and mix attitude as to which European Commission regulations will not run counter to their national interest. Looming over the bridging market, is the whole question
of whether non-regulated lending is due for the chop, which could at a stroke, mean the end of the majority of short-term lending in the UK. Lenders not already in the process of becoming authorised,
might fi nd themselves with an interesting conundrum as they try to adapt their business models. Of course, it is easy to look for doom and gloom when there
is a long way to go before this might make it onto the statute book. However, those lenders who looked into their crystal ball and set themselves the task of becoming authorised do look as if they have done themselves no harm at all.
Short-term data needed
I can’t be the only one who has unsuccessfully looked for a source of data about the industry to give us some wider statistical basis of understanding of just how the short-term lending market stacks up in today’s climate. It is not just trying to get a handle on business volumes
but also how that business breaks down into regulated to non-regulated. It would defi nitely be another positive step to amplify the progress that the short-term lending market has made towards encompassing transparency. It is only a few years ago when the market was better
known for over-infl ated rates and fees and lenders operating with limited and unreliable funding lines. Although it is a testament to how far the market has come, thanks to pioneering work by trade bodies like the ASTL, which represents short-term lenders, I feel that there are battles ahead where the industry is going to have to come together and pool its knowledge through proper statistical analysis, so that we can demonstrate how much the short-term lending market contributes to the health of the lending market in general. We know we have a dynamic and thriving industry
which is attracting new investment, as is evidenced by the increasing number of lenders, but most of our evidence is still circumstantial and not exactly scientifi c. Lack of traditional sources for fi nance and the increasing
proliferation of reliable funding lines have prompted increasing interest in short-term fi nance from intermediaries and their clients but we need to be able to quantify those achievements. For example, there is uncorroborated evidence that the vast
majority of bridging business is still non-regulated. What will be interesting to see is whether this trend continues or as more short-term lenders apply for regulated status, how much this balance will change. Rumblings from Europe on the future of an integrated
regulatory approach, of which more later, might also have unexpected negative impact. The point is we need the data to promote and to defend.
Delivering a discount for multiple properties.
We’re opening up a whole new market for you. Halifax Home Insurance (underwritten by Legal & General) is now also offered to landlords. Take a look at the benefits:
• Up to 10% discount on multiple properties
• Policies available to landlords, regardless of who their mortgage is with
• Building and contents insurance offered jointly or individually
• Our unique online system provides quotes wherever you are, allowing you to gain a client’s interest straight away
• Clear and simple online applications with fast turnaround times • Commission paid on every annual renewal
Halifax Intermediaries. Energising your business.
Leading the way for Intermediaries
www.halifax-intermediaries.co.uk
FOR THE USE OF MORTGAGE INTERMEDIARIES AND OTHER PROFESSIONALS ONLY.
The information within this advert is for professional intermediaries only. If you do not have the relevant professional experience, you should not rely on this information. It is not a consumer advertisement and should not be displayed or used as such. Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ.
MORTGAGE INTRODUCER JULY 2011 21
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 |
Page 61 |
Page 62 |
Page 63 |
Page 64