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John's Blog -
Newswire
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Written by John S
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 It's not always apparent what impact the European Commission has on our banking sector - but it certainly is this week.
The commission has demanded a break up of both the Royal Bank of Scotland and the Lloyds Group - RBS is to sell off 318 branches, while Lloyds will dispose of more than 600 branches over the next four years.
Northern Rock was also told by the commission last week that it must not appear in the top three of the mortgage best buy tables until the end of 2011. These requirements don't come into force until next year, however since the 'relaunch' of Northern Rock mortgages, they really have been very competitive in the market (see best buys below) so it really will be a case of snapping up these deals whilst they are still available.
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Read more... [Breaking up the banks]
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John's Blog -
Newswire
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Written by John S
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 The Bank of England released figures today showing an 18 month high in mortgage approvals this further underpins the view that the housing market continues to strengthen.
Still, to mix my metaphors, with every silver lining theres a dose of reality. The latest data from the Bank of England has revealed that major lenders are expecting to increase mortgage fees in the coming months, to compensate for a reduction in spreads. Or, to take another view, because they can.
What does this mean? Well, it will probably effect the residential mortgage market the most, as lenders will be looking to reduce their rates as the market gets more competitive but may well be countering these rates with higher fees.
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Read more... [Mortgage approvals up - but at a cost]
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John's Blog -
Newswire
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Written by John S
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Thursday, 15 October 2009 08:50 |
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 With The Mortgage Works pulling out of the self certification market last week, it seems to indicate the end of self cert mortgages as we know them.
The remaining lenders, namely Platform and Beacon, will almost certainly follow suit, and then there will be none.
Rumours have been rife that as part of the FSA review they will potentially ban self-cert mortgages, and so it looks like lenders are pre-empting this decision by simply withdrawing these types of products. Not good to be seen to be last man standing, so to speak. Fast-track mortgages (which were never really meant to be self-cert but fast-track as in fast track underwriting) are also being withdrawn by various lenders across the board.
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Read more... [Is it the end of self-cert mortgages as we know it?]
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John's Blog -
Newswire
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Written by John S
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Thursday, 22 October 2009 12:03 |
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 OK, I know the mortgage market isn't always the most interesting subject, but this week in mortgage terms it really did 'kick off'.
The FSA published their Mortgage Market Review which contained their proposals for the future of the mortgage market, and reflected their intention of a more obtrusive approach. So, here I offer a quick rundown of the points and my own take on their impact:
Banning 'self-cert' mortgages.
Up to 1 million of mortgages were arranged on a self cert basis. As I have mentioned before, if self cert is banned, then these people will be at risk of never being able to get a mortgage again, even when the market improves. So, unable to move OR remortgage, they are left to sell up or stick with their current lender.
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Read more... [FSA the clunking fist]
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John's Blog -
Newswire
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Written by John S
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Thursday, 08 October 2009 09:24 |
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 Well, it had to happen at some point this week we've seen a number of lenders reducing their rates, which is very good news for those looking to buy or remortgage.
Lenders like The Mortgage Works, Platform, Godiva and Northern Rock have all reduced their buy to let products in the last week, and some by up to 0.5%.
The residential mortgage market is experiencing an even greater amount of competition which is fantastic news for you, and seems to reflect a greater appetite for lending and increased competition in the market.
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Read more... [The great thaw]
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