IIp27-28_0609.qxd 23/6/09 15:25 Page 3
International mortgages | 27
Green shoots but
there is a canker
in the roots
Greedy bankers holding back UK property recovery
by Adrian Wright, Principal,
International Mortgage Plans
I
f money is the root of all evil then Now there’s a man to get the mortgages flow- It can be no coincidence that the lenders
bankers are certainly doing their best to ing – unfortunately his methodology would who are making funds available are those res-
stifle any recovery shoots in our proper- land loan applicants following it in Court. cued by taxpayers’ funds. Lloyds/TSB now
ty garden. Amongst Gordon ‘Global’ What a desperate duo! Unfortunately Brown’s embracing the HBOS stable, and Royal Bank
Brown’s very brief list of successes, para- supine lieutenants are so gutless or desperate of Scotland. Lloyds have just kicked a venera-
mount must be his ability in keeping the to keep their own gravy train rolling for ble institution, Cheltenham & Gloucester, into
economic and banking crisis from the media another year that we will probably be stuck touch and the latest word is that they will also
spotlight. with this bunch of lame ducks until DB Day drop the lending activities of Bank of Scotland
His hollow rhetoric and sideshow diversions June 2010 – Dump Brown Day! and Intelligent Finance. At least we are able to
centring on his own regrettable survival, MPs’ access rates as low as 2.75%/3.25% over Base
expenses, Gurkhas’ rights and now proportion- Mortgages – to fix or not to fix? with said lenders, albeit with arrangement fees
al representation has successfully deflected As Dr Cable correctly prophesied, banks have of up to 1%. However, this is for a maximum
attention from our ‘big’ problem – ‘it’s the indeed nationalised their losses and are now loan to value of 60/70% ensuring that it is the
economy stupid’! Greedy bankers ignoring seeking to privatise profits. These should rap- borrower that takes the risk. Fixed rates for
their rescue and responsibilities have totally idly accumulate while they are allowed to expatriates vary between 5.19% for two year
ignored the Nation’s interests. charge outrageous margins over the deals to 6.09% for five year deals – plenty of
In our crazy world we have an unelected, Government’s 0.5% Base Rate. How can the profit there, and perhaps we should also be
unelectable lying paranoid calling the shots, lenders justify mortgage rates of up to 6%, buying bank shares as they will be turning in
with a gun loaded by the slimy Peter personal loan rates of 16% and credit card massive profits in no time at all. No doubt we
Mandelson, also unelected and unelectable. rates at the usury levels of 20%+? will then see a return to the ‘good old days’ of
www.investmentinternational.com June 2009 Investment International
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36