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John's Blog -
Newswire
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Written by John S
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Wednesday, 04 March 2009 10:51 |
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 Apart from yet more of our banks posting record losses and the stock market plummeting to an all time low, not a lot has been happening this week in the financial markets.
Well flippancy aside, the mortgage market is plodding along with no signs of a rebound yet. In fact - a survey of IMLA (Intermediary Mortgages Lenders Association) members has revealed 75% of lenders believe that the securitisation and wholesale markets for prime mortgages will have recovered by 2011. The research also found 73% of the association's members think that the British economy would begin to recover in 2010. "It might feel as though the past eighteen months have been a mortgage apocalypse, but this research shows there's hope", said Peter Williams, executive director of the IMLA. "The securitisation funding model is basically sound, and I think it's realistic to expect activity to resume gradually when industry reforms and the government asset guarantee scheme is finally up and running." |
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Read more... [Predicting the road to recovery]
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John's Blog -
Newswire
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Written by John S
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Wednesday, 25 February 2009 14:43 |
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 They say a week is a long time in politics and also in mortgages it seems. The general picture is that we haven’t quite reached the bottom, yet.
- 75% buy to let mortgages are coming under increasing pressure. I wouldn’t be surprised to see a reduction to 70% anytime soon.
- BM Solutions now only have two 75% LTV mortgages. They seem to be losing the initial initiative to Cheltenham & Gloucester within the new Lloyds Banking Group, which is a real shame when you compare the two companies in terms of speed and efficiency.
- The surveyors Ashdown Lyons and Christopher Rogers have gone into administration.
- Northern Rock and Lloyds are to increase their mortgage lending (NR with up to £14bn in new loans by 2011). There’s also rumours that they will be offering 90% residential mortgages.
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Read more... [It's bound to get worse before it gets better]
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John's Blog -
Newswire
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Written by John S
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Wednesday, 04 February 2009 00:00 |
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 The big news this week is the criteria changes made by HBOS to their mortgage product range. From a buy to let perspective they have finally come clean and made it transparent about who they want to lend to, and it’s not to big investors.
The basic summary is: 9 Buy to Let mortgages maximum across the HBOS group
Maximum lending on new build flats/newly converted flats has been reduced to 65%.
A limit of £3 million applies to Buy to Let lending across the HBOS group (BM Solutions, Bank of Scotland, Halifax and Intelligent Finance) The other major move by HBOS (or what was HBOS) is to withdraw their self certification residential mortgages – this is going to have a significant impact on self employed people who currently struggle to prove their income in way that is acceptable to full status lenders. |
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Read more... [Nice to know who your lenders are]
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John's Blog -
Newswire
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Written by John S
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Wednesday, 11 February 2009 00:00 |
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 So: another rate cut and another week of little movement by the buy to let mortgage lenders.
Whilst during last year the costs of buy to let mortgage products and residential mortgage products were quite close, it has become apparent that as residential rates are reducing, buy to let’s really aren’t. I'm sure this says more about the current perception of buy to let mortgages by the lenders rather than anything else. |
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Read more... [BTL left out of rate cut]
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John's Blog -
Newswire
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Written by John S
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Wednesday, 28 January 2009 00:00 |
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Rumours abound this week about the demise of the 75% LTV mortgage. I’m not even sure who’s spreading them, but they’re doing a good job. Looking at the main 75% buy to let players it is very heavily weighted towards two lenders – BM Solutions and Cheltenham & Gloucester. With the demise of Bank of Ireland and Bristol & West, 75% LTV is a shrinking market so I wouldn’t be surprised if it doesn’t eventually happen – although officially from our contacts there are no immediate plans. |
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Read more... [The demise of 75% LTV?]
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