The first of this week’s bunch came from A K Narey in response to the article: More mortgage education needed in schools say 87 per cent of students – LIBF,
Narey said: “Although a broad financial education delivered by our schools would be useful, in practice teachers have so much else to worry about.
“There is limited lesson time available to cover all that they are prescribed to do and adding a further burden would not be effective.
“I would suggest that one way to provide education in financial matters is for professionals such as ourselves to speak in schools to raise pupil’s awareness of financial matters.
“Having spoken to teachers about their own mortgages and financial circumstances, some of them may not be best placed to provide help to students in this area.”
Gateway for CMCs
Another article which garnered a response was: TMPE2019: Brokers are asking to do execution-only mortgages with us – Accord
Terry Arch said: “It would be nice. However, realism must come into play.
“Execution-only will give claims management companies another gate to make a few bob. If it was advised and had supporting paperwork, then at least it would give you an audit trail to refute any claims.”
Flexibility improvements for lifetime mortgages
Finally, the article: Aviva lifts equity release repayment restrictions, had Andy Wilson saying: “This is a welcome addition of a flexible approach to voluntary ad hoc repayments on lifetime mortgages, which is already a feature of other lenders’ offerings.
“If clients would like to be able to make payments each month of the interest charged, but reserve the option to miss some of the regular payments, an interest-only lifetime mortgage is too restrictive.
“However, ad hoc payments that need to be a minimum of £500 each time with a cap on the number of payments each year was also too restrictive. I could also not see the benefit to anyone of making clients wait at least a year after completion before they could make their first voluntary payment, so losing that issue is also good,” he added.
However, he continued: “It is a shame however that Aviva do not yet have the capability to allow clients to make these payments by a standing order which they control.
“Needing to contact the lender for every payment, no matter how small, is a hassle that will put clients off, and for me would tend to make me carefully consider an even more flexible option elsewhere.”