Contents
2013: The Year of the Broker
As we gingerly start 2013 there’s much to be cheerful about. Lending is up, innovative products are starting to emerge and lenders are slowly beginning to loosen criteria. T e Funding for Lending Scheme has proved to have made a positive impact in increasing mortgage availability, with a 26% net balance of lenders reporting a rise in lending. Sure enough, the reverberations of the 2007 credit crisis are still being felt.
T e self-employed, those with credit impairment problems or indeed those with high LTV restrictions or those suddenly fi nding themselves out of work are still fi nding it incredibly tough.
It’s been a long fi ve years but with the likes
“Mortgage prisoners trapped in bad deals are being offered a lifeline”
of Clydesdale and Kent Reliance coming up with more fl exible underwriting solutions these so called mortgage prisoners, trapped in unworkable deals, are at least being of- fered some sort of lifeline. Barclays too is another fi ne example of a
lender pulling out all the stops. Its Spring- board mortgage, launched earlier this
month, will be a shot in the arm for hard pressed children struggling to get a foot on the property ladder. T e “Bank of Mum and Dad” can stump up 10% of the asking price and their
children then put down a 5% deposit. A fi rst-time buyer purchasing a home at £160,000 would need to save a 5% deposit (£8,000) and require a mortgage of £152,000. T e family will be required to put £16,000 into a Helpful Start sav- ings account. T e mortgage repayments would be £861.34 a month at 4.69% for three years. Although it’s only an evolution of an idea - Bath Building Society off ered
a family supported deposit scheme several years ago – it will be an attractive savings vessel to the ‘squeezed middle’ and pave the way for similar off erings. With more mainstream lenders competing to lower their rates and smaller
lenders taking advantage of gaps in the market by coming up with more innova- tive products 2013 is going to be an interesting year. Indeed, it could well turn out to be the Year of the Broker.
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Issue 53 January 2013
Information carried in Mortgage Introducer is checked for accuracy but the views or opinions do not necessarily represent those of Mortgage Introducer Ltd.
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4 News Review 7 AMI News Review 8 Property News Review 10 Buy-to-let News Review 12 Products News Review 14 GI News Review
16 Protection News Review 18 Protection News Review 20 House Prices News Review 21 My BDM 22 The Outlaw
The good, the bad, the boring and the vulgar. Read our unique take on the events of the past month in the mortgage and sporting worlds
26 The Bigger Issue Industry experts share predictions for 2013. But which expert do you agree with most?
28 Cover – The State of the Nation We talk to the brokers at ground zero to find out what happened last year and what is likely to happen in 2013 34 Housing Strategy
Brian Hall comments on the government’s housing strategy – or rather lack of it – and says it’s time for some measurable action
36 Mortgage Fraud Our mortgage fraud predictions for 2013 and what you can do to help prevent it
38 Secured Loan Index The latest trends in the secured loan market
40 Commercial Finance Introducer 42 NACFB
46 The Hall of Fame Find out who is infamous this month
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