because of their view of lending into retirement. The regulatory environment has got tougher and tougher over the past couple of years and brokers need to carry out a larger number of checks to make sure they are dealing with a bona fi de client. Most brokers are embracing the standards and controls put on them by knowing their customers and carrying out stringent checks themselves not only to get pay slips and bank statements but also checking their authenticity. It’s not natural for a sales person to check details as much as they need to currently but it’s essential to check a client’s authenticity in order to stay in business. Brokers and networks need to be in line with lenders in this new regulatory arena; some information isn’t available to us but a lot of it is and we need to catch up technologically to get an idea of what credit score a client is likely to have. We should be creative and come up with more electronic and online solutions so we can give a client an indicative credit score at the start of the sales process. Lenders are a step ahead of us in terms of the information they are able to obtain about potential customers and whilst some of this information is closed user group information the intermediary community has to fi nd a way of catching up. It is our job as a network to help them do just that.
• House prices increased by 0.3% in February while annual prices fell by 0.5%.
• The number of high LTV mortgages reached a two-year high.
• February transactions rose 2.4% to 41,200, 61% of the long term average.
• Rents rose 0.2% to £684 in February, with an annual rise of 3.9%.
• Total annual returns for lenders remained steady at 3.4% as annual rent rises counteracted a slight annual fall in rental property prices.
• Tenant arrears rose again, with 12.6% of all UK rent in arrears in February.
mortgage introducer APRIL 2011 51
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60