People experiencing loan charges may be interested to hear that an expert believes many mortgage lenders are "stuck in their old ways".Andy Pratt, chief operating officer at Alexander Hall, a company that provides independent mortgage advice, claims that lenders should think in terms of one per cent when it comes to loan to value (LTV) rates, rather than in five per cent blocks.He said: "We talk about 85, 90 and 95 per cent [LTV], but why don't we go to 91, 92 or 93?"Those per cents on the average house values are significant and if a lender is looking to manage his business in terms of risk, then incrementally shifting things up by smaller than five per cent [gaps] would make sense."Mr Pratt added that he believes this way of doing things is "archaic" and that first-time buyers should not have to save up another five per cent to get a mortgage.John FieldmanHaving worked in the city for 19 years, John's main focus is interest rates and corporate finance.
Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk number 18273
Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233, whose head office and registered office is at Suite 2, Unit 25, The Coda Centre, Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.
Belmont Thornton Ltd is registered with the Information Commissioners Office to ensure compliance with the Data Protection Act 1998 registration number Z1728023 and holds a Credit Consumer License issued by the Office of Fair Trading license number 634655.
Please note that calls may be recorded and email traffic monitored for the purposes of security and staff training.
* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.