Conservatives Release Elaborate Eco Plans - Really!

Read more

The devil is in the detail

Commenting on the announcement from Abbey that they are to offer fee free current accounts to borrowers who have their mortgage with them, Drew Wotherspoon of John Charcol, says:"As ever, the devil will be in the detail. The prospect of fee free overdrafts and no charges for bounced cheques seems enticing, but at what price? It is about evaluating the whole package and seeing whether the mortgage is right for you. No fees are all well and good, but if your mortgage is not competitive and you are not the type of person who incurs fees anyway, then there is little point in doing something like this. As well as this, if you have a history of incurring bank charges, in these austere times, you are unlikely to get a competitive mortgage anyway. 6% on your current account also seems attractive, but it is only for a year, whereas a mortgage can be a commitment for up to 25 years. Borrowers should think carefully and get independent advice before jumping ship to Abbey"

More on the MMR - Non Advised sales and Equity Withdrawal

Below is my November column for Money Marketing, published last week:
Lobbying from the AMI and others helped persuade the FSA in its Mortgage Market Review (MMR) not to adopt some of the uninformed suggestions from certain politicians. Thus the MMR does not propose loan to value or loan to income caps.

Read more

QE extended by £25bn but it is Savers who Bring Relief To Mortgage Borrowers

With today’s Bank Rate decision a forgone conclusion, the only question we had to wait until midday to get the answer to was whether the MPC would extend the Quantitative Easing (QE) programme and, if so, by how much.

Read more