One of the major viruses of the credit crunch was that foreign mortgage banks and mortgage lenders stopped lending in the UK and concentrated in their own domestic markets. So it comes as a pleasant surprise that Bank of China have decided to distribute their mortgages via intermdiary channels. The current mortgage market is made up of four or five high street banks and their subsidaries. During the credit booms, foreign lenders accounted for a very chunk of mortgages given. For credit to return to a normality we don’t just need banks to start lending at higher LTVs but we need more lenders especially foreign lenders.

Mayfair Bridging have upgraded their case tracking system which now makes it even easier for brokers to either submit cases via their online system. Shoaib Bux said ‘’We like to give our brokers and packaging partners a choice as some find it easier completing the enquiry form by hand and faxing it over, and others find it quicker via the online system. We have recently upgraded our online system and made it even more efficient in order to make it easier for brokers submit cases to us. Brokers can view and attach documents using the new system, documents such as Id’s, valuation reports and other supporting documentation, the user experience has also been enhanced , soon the brokers will also be able to soft package cases through our online systems.’’

Mayfair Bridging have seen a large increase in enquiries and have a strong appetite for new business please visit www.mayfairbridging.com

The Bank of England’s new expert on the property and mortgage market Mr David Miles claimed that the worst has now past and the recovery is on the way. Latest housing figures from the Nationwide and other housing indices have confirmed increases in house prices but experts comment that this ’sudden’ upturn could be due to the built up demand being slowly vented. They have also commented that the sheer lack of housing stock itself can be a major factor to increasing capital values on residential property. As banks ease on repossessions and would be buyers get more desperate this creates a snowball effect which causes prices to rise. Credit is still difficult to achieve as the majority of foreign banks or lenders which a few years ago contributed to a large chunk of the mortgage market have virtually vanished, leaving about five or six mortgage lenders (mainly high street banks) that now control the market.