Obligo - yes, strange name I know, pronounced "ob-lee-go" it’s a very different name for a mortgage broker, but then we are a very different mortgage broker, and we serve the independent sector in a very different way.
I am under no illusion that as we sit here today, mortgages are sometimes the last thing on your minds as you navigate your way around hostile market conditions. But, and here is the rub, unlike any other broker you may have dealt with, we have built a service offering based on the needs of agents, not on the needs of mortgage brokers. I suspect you have heard it all before, and I would not blame you for being cynical, but if you get 5 minutes click through any of our ads on the EAT website and take a look at what we are doing.
Anyway - that’s enough selling for one blog. Let's have a quick look at mortgageland.
June has seen more rate activity in the mortgage market than the rest of the year put together according to our product team. Rates have edged up with some lenders, and down with others - in other words it's been sunshine with clouds - whether you get sunshine or clouds depends on which way the wind is blowing - but as we know that the mortgage market these days!
Last month Northern Rock surprised everybody with a return to high LTV punting a new 90% LTV deal. Then hot on the Rocks' heels, The Coventry came to market with a great value 90% deal for first time buyers at 5.99% fixed for 5 years. Since then there have been numerous adjustments to fees and rates from lenders in the 90% LTV arena. This is great news for customers as it makes getting on the first rung just that little bit easier.
And it doesn’t stop with First Time Buyers - in their tussle for those desirable low risk mortgages where buyers have a chunky deposit of 25% or more, lenders are really trying to out gun each other to win the business. Low rates together with free legal's, valuations, cash back and other freebies are on offer to entice borrowers to take new deals.
Now I suspect that rates and LTVs are of not too much interest, but what it does mean is that lenders are (I am going to stick my neck out!) finally having to compete with each other business and that’s got to be good. What we hope to see next are changes in underwriting rules to see mortgages being a tad more inclusive - we see too many good mortgage cases being declined through lack of underwriting flexibility. We have to fix that soon if the market is to pick up rather than just limping along in the wilderness.
I did say earlier that was end of the sales pitch, but if you will indulge me a little further, I am very happy to linkin with you, and answer questions about mortgage issues that you may have. What I can't promise to do however is to resist the temptation to tell you about Obligo!
Ray Bohringer is Director of B2B sales at Obligo and has over 25 years board level experience in the B2B mortgage market.
Comments
Not only underwriter flexibilty but its about time BDM's where given their teeth back. They just seem to be a bunch of shoulder shruggers at the moment.
go on ray - you tel em!
all well and good Obligo, but what agents need is lenders to lend and valuers to value. In fairness what obligo are doing does look good i have to say, but without common sense lending we are dead in the water.
Its nice to see somebody from the mortgage world actually acknowledging the imprtance of estate agents. Bohringer (so i hear) is a big fish in mortgages - lets see if he can really do it for agents.
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