Mortgage Strategy
10 November 2008

  • 70% of FTBs still using brokers

    11 Nov 2008

    The latest data from the Council of Mortgage Lenders shows that 70% of first-time buyers are still choosing to use a broker.

  • Advice message will get through to borrowers

    11 Nov 2008

    You may not believe this but I try to write something positive every week in this column.

  • AFB hits out at CC proposals

    13 Nov 2008

    Robert Sinclair, director of the Association of Finance Brokers says the Competition Commission's proposal for a ban on single premium payment protection insurance could be damaging for consumers.

  • Affirmative gears up for Expo

    10 Nov 2008

    Bridging lender Affirmative Finance is gearing up to launch its new broker offensive at this week’s Mortgage Business Expo in London.

  • AMI calls for claims firm caution

    11 Nov 2008

    The Association of Mortgage Intermediaries is warning brokers not to be fooled by claims management firms that say they have the backing of the trade body.

  • AMI paints a bleak remortgage picture

    11 Nov 2008

    Remortgage business could diminish further in 2009 as borrowers are forced to stay on their lenders' SVRs until LTVs come down, the Association of Mortgage Intermediaries warns.AMI's latest Quarterly economic bulletin says brokers may find borrowers impossible to place with lenders until LTVs come down.

  • AMI wants free complaints increased to six

    11 Nov 2008

    The Association of Mortgage Intermediaries has been lobbying the Financial Ombudsman Service to allow brokers up to six free complaints.

  • Analysts back RBS despite losses

    11 Nov 2008

    Analysts at Credit Suisse have earmarked the Royal Bank of Scotland as their favourite bank despite its warning of annual losses.

  • AToM offers client protection

    10 Nov 2008

    All Types of Mortgages is relaunching its Remo Package to include client protection.

  • AToM offers to reimburse failed remortgage cases

    10 Nov 2008

    All Types of Mortgages is relaunching its Remo Package to include client protection.

  • AToM says it is open to offers

    11 Nov 2008

    "Vic Jannels, chairman of All Types of Mortgages, says the packager would welcome interest from potential investors.

  • Bailout is unfair to mutuals, claims BSA

    13 Nov 2008

    The Building Societies Association has hit out at the government bailout branding it unfair that mutuals have to stump up the cost for failing banks.

  • Bank declined overdraft but offered large loan

    11 Nov 2008

    Further to your story 'Small firms in line for £4bn in European loans' (Mortgage Strategy Online October 30), I happen to own one of those small firms battling to secure finance during the credit crunch.

  • Bankruptcies shoot up by 7%

    14 Nov 2008

    The number of people facing bankruptcy rose by 7% in Q3 2008 compared to the same time last year, figures from the Ministry of Justice show.

  • Bankruptcies up by 7%

    14 Nov 2008

    The number of people facing bankruptcy rose by 7% in Q3 2008 compared to the same time last year, figures from the Ministry of Justice show.Some 13,653 people have petitioned for bankruptcy, the second-highest number recorded by the Ministry of Justice since 1995.There were also 3,184 company winding-up petitions, an increase of 13%.The number of creditor petitions also rose 10% to 5,499 in Q3.

  • Banks set up private equity divisions to combat bad debts

    12 Nov 2008

    KPMG says that the banking industry is setting private equity style departments as their ownership of businesses increases in the worsening economic environment.

  • BM Solutions scraps delegated valuations

    13 Nov 2008

    BM Solutions is dealing a heavy blow to packagers and will no longer allow them to carry out valuations on its behalf.

  • BM Solutions unveils packager exclusives

    10 Nov 2008

    BM Solutions has been praised for launching an exclusive range of packager deals with market-leading rates.

  • Bottoms up

    11 Nov 2008

    Robert Sinclair, director of the Association of Finance Brokers, was on fine form at the round table and didn't mince his words when describing how Bank of England governor Mervyn King viewed the economic crisis.

  • Brokers using Expo to network and diversify

    10 Nov 2008

    Research by Clarion Events, the organisers of this week's Mortgage Business Expo London, has found that most brokers are using it to network and expand their current services.

  • Bullyboy Brown and the new managed economy

    11 Nov 2008

    News that Sir George Mathewson, erstwhile chief executive of Royal Bank of Scotland, and Sir Peter Bert, formerly chief executive of Bank of Scotland, are trying to derail the Lloyds TSB takeover of HBOS has to be welcomed.

  • C&G unveils sub-5% fixed rates

    10 Nov 2008

    Cheltenham & Gloucester is set to launch a range of fixed rates tomorrow that are below 5%.

  • Cable whips up anti-Arab sentiment

    12 Nov 2008

    First, they smack of anti-Arabism and second, why is he complaining when a bank doesn't want to burden the UK taxpayer?

  • Calm down and head for Russia with love

    12 Nov 2008

    If you want to escape pessimism aboutthe credit crunch the place to be is Moscow, according to YouGov president Peter Kellner.

  • CC proposes ban on point of sale PPI

    13 Nov 2008

    The Competition Commission has published for consultation its proposed remedies for the Payment Protection Insurance market.

  • CC proposes remedies for PPI

    13 Nov 2008

    The Competition Commission has published for consultation its proposed remedies for the Payment Protection Insurance market.

  • Cleary and Co launch Exact

    11 Nov 2008

    Former executive directors of edeus Alan Cleary, John Nixon and Ian Lonergan have launched Exact.

  • CML staff praised for charitable donations

    14 Nov 2008

    The Council of Mortgage Lenders has received an award from Workplace Giving UK in recognition of the generosity of the company’s employees.

  • Conveyancing firm launches website

    11 Nov 2008

    Conveyancer Enact has launched an IFA conveyancing website, www.enact.co.uk/ifa.

  • Countrywide takes on veterans

    11 Nov 2008

    Alison Beech and Paul Hunt have been employed by estate agency group Countrywide.

  • Curriculumvitae: Mike Gerightly

    11 Nov 2008

    Describe your current job

  • Darling unveils name of firm to protect taxpayers

    11 Nov 2008

    Chancellor Alistair Darling has revealed UK Financial Investments will be the name of the firm set up to manage taxpayers' stakes in the banking system.

  • Debt management a possible solution for vulnerable clients

    11 Nov 2008

    Lenders have been having a hard time over the past few months but has the impact of their actions been properly debated?

  • Desperate measures

    10 Nov 2008

    The Bank of England's 1.5% base rate cut to 3%, the lowest figure for over 50 years, was good news for the economy. Borrowers lucky to be on existing tracker deals will now have more cash in their wallets, although some lenders will use small print contract clauses to minimise reductions. And a host of lenders pulled their tracker products last week so there will be little joy for new borrowers.

  • Edge wins best practice award

    11 Nov 2008

    Enterprise Group's Edge system has won a Best practice award at Mortgage Strategy's 2008 Technology Awards.

  • Enact launches new IFA website

    11 Nov 2008

    Direct conveyancing firm Enact has launched a new dedicated IFA website at enact.co.uk/ifa.

  • Evaluate bucks recruitment trend

    12 Nov 2008

    Evaluate Technologies has appointed four test analysts to further boost the quality of its service to the mortgage market.

  • Exact's investors revealed

    11 Nov 2008

    Elliott Associates and its sister fund Elliott International are the investors behind Alan Cleary’s new venture Exact.

  • Exchange-ready HIPs next step in packs' evolution

    11 Nov 2008

    The housing slump has hindered the development of Home Information Packs. Any potential benefits they offer have been eliminated by the length of time it takes to sell property and the scarcity of mortgage finance.

  • EXCLUSIVE: Edeus just not for me, says Bolton

    10 Nov 2008

    Michael Bolton has revealed today that he’s not involved in the winning consortium to buy edeus despite claiming to other media outlets that he was masterminding a surprise buyout.

  • Exclusive: Platform launches into prime market

    12 Nov 2008

    Specialist lender Platform has revealed it will launch into the mainstream mortgage market at the beginning of next month.

  • Expo accused of shunning secured loans

    11 Nov 2008

    Secured loan brokers have accused Clarion Events, organiser of this year’s Mortgage Business Expo, of excluding secured loans from the programme even though it boasts that it is focussed on broker diversification.

  • Fears that lenders won't play ball as MPC slashes base rate by 1.5%

    10 Nov 2008

    The industry was stunned last week as the Bank of England slashed interest rates to 3%, their lowest level since 1954.

  • Framework could end irresponsible lending practices

    11 Nov 2008

    "I don't understand the fuss about irresponsible borrowers. Surely all the government has to do is issue a framework of acceptable lending, say 3 plus 1 x income.

  • FSA brings forward TCF plan to January

    12 Nov 2008

    The Financial Services Authority will be making sure that brokers are applying Treating Customers Fairly principles during their regular assessments from next January.

  • FSA visits mortgage brokers the most

    10 Nov 2008

    A leading compliance firm claims that mortgage brokers receive more visits from the Financial Services Authority than the rest of the sector when it comes to Treating Customers Fairly.

  • FSA will reward staff despite crackdown on bonus culture

    11 Nov 2008

    "The Financial Services Authority plans to reward its staff with bonuses at the end of the year despite a clampdown on the banking sector's bonus culture.

  • Furness launches into equity release market

    10 Nov 2008

    Furness has joined forces with Key Retirement Solutions to launch into the equity release market.

  • Gallows humour

    11 Nov 2008

    Mole was pleasantly surprised to learn that even under interrogation the regulator manages to retain a sense of humour.

  • Geordie brokers banned for risky business

    11 Nov 2008

    The Financial Services Authority has banned two Tyne and Wear-based brokers for exposing clients to potentially unsuitable mortgage deals.

  • GHL Group launch in-house protection service

    10 Nov 2008

    GHL Group has reviewed its existing insurance referral offering and launched a news in-house life referral service to it's AR members.

  • Government ill-prepared to handle 1.82m unemployed

    12 Nov 2008

    The Liberal Democrats have accused the government of being "woefully unprepared" to handle the 1.82 million revealed today to now be unemployed in the UK.

  • Halifax figures point to huge price fall in a year

    11 Nov 2008

    Halifax reveals that average house prices fell from £197,000 in October 2007 to £168,000 in October 2008.

  • Hard times call for budgeting measures

    11 Nov 2008

    Late night Christmas shopping is looming but purse strings are tighter for more consumers this year than at any time in the past decade.

  • HBOS slams MP critical of Lloyds TSB takeover

    11 Nov 2008

    HBOS has accused Scottish MP Alex Neil of treating it as a political plaything over his opposition to the Lloyds TSB/HBOS takeover.

  • HCRs won't work until they become mandatory

    11 Nov 2008

    Until October 18 this year 1,824 Home Condition Reports had been logged against one million Energy Performance Certificates for the same period.

  • Hodge rebrands to attract brokers

    10 Nov 2008

    Hodge Equity Release rebranded last week as Hodge Lifetime.

  • Housing market to remain subdued in 2009/10

    10 Nov 2008

    Nationwide says it expects the housing market to remain subdued over 2009 and 2010 as it revealed underlying pre-tax profits fell by 18% over the first six months of 2008.

  • HSBC reveals write-downs of $4.3bn

    10 Nov 2008

    HSBC has revealed write-downs of $4.3bn in Q3, but says Q3 profits will be ahead of those in the same period last year but that nine-month profits would be down, due of exposure to the US markets.

  • Insolvencies across the board could rise 30%

    11 Nov 2008

    Banks have been warned that personal and corporate insolvencies could increase by a shocking 30% if they fail to pass on the benefits of the government bailout to borrowers.Figures from The Insolvency Service released last week show that the number of personal insolvencies reached 27,807 in Q3 2008, an increase of 8.8% on the previous quarter.

  • Interest-only deals can rebuild property ladder

    11 Nov 2008

    Towards the end of October the venerable topic of interest-only mortgages raised its head again as Cheltenham & Gloucester altered its stance. C&G now thinks that interest-only is a bad thing and that such deals over 75% LTV are beyond the pale.

  • It is pointless throwing good money after bad

    11 Nov 2008

    So you are in the unfortunate position of not being able to pay the rent on your business premises as well as this month's PAYE liabilities. To make things worse next Friday is payday.

  • Key To Recovery Now In Lenders Hands

    11 Nov 2008

    With the recent sharp cuts in Bank of England base rate to 3%, and the fact that three month LIBOR has also now plummeted to 4.42%, it is tempting to believe that the credit crunch is now over. Unfortunately it is not as simple as that.

  • Leadbay offers life assurance leads

    11 Nov 2008

    Leadbay has moved into offering life assurance leads following broker demand.

  • Lenders bite the bullet and pass on full rate cut

    11 Nov 2008

    Several lenders have already surrendered to growing pressure and passed on the full base rate cut to borrowers on SVRs.Brokers, trade bodies and con-sumers have been united in their response to the 1.5% base rate cut by calling on lenders to pass it on in full.

  • Lenders keep shifting the goalposts

    11 Nov 2008

    Each week more small mortgage brokers are giving up their businesses and moving on to pastures new or taking other jobs to supplement their incomes.

  • Lloyds reveals superbank name

    11 Nov 2008

    The superbank created by Lloyds TSB's takeover of HBOS will trade under the name Lloyds Banking Group, Lloyds TSB has revealed.

  • Loans.co.uk closes its doors

    13 Nov 2008

    Loans.co.uk has shut its doors, resulting in the loss of 276 jobs.

  • Lucrative Lloyds TSB role for ex-HBOS boss

    11 Nov 2008

    Last week Lloyds TSB confirmed that former HBOS chief executive Andy Hornby has been taken on as a consultant for £60,000 a month.

  • Management teams merge at AfI and A&L

    11 Nov 2008

    Senior management teams at Abbey for Intermediaries and Alliance & Leicester have merged into a single broker-facing division, which will be headed by former A&L group chief executive David Bennett.

  • Mansion block reminder of days when class ruled

    11 Nov 2008

    In recent years it seemed that the minute you walked past anarea of open landyou only had to blink andsuddenly there would be a crane and a salesoffice along with promises ofcheap flats and guaranteed rental yields.

  • Mark Posniak bids farewell to Cheval

    10 Nov 2008

    Mark Posniak, director of sales and marketing at Cheval is leaving the bridging lender in December to join software house Linksfield Technologies.

  • Mark Posniak to leave Cheval

    10 Nov 2008

    Mark Posniak, director of sales and marketing at Cheval is leaving the bridging lender in December to join software house Linksfield Technologies.

  • Marketwatch 10/11/08

    11 Nov 2008

    Swaps continued to plummet last week. One-year swaps have fallen more than 1.25% in the past month. Two-year, three-year and five-year swaps are down around 1%, 0.8% and 0.5% respectively.

  • Massive base rate cut may sound death knell for old-style trackers

    10 Nov 2008

    Industry experts are warning that tracker deals in their current form could become a thing of the past in the wake of the dra-matic 1.5% base rate cut by the Bank of England.

  • MBE 2008: AMI calls for regulatory dividend for members

    13 Nov 2008

    Robert Sinclair, director of the Association of Mortgage Intermediaries, has outlined what the organisation is doing for its members and the actions it wants to see from Government and the regulator.

  • MBE 2008: Crosby Review out next week

    12 Nov 2008

    Speaking at the Mortgage Business Expo 2008 this morning, Robert Sinclair a director of the Association of Mortgage Intermediaries, says he expects Sir James Crosby's findings into the mortgage market to be published next week.

  • MBE 2008: Endowment complaints at 140 a week

    12 Nov 2008

    The Financial Ombudsman Service has revealed it is receiving around 140 complaints a week relating to endowment mis-selling.

  • MBE 2008: Fall in house prices to continue unless lending resumes

    12 Nov 2008

    House prices may fall a further 20% if lenders refuse to start lending again, warns housing market guru John Wriglesworth.

  • MBE 2008: FSA apologises over GABRIEL

    12 Nov 2008

    The Financial Services Authority apologised to brokers this morning over the failings of its GABRIEL system.

  • MBE 2008: FSA deems phoenix firms unacceptable

    12 Nov 2008

    Speaking at the Mortgage Business Expo the Financial Services Authority says it will issue a zero tolerance approach to phoenix firms.

  • MBE 2008: FSA to review MCOB

    12 Nov 2008

    Speaking at the Mortgage Business Expo 2008 this morning, the FSA's Lesley Titcomb said the regulator will be conducting a review of the Mortgage Conduct of Business rule book.

  • MBE 2008: FSA warns brokers over equity release

    12 Nov 2008

    The Financial Services Authority says it is keeping a very close eye on the equity release market as more brokers diversify into the sector.

  • Merging market

    11 Nov 2008

    Picture it - a goliath of a building society encompassing all the others in the UK, the society to rule them all and the mother of all mutuals.

  • mform teams up with Bridgingloans.com

    11 Nov 2008

    Scottish-based mortgage comparison site mform is launching into bridging finance through Bridgingloans.com.

  • Minister's words may spell the end for HIPs

    11 Nov 2008

    Recent comments by housing minister Margaret Beckett about Home Information Packs have done little for their chances of survival.

  • Moneysupermarket appoints managing director

    13 Nov 2008

    Moneysupermarket.com has appointed Peter Plumb as managing director of financial services.

  • Mortgage Brain offers product data guarantees

    10 Nov 2008

    Mortgage Brain has become the first sourcing system provider to offer guarantees on its mortgage product data.The firm is launching its Mortgage Brain Premier Plus system today, which will provide guarantees for product details that have been checked via Key Facts Illustrations on the system.

  • MortgageStream wins Best Practice award

    12 Nov 2008

    MortgageStream has been awarded a Best Practice award at the 2008 Mortgage Strategy Technology Awards which have been compiled by Frank Eve Consulting.

  • Network Data buys MBSL for £2.5m

    12 Nov 2008

    Network Data has entered into an agreement today to buy rival network Mortgage Broking Services Limited for £2.5m.

  • Over half of borrowers avoid Stamp Duty

    11 Nov 2008

    The temporary increase in the Stamp Duty threshold saw 51% of homebuyers avoiding Stamp Duty in September, compared with 22% in September last year.

  • Paymex appoints Pearson as director of external affairs

    11 Nov 2008

    The Paymex Group has appointed Nick Pearson to the new role of director of external affairs.

  • Pink appoints regional sales manager

    10 Nov 2008

    Pink Home Loans has appointed Andy Valvona as its regional sales manager for the South East, a new role within Pink’s field based support team.

  • Poisoned Pen

    11 Nov 2008

    News last week revealed that poisonous snakes kill up to 94,000 people a year. India has the world's worst death toll -11,000 - with other parts of Asia and Africa also badly hit.

  • Profits down 22% at LSL Property Services

    12 Nov 2008

    LSL Property Services, the owner of estate agency Your Move, has revealed today that group profits are down by 22%.

  • Promise Solutions scoops technology award

    10 Nov 2008

    Promise Solutions has been awarded a Best Practise award by Frank Eve Consulting for its secured loan technology.

  • Promise Solutions wins award for technology

    10 Nov 2008

    Promise Solutions has been awarded a Best Practise award by Frank Eve Consulting for its secured loan technology.

  • Property sales down but surveyors more optimistic

    11 Nov 2008

    The average number of transactions per surveyor fell again in October as a lack of mortgage finance continued to stifle the market.

  • PTFS now second biggest network

    10 Nov 2008

    Personal Touch Financial Services has emerged as the second biggest network according to league tables published by the Financial Services Authority.

  • Public should treat banks like Ross and Brand

    11 Nov 2008

    It seems that the end of October was all about denouements, disaffection and comeuppances.

  • RBS to cut 3,000 jobs

    14 Nov 2008

    Royal Bank of Scotland is understood to be cutting 3,000 jobs worldwide as it dials back its global banking and markets workforce.

  • Redundancies at GEMHL on cards

    10 Nov 2008

    Concerns over the future of GE Money Home Lending intensified last week after it announced redundancy could be on the cards for a number of staff.

  • Results out for 2008 Mortgage Strategy Technology Awards

    11 Nov 2008

    The winners of this year’s Mortgage Strategy Technology Service Awards have now been unveiled.

  • Rightmove loses 300 estate agents a month

    14 Nov 2008

    Estate agents are leaving property website Rightmove at the rate of up to 300 a month as they come to terms with the faltering housing market.

  • Risk is key to the high price of mortgages

    11 Nov 2008

    A lot has been written about LIBOR over the past year and in many cases it has been identified as the reason why mortgage rates aren't dropping in line with reductions to the Bank of England base rate.

  • Santander looking to increase share capital

    10 Nov 2008

    Banco Santander, the parent group of UK lenders Abbey, Alliance & Leicester and Bradford & Bingley, is looking to increase its share capital today to improve its core capital ratio.

  • Sesame argues for time bar on complaints

    13 Nov 2008

    Sesame is calling for a time limit on complaints so that brokers are not held liable for advice given over 15 years ago.

  • SHIP calls for action on sale-and-rent-back firms

    11 Nov 2008

    Safe Home Income Plans is calling on Trading Standards to put a stop to misleading comparisons between equity release and sale-and-rent-back products.

  • Short selling not reason enough for HBOS takeover

    11 Nov 2008

    Bank of England governor Mervyn King's justification for Lloyds TSB's takeover of HBOS was that the latter was in a vulnerable position due to the fall in its share price (Mortgage Strategy Online November 4).

  • Takeover talks send Just Retirement shares rocketing

    10 Nov 2008

    Just Retirement shares have soared by almost 50% this morning after it revealed it has received interest in the company from a potential buyer.

  • Taxpayers face double whammy over HBOS deal

    11 Nov 2008

    I was intrigued to read about former HBOS chief executive Andy Hornby's consultancy deal with Lloyds TSB (Mortgage Strategy Online November 4) as jobs are the most important issue.

  • Tempting fate

    11 Nov 2008

    The Mortgage Strategy/Loandistributor.co.uk secured loan round table got off to a flying start last week. But when online editor Natalie Martin told attendees the photo shoot would be on the roof there were a few anxious looks.

  • The call centre operative's revenge

    12 Nov 2008

    According to The Times on October 30, Abbey customer George Bates found himself locked out of his account, his debit card swallowed by a cash machine, his overdraft facility withdrawn and that he was down in the bank's records as a 32-year old Ugandan divorcee despite the fact that he was British, 23 and single.

  • Time to focus on reckless borrowers?

    12 Nov 2008

    In a novel variation on the familiar theme offered by the consumer lobby, the Association of Mortgage Intermediaries is calling on the Office of Fair Trading to act against irresponsible borrowers as part of its irresponsible lending project.

  • Tiuta offers one hour bridging

    11 Nov 2008

    Bridging company Tiuta claims it can provide bridging decisions within one hour and in some cases instantly, thanks to its new technology platform.

  • Treasury Committee to investigate bonuses

    13 Nov 2008

    The Treasury Committee has revealed the witnesses set to give evidence on bonuses and pay as part of the committee’s wider inquiry into the banking crisis.

  • Tudor Mortgage and Finance closes its doors

    11 Nov 2008

    Packager Tudor Mortgage and Finance has closed its doors and is no longer accepting new business.

  • Website gives consumers the chance to rank brokers' service

    10 Nov 2008

    Brokers could find themselves ranked according to how good their service is on a website called Rubii.co.uk.

  • Where's the love?

    11 Nov 2008

    The US election brought back memories of the doomed Conservative campaign in 2005.

  • White Paper response could see AFB lobbying for FSA regulation

    10 Nov 2008

    The Association of Finance Brokers looks set to lobby the government for the secured loans market to be regulated by the Financial Services Authority.

  • Woolwich launches 3.99% fixed and tracker hybrid

    13 Nov 2008

    Woolwich has launched a fixed and tracker hybrid mortgage with a market leading rate of 3.99%.

  • Working on your behalf

    10 Nov 2008

    The Association of Mortgage Intermediaries has been working to help members get through these tough times.

  • XBInvest to launch at Expo

    10 Nov 2008

    The XBond Company is launching at this week’s Mortgage Business Expo in London a new service called XBInvest which is designed to help clients looking to buy off-plan property.

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