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MCCB probe finds that lenders do not try to sway borrowers

The Mortgage Code Com-pliance Board has found that consumers are gen-erally satisfied with the level and type of advice they are getting from mortgage firms.

The MCCB&#39s research among 200 new mortgage borrowers found no evidence of lenders influencing customers to increase their borrowing.

Only 13 per cent borrowed more than they had intended, 61 per cent borrowed the amount they intended and 11 per cent borrowed less.

Overall, 93 per cent were satisfied with the mortgage process and the advice they were given.

When respondents were quoted an income multiple as a guide to the maximum mortgage they could borrow, 83 per cent were quoted a figure based on three times their income, 14 per cent on four times their inc-ome and 3 per cent on five times their income or more.

Chief executive Luke March says: “The research reflects overall sensible levels of borrowing and generally the provision of good-quality advice and information from firms.”

Which? principal res-earcher Mike Naylor says: “There is a difference bet-ween what a customer thinks they have got and what they have actually got.”


Death of Dennis Gamester &#39the original pension guru&#39

The original pension guru Dennis Gamester has died at the age of 57. Gamester worked for Hambro Life and Schroder Life before joining Skandia in May 1989 as pensions director. He later joined Scottish Mutual as technical development director, leaving the firm to work as an independent pension consultant. Gamester was probably best known by […]

B&W joins Arab Banking Corp for Sharia mortgage

The Arab Banking Corporation and Bristol & West are to offer a home finance product for the UK&#39s Muslim community. Introduced under the brand name alburaq, the product will operate in accordance with the Islamic financing principles of diminishing Musharaka, which means co-ownership or partnership and avoids paying interest. The product is devised, guided and […]

ARs should submit multiple network applications – PMN

Intermediaries looking to become an appointed representative should consider submitting membership applications to at least three mortgage networks in order to ensure they are able to continue trading from M-Day, according to PMN. PMN believes that as many as 20 networks won&#39t be in a position to offering full network facilities to members by October […]

Prudential – PruFund Investment Plan

Type: Smoothed unitised investment bond Aim: Growth and income by investing in a choice of two smoothed managed funds Minimum investment: Lump sum £5,000 Fund links: PruFund growth fund, PruFund growth and income fund Charges: Regular income option &#45 establishment charge 0.45% a year for first five years, annual 1.5% until year 10, thereafter 1%, […]


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