Mortgage Mutterings: The week that was 16 - 20 May 2011

You can take another look at this week's news and we'll round up the most thought-provoking or unmissable comments posted after stories or letters sent straight through to the editor.

Remember, we will be offering a bottle of champagne for the best reader's comment each week.

Comment on the Mortgage Solutions website or send a letter to the editor and you could win the champers and feature in next week's Mortgage Mutterings.

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Northern Rock launches ‘freedom to fix’ deals

Mortgage Solutions

| 16 May 2011 | 10:32

Simret Samra

As with the flexible drawback, Northern Rock will reassess your position at the point whereby you wish to switch to a fix rate. If your circumstances have changed and you do not meet affordability, they will not permit you to switch, in essence leaving you more vulnerable and exposed to interest rate rises at a time when most needed. Woolwich permit you to switch on any of their fixed rate schemes without any questions asked - a much more secure option for your clients.

Peter

16 May 2011 | 11:57

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EU's beady regulatory eye has landed on buy to let

Mortgage Solutions

| 17 May 2011 | 14:29

Robert Sinclair

Someone should tell government that regulation and red tape is rarely an answer to a problem - it is often part of the problem. Lenders already demand 25% minimum deposits and strong rental coverage of any mortgage payments. What will more regulation achieve?

The fact is that over the past 50 years, the government has woefully neglected to provide good quality social housing. Not only has this resulted in many people having to pay high rents for a sleazy roof over their head, it is also the root of many of the ills of our society such as crime, drug addiction, child poverty and mental illness.

There are millions of people who would be happier and more willing to 'fit in' with social norms given a decent roof over their heads. Before any reader accuses me of being a lefty, I vote Conservative.

Bill Wells

17 May 2011 | 15:34

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String of equity release lenders ready to launch

Mortgage Solutions

| 18 May 2011 | 08:00

Simret Samra

The equity release market has had more comebacks than Frank Sinatra and turned more corners than the average grand prix car – yet still the number of providers is pitiful. I will get excited (well ok, interested) when one lender actually provides a simple monthly income plan without any 'add-ons.' One can but live in hope.

HW

18 May 2011 | 10:51

I do hope that if there is to be an expansion of lenders, they don't limit lending to England and Wales. The Scottish equity release market lags behind the rest of the UK, so it doesn't help if we also have fewer lenders. Increased competition is a good thing.

John Brown

19 May 2011 | 12:37

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Mortgage fraudsters hit with £540,000 fine

Mortgage Solutions

| 19 May 2011 | 12:03

Simret Samra

Why are the fines so low? If they have benefitted to the tune of £540,964 and £390,964 respectively, why are the fines £219,000 and £229,000? Where is the deterrent?

SWF

19 May 2011 | 13:23

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Sants: PRA will no longer trust firms’ judgment

Mortgage Solutions

| 19 May 2011 | 14:35

IFAonline

So, the regulator will no longer trust the judgment of firms? The industry, public and the government have not trusted the regulator's judgment for some time, other than understanding that the regulator likes to get it's snout into a trough funded by everyone else.

Philip Curnow

19 May 2011 | 16:22

Mr Sants has declared the PRA's objective, "…to promote stability in the financial system ... promote the soundness of regulated firms." What was the FSA's objective? History will no doubt record that it achieved great instability and unsoundness. After more than 30 years within the UK financial services industry, I am still bemused with the daftness that comes out of those appointed at great cost to guide us.

John Grant

19 May 2011 | 18:48

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Have a great weekend

From the Mortgage Solutions team