Mortgage Strategy
1 November 2004

  • 500 register for SMP

    3 Nov 2004

    The Society of Mortgage Professionals alraedy has more than 500 registrations received, three weeks ahead of it opening for business. The CII has announced the creation of the Society in September to form part of an ongoing drive to raise professional standards across the financial services industry.

  • A certificate that's sure to be a qualified success

    1 Nov 2004

    I was just musing on the latest round of comment, claim and counterclaim regarding regulation and its implementation.

  • A wheedling Welsh windbag? Me?

    1 Nov 2004

    While some might be appropriate to certain industry personages, prejudices against the Welsh in general - and the writer in particular - are unfounded, says Richard Griffiths

  • Accord relaxes its rules on proof of income

    1 Nov 2004

    From today, Accord Mortgages will no longer seek proof of income for cases where the LTV is 75% or less, under 500,000 and where the broker has given the client advice.

  • Advantage Home Loans, the branded mortgage arranger, has launched its online KFI production service covering all its products on offer by its branded lending partners.

    3 Nov 2004

    The Financial Services Authority has published details of firms regulated to conduct mortgage business either directly authorised or as appointed representatives. This information enables lenders and customers to check whether the firms with which they are dealing have the appropriate authorisation. This can be done using the firmcheck service on the FSA website (www.fsa.gov.uk) or, for consumers without internet access, by calling the FSA's help line on 0845 606 1234.

  • Advantage launches online KFI service for its brokers

    3 Nov 2004

    Advantage Home Loans, the branded mortgage arranger, has launched its online KFI production service covering all its products on offer by its branded lending partners. Peter Bass, head of sales, says: " Being placed on so many mortgage panels it is imperative that we have a system which enables all our brokers to access accurate and compliant KFI's for their client".

  • All RAMP members receive full permission

    1 Nov 2004

    Samantha Foxall, head of compliance at RAMP, says: "All our hard work on compliance has paid off. We believe we are the first packager organisation with all its members in receipt of full authorisation. This is good news for our customers given that they know they will be working with an organisation whose members maintain the highest standards of compliance." The news that all RAMP's members have won full permission follows FSA clarification that packagers involved in ...

  • Amber launches online KFI

    3 Nov 2004

    Amber Homeloans is pleased to announce, it is able to provide an accurate, online Key Facts Illustration facility through its website. This KFI facility is also available via a link from many of Amber's panel member's websites, and Amber would like to encourage intermediaries toobtain KFIs from one of these sources, or direct from Amber, as accuracy can only be guaranteed in these cases.

  • B&B and L&G reveals business partnership

    3 Nov 2004

    Bradford & Bingley and Legal & General have agreed to form a business partnership. Under this arrangement Bradford & Bingley will offer to its customers a range of Legal & General investment and protection products in Bradford & Bingley branches.

  • Bang to rights

    1 Nov 2004

    As Mortgage Strategy celebrates the dawn of a new era of rights and obligations in the mortgage market, Ben Stafford traces the long and not always smooth route to statutory regulation

  • Bank holds rates at 4.75%

    4 Nov 2004

    The Monetary Policy Committee has frozen rates at 4.75%.

  • Bankhall appoints new head of mortgages

    3 Nov 2004

    Bankhall has appointed Richard Howells as its first head of mortgages for its newly formed Bankhall Mortgages division. The division encompasses Premier Mortgage Service and NU Mortgage Club that were both acquired by Bankhall earlier this year along with their existing mortgage operations, Point One and Intermediary Mortgage Direct.

  • BM Solutions celebrates the arrival of mortgage regulation

    3 Nov 2004

    The first regulated mortgage offer was issued on Sunday October 31, 2004 at 12:44am and the lender was BM Solutions BM Solutions is celebrating the first working day of mortgage regulation and the very first regulated mortgage offer. BM Solutions has campaigned for consumer transparency and fairness since it entered the specialist lending market nearly three years ago and sees statutory mortgage regulation as the most important milestone in the history of the mortgage market.

  • Branded for life

    1 Nov 2004

    The West Bromwich Building Society recently had its brand splashed across the pages of several national newspapers, but it was publicity the lender could have done without.

  • Bristol & West Mortgages teams up with Mortgages plc

    4 Nov 2004

    Bristol & West Mortgages is offering mortgage intermediaries one of the most flexible and comprehensive adverse credit ranges in the UK mortgage market thanks to an expansion of its relationship with Mortgages plc. The launch of the range means that intermediaries will benefit from the combined strengths of both Bristol & West Mortgages and Mortgages plc, resulting in an improved product range with competitive rates across a range of LTVs - now up to 95% - all linked to Bank base rate.

  • Broker revamps image for regulation

    1 Nov 2004

    Alexander Hall has revamped its image to capitalise on the introduction of statutory mortgage regulation.

  • Brokers warned on cold calling

    1 Nov 2004

    Pink has warned brokers they could be in breach of Financial Services Authority regulations unless they obtain clients' signed consent to contact them.

  • Burns-Anderson appoints Berkeley Alexander

    3 Nov 2004

    Burns-Anderson has appointed Berkeley Alexander as its strategic partner to offer membership an independent route to the general insurance market. The agreement will offer members two service propositions, independent advice through a web based quotation system giving access to the leading products, providers and exclusives or a ring fenced introducer service. Both options offer competitive commissions.

  • Buy-to-let market remains stable says Mortgage Express

    4 Nov 2004

    Mortgage Expresses's quaterly buy-to-let confidence report says the market remains stable, with 77% of respondents experiencing no void periods. The findings reveal that despite a small fall in demand for buy-to-let, there is overall stability in the market. The report canvassed respondents on key buy-to-let issues.

  • Buy-to-let set for further growth

    5 Nov 2004

    Charcol says that as many as 300,000 more properties will be bought to let over the next decade This is based on a predicted 12% growth on top of the existing 2.5million buy to let properties over the next decade.

  • Carole Caplin opens holistic therapy suite for TML staff

    1 Nov 2004

    Cherie Blair's lifestyle guru Carole Caplin has opened a holistic therapy suite for staff at Whiteley-based TML Financial Solutions.

  • Charcol arrange first ever regulated mortgage

    1 Nov 2004

    The first ever regulated UK mortgage deal enabled Charcol to provide its clients, John and Linda Philpin, with their offer within minutes of statutory regulation coming into effect. The Philpins fell in love with an apartment in a new development in London's exclusive Lancaster Gate and having negotiated a good price were keen to get things moving as soon as possible. John and Linda were already renting on the same street, so knew the area well and after consulting ...

  • Charcol calls for FSA to review regulations soon

    1 Nov 2004

    Charcol is warning that consumer detriment could be an unwanted consequence of statutory mortgage regulation and is calling for the Financial Services Authority to review its rules over the next few months.

  • Cheshire sponsors NCH young achievers awards

    5 Nov 2004

    Two five year old twins were crowned Merseyside and Cheshire's youngsters of the year at the NCH young achievers awards, sponsored by Cheshire. Five year old twins Matthew and Anthony Cooke were crowned Merseyside and Cheshire's youngsters of the year at the NCH young achievers awards on November 2, and made a stylish entrance in a limousine hired by their dad to say a big thank you for all that his remarkable little heroes have done for their mum.

  • CI rebrokering could lead to mis-selling allegations

    1 Nov 2004

    Advisers rebrokering critical illness cover under Financial Services Authority regulations could be opening themselves up to mis-selling claims - warns IFA firm Master Adviser.

  • Confusion over FSA numbers

    1 Nov 2004

    There was growing confusion last week as to whether or not the Financial Services Authority is responsible for supplying lenders with brokers' FSA numbers.

  • Consumers could end up paying the costs of regulation

    1 Nov 2004

    Training costs and processing delays could cost customers under regulation, predict brokers and networks.

  • Convex offers conveyancing to Clarkson Hill Group

    3 Nov 2004

    The Clarkson Hill Group has partnered to provide a fast and painless way to buy or sell a house, through Clarkson Hill Express Conveyancing. Convex will supply The Clarkson Hill Group with its white-label online conveyancing service that eradicates the time cost of chasing solicitors. Electronic updates are generated automatically by the systems as the case is processed by the account manager, ensuring up to the minute accountability for both clients and mortgage brokers alike.

  • Curriculum Vitae - Trevor Youens

    1 Nov 2004

    "The best showman I've seen is Barry White, but I'm also a fan of The Jam and Paul Weller"

  • Dashboard signs Tudor

    3 Nov 2004

    Dashboard Software has signed up packager Tudor Mortgage and Finance Limited, which is part of the PMPA network. David Jones, Joint Managing Director of Dashboard Software: We are very pleased to welcome a leading packager like Tudor to our client list. Tudor had some complex needs and was looking for a system that would make that path easier. Dashboard, with its flexible workflow and simple approach to a life cycle of a mortgage, was the answer. We are delighted that another ...

  • Dashboard Software signs Pavillion Securities

    1 Nov 2004

    David Jones, joint managing director of Dashboard Software, says: "We are delighted to welcome Pavillion after a lengthy period of discussion. They have a forward thinking attitude that works very well with the advances that Dashboard are making into the mortgage market." Tony Hughes, director of Pavillion Securities, says: "Following a detailed review of our technology needs we chose Dashboard for its ease of use and flexibility - an important requirement in a rapidly changing ...

  • Dear Delia

    1 Nov 2004

    Dear Delia Every now and again a client approaches me wanting to buy a listed building. I normally cringe when this happens as I am aware of the pitfalls associated with buildings such as these. From experience, the majority of clients I have dealt with have not realised what it is they are getting themselves into - or how to get themselves out when it all goes horribly wrong. Can you offer any advice?

  • Debt decision fires warning shot to credit lenders, says Which?

    1 Nov 2004

    Laurence Baxter, Which?, says: "As yet the implications of this decision are unclear, but could, potentially, have positive repercussions for those people who find themselves saddled with extreme levels of debt. The decision also serves to fire a warning shot across the bows of credit lenders charging exorbitant interest rates and may set a positive precedent for consumers. "The case demonstrates the huge problems with consumer debt and how easily it can spiral out of control. ...

  • Economist tells BSA overvalued housing market must fall by up to 20%

    1 Nov 2004

    Economist Roger Bootle told delegates at the Building Societies Association's annual lecture last week that the housing market is overvalued and that it must fall, possibly by as much as 20% from current levels.

  • Financial health matter

    1 Nov 2004

    Consider this scenario: You have just submitted Mr Brown's mortgage application. You have known him for over five years having kept in touch since you arranged a mortgage on his studio flat.

  • Financial sector issues its business continuity progress report

    3 Nov 2004

    The financial sector business continuity progress report published by HM Treasury, the Bank of England and the Financial Services Authority, shows encouraging progress by both the public and private sectors. The report shows encouraging progress by both the public and private sectors in a number of areas over the past year to improve the resilience of the financial sector against major operational disruption.

  • First Active launches fixed and discount product range

    1 Nov 2004

    First Active is launching a range of fixed rate and discount mortgages.

  • First Active sponsors Expo

    3 Nov 2004

    First Active, the mortgage lender, will be sponsoring Mortgage Business Expo London in November to coincide with the launch of its mortgage range. The range of fixed and discount rate mortgages combines competitive introductory deals with the option of switching to a new deal once the initialspecial period ends, something other mortgage providers usually only reserve for new customers.

  • FirstRungNow reveals renters feel trapped

    3 Nov 2004

    Research carried out by FirstRungNow has revealed that many people who currently rent a property feel trapped, believing they are unable to afford their own home.

  • FSA looks to an electronic future

    1 Nov 2004

    Electronic reporting will keep down FSA costs and also provide the regulator with an overview both of an individual firm's situation and of the market generally, says Ben Stafford

  • FSA's new rules leaves consumers out in the cold

    5 Nov 2004

    Just a little over a week since the launch of the Financial Services Authority's new mortgage regulations, designed to protect consumers from mis-selling, Which? has identified a loophole which leaves people with no access to redress.

  • Further rate rises unlikely, says Savills Private Finance

    5 Nov 2004

    Savills Private Finance says that yesterdays Base Rate announcement makes further rises less likely and believes that the current cycle of gradual increases is close to an end. The Bank of Englands Monetary Policy Committee today announced that will remain unchanged at 4.75%, for the third consecutive month.

  • Goldsmith Williams appointed to Genesis' legal panel

    4 Nov 2004

    Direct conveyancing firm, Goldsmith Williams, has been appointed to the legal panel of mortgage network Genesis. As a result, brokers and appointed representatives will be able to take advantage of an exclusive national remortgage facility.

  • Good news about PII could be short-lived

    1 Nov 2004

    With Mortgage Day now confined to the annals of history it is time to consider the implications of migrating from the cosy world of the Mortgage Code Compliance Board to the statutory regime of the Financial Services Authority.

  • Gooding did a lot of the work that enabled AMI to succeed

    1 Nov 2004

    I must respond to comments made by Monty Burn in his article in the October 18 issue of Mortgage Strategy. The record needs correcting and Burn should be made aware of a few things, including the actual structure and decision-making process of AMI. I write as the ex-deputy chairman and a board member of AMI, having served for two years to assist in the launch of the trade association.

  • Gummer hits out at negative media coverage of industry

    1 Nov 2004

    John Gummer, MP and chairman of AMI and the Association of IFAs, has hit out at the negative national media coverage of mortgage advisers and the attitude of consumer body, Which?

  • H2O launches range of mortgages aimed at the expat market in Spain

    1 Nov 2004

    Countrywide's Spanish arm, H2O Home Loans, has launched a range of products for the expat market in Spain.

  • Halifax enters the equity release market

    1 Nov 2004

    Halifax is now in the equity release market saying mortgage regulation has forced it to place its retirement home plan in the category of lifetime mortgages.

  • Halifax research portrays Bridget Jones effect

    3 Nov 2004

    As Bridget Jones takes to our screens for a second time over the coming weeks, Halifax research shows that young women are increasingly choosing to buy their first home alone. With 51% of Britain's population now women, the greatest increase has been in the proportion of mortgages taken out by single women, which more than doubled from 9.8% in 1983 to 23.1% in 2003.

  • HBOS procurement director steps in to CIPS presidency role

    4 Nov 2004

    Ian Taylor, head of procurement at HBOS has been elected president of the Chartered Institute of Purchasing and Supply for 2004-05. Taylor, who has been vice-president for the past 12 months, will take over the role from incumbent David Rich-Jones in November.

  • Helping consumers help themselves

    1 Nov 2004

    Central to the Financial Services Authority's statutory mortgage regulation will be an improved ability for consumers to understand and compare products, says Robin Gordon-Walker

  • High risk products may fall out of regulatory framework

    1 Nov 2004

    Lisa Shenton, specialist in volume property services at Eversheds, says: "We've heard a lot about how the regulations will bring peace of mind for borrowers, but the reality is that some high risk products have been overlooked. "For example, buy-to-let mortgages and second charge lending are both categories of mortgages which fall outside the scope of the Mortgage Day regulations. We have seen significant growth in both products over the last couple of years as people look ...

  • Home reversion on the increase

    5 Nov 2004

    Home & Capital Trust says business has been going well, despite scaremongering about a potential inheritance tax charge for partial reversions. Home & Capital Trust, who are the largest provider of direct home reversions, welcomed the Inland Revenue's statement last week whichdispelled fears that a tax, taking effect next April, could hit some homeowners using partial home reversions. Home & Capital Trust has calledfor formal clarification.

  • Homes will fund care in the future

    1 Nov 2004

    Mortgage brokers are likely to see more clients looking to release equity to fund healthcare

  • House of Lords makes home sellers packs voluntary

    5 Nov 2004

    The House of Lords has voted for an amendment in favour of making homesellers packs voluntary. The Royal Institute of Chartered Surveyors is very disappointed about this, and say there are many, many reasons why the packs should be mandatory.

  • House prices fell by 1.1% in October, says Halifax

    5 Nov 2004

    The latest house price index issued by Halifax shows that house prices fell by 1.1% in October. Over the past year, house prices have increased by 18.5% with the annual rate of growth now below 20% for the first time in six months. On a quarterly basis, houses prices fell by 0.4% between July and October. This is the first fall on a three monthly basis since the last quarter of 2000.

  • Housing market could be tipped into sharp slide, warns Miles

    1 Nov 2004

    Miles suggests that a significant fall in nominal house prices is not implausible and that it does not necessarily trigger such as a rise in interest rates or unemployment. Even if prices do significantly drop, Miles believes the knock-on effects will be less severe than in the early 1990s. Miles' comments are the latest by an economist suggesting the housing market may be due to collapse. Martin Weale, head of the National Institute of Economic and Social Research and Roger ...

  • How will regulation affect the mortgage market?

    1 Nov 2004

    As regulation grips the industry, Mortgage Strategy finds out how key players see the market shaping up over the the next few months.

  • IFAs embrace services from The Exchange

    2 Nov 2004

    As part of the phased launch, the enhanced Exweb services are now available to around 12,500 IFAs. This means that over 30% of IFAs who have access to the database have used it, showing strong demand. The Exchange worked closely with IFAs in the development of the services on Exweb in order to meet their expectations. This take-up endorses The Exchange's strategy to develop services in consultation with intermediaries and their input will continue to be crucial for further ...

  • IFAs embrace services from The Exchange

    3 Nov 2004

    The Exchange says that over 4,000 IFAs are already using its client database on its Exweb portal, just two months after its launch. As part of the phased launch, the enhanced Exweb services are now available to around 12,500 IFAs. This means that over 30% of IFAs who have access to the database have used it, showing strong demand.

  • Industry must make regulation work, says AMI

    3 Nov 2004

    The Association of Mortgage Intermediaries has called on the mortgage industry to help make regulation work, and for firms to communicate examples of where it is failing. Mortgage Day finally arrived on Sunday and, after twelve months anticipation, thousands of firms face the realities of regulation in practice. AMI is urging members to flag unanticipated problems wherever they arise.

  • Interest rate rises could lead to house price falls

    4 Nov 2004

    The National Association of Estate Agents is urging the Bank of England's Monetary Policy Committee to maintain the base rate at 4.75%. A survey of the NAEA's 10,000 member estate agents across the UK reveals that over three quarters, 76.3%, believe a further rate rise will lead to falls in house prices, with 15% of agents believing these falls could be substantial.

  • Internet Insite

    1 Nov 2004

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Jeff Sutherland-Kay checks out the websites of brokers, lenders, mortgage clubs, mortgage networks and packagers

  • IT can help in the non-FSA sector

    1 Nov 2004

    Adapting and developing the SDS MAPS system has allowed non-regulated packager The Finance Centre to prove to the FSA it does not undertake regulated functions, says Frank Eve

  • Its not AR numbers, but profitability that counts

    1 Nov 2004

    I would like to clarify the exclusive published in Mortgage Strategy October 18 2004.

  • Just 1,033 ARs!

    3 Nov 2004

    By Mortgage Strategy staff

  • Keep it simple and clear for clients

    1 Nov 2004

    Regarding the interim arrangement on compliant stationery, you should make it abundantly clear to consumers that the FSA is the regulatory body in charge of mortgages, says Neal Smith

  • Kensington appoints group treasurer

    4 Nov 2004

    Kensington has appointed Mark Wilten as its group treasurer. Wilten, 37, was formerly an executive director at Rabobank International. From its inception in 1998, Mark was responsible for the Kensington banking relationship while at WestLB. Prior to WestLB, Mark worked in the City since 1995 and in New York and Toronto since 1989 with Deutsche, and JP Morgan Chase.

  • Lender inflexibility stifling graduate first-time buyer market

    4 Nov 2004

    Scottish Widows says lender inflexibility is stifling the graduate first time buyer market. The top three factors that would help graduates get on the property ladder are lender related, with one in seven graduates aged 25-30, who say it will take up to ten years to buy their first house.

  • Lenders must come clean on the subject of marketing fees

    1 Nov 2004

    Hats off to Bill Armstrong for highlighting the disparity in details on KFIs (Mortgage Strategy October 25).

  • Letsure to offer specialist buy-to-let insurance to customers

    3 Nov 2004

    Buy-to-let insurance specialist Letsure has teamed up with mortgage broker Mortgage and Loan Group to offer a portfolio of insurance products to their customers. MLG is a leading finance company specialising in mortgages and other consumer finance products, distributing through offline and online business-to-business and business-to-consumer channels. The agreement with Letsure operates initially through MLG's business-to-consumer arm and will see MLG advisers offering Letsure ...

  • LMS packaging launches website in response to FSA changes

    5 Nov 2004

    Following recent changes in the mortgage industry LMS has launched a website designed to help and support its clients. To make sure that its clients have the best possible advantage in such a competitive market LMS' website has been designed to provide a range of support and assistance, including a dedicated KFI homepage that will direct clients to the best method of producing a lender verified KFI for all LMS' lender-partners.

  • Market Harborough changes website for FSA

    4 Nov 2004

    Market Harborough has successfully incorporated the changes to its website for online applications following statutory mortgage regulation by the Financial Services Authority. The re-vamped online application process provides customers with an IDD, followed by a KFI which then leads straight to the Society's online application form with no disruption in the process.

  • Market Watch

    1 Nov 2004

    Swap rates increased slightly but as expected most lenders have not been passing on recent drops as they have been trying to sort out their systems for regulation.

  • Marketing Brief

    1 Nov 2004

    Support is critical in the mortgage industry. Jeff Sutherland-Kay's A-Z review rates the marketing material that support service providers issue to help brokers with sales and business development

  • Maybe intermediaries have been right and the FSA wrong

    1 Nov 2004

    We told you so. As long as two years ago we constantly told our lender panels, the industry and journalists about the likely number of firms that would become directly uthorised - i.e. 70% of mortgage intermediary firms would be directly authorised by the FSA but still require the help and support of mortgage clubs.

  • Merrill Lynch buys MPLC

    1 Nov 2004

    Mortgage Strategy first reported that Merrill would acquire the sub-prime lender in July this year. MPLC's venture capitalist parent Nikko acquired the lender in December 2001 for under £25m (£20,758959m for Series A loan notes and £3.192m in the form of a working capital loan). Although the sale price has not been disclosed sources close to the deal believe that the price of MPLC will have at least trebled, with one source predicting a sale price ...

  • MEX puts back online launch date

    1 Nov 2004

    While the company sent out an email at the end of last week stating that it was hopeful it would be able to process applications online for November 1, final tests over the weekend found that there were still minor errors that could not be addressed in time for today. Daniela Conte, spokeswoman for Mortgages Express, says: "It's still business as usual, and applications for regulated mortgages can still be sent in paper based format. "And applications can still be ...

  • Moody's says lenders are strong

    1 Nov 2004

    Improved underwriting standards, high levels of efficiency and strong financial fundamentals have left mortgage lenders in a healthy situation, says a report from Moody's Investor Services.

  • Mortgage Next confirms problems

    3 Nov 2004

    Mortgage Next has confirmed that its appointed representatives have been experiencing problems during the past 48 hours, saying these have been caused by the Financial Services Authority website.

  • MORTGAGE NEXT NOW ON FSA WEBSITE

    4 Nov 2004

    Registration details about both Mortgage Next Network and its appointed representatives are now available on the FSA website www.fsa.gov.uk Mortgage Next Appointed Representatives have been experiencing problems since Monday, caused by the FSA website not making available data about the Mortgage Next Network.

  • Mortgage trust announces fee saver and cashback remortgage options

    4 Nov 2004

    Research carried out by Mortgage Trust shows that 70% of buy-to-let landlords review their mortgage arrangements at least once per year and are astute at financing their investments. As they come to the end of fixed or discounted terms, many will be looking to remortgage away from their existing lenders variable rates to secure a more competitive deal. Mortgage Trust is launching two remortgage products that boast not only great rates and full flexibility, but also the option ...

  • Mortgages plc cuts rate by 0.25%

    5 Nov 2004

    Mortgages plc, the specialist non-conforming lender, has cut its standard variable rate by 0.25% within 48 hours of its acquisition by Merrill Lynch. The cut will come into effect from December 1, Mortgages plc's SVR will reduce from 7.15% to 6.9%.

  • MS is here to help you through the transition

    1 Nov 2004

    Regulation has arrived but that doesn't mean it can be forgotten about. As with any sea change there will inevitably be teething problems.

  • Mystery surrounds Mortgage Next's authorisation

    3 Nov 2004

    Mortgage Next is playing down rumours that it has not been authorised, despite its appointed representatives saying they are not able to do business. One broker told Mortgage Strategy Online they are unable to do any business, because they have received an incorrect Financial Services Authority number from Mortgage Next.

  • Network Data signs up over 700 appointed representatives

    1 Nov 2004

    The news comes just before regulation day and clearly demonstrates the strength of Network Data's proposition. Richard Griffiths, managing director of Network Data, says: "The estimated 3,000 intermediaries yet to make a decision need to consider the track record and size of the network they join to be confident that they will be around in 12 months' time." Alex Cotton, head of sales and marketing, adds: "With applications increasing daily and sufficient capacity ...

  • Network Data takes Gold

    3 Nov 2004

    Network Data Limited has emerged as the largest pure mortgage network, according to the FSAs own Register of network firms. Network Data is listed as having some 288 firms, while others have zero!

  • New home prices drop as cautious buyers bitten by rate rises

    5 Nov 2004

    The average price of a new home in the UK fell by 3.1% last month to 261,645 says SmartNewHomes.com, the UKs leading new homes website. The fall means that prices are now also 3.1% lower than they were at this time last year, the first negative annual rate of change seen since the housing boom began. This is the result of consistent interest rate rises and market speculation causing a more cautious attitude amongst homebuyers and leading to housebuilders adjusting their selling prices.

  • Odds-on that base rate has now peaked, says Charcol

    5 Nov 2004

    Charcol has predicted that rate falls could now be as early as the first half of next year. Ray Boulger, senior technical manager of Charcol, says: "The City would have been staggered if today's decision was anything but a freeze. All the statistics and surveys released over the last month have pointed to more bearish conditions, which indicates that the previous rate rises have now seeped into the market. This appears to have had the desired effect of slowing the housing market ...

  • On the beat

    1 Nov 2004

    Adam Smith popularised the notion that the customer is king. This has become a clich?ut the reality is that the phrase is as powerful today as it was when first used in the eighteenth century. In modern global markets brands can be built and destroyed by consumer power.

  • Online, multi-lender portal launched

    5 Nov 2004

    The Mortgage Portal, an online, multi-lender portal based on open XML data standards, has been launched. Intended to resolve the requirements of the most demanding and complex sectors of the market, The Mortgage Portal is moving into pilot with three large distributors that between them encompass direct to consumer sales, branded lending and subprime packaging operations and together introduce around 2.5bn in specialist lending per annum.

  • Packagers risk FSA breach

    1 Nov 2004

    c-2 financial is warning that packagers are inadvertently breaking the Financial Services Authority's rules governing who is authorised to handle client money.

  • Platform launches online pre-sales KFI

    1 Nov 2004

    The lender's pre-sale KFI is accessible via the Platform website which has recently been revamped with improved navigation, clearer graphics and downloadable literature aimed specifically at intermediaries, making it a much more user friendly site for visitors. In order to give intermediaries a helping hand, Platform has pre-registered over 3000 users, all of which will be receiving pre-registration details in the post with their user login and password, giving them immediate ...

  • Platform to disclose all packaging fees

    1 Nov 2004

    A statement released by Platform says: "Our decision has been made following further discussions with a number of our key contacts, including relevant packagers and business partners. We believe that this is the best way forward and complies with the spirit of the regulation. "It also reflects the prevailing market view that full disclosure creates a level playing field for everyone who will be impacted, one way or another, by the regulation of our industry. "We are ...

  • PMPA warns on lender contracts

    1 Nov 2004

    Professional Mortgage Packagers Associates says one of the most important issues raised at last week's members' meeting concerned a number of untenable clauses contained in the latest round of lender contracts for the industry's packagers.

  • Positive legacy of the MCCB and the Code

    1 Nov 2004

    The Mortgage Code and the Mortgage Code Compliance Board compliance model have been lauded by many as classic examples of effective industry self-regulation. In five years MCCB has:

  • Record numbers of equity release taken out, reveals KRS

    3 Nov 2004

    In a boom led by the Midlands and North, a record level of equity release plans were taken out in the three months to September 30 2004, reveals Key Retirement Solutions. The total value of plans taken out both via Safe Home Income Plans members and non SHIP providers was 379.3m, a new high, and a substantial 31% increase on the second quarter of 2004, 289m. Against a background of falling general mortgage business, Key Retirement Solutions believe that these exceptional ...

  • Regulation gets warm reception

    1 Nov 2004

    Initial feedback from brokers and customers suggests they are welcoming the onset of statutory regulation, says Skipton.

  • Regulation is necessary but it must be cost-effective and proportionate

    1 Nov 2004

    An increasing regulatory burden could mean we end up with a financial sector in which only the big players with the largest compliance departments survive, says Rachel Blackmore

  • Richard Griffiths hits back at critics

    1 Nov 2004

    In your Letters page of October 18, Russ Stein says that he is amused, week after week, by my Regulation column. Well, it's always nice to know that someone shares my sense of humour and is an avid reader.

  • Rowe Cohen establishes sub-prime department

    3 Nov 2004

    National law firm Rowe Cohen has set up a department dedicated to handling the conveyancing of sub-prime mortgages. Headed by partner Mike Hymanson, the firm claims to be able to complete a standard remortgage case within five days from receipt of offer.

  • Scottish KFIs confusing, says broker

    1 Nov 2004

    A Scottish broker claims that differences in the housebuying process as a result of the distinctive legal system north of the border are causing confusion when interpreting Key Facts Illustrations.

  • Securitisation success at Britannia

    4 Nov 2004

    Britannia's latest securitisation in the Leek programme, closed on October 28 2004, the total value of bonds issued was approximately 1bn. This brought the overall total value of assets securitised to over 4.1bn since 1996.

  • Select & Protect links up with The Whitechurch Network

    2 Nov 2004

    Simon Hood, chief executive at Select & Protect, says: "We are delighted to be able to offer our products to Whitechurch. Their positioning in the market is unique, wanting to provide a simple but effective no frills solution to their members whatever route they take through regulation. "At Select & Protect we provide simplicity and service first and foremost and we are pleased to find a partner who promotes this at the very core of their own proposition. "Whitechurch ...

  • Select & Protect links up with The Whitechurch Network

    3 Nov 2004

    Select & Protect's has become one of the providers being used for home and mortgage payment protection insurance to The Whitechurch Network's members. Simon Hood, chief executive at Select & Protect, says: "We are delighted to be able to offer our products to Whitechurch. Their positioning in the market is unique, wanting to provide a simple but effective no frills solution to their members whatever route they take through regulation.

  • Service issues have stopped me using The Principality

    1 Nov 2004

    I'd like to inform any mortgage brokers thinking of recommending The Principality for a fees-free remortgage about the service problems I have suffered at the post-mortgage offer stage.

  • Sesame links up with One 2 One

    4 Nov 2004

    Sesame Direct has linked up with One 2 One Mortgages to provide its advisers with access to its mortgage service and range of leading providers for protection business. One 2 One Mortgages has received FSA authorisation ahead of Mortgage Day and will be providing a network service along with specialist packaging services for mortgage advisers. One 2 One has also been added to Sesames recommended packager list.

  • Seven ways to avoid debt this Christmas

    5 Nov 2004

    The Credit Services Association the official body representing the UK debt collection industry has issued its seven points to help consumers with debt over Christmas. The first point is to set a clear budget and stick to it secondly, make a list of presents and don't be tempted to buy more. Three, start saving now, four, start buying now so you can spread your cost

  • SHIP results show record growth in equity release

    3 Nov 2004

    Safe Home Income Plans has reported record quarterly business figures for the three months to September 30, 2004. The results show a strong upward swing in business, in comparison to both second quarter 2004 and third quarter 2003. Against a backcloth of provider preparations for Mortgage Day regulatory change, and a fall in general mortgage business, the figures for equity release are striking.

  • Skipton presents Blackburn Rovers with 23,000 cheque

    3 Nov 2004

    Skipton has presented Blackburn Rovers Football Club with a cheque for 23,590.44 as a result of another successful year for the two Rovers investment accounts offered exclusively through the Society. This takes the total raised to 63,589.36 in only four years. John Goodfellow Skipton, chief executive at Skipton, made the presentation to Rovers chairman Robert Coar on the pitch at half-time during the game against Liverpool last Saturday.

  • Solent Mortgage Services launches KFI

    1 Nov 2004

    Kelvin Cooper, managing director of SMS, says: "Thanks to the partnership we have with our lenders along with efforts of out IT and marketing departments, we are able to go live on M-Day. It is excellent news for our customers that accurate and compliant KFIs are available from the first day of the regulated era. If anyone has any problem they will find helpdesk telephone numbers on the website." Adrian Coles, managing director of brokerage Capital Mortgage Solutions, says: "One ...

  • Someone should have asked brokers about KFIs first

    1 Nov 2004

    Over the past few months you have devoted quite a few column inches to the problems surrounding the KFI. We have had mud slung from both lenders and sourcing systems and us poor brokers seem to be stuck in the middle with nobody appearing too bothered about what we actually need.

  • Sorry to disappoint you Brian, but my future's rosy

    1 Nov 2004

    I see from Brian Melling's letter (Mortgage Strategy October 25) that he is of the opinion that I will have no income stream from mortgage advice after Mortgage Day. His presumption is incorrect. Not only will it play a part in my income (as it has for the last 28 years) but I suspect it will improve.

  • Specialist lender launched

    1 Nov 2004

    Money Partners Limited, the new specialist lender backed by former igroup chief executive David Johnson, is now open for business.

  • SPML launches new fixed rates on its light adverse range

    3 Nov 2004

    Southern Pacific Mortgage Limited has launched new fixed rates on its current light adverse range, for full status applications only. The fixed rates start from 6.54% and are available for purchase and remortgage.

  • SPML says 1,000 firms have signed up for online KFIs

    5 Nov 2004

    Southern Pacific Mortgage Limited has announced the success of its online KFI. In the first three days of trading under statutory regulation, around 1000 broker and packager firms have already registered to use SPMLs online KFI facility and feedback from users is positive.

  • Standard Life Bank to pay commission on lifetime drawdowns

    3 Nov 2004

    Standard Life Bank has announced plans to pay additional commission to intermediaries on its Freestyle lifetime mortgage. From November 1 intermediaries will receive commission of 1% on both initial borrowings and further cash reserve drawdowns made on Standard Life Bank's Freestyle lifetime mortgage.

  • Standard Life helps homeowners manage their finances

    5 Nov 2004

    Standard Life has introduced three, six and nine month discounted variable rate mortgages, with or without contribution to costs, to its freestyle range. David Macmillan, director of sales and marketing at Standard Life, says: "As rising consumer debt remains a concern it is vital that homeowners take stock of their finances now. With the new range offering variable rates as low as 1.00% per annum, customers can take advantage of these great discounts to consolidate their current ...

  • Sub-prime sector quotes MCOB - except the bit about price

    1 Nov 2004

    If the FSA ever doubted the need for the various disciplines that regulation will bring such as fee disclosure and more crucially putting the consumer first then look to last week's Mortgage Strategy letters.

  • Sweet spots are a matter of trust

    1 Nov 2004

    Jason Gardiner, managing director of House of Finance, says if handled carefully, the 'sweet spot' concept could help rebuild consumer trust in the financial services industry

  • SWHEBS invests in its employees

    4 Nov 2004

    The Saffron Walden Herts & Essex has shown it is not just money it invests in - but also its employees. To prove it, the Investors In People employer has just promoted Sarah Darling from branch assistant to managing its internal marketing department at its head office in Saffron Walden.

  • Systems might not recognise authorised brokers

    1 Nov 2004

    Brokers face the risk of not being recognised from today because of inconsistency in computer systems, says Bankhall.

  • Tesco launches into UK mortgage market

    3 Nov 2004

    Tesco has officially launched into the UK mortgage market with an initial offer of a three year discounted variable rate deal. The supermarket says the product has been designed to be simple, easy to use and offer better value for money than anything else available anywhere in the market.

  • The Derbyshire is ready for regulation

    1 Nov 2004

    Tony Capon, head of intermediary mortgages at The Derbyshire, says: "We recognise that for many, preparing for regulation has been onerous and the costs of compliance will be high, but we believe this is a fair price to pay for regaining consumer trust in our industry. "M-Day is all about making the marketplace a fairer place for consumers and stamping out unfair practice. We should look forward to regulation continuing to build the reputation of our industry and providing the ...

  • The FSCS has declared 43 firms declared in default

    3 Nov 2004

    The Financial Services Compensation Scheme is asking consumers to get in touch if they have lost money by dealing with any one of 43 firms declared in default scheme. Declaring a firm in default opens the way for anyone who has lost money, as a result of dealings with such a firm, to make a claim for compensation to FSCS. The limit for investment compensation is 48,000. Consumers who believe they may have a claim, should contact the scheme on 020 7892 7300. The service is ...

  • The morning after the day before...

    1 Nov 2004

    So here we are. Welcome to mortgage regulation and all that it brings with it courtesy of the Financial Services Authority. From midnight on Saturday we have been living in a regulated mortgage world and the first regulated case has been completed.

  • The Mortgage Mole

    1 Nov 2004

    Digging the dirt in the mortgage world

  • The threat of new rules from Europe looms

    1 Nov 2004

    Michael Coogan, director-general, CML The Council of Mortgage Lenders supports statutory regulation as it will help maintain a high level of consumer confidence in the mortgage market. But we also believe that the voluntary Mortgage Code we instigated has played an important role in enhancing consumer protection.

  • The unauthorised can take a holiday

    1 Nov 2004

    If you are not yet authorised, it may be a good idea to take a long holiday about now, until your network or the FSA approves your firm to operate

  • The Woolwich under fire for poor service levels

    4 Nov 2004

    The Woolwich has come under fire from brokers for poor service, with some intermediaries cla iming a one-month backlog on processing mortgage applications is forcing them to boycott the lender.

  • TMP compliance service is concerned about ill equipped brokers

    5 Nov 2004

    The recently launched compliance service from The Mortgage Partnership, the Merseyside based distributor and packager says brokers are ill equipped. It says it has been amzed that mortgage brokers and even ARs of some networks are ill equipped to comply with mortgage regulation. Although delighted at the number of requests for help from brokers trying to cope with the new regulatory system.

  • TMP introduces broker compliance service

    1 Nov 2004

    The Mortgage Partnership, a distributor and packager, has launched a mortgage compliance service.

  • Too many endowment complaints

    1 Nov 2004

    The Financial Ombudsman Service has expressed concern over the large number of mortgage endowment policy complaints it is receiving.

  • Trigold staff help brokers experiencing problems

    1 Nov 2004

    Trigold maintenance staff are working flat out to alleviate problems brokers are having with the system.

  • UK skyline to change dramatically, says FPDSavills

    4 Nov 2004

    The skylines of the UK's major cities could change dramatically over the next few years, research out from FPDSavills reveals.

  • UK Spanish property market set to grow to 21bn by 2009

    5 Nov 2004

    The market for Spanish property sold to UK consumers is set to reach 21bn in five years time research commissioned by Parador Properties, the overseas property agent has revealed. By 2009 it is estimated that there will be 99,000 new properties bought by Brits alone as Spain continues to be the favoured destination for UK residents seeking sun, sea, sand and increasingly, a home from home.

  • Volunteers wanted to help The British Lung Foundation

    1 Nov 2004

    The British Lung Foundation's Make A Difference Day took place on Saturday October 30, whereby members of the public were asked to volunteer in their local community for just a day.

  • West Bromwich launches intermediary website

    5 Nov 2004

    The West Bromwich Building has successfully launched its own intermediary website, enabling brokers across the UK to enjoy easy access to its Key Facts Illustrations. The purpose of the website is to provide intermediaries with a much more efficient service including product information, KFI production, and on-line mortgage applications.

  • What do you think of statutory regulation?

    1 Nov 2004

    Simon Jones, director, Savills Private Finance. The Mortgage Day train has finally arrived, or at least pulled into the station en route to an as yet unspecified destination.

  • Will the FSA's decision To allow interim authorisation cause consumer detriment?

    1 Nov 2004

    Two experts discuss whether granting interim authorisation status could lead to some brokers inappropriately being allowed to trade

  • Woolwich reveals largest ever drop in cosumer confidence

    5 Nov 2004

    Consumers' confidence in the housing market has taken a battering The Woolwich has revealed, with confidence tumbling by 7% in October, taking levels to their lowest for four years. Andy Gray, head of mortgages at Barclays and The Woolwich, said: "With confidence levels at the lowest for four years, the decision to hold rates came as no surprise following the slowdown in the housing market and lower growth in borrowing. We expect confidence to soften further as interest rates ...

  • xit2 survey reveals HIP costs could restrict sellers

    1 Nov 2004

    The change, a swing of 63%, follows a previous xit2 survey revelation that the market now believes that it is sellers and not estate agents -- as previously thought - who would face upfront cost that could be as much as £800. Paul Duckworth, managing director - xit2 says: "Opinion will vary widely on whether this is a good thing for the housing market or not. On one hand it could be argued that without speculative sellers the housing stock on offer will truly be available ...

  • Zurich having problems intergrating with Mortgage Brain

    1 Nov 2004

    Industry sources have told Mortgage Strategy, there is issues affecting a small number of brokers, because of software clashes. Johnathan Atkins, spokesman for Zurich says: "There has been minor compatability problems, but we are working with Mortgage Brain and are confident we will have a rapid result and be ready for regulation." Mortgage Brain refused to comment.

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