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Capital Home Loans goes live on Phoebus platform

Capital Home Loans has gone live on the Phoebus servicing platform.

The implementation includes the migration of CHL’s existing mortgage book of 57,000 accounts, worth around £4 billion.

The new CHL solution comprises Phoebus’ primary and special servicing functionality, shortfall recovery and securitisation capability.

Phoebus Software’s sales and marketing director, Richard Pike, said: “This project is testimony to our two organisations working in partnership to deliver a very successful outcome. Once again, the pedigree of the Phoebus primary and special servicing functionality will assist another high profile client to achieve its major strategic objectives on a highly scalable platform.

“Obviously we are pleased to have been able to deliver yet another successful migration project. This is an area that is very high risk, but which we are recognised specialists in. Clearly after our recent announcement of hitting £40 billion assets under management on Phoebus, this migration pushes us well on the way towards the major milestone of £50 billion.

New home shortage expected from 2021

Speaking at a conference in Budapest on Wednesday, Takarék Mortgage Bank CEO Gyula Nagy said that, in regional comparison, Hungarian home prices are still not high; prices have just been correcting upwards from a very low point.

Last year in Q1-Q3, home prices rose by 10.3%, in 2016 in the same period by 17%, which shows that the rate of price increases is slowing, Nagy said, as cited by national news agency MTI.

Banks are growing more cautious, home loan interest rates have been rising for a few months but the share of home loans in Hungary is still relatively low compared to the region, Nagy added.

Áron Horváth from Eltinga property market research center said  that in 2018 home prices could rise on average by 5-10% in Hungary but in the capital this could be higher than 10%.

Also this week, finance minister Mihály Varga said that the government does not plan to extend the preferential 5% VAT for new homes, which will end in December 2019.

OTP Ingatlanpont made a calculation regarding possible effects on the market of the VAT returning to 27%. Now that the intentions of the government are clear, customers will be motivated to pay the price of their homes under construction before December 2019, so that they will not have to pay the 22% higher price. This will increase applications for credit, OTP Ingatlanpont says, as cited by business daily Világgazdaság.

Does Capital One have a loan that I can use to pay off another credit card, besides a home loan?

I do not own a home. My Capital One interest rate is about half of my other credit card.


They offer personal unsecured loans, but make sure your credit is good before applying.

Thanks!