In the last edition I left you, dear Reader, in a state of suspense, having just mentioned the infamous Northern Rock Building Society. Twelve years, or so, ago, we lived in a world of readily available finance, at broadly average interest rates, with little restriction on the level of borrowing. World economies were doing well, and property values were increasing steadily, resulting in a general feeling of prosperity for the majority. Continue reading What Goes Up – Part 2
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What Goes Up – Part 1
Having recently attended a 25th anniversary seminar session organised by a highly esteemed mortgage packaging company, I am minded that the market has changed, enormously, over the time I have been working. In 1986, when I joined the financial services industry, the Bank or Building Society Manager, was King. Either you had to have been saving with an institution to amass your deposit, then go cap-in-hand to the Manager; or pay a visit to an intermediary, who had the ear of a few local managers and was trusted to introduce business to them. In any event, a deposit of some 20-30% would be required before most lenders would consider candidates to be suitable borrowers. Continue reading What Goes Up – Part 1
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