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Shame 100% LTVs have gone, says Jonathan Cornell

Pulling 100 per cent mortgages will harm the already-fragile UK housing market, says Hamptons managing director Jonathan Cornell.

He says all the lenders pulling out of this market, lastly with BM Solutions’ announcement this morning, often denies first-time buyers any hope of getting on the housing ladder.

Cornell says: “It is a real shame to see so many products being removed from the market as in the current economic situation, these provided the only real hope for struggling first time buyers.

He says with the average house price eclipsing the average salary of an FTB, cash-strapped would-be borrowers without deposits could take advantage of these “godsend” products if they are stuck in rented property and unable to save a deposit.

Cornell says: “Unfortunately, the disappearance of so many 100 per cent-plus LTV mortgages from the market will make it even harder to first time buyers to purchase a property. In turn, this may continue to weaken Britain’s already fragile housing market.

“It is ironic to witness the mass departure of lenders from this area, especially as this time last year they were falling over each other to enter into this market. I hope that once the credit crunch is over and the fears over house prices subside, that we see these popular mortgages introduced.”


New Star pumps cash into property shares

New Star is to make a multi-million pound investment in property shares after selling at a loss its biggest holding in its £1.5bn UK property fund, the London headquarters of Commerzbank.Chief executive of prop-erty fund management Roger Dossett believes real estate shares are flattening out after an over-correction in the market at the end of […]

Witan offers free share dealing on invt trusts

Witan is offering free share dealing on all lump sum Isa investments and Pep transfers in its £1.4bn Witan global growth and £140m Pacific investment trusts from March 1 to April 30, 2008.This means investors will save £70 when placing a full £7,000 maxi Isa allowance or £142 for those investing in both the 2007 […]

Levy mettle

This may be unusual but I am going to start with some words of praise for the work of the FSA. It is to the regulator’s credit that it recognised that the burden of the Financial Services Compensation Scheme was threatening the long-term sustainability of the intermediary sector. I would like to commend the FSA and FSCS boards for their decision to review the funding of the compensation scheme and sticking to their guns under a certain degree of industry pressure.


Ian Simm

It has taken a while but the rest of the investment world seems to be catching up with Impax Asset Management. Chief executive Ian Simm says that 10 years after it started investing in environmental technologies, many other fund managers have realised there isvalue in the sector.


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