Negatives, positives, and ponderings.
What an interesting start to the day.
The first emails of the day announced that one of the leading commercial lendrs in the UK, Commercial First, had stopped lending immediately due to its failure to raise funds on the securitised money markets. They have put all its staff on Consultation (which means immediate notice that redundancies are likely to be made).
This was followed by Mortgages PLC (owned by the US firm Merrill Lynch) announcing late yesterday that they are withdrawing from the Prime Buy-to-Let mortgage arena, which is surprising as most other lenders are only reducing their exposure to risk by reducing the amounts they will lend on individual properties (typically from 85-90% maximum down to 75-80% maximum). Saying this, 85% loans are still available, for purchases and re-mortgages, but who know how long this will last for.
Following this was a news report that house prices are expected to fall (again) by up to 20% in the next two years, but a full blown recession is not expected.
If I was feeling negative, this group of news stories would seriously upset me, but I find the phone keeps ringing, and people still want to move, re-mortgage, buy an investment property (now is a great time to buy for investors!), so I cannot complain too much.
If we all keep a positive attitude, and concentrate on our own little worlds, we're not affected by what's apparantly happening in the wider world.
It works for me !
I had my regular visit from my Compliance manager today. We went through the business activities and he did his usual checks. I'm glad to report that nothing is untowards* within my business and I can carry on trading, giving advice and doing what I do every day - still !
* Writing this, I thought what a strange word 'untowards' actually is. I was prompted to search for it's definition, which is:
Definition of untoward
It's so rare for this word to be written down, although we use it in everyday speech, it made me stop and think.
It's good to ponder such matters once in a while!
Tomorrow's thing to ponder:
Why is it called a building when it's already built?
The first emails of the day announced that one of the leading commercial lendrs in the UK, Commercial First, had stopped lending immediately due to its failure to raise funds on the securitised money markets. They have put all its staff on Consultation (which means immediate notice that redundancies are likely to be made).
This was followed by Mortgages PLC (owned by the US firm Merrill Lynch) announcing late yesterday that they are withdrawing from the Prime Buy-to-Let mortgage arena, which is surprising as most other lenders are only reducing their exposure to risk by reducing the amounts they will lend on individual properties (typically from 85-90% maximum down to 75-80% maximum). Saying this, 85% loans are still available, for purchases and re-mortgages, but who know how long this will last for.
Following this was a news report that house prices are expected to fall (again) by up to 20% in the next two years, but a full blown recession is not expected.
If I was feeling negative, this group of news stories would seriously upset me, but I find the phone keeps ringing, and people still want to move, re-mortgage, buy an investment property (now is a great time to buy for investors!), so I cannot complain too much.
If we all keep a positive attitude, and concentrate on our own little worlds, we're not affected by what's apparantly happening in the wider world.
It works for me !
I had my regular visit from my Compliance manager today. We went through the business activities and he did his usual checks. I'm glad to report that nothing is untowards* within my business and I can carry on trading, giving advice and doing what I do every day - still !
* Writing this, I thought what a strange word 'untowards' actually is. I was prompted to search for it's definition, which is:
Definition of untoward
- contrary to your interests or welfare; "adverse circumstances"; "made a place for themselves under the most untoward conditions"
- not in keeping with accepted standards of what is right or proper in polite society; "was buried with indecent haste"; "indecorous behavior"; "language unbecoming to a lady"; "unseemly to use profanity"; "moved to curb their untoward ribaldry"
It's so rare for this word to be written down, although we use it in everyday speech, it made me stop and think.
It's good to ponder such matters once in a while!
Tomorrow's thing to ponder:
Why is it called a building when it's already built?
Labels: buy-to-let, commercial, independent mortgage adviser, mortgage advice
posted by Des Tourick 1st Call 4 Mortgages at
18:29
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