Mortgage Strategy
1 May 2006

  • 100% Deal from Catholic

    1 May 2006

    Catholic has launched a mortgage deal that will allow potential applicants to borrow up to 100% of the property value, with 25% of the loan secured against additional suitable security.

  • 20,000 Fine for insurance broker

    1 May 2006

    The Financial Services Authority has fined insurance intermediary Besso 20,000 for failing to apply for approval of an employee who held a significant management role at the firm when it first applied for authorisation. The severity of the failing was reinforced by the fact that the employee had previous convictions for fraud.

  • 65% Of brokers feel confident about self-cert

    1 May 2006

    A majority of 65% of Mortgage Strategy Online readers feel confident about selling self-cert mortgages.But with seven out of nine respondents in this week's Word on the Street saying they would happily lie about their income to get on the property ladder, is the industry setting itself up for a fall?This week Mortgage Strategy asks: "Should the government limit the exit fees charged by lenders?"

  • Abbey relaunches buy-to-let range

    1 May 2006

    Abbey has relaunched its buy-to-let range, introducing fixed and tracker rates, low booking fees and free valuation fees plus 250 cashback for remortgages. Abbey has also launched fee-free fixed and tracker rates.

  • Abbey trading results on the up

    1 May 2006

    Abbey's results for Q1 2006 show that statutory profit and trading profit before tax, trading income and retail balances are all higher than Q1 2005, although trading expenses and headcount are lower.

  • Advantage launches range through Morgan Stanley

    1 May 2006

    Advantage Home Loans has launched its first suite of mortgage products through Morgan Stanley, causing concern among some of its lending partners.The sub-prime products will make Advantage the seventh branded lender on its own online sourcing platform e:valuate.When asked if this causes problems, Peter Beaumont, deputy chief executive of Mortgage PLC, says it does.He adds: "Advantage has been honest with us from the start. As long as it doesn't impact the volume of business ...

  • Advisers won't put in study time

    1 May 2006

    Many advisers are losing out on gaining specialist qualifications, deterred by the prospect of long hours of study, says the Institute of Financial Services. But the IFS says that many advisers spend at least 30 minutes commuting and they could use this time to study.

  • AIFA reopens pension reform debate

    2 May 2006

    Chris Cummings, director general of the Association of Independent Financial Advisers has called on the government to factor in the role of advice in the pensions debate or risk a policy failure.

  • Amber increases income multiples

    4 May 2006

    Amber Homeloans Limited has increased the income multiples to four times higher income plus one times lower, or 3.25 times combined incomes; available for all borrowers, including first-time buyers.

  • Amber launches self-cert range

    1 May 2006

    Amber Homeloans has launched a range of prime self-cert products including a 5.79% three-year fix available up to 95% LTV.It has also unveiled a selection of 90% LTV fixed rate products including a 5.19% two-year fix up to 90% LTV, a 5.09% three-year fix up to 90% LTV and a 5.19% five-year fix up to 90% LTV.The range includes two three-year discounted rate products comprising deals of 5.17% up to 75% LTV or 5.32% up to 90% LTV.All the prime self-cert products have no extended ...

  • AMI and CFB form strategic alliance

    2 May 2006

    The Association of Mortgage Intermediaries and the Corporation of Finance Brokers, have formed a strategic alliance that will see the CFB wind-up its activities and become the Association of Finance Brokers, a sister trade body to AMI. The Corporation of Finance Brokers was formed in 1982 as a voluntary self-regulating organisation representing the needs of intermediaries in the secured loans market.

  • AMI associate director calls for regulatory clarity in maiden speech

    2 May 2006

    Rob Griffiths, the Association of Mortgage Intermediaries newly appointed associate director, made his maiden speech at the AMI's Southampton Regional Conference on Thursday 27 April last week.

  • AMPD appoints director of operations

    4 May 2006

    The Alliance of Mortgage Packagers and Distributors has appointed Eddie Smith to the role of director of operations.

  • Annual NAEA congress sees new president sworn in

    2 May 2006

    Estate agents will meet at the London Hilton Hotel in Park Lane on Friday May 5 when the annual National Association of Estate Agents Congress, sponsored by Propertyfinder is due to take place.

  • April sees house prices spiral

    1 May 2006

    Hometrack's latest house price survey reveals that April saw the highest monthly rise for almost two years with values rising across 36% of the country, primarily in London and the South-East. The average house price now stands at 163,500.

  • Barclays launches Dubai Mortgages

    2 May 2006

    Barclays Bank has launched a range of mortgages for the Dubai property market, that have been specifically designed to meet the requirements of buyers in the Emirates booming property market.

  • BDS appoints three staff members

    4 May 2006

    BDS Mortgage Group is making further service enhancements with three appointments in their processing teams in addition to a new underwriter.

  • BM Solutions appoints head of key accounts

    4 May 2006

    BM Solutions has appointed Iain Williamson as head of key accounts.

  • Branded lender funded by MPLC

    1 May 2006

    Solent Mortgage Services, The Finance Centre and em-financial have clubbed together to launch a branded lender called Spectrum, funded by Mortgages PLC.The range of products offered will include jointly branded deals which each company will market to their own broker base.Products will cover the spectrum of near prime, extra light, light, medium and heavy adverse credit mortgages including full status and self-cert, and a range of two and three-year fixed rates for purchase, ...

  • Bridgebank Capital to launch into the bridging finance market

    4 May 2006

    North West- based bridging finance company Bridgebank Capital is set for a launch at this years Mortgage Business Expo in Manchester.

  • Brokers are overcharging vulnerable customers

    1 May 2006

    Shocking results from a mystery shopping exercise have exposed bad practice among some mortgage brokers who are overcharging vulnerable customers in financial difficulties.

  • Brokers can cash in on equity boom

    1 May 2006

    Last week Mortgage Strategy published the findings of research by Alliance and Leicester that found 45% of intermediaries would not consider selling equity release.

  • Brokers could give feedback if they weren't frightened

    1 May 2006

    Name and address supplied I am a mortgage adviser and think an Initial Disclosure Document - or combined IDD and other disclosure documentation - is crucial for consumers and a great opportunity for advisers. As all of you reading this will know, it should be produced at the first meaningful point of contact and is a way of showing the status of an adviser and the way they are remunerated, among other things. The FSA also demands that IDDs are positively promoted to clients ...

  • Brokers hold client information on trust

    1 May 2006

    Information is the raw material of the business world. Vast amounts are transferred daily in our personal and professional lives.

  • Bungalows and beans at Asda

    1 May 2006

    Asda says it is planning to be the first UK supermarket to move into the property market.From this summer, customers in 10 of its North-East stores will be able to sell their homes alongside sausages, or browse for a bungalow among the baked beans.

  • Burgess should look at good SPASU policies before sniping

    1 May 2006

    From Thomas Reeh Much has been said and written about ASU and its evils from people promoting their own interests and biases. A case in point is Simon Burgess. From his utterances, it would be easy to assume that britishinsurance.com is some sort of insurance regulatory body. I did. Wrong. Burgess is the managing director of britishinsurance.com, an insurance broker - and moreover a monthly ASU insurance broker. This raises an interesting question. How did an insurance broker ...

  • Buyback issue could threaten mortgages

    1 May 2006

    If you buy a defective toaster the store you bought it from either gives you a new one or your money back. But what happens when one of America's mighty investment banking houses - via one of its conduits - buys a residential loan from a mortgage banking firm and within 90 days the loan goes south?The short answer is the lender that funded the loan and sold it has to either buy the delinquent loan back or cut a deal with the conduit. Either way, the proposition can be costly.Loan ...

  • Buyers turned off by petty sellers

    1 May 2006

    Sellers taking garden plants, light fittings and toilet rolls when they leave their homes is rated the top complaint by buyers in a survey by Halifax.More than a quarter of the people surveyed by Halifax admitted to digging up their favourite flora and taking it with them, leaving unsightly gaps in the garden. A further 12% admitted taking light fittings, 8% packed up the light bulbs and 8% took the toilet roll holders and towel rails from bathrooms and even the house number plaques ...

  • Buy-to-let advisers in the dark about HMO regulation

    3 May 2006

    Nearly three quarters of buy-to-let mortgage advisers believe that the intermediary community is not fully aware of houses in multiple occupation regulation.

  • C2 extends its proc fee offer on adverse deals

    1 May 2006

    c2-financial has extended its C55 offer whereby it will only retain 0.25% of the proc fee on most of its medium and light adverse products.Justin Caffrey, operations and sales director at c2, says: " We listened to our brokers who were desperate for this offer to be extended and I am happy to say we will now accept applications up to and including May 31."c2 has also extended the free valuation and 55 application fee offer on all C55 products.Jonathan Burridge, managing ...

  • Call for brokers to push MPPI

    1 May 2006

    The mortgage sector is failing to ensure consumers are adequately covered by mortgage payment protection insurance, says MPPI provider Commitments Protection.Commitments is encouraging brokers to ask clients whether mortgage payment protection is not more important than the insurance they have on household electrical goods such as washing machines and TVs.Commitments hopes the question will boost the take-up of MPPI among the UK's 10 million mortgagors.Kathy Chapman, managing ...

  • Call for rural housing action

    1 May 2006

    A report by the Joseph Rowntree Foundation says the government must address the housing problems facing growing numbers of families priced out of rural property markets.

  • Charcol responds to base rate decision

    4 May 2006

    Ray Boulger, senior technical manager at John Charcol says todays decision to freeze the interest comes as no surprise.

  • Commercial appointment

    1 May 2006

    Davenham Property Finance has appointed Andy Matley as its commercial mortgage manager.Matley joins from the Royal Bank of Scotland where he spent 15 years gaining experience in the commercial property market.

  • Consumers call on lenders to be more responsible

    3 May 2006

    A poll from moneyfacts.co.uk reveals 83% of consumers feel lenders should be more responsible with the amount they lend.

  • Co-op exploits customers and employees to make profits

    1 May 2006

    From Mike Mullins As director of general insurance services for the Co-operative there is no need to wonder about David Neave's agenda when he defends its "ethical policies" or its determination "to stand up on behalf of customers". If he were to climb down from his high horse for long enough to take a reality check, he would notice that the Co-op's product range is no better than any other financial services organisation that relies on a tied sales force to sell overpriced ...

  • Curriculum Vitae - David Connolly

    1 May 2006

    "I was whipped by a young lady in front of the staff"

  • Dear Delia

    1 May 2006

    One of my retired clients who owns five buy-to-let properties as well as his main residence needs to obtain a lump sum to pay for repairs to his home. He is worried about Capital Gains Tax if he sells any of his rental properties and has asked what options are available to him to secure the necessary finance.

  • Distribution channels that refuse to die

    1 May 2006

    The death of sticker clubs, packagers and mortgage clubs has been widely predicted but each model has strengths that should ensure its survival in the market, says Sally Laker

  • Equity advice franchise launched to help brokers

    1 May 2006

    The Equity Release Advisory Service is launching a national franchise proposition called Equity Advice to encourage more brokers to advise on and sell equity release products.Stuart Wilson, managing director of ERAS, says the public doesn't have enough access to equity release as many advisers are reluctant to offer reversion plans.Wilson believes this lack of confidence and the perception that equity release is too complicated is holding back the market.Wilson is setting ...

  • Equity release training package

    1 May 2006

    The Institute of Financial Services has teamed up with equity release specialist Just Retirement to offer a training and examination package for up to 1,000 financial advisers. In partnership with the IFS, Just Retirement is offering advisers the chance to complete the ifs Certificate in Lifetime Mortgages as part of its drive to encourage more advisers to take qualifications in equity release.

  • Estate agents in the top three of least trusted professionals

    5 May 2006

    MORE THN research reveals that Britons now place estate agents in the top three least trusted professionals to be left alone in our homes.

  • Fixed deals from Rooftop

    1 May 2006

    Rooftop Mortgages has launched several fixed rate deals, reduced its Right to Buy fixed rates, and relaunched its Right to Buy heavy adverse product.

  • FMO offers World Cup tickets in prize draw

    1 May 2006

    First Mortgage Options is offering two England vs Sweden VIP hospitality tickets for England's final Group B game in the World Cup this summer. Provided in conjunction with GMAC-RFC, the tickets are available to all advisers via a prize draw which will take place at noon on Friday June 9 at Mortgage Strategy's offices, with the winners being notified by phone that day. Every GMAC-RFC mortgage application received at FMO's head office from today until 10am on June 9 will be entered ...

  • Forging links in the housing chain

    1 May 2006

    Estate agents will be in the Home Information Pack driving seat and brokers face a precarious future if they don't start forging closer relationships with them, says Richard Coulson

  • Fragile economic outlook would benefit from rate cut, says CBI

    4 May 2006

    Responding to the decision by the Bank of England's Monetary PolicyCommittee to leave interest rates unchanged this month, Ian McCafferty, CBIchief economic adviser, says: "While we are not surprised by the MPC's decision, we are slightly disappointed.

  • France: Strength in certain areas

    1 May 2006

    The French football team sits in seventh place in the FIFA all-time World Cup rankings. We have played 44 games, of which we've won 21, drawn 7 and lost 16.

  • Freedom Lending appoints business development manager

    4 May 2006

    Freedom Lending has appointed Richard Bray as business development manager for north London and the home counties.

  • French property becomes more accessible to British investors

    2 May 2006

    It is now even easier for British investors to buy property in France due to a relaxation of lending criteria and the introduction of more flexible finance, enabling France to compete more successfully with other international markets, says Assetz. Traditionally French banks have required deposits of 15- 20% on average. But in an effort to compete with the UK and Ireland, France is tailoring its finance to suit the international investor.

  • FSA has to target rogue brokers

    1 May 2006

    Just as the mortgage industry starts to recover from the Financial Services Authority's mystery shopping exercise into self-cert, another shocking investigation has unearthed brokers taking advantage of those in financial difficulties and charging them higher fees.

  • FSA puts GI firms handling of client money under spotlight

    4 May 2006

    The Financial Services Authority will undertake a large scale review later this year into the handling of client money by general insurance intermediaries.

  • FSA receives two FSSC awards

    2 May 2006

    The Financial Services Authority has received two accreditation awards from the Financial Services Skills Council.

  • FSA reduces administrative burden on firms

    3 May 2006

    The Financial Services Authority has announced that firms will no longer have to notify it each year of the roles and responsibilities of their FSA-approved senior managers.

  • FTBs are giving up hope

    1 May 2006

    Half of prospective first-time buyers are so scared about getting mortgages and homes that they've given up hope of ever buying properties, says Bradford & Bingley.B&B's latestreport on first-time buyers finds that although 37% want to stop wasting money on rent, 43% have scotched the idea of getting on the housing ladder due to the financial commitment and the mortgage process.The report also shows 46% of prospective owners are in debt to the tune of 8,000 or more and ...

  • Future funding of FOS up for discussion

    3 May 2006

    The Financial Services Authority and the Financial Ombudsman Service have outlined in a joint discussion paper, possible options for the future funding of FOS' compulsory jurisdiction. Currently more than 70% of the ombudsman services funding comes from the fees which it charges firms for considering complaints (usually 360 the first two cases per firm per year not being charged for).

  • Future says service is fine

    1 May 2006

    Future Mortgages says its service is back on track as it makes plans to bring back its 100% LTV mortgage.Ken Horsburgh, head of sales at Future Mortgages, says the lender is planning to expand its business and products now its service is sorted out, and will be bringing back its 100% LTV product.Horsburgh says: "We have redesigned the business pro-cess, introducing technology and management information enhancements as well as in- creasing our capacity to take broker calls. We've ...

  • Getting together to Release it Right

    1 May 2006

    The first meeting of the AMI working party on equity release was held recently. This was an opportunity to bring together those firms that specialise in equity release and wish to support Mortgage Strategy's Release it Right campaign.

  • Golden oldies

    1 May 2006

    Pensioners' property equity stands 54bn higher than last year, research reveals. Over the past 12 months pensioners have benefited to the tune of 54bn from rising house prices, according to figures from Economic Lifestyle.

  • Gross lending in March highest on record, says BBA

    2 May 2006

    Marchs gross lending of 17.7bn was the highest March total on record, 11% above the previous highest March total two years ago, the British Banker's Association has revealed.

  • Growing strong

    1 May 2006

    Although quality of appointed representatives is as important as quantity, large networks have many advantages over their smaller rivals, says Tony Jones

  • Halifax cover deal with Sesame

    1 May 2006

    Halifax General Insurance has agreed a deal with Sesame to become a provider of household and accident, sickness and unemployment cover to its 7,800 financial advisers.

  • Helping to ease the emotional burden

    1 May 2006

    Thanks to the advance of medical science, cancers are being detected and treated earlier than ever before. An obvious result of this is that there are more survivors of cancer in this country. But while their quantity of life has been increased by the medical profession, their quality of life is another matter.

  • HMO rules challenge all B2L lenders

    1 May 2006

    In the past few months much has been written about the merits of houses in multiple occupancy legislation, which finally came into force on April 6 this year. The shape of the regulation has been known for some time, but it is becoming clear that some will be able to seize this as an opportunity whereas others will struggle to come to terms with it.

  • HMO rules could affect B2L deals

    1 May 2006

    Legislation brought in to cover homes in multiple occupancy could lead to more innovative products from lenders in the buy-to-let sector.The HMO regulations require landlords of properties with five unrelated tenants or that are over three stories high to acquire licences.Mike Culhane, chief executive of The Oakwood Group says: "There is now a risk that landlords covered under these regulations will have their licences removed during mortgages and be unable to collect rents. ...

  • Homes at most affordable, says C&G

    2 May 2006

    Homes are at their most affordable level since 2004, offering a glimmer of hope to thousands of first-time buyers, reveals the latest quarterly Cheltenham & Gloucester Housing Affordability Index.

  • Hometrack appoints director of capital market strategies

    5 May 2006

    Hometrack have appointed Oliver Hughes, an ex-banker and structured finance specialist, as director of capital market strategies.

  • Honest Tuan Le is the real winner

    1 May 2006

    BBC's The Apprentice makes fascinating viewing. A bunch of reasonably clever people chuck in their well paid jobs to fight it out on national TV for a non-specific position on Sir Alan Sugar's payroll.

  • House increased by 2% in April, says Halifax

    4 May 2006

    Halifax's house price index reveals that in April prices rose by 2%, with the annual rate of house price inflation at 8%, the highest for 13 months.

  • IHT is poised to be political hot potato

    1 May 2006

    Research from Portman shows the number of property millionaires increased 12-fold in the past decade.

  • Impaired credit deals from Unity

    1 May 2006

    Unity Home Loans has launched two impaired credit ranges. The two- year fixed rate for light impaired and the three-year stepped discount for light, medium and heavy impaired deals are priced competitively.

  • Impaired life equity plan launched

    1 May 2006

    Partnership Home Loans launched a medically underwritten impaired life equity release plan through 12 brokers last week.The sister company of insurer Partnership Assurance gained approval from Safe Home Income Plans in February and intends to roll the product out nationwide as soon as possible.The reversion plan takes medical conditions and their impact on life expectancy into account, meaning customers suffering from ill health could receive significantly more than via conventional ...

  • ING rumoured to be eyeing B2L market

    1 May 2006

    ING Direct is rumoured to be poised to enter the buy-to-let property market, after it sponsored a Channel 4 TV programme about investing in rental property.In October 2005 the Dutch-owned savings bank confirmed speculation that it was consulting its customers before setting up a mortgage lend- ing arm. It is the official sponsor of Channel 4's series of property programmes called 4 Homes.One industry source says: "Rumour has it ING Direct has approached several big players ...

  • Innovation is needed to help FTBs

    1 May 2006

    Don't believe the hype about the industry acting to help first-time buyers back into the housing market - real innovation is still badly needed, says Drew Wotherspoon

  • Intelligent Finance launches one-year fixed rate offset mortgage

    4 May 2006

    Intelligent Finance has launched a one-year rate offset mortgage.

  • Interest rate held at 4.5%

    4 May 2006

    The Bank of England has held interest rates at 4.5% for the ninth month in a row.The Bank of England's Monetary Policy Committee last reduced interest rates 0.25% to 4.5% on August 4 2005.

  • IPad idea seems like a marketing ploy

    1 May 2006

    In a bid to make what could be seen as living in a box appealing to trendy first-time buyers, house builder Barratt has started selling its iPad apartments. One and two-bedroom Barratt iPads will be available from 80,000 at some 17 sites across Great Britain, from the Isle of Wight to Edinburgh.

  • Italy: Scoring highly

    1 May 2006

    In 1990, Italy became only the second country to host two World Cups and it has also won the tournament on three occasions - in 1934, 1938 and 1982.

  • Join in MS survey on equity release

    1 May 2006

    Mortgage Strategy is calling on all brokers to take part in our equity release survey at www.mortgage-strategy.co.uk. The results will be published in a supplement at the end of the month.

  • JRF floats equity care plan

    1 May 2006

    The Joseph Rowntree Foundation has called on the government to pilot a voluntary equity release scheme for home-based care to enable home owners to access capital tied up in their homes.JRF estimates this would cost about 100m a year depending on take-up, but because the loans are repaid, the long-term cost would be significantly lower. The proposal is just one of a number outlined in a report by JRF on fund- ing affordable long-term care for the elderly.This follows concerns ...

  • Keeping a close eye on supervision

    1 May 2006

    A training course for supervisors will soon be on offer and managers at all levels should be aware that supervision is an important part of the regulatory process, says Bill Warren

  • Kensington launches laptop competition

    4 May 2006

    Kensington Mortgages, the UK specialist mortgage provider, has celebrated hitting 10,000 registered users on its Kensington Online eCommerce platform by launching a competition to give intermediaries the chance to win one of five fantastic Fujitsu Siemens laptop.

  • Kensington wins Queen's Award

    1 May 2006

    Kensington Mortgages has won the 2006 Queen's Award for Enterprise in the innovation category. This is the first time a specialist lender has won the award. Lenders and brokers have faced allegations in the past over the mis-selling of self-cert mortgages which is why some intermediaries still feel uneasy about selling these types of deals. But it's not only lenders and brokers that should shoulder the responsibility - ultimately it's the consumers who lie in the first place.So, ...

  • KRS business up

    1 May 2006

    Key Retirement Solution's equity release monitor for Q1 2006 shows a 22% rise in business over the same period last year, from 5,795 to 7,087.

  • Lambeth sends out merger booklet

    1 May 2006

    Lambeth is sending eligible members copies if its merger booklet in relation to its merger booklet in relation to its proposed merger with portman.

  • Launch DB Countdown

    1 May 2006

    Interest from across the market in the pilot launch, golf takes second place to rock 'n'roll, key lightweights enjoy the Lending Strategy party and it's pay day at last, says Bill Dudgeon

  • Leads that can lead borrowers astray

    1 May 2006

    Hardly a week goes by without a call from yet another company looking to sell the mortgage leads it has generated. Of course, many of these companies have grown along with the public's expanding access to and use of the internet.

  • Leeds extends three-year fee free tracker mortgage

    5 May 2006

    Leeds has extended its fee free three-year tracker until July 31 2009.

  • Leeds launches online three-year base rate tracker

    3 May 2006

    Leeds has launched a market leading online three-year base rate tracker mortgage at 4.50%, allowing unlimited capital repayments without penalty and no higher lending charge.

  • Lenders must catch up with the city living trend

    1 May 2006

    Recent years have seen huge growth in urban living. British cities are outgrowing themselves and developers are having to think of new ways of maximising the use of city centre space, leading to a marked rise in the number of inner city developments.

  • Lenders should not encourage claims

    1 May 2006

    Sixteen years ago, in the financial services equivalent of a land before time, my wife briefly ran a mortgage brokerage. It seemed like a good idea. She had the expertise, we'd both been in financial services for decades and the business would be low key and run from home to fit in with school runs and motherhood.

  • Lenders shouldn't moan about fees

    1 May 2006

    Lenders should not expect introducers to do a lot of work on their behalf while offering no support and then complain when we charge fees to our clients, says Sue Read

  • Let's get it right - networks sell services, not products

    1 May 2006

    From Ian McIver A few weeks ago there was a letter published in Mortgage Strategy that related to the debate about the pricing models of clubs and networks. The writer stated "...networks charge a monthly fee and force their members to use their products". As I have asked many times before, can we please get the definition of networks straight? A network is simply a place where someone can head for if they advise on regulated products (mortgages or pensions - it doesn't ...

  • Liverpool Victoria appoints group chief executive

    3 May 2006

    Liverpool Victoria has announced the appointment of Mike Rogers as its new Group Chief Executive.

  • Localhip partners with Quest Associates

    2 May 2006

    Home Information Pack provider, Localhip, has partnered with technology specialists Quest Associates to access, collate and source the contents required for its HIPs. Localhip has supplied live HIPs to a number of agents across the UK who are starting to provide optional packs to home sellers, before the mandatory start date in June 2007. Paul Raine, Localhip business director, says: We are delighted to be working with Quest Associates to manage the development of our HIPs.

  • London BDMs compete but we speak and share ideas

    1 May 2006

    From A London BDM I have just read Andrew Montlake's letter in last week's Mortgage Strategy (April 24) and thought it was great. It's about time someone said this. I feel many people write in just to pick a fight and then the next day they are best mates. All of us are big enough to realise that this industry is massive and you can never know - today's enemy could be tomorrow's best mate. I eagerly await the next comment along the lines of 'My dad's bigger than your dad.' Us ...

  • Manchester Expo on May 17 and 18

    1 May 2006

    The 2006 Mortgage Business Expo in Manchester is to take place at the G-Mex exhibition centre on May 17 and 18. The free event is organised for the second year by Clarion Events. Brokers will have access to over 130 lenders, packagers, technology and legal companies, networks and clubs.

  • Mansfield broadens service

    5 May 2006

    The Mansfield has broadened its service to members following the appointment of Steve Roberts as a Liverpool Victoria friendly society financial advisor.

  • Market Watch

    1 May 2006

    Swaps surged last week to an annual high, bringing about a swathe of rate rises and withdrawals.

  • Marketing Brief

    1 May 2006

    Support is critical in the mortgage industry. Kevin Paterson's A-Z review rates the marketing material that lenders issue to help brokers with sales and business development

  • Me & My Car

    1 May 2006

    My E Class Mercedes 220 diesel combines safety and comfort with superb engineering and stylish design - but my old Austin 1300 gave me more pleasure, says Jon O'Brien

  • MEX self-cert leaflet gives some strange examples

    1 May 2006

    Name and address supplied I recently downloaded Mortgage Express' latest marketing leaflet for its self-cert mortgage range. It makes interesting reading. On the front page it states that Mortgage Express is committed to responsible lending. On the next page it gives examples of how to avoid having your client's income figures queried on an application by the simple expedient of fully explaining their circumstances. Several scenarios are given. I quote: "The applicant is ...

  • Money Partners expands underwriting capabilities

    3 May 2006

    Money Partners has revealed details of planned expansion in its broker-facingoperational functions.

  • Money Partners reduces rates on near prime deals

    2 May 2006

    Money Partners has made further enhancements to its Origin range of first mortgage products. With immediate effect, all interest rate loadings for self-certifying customers have been removed across the specialist lender's entire light adverse range. The changes apply to Money Partners' 'near prime' and 'lite' mortgage products aimed at borrowers with a light or past adverse credit history. Rates on these deals start at 3.99% and 4.35% respectively for both employed and ...

  • Mortgage Choice enhances technology

    3 May 2006

    Mortgage Choice has enhanced the technology it uses and the services available to intermediaries when accessing any one of the 10 lenders on its panel.

  • Mortgage lending in rude good health, says RICS

    2 May 2006

    The Royal Institution of Chartered Surveyors says seasonal adjustments of the British Banker's Association's research on mortgage approvals in February, paints an even stronger picture of mortgage lending.

  • Mortgage lending to pass 1trillion soon

    1 May 2006

    Total mortgage borrowing in the UK will pass the 1trillion mark early next month, says the Council of Mortgage Lenders.The CML says despite growing rapidly in recent years, borrowing is dwarfed by the amount of unmortgaged property wealth held by home owners, which stands at 3.6trillion.Housing equity is the largest component of wealth held by people in this country. But with 80% wanting to be home owners there is still a gap between those who own property and those who would ...

  • Mortgage Moron

    1 May 2006

    The Mortgage Master or Mortgage Moron section in last's week's Mortgage Strategy incorrectly stated the answer to question 3 as D. The answer is B.

  • Mortgages PLC completes 575m securitisation

    2 May 2006

    Mortgages PLC, the UK residential lender and wholly owned subsidiary of Merrill Lynch, has completed a securitisation deal for a total of 575m.

  • MortgageStream teams up with PYV

    2 May 2006

    MortgageStream Mortgage Case Management Software has teamed up with Lloyds of London insurance broker PYV Ltd to bring a unique package of benefits to intermediaries.

  • MT self-cert exclusives

    1 May 2006

    The Mortgage Times Group is launching two prime self-cert exclusive products with free valuations in conjunction with The Mortgage Business. The products have pay rates of 4.79% fixed until June 30 2008 and 2009 and both have maximum LTVs of 85%.

  • MyCallcredit warns risks of identity fraud when moving house

    2 May 2006

    MyCallcredit, an online credit monitoring service warns home movers to get their identity in order before they move house to reduce their risk of identity theft and being turned down for credit.

  • NAB rolls out UKValutation AVMs

    3 May 2006

    UKValuation, the provider of automated valuations, has revealed Clydesdale Bank and the Yorkshire Bank, both part of the National Australian Bank group have elected to roll out UKValuations ProVal Automated Valuation System throughout their operations in the UK.

  • Nationwide changes product range

    5 May 2006

    Nationwide has increased its rates on fixed rate mortgages. The new rates are available from Tuesday May 9 2006.

  • Nationwide to donate 1 to charity for each protection policy sold

    2 May 2006

    Nationwide Life says that it will be making a donation to the charity Macmillan Cancer Support of 1 for every life assurance, critical illness and income protection policy that it sells between May 2 and July 31 2006.

  • Never mind small firms, the FSA should look at lenders

    1 May 2006

    From Andrew Hepworth I read that the FSA is turning its attention regarding TCF toward smaller companies and this is to be applauded. But as most advisers will always seek to look after their clients' best interests as a matter of course, why has the FSA not addressed the rising product fees and exit fees that lenders charge? Surely it cannot be fair for these charges to rise so dramatically - in many cases in excess of 200%. No cap seems to have been introduced. Many clients ...

  • Northern Ireland: We're on the ball

    1 May 2006

    Northern Ireland is ranked 34th in the FIFA World Cup all-time rankings. We have played 13 World Cup matches and have won three, drawn five and lost five.

  • Oakwood Group appoints Klemmer as president

    1 May 2006

    The Oakwood Group has appointed Richard Klemmer as president.Klemmer, formerly CEO of Oakwood's Australian lending subsidiary Pepper Homeloans, will be responsible for overseeing the operations of all Oakwood Group companies, specifically its six subsidiary firms, one of which includes the yet to be named UK residential mortgage lending operation led by Michael Bolton.Mike Culhane, CEO of Oakwood, says: "Richard has a great deal of experience in the industry and a record of ...

  • Owen says LMC will retain brand after sale

    1 May 2006

    Speaking exclusively to Mortgage Strategy as the sale of London Mortgage Company to Lehman Brothers is set to complete, LMC chief executive Robert Owen insists the company will retain its brand as the business expands.Owen set up LMC just under five years ago and took the company into profit of 11m last year. He says Lehman was attracted to LMC because it complements its two other brands - Southern Pacific Mortgages Limited and Preferred Mortgages - as well as fitting with ...

  • Packagers win sub-prime business

    1 May 2006

    Research from GMAC-RFC reveals that 60% of brokers place their sub-prime business with packagers.GMAC-RFC says this shows the considerable backing packagers have from brokers, despite some in the industry predicting their demise after regulation.The number of brokers using packagers has risen since Mortgage Day. GMAC-RFC conducted a similar poll in January 2005 when just 1% said their use of packagers had increased substantially. In February 2006 this had risen to 11%, with ...

  • Paymentcare offers free cover

    1 May 2006

    Paymentcare.co.uk is offering four months' free cover and reduced rates on its latest mortgage payment protection insurance product. Free-4-all offers four months' free cover at 3.95 for full ASU on a back to day one basis.

  • PFS challenges equity release providers on drawdown

    4 May 2006

    The Personal Finance Society's member magazine, Financial Solutions has lain down a challenge to equity release providers marketing so-called drawdown products.

  • Pink extends its sub-prime offer

    1 May 2006

    Pink Home Loans is extending its Turning the Adverse World Upside Down campaign until July 31 2006.Pink launched its sub-prime campaign at the beginning of the year with the aim of adding value in the adverse market. It kicked off the campaign with a 99 valuation fee and in February turned this literally on its head to give a maximum fee of 66, with a number of lenders offering free valuations.Pink says the campaign has been a success and the company has seen adverse applications ...

  • Pink online DIP

    1 May 2006

    Pink Home Loans is offering its appointed representatives an online decision in principle facility. This is available for packaged adverse cases and will search the lenders on Pink's panel to provide brokers with a list of lenders that will consider applications.

  • PMPA launches buy-to-let and self-cert products

    4 May 2006

    The Professional Mortgage Packagers Alliance has launched a suite of prime buy-to-let and self-certification mortgage products with no extended early repayment charges from Bristol & West.

  • PMPA offers semi-exclusives

    1 May 2006

    The Professional Mortgage Packagers Alliance is offering two semi-exclusive deals from The Mortgage Business, neither of which have higher lending charges.

  • PMS records best ever start to the year

    3 May 2006

    Premier Mortgage Service has recorded its best ever start to a year achieving 11bn in applications and 7.8bn in completions by end of March 2006.

  • Poland: More confident

    1 May 2006

    Perhaps the most famous Polish footballer to date is goalkeeper Jan Tomaszewski, who was infamously labelled a clown by Brian Clough before a qualifier against England, then performed heroically to deny England the draw they needed to progress and put Poland through to the 1974 finals.

  • Political future of HIPs is up in the air

    1 May 2006

    Despite the issuing of a timetable by the Office of the Deputy Prime Minister, there continue to be concerns (or are they hopes?) that the government will do a U-turn on Home Information Packs. The chances of the government abandoning its plans are nil. The reason has little to do with housing sales and more to do with the upper atmosphere.

  • Portman should put proc fee information on its website

    1 May 2006

    From Peter Stokes Following my raising of the issue of Portman's error in pricing recently (Mortgage Strategy April 24) I was most surprised at the response of Paul Howard, the society's head of intermediary sales. He states that "the proc fee omission on the email was a one-off that was spotted and rectified. The society notified MortgageBrain and Trigold as well as its own online Key Facts Illustration system". Well forgive me for being a little uneducated but surely if ...

  • Prestige Group expands sales network

    3 May 2006

    Prestige Group, the international property investment and development organisation, is expanding its sales network across the UK.

  • Prime time to buy into French property market, says VEF

    5 May 2006

    April proved to be a bumper sales month for French property agency VEF.

  • Primrose Mortgage Processing becomes latest PMPA member

    2 May 2006

    London based Primrose Mortgage Processing has become the latest mortgage packaging business to join the Professional Mortgage Packagers Alliance.

  • Property demand for retail falls as office demand increases, says RICS

    5 May 2006

    The retail property industry has weakened further due to a continuing consumer spending slowdown, says the Royal Institution of Chartered Surveyors commercial property survey.

  • Propertyfinder.com appoints chief executive

    3 May 2006

    Propertyfinder.com has appointed Warren Bright as its chief executive officer.

  • PTFS shares 3m share windfall with key accounts

    4 May 2006

    Personal Touch Financial Services has allocated its first tranche of shares to key accounts as a result of its 2005 new business performance.

  • RAMP looks to expand membership

    4 May 2006

    The Regulatory Association of Mortgage Packagers, the body representing some of the biggest mortgage distributors in the UK, has revealed it is looking to expand its membership.

  • Repossessions on the rise

    5 May 2006

    The number of households in the early stages of the repossession process rose sharply in 2006, reveal figures from the Department for Constitutional Affairs.

  • Retirement Plus appointment

    1 May 2006

    Retirement Plus has appointed Chris MacMahon senior relationship manager. He has 30 years' experience in mortgages and in 2003 helped establish sub-prime lender Infinity.

  • Rightmove joins AHIPP

    1 May 2006

    The Association of Home Information Pack Providers grew last week as Rightmove.co.uk signed up.It joins over 30 organisations in the trade body, all of which are involved in the provision of HIPs.

  • Should all buy-to-let properties have to be sold with home information packs?

    1 May 2006

    There does not seem to be much justification for the exemption of buy-to-let properties from HIP legislation, say our experts

  • Society appoints director

    1 May 2006

    Market Harborough has appointed Kerry Spooner as a non-executive director.Most of Spooner's legal career was spent with the international firm, Allen & Overy LLP.

  • Spain accounts for 27% of all Briton's second homes abroad

    2 May 2006

    The Official Social Trends Report has reported that Spain accounts for 27% of all Briton's second homes abroad and the Spanish Ministry of Tourism expects 1million foreigners to set up home on the Spanish coast within the next six years.

  • Spicerhaart launches its HIP provider division and website

    5 May 2006

    Spicerhaart has launched its Home Information Pack Provider division, Hips.co.uk.

  • SPML launches full mortgage protection online

    2 May 2006

    Southern Pacific Mortgage Limited has launched its full mortgage application online.

  • SPPL appoints account manager

    5 May 2006

    Southern Pacific Personal Loans has appointed Sharron Jones as account manger for the South of England.

  • Swift lending 73% up on last year

    1 May 2006

    Swift Group has revealed that its gross new lending for the first quarter of 2006 is running 73% higher than for the corresponding period in 2005.

  • TBMC joins Intrinsic Services' packager panel

    1 May 2006

    The Business Mortgage Company has been appointed to Intrinsic Financial Services' panel as its only com-mercial packager.Intrinsic says the specialist commercial and buy-to-let packager was chosen because of its experience and systems designed for commercial and buy-to-let.Andy Young, managing director of TBMC, says: "Our strategy of building network relationships will be enhanced by this appointment."TBMC is now the biggest provider of buy-to-let mortgages to IFA network ...

  • TFC Homeloans launches exclusive sub-prime products via Platform

    2 May 2006

    TFC Homeloans, in conjunction with Thinc Destini Group Ltd has launched a range of new sub-prime exclusive products via Platform, the intermediary lender of Britannia.

  • The Cheshire appoints chairman

    4 May 2006

    The Cheshire has appointed Robert Hough as its new chairman.

  • The Halifax House Price Index reveals 2% rise in prices

    4 May 2006

    The Halifax House Price Index reveals prices increased by 2% in April and by 4.4% in Q1 of 2006.

  • The Mortgage Mole

    1 May 2006

    THAT'S RICH Last week's Sunday Times Rich List revealed that Moneysupermarket.com's founder and chief executive Simon Nixon had shot up more than 100 places. He was number 258 in 2005 and was 138 this year, well ahead of the likes of Sir Mick Jagger and Sir Tom Jones. Unfortunately Nixon doesn't seem to have the same luck with the girls as those two famous lotharios. Last year Mole discovered a profile of him as one of Britain's most eligible bachelors in ladies' magazine ...

  • Time for the anti-HIP brigade to accept the inevitable

    1 May 2006

    From Julie Musgrave Now that the ODPM has issued its timetable for the implementation of Home Information Packs and started rolling out it's media campaign in the press, perhaps the whinging anti-HIP brigade will at last accept the inevitable. Mortgage brokers have nothing to fear from the proposed changes and the market will benefit in the long run. Most of the whingers are motivated by fear of change rather than by the HIPs themselves. Once the new system is bedded in ...

  • TMB appoints sales manager

    1 May 2006

    The Mortgage Business has appointed a regional sales manager to cover the Midlands, North, Scotland, North Wales and Northern Ireland. Martin Garfoot has been promoted to TMB having previously worked for BM Solutions as a business development manager.

  • Tread carefully to affordability

    1 May 2006

    Affordability calculations are gradually replacing income multiples as lenders' tool of choice for decision-making but there is concern among brokers that this could result in clients leaving more credit footprints, says Harvey Jones

  • UCB Home Loans increases its sales force

    3 May 2006

    UCB Home Loans, Nationwides specialist lender says that it is increasing its sales force of business development managers to 18, and says longer term it has plans to expand further.

  • Valuers don't seem to know house prices are increasing

    1 May 2006

    From Rick Gifford I am amazed the Royal Institution of Chartered Surveyors states that property values have increased for the past five consecutive months since I am having nothing but trouble with valuations - generally downward. For example, a 50,000 down- valuation on a 499,950 property in Manchester when an identical property next door had just sold for that figure. I have also seen a 30,000 down- valuation on an Essex property to 95,000. Where can you buy houses at ...

  • Watford FC seeks partners

    1 May 2006

    Watford Football Club is seeking a range of affinity partners to offer fans financial services and products from mortgages to pensions.Tony Yorke, spokesman for the club, says it can enhance its relationship with supporters by introducing them to reputable companies via its media channels including its website and the big screen at its ground.Although the proposition is still in its early stages, Yorke says the club is open to using one or several mortgage providers offering ...

  • Wave of intrest in equity

    1 May 2006

    The equity release sector was rife with rumours last week about potential entrants to the market looking to acquire firms.One industry source says: "There are a lot of big players keen to get into this market and an acquisition is a good way in because it provides an established platform. The way to make a big hit would be to target a product provider."Several sources suggest product provider Hodge Equity Release is up for sale, an allegation strongly denied by managing director ...

  • We can change PPI's public image

    1 May 2006

    The negative public perception of payment protection insurance can be countered if providers come up with simple, low priced policies and support brokers, says David Hill

  • We must address problems at the top of our society

    1 May 2006

    Name and address supplied In reference to Peter Mounty's article on fraud in the mortgage industry (Mortgage Strategy April 24), while I agree with his sentiments I ask that we start to look at this issue at the top of our society. Can someone get me mortgages totalling 3.4m on a joint income of 500,000 per year, as it is alleged our esteemed Prime Minister and his wife managed to do? I only ask this bearing in mind the income multiples and LTVs we all have to work to. Similarly, ...

  • West Brom appoints senior account manager

    3 May 2006

    The West Brom has appointed Neil Robson as senior account manager.

  • What are property licences?

    3 May 2006

    When arranging buy-to-let mortgages, mortgage introducers need to be aware of the obligations now placed on landlords who may require a property licence.

  • Which? is a classic case of poacher turned gamekeeper

    1 May 2006

    From Jim Gillespie I agree with the Association of British Insurers that the activities of Which? should be regulated by the FSA. It has been hiding behind the cloak of journalism for too long and has been giving unregulated financial advice to the public on just about any financial product you care to mention. I am convinced it has played a huge part in the compensation culture we now suffer thanks to its endowmentaction.co.uk website which encourages the public to write and ...

  • Z-apps will make brokers' lives easier

    1 May 2006

    The alliance between Focus and Trigold is aimed at creating an e-commerce community and its latest product should help brokers with the application process, says Frank Eve

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