Credit Crunch

Work and the crunch - work is slowing down, phone isn't ringing, mortgages are harder to get plus lenders are making it harder for clients to actually get a mortgage (tighter credit scoring and underwriting of cases) & also the rates are shocking! Investors are hugging their cash, unwilling to part with their hard earned.

Me & the crunch - I have started making my own sandwiches for work and checking all the lights are off before I go to bed & after leaving the house in a small effort to save pennies! Regardless, my family seem to want every electrical device we own on and burning up my hard earned.

Credit Crunch Update

Today at the coalface;

3 mortgage lenders WAVE, SALT and Mortgages PLC (owned by Merril Lynch) have halted any new lending - (they have no money but will not admit it) - Halifax will no longer be offering variable rate mortgages to new customers (hmmm) - Mortgage Express release only 2 rates for buy to let at 85% borrowing - a stonking 6.89% for a 3 year fixed (ouch) - no one wants rates that high - the buy to let market is dying on its arse day by day as more and more lenders withdraw from the market or up their rates.

Credit Crunch

2 years ago, May 2006 to be precise, due to impending birth of our second child & my job at the time going no where I decided to retrain myself as a mortgage broker. Safe job I thought, potential good money & the housing market is a safe bet in which to prosper in a new career (quack quack oops)

Passed CEMAP 1 2 3 while processing for a senior broker, got signed off & started trading in earnest a year ago within a succesful brokerage. Just as I am ready to start making money the mortgage market collapses! Since records began in 1999, mortgage lending is today at its lowest level since records began!

I deal with buy to let (BTL), Below Market Value (BMV), Bridging, residential, life cover and insurances.