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.
Posted in Coreco, Economic Recovery, FSA, First Time Buyers, House Prices, Interest Only Mortgages, Large Mortgage Loans, MMR, Mortgage Brokers in London, Mortgage Market Review | Also tagged BBC 5 Live, Economy, FSA, Large Mortgage Loans, Mortgage Broker in London, Mortgage Market Review, Wake Up To Money |
There was an intriguing choice of viewing last night on TV and I do not mean between some mad bat in a jungle or an ill-timed expose of FIFA that surprises no-one! The real choice was actually between what looked like about 11 MP’s “debating” the future of the Retail Distribution Review, (RDR), and 11 men playing some of the greatest football many of us have ever seen.
For those that followed both, there was only really one choice as all the scintillating stuff and excitement came from the men in Barcelona shirts in El Classico, showing what can be achieved by team work, a great youth training scheme and a top class manager.
The 98 page Consultation Paper for the Distribution and Disclosure part of the FSA’s Mortgage Market Review has been published with a fanfare of trumpets, only losing it’s place on the front pages because a couple of nice young people decided to get married.
In terms of it’s actual content, (I must admit I am still reading it), there are a few headlines that were pulled out on the initial press release:-
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, First Time Buyers, HSBC, Mortgage Advice, Mortgage Broker in London, Mortgage Lenders, Professional Mortgage Broker |
In the fall-out of any major, near catastrophic event, an autopsy is carried out and opinions fly as to why this happened and how we could guard against it in the future. The aftermath of the latest financial crises, is of course no exception.
So we have had to endure accusations and calls for various measures to be introduced ranging from the sensible, which should have been in place prior to the event, to the simply absurd and damaging.
One recent voice to enter the fray is Charlie Bean, a member of the Bank of England’s Monetary Policy Committee, (MPC).
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.
