News, news, news but is it what we want to read? Wouldn’t it be nice for once to read a press release that actually told the whole truth and not some corporate spin? Well this blog will aim to put a spin on the spin!
We have the usual stuff which feeds our weekly diet of news worthiness. More products launched but none seem to be from the big lenders who are the only ones who can make a material difference to the market.
Other non-surprises this month included news that the long awaited launch of Tesco into the mortgage market (won’t make a blind bit of difference!) is delayed again at a cost of £40m (peanuts ….well actually Tesco’s peanut sales probably make more than £40m).
HSBC committed to lend more in 2012 but not through intermediaries and at the same time slashed the number of legal firms they use for conveyancing (can you hear the poor solicitors bleating about that in their oak panelled offices?).
More interestingly this month was the re-emergence of the mighty Martin Reynolds at Simplybiz. He may now be without the deep expense pockets of edeus and without the father figure of John Malone but he does have the added bonus of sitting and watching Huddersfield Town from his offices at the Galpharm (whatever or whoever that is) stadium.
Lord Mark Lofthouse of Mortgage Brain fame is at it again spending time at his new friend’s place the Office of Fair Trading. He must love the OFT as every time he tries to expand the Mortgage Brain empire he is duly summoned to explain himself.
Lastly we can’t go by this month without talking about Virgin Money. What will this have in store for Northern Rock and intermediaries.
Well let’s take of couple of Branson quotes as an example.
“With the casino and the beds, the passengers on our flights will have two ways to get lucky!”
“Fortunately we are not a public company – we’re a private group of companies, and I can do what I want.”
Bring on the sex, drugs and rock and roll to the mortgage world I say!
