Mortgage Strategy
1 October 2007

  • Internal salt moves

    1 Oct 2007

    Salt, the specialist lending arm of Derbyshire Building Society, has made three internal appointments. Alistair Welham is now the head of sales & marketing, adding the sales area to his marketing responsibilities. Reporting to Welham, as national sales manager, is Mike Taylor who has had a long career with the group. His responsibilities of key account management expands to include the residential sales team. Tony Capon is moving up to a new role as strategy consultant and will be working ...

  • Irish lenders are urged to axe 100% mortgages

    1 Oct 2007

    Banks and building societies in the Irish Republic have been urged to get together and agree jointly not to issue any more 100% mortgages.

  • 18 more lenders back TCF website

    2 Oct 2007

    A website offering brokers advice and tips about Treating Customers Fairly has been given a massive boost with the backing of 18 more lenders.

  • 3xd launches broker GI proposition

    2 Oct 2007

    The three ex-Paymentshield directors behind 3xd have unveiled a general insurance proposition for brokers.

  • A time for strong leadership

    1 Oct 2007

    The withdrawal of two key lenders from the secured loans market has done nothing to ease anxieties about the state of the industry. What is needed is strong and unflinching leadership from companies that will stay the course

  • A truer picture of long-term value

    1 Oct 2007

    The APR has been around as a comparative measure of loan and mortgage rates since before the Financial Services Authority took over the regulation of the mortgage sector. In all the time it has been plastered across mortgage literature, the measure has been universally derided as being of little or no value as an indicator of the true cost of deals.

  • A whole new Lexicon

    1 Oct 2007

    Kevin Duffy has big plans for the future of Lexicon Mortgages & Investments and Robert Stirling over the next two years. Matthew West talks to him about his vision for the future

  • Abacus offers free valuations

    1 Oct 2007

    Abacus Permanent is offering free valuations on its range of Salt-funded residential products. Rates start at 6.19% fixed for two years and are available at up to 90% LTV. There is no higher lending charge.

  • Abbey cuts long-term fixed rates

    4 Oct 2007

    Abbey is to cut rates on long-term fixed rates from Friday.

  • Abbey pulls plug on Concert venture

    1 Oct 2007

    Abbey has confirmed it has pulled out of its joint venture with Merrill Lynch because of turmoil in the credit markets.

  • Abbey unwise to seize the opportunity

    1 Oct 2007

    Credit crunch drama? More like complete panic. With thousands of savers queuing around the block to haul their money out of Northern Rock and paralysis in the money markets, it came as a bit of a shock that Abbey had launched a 125% LTV mortgage product.

  • ABI calls for flood defence spending to be brought forward

    3 Oct 2007

    The director general of the Association of British Insurers urged the government to move quickly to reduce flood risks in a meeting with ministers yesterday.

  • Advantage dodges "lender of last resort" stigma

    3 Oct 2007

    Advantage has taken steps to avoid being “the lender of last resort” by making more changes across its sub-prime, buy-to-let and self-cert ranges.

  • Advantage exits secured loan market

    3 Oct 2007

    Morgan Stanley has confirmed that it has pulled its ADV2 secured loan range from the market.

  • Advantage to axe 90 staff

    3 Oct 2007

    Advantage has confirmed that it will be reducing its head count by 90 staff members as a result of current market conditions.

  • Advantage unveils RAMP exclusive

    1 Oct 2007

    Advantage has launched the first exclusive deal in its ADV sub-prime range with the Regulatory Association of Mortgage Packagers. RAMP members can now access products from a range that offers a selection of two-year fixed rates starting from 7.09%.

  • Advice on fee disclosure imminent

    1 Oct 2007

    The Financial Industry Standards Association is believed to be on the verge of issuing lenders guidance on whether they need to disclose broker commission, following the Hurstanger case.

  • AFB concerned over OFT’s consultation on Consumer Credit Licenses

    2 Oct 2007

    The Association of Finance Brokers has raised concerns over the Office of Fair Trading consultation on Consumer Credit Licenses draft guidance on fitness and requirements.

  • Affirmative picks South-East BDM

    1 Oct 2007

    Affirmative has appointed Anish Nathwani as BDM for the South and South-East. Previously at GE Money Home Lending, Nathwani brings with him significant experience, having built relationships with more than 80 brokers and packagers.

  • Alan Dring's article on Darling was incisive and amusing

    1 Oct 2007

    Congratulations to Alan Dring. First, the only Home Information Pack I've been able to instruct before an estate agent beat me to it was swiftly handled by his firm, eConveyancer.

  • AMI's mortgage Expo line-up announced

    2 Oct 2007

    The Mortgage Business Expo London has announced the full line-up of seminars at the Association of Mortgage Intermediaries seminar theatre.

  • As the smoke subsides, the rebuilding begins

    1 Oct 2007

    In the aftermath of the credit crunch, the future might look bleak for some. But it need not be that way. The answer lies in going back to basics and identifying new business opportunities, writes Matthew West

  • Asset scoring hones risk strategy

    1 Oct 2007

    Recent upheavals in credit markets will focus lenders' attention on asset risk as well as borrower risk says Gary Styles, strategy, risk and economics director, Hometrack

  • Association of Mortgage Packagers and Distributors: Let's get back to game basics

    1 Oct 2007

    Whether playing golf or operating in the mortgage market, when things are going good it can be easy to take our eye off the ball and pick up bad habits. But now the chips are down we have to judge how the wind is blowing and tighten up our play to stay in the game

  • Association of Mortgages Intermediaries: Consumers can be at fault too

    1 Oct 2007

    The recent case of a consumer who blamed industry for having to sell at a loss a 'long-term' buy-to-let investment that went wrong highlights the issue of consumer responsibility. This is a concept that no longer seems to exist in today's litigious society

  • Assurant Solutions acquires Centrepoint

    3 Oct 2007

    Assurant Solutions UK has acquired Centrepoint Insurance Services.

  • Assurant to provide PPI schemes for Irish League of Credit Unions

    1 Oct 2007

    Assurant Solutions has announced its first major business partnership (with the Irish League of Credit Unions) since its recent launch into the Irish market.

  • Atkinson tickled pink by best journalist accolade

    1 Oct 2007

    Mortgage Strategy's ace news editor Rebecca Atkinson was crowned Best Mortgage Industry Journalist for 2007 at last week's Pink Service Awards.

  • AToM to host satellite packager conference

    2 Oct 2007

    All Types of Mortgages is hosting a satellite packager conference on October 23 at its head office in Horsham.

  • Axing tax relief could stall B2L

    1 Oct 2007

    The Association of Residential Letting Agents is warning that more than 40% of landlords would be reluctant to invest further in buy-to-let if tax relief was scrapped.

  • Bank of England freezes base rate

    4 Oct 2007

    The Bank of England’s Monetary Policy Committee has voted to freeze interest rates at 5.75% for October.

  • Bank of Scotland appoints head of premier team

    4 Oct 2007

    Craig Brown has been appointed to head up Bank of Scotland mortgages premier team which specialises in looking after high net worth clients.

  • Banks' actions play a part in irresponsible borrowing

    1 Oct 2007

    Lenders that actively court and lend to individuals with patchy credit histories should not cry foul when these borrowers end up bankrupt or propose an individual voluntary arrangement

  • Banks snub BoE funds for second time

    2 Oct 2007

    Lenders have snubbed for the second time the Bank of England's offer of £10bn in government-backed three month money.

  • Barclays gives up the ABN-Amro fight

    5 Oct 2007

    Barclays has given up its takeover bid for ABN-Amro.

  • Barratt lets buyers defer new-build deposits

    1 Oct 2007

    One of Britain’s biggest housebuilders has joined a scheme enabling borrowers to defer deposits when they buy a new-build property.

  • BBA's Angela Knight attacks FSA

    3 Oct 2007

    Angela Knight, chief executive of the British Bankers’ Association, has attacked the Financial Services Authority for its handling of the “Northern Rock Affair”.

  • BDS/MD joint venture

    1 Oct 2007

    BDS Mortgage Group has launched BDS Secured Loans, a joint venture with MD Secured Loans based in its Fareham office. The service team has more than 20 years' combined experience in the market and will offer a range of secured loan products.

  • Bill Safran to exit Trigold

    3 Oct 2007

    Trigold's chief executive Bill Safran has confirmed that he is to leave Trigold at the end of October to pursue other business interests.

  • BM withdraws self-cert, sub-prime and B2L products

    5 Oct 2007

    BM Solutions has emailed brokers to give notice that it is withdrawing a range of self-cert, sub-prime products at midnight on October 9.

  • BoE boss must act or leave the stage

    1 Oct 2007

    It's gone from crisis to farce. If you've not been paying attention, here's a little recap which will help explain why Mortgage Strategy believes Bank of England governor Mervyn King's position is fast becoming untenable.

  • BoE silent on auction rate

    1 Oct 2007

    No bidders came forward for the BoE's first auction of £10bn, which was offered at 6.75% last week. But pundits say this is not a surprise considering three-month LIBOR had reduced to 6.32%.

  • Bridgewater launches online case-tracker

    1 Oct 2007

    Bridgewater Equity Release has launched a case-tracking facility from its online system, EQUiP.

  • BROKERS SIGN UP

    1 Oct 2007

    Bridgingloans.com has registered 1,000 brokers online since its website launched just three months ago. Brokers that register with Bridgingloans.com have immediate access to a wide range of resources on bridging loans and advice on procedure, and can make online applications.

  • Brokers urged to diversify

    1 Oct 2007

    Speaking at the BDS Mortgage Group round table event at Thorpe Park last week, Alison Beech, director of business development at Rooftop, told brokers: "The ability to write sub-prime business is going to be limited. In fact, it is likely to be incredibly difficult so diversification should be the buzz word for now.

  • Brokers widen their horizons

    1 Oct 2007

    NACFB's annual survey reveals a healthy commercial broker market, with members not only writing 19bn-plus of business last year but also diversifying across the market, which will help them combat negative effects that might arise from the US sub-prime crisis

  • Buyer sought for Money Partners

    1 Oct 2007

    Speculation is rife that Investec has lost its appetite for the sub-prime market after Money Partners last week confirmed it is potentially seeking a buyer.

  • Buy-to-let sector to benefit from credit crunch

    1 Oct 2007

    The buy-to-let sector looks set to benefit from the ongoing credit crunch despite lenders increasing interest rates.

  • Call to swap APRs with DARs

    1 Oct 2007

    But research by Grant Thornton shows that dynamic annual rates, which calculate cost over a specific time period rather than the entire loan period, could help borrowers understand how changes in interest rates would affect the cost of their mortgages.

  • Can secured lenders survive if master brokers decide to sell their own PPI?

    1 Oct 2007

    The sale of payment protection insurance is both a valuable income source and a risk management tool for secured lenders. Our experts look at how lenders might fare if brokers stop selling lenders' PPI

  • Careless management of IT data can be a costly mistake

    1 Oct 2007

    The £980,000 fine imposed by the FSA on the Nationwide for security failings following the theft of a laptop from an employee reflects its concern about information security

  • Chatroom October 2007

    1 Oct 2007

    Similar dates, different problemsTiming, it is said, is everything - a truism that may strike a cord at both the European Mortgage Federation's annual conference on November 21-22 in Brussels and at the Council of Mortgage Lender's mortgage funding summit in London on November 22-23.

  • Checkmate for Knight and Finegold

    3 Oct 2007

    Stephen Knight and Martin Finegold have teamed up to launch Checkmate Mortgages, a vehicle for creating and owning multiple mortgage lenders.

  • CHL Commercial appoints new BDM

    1 Oct 2007

    CHL Commercial has appointed a commercial BDM, Marie Thompson.

  • Citigroup forecasts 60% decline in Q3 net income

    1 Oct 2007

    Citigroup forecasts a 60% decline in net income in Q3 as a result of dislocations in the mortgage-backed securities and credit markets, and deterioration in the consumer credit environment.

  • Claims firms eye mortgage mis-selling

    1 Oct 2007

    Goldsmith Williams partner Eddie Goldsmith warns that claims firms are already looking to capitalise on the credit crunch and help out-of-pocket borrowers sue their lenders.

  • Climb back begins from ashes

    1 Oct 2007

    The impact of the credit crunch may still be making headlines, but already the dust is beginning to settle and the outlook is not all gloom and doom. There are new opportunities for both brokers and distributors to write sound new business, says Ray Boulger

  • Close suspends specialist firm

    1 Oct 2007

    Close Brothers has suspended its specialist lender Close Mortgages in light of "the uneconomic returns available in this sector". Despite the closure, Mortgage Intelligence, which is one of Close's key distributors and shares the same chairman, says it continues to thrive, having made £2m profit last year.

  • Club signs up to Promise

    1 Oct 2007

    The mortgage club will make online sourcing system PromiseQuote available to all its network members.

  • CML accused of not sticking up for brokers

    1 Oct 2007

    Last week BBC Radio 4 broadcast a programme attacking mortgage brokers with claims of serious mis-selling in the sub-prime mortgage market.

  • CML expects November cut

    4 Oct 2007

    The Council of Mortgage Lenders says a November rate cut seems likely following the expected freeze of interest rates at 5.75%.

  • Commercial appointment

    1 Oct 2007

    Commercial First has appointed Paula Purdy to the newly-created role of national network manager. She will develop relationships with mortgage and IFA networks. For the past three years, Purdy has developed the North-West sales region for the lender.

  • Commercial market faces slowdown

    1 Oct 2007

    The commercial property investment market has seen excellent returns on rental yields and resales in recent years, making it one of the best performing asset classes in the UK. But recent rises in the Bank of England base rate and LIBOR funds have affected the cost of borrowing.

  • Complete relaunch

    1 Oct 2007

    Complete Mortgage and Loan Services has relaunched its website with a new design that updates the look of the site with improved functionality, in addition to the key features from the previous website. The new site includes online case tracking, details of exclusive products, an events calendar and an online enquiry service that enables brokers to complete and submit an enquiry form to Complete underwriters.

  • Compliance associate to boost RAMP's services

    1 Oct 2007

    The Regulatory Alliance of Mortgage Packagers has appointed Andy Setchell as compliance associate.

  • Concern over comparison sites' links

    1 Oct 2007

    The Resolution Foundation has called for a voluntary code of practice for price comparison websites following new research it has published suggesting many fail to explain the commercial relationships they have with product providers.

  • Consumers confident, says Spicerhaart

    5 Oct 2007

    Consumers are confident in their financial security and believe that interest rates have now peaked, a Spicerhaart survey reveals.

  • Consumers' loans should be insured

    1 Oct 2007

    At a recent Association of British Insurers Protection breakfast meeting, Teresa Perchard, public policy director at Citizens Advice Bureau, warned that Brits are sleepwalking into a mountain of debt.

  • Consumers save at record levels

    1 Oct 2007

    Unbiased.co.uk says consumers are taking advantage of higher interest rates by saving at record levels. It says savings hit £47bn in Q2 2007. It also found for every pound consumers saved during Q2, they only borrowed 8p - a sizeable drop from the 32p borrowed against every pound in Q1.

  • Countrywide Financial Corp could take $4bn hit

    5 Oct 2007

    Countrywide Financial Corporation, the largest residential lender and servicer in the US, could take a $4bn hit on its loan inventory in Q3, a new research report issued by Morgan Stanley claims.

  • Cowabunga! Abbey may get away with 125% deal

    1 Oct 2007

    To paraphrase Rudyard Kipling's famous opening line of his poem If, the successful ones in life are those who keep their head while others are losing theirs.

  • Credit crunch turns screw on industry

    1 Oct 2007

    Turbulence is a word with with we have all become familiar over the past few weeks. As if to prove the point, I deliberately delayed penning this article until the last moment to ensure its topicality. But events are moving so quickly I can only hope, rather than guarantee it.

  • Credit Suisse to axe 150 jobs

    1 Oct 2007

    Credit Suisse Group is to cut 150 jobs in the US and UK as a result of the recent market turbulence. The group says the cuts will be in mortgage-backed securities departments.

  • Curriculum Vitae: Neil Galjaard

    2 Oct 2007

    "Either I've led a conservative life or it's too embarrassing to tell."

  • Dabbling can harm your client

    1 Oct 2007

    Ensuring your clients receive a truly first class service means looking at all the ways you can help them. However, be wary of dabbling in areas where you are not 100% competent. In such instances referral to a professional is the way to be sure the client receives best advice

  • Danger - possessions are now entering uncharted territory

    1 Oct 2007

    Paul Walshe, head of lender services at the legal firm Moore Blatch, says the CML arrears and possessions figures, bad as they are, conceal a darker picture as many lenders find themselves on unfamiliar ground

  • Dangerous equity release advice

    1 Oct 2007

    I am alarmed to read about certain commentators recommending that prospective equity release customers should hasten their decision because of possible falls in house prices.

  • Dangerous game of incentives

    1 Oct 2007

    Incentives in the finance industry have been around a long time, and in a sector such as bridging where there is little regulation, brokers need to make sure that the customer comes out the winner at the end of the day.

  • David Bainbridge- External Relationship Manager - Financial Ombudsman

    1 Oct 2007

    David Bainbridge is an external relationship manager at the Financial Ombudsman Service and is part of the service's external liaison team. This small team is dedicated to explaining the ombudsman service's processes and procedures and can give informal technical guidance on the ombudsman service's approach. Bainbridge also provides training to firms, participates in industry forums and speaks at conferences and seminars.

  • Deal direct with lenders, says Malone

    1 Oct 2007

    John Malone, managing director of Premier Mortgage Service, is urging brokers to cut out packagers and deal direct with lenders during these difficult times.

  • Dear Delia

    1 Oct 2007

    Dear Delia I have a client with a large requirement for finance. He is looking to quickly buy a central London property for £10.5m, which he wants to convert into high value flats. He has a large number of investment properties across London and this acquisition would be the latest for his business. The purchase needs to be within 14 days, so he fears he may not be able to secure finance in time. What do you advise?

  • Debt problems up 11%, says CAB

    1 Oct 2007

    Problems with secured loans and mortgages were up 11% last year, the latest figures from the Citizens Advice Bureau show.

  • Demand rising for commercial deals

    1 Oct 2007

    Two-thirds of brokers say demand for commercial mortgages has risen during the past six months, according to Commercial First. Its research also shows that 73% of brokers think demand will continue to rise in the next six months.Standard Life wins arts awardStandard Life Assurance has won the arts, business and sustainability category in the Arts and Business Awards for its partnership with Children's Classic Concerts, in which children get to meet musicians.

  • Desperate Measures

    1 Oct 2007

    Sell-and-rent-back schemes are attractive to borrowers facing repossession but they should only be used as a last resort, says Christine Toner

  • Deutsche Bank forecasts net income to exceed EUR 1.4bn

    3 Oct 2007

    Josef Ackermann, chairman of Deutsche Bank, has revealed that its net income is currently estimated to exceed EUR 1.4bn.

  • Dodgy brokers risk exposure by FSA mystery shoppers

    1 Oct 2007

    So mortgage mis-selling was sensationally exposed on BBC radio's File on 4 last Tuesday, was it? Tell us something we didn't know.

  • Doing the rounds

    1 Oct 2007

    Secured lenders' apparent preference for recycling staff rather than expending resources to train vital new blood could backfire, especially as the recent volatility of the sub-prime market has become yet another deterrent to newcomers entering the industry, says Natalie Martin

  • Don't be afraid of the big leap

    1 Oct 2007

    With the bad, comes the good. While the secured lending market has suffered from the fallout of the US credit crunch, some in the commercial market are coming out on top.

  • Don't forget TCF on secured loans

    1 Oct 2007

    Robert Sinclair, associate director of the Association of Finance Brokers will be answering questions every month put to him by brokers. If you have a question you would like him to answer, please email natalie.martin@centaur.co.uk

  • Drive a ferrari

    1 Oct 2007

    Bridging finance lender Link Lending is offering brokers the chance to win a drive in a Ferrari 360 and a Lamborghini Gallardo by submitting applications in the next three months. Brokers have the chance to win four laps in each car in a day-long event which includes instructor briefings and demonstrations at Rockingham Motor Speedway's Driving School. One winner per month, plus a guest, will be drawn from all brokers to make applications that proceed to offer in September, October ...

  • Duo to launch new lenders

    1 Oct 2007

    Stephen Knight and Martin Finegold have teamed up to launch Checkmate Mortgages, which they will use to create and own multiple mortgage lenders.The joint venture with Knight, former chairman of GMAC-RFC, and Finegold, Kensington Mortgage Corporation founder, will launch two new lenders by Q4 2008

  • ECBC sets up committee to calm jittery markets

    1 Oct 2007

    The European Covered Bonds Council has set up a committee to issue recommendations, in difficult market conditions, on how covered bond market-making rules can be temporarily adapted to ensure a rapid return to an orderly market. The committee will convene as soon as possible after a market upheaval.

  • Elephant gets bigger

    1 Oct 2007

    Elephant Loans & Mortgages has seen record levels of deals boosted by referrals from major new affinity partners. It is now accelerating its expansion with an aggressive recruitment campaign and major expansion in the North of England in order to keep up with increasing demand for its services.

  • em- reports strong turnout at Birmingham roundtable

    2 Oct 2007

    Mortgage packager em-financial reports a strong turnout of regional brokers at its recent Birmingham roundtable event.

  • 'End to master broker control'

    1 Oct 2007

    Evaluate Technologies is predicting the demise of master broker dominance in the secured loan sector as it develops an integrated trading platform that will go direct from the independent financial adviser to the lender.

  • Enterprise Debt Solutions teams up with Grant Thornton

    4 Oct 2007

    Enterprise Debt Solutions, the debt management and IVA service within Enterprise Group, has made a strategic partnership with Grant Thornton UK LLP.

  • Enterprise launches partners propositions

    1 Oct 2007

    Enterprise Debt Solution officially launched to the partners during the firm's inaugural convention held in Puerto Banus this weekend.

  • Enterprise picks BDM for Midlands

    1 Oct 2007

    Enterprise Broker Services has appointed a BDM for the Midlands. Chris Baldassarra joins Enterprise from Abbey.2005: A report by Advice UK uncovers mis-selling of payment protection insurance2004: Packagers challenge claims that regulation would kill off their sector2003: Lehman Brothers is rumoured to be in acquisition talks for Preferred Mortgages2002: Housing charity Shelter calls for an end to the Right to Buy scheme2001: The CML attacks the FSA for trying to regulate mortgages ...

  • Event may be step towards trade body

    1 Oct 2007

    Cheval and the Council of Mortgage Lenders have moved one step closer to creating a trade association for the bridging market.

  • Exclusive Connections: Packagers take on a lifeline role

    1 Oct 2007

    Because of the blizzard of rate and criteria changes and product withdrawals in the current mortgage market, intermediaries are realising that packagers are not only best positioned to offer up-to-date product and industry information, they are also providing a listening role

  • EXCLUSIVE: Abbey pulls out of Concert Mortgages

    5 Oct 2007

    Abbey has confirmed that it has pulled out of its joint venture with Merrill Lynch because of turmoil in the credit markets.

  • EXCLUSIVE: Merrill to launch new lender Concert Mortgages

    2 Oct 2007

    Merrill Lynch is getting ready to launch a new mortgage lender called Concert Mortgages Holdings as part of a joint venture with Abbey.

  • Expo expands

    1 Oct 2007

    The Mortgage Business Expo is spreading its wings and embarking on its first Northern Irish event, to be held in Belfast on January 30.The growing number of lenders and brokers working in Northern Ireland has prompted Expo organiser Clarion to launch the Mortgage Business Expo Belfast.Dan Nwaokolo, show director at Clarion, says the Belfast Expo will be similar in size to the Scottish Expo.

  • Finding yourself in India

    1 Oct 2007

    Earlier this year we visited India to look at Kent Reliance's support of an AIDS orphanage. But we extended our coverage to a cash strapped AIDS hospital which has prompted a generous donation by London & European, matched pound for pound by Kent. John Murray reports.

  • First fall in prices this year

    1 Oct 2007

    The national average house price fell for the first time since the end of 2006. However, the shortage of houses on the market, together with sound economic fundamentals, will continue to support house prices as 2007 draws to a close

  • FISA seeks to review its foundation course

    1 Oct 2007

    The Finance Industry Standards Association is proposing an overhaul of its foundation training course.

  • Fitch says NR asset quality is good

    5 Oct 2007

    Northern Rock’s asset quality remains good and capitalisation sound, says Fitch Ratings Agency.

  • Fixed rates from Kensington

    1 Oct 2007

    Kensington Mortgages is launching a range of two and three-year fixed rate specialist prime products. The range includes self-cert fixed rates from 5.89% at 75% LTV and available up to 90% LTV. Buy-to-let fixed rates start from 5.88% at 75% LTV and are available up to 90% LTV for a maximum of 10 properties.

  • Flexible automation solutions

    1 Oct 2007

    By producing mortgage origination, sourcing and processing systems based on software modules that can fit together, DPR has provided automation solutions for packagers and networks that can be configured to suit the tasks determined by the user

  • Free online sourcing

    1 Oct 2007

    Moneyfacts has launched a free online sourcing system and adviser portal. The sourcing system was previously only open to subscribers to the magazine, but it has now been revamped and is being offered to brokers free of charge.It features residential, sub-prime, buy-to-let and commercial mortgage products and details underwriting criteria. Moneyfacts says it covers around 95% of the marketplace.

  • Freehold: Our spirit will pull us through

    1 Oct 2007

    Seismic changes are taking place in the industry, but the dust will eventually settle. A crisis always has a positive effect, and what will carry us through are the shared values and mutual support of the mortgage packager community

  • FSA appoints Chris Pond as director of financial capability

    3 Oct 2007

    The Financial Services Authority has appointed Chris Pond as director of financial capability.

  • FSA should fine individuals in problem PPI companies

    1 Oct 2007

    The FSA has released the latest findings from its ongoing thematic review of payment protection insurance and those of us hoping for positive news are disappointed.

  • FSA to crack TCF whip in 2008

    1 Oct 2007

    The Financial Services Authority is set in 2008 to grill all 3,800 mortgage brokers in a bid to speed up the take-up of its Treating Customers Fairly initiative.

  • FSA to launch PPI comparison charts

    4 Oct 2007

    Payment protection insurance comparison tables will be introduced by the Financial Services Authority in March 2008

  • FSA's warning shot to managers

    1 Oct 2007

    The fines the FSA recently handed out to two mortgage firms and one chief executive are exemplary and the senior management of all firms should take note, says Bill Warren

  • FSCS changed to cover 100% of depositors' first £35,000

    1 Oct 2007

    The limit on the Financial Service Compensation Scheme deposits cover has been increased to cover 100% of the first £35,000 of the depositor’s claim.

  • Germany is unfazed by finance problems in US

    1 Oct 2007

    Developments on the international financial markets did not cause German and European banks to take an altered or stricter stance on mortgage approvals in Germany in August.

  • GI could be a safe haven for brokers

    1 Oct 2007

    Given the current turmoil in the market, brokers must be concerned about whether or not their turnover levels can be sustained. They are right to be worried.

  • GMAC-RFC gets set for TCF conference

    4 Oct 2007

    GMAC-RFC says it now has 75 guests attending its Treating Customers Fairly partners conference next week.

  • Halifax provides Positive Solution

    1 Oct 2007

    Halifax General Insurance is to provide its general insurance products to Positive Solutions members. The deal means Positive Solutions' network of 1,674 advisers will be able to provide Halifax's insurance products.

  • Halifax reports house price fall in September

    4 Oct 2007

    House prices fell by 0.6% in September but increased by 0.9% in Q3 of this year, the Halifax house price index reveals.

  • HBOS to scrap net lending targets

    3 Oct 2007

    HBOS has revealed it is to scrap its annual market share targets for net lending.

  • Hedge funds begin Northern Rock takeover talks

    1 Oct 2007

    Two American hedge funds will now enter takeover talks with Northern Rock's board, a Sunday newspaper report claims.

  • HIPs are becoming a silent failure

    1 Oct 2007

    HIPs are suffering from a curious lack of backing from the government and the suspicion must be that they will not survive in their present form after the next election, says Katie Tucker

  • HIPs debut in a dodgy market

    1 Oct 2007

    On September 10, after 10 years of speculation and uncertainty, home information pack law finally applied to the majority of homes. Laura Howard looks at the real effect HIPs are having on the property market

  • HML now has £50bn in assets

    1 Oct 2007

    Homeloan Management Limited says it now has £50bn of assets under administration. Steve Haggerty, chairman of HML, says: "Our assets have grown from around £5bn in 2000 to £20bn in 2003 and now to £50bn."

  • Home of Choice: Get set for race to consolidate

    1 Oct 2007

    Expect the effects of the credit crunch to be far-reaching. Not only will there be a brake on innovation in the industry as firms become extra cautious but tougher conditions will drive down the number of networks, with many forced to merge, acquire new business or fold

  • Hometrack buys into Aussie firm

    1 Oct 2007

    Hometrack has bought a 50% share in Australian residential research company Residex to form Hometrack Australia. Residex was responsible for developing Australia's first automated valuation model.

  • House price growth cooling

    1 Oct 2007

    House prices have remained at the same level for two months but the rate of growth has slipped to 5% from the April high of 6.8%, says Hometrack. Richard Donnell, director of research at Hometrack, says: "Turmoil in the financial markets has created a period where buyers and sellers are unwilling to commit until the outlook becomes clearer. As a result, agents reported a 2.7% drop in the sales agreed in September."

  • House price growth cools in Q3, says Nationwide

    4 Oct 2007

    House price growth cooled from 10.2% to 9.3% in the third quarter, the latest house price index from Nationwide reveals.

  • House price slump may be on the cards

    1 Oct 2007

    The first research report to claim house prices in the UK are going to fall has been published.

  • House prices defy gloomy forecasts

    1 Oct 2007

    House prices increased by 0.7% in September, defying downbeat expectations, Nationwide's house price index has revealed.

  • House rules on derivatives

    1 Oct 2007

    The present funding crisis might have been less severe if we had a more lively derivates market. Troy Martin of Acadametrics explores the problem for residential property, which is in something of a Catch 22 situation.

  • How will the present financial turmoil affect the housing market in the longer term?

    1 Oct 2007

    It will take up to two years for the market to stabilise after which house prices should start to rise again, according to our experts

  • HSHL added to Solent panel

    1 Oct 2007

    High Street Home Loans has been added to the lender panel of Solent Mortgage Services. Ian Balfour, sales and marketing director of SMS, says: "The current crisis has highlighted the need for brokers to look for accurate information on the lending market and the widest choice for their clients under one roof."

  • Hush Hush

    1 Oct 2007

    KNOCKED OUTIt's been all systems go at Distributions Towers this month. It started with the team powering to success in go-karting, courtesy of the kind folk at Chelsea Building Society, although concerns were raised by MD editor Matt West about MS hackette Leah Milner's propensity for encouraging drunk men to sing badly to her at the pub before the event.

  • Hutchinson tells it straight

    1 Oct 2007

    Alison Hutchinson, chief executive of Kensington Mortgages, stunned guests at the lender's recent annual party when she made a frank admission about the state of the housing market, proclaiming: "It's bloody shitty out there."

  • Igroup reprices across the board

    1 Oct 2007

    Igroup will reprice its entire product range from tomorrow.

  • IKEA puts affordable homes on the market

    1 Oct 2007

    IKEA Gateshead will be opening its doors to potential buyers of properties in the BoKlok affordable housing development this Friday.

  • Inaction on PPI is not helping industry's battered reputation

    1 Oct 2007

    The findings of the latest review of the sale of payment protection insurance by the Financial Services Authority makes sorry reading.

  • Income solution to rental shortfalls

    1 Oct 2007

    Packagers have called on lenders to make up any shortfalls in rental assessment using borrowers' income.

  • Industry merry-go-round may slow

    1 Oct 2007

    Some of the biggest credit crunch losers could be City recruitment firms as mortgage sector redundancies bite and professionals become increasingly reluctant to move jobs, says Sally Laker

  • Industry still positive after lenders pull out of market

    1 Oct 2007

    The industry is recovering from a turbulent month during which a number of lenders were forced to withdraw from the market.

  • Infinity is back in business

    1 Oct 2007

    After over a month out of the market Infinity Mortgages is set to return after managing to secure funding from Investec.

  • Insurance AVM from UKValuation

    1 Oct 2007

    UKValuation has launched an automated valuation model insurance solution as part of its plan for an integrated approach to risk management for lenders.

  • Insurance that rewards healthy living

    1 Oct 2007

    I wanted to write about something other than the beleaguered sub-prime market this week, but in view of how much it is struggling it's impossible to avoid the topic.

  • Insynergi urges brokers to prove TCF work

    4 Oct 2007

    Insynergi has urged all mortgage brokers to ensure they can prove ongoing Treating Customers Fairly work, should the regulator come calling.

  • Investors and immigrants wrongly blamed for house prices, says Propertyfinder.com

    5 Oct 2007

    The public is wrongly blaming investors and immigrants for high property prices, says Propertyfinder.com.

  • Investors turn their attention overseas

    1 Oct 2007

    The Northern Rock crisis has prompted property investors to look overseas. A poll at the ExCel Property Investment Exhibition in London revealed that almost 40% of potential investors have increased their interest in overseas property.

  • It was all inevitable, so let's not get hysterical

    1 Oct 2007

    Saying "I told you so", for once, just doesn't hold its usual satisfaction for me, which is slightly annoying, as most people who know me are aware that one of my greater faults is that I'm a bit of a know-it-all. So there I am in my previous editorial for Mortgage Distributor writing about the danger the press posed in the way it reported the "global credit crunch" and within days we had the first run on a UK bank since the 19th century.

  • It's time for limited liability on advice

    1 Oct 2007

    Until six months ago, I was guilty of paying too little attention to the details of regulation. I sat with clients every day, offering advice to first-time buyers and remortgagers via all sorts of bizarre scenarios in between. One I remember vividly was: "I want to remortgage so I can re-build the bridge over the moat to my house."

  • J C Flowers rumoured £15bn fund for NR bid

    3 Oct 2007

    Private equity J C Flowers has reportedly amassed a £15bn fund to acquire Northern Rock.

  • Jumbo jump to a new career

    1 Oct 2007

    An elephant keeper has said goodbye to his jumbos and embarked on a career as a financial adviser.

  • Keep your diary free for next year's exciting Mortgage Summit in Cyprus

    1 Oct 2007

    Mortgage Strategy's fourth Mortgage Summit will take place next May in the lavish setting of the Aphrodite Hills Hotel in Cyprus.

  • Key to survival for brokers

    1 Oct 2007

    Brokers have an increasingly important role in providing clients with good advice on products as the turbulence in global financial markets results in more casualties among firms in the UK mortgage industry and a tightening of lenders' criteria, writes Tony Ward

  • Knight set to launch new niche lender

    1 Oct 2007

    Stephen Knight, the former chairman of GMAC-RFC, has announced his return to the mortgage market with a lending proposition he says will be entirely distribution focused in strategy and will change current thinking over products.

  • KSL refuses help

    1 Oct 2007

    Kensington Secured Loans has refused a lifeline by master broker Loans etc to help brokers caught out by its decisions to withdraw from secured loans and also to not honour existing pipeline business.

  • Landlords cut their gearing

    1 Oct 2007

    Paragon Mortgages says landlords are reducing their portfolio gearing - the proportion of borrowing to equity - to protect themselves against possible interest rate rises. It says the average landlord's portfolio gearing has fallen from 48% in 2002 to 38% in 2007.

  • Leadpoint launches SMS lead delivery

    2 Oct 2007

    LeadPoint has launched an SMS lead delivery service.

  • Learning to live in tougher times

    1 Oct 2007

    As the consequences of the present credit crunch work through the industry, brokers will have to adapt to lower volumes of business and reduced commission payments, says Frank Eve

  • Leeds staff go the extra miles for Help the Aged

    1 Oct 2007

    A team of nine Leeds employees took part in the BUPA Great North Run at the weekend to raise money for charity Help the Aged.

  • Legal & General: Silver lining lifts HIPs cloud

    1 Oct 2007

    One aspect of the much criticised home information packs that makes it worthwhile is the energy performance certificate. It will raise consumer awareness and encourage reduced energy consumption, which will benefit the economy and help us avoid a watery future

  • Legal Definition - Don't remain in the dark

    1 Oct 2007

    Confused by the plethora of legal jargon in the mortgage industry or want to know what a legal term or practice means? Each month our panel of experts answer questions sent in by readers.

  • Lehman Brothers direct to broker still on table

    1 Oct 2007

    Lehman Brothers says its plans to launch a direct-to-broker lender in 2008 are still on the table despite its recent U-turn over its multi-brand strategy.

  • Lenders' communications sometimes take the mickey

    1 Oct 2007

    At what point do communications from lenders to packagers cross over from being useful to taking the mickey?

  • Lenders home in on N Ireland

    1 Oct 2007

    Rising demand for property along with a shortage of homes in Northern Ireland have been pushing up prices at a rate well above that in the rest of the UK. This has boosted demand for bridging finance and attracted the attention of lenders in this sector, says Natalie Martin

  • Lessons in financial history

    1 Oct 2007

    Professor Chris Brooks and Dr Adrian Bell, financial experts at the ICMA Centre business school at the University of Reading, have been given a £350,000 grant by the Economic and Social Research Council to look into how medieval credit arrangements could have formed the basis of today's lending industry.

  • Lexicon buys Barton Gold to bolster growth strategy

    1 Oct 2007

    The club has a loyal membership of some 60 directly authorised brokerages across London and the South-East. Distribution-wise, it facilitates more than £750m of loan finance each year, primarily in the high net worth sector.

  • Lime in secured sector

    1 Oct 2007

    Tenet's non-investment network LIME has launched into the secured loan sector, despite several lenders exiting. LIME says secured loans are increasingly being recognised as a cost-effective alternative to remortgaging in some situations.

  • Link Lending taps Deutsche

    1 Oct 2007

    Short-term/bridging lender Link Lending has announced that it has secured an additional £50m warehouse facility arranged by Deutsche Bank, in addition to its existing funding arrangements with Barclays Bank.

  • Looks like it might be time to put your money into tulips

    1 Oct 2007

    In the wake of the Northern Rock panic Philip Tebbatt suggests that we should put our hard earned money into tulips which could generate an interesting wealth warnng from the Financial Services Authority

  • Loyalty deals make business sense

    1 Oct 2007

    Those clever people at Nationwide have decided to reward loyal borrowers with an exclusive deal. So if you are a switcher - an existing Na-tionwide mortgage holder moving to another Nationwide mortgage - you can take out a five-year fixed rate deal at below 6%. And what's more, it comes with no valuation fee.

  • Ls sees demand surge

    1 Oct 2007

    London Scottish says it has streamlined its secured product plans in response to a surge in demand. It has also suspended the registration of new introducers as a temporary measure. It says this is in the face of a demand increase following competitors' withdrawal from the market.

  • MAB goes secureD

    1 Oct 2007

    Mortgage Advice Bureau has added secured loans to its offering. Working directly with specialist packager Direct Financial Services, MAB now has access to a wide range of secured loans.

  • Make more from each mortgage sale

    1 Oct 2007

    In the past couple of weeks, the financial headlines have been dominated by stories of gloom and doom. I'm not only talking about the credit crisis and Northern Rock, but also reports that house prices are heading south and the mortgage market could be worth £50bn less in 2008.

  • Making waves with charity cross-Channel swim

    1 Oct 2007

    Staff at the Lancashire Mortgage Corporation were celebrating last week after project manager Gareth Wilson successfully completed a cross-Channel swim between Dover and Cap Gris Nez in France.

  • Managers have bigger pods

    1 Oct 2007

    In December 2004 Kent Reliance formed Easiprocess in Bangalore, India with a team of just three and the idea of setting up a back office operation with a difference. Today the business employs 97 people in a high-tech, paperless environment - and there is more to come

  • Marketwatch

    1 Oct 2007

    Swaps continued to fall last week, which is going to be great news for prime fixed rates.

  • Master brokers shake-up fear

    1 Oct 2007

    The news that Evaluate Technologies is planning to create an integrated trading platform for secured lending will no doubt provide food for thought in the secured industry.

  • Merrill Lynch issues profit warning

    5 Oct 2007

    Merrill Lynch has forecast a Q3 loss of up to 50 American cents per share after taking around $4.5bn in writedowns.

  • Ming shows Labour no mercy on NR

    1 Oct 2007

    Liberal Democrat leader Menzies Campbell is blaming Labour for encouraging reckless lending, thereby implicating the government in the Northern Rock affair, says Rob Griffiths

  • Money Partners Touch move to Bromley

    2 Oct 2007

    Money Partners Touch, the direct-to-broker mortgage business of specialistlender Money Partners, has moved to Bromley in South London.

  • Moral hazard falls in the fudge

    1 Oct 2007

    Thanks to Northern Rock I have learnt that it is possible to receive a waiver from the Financial Services Authority under Basel II (so reducing your capital adequacy requirement) and create chaos in the UK banking market, and yet you can be unequivocally supported by the government to the point that (since Monday September 17) people are better off investing in the Rock than in government gilts.

  • More pain to come for packagers

    1 Oct 2007

    Packagers are definitely feeling the pinch from the liquidity crisis, although most will not see the full impact for some time yet. While many haven't seen huge falls in the number of decisions in principle yet, they have seen a great drop in applications. Indeed, they have all been hit in different ways, depending on how they attract their business.

  • More vigilance needed to guard against fraud

    1 Oct 2007

    Fraud has never been higher on the agenda than it is now. Just open any newspaper and the chances are there will be a story about the victims of fraud.

  • Morgan Stanley denies US racial bias claim

    1 Oct 2007

    Morgan Stanley has been accused of racial discrimination through its US lender Saxon Mortgages.

  • Mortgage approvals down in August says BoE

    2 Oct 2007

    Mortgage approvals fell from 115,000 in July to just 109,000 in August, figures from the Bank of England have revealed.

  • Mortgage Brain raises £50,000 for birthday bash

    2 Oct 2007

    Mortgage Brain has already raised over £50,000 in sponsorship and donations for its fundraising birthday bash next month.

  • Mortgage Intelligence: How to shave years off mortgage

    1 Oct 2007

    Even though millions of households could save an average of £11,000 each through an offset mortgage, brokers might not recommend them as they may be unsure when the benefits of offset outweigh traditional mortgages, or because they can be difficult to explain to clients

  • Mortgage Promotions: We must all be alert for fraud

    1 Oct 2007

    Mortgage fraud is rising - and not just those committed by professionals. Affordability issues and the rise in self-cert and fast-track mortgages are encouraging more ordinary people into fraud, so brokers must be ready to ask clients probing questions if they become suspicious

  • Mortgage sector may lose £100bn

    1 Oct 2007

    The credit crunch could wipe as much as £100bn off the mortgage market, pundits are warning.

  • Mortgages PLC loses head of sales

    4 Oct 2007

    Mortgages PLC has confirmed that head of sales Mark Harrison has resigned from the company. A spokesman for the lender says Harrison has left to take up employment elsewhere, but was unable to provide further details. More to follow...

  • Mosaic rewards loyal members

    1 Oct 2007

    Mosaic Mortgage Club is due to distribute its first profit share fund this week.

  • Most over-60s unaware of value of their homes

    1 Oct 2007

    Home owners aged over 60 have more than £841bn tied up in bricks and mortar, yet just one in 10 knows how much their home is worth, Norwich Union has revealed.

  • Movers and shakers

    1 Oct 2007

    No blood shedding yet...

  • MTE extends loyalty promotion

    1 Oct 2007

    The Mortgage Trading Exchange is extending its summer loyalty promotion until October 14. The promotion allows MTE customers to qualify for a variety of rewards depending on the number of transactions they complete via the platform.

  • Nationwide sues Eversheds for 20m

    1 Oct 2007

    Nationwide Building Society is suing law firm Eversheds for 20m, "claiming that it was given negligent advice on an allegedly fraudulent property deal", According to The Times on September 26.

  • Nearly 25% of households unable to buy locally, says Hometrack

    5 Oct 2007

    Nearly a quarter of young working households are unable to buy in their local area, research by Hometrack has revealed.

  • Network Data Holdings: Don't think that it's all over yet

    1 Oct 2007

    Expectations that the effects of the credit crunch would dissolve in Q4 this year are looking highly over-optimistic. While there is general confidence the market will re-emerge in some form next year there is still suffering ahead for lenders, packagers, brokers and consumers

  • New Deal grows lending panel

    1 Oct 2007

    New Deal Finance has appointed Amber and Advantage to its extended lending panel.

  • New York mayor blames credit crunch on public debt

    1 Oct 2007

    New York City Mayor Michael Bloomberg has claimed the global credit crunch has as much to do with public debt as the US sub-prime meltdown.

  • NHMB demands help for first-time buyers

    2 Oct 2007

    First-time buyers’ plight has grown into a social problem threatening the well-being of communities nationwide, says the New Homes Marketing Board. Almost 90% of the population, as sampled by YouGov in a survey for the NHMB, think property prices are a major problem for first-time buyers in their areas – and that the problem is worsening everywhere. David Pretty CBE, chairman of NHMB, says: “The findings are the first clear indication that the public recognises the importance ...

  • Northern Rock is rescued while Victoria goes to wall

    1 Oct 2007

    While a state-backed guarantee from the chancellor stopped the run on Northern Rock, Victoria Mortgages was allowed to go into administration on 10 September after its funding lines dried up.

  • Northern Rock shares plummet to record low

    2 Oct 2007

    Northern Rock shares plunged 26% to an all time low yesterday - 10 years after its first stock market float.

  • Northern rock sound

    1 Oct 2007

    Northern Rock's asset quality remains good and capitalisation sound, says Fitch Ratings Agency.The agency says there is no fundamental reason why coupons on hybrid capital instruments should be deferred or the underlying instruments written down under any potential restructuring.

  • NR affair must make brokers focus on doing the right thing

    1 Oct 2007

    Conversations with my contact at Northern Rock suggest that its mortgage lending has been largely unaffected by its recent troubles.

  • NR may have taken more cash

    1 Oct 2007

    New Star economist Simon Ward claims Northern Rock has taken an additional £5bn from the Bank of England, bringing its total borrowing to £8bn in the past few weeks. Ward bases his assertion on an influx of liquidity listed as "other assets" in the bank's accounts. NR refused to comment but its share price fell to a new low of 177p following the claim.

  • NR's situation has distant echoes

    1 Oct 2007

    The Northern Rock affair reminds me of recent events in the US whereby three lenders filed for bankruptcy despite having positive net worth, says Paul Muolo

  • OEA appoints independent reviewer for disputes

    2 Oct 2007

    The Ombudsman for Estate Agents has introduced an independent review process for consumers who are dissatisfied with the service they have received. Cyril Lanch, who has a background in the City and financial services regulation, has been appointed as the independent reviewer for the OEA by the organisation’s governing council, chaired by consumer champion and former director general of fair trading Lord Borrie. Lanch’s role is to resolve disputes where consumers using ...

  • Offsets prove their worth to borrowers

    1 Oct 2007

    Many consumers find the mortgage market a maze when it comes to selecting a deal that suits their needs. There are a number of key things that need to be considered when making the final choice - should it be interest-only or repayment, flexible, over what period, what are the lending charges and interest rate, what are the administration fees and overall will it be good value for money?

  • On the case

    1 Oct 2007

    Client A is a self-employed discharged bankrupt who is looking to remortgage, having discovered the trustees in bankruptcy have placed a charge against his property for oustanding money owed. The client also has more recent and unsatisfied County Court judgements and wishes to remortgage in order to resolve these financial difficulties.

  • Online B2L profit calculator unveiled

    1 Oct 2007

    A website is offering buyers the opp-ortunity to calculate the profitability of buy-to-let investments online.

  • Online tool to streamline protection advice launched

    1 Oct 2007

    Synaptic has launched an online tool designed to allow brokers to research and apply for life and health protection products.

  • Only Mourinho can save financial services now

    1 Oct 2007

    When considering the crisis at Northern Rock recently, I had a fancy that the solution might lie with another English institution that has been hitting the headlines of late.

  • Openwork says sales are up

    2 Oct 2007

    Openwork says it has significantly increased mortgage sales across its 40 strong lender panel despite the downturn caused by the credit crunch.

  • Openwork set to hit £21bn target

    1 Oct 2007

    Openwork has increased mortgage origination by more than 20% across its 40 strong lender panel.

  • Opportunities amid the havoc

    1 Oct 2007

    With an expected 40-50% fall in sub-prime volumes, these are challenging times for distributors. But there are now opportunities for those that are prepared to explore all options, change their focus and evolve into diversified businesses, writes Victor Jannels

  • Options wins BDS packager award

    1 Oct 2007

    Amir Kharkowa and Simon Martindale from Options Independent Mortgage Advisers were presented with BDS Mortgage Group's satellite packager 'Straight to offer' award last week.

  • Optoma team talk

    1 Oct 2007

    Optoma Broker Solutions has introduced a completions team to help brokers complete their cases. The team will liaise with lenders, solicitors and brokers to improve communication between the parties.Nicky Stuart, processing manager at Optoma, says: "Quite often an offered case can get stuck in the process between the parties and Optoma's completion team will help gather any information and details to get the case completed."

  • Overseas homes advice

    1 Oct 2007

    Fractional ownership (or multiple ownership) of property for the overseas real estate investor can be just as secure as owning a property outright, according to new research undertaken by Obelisk International.

  • Paaleads steps into bridging and commercial markets

    1 Oct 2007

    Paaleads is to launch into the commercial and bridging finance markets as it looks to diversify.

  • Packager applications down 35%, warns RAMP

    1 Oct 2007

    Applications to packagers were down 35% in September putting some businesses at risk, the Regulatory Association of Mortgage Packagers has warned.

  • Packager Power

    1 Oct 2007

    The Association of Mortgage Intermediaries has recently said it would like to launch a code of conduct for packagers. Do you support this initiative and if so, what should the code incorporate?

  • Packagers can help in these turbulent times

    1 Oct 2007

    There has never been a better time to use the services of packagers.

  • Packagers must make tough choices to survive, says Rice

    1 Oct 2007

    John Rice, managing director of the Regulatory Alliance of Mortgage Packagers, gave warning that packagers will face some tough choices ahead to ensure they can withstand falling business levels.

  • Panic - the new rational

    1 Oct 2007

    Michael Coogan believes Mervyn King's observations that Northern Rock depositors were behaving 'rationally' by withdrawing their money as soon as the run had started - was true, but frightening in its implications

  • Paradigm launches into mortgage market

    1 Oct 2007

    Paradigm Mortgage Services launched into the mortgage market this month.

  • Paradigm Mortgage Services launches today

    1 Oct 2007

    Paradigm Mortgage Services has today launched to the market.

  • Paradigm offers members The Key

    4 Oct 2007

    Paradigm Mortgage Services will offer all its members access to The Key, Mortgage Brain’s point-of-sale, compliance and business management system.

  • Paradigm unveils bridging panel

    1 Oct 2007

    Paradigm Mortgage Services has unveiled its bridging lender panel with Cheval Bridging Finance the first lender available to members. Bob Hunt, chief executive of Paradigm, says: "We are delighted to announce the start of our relationship with Cheval."

  • Payment shock worsened by sub-prime crunch says S&P

    1 Oct 2007

    Current conditions in the sub-prime market could exasperate the payment shock for borrowers coming off fixed rate deals this year, Standard & Poors has warned.

  • Pele shirt comes under hammer

    1 Oct 2007

    The Mortgage Business has unveiled a football theme for the charity auction on behalf of Save the Family that will take place at the Packager Update in Gleneagles this month.

  • Picture Loans may have left the broker market, but it's good to know it is still making an impression

    1 Oct 2007

    No fewer than 16 groups have been set up on the site slating Picture's TV ads. One group has named itself 'I'd rather eat my own liver than watch the Picture Loans ad'.

  • Pink drinks coffee for cancer

    5 Oct 2007

    Pink Home Loans employees started September 28 with a cup of java coffee in support of cancer research.

  • Pink extends secured loans commission offer

    3 Oct 2007

    Pink Home Loans and master broker Colonial Secured Loans have extended their joint enhanced commission offer until December 31.

  • Pink takes action over distasteful advert

    1 Oct 2007

    Pink Home Loans says it has taken appropriate action after a distasteful advertisement was placed in a magazine by one of its appointed representatives.

  • Platform cuts rates by 0.5%

    1 Oct 2007

    Platform is reducing rates by up to 0.50% across its prime, self-cert, buy-to-let and self-cert buy-to-let products with immediate effect. The range includes two or three trackers and fixed rates from 75% LTV and the House Plus product from 85% LTV.

  • Platform for piero

    1 Oct 2007

    Platform has appointed Piero Bassu to the post of head of credit risk. Bassu will be reporting directly to Alexia Antoniou, Platform's director of risk and compliance. He is tasked with managing the credit risk team, responsible for supporting the business strategy and ensuring Platform's risk appetite is reflected in business activities.

  • Platform recruits head of sales from internal team

    2 Oct 2007

    Platform has recruited Jason Berry to the role of head of sales, replacing Richard Beardshaw who left in the summer to join Lehman Brothers.

  • PM to warn "no short-term giveaways"

    1 Oct 2007

    Gordon Brown will warn today that global market turbulence has been a “wake up call” for financial regulators in all countries, reports claim.

  • Positive Solutions appoints mortgage manager

    2 Oct 2007

    Positive Solutions has appointed Paul Rignall to the new role of mortgage manager.

  • Post Office in mortgage trial

    1 Oct 2007

    The Post Office will be trialling three mortgage products in the north of England. The deals will be led by a three-year fixed rate product with an initial rate of 6.09%.

  • PPI could feel the crunch

    1 Oct 2007

    Fears over the future of payment protection insurance sales have surfaced, following the US credit crunch.

  • PPI market destined to change

    1 Oct 2007

    Simon Burgess hopes that the Competition Commission's review of the payment protection insurance market will spur the mainstream providers to change their ways sooner rather than later

  • PPI selling standards improve, but many firms still unfair to customers

    1 Oct 2007

    Most firms are now making it clear to customers that payment protection insurance is optional; and they are now offering cancellation refunds on virtually all single-premium PPI policies. That is the good news from the Financial Services Authority in its latest review of PPI selling standards.

  • PPI selling still not up to scratch, says FSA

    1 Oct 2007

    The regulator's review of sales standards for PPI has found that many firms are not giving customers clear information about products and what they will cost, nor are they telling them the extent to which they are eligible for cover or what they are covered for.

  • Pre-Budget report expected next week

    4 Oct 2007

    The chancellor is expected to give his first pre-Budget report next week.

  • Pre-Budget report set for October 9

    5 Oct 2007

    Chancellor Alastair Darling has announced the pre-Budget report will take place in the House of Commons on October 9. The report will include the outcome of the Comprehensive Spending Review in addition to the report.Pundits expected the pre-Budget to be held next week.Some say this will pave the way for Gordon Brown to call a snap election.

  • Preferred reveals criteria changes

    1 Oct 2007

    Preferred has unveiled criteria changes including making self-cert products only available to the self-employed. Other changes include near-prime and near-prime extra deals being capped at 85% LTV.

  • Premier Mortgage Service: Equity release is no light matter

    1 Oct 2007

    The FSA has made it clear the only firms that should be giving equity release advice are those that are fully committed to ensuring they and their advisers deliver advice of the appropriate quality. Others not so committed should refer business to a specialist practitioner

  • Press panders to herd mentality

    1 Oct 2007

    What a couple of weeks it's been. The Northern Rock saga has continued, share prices have been bouncing all over the place, the chancellor has offered to underwrite savings accounts and the governor of the Bank of England has been grilled about his seemingly slow response in bailing out NR.

  • Product changes across the board at Northern Rock

    1 Oct 2007

    Northern Rock has made sweeping changes across its range, withdrawing help with costs incentives and bonus proc fees for online Together applications.

  • Professional Mortgage Packagers Alliance: Exodus of top staff now a danger

    1 Oct 2007

    Since the problems generated by the liquidity crisis look like they will be with us for a long time, lenders need to think strategically about how to cut back on costs while retaining key sales staff, in readiness for when the market recovers and demand for their services returns

  • Profile

    1 Oct 2007

    Name: Tim Wheeldon

  • Pru rewards healthy lifestyle

    1 Oct 2007

    PruProtect consists of a suite of pro-ducts including life cover, income protection and severity-based illness protection. It is based on a Vitality points system, designed to encourage customers to take control of their health and well-being.

  • PTP Northern Ireland launches first franchise website

    5 Oct 2007

    Personal Touch Packaging Northern Ireland has launched the first PTP franchise partner website.

  • Qualified success

    1 Oct 2007

    The mortgage industry falls short when it comes to attracting graduates but there are many ways this situation could be turned around, says Mark Roberts

  • Radio Five report to lift lid on sub-prime mis-selling

    5 Oct 2007

    Radio Five is to broadcast a report this Sunday at 11am alleging mis-selling in the sub-prime mortgage market.

  • Rate rise needed to help economy

    1 Oct 2007

    The Organisation for Economic Cooperation Development has warned that the UK may have to hike interest rates to bolster the economy. The group, which is representative of 33 advanced industrial countries, suggests the credit crunch could diminish economic growth, bringing it below 2.5% next year. The body also warned that a slowed economy could mean an increase in budget deficit and spending cuts as tax revenues slow.

  • RBSIP launches two-year fix

    1 Oct 2007

    Royal Bank of Scotland Intermediary Partners has unveiled a two-year fixed rate deal under its RBS brand. The deal features an initial rate of 6.49% with no arrangement fee.

  • Readers comfortable selling offset mortgages

    1 Oct 2007

    An encouraging 62% of Mortgage Strategy Online readers say they feel comfortable selling offset mortgages, but 38% require more guidance.This week, Mortgage Strategy asks: "Would you rather go direct to lenders and cut out packagers during this chaotic time?"Q: Do you understand and feel comfortable selling offset mortgages?

  • Regulatory Alliance of Mortgages Packagers: A code is useless if not policed

    1 Oct 2007

    While the Association of Mortgage Intermediaries is to be applauded for its efforts to bring a code of conduct into place for the packaging industry, if the proposed code is not policed, and therefore unworkable, it will have no credibility with the lender fraternity and the FSA

  • Relax at home option for clients

    1 Oct 2007

    A web portal provided by Relax Finance's sourcing platform means introducers can even complete an application from a client's house. A Relax underwriter can then speak to the client on the phone while accessing the data to offer the client the appropriate product there and then

  • Rental demand climbing, says Landlord.co.uk

    1 Oct 2007

    The rental sector is beginning to boom, says Landlord.co.uk.

  • Republic's sub-prime sector rocked by rate rises

    1 Oct 2007

    It is not just Northern Rock customers who are feeling the pain these days. Thousands of sub-prime customers in the Irish Republic have been hit by higher mortgage costs as a result of the turmoil on world money markets.

  • RICS and VOA joint project up for award

    1 Oct 2007

    A project between the Royal Institution of Chartered Surveyors and the Valuation Office Agency to make it easier to appeal ratings assessments been nominated for an award.

  • S&P's says Deutsche Bank's rating unaffected by profit hit

    4 Oct 2007

    Standard & Poor's Ratings Services has revealed that Deutsche Bank’s rating is unaffected by the revelation that profits for Q3 will be down by 33% year-on-year.

  • Safran quits trigold

    1 Oct 2007

    Trigold's chief executive Bill Safran is to leave Trigold at the end of October to pursue other business interests. The move follows weeks of intense speculation that the head of the sourcing system was planning to leave, as the industry rumour that Trigold and Mortgage Brain are to merge resurfaced again.

  • Santander named attractive stock by financial analysts

    5 Oct 2007

    Banco Santander has been named one of the most attractive large caps in Europe by financial analysts Keefe, Bruyette & Woods.KBW has three different ratings: outperform, market perform and underperform. The analyst expects Abbey’s Spanish parent to outperform other stocks in the fourth quarter of 2007.However, the analyst has cut its earnings forecast for 2008 by 3.2% as it expects a more cautious approach from Spanish retail banking in the year ahead.

  • Second charges will be LTV-driven

    1 Oct 2007

    Many individuals who went on holiday a few weeks ago are returning to find that they can't get the loan they applied for and no longer qualify for a loan at all. The only solution they can be offered is an individual voluntary arrangement.

  • Secured loans are valid alternatives to remortgaging

    1 Oct 2007

    Kevin Paterson is right when he says that secured loans should form a significant part of a professional broker's armoury (Mortgage Strategy Letters September 17).

  • Sell-and-rent-backs overstep the mark

    1 Oct 2007

    This week I return again to sell-and-rent-back schemes. Momentum is now building across the industry to have a level playing field.

  • Shadow MPC

    1 Oct 2007

    The full extent of the fallout from the turmoil in the credit markets has yet to be felt so the Mortgage Strategy GE Money Home Lending Shadow Monetary Policy Committee has voted to hold the base rate at 5.75%, although there is a growing mood for a cut.

  • Should heads roll over the NR crisis and will it survive as a brand?

    1 Oct 2007

    As the spotlight refused to move from Northern Rock last week, accusations of blame flew across the market. Bank of England governor Mervyn King was hauled in front of a Treasury Select Committee to explain his actions, but the finger is also pointing at the Financial Services Authority among others. So, this week Mortgage Strategy asks...

  • Smaller Business Practitioner Panel welcomes FSA move

    2 Oct 2007

    The Smaller Businesses Practitioner Panel has welcomed the Financial Services Authority's move to increase regulatory contact with smaller firms.

  • Sourcing systems struggle

    1 Oct 2007

    The concept of sourcing systems for commercial mortgages is proving hard to bring to reality because of the complex products and criteria, says Natalie Martin. But the few systems now in the market can be a good starting point for brokers new to the sector if used with care

  • Stamp Duty revenue up 40%

    1 Oct 2007

    New figures from HM Revenue & Customs show total Stamp Duty revenue from residential property sales rose by 40% in 2006/07 to a record £6.4bn.

  • Stock Picker

    1 Oct 2007

    Northern Rock shares stabilised after their recent dramatic decline.

  • Strange timing for a strange product

    1 Oct 2007

    Just when you thought lenders might be heeding the warnings of recent weeks and clamping down on their criteria, along comes Abbey with a crazy deal.

  • Student properties better for BTL investors

    1 Oct 2007

    Landlords with student property in their portfolio are making healthier returns than those in the wider buy-to-let market, says Paragon. The specialist buy-to-let lender’s research reveals landlords letting property to students achieve yields that are, on average, more than 25% better than those available in the general market.

  • Suddenly life is looking a lot tougher for intermediaries

    1 Oct 2007

    Sally Laker, managing director of Mortgage Intelligence, looks at the problems of intermediaries as lenders withdraw from sectors of the sub-prime market, either by tweaking criteria, increasing pricing or pulling out altogether

  • Suffering from lack of new blood

    1 Oct 2007

    Most businesses would be quick to admit quality staff is vital for success. Yet few appear willing to invest in training and bringing new blood into our industry to boost the pool of quality personnel and ensure that there will be a next generation of talented staff

  • Suggesting clients rush into equity release is dangerous

    1 Oct 2007

    I have recently been alarmed to see some pundits recommend that prospective equity release customers should hasten their decisions due to the possibility that house prices might fall.

  • Thanks to Mortgage Strategy for balanced reporting in these tough times

    1 Oct 2007

    I would like to commend your editorial stance in this dark time. At a time when the markets are in turmoil, lenders are going out of business and uncertainty hangs in the air, Mortgage Strategy has been a source of confidence and a ray of light in print and online. Your editorial stance has been balanced, fair, not regionalised and always positive.

  • The Mortgage Mole

    1 Oct 2007

    Down to Earth

  • The Northern Rock news digest...

    1 Oct 2007

    Or the Northern Rock news digest...

  • 'The packager model is fatally flawed and the big boys know it' - Gardner

    1 Oct 2007

    Mortgage packagers that have been surviving on the breadline could fast be heading for oblivion if they don't restructure their business models.

  • There's no reason why the party cannot continue

    1 Oct 2007

    T he party's over in the secured lending industry. Or is it? That all depends on who you listen to.

  • They know what you're up to

    1 Oct 2007

    Starting with the premise that in the digital world nothing is hidden, Alan Standley explores the consequences of the digital trail for us as individuals and in the world of business

  • This Week's Dilemma

    1 Oct 2007

    Two of our employees have been recently been absent from work and have given the reason for this as occupational stress. Clearly I am concerned about my staff being off work due to the pressure of the work we do. What should I do about this? Is the company liable for this?

  • Thousands could be reclassified as sub-prime warns brokerage

    2 Oct 2007

    Thousands of home owners could face crippling increases in mortgage payments if lenders reclassify them as sub-prime, says online broker Moneygate.

  • Time to bring back human touch

    1 Oct 2007

    With confidence and trust in the mortgage market shaken by recent events, it may be time for manual underwriting to make a comeback. Many people who were rejected by automated credit scoring could benefit from considered decisions that reflect the entire situation of the borrower

  • Time to take stock of your business

    1 Oct 2007

    A positive outcome of turbulent times when businesses are concerned about volume and profitability is the re-engineering that takes place to examine efficiency.

  • Timely system update

    1 Oct 2007

    Loanoptions.co.uk, the Cheshire-based secured loans packager has released the latest version of its Quick Quote sourcing system. It says the new version incorporates the changes to criteria and rates which have left many intermediaries confused about the wholesale changes and lender withdrawals that have taken place this month.

  • TML chooses cover provider

    1 Oct 2007

    Direct Group will supply all insurance products and administration services to South Coast-based The Mortgage Lender. The relationship will initially mean the provision of creditor and term life insurances.

  • Tories propose to axe HIPs

    1 Oct 2007

    The Conservatives have proposed to axe Home Information Packs.

  • Tories to scrap Stamp Duty for first-time buyers

    1 Oct 2007

    The Conservatives have pledged to scrap Stamp Duty for first-time buyers.

  • Training days

    1 Oct 2007

    Mortgage Strategy follows the career of graduate Tim Jones as he sets out on his mission to qualify as a London broker

  • Trigold prize offer

    1 Oct 2007

    Intermediaries submitting secured loan applications via Trigold's new sourcing module will be entered into a prize draw. Brokers that submit cases through the Prospector AAA system up until October 31 are in with a chance to win £1,000.

  • UBS latest credit crunch victim

    2 Oct 2007

    Swiss bank UBS has revealed a third-quarter loss of between 600m and 800m Swiss Francs.

  • UK lender in huge margin call

    1 Oct 2007

    Mortgage Strategy understands that two US investment banks have made their biggest ever margin calls on the same UK lender, while another has withdrawn its warehouse line to it entirely.

  • UNIFi goes universal

    1 Oct 2007

    UNIFi Partners, the network for secured loan broker firms, has reached the next stage in its development, having achieved further lender accreditation and rolled out all its services to the entire broking sector.UNIFi has recently become accredited with the lender London & Scottish Bank, resulting in complete product coverage for all UNIFi members. It is also at a stage where it can now deliver its full range of services to secured loan intermediary firms.

  • United Packagers Association: Branch out to survive the slump

    1 Oct 2007

    Even though the market has slowed down and might take some time to recover, brokers can still find opportunities for cross-selling products and services in other sectors of the market to boost income streams if residential mortgage business isn't coming in

  • Unity confirms staff redundancies

    5 Oct 2007

    Unity Homeloans has confirmed that is will be making staff redundancies today.

  • Unrocked by the credit crunch

    1 Oct 2007

    Simon Walker of KPMG says building societies are well placed to weather the current credit crisis after an interesting 18 months of diversification and relative stability

  • Up for the challenge

    1 Oct 2007

    In May 2005 the chief executive of Cheshire Building Society resigned after a series of seriously poor results and Karen McCormick, a non-executive director, found herself in the hot seat with the challenge of rescuing the business

  • Upward correction in commercial property yields still on the cards

    1 Oct 2007

    Roger Bootle believes that nothing that has happened over recent weeks alters the fundamental case for an upward correction in commercial property yields from their current low levels

  • Value of packaging becomes clear

    1 Oct 2007

    Kevin Paterson takes a weekly look at the latest developments in the market and brings you what's hot and what's not in the world of mortgages

  • Victoria acquisition deadline extended

    3 Oct 2007

    The deadline for the acquisition of Victoria Mortgages has been extended until 5.00pm today. The original deadline for interested parties to have made final offers to buy the business and its £300m portfolio was 5.00pm on October 2.However, this has now been extended. KPMG, Victoria's administrator, says one offer has been made for the lender and others are expected. More tomorrow...

  • Victoria rescue rumours

    1 Oct 2007

    UBS and Credit Suisse have been highlighted as possible rescuers for embattled lender Victoria Mortgages. Victoria went into administration on September 10 and was unable to complete many offers. UBS is refusing to comment on the rumour but a Credit Suisse spokeswoman says: "This rumour is categorically untrue. Credit Suisse has no interest in Victoria."

  • Victoria still in acquisition talks

    4 Oct 2007

    Victoria Mortgages is still in acquisition talks with interested parties. KPMG, the lender's administrator, originally set an October 2 deadline for offers to be made for the troubled lender. This was later extended to end of play October 3. It says Victoria is still in discussions and a decision is unlikely until tomorrow at the earliest.

  • Warning of a fall in lending figures

    1 Oct 2007

    Lending figures in September are likely to show a fall in the number of loans issued to borrowers as the credit crunch hits home, the Council of Mortgage Lenders has warned.

  • West Brom appoints senior product manager

    3 Oct 2007

    West Bromwich for Intermediaries has appointed Keith Green as senior product manager.

  • What a triple-A rating means

    1 Oct 2007

    The role of the rating industry in the current credit crisis has not been fully understood, says Richard Hunter, the managing director of Fitch Ratings, London

  • Where do we go from here?

    1 Oct 2007

    Clare Bettelley explores the current crisis in the securitisation market and the balance sheet options open to lenders

  • Wider market is weathering the effects of the credit crisis

    1 Oct 2007

    Servicing the mortgage portfolios of some 40 lenders, with a significant number of the 50bn of loans securitised, provides a good insight into the impact the so-called credit crunch is having on the wider market. And the fact is this impact is not as great as many in the media would have us believe.

  • Yes hits top with No Worries

    1 Oct 2007

    South Wales-based Yes Group has surged to the top ranks of unsecured loans brokers in the UK with the acquisition of No Worries Loans.

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