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Commercial banks urged to open up their lending

Mortgage commentators are calling on commercial banks to help ease the liquidity crisis by committing to lending money to other banks.

Wave director of distribution and sales Mehrdad Yousefi says one of the main problems in the market is that commercial banks, which borrow from the money markets, are not lending to anyone else. He says: “We need a commitment from the commercial banks that they will meet reasonable conditions. We need to get a commercial finance agreement in place to get some normality back in the market.”

Independent mortgage consultant Kevin Duffy says: “I think too many of the banks are overreacting to the situation. Some banks do have capital. Lending at uncommercial rates is better than pulling down the shutters completely.”

Yousefi admits that there is no silver bullet to current liquidity problems but getting an agreement from commercial banks would help greatly.

He says: “The first priority is how quickly the moneymarket rates can be stabilised. I think if this happens by the end of May or early June, we can be very optimistic for the rest of the year.”


Sesame guides advisers through equity release

Sesame is to offer a consumer guide for advisers to explain equity release.It aims to demystify equity release, outlining the different products available, along with the processes and costs involved.Sesame says the guide will help the increasing number of advisers that want to help their clients but are not authorised to give specialist equity-release advice […]

Northern Rock to slash mortgage book by 60%

Northern Rock has revealed plans to offload 60 per cent of its mortgage book at it looks to break even by 2011.The bank says it will encourage borrowers to remortgage elsewhere after their mortgage terms expire, with the aim of reducing its balance sheet from £107bn to around £50bn.It will limit its share of gross […]

Lehman ponders lending business

Lehman Brothers is believed to be consulting on whether it will suspend lending at its two UK subsidiaries, SPML and Preferred.

Retirement - thumbnail

Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.


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