The Mortgage Event in Glasgow is always an interesting event – in recent years it has been interesting to look at the new opportunities popping up and new lending products. This year it was interesting due to the turmoil and liquidity issues htting the markets.
John Malone, of mortgage club PMS, reported that the estimated UK gross lending in 2008 would be around £265 Billion – a staggering £100 billion less than the previous year. An amazing retreat by anyones calculations. But here is the calculation that really made the audience of IFAs and brokers catch their breath – that means £500 million less in proc fees going around. Bad news for those reliant on selling mortgages.
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