We are finally starting to see what lenders’ changes will be post-MMR and, as expected, none of it is really too dramatic.
Packagers were some of the very first casualties of the credit crunch, which makes perfect sense when you think of the role that the packager plays as the specialist in between the broker and the specialist lender.
Critics may discount the merits of the Help to Buy scheme, but it cannot be argued that the housing market didn’t end 2013 in a much stronger position than it started.
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There has been a lot of talk across the industry recently welcoming back the role of the ‘packager’, particularly for smaller lenders and traditional building societies.
For the first hundred and twenty odd years of their history, all building society mortgages were advanced on variable rates.
Understandably with only two months to go before the introduction of the new Mortgage Market Review (MMR) rules the ‘noise levels’ around these regulatory changes have grown considerably louder recently.
From late April, virtually all interactive mortgage sales (involving a face-to-face or phone conversation with a borrower) will have to be on an advised basis.
Those brokers who remember the sub-prime lending market of old will know that those days are gone forever and I doubt we’ll ever see a return to the type of lending that used to take place.
With the Mortgage Market Review (MMR) now weeks away the challenges for advisers are gaining more attention.
It might sound a silly question but how do you know you’re doing well? There are always plenty of people ready to be very vocal when things have gone wrong like your boss, the FCA, lenders, your network’s compliance officer, but how many people shout as loudly when you do it right?
If you had the (mis)fortune of watching the recent Celebrity Big Brother you would have witnessed a number of conversations between the housemates about how famous each one is amongst the great British public.
"Great Scott Marti!" Unemployment is getting close to 7.0%. At 7% we must evaluate the Bank of England Base Rate and potentially look at raising it.
Records for rainfall continue to be broken, storms have been upgraded to tempests and there is no doubt that a large number of individuals, businesses and whole communities are having a very rough time.
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