June 29, 2009 New Ocean Finance’s Lender Marlbourough Loans Name Change
With effect from 18th October 2007 Marlborough Loans Limited is changing its name to Ocean Money
Marlborough Loans Limited has always been part of the Ocean Finance & Mortgages Group, the UK’s leading finance broker. This change of name reinforces our commitment to the continued success of the Ocean brand.
Ocean Money is a trading style of
Ocean Money Limited – (company no. 4730154. Consumer credit license no.54072) &
Ocean Money (II) Limited – (company no. 3490258. Consumer credit license no.442215)
Ocean Money is authorised and regulated by the Financial Services Authority for arranging insurance.
Ocean Money (II) Limited is authorised and regulated by Financial Services Authority for arranging insurance and entering into mortgage contracts.
Ocean Finance & Mortgages is a leading provider of secured loans & remortgages
Tags: Ocean Finance, Remortgages, Secured Loans
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- Posted under Mortgages, Secured Loans
June 29, 2009 Loan Options closes its doors
Secured loan packager Loan Options is closing down, with all commissions on all pipeline business being paid by V Loans.
Loan Options says due to the state of the market it is withdrawing with immediate effect and has passed all existing pipeline cases to V Loans for processing and completion.
Andy Moody, managing director of Loan Options says: “Despite our belief in an eventual upturn, the market has now deteriorated to a point where we are unable to continue and therefore we have had no option but to cease trading.”
Moody sparked a debate in the secured loan industry when he closed Loanoptions.co.uk in August 2008, leaving behind £378,580.38 of liabilities, then relaunched as Loan Options.
TCF Debt Solutions, Moody’s debt management business is a separate company which remains profitable and is unaffected by the move
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- Posted under Secured Loans
June 29, 2009 New buyer mortgage deals ‘creep up’ as remortgaging drops
The number of homeowners remortgaging has continued to fall, while the number of house purchase deals is rising.
May data from the Bank of England confirm the trend lenders have been seeing.
With standard variable rates so low, home owners are happier to stick there, rather than remortgage onto high fixed rates – despite warnings that the moment the Bank of England increases rates variable rate deals will jump, as will fixes.
Fixed-rate mortgage deals have already started to rise.
Falling house prices putting some homeowners in negative equity or leaving them with very little equity is also creating a brake on remortgaging.
Last week rating agency Fitch warned 35 per cent of borrowers do not have enough equity to secure a remortgage.
In May there were 30,984 remortgage deals – 9.8 per cent down on the six-month average.
Andrew Montlake, at mortgage broker Coreco, said: “I am concerned that the number of remortgages has fallen. Fixed rates are rising and anyone settling for short term gain on a lender’s SVR could be in for some long-term pain.
“People wanting to have their cake and eat it could fix part of their mortgage and leave the rest on a tracker, which will at least give some level of security without substantially upping their current payments.”
The number of house purchase deals stood at 43,414 – up 21.7 per cent on the six-month average.
However, high deposits needed to make a purchase are still holding back many first-time buyers from taking advantage of low house prices.
The mortgage market as a whole, however, remains anaemic, with lending growth dropping from over ten per cent two years ago to 1.4 per cent now.
Mr Montlake added: “Slowly but surely, the number of new home loans being approved is creeping upwards, reflecting the growing confidence in the UK property market.
“Some people were expecting better figures but let’s not kid ourselves, it’s still very difficult to secure mortgage finance at higher LTVs.”
Tags: Finance, House Prices, Mortgages, Remortgaging
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- Posted under Mortgages
