View more on these topics

Mortgages Plc to withdraw all fixed-rate products

Mortgages plc has announced it is withdrawing all of its fixed rate products in a move designed to control new business volumes.

The company is also reducing its maximum LTVs on all products to 70 per cent and reducing the maximum loan size to £300K.

It is also withdrawing all self-cert and right to buy criteria and raising rates on all remaining products by 1 per cent.

Applications submitted on existing terms will be accepted until close of business on 7th April 2008. Thereafter all new applications will only be accepted on the new products and criteria.

Head of marketing Polly Hughes adds: “In common with a number of other lenders, we have recently experienced a rapid increase in new business enquiries. We therefore have no option but to adjust our criteria and pricing to keep control over business levels.”


Bubble bursting for city flat prices

Abbey deputy chief risk officer Iain Laing believes that flats will be hit hardest in a housing market downturn.Speaking at last week’s key account conference, Laing said: “We can see one very clear story in that the market for flats, particularly city centre flats, looks disastrous at the moment. We have seen big devaluations and […]

Plunge points

The liquidity crunch is worsening for intermediaries as lenders continue to withdraw products and tighten criteria.

Emerging confidence

Events last year changed investors’ perception of risk. On the one hand, some people were trading “safe” instruments unaware of the toxic properties contained within them. On the other hand, emerging markets, traditionally the most “risky” of global equities, quietly moved closer to the mainstream of personal investing with a steady flow of new frontier funds from managers.


News and expert analysis straight to your inbox

Sign up


    Leave a comment