This week’s top five stories:
1) Low interest rates ‘unsustainable’ – Mervyn King
The Bank of England’s boss has called for the government to prepare ahead of rising interest rates and take ‘decisive action’ on state-owned lenders.
2) FSCS to review mortgage claims process after court defeat
The Financial Services Compensation Scheme (FSCS) is to consider the implications for its claims process after a decision to reject its appeal against a High Court judgement, which determined it failed to properly compensate an investor who lost money in foreign property.
3) Santander’s intermediary boss joins Bank of England
A senior intermediary industry manager will become the Bank of England’s first chief operating officer in July.
4) L&G unveils home building and mortgage ‘grand plan’
Legal & General plans to become a one-stop shop for those seeking to buy a home within three years, a senior boss has revealed.
5) AMI Dinner 2013 – in pictures
The Association of Mortgage Intermediaries’ annual dinner took place in London last night. Mortgage Solutions rounds up the best pictures from the glittering evening.
Here are some stories you may have missed:
Look past ‘rate-tarting’ to ten-year fix mortgages, brokers urged
Brokers who forgo the temptations of pushing short-term fixed rates could instead access an untapped long-term market, industry heads have said.
The Legal & General Mortgage Club Awards 2013 – in pictures
Our photographers were on hand taking snaps during the Legal & General Mortgage Club Awards 2013 at London’s prestigious Guildhall.
FCA issues near-£1m fine to sale and rent back arranger
The Financial Conduct Authority (FCA) has banned and issued its largest ever fine of nearly £1m to a retail sole trader for sale and rent back failings.
My psychiatrist told me I was crazy…
…I said I want a second opinion. He said: “OK, you’re ugly too.”
UKIP fails in anti-council mortgage scheme bid
Essex first-time buyers will receive help from a local authority scheme after UKIP attempts to prevent it were defeated.
Nightriders
Over £4,000 has been raised for Shelter by 18 employees from Countrywide Surveying Services who took part in the London Nightrider charity bike ride.
The 100-kilometre charity cycle ride took the group through the City of London, Canary Wharf, Covent Garden and Battersea Power Station.
“There were a few cuts and bruises amongst the team after a few people fell off their bikes but we all made it to the end of the course in good spirits,” said Paul Brooks, business services director at Countrywide Surveying Services.
“London-based surveyor Ben Dwimoh and head of corporate projects Andy Dawson were the first of the Countrywide riders to finish the course and did so in 6 hours and 20 minutes. A special mention must go to senior associate Malcolm Glass who completed the ride having only had a hip replacement a few months ago.
“We would like to thank all Countrywide employees and our family and friends who supported us. We set a fundraising target of £3,000 for Shelter and are delighted to have gone above and beyond that to raise over £4,000 for this worthy cause.”
