View more on these topics

Panorama was not the whole self-cert story

The BBC has been criticised by mortgage intermediaries for not presenting the whole story in its Wednesday night edition of Panorama, featuring self-cert mortgages.
Clear Cut sales and marketing director Ben Thompson says the BBC presented the self-cert issue out of context. He says the issue needs to be discussed in terms of the bigger picture of lenders reluctance to change income multiples with the times.
Without saying there was any problems with self-cert, Thompson suggested one reason customers may look at self cert is because draconian income multiples have not kept up with interest rates and market values.
However, he says he is not convinced of the BBC&#39s insistence that 30 per cent of mortgages are self-cert or fast track but it entirely depends on how you define fast track.
Thompson believes the program did have somewhat of a point in that lenders should take some of the blame.
He says: “In some respects I concur that ultimately lenders pass over the blame over to intermediaries when something goes &#39wrong&#39.”

Recommended

Independent view

In one of the most significant weeks we have seen in politics for quite some time, intense focus was directed on the issues of corporate governance and personal debt. It was not just the BBC which made the headlines, rather than presenting them, but we also saw the major life offices explaining their position with […]

A consumer&#39s view

The Government&#39s proposals to encourage all employees to join a company pension scheme look like the first steps towards compulsory pension saving for both employers and employees. Like inertia selling, the proposal is that in future, unless an employee makes a positive decision to opt out of a company pension scheme, they will be automatically […]

Dimensional Fund Advisors – Emerging Markets Fund

Type: Oeic Aim: Growth by investing passively in emerging markets excluding Russia, India and China Minimum investment: £100,000 Investment split: 100% in emerging markets excluding Russia, India and China Isa link: No Pep transfers: No Charges: Annual 0.5%Commission: None Tel: 029 7930 0000

Judging the judge

I was delighted by Communication Workers Friendly Society chief executive Edward Chapman voicing his opinion that the Government might not be taking the most appropriate action with Sandler products (Money Marketing, January 29). It ought to be remembered that Sandler has his personal pension with Equitable Life and does not have the ideal background to […]

Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment