This week’s top five stories:
1) Rate cut predicted by November as BoE eyes further stimulus
Capital Economics has predicted the UK’s base rate could be cut imminently after the latest minutes from the Monetary Policy Committee (MPC) showed members were considering further stimulus measures.
2) Landlords evading tax by misleading on residential mortgages
Buy to let landlords are moving their mortgage debt from their residential properties to rental investments to take advantage of the tax subsidies, claims an investigative journalism website.
3) The Buy to Let Business launches mortgage club
The Buy to Let Business has today launched the industry’s first buy-to-let mortgage club.
4) Over 1m interest-only mortgages have ‘no repayment plan’
Over a million interest-only mortgage holders have no final repayment plan, with £116bn of these mortgages set to mature over the next eight years, according to xit2.
5) Advise early or lose equity release sales – Just Retirement
Homeowners who are preparing for retirement are much more receptive to professional advice on equity release than those who have already retired, according to Just Retirement.
Here’s some stories you may have missed:
FSA concerns on Bob Diamond promotion revealed
Newly-released documents have revealed the Financial Services Authority (FSA) approved Bob Diamond’s appointment as CEO of Barclays, despite concerns about the culture at the firm and the knowledge that the bank may face punishments for LIBOR-fixing.
Why being in your comfort zone can cost you sales
So what really creates mortgage broking success, good profits and income?
It is time for equity release to realise its potential
Despite all we have read about the potential of equity release the growth is yet to arrive. Partnership’s managing director of equity release, Ged Hosty takes a look at what’s changed.
Govt’s housing package: Will policies revive market?
The government recently launched its housing and planning package, with the Prime Minister pledging an extra £300m to build up to 15,000 affordable homes and a £280m extension of the FirstBuy scheme.
Is the death of interest-only such a bad thing?
Whilst there have been many changes to the mortgage market in the last few years, the near extinction of the interest-only mortgage has certainly caused me (and my clients) the most headaches.
Retained interest and the outlook for the bridging sector
Senior reporter Adam Williams sits down wiith bridging firm Dragonfly’s CEO Jonathan Samuels to talk retained interest calculations and the outlook for the bridging sector.
Surveyors snub bridging business to avoid fraud risk
Reports suggest some surveyors are avoiding bridging deals fearful of the pressure to make the valuation fit lending criteria. This is fraud pure and simple.
Connaught Asset Management and Tuita enter administration
Connaught Asset Management and bridging lender Tuita have both entered administration following the suspension of Connaught’s three unregulated collective investment schemes (UCISs).
Tweets of the week:
Victoria Hartley @HartleyPea
Treasury suggests using “a time-varying leverage ratio direction-making tool” to stave off future credit crises. Help. Anyone?
Dean Mason @MasonsFinancial
Dropping the Bank Of England #baserate to 0.25% will stimulate the economy?..Really??…There are many more effective ways. #dropintheocean
Andrew Montlake @montysblog
Good grief – just won top auction prize for £100 to train with Charlton – hilarious #allforagoodcause
Steve Hawkes @steve_hawkes
Apparently William Hill has just cut my odds to become Bank Governor from 50-1 to 33-1… think I should buy a new suit
Also in the news
Castle Trust launch hunt for UK’s best adviser
Industry newcomer Castle Trust is to celebrate its launch with a search for the country’s best broker.
Anyone can nominate, and entrants must explain in a tweet they value their adviser’s help by Friday 28th September. Tweets must contain the hashtag #CTgoodadvice with the ultimate winner being rewarded an iPod.
Castle Trust CEO Sean Oldfield said: “It’s a bit of fun and, with tweets limited to 140 characters, it will test the creative skills of the Great British public.
“But there’s a serious message behind this too – professional and independent financial advice has never been more important and we want to celebrate the important work advisers do to help people make the right decisions about their money.”
Building society bosses to tackle Leicestershire
Two bosses at Hinckley & Rugby Building Society are to take a quest around Leicestershire by several methods of transport, including canal boat, buggy and milk float.
The team will all six building society HQs in Leicestershire to raise funds for hospice LOROS and the prostate cancer charity PROSTaid.
Chris White of the mutual said: “Now the Quest is here it is exciting to think we will be on our way and raising money for such great local charities. And we’re looking forward to seeing our colleagues in Leicestershire’s wealth of building societies.”
Have a great weekend from the Mortgage Solutions team.
