First up, FirstBuy
The week got off to a positive start with Teachers Building Society launching a deposit-free deal to support the government’s FirstBuy Direct scheme.
The mortgage is offered at up to 80% LTV, so eligible buyers who achieve the maximum 20% equity loan don’t need a deposit to apply.
The lender has now joined the likes of NatWest, Halifax, Nationwide, Barclays and Melton Mowbray Building Society who are also lending against the scheme. Read more…
I have a dream..
On Tuesday, AToM managing director Dale Jannels explained why lenders need to rebuild bridges with brokers, starting with procuration fees.
Jannels insists that while it’s fair to assume that fee levels will not reach their old levels, business-to-business relationships have to be managed in a fair and mutually rewarding way. Read more…
Protect yourself
Santander UK came under fire after being forced to stop selling and advising on Aviva protection policies in-branch due to concerns over advisers’ lack of product knowledge.
Our sister title COVER learned that an exclusive agreement with Aviva, signed last summer and launched in June, had to be interrupted for the bank to re-train some staff. Read more…
London’s burning
As the country watched the horror of the London riots unfold earlier in the week, Mortgage Solutions editor Victoria Hartley spoke exclusively to Chris Bramham, director at property firm Kings Group, which both let and sold property above the burnt out Allied Carpets building, near Tottenham High Street.
Bramham recalls how one tenant came in the day after the riots with just the clothes she had on her back, after losing everything in the fire. Read more…
Giving 100%
This week we learned that 100% LTV mortgages are back, if it ever completely went away. Northern Bank confirmed that it has returned to 100% loan-to-value lending for the first time since the credit crunch, joining guarantor schemes from Tipton & Coseley and Marsden.
The downside is that the product is available direct-only and the loans can only be taken out by current account customers in Northern Ireland, where the bank operates. Read more…
And finally…top tweets of the week
Elliott Gotkine
#MervynKing says he still has weapons in his arsenal to prop up UK economy. It’s time to pull them out
Bob Egan
Will German become the 2nd language of Italy? It will if the ECB doesn’t step up
James Hume
Inflation to hit 5% by the end of the year? Pay rises to match, please! #UKeconomy
Marta Cooper
#Hazel Blears on Sky News: “What we need to ask is why these kids (rioters) are not at school?” Look at the sodding calendar, love
Bader Kamal
#David Cameron calls rioters and looters “sick”. Unfortunately, they took it as a compliment
Nader Khalifa
Man mistakes dog poo bin for post box
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