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The CML Proposed New Measures to Prevent Home Repossessions

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The Council of Mortgage Lenders (CML) has set out a plan to help homeowners in risk of having their properties repossessed this year.

The CML have told the Prime Minister Gordon Brown, in a letter sent recently, that its members had agreed to a number of new measures which home repossessions can be reduced.

The CML says that if struggling homeowners are provided with relevant information regarding alternatives to manage their arrears home repossessions figures could drop significantly. Some other measures include clearer information about the stages creditors have taken prior to taking an arrears case to court and let borrowers know towards the end of the fixed term of their mortgage in order to advise them of the forthcoming payment rise.

The chairman of debt charity the Consumer Credit Counselling Service, Malcom Hurlston, has commented on this plan on ITV.com:

A greater readiness to find new ways of helping people whose mortgages are under water is needed, as well as a budget for a promotional campaign to direct people, good and early, to the best sources of advice.

Popularity: 87%

Mortgage Advisors

As we said yesterday, gross mortgage lending increased in April.

Now, if you are a serious property developer, you’ll know how much money that makes for the mortgage advisors.  Many serious property developers have regular contact with their mortgage broker and may even have a special arrangement with one if they are a private, smaller company.

But have you thought about becoming a mortgage advisor yourself or at least looking into doing the qualification so you’ll understand more about your options and what the mortgage advisor is saying to you?

You need to get your CeMAP qualification, which you can do very quickly and easily at quite a cheap price with several CeMAP training companies.  Why not take a look.

Popularity: 76%

Gross Mortgage Lending Improved in April

Gross mortgage lending improved in April, according to the latest figures from the CML (Council of Mortgage Lenders).

Lending totalled £25.3 billion in April, a five per cent increase on the previous month but still eight per cent down on April 2007.

The CML points out that the monthly increase bucks the usual trend of declines between March and April, which it suggests is down to the Easter holiday period being in March this year.

Popularity: 73%

Bank of Scontland to Review Buy to Let and Self Cert Mortgages

Bank of Scotland plans to reprice mortgages from its buy-to-let and self cert ranges in an effort to keep pace with other lenders.

Mortgages from the two ranges will be withdraw today at 5pm, and relaunched with new rates from tomorrow.

The HBOS owned bank refused to comment on what the new rates would be.

Brokers were told in an email 16 mortgages from the bank’s buy-to-let and self cert ranges would be withdrawn.

Bank of Scotland will also cut the maximum loan-to-value on mortgages for new build flats by 5 per cent to 75 per cent.

A Halifax spokeswoman said:

We price in line with the market. Over the past few weeks, most major lenders have increased their pricing on a number of occasions.

It is not appropriate for us to pick up the significant capacity deficit left by lenders who have departed from this market.

Popularity: 84%

Mortgage Approvals Decreased in March

March 2008 has been an extremely bleak month for mortgage lending with mortgage approvals declining considerably, according to the latest data from the British Bankers Association.

The major mortgage lenders reported that March has been the lowest month for all forms of mortgage approvals since September 2000. House purchase approvals were the lowest since September 1997. However remortgaging approvals represented 50 per cent of all mortgage approvals.

David Hooks, the BBA statistics director said:

The consequences of low banking sector liquidity show up clearly in March data; reduced product ranges and tighter criteria resulted in slower mortgage lending and significantly fewer loan approvals.

Pressures on personal finances are also constraining demand, not only for mortgages, but also for personal loans and borrowing on cards.

Popularity: 67%

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