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News Review


Bridging brokers want to see lower interest rates By Samantha Cordon


Over half of all bridging bro- kers surveyed for the West One Broker Sentiment Survey said they wanted to see prod- ucts with lower interest rates introduced to the market. Of those surveyed, 62%


said they wanted lower rates while 46% said they wanted access to more products with higher loan to values. Julian Ingall, director of


Coreco Specialist Finance, said: “T e bridging market is


still very hesitant on the LTV aspect and typically 70-75% is the maximum LTV off ered by bridging lenders even on prime residential securities. “However most lending is


on a gross basis which distorts the LTV position further.” When asked if bridging


lenders were transparent enough about the fees and charges included in a deal 45% said they were not. Ingall shared this sentiment and said the lack of transpar-


Mortgage fraud trial set to begin in Wales


Six defendants have gone on trial in Mold, North Wales, accused of committing mortgage fraud between May 2003 and October 2008. T e six – Antony and


Susan Lowry-Huws of Kin- mel Bay; Sheila Whalley of Llanfairtalhaearn; valuer Frank Darlington of Barnold- swick; valuer George Walker of Colwyn Bay; and solici- tor Nicholas Jones of Lees- wood near Mold – have been accused of conspiring to in- duce false fi nance or mortgage


payments. T ey allegedly falsifi ed


documents between May 2003 and October 2008 relating to mortgage applications, statements of income, letters in support of applications and other documents. All deny the allegation and


have pleaded not guilty. T e jury have been


sworn in and prosecution is expected to open its case next Wednesday. T e trial is expected to last up to four months.


“The rate chasing troop often miss the small administration fees that the bridgers have a nasty habit of slipping in”


ency made product compari- son “quite tricky”. He said: “T is is one of my


personal bug bears. T e rate chasing troop oſt en miss the small administration fees that the bridgers have a nasty habit of slipping in coupled with the retained interest and interest on interest for most of the market.” And he added: “It is still


only lenders such as UTB and Precise that show a true trans- parent approach.”


Lenders urged to stay vigilant for fraud


As the Bank of England re- ports a signifi cant increase in lending on property Equifax has urged mortgage providers to stay vigilant to the risk of fi rst-party fraud. According to the Bank of


England’s latest Credit Condi- tions Survey lenders said the availability of credit secured on property had increased signifi cantly in the last three months of 2012, largely as a result of the Funding for Lending Scheme. Laurence Hamilton, Equi-


fax marketing and perfor- mance director, said: “Clearly this is really positive news. But it’s important that a desire for market growth does not come at the cost of higher lev- els of fraud.”


Mortgages for clients who


Since launching our mortgage range in 2010, we’ve adopted a fundamentally different stance, championing the needs of the market through a service to brokers that aims to be refreshingly different to the norm. Having established a position in the top 20 of UK mortgage lenders, Aldermore’s ambitious plans for the future are based on meeting the needs of real customers, not banking stereotypes.


6 MORTGAGE INTRODUCER JANUARY 2013


www.mortgageintroducer.com


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