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Pressure forcing lenders into product withdrawals

Council of Mortgage Lenders director general Michael Coogan admits that recent action by lenders in withdrawing so many products has damaged the market.

Coogan said at the debate that lenders were being forced into short-term decisions by the present market conditions.

He said: “If every lender acts in a way which protects their own interest, we will end up with the worst outcome for the market overall but they are all having to take short-term responses to an environment changing daily.”

Coogan said lenders are lik- ely to focus on loans which are lower risk and these loans would be remortgages rather than purchases. He said that new borrowers will not be getting mortgages which are linked to base rate but which are linked to market rates for fixed products.

Coogan said: “We have also seen there is a shortage of funding as a result of the capital markets’ closure. We estimated last year that there would be a gap of around £25bn-30bn between what we estimated consumer demand would be at £90bn this year and what funding might be. That is a rough and ready estimate but I think we are already seeing there is a real gap and that will affect pricing.”


MorganAsh starts tele-interviews with protection claimants

Protection outsourcing company MorganAsh will begin tele-interviews on claims from next month in a move which is expected to speed up the payment of claims significantly.Instead of claimants filling out a claim form, a trained MorganAsh nurse will call them to determine their medical and financial situation.MorganAsh will then pro- duce a report, which will […]

On the transfer list

The Budget was low on shocks but let us not forget what went before. Considered as a whole, the pre-Budget report, the Budget and everything in between have delivered quite fundamental change. Just because it did not all get announced on one day does not make it any less important.

US investment firm Brown Advisory opens London office

US-based investment firm Brown Advisory is opening a London office with a view to focusing more on the European market. Brown Advisory, focusing on US equities and based in Baltimore will focus on building its client base in the UK and Europe. Director and investment professional Logie Fitzwilliams will head up the office.In 2006, Brown […]

Where next for the price of oil?

Having stabilised at around $65 a barrel, many investors are questioning if the price of oil will rise, and when. Richard Hulf provides his view. Richard Hulf, manager of the Artemis Global Energy Fund, sets out his thoughts about how the oil price may move through the next six months. At the start of the […]


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