Bankruptcy Articles

Introduction of New self-certification range - 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.

The reversion rate will be BBR+2% and borrowers will be able to overpay up to 10% in any one year. Prospective applicants should have no CCJs in the last three years, no defaults in the previous three years, no IVas, never have been declared a bankrupt and have no arrears for the last twelve months.

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 Intermediary Mortgage Lenders Association (IMLA) has questioned the effectiveness of the FSA regulatory regime following publication of the second stage of the FSA’s Mortgage Effectiveness Review.

“The IMLA does welcome the 2nd stage of the Mortgage Effectiveness Review although in reality the findings are not really surprising and don’t help the industry very much.” said Peter Williams, IMLA Excutive Director. “As we all know most sub prime mortgages are processed via intermediaries who are obviously in the best position to judge the particular circumstances that each borrower faces. It’s hardly surprising also that borrowers rely on their Broker’s expertise and professionalism.”

“On the whole these findings are complementary to the Financial Services Authority. As far as the MCOB (Mortgage Conduct of Business rules) I think the results of this study question the regime already in place and suggest the over-engineering could be simplified. I’m hoping these findings will be properly considered in the MCOB review.”

Tags: Debt Consolidation
Filed under: Debt Consolidation