New Range for Trustguard and IMLA not Happy!
Russell Marsh
New 90% LTV self-certification range introduced by Trustguard.
Kensington and Trustguard together will be giving rates starting at Base rate plus 1.69% for a self certified two year tracker. These will be rolled out to the self employed, the employed and prime first time buyers. They will be available for buying a new property or remortgaging
The National Sales Manager of Trustguard, Sian Brown was heard to say: "There is a significant gap in the market where these products used to be. Providers have recently deserted this area which has left many brokers unable to meet their client's needs. The availability of these products has diminished to the point where they were nearly an endangered species. It's our hope that our new range of these products will really help brokers supply the demand that is out there."
There is also the option of either a 2-year fixed at 6.99% or a 3-year fixed at 6.89%. A completion fee of 1,999 can be added to the loan above the maximum LTV. There is no Higher Lending Charge and the maximum loan size is 500,000.
Prospective applicants should have no arrears in the last 12 months, no defaults in the previous 3 years, no CCJS in the past three years, never have been a bankrupt and have no IVAs. The reversion rate will be BBR+2% and overpayments of up to 10% will be allowed every year.
The keynote speaker at the next Annual Dinner of the Association of Financial Brokers (AFB) will be Philip Collins who is the Chairman of the Office of Fair Trading. This is to be held at the Drapers Hall in London. The Right Honourable John Gummer, MP, who is the AFB chairnman will also be addressing the room. The date of this event is the 1st of July 2008.
"We are really over the Moon that Philip Collins, as an acknowledged expert on European and Competition Law, has agreed to speak to our assembly." said Mr Robert Sinclair, director of the Association of Financial Brokers. "We are looking forward to receiving some good advice and insights into the current volatile lending market and also the Competition Commission report on payment protection. It will be fascinating to get the views and opinions of the Man who rules the Office of Fair Trading."
The FSA's (Financial Services Authority) effectiveness is being questioned by the IMLA (Intermediary Mortgage Lenders Association) after the FSA published it's 2nd stage of the Mortgage Effectiveness Review.
Mr Peter Williams, the Executive Director of the IMLA was quoted as saying "Whilst welcoming the second stage of the Mortgage Effectiveness Review the findings can hardly be described as revolutionary. It's common knowledge that the vast majority of sub prime mortgages are handled by intermediaries which is correct because they are in the best overall position to judge each individual case on it's merits. It's not really news that most borrowers rely on their Broker's professionalism and expertise."
"Although the findings in general are pretty salutary for the Financial Services Authority in terms of the MCOB, This study does throw into question the how effective the current regime really is and how much it's over-engineered. We're hoping that these findings will be fully considered when the MCOB review is fully done.
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