The Roundup

Well that weekend seemed to speed past at a rate of knots, and Monday did too!

With June 30 looming I am sure that you are all as busy as ever, so I’ll make this short and sharp.

There was plenty of news in what must have been a slow news week. Multiple reports on majors volume slumps and market share losses. This would have more to do with the fact that they have been hit hard by the pandemic losing so many offshore employee’s, and so can’t get anything done than anything else.

I did read a couple of scary reports about a re-emergence of COVID-19 in china and India. So the major may yet be in this position for a while.

On the positive news front I read a report in mortgage business, stating that analysis from Moody’s investor service suggested that the fed govts stimulus has helped financial stability across the banking sector. They also mentioned the purchase of $54bn in govt bonds from the banks thanks to the quantitative easing measures. Article here…

It really all will be a wait and see from here, as we start to move to back to a kind of normal.

No major news on the banks or rates front, other than ING with 2.09% 2 year fixed last week. Newcastle have reduced their 2 year fixed rates to 2.18% for under 80% Loan to Value Ratio deals. Post June 30 I think as the market continues to tighten we will see more of the bigger players sharpen up their rates again in line with these. We might not have hit the bottom of the fixed rate war just yet.

Don’t forget I am always here if you want to run a scenario, I have got access to Macquarie who have some cracking rates currently too and a fairly quick turnaround for any asset finance deals. Many of the other asset lenders are also struggling with volumes. I think we will see somewhat of a spike in the car market post June 30 too.

Have a smashing week!

JC

Scenarios and interest rates quoted above are suggestions and constitute general advice only.