Top five articles of last week:
The rate hikes begin, but is worse to come?
RBS rate increase to hit 200,000 customers
Why the Bank of England should cut interest rates
BoI to raise SVR from 2.99% to 4.49%
Halifax to raise SVR to 3.99%
Rate hikes
Last week, Halifax, RBS, Bank of Ireland and Clydesdale and Yorkshire Banks all announced increases to their mortgage rates due to the growing cost of funding.
New legal landscape
“The days of open conveyancing panels are over and brokers must be aware of the emergence of a new way of doing business,” argues Eddie Goldsmith, as he looks in to the recent furore in the conveyancing market.
Exodus
The high cost of housing in London could force the exodus of 30% of the capital’s population, equivalent to 1.8m people, Shelter has warned.
LIBOR overhaul
UK regulators and global banks are discussing an overhaul of interbank lending rates amid a probe into alleged manipulation of the benchmark.
Rate cut needed
Last Wednesday, Jim Leaviss, head of retail fixed interest at M&G, argued that the Bank of England must cut interest rates to a new low to help banks repair margins, rather than leave them to punish mortgage customers.
Broker licence stripped
The Office of Fair Trading (OFT) announced it is to revoke the consumer credit licence of Yes Loans Limited, one the UK’s largest personal loans brokers, for engaging in what it described as “deceitful and oppressive” business practices.
Mortgages…the final frontier
Mortgage Solutions newest blogger Lea Karasavvas boldly goes where no broker has gone before. He explains how The Prolific Enterprise battles product pulls and dual pricing in the market.
More CMCs target brokers
The latest Mortgage Solutions poll has revealed that 60% of brokers have seen an increase in the number of claims management companies (CMCs) approaching their businesses over alleged mis-selling in the last six months.
And finally…top tweets
Mr Rutley @GrumpyOldEA
Been asked my views on the market. Basically same sh*t, different year. Biggest threats – greedy lenders & Government interference.
Stuart Gregory @Mortgage_Stu
Between 2000-2008, remortgaging was like going into a Starbucks. Now? You need to know where you stand. *based on 17yrs experience.
Joseph Barton @Joey7Barton
Do we include the Queen and the rest of the royal family in this “mansion tax” they have more and bigger houses than anybody.
Jon Cudby @JonCudby
Local bookmaker’s window is advertising odds for the game between Man Utd and “A Bilbo”. I hope they’re in the winning hobbit.