Contents Government ideas are a chocolate teapot
It’s not just borrowers who feel they’ve been led up the garden path and let down by false promises. Frankly, the whole of Eu- rope is feeling like that. The latest is Greece stubbornly insist- ing it must “let the people decide” whether to accept the pretty generous bailout agreed by its eurozone peers. It beggars belief. But whatever happens in the eurozone, there are problems closer to home that have not changed for four years. For people trying desperately to get on with their
daily lives, the sheer frustration of not being able to move is taking its toll. Although the Greek crisis impacts on the mortgage market they couldn’t care less about demonstrations in Athens and spats between French President Nicolas Sarkozy and Prime Minister David Cameron. These people are just like us. They’ve had a baby or even two since 2007, their
boyfriend’s proposed, they’ve got divorced: they need to move and they just can’t. The problem is self-perpetuating. People won’t accept less than they “feel” their home is worth because it puts a spanner in their own property aspirations. And while it’s understandable people want as much as they can get, they’re greasing the fi rst-rung with Lurpak for a generation of renters. Meanwhile government – admittedly preoccupied with other important things –
fi ddles on the housing market. To date we have had headline-grabbing ideas that are about as useful to homeowners as a chocolate teapot. The latest wonder-answer? 30-year mortgages. What a lot of tripe. The market
doesn’t need intervention from PR-savvy politicians trying to climb up their own greasy pole – it needs a concerted effort to get builders building and lenders lend- ing.
The answer isn’t easy but it is obvious. Money. Financial incentive is what’s stopping the little people climbing their own lad-
ders; it’s what’s stopping lenders doling out credit and it’s what’s stopping builders building property they know they’ll have to sell at a discount. Until the government can get the right incentives in place for these people it’ll continue to be a long and winding road.
Sarah Davidson, Editor
Mortgage Introducer
4 News Review 6 Property News Review 8 Lending News Review 10 Advice News Review 11 Near Prime News Review 12 Product News Review 14 Buy-to-let News Review 16 Scottish News Review 18 Equity Release News Review 19 Packaging News Review 20 Economics News Review 22 General Insurance News Review 25 Protection News Review 26 Specialist Prime News Review 29 Bridging News Review 30 Short Term Finance News Review
32 The Bigger Issue Vote in our poll and see what the experts think
34 The Little Things
Leading homeowners up the garden path 40 The Power Hour Women in a man’s world 46 The Interview MI talks to Shawbrook’s Stephen Johnson 50 Social Media Sorting the tweets from the chaff 52 Happy Birthday PMS
MI talks to John Malone and John Cupis
54 House prices Numbers reveal the national picture
56 Bridging and Commercial News Review 60 NACFB News digest The NACFB shares its news from the past month
66 Hall of Fame Who is infamous this month? Editor
Sarah Davidson, 020 7502 8225
Sarah@thepublishinggroup.co.uk
Reporter Yuan Phoon, 020 7502 8220
Yuan@thepublishinggroup.co.uk
Editorial Director
Nia Williams, 020 7502 8231
Nia@thepublishinggroup.co.uk
Issue 40 November 2011 Publisher
Robyn Hall, 020 7502 8229
Robyn@thepublishinggroup.co.uk
Associate Publisher
Matt Bond, 020 7502 8227
Matt@thepublishinggroup.co.uk
Subscriptions Andrew Goldsmith, 020 7502 8220
Andrew@thepublishinggroup.co.uk
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Copyright Mortgage Introducer Limited; published by TPG Ltd under licence.
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Information carried in Mortgage Introducer is checked for accuracy, but we recommend that you make enquiries and, if necessary, take legal advice before entering into any transactions. Any views or opinions expressed in this magazine are solely those of the author and do not necessarily represent those of The Publishing Group Ltd or Mortgage Introducer Ltd. All rights reserved in respect of all articles, drawings, photographs etc published in Mortgage Introducer anywhere in the world. Reproduction or imitations of these are expressly forbidden without permission of the publishers. Editorial contribu- tions requiring an answer should be accompanied by a stamped self-addressed envelope. No responsibility can be taken for contributions lost or damaged in the post. Conditions of sale and supply: this periodical is sold subject to the following conditions, namely that it shall not without the prior written consent of the publishers be lent, resold, hired out or otherwise disposed of in a mutilated condition or in any unauthorised cover by way of trade or affi xed to any advertis- ing, literary or pictorial matter whatsoever. All advertising is subject to the terms of our current rate card.
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