 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.
