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Mortgage Solutions Star Letter Extra 22/05/2015

by: Mortgage Solutions
  • 22/05/2015
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Mortgage Solutions Star Letter Extra 22/05/2015
Each week Mortgage Solutions rounds up the most opinionated and thoughtful comments of the week.

More 2 Life eyes up interest-only lifetime mortgage proposal

This product would naturally compete with Hodge Lifetime’s interest-only mortgage, but would hopefully allow higher LTVs than the current 50% maximum. I have to turn quite a few potential clients away who have maturing interest-only mortgages because none of the later life interest-only equity release products can lend them enough due to the availability of a switch to roll-up of interest later.

A non-SHIP qualifying product could pave the way for more lenders to provide a solution to those approaching retirement who have no way of paying off their maturing interest-only mortgage other than by moving and trading down.

Andy Wilson

Estate agents under investigation for sole agency agreements

Sounds like Emoov can’t get enough properties on its books, and so is looking to try and sell those already being being marketed by someone else. By removing sole agency agreements, then Emoov can approach vendors already on the market with a competitor with a ‘potential’ buyer and sign them up straight away, without having to worry about infringing a sole agency. Please why doesn’t the government just regulate estate agents and be done with it?

The Cynical Broker

Lenders prepare ‘attack’ on broker market share

I assume this technology will not deliver face-to-face, independent mortgage advice though will it? I will continue to sleep easy for now at least.

Good Mortgage Man

Advisers to disclose all potential commission to customers under MCD

This really is the most stupid of all aspects of MCD. If I go on Mortgage Brain for instance and 2000 plus products come on view can the FCA advise me who pays for my time, paper, ink, printer consumerals? If I take a rough guess 40 lines a page (given the way Mortgage Brain prints off) that’s 50 pages plus a folder and a lost client because with all the other bumf IDD, fact find, mortgage quote, fee agreement, possible AIP and/or the full application. That’s possibly 100 pages.
So come on you mortgage providers, mortgage clubs and networks get your fingers out and fight this rediculous proposition and make the FCA fight in our corner for change and don’t cow-tow to Europe on this issue.

Ken Wilson

Will we see standardised proc fees in the future to deal with this issue if it becomes statutory?

Good Mortgage Man

Thanks for your comments this week.

Read our Star Letter for this week’s winner.

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