Mortgage Strategy
1 August 2005

  • A real result for small broker firms

    1 Aug 2005

    By now, all of you will have received your annual invoice from the Financial Services Authority. Not a pleasant experience, but you will no doubt have been delighted to see there was a 70 rebate as a result of the FSA having received 500,000 from the now defunct Mortgage Code Compliance Board.For the mass of small broker firms the minimum fee for the A18 fee block, covering mortgage lenders, advisers and arrangers, was reduced from 620 to 550. The A19 fee block for general insurance ...

  • A&L plans to enter buy-to-let market in 2006

    4 Aug 2005

    Alliance & Leicester is gearing up to join the buy-to-let market in an exciting new move by the lender.

  • A&L welcomes interest rate cut

    4 Aug 2005

    Alliance & Leicester has welcomed the MPC's decison to cut interest rates.

  • Abbey is looking at specialist markets

    1 Aug 2005

    Abbey has confirmed that it is looking at entering the sub-prime and buy-to-let markets. The UK's second largest bank owned sub-prime lender First National before selling it to GE two years ago. Abbey was also rumoured to have made an informal approach for the Kensington Group in March this year. However, the firm now says it is looking at both the sub-prime and buy-to-let markets. Ricky Okey, director of mortgage and protection at Abbey, says: "In our core areas we ...

  • Advantage launches new S500 range

    4 Aug 2005

    Branded mortgage arranger Advantage Home Loans, has launched a completely new range of products through its S500 range, funded by SPML.

  • Amber launches full range of fixed deals

    1 Aug 2005

    Amber Homeloans has launched a full range of fixed rate mortgage products.Adverse fixed rates are available to full-status or self-cert customers, with rates of 4.99% for feather adverse full status, 5.49% for light adverse full status and 5.99% for medium adverse full status. All offer no early redemption charge tie-in and £500 cashback. Proc fees up to 1% are payable for direct applications, subject to a maximum of £4,000.The prime self-cert product has a three-year ...

  • Amber launches new fixed-rates

    2 Aug 2005

    Amber Homeloans has launched a full range of competitive fixed rate mortgage products available exclusively via the intermediary market.

  • At-a-glance guide to lifestyle and risk

    1 Aug 2005

    "An amazing insight into how lifestyle affects health."

  • B&W gave me rubbish service compared with GMAC-RFC

    1 Aug 2005

    From Brian Humphreys In a nutshell, my story is: Bristol & West - seven weeks and still waiting.

  • Back office boost for Exclusive

    1 Aug 2005

    Dashboard Software has teamed up with Exclusive Connections to provide a packaging solution for EC's branded members across the network.Dashboard offers a back office solution with a suite of management information and reports for members at the click of a button. It also features commission reconciliation and case tracking plus electronic recording of the history of events, which helps with the compliance and audit trails.

  • Bank of England reduces interest rate to 4.5%

    4 Aug 2005

    The Bank of England has reduced interest rates by 0.25% to 4.5%.This is the first rate cut in two years and the first rate change since August 2004, when rates were held at 4.75%.

  • Banks' rush to lend could end in tears

    1 Aug 2005

    "Supply exceeds demand in sub-prime."

  • Base rate cut expected says AXA

    4 Aug 2005

    Gareth Isaac, fixed income fund manager at AXA Investment Managers says the MPCs move to reduce rates has been widely expected. He says: "The move by The Bank of Englands monetary policy committee to reduce rates by 0.25% to 4.5% has been widely expected by the market, and follows a close vote last month, when four of the committee members voted to reduce the cost of borrowing. The committee appears to have acted in response to deteriorating retail sales data and uncertainty surrounding ...

  • Beer & Partners launch finance venture

    1 Aug 2005

    Beer & Partners, the UKs largest business angel network, has launched a new division offering finance packages specifically for residential and commercial property development in the 1m 100m range.

  • Bolton's bash

    1 Aug 2005

    And so to the Gherkin. that fantastic phallic-shaped edifice in the city of London up which the great and the good of the mortgage industry ascended to celebrate four decades of Michael Bolton. And, as our pictures (see magazine) below illustrate, Bolton's certainly been getting around since 1966, helping England defeat West Germany 4-2 after extra time. Not content with sporting achievement, Bolton moved on to tackle the unions in the 1970s. But it was in the 1980's that St Michael ...

  • Borrowers fear low interest rates will not hold

    4 Aug 2005

    Despite the Bank of England MPCs decision to drop interest rate levels to 4.5%, research from Mortgages Direct, the financial subsidiary of Spicerhaart, reveals that more borrowers are continuing to opt for fixed rate deals.

  • Bristol & West change mortgage products

    5 Aug 2005

    Bristol &West is changing its mortgage products in response to falling market rates.

  • Brokers rate BMs service better than the rest

    2 Aug 2005

    An independent broker survey shows BM Solutions provides industry leading service.

  • Burns-Anderson announces its Multi-tie panel

    1 Aug 2005

    The Burns-Anderson Independent Network has today announced its multi-tie partnership following a rigorous selection process.

  • CML welcomes rate BOE rate cut

    4 Aug 2005

    The CML welcomes today's announcement by the Bank of England's Monetary Policy Committee that base rates will fall to 4.5%, the same level they were at in June 2004.

  • CMLS launch branded lending arm with Kensington

    1 Aug 2005

    Complete Mortgage and Loan Services is one of the first six packaging companies to undertake branded lending with Kensington Mortgage Company.

  • CMLS signs up franchised packager firm

    4 Aug 2005

    Complete Mortgage and Loan Services has signed its latest franchise agreement with Southampton-based Fee-Saver Mortgages.

  • Cobalt Capital welcomes base rate cut

    4 Aug 2005

    Cobalt Capital has welcomed the Monetary Policy Committees decision to the Bank base rate by 0.25% to 4.50%.

  • Cost must drive switch to e-commerce

    1 Aug 2005

    "The fall of the product guide and the API can't come soon enough."

  • Coventry adds a proc fee viewer to website

    1 Aug 2005

    Coventry has added a proc fee viewing service on its dedicated intermediary website, www.thecoventry.co.uk/ intermediaries.Brokers at individual, company or principal level can view the proc fees they have received, including information about the applicant, loan type and loan amount.They can also view the proc fee due to them before a case completes, using Coventry's enhanced case tracking system.Julie Jones, head of intermediary sales at Coventry, says: "We recognise the ...

  • Coventry launch buy-to-let insurance

    1 Aug 2005

    The Coventry has launched CoventryLet, a freestanding investment property insurance service offering various levels of insurance cover.

  • CurriculumVitae

    1 Aug 2005

    Name: Roger MorrisAge: 40Company: em-financialJob title: Managing directorWhere do you live? Bishopton, near DarlingtonDescribe your current job: I pride myself on being a hands-on managing director. I am responsible for motivating and managing the senior management team who in turn motivate their teams. It's important to me to ensure that all members of staff throughout the regional office bases are happy in their jobs. I make a point of regularly visiting our nationwide ...

  • Data link needed in the buying chain

    1 Aug 2005

    The number of housing transactions is significantly down on last year. First-time buyers and buy-to-let entrepreneurs are disappearing species and without them it is difficult for the market to achieve momentum. This is a problem for mortgage brokers and lenders but it also has repercussions across the legal and conveyancing professions. In these conditions it is more important than ever that the legal profession and the estate agency market improve efficiency and reduce costs. In other ...

  • Derbyshire welcomes rate cut

    4 Aug 2005

    The Bank of England's Monetary Policy Committees decision to cut its base rate by 0.25% has been welcomed by The Derbyshire.

  • Don't reinvent the regulatory wheel

    1 Aug 2005

    "The consultation flies a kite for a European mortgage market."

  • em-homeloans offers free valuations on sub-prime range

    1 Aug 2005

    em-homeloans is to offer free valuations across its entire sub-prime range, including deals from Kensington, Platform, GMAC-RFC, rooftop, SPML, First National and Mortgages PLC.

  • Endowment claims firms take 25% and pose as the good guys

    1 Aug 2005

    From Nigel Pamment I read with interest Jim Gillespie's letter in your July 11 issue regarding the ambulance chasers of the financial services industry and I agree with him 110%. The thing that worries me about these seekers after truth and justice for the poor unsuspecting public, once again being duped by a so-called adviser, is that in their adverts, the way it comes across is that they are working for the regulator. Therefore they are seen to be out to slap the hands of the ...

  • Enterprise joins Thinc panel

    1 Aug 2005

    Enterprise Group has been appointed to the panel of Thinc Destini, to deal with sub-prime mortgages.A branded packaging company has been created by Enterprise especially forThinc Destini, which will beone of three packagers on the panel.

  • Exclusive B2L deals with MEX

    1 Aug 2005

    Exclusive Connections has launched three buy-to-let non-status exclusive products with Mortgage Express.Craig Easeman, head of sales and marketing for Exclusive Connections, says: "We are now able to market two fixed rates and one discounted rate all non-status up to 70% LTV."

  • First Active targets B2L via brokers

    1 Aug 2005

    First Active is launching into the buy-to-let sector, targeting the remortgage market, exclusively through intermediaries.Its products include a fixed rate and a discount rate. These mark what First Active calls its latest phase of development, with rates that "start and stay low."The fixed rate product has a 5.19% rate until November 30, 2007 and the two-year discount product a rate of 5.54% variable, tracking the base rate.When both initial deals finish, customers will ...

  • First-time buyers with a difference

    1 Aug 2005

    It's graduation time and up and down the country thousands of students are fulfilling their dreams and starting to celebrate after a successful stint at university has earned them their gowns and mortar boards.For most, this will be the start of a new era, entering the world of paid employment, upping sticks and moving out of the rented accommodation they have occupied for the duration of their courses. And for the majority who don't want to move back in with their parents it will ...

  • Freedom sells 70m mortgage portfolio to Mortgages PLC

    3 Aug 2005

    Freedom Lending has sold a 70m tranche of mortgage assets to Mortgages PLC.

  • FSA fines Bear Stearns 40,000

    1 Aug 2005

    The Financial Services Authority has today fined Bear Stearns International Limited 40,000 for failing to report contracts for differences transactions.

  • FSA fines Bear Stearns for transaction reporting failures

    1 Aug 2005

    The Financial Services Authority (FSA) has today fined Bear Stearns International Limited 40,000 for failing to report contracts for differences (CFD) transactions.

  • FSA restricts Jonathan Elms following pensions review failures

    1 Aug 2005

    The Financial Services Authority today prohibited Jonathan Elms, former senior partner of Teare Rose, financial advisers, from holding any position as an approved person involving the exercise of significant influence within a regulated firm.

  • FSA says 1,600 firms are using fee instalment plan

    1 Aug 2005

    The Financial Services Authority has revealed that around 1,600 small firms have already taken advantage of its fee instalment scheme.Earlier this year, the FSA brought together the Small Business Practitioner Panel, the Financial Services Compensation Scheme and trade associations and credit providers to come up with a suitable fee instalment scheme.Graeme Ashley-Fenn, director of contact, revenue and information management at the FSA, says: "The fact that over 1,600 firms ...

  • FSS to recognise trainers

    1 Aug 2005

    The Financial Services Skills Council has launched a scheme to recognise educational trainers in the financial services sector.The FSSC Recognised Trainer Scheme is suitable both for independent trainers and for individuals working as inhouse trainers.

  • Future of the UK property market

    5 Aug 2005

    Liam Bailey, head of residential research at Knight Frank looks at yesterdays rate reduction and the future of the UK property market.

  • Gloucester rugby media news

    2 Aug 2005

    Gloucester Rugby is delighted to confirm the extension of its long-standing partnership with its main club sponsor Cheltenham & Gloucester.

  • GMAC-RFC achieves top 10 lender status

    1 Aug 2005

    GMAC-RFC has achieved top 10 lender status in figures released by the Council of Mortgage Lenders.It is now the 10th largest mortgage lender in the country, rising from 12th place last year.The results, which show the top lenders by volume, were released several weeks ago but final, confirmed figures were published last week as several lenders had resubmitted data.During 2004 alone, GMAC-RFC advanced 6.3bn in mortgage loans - a 31% increase on the previous year.Following ...

  • GMAC-RFC completes 50th portfolio sale

    1 Aug 2005

    GMAC-RFC, the UKs 10th largest lender, completed its 50th portfolio sale today.

  • GMAC-RFC enhances POSD system

    1 Aug 2005

    GMAC-RFC has enhanced its award winning POSD system.

  • Halifax should call its lifetime mortgage a lifetime mortgage

    1 Aug 2005

    Letter of the weekFrom Jonathan Cornell I am confused about the Halifax Retirement Home Plan, if it's a lifetime mortgage, call it a lifetime mortgage. I have been through the Halifax Lending Criteria and the Halifax Mortgage Guide and neither mentions the word lifetime. I can't even find it mentioned on its intermediary website. The lending criteria does talk about lending into retirement but does not even mention the RHP. It explains that if the ...

  • Heritable Bank reduces mortgage interest rate

    4 Aug 2005

    Heritable Bank, the specialist mortgage lender and UK subsidiary of Landsbanki Islands, has today announced a reduction in its variable interest rates, following the recent reduction in the Bank of England base rate.

  • HIP positive

    1 Aug 2005

    Chartered surveyor, e.surv says it continues to see the implementation of Home Information Packs as a positive development.HIPs are due to be introduced in early 2007 and, whatever the rights and wrongs of the issue, last week's statement from the housing minister confirms what only the most stubborn have by now come to accept - that HIPs will become a reality.Online confidence soars Consumer confidence in internet banking has soared, says a report by Lloyds TSB internet banking. ...

  • House price collapse unlikely

    3 Aug 2005

    cebr's annual detailed assessment of the state of the UK housing market, shows the price of the average UK house is to be over 335,000 by 2025.

  • House price increase of 0.2% in July

    5 Aug 2005

    Overall, there has been virtually no change in the average UK house price since the beginning of 2005, says the Halifax House Price Index.

  • Housing market to be subdued over next two years

    3 Aug 2005

    The Council of Mortgage Lenders housing and mortgage market lenders forecast for 2005-2007 shows the housing market is likely to be subdued over next two years.

  • IF passes on base rate cut

    4 Aug 2005

    Intelligence Finance will pass on the full 0.25% reduction to all its variable mortgage-borrowers, following the decision by the Bank of Englands Monetary Policy Committee to reduce the base rate by 0.25%.

  • ING rumour proves market is dynamic

    1 Aug 2005

    "The company is sending out signals it is ambitious."

  • Insight

    1 Aug 2005

    kevin patersonnational sales director,Park Row AssociatesI've heard of all three lenders this week. I was looking forward to reviewing them and have to say I was pleasantly surprised.The C&G site is efficient, corporate and clean with an obvious intermediary thread while the Chesham and the Cheshire also surprised me with their clear commitment to the intermediary community. Interestingly, Cheshire is the only one of the three to offer an online Key Facts Illustration facility.Refreshingly

  • Insurers finding it tough adapting to regulation

    5 Aug 2005

    Six months on from GI-Day, insurers are continuing to find regulation a struggle, says Huntswood, a leading compliance specialist and consultant to the retail financial services industry.

  • Interest rate cut to stimulate market

    4 Aug 2005

    The Mortgage Advice Bureau believes that the interest rate cut is long overdue.

  • Interest rate cut unlikely to stimulate market in Wales

    4 Aug 2005

    Peter Griffiths, chief executive of Principality says it was expecting the cut and hopes it will encourage more customers in the market.

  • Islamic deals to reach £1.4bn in 2009

    1 Aug 2005

    Datamonitor predicts that the Islamic mortgage market will grow at an average of 47% per year to reach £1.4bn in gross advances by 2009, as more mainstream lenders realise its potential.The removal of double Stamp Duty, which previously made Islamic mortgages too expensive, has in part been the catalyst for more mainstream lenders such as HSBC and Lloyds TSB becoming involved.

  • John Charcol says interest rate cut will restore confidence

    4 Aug 2005

    John Charcol says a return in consumer confidence will restore faith in the housing market as a result of the decision by the MPC to cut interest rates to 4.5%. Ray Boulger, senior technical manager, says: "Today's cut has been fully discounted by market professionals but about half the population were expecting the next base rate change to be upwards.

  • Just results

    1 Aug 2005

    Just Retirement, the enhanced annuity and equity release specialist, has revealed annual sales of £117m for its first financial period.

  • Kensington cuts rates

    1 Aug 2005

    Kensington Mortgages has cut its two and three-year fixed rate products.

  • Leadgeneration

    1 Aug 2005

    Leadbay generates leads from a number of websites using a standardised form where consumers confirm they want to speak to a mortgage adviser. This service is unique as it requires advisers to bid for the type of lead required via the website. So if you want to receive a self-cert remortgage with a loan value of more than 150,000 you can view the bidding levels and set up your own bid. The highest bid at the time the next lead becomes available in the relevant category will win - ...

  • Leeds & Hobeck launch shared ownership deal

    1 Aug 2005

    Leeds & Holbeck has launched a new 5.79% five-year fixed rateshared ownership mortgage.

  • Leeds & Holbeck launches five-year fixed rate

    1 Aug 2005

    Leeds & Holbeck has launched a new 5-year fixed rate mortgagewith a fee free version for customers who need help with up front costs.

  • Lenders agree to everything the FSA says, logical or not

    1 Aug 2005

    From Mike Prissick I have just been told by Northern Rock that my client making overpayments on her mortgage is not an acceptable method of showing intention of paying it off but an investment plan is. Northern Rock offers virtually unlimited overpayment facilities and the applicant says she'll make sufficient overpayments to repay the entire loan by the end of the 15-year fix. Isn't that more acceptable than being forced into an investment vehicle that may or may not hit the ...

  • Lenders embroiled in fixed rate war

    2 Aug 2005

    Bradford & Bingley has taken a look at the current deals available and what borrowers should do now, as lenders are embroiled I a fixed rate war.

  • Lenders waste too much of our time

    1 Aug 2005

    It's been an interesting week, ploughing through the usual emails and dealing with the normal selection of clients. If you're an ordinary IFA like me, you'll know what it's like.I work for a small practice in Birmingham - the real front line of the industry, looking after the man on the street. We don't have glamorous offices, sophisticated systems or inhouse compliance teams. To many corporate chaps we'd seem humdrum, but I promise you our lives are rarely dull.We deal with ...

  • London takes top honours in cost-of-living

    1 Aug 2005

    As A-Level and Highers students prepare for exam results, research from The Royal Bank of Scotland reveals that for financially-savvy undergraduates, London is the most cost-effective place to study.

  • Many brokers say sub-prime is just fine as it is

    1 Aug 2005

    Just over a quarter of intermediaries who voted in our straw poll last week believe the sub-prime market is overcrowded and there is no room for new player, Morgan Stanley.Mortgage Strategy exclusively revealed last week that Morgan Stanley was aiming to make its mark on the sub-prime sector in a move likely to shake up the market.Despite 26% of the 2896 intermediaries that took part in our poll believing the sector to be overcrowded, 74% recognise that more competition could ...

  • Mark Riddick takes the chair at Pisces

    5 Aug 2005

    Mark Riddick has been named as the new chair of Property Information Systems Common Exchange Standard, with immediate effect.

  • Market Watch

    1 Aug 2005

    The FSA firms online website is excellent, so register for it soon

  • Meadows case appeal is turned down

    1 Aug 2005

    The Court of Appeal last week upheld a case against London North Securities,The hearing determined that the judge at an earlier hearing was right to find in favour of Tony and Michelle Meadows, whose £5,000 loan for home improvements ballooned to a debt of over £380,000.The case made national headlines in October 2004 when Judge Howarth, sitting at Liverpool County Court, found in favour of the Meadows and ordered the whole of the couple's debt to their lender to be ...

  • Money Partners' securitisation

    1 Aug 2005

    Money Partners has completed its first securitisation deal in the UK residential mortgage backed securities market.Totalling 400m and comprising non-conforming first and second charge mortgages, the deal was issued by Money Partners Securities with Barclays Capital acting as lead manager.

  • Mortgage advisers rated top among buy-to-let landlords

    1 Aug 2005

    Landlords believe that mortgage advisers are ticking the right boxes in terms of quality of service and value for money, a recent study conducted by specialist buy-to-let lender Mortgage Trust has found.

  • Mortgage advisers top the poll

    1 Aug 2005

    Landlords believe mortgage advisers are ticking the right boxes in terms of quality of service and value for money, a recent study by specialist buy-to-let lender Mortgage Trust has found.

  • Mortgage lending hits 2005 high

    1 Aug 2005

    Figures from the Major British Bankers Group on lending to individuals shows gross mortgage lending peaked at £16.5bn in June.This was the highest total of the year so far, though 9% lower than in June 2004.Seasonally adjusted net mortgage lending rose by £4.6bn compared with £4.5bn in May and £5.6bn in June 2004. This compares with an average of £4.5bn over the previous six months.There were 195,242 mortgage approvals in June - a total of £17.9bn. ...

  • Mortgageforce price was £6.8m

    1 Aug 2005

    West Bromwich's annual accounts reveal it bought mortgageforce for £6.8m in March this year, though one industry source says the actual figure was nearer £10m.The national franchise operation was bought by the West Brom on March 22 as a wholly-owned subsidiary.West Brom's accounts show mortgageforce's profit after tax for the year ending March 31, 2004 was £121,000, and that it was bought for £6.8m.One source tells Mortgage Strategy that the real figure ...

  • MPC cut no surprise says CSAM

    4 Aug 2005

    Ian Fishwick, Head of UK Fixed Income at Credit Suisse Asset Management says rates could easily stay in the 4-4.5% range throughout 2006. He says: "The Bank of England has cut interest rates today, primarily because it wants to ensure that there is no precipitous fall in consumer spending at any point in the near future, which in turn could lead to inflation falling significantly below target. This move will not have come as a surprise to the market, where an August rate cut has ...

  • MPC's 100th anniversary

    1 Aug 2005

    This week marks the 100th Monetary Policy Committee meeting.

  • MPCs decision widely anticipated says B&B

    4 Aug 2005

    David Bitner, head of mortgages at Bradford & Bingley, says the MPCs decision to cut the base rate today was widely anticipated.

  • MS kart teams dominate in East End showdown

    1 Aug 2005

    Mortgage Strategy swept the board at Chelsea's annual go-karting tournament in London's East End last week.Strategy's two teams walked off with first and third places out of the 11 teams that took part in the event, held at Revolution Karting in Mile End.Editor Robyn Hall and senior reporter Barney McCarthy took the top prize with an unerring display of precision driving in torrential rain, thrashing the 50mph karts round the track with the minimum of fuss.And ...

  • MT exclusive breaks 6% barrier

    1 Aug 2005

    The Mortgage Times Group and specialist lender First National have launched an exclusive two-year fixed rate product at 5.99%.The product comes at 75% LTV with no extended early repayment charges.Christopher May, director at The Mortgage Times Group, says: "This year we have seen an increasing dependence on two-year fixed rates without extended early repayment charges in the sub-prime sector."Our members have been crying out for us to break through the 6% barrier and we ...

  • Multiple interest rate cuts ahead as inflation fears recede

    1 Aug 2005

    A much-reduced inflation threat will allow the Monetary Policy Committee to cut interest rates by 0.25% when it meets on 4 August, with a further cut still to come later in early autumn.

  • Nationwide sets date for issuing housing review results

    2 Aug 2005

  • New five-year fixed rates for Gibraltar

    1 Aug 2005

    Leeds & Holbeck, which changes its name to Leeds in September, has launched a new reduced five-year fixed rate mortgage.

  • Newspaper group makes Smart buy

    1 Aug 2005

    SmartNewHomes. com has been acquired by Trinity Mirror. The newspaper publisher has purchased Smart Media Services for an initial sum of £11.3m and a deferred consideration based on future earnings.

  • Northern Rock offers free legal fees for remortgages

    2 Aug 2005

    Northern Rock has launched a free legal fees offer for remortgage clients, where all standard legal work will be paid for. Remortgages on all flexible fixed, stepped fixed, tracker and standard products will qualify, providing one of Northern Rocks panel solicitors is used. This new deal, which has no clawback conditions, is available in addition to the 1,000 help with costs and arrangement fee save options, which are available on the majority of Northern Rocks products.

  • Number of landlords could rise by 40% in next 10 years

    1 Aug 2005

    Landlord Mortgages is predicting a 40% rise in the number of commercial landlords over the next 10 years, as buyers tap into the market.Lee Grandin, managing director of Landlord Mortgages, expects to see more professionals entering the market, which he says will have diminishing attraction for smaller investors.Grandin says this increase in commercial landlords is reflected in Landlord's business levels.He adds: "Business volumes in July 2005 are 25% up on this time last ...

  • Open standards charge has not yet been agreed

    1 Aug 2005

    From Paul Pettitt I am writing in response to the article entitled 'Open standards divide lenders' in Mortgage Strategy July 18. While it is good to see debate in the industry about the need for open standards, the article is rather misleading. It assumes that because the life, pensions and investment providers currently pay an annual fee of 10,000 plus VAT for Origo standards, the mortgage industry will pay the same. This is not the case. The level of charge and model for ...

  • Open standards will benefit industry

    1 Aug 2005

    "Demand for real e-commerce is growing."

  • Openwork to rate lenders' service

    1 Aug 2005

    Openwork plans to cut its lending panel to less than 30 in the next six months, and name and shame lenders who fail to meet its standards.Paul Shearman, mortgage proposition director at Openwork, says its present lending panel of 38 is too big. It feels a smaller panel would bring more benefits to intermediaries.He says: "We think it would massively benefit intermediaries to cut our panel. We want the lenders who can offer the best propositions to our advisers and will be producing ...

  • Paymentshield's DA service

    1 Aug 2005

    Paymentshield has launched a limited protection panel offering, aimed at directly authorised adviser firms. The Paymentshield Protection Club consists of Norwich Union, Scottish Provident, Standard Life and Scottish Widows.

  • PFS Conference

    1 Aug 2005

    Personal Finance Society members have been sent details of the inaugural PFS Conference, which will take place on November 21 and 22 in Birmingham.

  • Pink Home Loans launches exclusive fixed self cert

    3 Aug 2005

    Pink Home Loans is promoting a two-year self-cert exclusive fixed rate product, funded by BM Solutions at 4.99% with free valuation.

  • Platform narrows the gap in sub-prime sector

    1 Aug 2005

    Platform, the intermediary lender of Britannia, has launched a range of almost and near prime products designed to narrow the gap between prime and sub-prime.The range, the first of its kind from the lender, follows the recent launch of clickdecision, Platform's online decision facility.Both almost prime and near prime products have four rate options including three-year trackers and two and three-year fixed rates with no early repayment charge overhangs.Both options are ...

  • Portman comments on base rate cut

    4 Aug 2005

    Matthew Wyles, group development director at Portman, comments on today's Bank of England Base Rate cut:He says: "This rate reduction comes as no surprise and is already fully discounted into the pricing of fixed rate mortgages.

  • Portman cuts rate on its lifetime mortgage

    1 Aug 2005

    Portman has cut the interest rate on its lifetime mortgage from 6.39% to 6.15%.Paul Howard, director of intermediary sales at Portman, says "We have maintained a competitive stance in this market throughout the year and this cut shows our commitment to the lifetime sector."We will continue to offer intermediaries an attractive lifetime product with transparent lending criteria."The product has the advantage of an annual interest calculation and has a no negative equity guarantee.Dean ...

  • Portman rewards member loyalty

    6 Aug 2005

    Portman is offering its most loyal members an unexpected summer windfall with a 5.25% savings rate.

  • Pressure grows on Halifax

    1 Aug 2005

    Ray Boulger, senior technical manager at John Charcol, says he fully supports Jonathan Cornell's campaign for Halifax to stop calling its Retirement Home Plan a lifetime mortgage.Cornell, technical director at Hampton's International Mortgages, is calling for Halifax to rename its Retirement Home Plan, which it currently refers to as a lifetime mortgage.Boulger says: "I am behind Jonathan 100%. My interpretation of the plan is that it is not a lifetime mortgage. For something ...

  • Prices rise

    1 Aug 2005

    House prices rose 0.2% in July, reversing the previous months fall, the Nationwide House Price Report reveals. It says the market continues on a broadly flat but softening trend.

  • Propertyfinder.com urges MPC to keep rates down.

    4 Aug 2005

    Jim Buckle, managing director of propertyfinder.com, says further action to reduce rates in the Autumn now looks justified.

  • Prudential releases details of its lifetime mortgage

    1 Aug 2005

    Prudential has released details of its lifetime mortgage, the Property Value Release Plan.The company previously offered a Northern Rock lifetime mortgage, but revealed in May that it was ending this relationship to launch its own product.The Property Value Release Plan comes with two options. The Flexible Plus option has an increasing loan facility whereby the maximum loan to value rises by 1% of the property value each year, up to a maximum of 35%. The customer is guaranteed ...

  • Rate drop will boost property markets

    5 Aug 2005

    Nick Clark, managing director of the Property Investor Show says the interest cut will boost the property market.

  • Rate reduction to boost buy-to-let

    4 Aug 2005

    Lee Grandin, managing director of Landlord Mortgages, specialist buy-to-let broker says today's decision to cut the base rate is welcome.He says: "Today's rate reduction will come as welcome news to Landlords as it is likely to herald a rate war between buy-to-let mortgage providers as they swiftly cut rates in their battle to gain customers in this competitive environment."Looking at the general housing market, I don't feel that this rate change, welcome though it is, ...

  • Refer your equity clients to specialists

    1 Aug 2005

    "IFAs and brokers are shying away from equity release."

  • Remove temptations to mis-sell MPPI

    1 Aug 2005

    "The corporate emphasis has been on MPPI as an income generator."

  • Scarborough launches mortgage range

    2 Aug 2005

    Scarborough, one of the UKs top-twenty societies, has launched its new core mortgage range. With a choice of fixed rates, variable trackers, cash-back and buy-to-lets. Scarborough says it is trying to provide a fair long-term value deal to customers, both existing and new customers. Customers taking a mortgage with the Scarborough will start with a rate, but when the initial deal ends customers will move to another rate for the life of the mortgage, Bank Base Rate ...

  • Scarborough launches mortgage range

    2 Aug 2005

    Scarborough, one of the UKs top-twenty societies, has launched its new core mortgage range. With a choice of fixed rates, variable trackers, cash-back and buy-to-lets. Scarborough says it is trying to provide a fair long-term value deal to customers, both existing and new customers. Customers taking a mortgage with the Scarborough will start with a rate, but when the initial deal ends customers will move to another rate for the life of the mortgage, Bank Base Rate ...

  • Service to help bankrupt clients

    1 Aug 2005

    Packager Capital Link is launching a national service to mortgage brokers which provides a facility to negotiate with trustees and their solicitors on behalf of bankrupt clients.The service helps clients who are facing the possession of their property so that trustees may settle their outstanding debts.The North Wales-based packager introduced the service last year after changes to the Enterprise Act in April, but is only now promoting it after having ensured it is fully developed ...

  • Should Halifax rename retirement deal?

    1 Aug 2005

    Top Mortgage Strategy pundit Jonathan Cornell has hit out at Halifax for continuing to label its Retirement Home Plan mortgage a lifetime mortgage.The lender will feature in Cornell's regular column as villain of the week until it changes the way it labels its Key Facts Illustration for the product.Cornell's argument is that the product, as it is currently labelled, is confusing to brokers.He says: "It's fine to have good rates but if it's all smoke and mirrors, let's ...

  • Skipton to cut rates after bank base rate decision

    4 Aug 2005

    John Goodfellow, chief executive of Skipton, says: "Many in the market, including Skipton, predicted this interest rate cut, faced with predictions that the UK's housing market will remain static for the next five years and reports that consumer spending on the high street is still relatively sluggish. All that is left now is to see how this cut is reflected in savings and mortgage rates across the industry.

  • SPML launches integrated product range

    1 Aug 2005

    SPML has unveiled its new, integrated product range, incorporating key features that have been designed to enable brokers to meet the borrowing requirements of all their sub-prime customers.

  • SPPL appoints national sales manager

    4 Aug 2005

    Southern Pacific Personal Loans has appointed Marie Kennedy as national sales manager, reporting to SPPLs sales and marketing director John Prust.

  • Steps to fairness

    1 Aug 2005

    For many people, owning a home remains a significant goal and for all but the fortunate few, a mortgage is the means by which they achieve their dream.For first-time buyers, a home represents the opportunity to put down roots and develop an environment in which to enjoy their own lifestyle. And even though ownership of a property may not be an aspiration for everyone, those who choose to rent are often occupying property that has been bought by their landlords with a buy-to-let ...

  • Straw Poll Results

    1 Aug 2005

    Q:Do you think there is room in the market for another sub-prime lender?

  • Study indicates KFIs are no use

    1 Aug 2005

    Research by the Intermediary Mortgage Lenders Association reveals that there is little evidence Key Facts Illustrations are helping customers when choosing a mortgage.The findings come only a week after the Financial Services Consumer Panel hit out at KFIs and labelled them "complex and ludicrous documents".The IMLA research reveals that 86% of its members surveyed believe KFIs have not helped - or made any difference to - consumers and their approach to the mortgage process.The ...

  • Studying the options

    1 Aug 2005

    After two or more years of stealing traffic cones and avoiding studying by all possible means, July and August are the months in which thousands of students graduate from higher education and leave the rented accommodation or university halls they have occupied for the duration of their courses.While many students harbour dreams of moving in with friends immediately after finishing their degrees, graduates are often in for a rude awakening when they realise that renting or buying is ...

  • Taureans are the most bullish about buy-to-let

    1 Aug 2005

    Stubborn Taureans are astrologically more likely to own buy-to-let property, research from Landlord Mortgages has revealed.From its database of 20,000 landlords, Landlord Mortgages has shown that those born under the star sign of Taurus, which is represented by the bull, top the list of property investors, with Aries, Aquarius and Gemini close behind.At the other end of the scale, Cancereans are the star sign most unsure about the buy-to-let property market, followed by Sagittarians, ...

  • Taylor's Tour.....

    1 Aug 2005

    "What does it take to become a racing driver?" I am often asked during my hours as a race instructor.Apart from the obvious - being able to drive quickly - one of the most important attributes is high motivation. If you race, there will be times when things don't go right and it feels like everything is against you. These are the times your will to win is tested. Motivation and hunger for success will keep you going through the bad times.Keeping fit is also important when it ...

  • TBMC roadshows well received

    3 Aug 2005

    Cardiff-based buy-to-let and commercial specialist packager, The Business Mortgage Company has held its first two seminars in Cardiff and Birmingham.

  • TMB cuts fixed rates

    1 Aug 2005

    The Mortgage Business has reduced its two and three-year fixed rates to 5.35%.The two-year rate is fixed at 5.35% until the end of 2007 reverting to 1.79% base rate tracker with an APR of 6.6%.

  • Trigold works with Mortgage 2000

    3 Aug 2005

    Trigold is offering and promoting Mortgage 2000's Casemaster software to its users.

  • UK interest rates cut for first time in two years

    4 Aug 2005

    Quentin Fitzsimmons, manager of the Threadneedle Sterling Bond Fund says todays decision was expected.

  • Use freebies as a soft-sell weapon

    1 Aug 2005

    "We all love a freebie even if we end up paying for it later."

  • We offered a credit repair guarantee back in May

    1 Aug 2005

    From Colin Snowdon I read with interest the news story entitled 'Sub-prime deals from Accord' (Mortgage Strategy July 11) in which the lender is credited with being 'the only lender to offer a full credit repair guarantee'. I'm sorry, but Freedom Lending was the first lender to offer such a guarantee with the launch of our 'On-Track' range in May. On-Track rewards borrowers whenever they make six consecutive monthly mortgage payments on time. This continues until borrowers reach ...

  • When regulation becomes personal

    1 Aug 2005

    For many of us, the first anniversary of receiving our Financial Services Authority part IV permission has come and gone and the routine of working under FSA regulation should now be second nature.The day-to-day activity of advising on and selling mortgages is where most of us have to make sure we remain compliant but there are certain other obligations to be kept in mind, especially by a firm's directors, partners and owners. For example, as firms pass the point when they have ...

  • Where are interest rates heading?

    1 Aug 2005

    It looks like we were wrong to stick to our guns over a November rate cut from the Bank of England.

  • Will a trade body for the lead generation sector be of any benefit to intermediaries?

    1 Aug 2005

    Quay Communications' campaign to set up a trade body for the lead generation sector gets a cool reception from our experts

  • Yorkshire launches second version of divorce mortgage

    3 Aug 2005

    Following the successful launch of Yorkshires fresh start mortgage, the society has developed a second version for individuals who do not need the 100% loan to value facility.

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