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I must admit that the old inbox has never been so depressing to read.
The fact that Coventry has pulled out doesn't really make much difference to the remortgage market as it was not available to remortgage customers and the A&L one was not available to those with any slight sign of a less than perfect credit score.
I don't see why a lender would not offer other deals to people on these products. If they can tie them back in again, they will still make profit on those customers. Clearly there is no need to do this but I think that is what some of them will do.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Good old Northern Rock are still doing 125% together mortgage according to today's papers.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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MortgageMamma wrote: »I'm sick of it, every day I get a redundancy email, a lenders gone bust email, or we are not doing high LTV/self certs/BTL's anymore email. Makes my job an absolute nightmare.
At least you weren't on the receiving end of any of the redundancies - I was, as were some good friends at other companies.
The worrying thing is even after mass redundancies companies are still going out of business a few months down the line, the outlook is so grim - not even the merest hint of a recovery coming.0 -
They are sticking with mortgage offers but are closing to new biz. They have given a deadline but cant remember it (new cases), so your fee will be fine.
To be fair apps dropped anyway so I think it should never had happened!
Sorry Chelseablue I was not moaning, I agree with you!
Ps. A clean sheet and a draw away will do, will will stuff them at the bridge!!
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At least you weren't on the receiving end of any of the redundancies - I was, as were some good friends at other companies.
The worrying thing is even after mass redundancies companies are still going out of business a few months down the line, the outlook is so grim - not even the merest hint of a recovery coming.
No I'm not on the receiveing end of redundancies true, even worse for me I'm self employed, my business levels have dropped significantly and I now have to look for a much smaller house, send back one of my cars and shop in Aldi.
I might be a broker, but I'm every bit as vunerable as the rest of the workers in the industry!I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I'm under the assumption (and wouldn't pretend to know for sure) that things aren't that bad in the prime market? I know there's a slump, slowed economy etc. but Northern Rock aside I've not heard of anything that comes anywhere near what's happened to us in sub-prime. Unless sub-prime accounts/accounted for a fair bit of your business of course...0
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I'm afraid I can see it getting worse. Lenders are, and will continue to de-risk by reducing LTV's and tightening criteria. The funding situation isn't getting much better either.0
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I'm under the assumption (and wouldn't pretend to know for sure) that things aren't that bad in the prime market? I know there's a slump, slowed economy etc. but Northern Rock aside I've not heard of anything that comes anywhere near what's happened to us in sub-prime. Unless sub-prime accounts/accounted for a fair bit of your business of course...
Things are not as bad, but some lenders have a lack of funding so criteria has been pulled in and the housing market is way down.
I seem to remember a large number of lenders saying that they had funding until feb/march so lets see.
Being a broker is just as iffy, we cant get an employed job and earn as much so its tighten the belt for the ride!! If we can get through 08 then we will all be fine.
Sorry to hear about your job Dan, what bugs me is that the idiots that sold the mortgage books that has helped @@@@ us over have walked away with a nice bonus !0 -
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You tend to find that packagers are in the market place for sub prime business and it is safe to say that they wont be the last to close.
The job of a broker is getting tougher but you have to reflect and say that there have been more good than bad years over the last 7-10years. We have to adapt and we have to try to keep the ship steady - as will a lot of other businesses over the next 12 months.
If funding is difficult for banks - that will impact on a much wider scale than just us brokers, we are small fish in a very big pond.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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