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‘Malicious glee at misfortunes’

Robert Sterling managing director Kevin Duffy believes Northern Rock has been the subject of schadenfreude by other UK mortgage lenders.

Duffy said: “Northern Rock has for the last two years been a very much envied lender and that might explain potentially why some of the lending community have not been falling over themselves to shed a tear.”

He said Northern Rock has been eating the lunch of mainstream and specialist lenders for some time now.

John Charcol senior technical director Ray Boulger added: “Northern Rock has been at the forefront of some of the changes in lending policy. When they introduced high income multiples they were pretty much out on their own but the markets caught up. Clearly, Northern Rock are innovative but they have basically been unlucky.”

Mortgage Force managing director Rob Clifford considered that Northern Rock’s problems were not about negligence in terms of lending policy. He said: “I think the breadth of Northern Rock lending policy is about product innovation for good reason. We have got to be very careful about criticising lenders for that product innovation.”


Off the beaten track

Investors are increasingly turning to exchange traded funds for simple and inexpensive access to a diverse range of assets and markets from UK firms to global infrastructure projects and soft commodities, says Philip Scott

Meteor swings in line

Meteor Asset Management has brought out the pendulum commodities plan, which aims for growth linked to a basket of five equally weighted Standard & Poors Goldman Sachs commodities indices. These are the S&P GSCI Agriculture Excess Return, S&P GSCI Energy Excess Return, S&P GSCI Industrial Metal Excess Return, S&P GSCI Livestock Excess Return, S&P GSCI Precious Metals Excess Return.

Lenders could take chance to cut proc fees

Mortgage lenders could use the current market problems to cut the cost of acquisition and reduce procuration fees for brokers.Speaking at the Money Marketing sub-prime round table, Mortgage Force managing director Rob Clifford said that he is concerned that if more mainstream lenders broaden their criteria to mop up some of the market share left […]

Lifetime ISAs – International Evidence

By Fiona Tait, Pensions Specialist Since the announcement in March, the Lifetime ISA (LISA) has attracted controversy. Heralded as a saviour for the self-employed and the young wanting to get on the housing ladder, the new LISA risks adding confusion for savers trying to fully understand the benefits of new workplace pension savings through auto-enrolment. To […]


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