Posts with tag: mortgage lenders

Lenders Use Social Media to Track Applicant Behaviour

Published On: August 10, 2015 at 2:04 pm

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Categories: Landlord News

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Lenders Use Social Media to Track Applicant Behaviour

Lenders Use Social Media to Track Applicant Behaviour

Mortgage lenders are using social media to find out what applicants are doing and what their friends say.

A warning arrives from Property Tribes, stating that UK lenders use websites as part of their due diligence.

Property Tribes’ Vanessa Warwick believes that lenders particularly use Facebook.

She says that they look out for people who discuss no money down deals and how to structure illegitimate deals. She claims that lenders use whatever means are available.

In the USA, this practice goes even further, with lenders examining the credit ratings of members of an applicant’s social network.

Agents and landlords should consider who they connect with on Facebook and be aware that this can affect them.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lenders Revise Their Housing Market Predictions

Published On: July 17, 2015 at 3:45 pm

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Categories: Finance News

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Mortgage lenders have revised their housing market predictions for this year, expecting more housing transactions but fewer purchases using mortgages than they initially forecast.

Lenders Revise Their Housing Market Predictions

Lenders Revise Their Housing Market Predictions

The Council of Mortgage Lenders (CML) recently reported that mortgage lending in June was at a seven-year high. It now expects 1.2m housing transactions, up from the 1.18m it predicted in December 2014.

However, it also thinks gross lending will be £209 billion this year, not the £222 billion originally forecast.

If the CML is correct, transactions will be almost equal to last year.

Although significantly improved since the sub-million transaction levels seen between 2008-12, transactions are still well below pre-recession activity. In 2006, there were almost 1.7m property sales.

The CML also expects 16,000 repossessions this year, down from the 22,000 it forecast last December.

In June, the CML found that gross lending increased by 29% compared to May and 15% annually. This is the highest figure since July 2008.

The CML says that its predictions could cause confidence in the market in the next few months.

Mohammad Jamei, CML Economist, says: “Activity is picking up after a slow start to the year. Our lending figure for June may be flattered by the end of political uncertainties related to May’s general election and the underlying picture is likely to be one of only modest recovery.

“This should be supported by favourable conditions in the economy, though it will be limited by rising house prices and affordability pressures.”1 

1 http://www.propertyindustryeye.com/mortgage-lending-shoots-up-to-a-seven-year-high/