Mortgage Rates remain higher

CML The Council of Mortgage Lenders state the obvious - mortgage rates will remain high, or higher for the foreseeable future - blimey, had their crystal ball clouded over?

Quite why these bodies either can't see these things sooner, or hide them amazes us - unless of course the 'non interfering' government tell them what to notice, that is

When Gordon Brown handed over base rate control to Bank of England all those years ago I for one did say to clients, do they really think we believe the Chancellor (Brown) will not telephone the MPC Monetary Policy Committee telling them what he wants and when?

USA revives itself

Interest rate cut of .75% seems to have revived the US market, how long for we don't yet know but Goldman Sachs have joined the bonus cutters

McCartney Woman devoid of reality - and that is news?

So the judge saw through her - is she really that stupid to think the judiciary live in her fantasy world?

That she got more than a house and an allowance to live on, £35,000 maybe plus maintenance for the child is injustice itself anyway - button it woman, disappear from the media, please, media, please ignore her, we are all now thoroughly fed up with her

McCartney - Heather loses again

Self promoting Heather McCartney has, apparently just been refused her appeal that details of the divorce are not published - and leave to appeal has been refused

Bravo, because now we can read what the judge heard and decided up on and hopefully not hear from her (that McCartney woman) again

It would also be nice not to hear from him either, as Yoko said, spoon rhyming with moon is hardly a song smith is it?

Macca, how can you get wound to ryme with pound - as in bank account wounded by loss of pounds?

Debts cancelled - they say it is true

Apparently it is quite possible to write off debts, even if you have been paying them, even if the loan is or had fallen in to arrears

Contract Law and promisory notes are being challenged and supposed 'lenders' asked to prove thier debt, in law

Rumnour has it that many of them just cannot prove thier debt, or rather legally prove the debt and so it becomes written off!

US Interest Rates

Today the Fed is expected to lower US bank rate a further 1% making US base rate only 2.25%

However, it is argued that a period of zero% - 0% to you and me, is needed - watch this space!

Fixed Rate Mortgages

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Avoid difficulties when coming to remortgage for better rates or new fixed ratess - all lenders are daily monitoring their offers and products are being withdrawn with little or short notice

Currently there are 789 different mortgages quoted on sourcing systems for a re-mortgage of 85% on a property valuae of £175,000 where this time last year there may well have been three times as many, if not more

The new mortgage of £148,750 on an interst only basis would cost anywhere between £581.36 per month and £1,188.76 per month - ( base rates being 5.49% or 8.24% ) 4.69% pay rate for a 3 year stepped discount ranging to £1,188.76 per month on a 2 year fix at 9.29% pay rate

So, good clean credit profile with a low income multiple, say 2.75 times salary could be £670.40 per month better off than the home owner that has suffered less than brilliant credit profile, even as apparently harmless as missed or late payments, especially if they were in the last few months and CCJ's or Defaults will obviously seriuosly effect a replacement mortgage at 9.59% costing £1,188.76 per month

Warning - Savers beware

The FSA protection for savers, as increased by Alistair Darling in the wake of Northern Rock relates only to one banking licence

HSBC for example also owns First Direct so £35,000 between the two is okay, safe, guaranteed but if you have £35,000 in each bank then compensation and guarantee is limited to £35,000 since, it is reported, HSBC has only one banking licence

So, split savings between unrelated banks - in the above situation put £35,000 in to say Barclays, or Co-op or another totally unrelated bank

Stock Market Crashes

Reported 10% of UK Bank Shares amid allegations of liquidity - suggested HBOS and RBS Nat West liquidity challenged
Stock Market lowest for 2 years

Shares Crash

London Stock Market Exchange crashed 2% in the first 7 minutes of trade this morning and more is expected
Okay so everyone keeps blaming the US sub prime mortgage market and that does seem to be the reason, but where and when this contagion is going to end who knows?

Fit Note - Sick Note

Fit Note? Now this is an idea that will most likely stir the Trade Unions if ever there was one!
Instead of making the Health Service and DWP or DSS more efficient, instead of sacking a few managers, or making a few managers actually work or produce something this government now want Doctors and your GP to sign patients fit!
So, this will no doubt hit the skivers and malingerers but how will it effect the very income replacement insurance the government want us all to provide for ourselves
Find out just how economically you can insure your wages by visiting The Sick Pay Club or its pages within our site, MyCbi, and how to get the most out of your Sick Note

Bear Stearns & JP Morgan - Northern Rock

So the Lesley Neilsen finally hits the fan - JP Morgan have bought Bear Stearns just as some argue Lloyds TSB should have been allowed to do with Northern Rock

Just how far this contagion will go remains to be seen, USA in recession is advised the best way out is to spend thier way out of it - UK won't be able to do that, UK Plc as Gordon Ed Balls Up Brown liked to call us don't have any money to spend, nor reserves because he sold all the gold! At least he got a poor price for it!
Who would have thought CMD Call Me Dave got it right - you know, his words to the Prime Minister that in the good times he put nothing aside, and they try to encourage we the public to save, save for a rainy day!

Inside TRack Property Club BTL Property Crash

Some members of Singing Pig may be pleased to hear someone is taking an interest in the so called property investors club Inside Track though alas it is probably too late for too many
MyCbi has always shied away from such schemes, and a fee of £2,500 or more to learn what is already out there in the public domain or can be explained by any mortgage broker worth their salt must surely add insult to injury
Mail on Sunday Financial Mail head an article Landlords' Lament though at this stage it seems more a story than an investigation, maybe they are waiting for the rush to begin, rather than be seen to start the rush of negative reporting?
And Channel 4 - where are they going to sit on this one, will Dispatches ever take up the issues or will programme sponsorship override journalistic integrity?

Bear Stearns bail out

American finance crisis deepens, even more so - Bear Stearns, supposedly a reputable giant amongst banks has been at least temporarily bailed out by the Federal Reserve via JP Morgan

More about all this later, we think