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Lift stand guard or mistreatment - The potential dangers of mortgage business

The Council of Mortgage Lenders and recovery risk assessment of possession shows a significant increase in the number of foreclosures and mortgage arrears. The number of people in arrears of more than six months rose to 46 290 in the second half of last year, compared to 38 130 in the same period in 2004. That's a jump of nearly 21 percent.

Arrears over 12 months rose 23 per cent over the same period. At the same time, there has been a marked decrease in the momentum of the mortgage brokers and customers AMI, leading to review their financial commitments.

Let us get the numbers in perspective. The total number of borrowers in arrears for six months or more represented only 0.4 percent of total mortgages in the UK, but significant numbers.

CML is based a little comfort that this is a historically low number, But underlying the image can be much worse due to two factors.

First, the strong house price inflation over the last decade has meant lenders could take lenient policies for the management of arrears. Second, low interest rates and aggressive loan programs have pushed levels loans to new highs. Getting credit has been free and easy and nearly free.

There is a clear correlation between the problems of mortgage payments and households with high LTV. Last year the proportion of households with an LTV greater than 100 percent was 5 percent, down 8 percent in 2004.

But once you add the nasties typical consumer debt from credit cards, retail accounts, car loans and friends things start to get a little shaky when its time to balance the household accounts.

CML in its review recognizes the high and increasing level of unsecured debt and concludes that a segment of mortgage borrowers have been raised sensitivity to changes in interest rates and income levels. But even admits that CML is not able accurately evaluate the trigger points or estimate the number at risk. A qualified IFA or mortgage broker can accurately assess the risk if they are facing these customers well in advance and complete a full financial review.

Reckoning

Judgement Day for the mortgage many clients may be ever closer and last year the number of properties taken into possession reached 5630, compared to 3,000 in 2004. This represents just 0.1 percent of total mortgages but is a number that will increase, and many consumers could find themselves in over their possibilities. The slower growth property, rising unemployment and rising levels of consumer debt could spell disaster for many mortgage holders.

Add to this burden discharge rate and honeymoon deals expire, and slower growth in household income and it is clear some serious belt-tightening to be done quickly. The proportion of mortgage payments to household income increased by 20 percent between late 2003 and mid last year.

So what do, if your finances are out of control? The problem for many consumers is to know where to turn. Citizens Advice has been inundated with record levels of consultation, but in reality what can reasonably be expected to do? Under-funded and resourced, no doubt.

Commenting on the figures of recovery, Michael Coogan CML director general said that now would be a good time for borrowers to review their financial commitments. Cut unnecessary spending, ensuring that they have a deal appropriate and adequate insurance to mortgage, such as payment protection insurance mortgage can make the difference between coping and falling into trouble.

Let to explore a little deeper. How many consumers proactively review their financial commitments? The minority, of course. If the whole world, there would anyone sitting in any bank standard variable rates and banks could bleat about the horrendous loss. In fact, many consumers are still unaware of the data of CML?

Momentum

On top of the bleak picture of the front is a major boost needed some recovery in the mortgage market. There two key factors at play here. First, pre-M Day outgoing calls to generate research legal mortgage. Post-M on the day it was banned. It was banned unilaterally by the FSA, but I dare say, any qualitative research undertaken to see what the ban would impact outbound in the particular market with consumers who are not proactive about reviewing their finances. It is clear that large banks have lobbied hard for outgoing calls prohibited and for good reason.

We estimate that more than one million mortgages Lead outgoing calls were made in the UK each week before the M-Day. Forget of semantics about whether outgoing calls should be allowed or not - if you really object can call BT and get your number blocked - there are plenty of activities that simply is not happening now. There are many consumers out there who do not know where to turn until it is too late. Outgoing calls is certainly a direct approach, and how many of those calls are not being aimed at consumers who need help desperately and do not know where to get it?

I am certainly not talking about the set London or our politicians in Canary Wharf, I am talking about beating borrowers lower socio-economic and not so economically, that have been flooded with cards credit credit card offers, and lost control of everything. In terms of marketing I am talking about C and D level clients not receiving As and Bs most of focus. Without help, no compensation will be credit card and loan offers from your mailbox, but freezing orders. No calling out means that there is an important stimulus in the mortgage market failure. The total volume of loans were significantly in the last year, and some of which should be attributable this factor alone.

AMI Many have turned their backs on mortgage business. It is difficult to quantify how many, but in the UK mortgage Summit in Jerez last year it was estimated that up to 30 percent of mortgage brokers and IFAs who completed the mortgage for the pre-M Day would do so with 18 months regulation. Do mortgage business in a heavily regulated environment has suddenly become a whole lot harder.

There are literally twice the amount of paperwork to complete now, strong FSA to pay the fees and pay significant fines if you fall ill of the supervisor of the sector, and yes that is how the FSA refers to himself as a watchdog. Imagine a Doberman, gnashing his teeth and foaming at the mouth. It is enough to put anyone out of business writing mortgage especially if you are an IFA suit a man who does not want to risk years of hard work in the construction of a good way of life, pensions and insurance.

Protection

This also leads to the thorny issue of payment protection insurance. CML points out there are low levels of awareness consumers about the risk of payment and the ways it can be administered. There is a real danger that endless revisions and comments on the accident lump sum, disease and unemployment payments against monthly premium policies will scare most AMI and mortgage brokers away from the sale of any. It is very difficult to solve, but in our experience with high-risk clients is easy for them to cancel a direct debit when things get tight, and that is exactly the time they need insurance payment protection to help them out.

That is a topic for another time, but with foreclosures on the rise, a subject must not be ignored by the IFA and the community mortgage broker. Cover and discuss payment protection to all its customers, make sure it is written down as well, or in the eyes of the FSA never occurred.

The industry has to follow the advice of Michael Coogan, who is now a good time for borrowers to review their financial commitments, but AMI mortgage brokers who need desperately to be the most pro-active. Pick up the phone and ring your customers, a call that could save money and relieve stress and headaches finances are out of control, certainly not that bad.

There is no doubt that the combined impact of any outgoing calls and many AMI less chasing mortgage business means fewer choices for customers to access a review of its financial commitments, which could spell disaster. The economy largely dependent on British consumer confidence and a sharp rise in foreclosures would be a significant blow to that confidence.

About the Author

Matt Davies writes articles on the finance industry for www.blackandwhite.co.uk, who offer secured loans to all kinds of people, even those with bad credit.

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