Intermediaries let down lenders on interest-only by failing to check thoroughly whether borrowers had a repayment vehicle in place, Auriemma Consulting Group has reported.
Melton Mowbray Building Society has loosened criteria on its 95% LTV product in order to offer the product to a wider range of borrowers.
Almost 70% of mortgage advisers are completing more mortgages through building societies than ever before according to our latest survey.
Other Building societies articles
Cambridge Building Society expects to slow its pace of lending to £180m in 2013 but brokers will still represent three-quarters of business, its chief executive has said.
Dealing with 46 building societies with assets of over £375bn may not seem like the most likely source of poetic inspiration.
Only two lender brands - Lloyds Group including Halifax and Woolwich - are currently actively supporting the Help to Buy shared equity scheme, but at least two more are set to do so this month.
Lenders offering struggling interest-only borrowers the opportunity to convert to a lifetime mortgage is “certainly an option”, Building Societies Association director general has said.
Mutual lenders are likely to increase high loan-to-value lending including interest-only over 2013, the outgoing Building Societies Association chairman has suggested.
The lower 3% ratio leverage ratio proposed by the Treasury would work far better for the industry than the original proposals by the Parliamentary Commission, but will still put the sector at a competitive disadvantage to banks, said the chairman of the BSA.
The announcement that the Bank of England’s flagship Funding for Lending Scheme (FLS) is to be both extended and expanded provides an opportunity to reflect on the impact it has had to date.
The building society sector is dominating lending to first-time buyers with a third of all loans going to first-time buyers, a figure which is projected to grow.
Nationwide Building Society is to rebrand the three other mutual organisations it merged with during the financial crisis.
Building societies are taking a growing piece of the whole mortgage market but does that remain true when looking solely at the intermediary channel?
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