We’re waking up the mortgage industry – Magellan

Gilmour asks: Has the fallout from the credit crunch left brokers afraid to re-engage with any part of the market that they believe may represent a high risk? The answer is clearly yes, although it is not this alone which is causing reluctance on the part of brokers to engage with his firm’s product.

The credit crunch, MMR and new rules on affordability over the term of the loan has left brokers extremely cautious about recommending a variable rate product with a current charging rate of almost 8.5% and which can increase potentially before any rise in base rates as it is linked to LIBOR to our clients, who have already suffered some financial crisis.

There are very real concerns that products like these will simply set them up for another one. There is a risk to the client, there is equally a risk to the broker and this ‘valuable additional source of income’ is often not likely to be worth these risks.

Andy Wilson

Sponsored

£2.5m paid to help broker clients benefit from greener homes

Sponsored by Halifax Intermediaries

RBS referred to regulator over ‘horrendous’ treatment of small firms

I really do hope that FCA or whoever is in charge now of UK financial sector will finally start to ban or put them in the prison ALL of those “white collar” thieves working in the banks. When is enough enough?

Bobby

Help to Buy Wales scheme to launch in January

New homes are a rarity in Wales so what are they helping people buy?

ExasperatedMe

Underwriting standards must be high if mortgage market is to grow – Carney

Carney is quite right to be “more than mildly offended”. When Labour MP John Mann suggested he was selective in his use of statistics. Funny isn’t it, an MP accusing someone of being selective in their use of statistics.

At least Carney actually answered the questions he was asked rather than side-stepping them and talking about something he would much rather discuss.

Derek Compton

Who should you hire? Giving responsibility to the right people – Marketwatch

Assuming he did have the right skills, I can only imagine that the failure to get any idea of the real Paul Flowers was down to the fact that there was little depth to the referencing of Mr Flowers prior to his appointment.

A recruitment process surely has to talk to ex-colleagues and whilst in this litigious world comments maybe sanitised the more of these discussions you have the more chance you have of being given some background to explore further.

Peter Gwilliam

Thank you for your comments this week