www.mortgagestrategy.co.uk
May 4, 2009
Joined-up thinking required
I am the guest editor of this issue of Mortgage Strategy, having
traded my chief executive officer’s hat at London & European for
the editor’s crown.
It makes a pleasant change to be the one asking the questions
rather than answering them and there’s nobody better to put in
the hot seat than Nigel Stockton, sales director for mortgages at
Lloyds Banking Group.
It’s been a difficult year for the group so I was interested to ask
Stockton what the country’s biggest lender is doing to support
brokers and consumers. Check out the interview, starting on
page 18.
To kick-start the housing market it is vital that when lenders
start to offer higher LTV products customers can access them.
After all, a 95% LTV deal that has criteria so restrictive that the
majority of borrowers can’t access it is nothing more than
window dressing.
For example, 10 years ago some lenders frowned on borrowers
who came along with 5% or 10% deposits from their parents as it
was felt that they were showing insufficient ability to repay. So
the product was theoretically available but criteria made it
unobtainable for many.
It’s also vital that lenders don’t simply help
borrowers get into homes but also help them when
they get into difficulties.
Repossession doesn’t just blight individual lives, it
affects the whole housing sector by dragging down
prices. The market needs support and joined-up
thinking during the downturn.
CHRISTOPHER TAYLOR
✱
INSIDE >
NEWS
● Network Data ARs still in dark about commission 4
● Conveyancers tie up to offer remortgage service 8
● PruProtect launches first HIV cover deal 11
ANALYSIS 12
Jonathan Cornell’s Marketwatch, Eddie Goldsmith on free
legals, Peter Mounty on HIPs, Iain Mallon on benefits, Jon
King on property values, Richard Sexton on lenders, Neil
Johnson on the products, John Murray on societies, Alan
Dring on brokers’ value, Steve Carruthers on FTB schemes,
Grant Stevens on the Budget effect, Alan Cleary on ratings
agencies and Tim Jordan on leasehold control
LETTERS 16
COVER STORY 18
● CHRISTOPHER TAYLOR
Nigel Stockton, sales director of mortgages at Lloyds
Banking Group, talks about his plans for the group
SHADOW MPC 22
Mortgage Strategy’s Shadow Monetary Policy
Committee votes for a hold again this month
COMMENT 22
Sue Read on the good news, Lesley Titcomb on
networks, Sally Laker on staying positive, Gemma Harle
on fighting Tesco and Robyn Hall on the Budget
JOBS 29
DIARY 30
● Mortgage Mole and 60 Seconds with Peter Williams
COVER IMAGE BY CHARLIE RABICANO
CONTENTS
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MORTGAGE STRATEGY May 4, 2009 3
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