Sustainer -

Registered with
Saturday 26th April 2014

Latest Comments

Total Number of Property118 Comments: 6

Sustainer -

11:47 AM, 23rd July 2016, About 6 years ago

Property118 Action Group Respond To BoI & Skipton Defensive Statements

What you might have missed in all of this is the insidious behaviour of the PRA and their supposedly competent building societies team. They are notorious within the industry for attempting to control business decision at building societies, while disclaiming responsibility. Their senior staff have stood up at numerous forums and said they run the building societies and you can be absolutely certain that the PRA forced West Brom’s original decision, in order to make them shore up their capital requirement to meet the PRA’s timetable, rather than applying commercial sense. I challenged the PRA’s senior technical adviser on this, before the case was decided, and he was absolutely certain that the West Brom would win – this was typical of the self-satisfied and arrogant approach they take. Therefore, you should not be surprised that the FCA chooses not to pursue this dreadful behaviour by the building societies, as the rate change has been instigated by their friends in the PRA. I’m surprised at the Ombudsman, as until now, had thought they were impartial and more sensible in looking after consumers – perhaps they have had to swing the other way, after rolling over so easily on endowment and PPI claims. The head of the PRA’s building societies team has on several occasions stated his intent, in public, to reduce the number of building societies from the current 44 down to 35 within the next few years – this is probably just another step in their game (there were 59 societies in 2008).... Read More

Sustainer -

9:43 AM, 28th June 2014, About 8 years ago

Financial Stability Report caps future mortgage income multiples

Interestingly, the 4.5x limit will only apply to the high street banks and the larger building societies. The smaller building societies are not affected by the income multiple limit, although they will still be applying the normal affordability tests.... Read More

Sustainer -

18:19 PM, 10th May 2014, About 8 years ago

Buy to Let perceptions contradicted

This is really good advice, especially as most lenders' forbearance period on BTL mortgages is far less/non-existent than for residential loans. Certain lenders with low capital ratios are likely to begin repossession immediately that mortgage payments stop on BTL.... Read More

Sustainer -

18:09 PM, 10th May 2014, About 8 years ago

My solicitor has let me down - what do I do now?

The key comment appears to be in the email from your solicitor "As I act on behalf of your lender" - I'm assuming that you were getting 'free legals' by sharing a solicitor with the lender. This normally works ok, until there is a (rare) conflict of interest and might explain why the solicitor was unwilling/unable to accept your instruction to proceed without having all the documentation in place.

However, you also appear to some grounds for complaint due to the time taken to complete the search/survey. Ask for the details of the Senior Partner and also their Designated Complaints Handler (also available from the Solicitors Regulation Authority on 0870 606 2555) and approach them first. You'll need to do this anyway, in order to complain, and it's far more cost effective than engaging with barristers at this stage.... Read More

Sustainer -

18:06 PM, 26th April 2014, About 8 years ago

Why is rental income no good for residential mortgages?

Reply to the comment left by "Howard Reuben" at "17/04/2014 - 10:55":

Several lenders (all smaller building societies) will accept rental income in their affordability calculations. The criteria mentioned by Howard vary from lender to lender -my own one only accepts up to three/four properties in the portfolio. You just need to shop around and a good adviser can certainly help. The national lenders are going to be the least flexible and most 'box ticking' in their approach, as it's easier for them to say no and just service the plain vanilla borrower. The small local building societies are still making decisions using people rather than computers, which means a good adviser can help you 'stretch' some of the headline criteria, as these societies tend to be more pragmatic in their approach.... Read More