Fact Frenzy

The UK Mortgage Market has changed dramatically in a matter of a few short months. We have all read about the credit crunch, but that is just one aspect of the overall feel to the market place.

Fact Frenzy brings you this article about the changing UK Mortgage Market.

Lenders like Preferred Mortgages and Southern Pacific have been major players in the UK, but now that Lehman Brothers have ‘uprooted’ and have gone back to the States there are virtually no UK Lenders left for people with adverse credit.

Only today, 23rd April, Alistair Darling, our new Chancellor of the Exchequer, has taken a firm stance with Lenders.

Darling commented:

“The mortgage market is facing challenges as a result of the U.S. sub-prime crisis. The Government is taking coordinated action, internationally on regulation, in the London markets through the action of the Bank of England, and also today with the CML and the FLA, to ensure a fair and well functioning UK mortgage market. I welcome the arrangements that the industry has in place, and will continue to build upon, to address the concerns of borrowers in difficulty. I hope that lenders continue to take their responsibilities towards customers seriously.”

The CML said it emphasised its support for shared equity products at the meeting, as well as reaffirming its commitment to keeping the market open and competitive for first-time buyers.

Michael Coogan, director general of the CML, said:

“We welcomed the chance today to discuss the steps that the industry is taking to support borrowers in the market, and look forward to continuing to work closely with the Government over the coming months to ensure that as few borrowers as possible face the threat of repossession.”

One of the few UK Brokers to have realised what was likely to happen in the future was CTAB Mortgage Desk. They had quickly moved away from the Right to Buy market and entered the Shared Equity field. CTAB are now officially recognised as being Homebuy Brokers and are playing a major part in the UK Housing Market. OpenMarketHomebuy.org.uk is on page one of Google, and the company now has more active websites within the UK Social Housing Market than probably any other.

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