It would appear that the catastrophic, end of the world, we’ll all be living out of caves by the end of the week, scenario that is the Eurozone crisis seems have subsided once again (for this week at least. Unless you are Dutch perhaps). There is a growing view in the mortgage world that if Greece is finally allowed to exit the Euro, UK banks could actually have more money to lend.
At the moment they are holding back money ‘just in case’ it really is as bad as people make out. In all reality, Greece (or any of the single currency nations) were they to leave the Euro it would not have the apocalyptic impacts some commentators suggest as Banks are far more capitalised than in 2007/8 (as in they have a lot more money held back in reserve of any future crisis). Which makes us think – just get on with it!
In more domestic news, we are seeing growing frustration from our fine estate angency partners as deals are taking longer and longer to get through. More pedantic (dare I say incompetent in some cases) solicitors certainly are not helping but the largest factor seems to be how long it takes to get a mortgage offered at the moment. Our biggest headache as a brokerage is clients going direct to their banks to get ‘cheaper deals’ only to see them come back tail between their legs after a few weeks of nothing happening.
So it seems our biggest headaches are actually the same… I think I can see a way out of this. The more we can work together, the more we can show people that there is positivity and good service in the mortgage market, you just need to know the right broker. That broker is of course Coreco, and we will do all we can for clients to ensure they get the best service possible which will help them secure their purchase.