Mortgage Strategy
1 January 2007

  • £33.9bn secured on dwellings in November, says BoE

    4 Jan 2007

    A whopping £33.9bn was secured on dwellings in November up from £31.7bn in October.

  • 30,000 personal insolvencies expected in first three months of 2007

    3 Jan 2007

    Almost 30,000 personal insolvencies are expected in the first three months of 2007, reveals Grant Thornton.

  • A&L complies with Basel II

    5 Jan 2007

    Alliance & Leicester says it has become the first UK bank to comply with Basel II regulations.

  • All set for buy-to-let bonanza

    1 Jan 2007

    With reports suggesting that buy-to-let lending is heading for a boom in 2007, David Copland looks at the various ways in which brokers can capitalise on the anticipated opportunities in this sector, while still ensuring that they treat their customers fairly

  • Alliance of Mortgage Packagers and Distributors: Distributors must get a life online if they want to survive

    1 Jan 2007

    Prophesies that regulation was going to destroy packagers and that lenders would stop doing business with them have proved false. Now technology is being seen as the threat but this would only pose a danger if packagers refuse to tap into the the vast advantages it can bring

  • Amber launches fixed-rate range

    2 Jan 2007

    Amber Homeloans has launched a range of three-year fixed rate products.

  • AMPD primed to launch online trading platform

    1 Jan 2007

    The Alliance of Mortgage Packagers and Distributors is to launch an e-commerce trading platform.

  • Ask the right questions to avoid buy-to-let pitfalls

    1 Jan 2007

    As the buy-to-let market grows and investors become more sophisticated, Tom ONeill urges brokers to work closely with customers to ascertain products that are relevant to their needs and with lenders in order to foster innovation

  • Bank of Mum and Dad helps a third of FTBs

    5 Jan 2007

    Credit Action’s 2006 report has revealed that almost 38% of parents across Britain have either helped their children with a property purchase or intend to do so in the future.

  • Blackandwhite.co.uk enters packaging arena

    3 Jan 2007

    Blackandwhite.co.uk has entered the sub-prime mortgage packaging arena with a specialist sub-prime mortgage sourcing and submission system called The Mortgage Portal.

  • BM Solutions expands key account key

    4 Jan 2007

    BM Solutions has expanded its key account team with the appointment of two key account managers.

  • Brits like their own castle, says N&P

    2 Jan 2007

    Detached properties were the most popular choice of property for buyers in 2006, reveals Norwich and Peterborough, suggesting the British are less neighbourly than ever.

  • Cascading could lead to broker misery

    1 Jan 2007

    Single-lender cascading could land brokers in deep water and fuel a compensation feeding frenzy not seen since the start of the endowment mis-selling scandal, Personal Touch Packaging has warned.

  • CEBR special report: Danger of early rate hikes

    5 Jan 2007

    The economic news over Christmas and New Year has pointed to strong activity in the UK and continental Europe, and this may well push their respective central bankers into putting up interest rates soon. The picture from the US has been patchier, although firm consumer spending figures and today’s data showing a 167,000 jump in non-farm payrolls in December suggest that GDP growth was better in the fourth quarter of 2006 than in the third, when it was an annualised 2%. A cut in ...

  • Check your firm is right model

    1 Jan 2007

    Now that the FSA is shifting into enforcement mode it might be a good time for brokers to reassess their business criteria to see if they need updating and ascertain whether their network or compliance services provider is giving value for money

  • Chelsea promotes Ford to executive board

    3 Jan 2007

    Chelsea has promoted Peter Ford to its board as resources director.

  • Cheshire branch gets star treatment

    5 Jan 2007

    The Manchester branch of the Cheshire on Cross Street became a film studio for the day as ITV Granada filmed scenes for an upcoming comedy-drama The Good Samaritan.

  • Christmas overspending triggers IVA surge

    3 Jan 2007

    Christmas overspending has triggered a dramatic surge in demand for individual voluntary arrangements, says personal insolvency specialists W3 Debt Solutions.

  • Clear message on promotions

    1 Jan 2007

    The FSA has created the process of authorised firms and individuals that must sanction a promotion before it appears in the public domain. No qualifying credit promotion can go to press without proof of such a sign-off, so make sure that you are sticking to the rules

  • CML to hold relationship seminars in the capital

    1 Jan 2007

    The Council of Mortgage Lenders is to hold a series of seminars in London on February 6 at The Ambassadors Hotel, Bloomsbury.

  • C-NLIS appoints former OEA to board

    2 Jan 2007

    The Council for the National Land Information Service has appointed the fomer Ombudsman for Estate Agents to its executive board.

  • Commercial First changes loan procedures

    2 Jan 2007

    Commercial First has changed its loan processing requirements and procedures to speed up the flow of information to intermediaries.

  • Commercial First offers buildings insurance

    5 Jan 2007

    Commercial First has now resumed its service of providing and arranging the buildings insurance for applicants.

  • Council Tax rates could rocket, warns Tory Party

    4 Jan 2007

    Council Tax bills could rocket by more than 300 for millions of families under government plans to scrap borough and county councils, the Conservative Party has warned.

  • Counting the cost of property in the UK

    1 Jan 2007

    Following a remarkable 10% increase in UK house prices in 2006, recent trends suggest that in 2007 there is likely to be a slowdown in national growth

  • Coventry launches sub-prime range with PMS

    2 Jan 2007

    Coventry has launched a new sub-prime product range through Premier Mortgage Service, available online only.

  • Debt consolidation loans to reach £4.8bn

    3 Jan 2007

    Sainsbury’s Bank estimates that up to 433,800 personal loans worth around £4.8bn will be taken out between January and March 2007 for debt consolidation purposes.

  • Distributors can help make it a good year

    1 Jan 2007

    The one thing guaranteed about the start of any year is that people will look back at the year just gone to try and decide whether it was a good one or not while also taking a hopeful glance into the future ? except in the case of the French who protested at the coming of the New Year, having concluded that 2006 had been an excellent year so why did they need a new one?

  • eConveyancer and Openwork reach £500,000 mark

    5 Jan 2007

    eConveyancer has finalised more than £500,000 worth of referral fees with Openwork since January last year.

  • Exclusive Connections opens in NI

    1 Jan 2007

    Exclusive Connections has set up a branded office in Belfast, Northern Ireland with Joy Fletcher taking on the role of business development manager at the new venture.

  • Exclusive Connections: Small packagers must find muscle or fall to big players

    1 Jan 2007

    While packagers are more relevant to the market than ever, smaller practitioners need help to remain competitive because the superior personal service they offer is no longer enough. They should consider joining associations to get the tools to compete on a level playing field

  • Fitch Ratings awards Crown with positive rating

    2 Jan 2007

    Fitch Ratings has given Crown Mortgage Management UK a positive rating in its annual review, with its UK commercial mortgage ratings being the second highest possible.

  • Fixed rate borrowers could face payment shock

    2 Jan 2007

    More than 315,000 homeowners who took out fixed rate mortgages at the end of 2003 and the start of 2004 could be heading for a shock when their special deals run out, warns mform.co.uk.

  • Freehold to distance itself from namesake

    1 Jan 2007

    Packaging association Freehold is to distance itself from lender Freehold Mortgages to avoid any reputational risk.

  • Freehold: Take sub-prime to higher plane

    1 Jan 2007

    The industry must do more to help sub-prime clients get back to prime rates of lending if it is to avoid accusations of only providing high profit quick fixes. If not, the regulator might question whether we are concerned about treating our customers fairly

  • FSA urged to rule on compliance firms

    1 Jan 2007

    Sesame has called for compliance service companies to be regulated by the Financial Services Authority following the publication of the regulator's thematic work on the quality of mortgage advice.

  • FTBs account for half of new mortgages

    4 Jan 2007

    First-time buyers account for nearly half of all mortgages taken out in December, Mortgages Directs monthly research reveals.

  • GMAC-RFC's lending tops £12bn

    4 Jan 2007

    GMAC-RFC’s lending for 2006 has topped the £12bn mark, with its year-on-year growth of 75% beating the market five-fold.

  • Gove to head homeownership taskforce

    2 Jan 2007

    The Conservative shadow housing minister Michael Gove is to lead a special taskforce to investigate how to help first-time buyers onto the property ladder through the extension of Community Land Trusts.

  • Grass is greener at Advantage

    1 Jan 2007

    Sara Green made her long- awaited start at Advantage this month, where it is expected she will boost distribution after taking on the role of divisional sales manager for the south of England.

  • Green is the way forward, say brokers

    2 Jan 2007

    Research reveals that 58% of mortgage brokers believe environmental concerns provide marketing opportunities for lenders despite only 19% being aware of 'green' mortgages currently offered by lenders.

  • Hedge your bets with buy-to-let

    1 Jan 2007

    Speculation on whether the housing market is heading for a crash tends to include the buy-to-let sector, writes Stephanie Spicer, who discovers that the peculiarities of the buy-to-let market mean it can benefit where the mainstream residential market might lose out

  • Heritable Bank joins AMI

    3 Jan 2007

    Heritable Bank has become an associate member of the Association of Mortgage Intermediaries.

  • Holiday homes ease financial stress, says NatWest

    3 Jan 2007

    A third of people who own a property abroad feel that their holiday home eases financial stresses throughout the year, reveals NatWest.

  • Home of Choice: Revamp a stagnating sector

    1 Jan 2007

    Changing markets and consumer demands mean that some in the industry need to make big revisions in the way they run their businesses and what they offer their clients, otherwise the implications for all parties could be disastrous

  • Hometrack appoints new CEO

    2 Jan 2007

    Hometrack, the housing information business, has appointed Simon Allen as its new chief executive officer.

  • HSBC launches green sale

    4 Jan 2007

    HSBC has launched a new five-year fixed rate mortgage at 5.17% as part of its green sale.

  • HSBC tops cheap mortgage chart

    2 Jan 2007

    HSBC's standard variable rate mortgages have been rated the cheapest in Defaqtos annual survey.

  • Hunt for a secured platform

    1 Jan 2007

    Rising demand for secured loan products in the mortgage industry and regulatory pressures are emphasising the need for an online system that could provide a solution for brokers needing to find the most appropriate product for their clients

  • Hush Hush

    1 Jan 2007

    Triple Take

  • Immigration to fuel 2007 BTL market

    2 Jan 2007

    Paragon has predicted that the buy-to-let market will continue to boom in 2007 thanks to the influx of more migrant workers.

  • John Rice

    1 Jan 2007

    Regulatory Alliance of Mortgage Packagers: A positive market influence

  • L&G to run mortgage business forums for partners

    1 Jan 2007

    Legal & General will be holding a series of regional business forums for its business partner firms.

  • Legal & General Mortgage Club: Where bad product blame lies

    1 Jan 2007

    The FSA's discussion paper on the responsibilities of providers and distributors for the fair treatment of customers makes it clear that the onus is on lenders to make sure their products are fit for purpose and that their distributors are provided with full information about them

  • Legal definition

    1 Jan 2007

    Don't remain in the dark Confused by the plethora of legal jargon in the mortgage industry or want to know what a legal term or practice means? Each month our panel of experts answer questions sent in by readers.

  • Lenders and networks accused of shirking duty to vet their brokers

    1 Jan 2007

    Distributors have accused lenders and networks of trying to abdicate their responsibility to ensure that the mortgage intermediaries they do business with are authorised to give mortgage advice.

  • Lenders urged to take responsibility for design flaws

    5 Jan 2007

    The Association of Mortgage Intermediaries has called for lenders to take responsibility for any initial flaws in product design.

  • London house prices continue to soar

    4 Jan 2007

    The Nationwide quarterly house price review has revealed that London house prices have continued to soar into 2007, with the average house costing nearly £270,000.

  • Lund quits as chief executive of St. James's Place

    5 Jan 2007

    St. James’s Place has revealed that Mark Lund has stepped down as chief executive and is leaving the group to seek a fresh challenge.

  • Meet the arrangers

    1 Jan 2007

    As one of the few companies in the sub-prime sector when the market took off in the mid-1990s SMS capitalised on being there at the start. Matthew West finds out that this big player in the mortgage products distribution market attributes its success to being able to anticipate the needs of brokers and lenders before they themselves are aware of them

  • MEX bolsters distribution team

    2 Jan 2007

    Mortgage Express has increased its mortgage distribution team by appointing a new national sales head and 12 UK-wide managers.

  • Moneyfacts calls for sub-prime transparency in 2007

    4 Jan 2007

    Moneyfacts has predicted a blooming sub-prime market in 2007, but warns that customers need clearer classifications in order for them to embrace the products.

  • Mortgage Choice appoints head of operations

    2 Jan 2007

    Mortgage Choice has appointed former The Mortgage Business employee Dave Powell as its head of operations.

  • Mortgage Intelligence: Networks grow in importance

    1 Jan 2007

    Tightening margins and competition in the mortgage market are driving brokers to join networks and clubs, especially those that offer specific expertise and advice on regulation. But networks need to slash costs to reduce the financial burden on brokers

  • Mortgage Promotions: Lenders' fate tied with brokers

    1 Jan 2007

    A growing trend for lenders to focus on introduced rather than direct business means they are becoming increasingly dependent on intermediaries to bring them new business. That is why they must also take steps to ensure that their distributors continue to survive

  • Mortgage Times to launch back office platform

    1 Jan 2007

    The Mortgage Times Group is to launch an integrated back-office trading platform at the end of Q1.

  • Mutual One teams up with Teachers

    5 Jan 2007

    Mutual One has teamed up Teachers to provide the society with internal audit services.

  • N&P goes carbon neutral

    4 Jan 2007

    Norwich and Peterborough has become the first building society to be carbon neutral and achieve the CarbonNeutral quality mark.

  • N4 launches desktop AVMs

    2 Jan 2007

    N4 Solutions has introduced desktop valuations via Hometrack as part of its mortgage point-of-sale software.

  • Nationwide predicts 8% rise in 2007

    2 Jan 2007

    Nationwide has predicted that house prices will increase by up to 8% in 2007.

  • Network Data: Unearthing secrets hidden in companies trinket boxes

    1 Jan 2007

    Just because a particular employee is the public face of an organisation, it does not necessarily mean that they are the person in charge. Scratching beneath the surface of company records reveals this to be the case in many situations

  • No ratings change for St. James's Place UK

    5 Jan 2007

    Standard & Poor's Ratings Services says the ratings and outlook on insurer St. James's Place UK have not been affected by the departure of it's chief executive Mark Lund. It says SJPUK retains sufficient depth in management to navigate through the interim period pending the appointment of a successor. Standard & Poor's will continue to monitor the CEO succession process and the potential implications for strategy and performance.

  • On the case

    1 Jan 2007

    Client A is self-employed and wants to remortgage a buy-to-let property for 325,000 and raise funds to clear off various debts. Client A has lived in Spain for two years and also has two properties in the UK, one of which has missed mortgage payments of three months within the last six months. The client is also slightly behind with payments on the second property.

  • Online overseas property investment aid launched

    2 Jan 2007

    An online service for individual overseas property investor has been launched to help potential investors search the best places worldwide to invest their money.

  • Opportunity continues to knock

    1 Jan 2007

    The growth in the buy-to-let market since the late 1990s has been so remarkable that investors and lenders are right to be careful of future prospects, writes Nigel Payne. However, he says all signs point to it continuing for some time yet

  • Paaleads.com predicts lead price crash

    2 Jan 2007

    Paaleads.com is predicting a price crash for mortgage and life assurance leads in January 2007, as more people go online to seek the best deal for their finances.

  • Packagers set to prosper in 2007

    1 Jan 2007

    The next 12 months will witness a record year for mortgage distributors and packagers, which look set to take the lion's share of the pie.

  • Packagers told to exploit their edge to beat lenders' direct-to-broker moves

    1 Jan 2007

    Packagers and distributors are being warned not to over-react to the online strategies adopted by lenders to obtain direct-to-broker business but rather to ensure they develop their own technology propositions.

  • Pink denies head-hunting for new MD

    3 Jan 2007

    Pink Home Loans has quashed rumours that it has enlisted head-hunters to replace managing director Tony Jones, who has been off sick from the company since November.

  • PMPA launches tracker from BM Solutions

    2 Jan 2007

    BM Solutions has launched a tracker product through the Professional Mortgage Packagers Alliance.

  • PMS poised for growth as Malone signs two-year contract to stay on

    1 Jan 2007

    Distribution giant Premier Mortgage Service is looking forward to bumper growth after managing director John Malone signed a two-year contract to remain at the helm of the mortgage club until at least 2009.

  • PMS to revamp aggregation service

    4 Jan 2007

    Premier Mortgage Service is revamping its aggregation services by adding mortgage compliance and protection panels to the service.

  • Praxis adds Advantage to lender panel

    2 Jan 2007

    Advantage has revealed it has been appointed to the lending panel of Praxis.

  • Praxis relaunches commercial arm

    4 Jan 2007

    Praxis has revealed it will be relaunching the commercial arm of its business.

  • Premiere Mortgage Service: Focus on compliance this year

    1 Jan 2007

    Recent actions by the FSA indicate it is stepping up its attention to intermediaries' compliance with regulations. Many will look to networks for compliance support, but they will be regulated to the network's standards, which might not be as high as their own

  • Primrose picked for Virtual Net packager panel

    1 Jan 2007

    Primrose has been appointed to the limited packager panel of Virtual Net following the online IFA networks review of the packagers it uses.

  • Professional Mortgage Packagers Alliance: Take audit trail to compliance

    1 Jan 2007

    Depending on lenders and brokers to keep records of transactions could place packagers at serious risk of non-compliance in an increasingly regulatory regime. It is vital for them to set up a rigorous in-house system of record keeping to ensure they have reliable audit trails

  • Rooftop sets up new servicing unit

    4 Jan 2007

    Rooftop Mortgages is setting up a new business division to service completed loans, with the unit being headed up by Jonathan Naylor, the managing director of Rooftop’s lending business.

  • RPS announces new appointments

    4 Jan 2007

    Risk Placement Services has announced two new appointments after an online expansion.

  • Salans appoints sales and marketing specialist

    3 Jan 2007

    Salans, the brokers’ specialist conveyancer, has appointmed sales and marketing specialist Richard Carson to develop its customer base.

  • Shifting distribution landscape spurs Concordia collaboration

    1 Jan 2007

    If 2006 was the year of the new lender then 2007 looks likely to be the year of the distributor. The signs are already there. Last year lenders such as Halifax reiterated their commitment to intermediary distribution through the introduction of retention policies, and the likes of GMAC-RFC made their proposition for packagers and intermediaries even more transparent through separate pricing structures.

  • Skipton launches in Northern Ireland

    2 Jan 2007

    Skipton has extended its mortgage services to the market in Northern Ireland.

  • SMS extranet Porthole gets a major overhaul

    1 Jan 2007

    Solent Mortgage Services is to launch an improved version of its extranet, The Porthole, at the end of this month.

  • South-West prices boosted by internal migration

    2 Jan 2007

    The South-West of England has had the largest net gain from internal migration over the past decade contributing to rapid house inflation in the region, reveals research from Halifax.

  • Sub-prime online portal is launched

    1 Jan 2007

    Blackandwhite.co.uk has launched an online sub-prime sourcing and submission system with an integrated credit search and data transfer across six lenders on its panel to reduce cascading.

  • Supermarket without gimmicks

    1 Jan 2007

    Just six months ago Dev Malle sent shockwaves around the mortgage industry when he announced that he was leaving Pink, the company where he made his name. It was later revealed his new home would be Personal Touch Financial Services. Then for three months no more was said on the subject. There was no fanfair build up, no exciting countdown. The mortgage world carried on spinning while Malle had, as he put it, "very green fingers". Then on the October 23 his gardening leave from Pink ended ...

  • TFC revamps website

    2 Jan 2007

    TFC Homeloans has revamped its website in order to improve navigation for brokers.

  • The Mortgage Times Group: System integration is vital for the industry and consumer

    1 Jan 2007

    Like the generic application form, systems integration is a major development that is helping to speed up and streamline the mortgage application process. It can generate benefits for all parties involved but they need to work closely together to create a seamless service

  • Threesixty launches TV channel

    2 Jan 2007

    Threesixty has launched a TV channel to provide its clients with industry news and information.

  • TMP sponsors children’s hospice

    3 Jan 2007

    Claire House Children’s Hospice will be the The Mortgage Partnership's charity of choice to support in 2007.

  • TMW appoints BDM for M5/M6 corridor

    3 Jan 2007

    The Mortgage Works has appointed Iain Binsley as business development manager responsible for intermediary business around the M5/M6 corridor. Binsley has spent the last 10 years as a branch manager and mortgage manager for the Portman and the Staffordshire, before it merged with Portman in 2003.

  • TMW sub-prime foray to impact other lenders

    2 Jan 2007

    All Types of Mortgages warns that The Mortgage Works' entry into the sub-prime market will increase pressure on other lenders.

  • Tony Jones quits Pink

    5 Jan 2007

    Pink Home Loans has confirmed that managing director Tony Jones will leave the company because of family reasons just two days after denying it was in search of a replacement (Mortgage Strategy, January 3 2006).

  • Woolwich launches fixed and tracker range

    2 Jan 2007

    Woolwich has launched its new range of lifetime tracker and fixed rate products.

  • Woolwich launches new mortgages for 2007

    2 Jan 2007

    Woolwich is launching a new range of mortgage products for 2007.

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