Is this the bus to Positive Street?

I woke up this morning feeling very uninspired, a little down and struggling to find the motivation I needed to get up and get on with things. After a week that involved true tragedy, one that the nation as a whole will struggle to find an answer to (Gary Speed RIP), I was somewhat perturbed by News At Tens attempt to throw the entire UK into a new depression with stat after stat about economic doom and gloom, unemployment rising, and recession being what we can look forward to in 2012. With all this going on, getting to Swiss Cottage for Precises' Bus Tour was low on my priorities. However, having made the commitment, I turned up out of respect for the organisers.

I was glad I did.

Those of you reading this not in the industry may not even know who Precise are, but they are a heavily backed mortgage lender that lends to the mortgage intermediary only. Many have asked why I am such an advocate of them as a lender as they will be the first to admit that right now I give very little business to them. The reason being that at present, is that my client profile does not fit with their current business model. However I have every confidence that this will change next year as they go from strength to strength. The reason I sing their praises so much is that they are doing all they can to help the mortgage broker and the intermediary market. At a time when unity is really important in the economy, Precise are supporting us to try and explain the importance of a broker and the independence we can provide to the public when they need it most. They are challenging the issues of dual pricing and asking banks some very awkward questions.

For that alone, I am thankful to them. However the Precise Bus Tour gave us a little more. The innovative idea of driving a Route Master bus all over the UK giving seminars and presentations on how we can grow our business, and how we can make a better living for ourselves was something that has to be applauded. I see no other lender out there reaching out a hand of support as much as Precise are doing now. 80% of their seminar had nothing to do with Precises offerings to us, just ways in which we can help ourselves and our clients.

After discovering that mulled wine tastes just as nice at 1020am as it does at 1020pm, the seminar began with the Mortgage Industries very own stand up comedian Roger Morris taking the floor. Roger has one of those "Leslie Neilsen" faces from Naked Gun. By that I mean that you look at Roger and you laugh simply at the expectation of what "funny" he will come up with next. He didn't disappoint. As always he had me laughing, which was an achievement in itself given the "downer" I had been on. But as well as making me chuckle, Roger had true gems of ideas for business generation. Innovative ideas that 13 years in the industry I had never even thought of. Every negative, Roger had a positive for and the positivity that it instilled in me was welcome. There is a reason why Roger is Head of Sales.

My only disappointment was the lack of numbers. The list of confirmed attendees was long. The list of no shows was also. Here we had a lender looking to assist and help us in the current climate, go that extra mile to give support to us as an "Intermediary Only" lender, and help us they did. But the support for them was not what it deserved. For those that missed it, I can only say it was their loss. But their loss will be my gain, as I am armed with ideas that can now help my clients and also help me.

It is refreshing in such a negative week to find that there are some out there full of positivity. Full of eagerness and motivation to go from strength to strength. Over the last 18 months many in the mortgage industry have simply fallen on their swords and accepted defeat. But as I have often bleated on about, if we unite in this industry, with lenders, with surveyors and even with the competition, we will soon find ourselves in a more positive position, and we will find a way out of the economic crisis we find ourselves in. I have found that many in this industry "think" they have nothing left to learn. The role of a broker is changing and as brokers we are always on a steep learning curve, even when we think we have nothing left to learn. The truth is, whatever your profession, whatever your position within a company, you will ALWAYS be learning and the day you think you have nothing left to learn, is the day you should retire because you have become too arrogant to grow any further.

Thanks for cheering me up Precise.

Thanks for the innovation and most importantly...

...thanks for the mulled wine.

Now, where is that Yellow Pages.

What was exposed at Mortgage Expo

As the final few guests trickled out, there was an air of success floating around the large hall of Olympia. Stands were full of lenders, conveyancers, journalists and insurers all with smiles on their faces, patting themselves on the back after a successful couple of days of intense face to face meetings with the industries masses.

The truth is, Expo was a somewhat relaxed affair this year, summed up really by the offerings of most stands which had transformed from pens, post it notes, branded umbrellas and tea mats, to a much more relaxed, branded bottle of beer. There were games galore from mini golf on some stands to a racing simulator from Santander who were clearly still milking the Lewis Hamilton connection. I got the impression the focus was fun. Perhaps to take away from the depression that could have been heard in the seminars about "The Year That Was" and "Where Will We Be Next Year".

Without doubt, the buzz this year was primarily from the bridging lenders with Tiuta and Precise really being the focus of the day. Nothing to do with the beer and sandwiches I can assure you, but the welcome that you would receive from them and the hosts genuine intent to converse with us about where they thought they could assist us. I got the impression the bridgers are looking towards a busy 2012 and with several rumours of some exciting buy to let propositions coming in quarter one 2012, I left the show actually feeling positive about my direction next year. Without doubt, the buy to let market is going to grow next year with several lenders still yet to show their hand so watch this space private landlords, things are going to get better next year.

On leaving Expo, this is where the true judgement began. First port of call was the local public house, where upon entering, I realised actually had more brokers/lenders in than the actual exhibition itself. Many, many well known names all in attendance, some slightly more tipsy than others. I wasn't sure if this was a case of being pleased it was all over, or drowning their sorrows but either way, there was an abundance of slightly tipsy characters floating around desperate to talk/spit over anyone that would listen (you know who you are!) The vibe however was a good one and my day at Expo was starting to get better and better.

Having "networked" with many other brokers/lenders etc it was time to move on to the first "after show party" at the rather swanky Boujis. It was at this stage that I performed the annual "completely forget your bag of goodies you have spent the whole day collating" manoeuvre. And I was not the only one. So do not be surprised if The Hand and Flower public house in Kensington is offering free Aldermore Pens/Northern Rock post it notes with every beer. Press be aware, these lenders are not sponsoring the pub, they have simply "found" a shed load of goodies.

Boujis is the club frequented by the countries princes. Quite why I do not know. It was not quite the swanky venue the website lead us to believe, but Tiuta were the perfect hosts and we had a good start to the evening. As the numbers dwindled, we realised everyone was heading over to the second after show party hosted by Precise/Mortgage Introducer. This was a little more relaxed and despite being a free bar, a friend still somehow managed to spend £140. The atmosphere was jovial, lots of inter lender rivalry and a really good buzz floating around. Various dancing competitions embarked on the dance floor of which I had to throw in a few of my very dated MC Hammer moves. My trousers managed to stay in tack this time round without ripping but speaking of rips I am pretty sure I heard my calf go after my second attempt at the box splits.

The room was filled with smiles, and for the first time in a while, the mortgage industry had a buzz back. Something it has been missing for several years. Everyone was enjoying themselves, everyone forgot about how difficult it has become to broke mortgages, how pedantic some lenders have become with their underwriting and for a few hours, the industry was a happy, thriving one again.

Until it all kicked off.

I made a decision that even though this is a "secret diary" that this shall remain a secret. But it was the final act of a day and evening that literally "had it all". It was one to remember. One that proved that there are still a lot of us left making a living in this industry and that still, we have the ability to laugh despite often feeling the need to cry.

Whilst there were many contenders for "man of the match" at Expo this year, my award simply has to go to Precise who were the perfect hosts from the minute we first saw them in Olympia, to the final goodbye as the bouncers threw us out at Rennaisance (oh sorry, I said I wouldn't talk about that).

The mortgage industry lives on...

The brokers are still broking...

...and I look forward to next years Expo, immensely.

What's the down low - on Mortgage Expo?!

You may have heard many mortgage brokers uttering the words "Mortgage Expo" under their breath of late and thought to yourself, what is this? Well, for us brokers, this is the biggest indication of the year as to how the mortgage industry is doing. It is a two day extravaganza, held at Olympia where we bascially cut to the chase. We ignore all the headlines, we ignore all media coverage, all the positive spin every lender tries to deliver every day and we go face to face with all lenders, conveyancers, surveyors and chat to them at the coal face.

It's actually extremely comical. Brokers descend on the venue from all over the UK with one thing in mind...which lenders will be offering the best freebies!

It is judgement day. As far as the eye can see there are lenders set up with their stands knowing that within seconds of brokers coming through that door, they will all be judged. Whoever says size doesn't matter, lied. At Expo, it is all about the size...of your stand. Your stand alone, will fuel some brokers impressions of your financial klout for the following twelve months. Next time they pick up the phone and they are talking to a client about a lender and the client asks "but are they financial strong" guaranteed... 75% of the brokers answering that question will think back to the stand they saw at Expo and say "yes" if it was big, or "No" if it was basically a small wallpapering table in the corner.

Having completed your "first impressions" round, brokers then continue onto the "best freebies" run. This is effecetively a supermarket sweep round the hall, picking up the best freebies they can, knowing that half of them will find their way under your grandparents Christmas tree.
"Oh Lea, a Santander Golfing umbrella! Thanks, that's just what I wanted".
"Thats okay Nan. Love you."
Brokers everywhere, are rearranging kitchen cupboards in preparation for Expo as they know they will need the space for all the free mugs. It's truly an amazing phenomen to watch. And you can't help but become part of it too, as without even realising, you quicken your step to the Abbey stand, in a desperate attempt to get one of the last three Abbey branded calculators...even though you have plenty of perfectly good ones at home.

I love Expo, and the comical value it brings.

When all of the judging and freebie collecting has abated, it is then on to the "spot the ex colleague" challenge. Here, you find that you partake in a finger pointing ritual where you point out all the old brokers that you worked with in the past, old Business Development Managers, and even ex bosses and deliberate whether to go and say hello or not. Over the years, the answers that followed the question "what have you been up to lately" have become a little more depressing and it can shape the evenings events, so you need to chose who you converse with wisely. Depressing stories will mean the aftershow party will be one of doom and gloom. You could ponder your future and wonder if there is reason to continue! Or, success stories will result in a restored confidence in the industry and an evening of merryment. So it is key to only approach those that appear to be smiling.

On completion of "finger pointing" and catch up, it is on to more serous matters. There are often insightful and truly excellent speeches delivered from fantastic market experts giving their version of events and how the year has been. This is always informative and a great part of the day and is normally and excellent way to end the formalities before you head off to the local Public house and find every other attendee in there also. There you will talk about the agenda I have outlined above, whilst comparing your Freebie bag, knowing that it will never really make it home with you anyway, as the evenings drinking starts to take shape.

For the neutral this is a great place to join. This is where the true stories start to emerge, and as some of the banks or buildings societies employees trickle in, the true "I shouldn't say this but..." stories commence. This is where, if you keep your witts about you, you can find out exactly what is going on at brokerages, lenders, surveyors, everywhere "behind the scenes." Here, is where you get the "real story" and it is the true highlight of the event for me.

So next time you hear a broker or lender mention Mortgage Expo, i hope this little description of events will give you a clearer understanding of how it works. Announcements concerning lender figures for H1 and H2 are all very interesting. Lenders talking to the media about their % of market share, well that is all great. But if you want the real deal...if you want the "true story", get yourself down to Mortgage Expo this year, keep your witts about you...and the real stories of the mortgage industry will evolve.

So, see you all there!

We're all going on a summer holiday...not!

The clock has just past midnight on 31st August. I have been back home from my last appointment for just over an hour and whilst I sip my tea, and listen to every "old romantics" favourite radio station reminiscing on the 80s, I ponder...WHAT THE HELL HAPPENED THIS MONTH?!?

August is seasonally a month of little activity in the mortgage industry. Families are mostly away spending ludicrous amounts of money on family holidays, piling on the pounds whilst eating yet another pizza as "I'll start the diet when I get back" becomes one of the most commonly used phrases.  Britain's ponder on how dark their skin can really get if exposed to enough sun, and really the prospect of buying a house or remortgaging is the last thing on everyones mind.

So what the hell happened this August?!

This month has proven to be the best month I have had since the credit crunch began. In fact, the best month since I peaked back in 2007. Additionally, the majority of the business was purchase related. It seems there is a confidence to buy again in the market place. Either that or more people have found my phone number!! The fact is, it wasn't just me. The majority of my broker friends have all enjoyed a very busy August. It seems the announcements of H1 results from lenders, exposing drops in market share and smaller profits year on year, got the lenders angry. They priced with an aggression not seen since Tyson stepped foot in the ring in the 90s. For those out there that were thinking "Is now a good time to buy?" the temptation of rates as sexy as 1.48% over base for two years were simply too good to ignore. Rates fixed over 5 years at 3.39% have made  people say "Deal" rather than "No Deal" as people face up to the fact that rates could potentially not really get much lower so it's a good time to lock in.

I predicted earlier this year that 5 year money would drop a lot lower than the 4s we were seeing. I actually predicted that we may even see rates as low as 3.50% over 5 years and I felt I was putting my neck on the line in saying so. So 3.39% was almost as much of a shock to me as anyone. But this aggression, this appetite has now extended to higher LTVs. Skipton's 90% tracker at 4.88% was so popular with clients that Skipton had to withdraw the product with immediate effect and no notice. They were swamped with applications, and not surprisingly so. Abbey stepped up their claim on 90% deals as did Northern Rock, and only today I completed an 85% deal on a fixed rate over 2 years at 3.95% with £500 cashback WHAT A DEAL (and yet again Northern Rock - I say well done).

The truth of the matter is, the market has gone just a little bit crazy. In a world where football players are getting paid over £350,000 a week, it seems lenders have realised that money is still in existence and that perhaps they were a little, erh...tight for want of a better word and have decided to get back to business. We're seeing improvements on score cards, and personally I am seeing a much more proactive approach from lenders, looking to see how they can help us again.

Its beautiful.

Seriously, it is!

I have been encouraged by many things this month. Obviously the activity, but also the lenders willingness to help. To aid, as best they can, to get these applications through to offer stage and to see us get over the finishing line. It seems lenders are back on board the "mortgage lending gravy train". So if there is a message to get across tonight at near on 1am, it is that a) i should be in bed and b) that lenders are on side again. They want to lend. They are helping us to push things through and not simply saying no. They are starting to see that not everyone in Britain has a 40% deposit and that lending at 85% or even 90% can be priced competitively and that there is a massive market for it.

Well done this month lenders.

Well done this month underwriters.

This month you have excelled. So keep up the efforts and we will all go into 2012 with strong pipelines, and clients will go into 2012 in homes so affordable that they don't have to wear 6 jumpers in winter to save on heating bills.

Horrah, for the mortgage industry!

Its raining, its pouring, the big banks aren't lending...

A very interesting week this week , as we see the banks post their profits for the first half year (you will see this cunningly referred to as "H1" - about as cunning as a fox, from the village of cunning!).  This is a big announcement. It gives us all an indication of how the banks are performing, if they are on target and how it compared to last year. For me, one of the most annoying statements of the mortgage industry is "how did it compare to last year?" This is never a straight comparison. There are so many variables that contribute to the outcome of lending year on year that I find nothing but frustration in these comparisons! However, that said, I can understand why they are reported.

And so it begins. Santander down 21% on gross lending from last year. Market share fallen from 19.1% to 15.4%. Great! Thanks for those stats. But could we look at the bigger picture here please. Why is it down? Barclays down 10% year on year on their gross lending, market share down from 14% to 12%. Oh dear god what is happening?! Northern Rock, down 25% on last years levels of lending over the same period. Don't PANIC! There is a simple answer here. The market was taken over by HSBC. They really went for it and were top of the best buys for a considerable period of time and it had the effect they desired... a big effect!

HSBC have always been the bane of us brokers lives. Why? Because they don't like dealing with brokers! Every now and again a broker will strike up a relationship with them and may get a few cases from them or send some to them but, in large, there is no official relationship between HSBC and the intermediary. Often this means, if HSBC want to take the market by storm it is without the help of us brokers. So when they decided they wanted to bulldoze the market, their headline rates stole the show. They went into 2011 with a good pipeline of business that was the result of outstanding rates, good advertising campaigns and an aggression no other lender was showing. This has seen HSBC publish results that show they are 35% up on their H1 results in 2011 compared to that of 2010. 35% UP! Their market share up 2% from 9% to 11%. Well done HSBC. A fantastic effort. This also, is the truth behind why brokers struggled in terms of written business tail end of 2010 and early part of 2011. HSBC were simply too damn good.

However, lenders are now fully aware they are under target. These stats don't lie, although as I mentioned at the outset, there are many other variables to consider. But we are already seeing lenders lower their margins. We're seeing rates some of us brokers have never seen before and more importantly for us, we're seeing HSBC no longer at the top of the best buys.

It is this aggression from the lenders, and THEIR panic that is of benefit to the consumer. The price wars that have started and the need to sustain a healthy pipeline going into 2012 has quite frankly seen stupid rates come about! 5 year fixeds from as low as 3.39% is lower than anything I have ever seen. Even better than that is the 2 year tracker followed by a 3 year FIXED  at 3.64%! What a deal! Abbey have come along with some very tempting "1 week only" offerings also that have seen service levels creek they have been so inundated with applications.

I guess what I am trying to say in my secret diary is that whilst all these headlines of lending dropping with some of the big boys is a little depressing, the reality is, this is only going to be of benefit to you , the consumer. The pressure to lend will intensify with the lenders. Will Santander or Barclays be happy they have lost market share to HSBC?! Of course not. This will drive them to lower margins, to become more competitive and further more to ensure they are not in the same position next year and that H1 results of 2012 will be higher due to a better pipeline.

So don't get too depressed about the gross lending being low, ladies and gents. Don't spit out your Earl Grey in shock when you read of falling lending in H1, as my prediction will be that H2 will show increases...left, right and centre! Not just with HSBC. That said, I may still take my local HSBC branch manager out for that round of golf...you never know when they may be needed.

"Hi, is Louis there please?"

"Louis...buddy, long time no speak . So that round of golf we were talking about...?"

Lower than a 4 you say...a 3!!!!

Some of your may remember Play Your Cards Right with Brucey Forsyth and his many catch phrases. "Nice to see you, too see you nice!" "You get nothing for a Pair...NOT IN THIS GAME!" and my old personal favourite "Your such a good audience...so much better than last weeks! Well you remember the game. The card would show and the contestants would guess higher or lower than that card. Imagine you are a contestant, and a 4 shows. "Higher or lower my luvs, want do you think?" Well low and behold, its gone lower. The crowd gasp in amazement...aahhhhhhhhhhhhhhh

Who would have thought early part of this year with the inflation figures as they were that we would have seen 5 yr fixed money go under 4%. Not many of us that's for sure. With inflation getting "higher, higher!!" (okay I'll stop the Play Your Cards Right now) it seemed inevitable that it could only be controlled by The Bank Of England increasing the base rate. Wrong. Mervyn King talked of tackling inflation over the medium term not short term, talk of inflation dropping by the end of the year has built and next thing you know...its bonjour 5yr fixed money at 3.89%.

Its been a crazy week. A great week, if I am honest. Its been a right mixed bag for me. My biggest mortgage to date looks like it may be a goer (8 digits no less!), I've done buy to lets again, New builds, income stretches and even self employed clients with less than one years accounts (a one off and some truly beautiful underwriting from Northern Rock!). I have seen a lot of business this week and I have seen a lot of variety. It fills me with encouragement it really does. As the week draws to a close we say goodbye to the phenomenal "broker only" rates that Abbey gave us for a week (supporting the broker channel is another great thing). A two year tracker at 1.99% (1.49% above base) and also a 2 yr fixed at 2.89%. What stunning deals! Simply stunning.

Whilst they were only with us for a week, they were a welcome visit and we look forward to them coming to stay again soon. In fact, I firmly believe we will see plenty more of these from other lenders. It is no secret a lot of lenders are way down on their targets, and recent attempts to boost lending from Abbey and also Paragon (through their Mortgage Trust channel) with small tranches of very sexy funds, I think, will become more common as the end of the year approaches. Lenders will want a decent pipeline of business to take into 2012 and as the reality sets in that they are behind, these rates will become more common place.

With it, in my opinion will also come a more lenient scorecard too. What is the point of having such great deals if everyone will fall at the second hurdle by failing the scorecards. I have seen lenders becoming a little more flexible in their underwriting lately. I have seen cases that 6 - 12 months ago would not have stood a chance, suddenly get through and it is all because appetite is growing again. Flexible, yet comprehensive underwriting is the key to getting us through these tough times and I genuinely do see some lenders bending over backwards to try and help again. More buy to let products are coming to the market, more 90% deals are appearing and scorecards are most definitely dropping.

So whilst we continue to read of repossessions likely to be higher in 2012, lets look on the market confidently. 5 yr fixed money starting with a 3?! Come on, that is great. I mean how low do we want it to go?!!!! Any lower they'll be giving it away. "Bottomed out" is a phrase I think that is used too often, but lets be honest, banks can't really go too much lower can they. Trackers starting with a 1. 2 yr fixeds starting with a 2 and lower scorecards.

I would like us all to take time out, stand up...come on get up...and applaud the banks this week. They have given us a lot more than they have done all year. It is a good time to be a broker, its a good time to be a borrower (especially if you can secure 5yr money starting with a 3) and its a good time to be an agent. Activity will no doubt increase of the back of the banks scorecards dropping and pricing more competitively.

So, here's to a positive 2nd half of the year. I have a feeling its going to be a good one.

And don't forget...keeeeeeeeeeeep dancing! Oh no, wrong program.

Sorry Bruce.

Erh..Sir Bruce.

I know I shouldn't say it but...

It's been a while since I have done a blog, and I have a feeling this one is about to lose me some friends, some clients and possibly some introducers of business but I pride myself on being an honest broker, and an honest man so something needs to be said...and I am going to say it.

I have read a lot of press over the last week or two about First Time Buyers, and about the culture of buying and owning in the UK. Stats have suggested 64% of the questioned public between the ages of 20 - 45 have given up on the prospect of buying a home and have accepted rental is the only way. Well, great news for Landlords and also for letting agents who are currently rubbing their hands together waiting for the business. This is followed by talk of greedy banks and the fact they don't want to lend anymore and that it is all the banks fault for not lending.

I have been doing this job for many years now, and I have had many run ins with banks and buildings societies about decisions that quite frankly have been ludicrous. Rejections from some banks on cases that were so good and so easy, it made me think at times that perhaps I should give up the job. But, I am seeing an improvement. Lenders are starting to have a little trust in us as brokers and you as the public.

For first time buyers it is a little different. All of sudden, banks are wary of the issues that surrounded the 125% borrowing that we saw a few years back. A massive gamble that purely relied on the hope that property values were going to continually soar and that the negative equity in a few years would have diminished. And now we have seen stagnant growth. It looks set to stay that way for a while, modest growth rather than 15 - 20% a year that we had seen in the past. Because of this lenders have become a little wary and are suddenly concerned about how mortgages would be repaid, and it has caused uproar with brokers and clients. "What do you mean they want to know how I am going to repay my mortgage?"... "I am buying the property, so I'll take my chances on how it will be repaid"..."I don't have a repayment vehicle, I'll just sell the property to repay the debt"..."Four times my salary will mean I can only buy a shed"..."10% deposit! Where am I supposed to get that from?!" These are just a few examples of things I have heard of late. Clients seem appalled that banks are expecting deposits in order to buy, that they will not lend more than 4 times income in order to get a mortgage and god forbid, that banks expect to see how the mortgage will be repaid.

It seems to me, that some clients and first time buyers have lost track of what debt is? That they are boldly talking about how they will take the risk of repaying the mortgage on the growth of a property value in a slowly advancing market, not realising that it is the banks that are taking the risk on the lending just as much as the client. Come on guys! Lets have a reality check here. I have done a search this morning for a client who is a first time buyer, with a 10% deposit and you know what I have found...167 products! That's right 167!!! If the client can demonstrate affordability, can prove that they have the commitment to repay the loan and that they are in a stable job that will reward them with a stable income...the mortgage will be theirs as will the house. But for those of you out there that expect to be borrow 6 times your salary, to just service the interest due and not to repay your debt at all and rely on the property growing, well answer me this...if it was your money you were lending, would you lend to them in the current climate?

As I said at the outset, I have had many a run in with banks over the past and if the decision they have made is wrong in my opinion I will fight it tooth and nail until I get it overturned. Logic always prevails in this job (barr one or two decisions!). But lets not forget where we are, lets not forget what has happened over the last 2 years and that repossessions in 2012 are set to rise still further than that of 2011 according to the CML. With stats like this, why would banks throw money to first time buyers that have never evidenced they can service debt, are trying to borrow more than they can realistically afford, and without any way of repaying that debt other than the sale of the asset the bank is lending on.

To surmise, 167 available products to a first time buyer with a 10% deposit shows improvement to me. We are lot further ahead than we were this time last year that is for sure. It shows that banks are slowly gaining confidence in us and that we must be encouraged by this. As a friend of mine said, the stat of "64% have given up" will be a volatile stat and will change week by week, but don't feel like banks or brokers are letting you down because we are actually concerned about how debt will be repaid. In the current climate responsible lending is a must and I actually support the banks decisions to ask for this and to exercise caution at this level. We don't want a situation whereby our first time buyers are running before they can walk, tripping up and then losing the property because they borrowed more than they could afford.

That said banks and buildings societies some of your decisions of late have been horrendous, but that is another blog, at another time, but for your view of caution with first time buyers, I agree. For the right clients, with the right attitude to buying, deals are there to be had. However, for those who are willing to gamble on their first purchase, to stretch your borrowing as far as you can without anyway of repaying the debt...now is not the time I am afraid, and I support the banks in this.

Okay, rant over...time to see if i still have any clients...and friends.

Hello....

...anyone there?