View more on these topics

Advisers urge FTBs to start saving

Advisers are urging first time buyers to save as Abbey became the last lender to pull its 100 per cent mortgage deals yesterday.

The move will essentially shut first time buyers, without a deposit of around £30,000, out of the housing market and advisers believe it will be a good year before lenders start offering 100 per cent deals again.

Baronworth director Michael Brill says: “I don’t think anyone was surprised that Abbey has gone the same way as the rest of the industry. The only advice we can give first time buyers at the moment is just to save as much as you can for a deposit. I think it will be at least 12 to 18 months before we start to see anyone offering 100 per cent mortgages again. Until the whole economy settles down there is not much more we can say.”

Wessex Investment Management managing director Kevin Bailey says: “This will have a huge impact on first time buyers but on the rest of the market as well. All first time buyers can do is pull their resources together with friends and parents. It will drive the rental market which will obviously increase the price of rent or else there will be a lot of 35 year olds living at home.”

Pearson Jones mortgage consultant Tim Robinson says the end of 100 per cent deals combined with the introduction of hips will have a big impact on market activity.

He says: “The introduction of hips has taken out the vendors and with no 100 per cent mortgages a whole bunch of perspective buyers have been shut out. It’s a big problem. Lenders have got rid of the catalyst that was triggering the bottom end of the market to move through and this will impact on everyone.”


Professional bodies sign ‘Edinburgh Declaration’ on the future of advice

Four professional bodies, including the Chartered Insurance Institute and Institute of Financial Planning, have signed a joint declaration of principles for how they will supervise advisers in a post-RDR world.The so-called “Edinburgh Declaration” sees the CII, IFP, Securities & Investment Institute and Chartered Institute of Bankers in Scotland agree a statement of principles for professionalism […]

Combine harvester

Our business was paper-based until 2003, when we discovered that the filing cabinets had much more office space than the staff.

Xafinity acquires Hazell Carr

Xafinity has acquired Hazell Carr which will be led by Xafinity chief executive Tim Robinson.Founders of Sipp provider and pension administration firm Hazell Carr, David Carr and Graham Hazell will be staying on as consultants to see the integration through but will be leaving once the deal is complete.The combined group will have revenues in […]

Bonds in 2017: Stick or twist?

Royal London Asset Management Bond Fund Managers Paola Binns and Craig Inches look at why short duration could be a key tactic for fixed income investors during 2017. Read the full article here The value of investments and the income from them is not guaranteed and may go down as well as up and investors […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm