Mortgage Strategy
10 October 2005

  • 20 Duped by home raffle scoundrel

    10 Oct 2005

    A cheeky scoundrel ran off with 10,000 after raffling his repossessed house for 500 a ticket.David Roberts, from Liskeard in Cornwall, duped 20 people into buyng the tickets. These people turned up on the day of the draw to find the house had been repossessed by the bank.Roberts' excuse for raffling the house was that the market for luxury homes was taking a downturn. In fact it had been taken from him for non-payment of his mortgage.Doris Walker, a pensioner from Plymouth ...

  • 700,000 homes in England are empty

    13 Oct 2005

    New research by Halifax, using data from the ODPM, shows that there were 689,675 empty homes in England in 2004/05 - 3.2% of the total English dwelling stock.

  • A missed opportunity for change

    10 Oct 2005

    Despite its loudly trumpeted initiatives to help first-time buyers in need, the radical overhaul of shared ownership promised by the government has not materialised, says Melanie Bien

  • A&L slammed for IT glitch

    10 Oct 2005

    Alliance & Leicester has come under fire after its online system is believed to have stopped working just hours before it changed one of its product rates.Tony Rich, sole trader at Yellow Financial, says he was left having to produce a new Key Facts Illustration for his client after he could not submit the case online, and A&L would not accept the case the next day at the original rate.Rich was trying to submit a two-year fixed product which was priced at 4.19% on October 3 ...

  • A&L's products are fine but its after-service is appalling

    10 Oct 2005

    From Philip Smith As a mortgage broker I rely on good service, much as my clients do, and if I fail in that regard I can hardly expect to hear from them again. And regarding service, I've read many anti-Alliance & Leicester letters in Mortgage Strategy and recently placed my first mortgage with it for a few years. I now understand why. Every phone number is a 0870 number including its BDMs (all other lenders' BDMs I know work off mobile numbers presumably because they're out ...

  • Amber appoints development manager

    11 Oct 2005

    Christian Rolfe has taken up the post of development manager for Amber providing sales coverage in the southern region of the country.

  • Asking prices on the up

    13 Oct 2005

    A degree of optimism has returned to the housing market as the Rightmove.co.uk house price index indicates an increase in asking prices.

  • B&B panel shock rumoured

    10 Oct 2005

    Bradford & Bingley will reveal its revised lending panel by the end of the year and it is rumoured there will be a shock removal, Mortgage Strategy has learned.In August MS reported the panel could be slashed from 25 lenders to eight after the high street broker's shake-up at the start of this year when it cut its panel from 50 lenders to 25.Though the revised panel has not yet been announced, the final number is thought to be between 10 and 20, with one notable ...

  • B&W transforms its mortgage processing

    12 Oct 2005

    Bristol & West has announced a plan to consolidate its mortgage processing into two centres, based in Bristol and Solihull. This would involve the closure of its distributed mortgage processing units during 2006.

  • B2L pundits keep it close to home

    10 Oct 2005

    One of a broker's main raisons d'etre is to help people invest their money by buying property. But where would advisers put their own cash?Mortgage Strategy examines this question in this week's cover feature starting on page 44 in which we provided some of the industry's big hitters with a - sadly imaginary - 100,000 cheque to invest in bricks and mortar.When considering the buy-to-let option, unsurprisingly some reassuringly familiar themes emerged including ...

  • Banks join forces to offer Islamic B2L mortgage

    10 Oct 2005

    Bristol & West and ABC International Bank have launched a buy-to-let mortgage for the country's two million Muslims.This is the latest in a range of home finance products offered by the two banks, designed specifically to comply with Sharia, Islamic law.While the product's structure differs from conventional interest-based mortgages to ensure compliance with Sharia law, it is accessible and competitive as its criteria is similar to B&W's conventional buy-to-let mortgage range.Alison ...

  • Base rate remains at 4.5%

    10 Oct 2005

    The Bank of England left base rate unchanged last week at 4.5%.The previous change in base rate was a reduction of 0.25 percentage points to 4.5% on August 4.Michael Coogan, director-general of the Council of Mortgage Lenders, says: "The Bank's decision to leave the rate at 4.5% was no surprise. Housing transactions, mortgage approvals and gross mortgage lending have strengthened in recent months. The market should remain well supported to the end of the year, with house prices ...

  • Bethnal Green joins Lloyds TSB pilot

    10 Oct 2005

    The branch of Lloyds TSB in London's Bethnal Green has started offering Islamic banking services to the area's Muslim community.The branch is the latest to join Lloyds TSB's Islamic Financial Services pilot, which now covers 17 locations.Bethnal Green Lloyds TSB will now offer a current account and a home finance scheme designed to meet the needs of Muslims. The products comply with Sharia law, under which payment and receipt of interest is forbidden.Bethnal Green joins ...

  • BM Solutions announces Sandy Lane winner

    12 Oct 2005

    BM Solutions has announced David Wood of Castle Mortgages, in Milton Keynes is the winner of the luxury break to Sandy Lane, Barbados.

  • BM Solutions fights back after walkout

    10 Oct 2005

    BM Solutions launched its annual money sale last week with a batch of mainstream products starting at 3.75%, in a move described by some pundits as a bid to stave off negative publicity following the high profile departure of key staff last week.

  • BMS icon is fine but could she not have been a pole dancer?

    10 Oct 2005

    From Jonathan Hammond I was amazed at the content of Priya Shome's letter in Mortgage Strategy (September 26). Red is a star. In fact the chaps in my office and one of the girls (who we call Jim) thinks Red is the best. But we would have preferred it had Red been a pole dancer. Had Shome not been playing with her husband's or partner's computer instead of cleaning the house, doing the laundry and cooking she wouldn't have seen the beautiful Red. Well done BM Solutions but let's ...

  • Brokers don't understand retention policies, says Accord

    10 Oct 2005

    Accord Mortgages has warmed up the debate over client retention policies and says brokers must understand the legal requirements for lenders.The Woolwich came under fire last week for leaving clients unprotected if they took out a retention product before M-Day and later switched deals.But Accord, which has the same policy, says this is an area many brokers don't fully understand and to issue a Key Facts Illustration for a new product on a retention policy would be illegal.Linda ...

  • Brush up on the consolidation options

    10 Oct 2005

    When it comes to dealing with clients looking for debt consolidation, mortgage advisers are expected to have a working knowledge of the options available, says Bill Warren

  • BSA seeks PR and policy manager

    10 Oct 2005

    The Building Societies Association has created the role of PR and policy manager to strengthen the voice of societies in policy debates.The role, which was advertised in TheGuardian on October 8, will involve researching, planning and executing communication strategies. The successful candidate will report to the external affairs manager. Although salary is dependent on experience, the BSA offers a group personal pension scheme, 24 days' annual holiday, BUPA membership, ...

  • Buy-to-let boosted by competitive products

    10 Oct 2005

    Mortgage Trust’s October buy-to-let intermediary forecast reveals that increasing lender competition in the sector is helping to encourage the market.

  • Buy-to-let increases by 50%

    12 Oct 2005

    Research from Mortgages Direct, the financial subsidiary of haart estate agents, reveals that buy-to-let investors are returning to the market with a 50% increase, making up 12% compared with last months 8% seeking buy to let mortgages from Mortgages Direct.

  • CBI concerned over north-south divide in new business rates

    11 Oct 2005

    The Confederation of British Industry is calling on the Government to address regional disparities in new business start-up rates which are affecting jobs and prosperity across the UK.

  • Check lawyers' customer service credentials first

    10 Oct 2005

    From Peter Wake I am writing in response to the letter from Bill Armstrong of Kendal Streete Mortgage Brokers (Mortgage Strategy September 12). Having worked with a wide array of lawyers across the country, I can understand the frustrations brokers have with their lawyers. Many lawyers have yet to accept that brokers provide numerous services for clients and lawyers are part of that so they should do just that - provide service. Unfortunately, it is taking some lawyers a ...

  • Columnists give up their own time to contribute something to the industry

    10 Oct 2005

    From Neal Smith Having been a regular columnist for Mortgage Strategy and thus qualifying as 'one of the usual suspects' as Jay Williams puts it (Mortgage Strategy Letters, September 26), I would like to reply to his observations. Penning a regular article is no mean feat and MS' regular columnists like Richard Griffiths, Dean Mirfin, Rachel Blackmore, Bill Warren and Ben Stafford et al should be applauded for giving up their time (note their services are provided free) and commenting ...

  • Commercial First eyes prime arena

    10 Oct 2005

    Commercial First has taken a step towards the prime market with the launch of its near-prime commercial mortgage products, available exclusively through intermediaries.The products will come under the sub-brand of Choice, and the company is for the first time focussing on delivering a product for the conforming business customer.Stephen Johnson, sales and marketing director at Commercial First, says: "This move is the result of intermediary feedback. We have been asked to bring ...

  • Construction activity builds

    10 Oct 2005

    Construction activity continues to rise, with the private housing sector seeing the largest increase, a survey from the Royal Institution of Chartered Surveyors says.

  • Council Tax Bill published

    14 Oct 2005

    The Council Tax (New Valuation Lists For England) Bill was published today by the Office of the Deputy Prime Minister.

  • Countrywide house manuals

    13 Oct 2005

    Countrywide and Haynes Publishing have released two manuals to assist estate agents in gaining technical knowledge of classical house types.

  • Coventry appoints head of communications

    13 Oct 2005

    Coventry has announced the appointment of Richard Field as head of communications.

  • Cricket tops football in the property stakes

    10 Oct 2005

    Propertyfinder.coms latest survey of estate agents reveals that properties near football grounds are less popular with home buyers, while those near tennis and cricket grounds attract premium valuations.

  • Curriculum Vitae - John Webster

    10 Oct 2005

    "I'm a West Ham supporter, an awful golfer and an ardent reader"

  • Dear Delia

    10 Oct 2005

    Dear Delia One of my clients is an experienced landlord with nine properties worth 1.27m. As he is in his 40s and concerned about retirement he has asked me if he should put some of these properties into a self-invested personal pension after A-Day. He is also interested in buying more properties and would like to know if he should buy these through a SIPP. What would you recommend?

  • Deeds release fees are in consumer groups' sights

    10 Oct 2005

    I always try to keep an eye on mortgage reporting in the consumer press to stay abreast of the hot issues. And there is one that is consistent and shows no sign of cooling. Last week I came across the latest salvo in The Guardian.

  • Departures pose serious questions for HBOS

    10 Oct 2005

    The dramatic, though expected, departure of Michael Bolton from HBOS has sent the specialist lending market into a spin.Bolton quit the organisation last week to join The Oakwood Group, a London-based private equity firm fronted by Future Mortgages founder Mike Culhane, immediately taking with him four other key players - Alan Cleary, director of sales at Halifax Intermediaries; John Nixon, operations director at BM Solutions and The Mortgage Business; Rob Williams, head of underwriting ...

  • Don't call my customer, call me

    10 Oct 2005

    Calls from lenders trying to cross-sell insurance intimidate borrowers, undermine advisers' relationships with their clients and show what lenders really think of us, says Sue Read

  • em- free application fee and free valuation offer to run indefinitely

    14 Oct 2005

    em- has given its free application fee and free valuation offer, across the entire em-homeloans sub-prime range is set to continue indefinitely.

  • em- introduces free valuations north of the border

    11 Oct 2005

    Following the success of the free valuations offer on all sub-prime ranges in England and Wales, em- has introduced an exclusive free valuations offer to the Scottish market.

  • Endowment letter from Pru refers clients to Halifax

    10 Oct 2005

    From Dave King A client of mine recently received an endowment warning letter from Prudential. Nothing new so far but bear with me, this one takes the biscuit. The letter states the shortfall probability but also invites the policyholder to remortgage with Halifax to redress the shortfall, rearrange the mortgage etc. This is unacceptable, not to mention non-compliant. If as a financial adviser I recommend something (even if it's to go and speak to a lender) I have to justify ...

  • Equity partners

    10 Oct 2005

    The Exchange has entered into a strategy partnership with Just Retirement, the annuity and equity release specialist.

  • Equity release a turn-off for consumers

    11 Oct 2005

    The latest survey results released by moneyfacts.co.uk has stated that 77% of consumers would not be interested in having an equity release mortgage.

  • Equity withdrawal rises for first time since 2003

    10 Oct 2005

    Figures from the Bank of England highlight an upturn in the amount of mortgage equity being withdrawn.The Bank's estimate of mortgage equity withdrawal has risen to 8.7bn for Q2 2005 from 6.4bn from Q1 of the same year, an increase of 2.3bn.Dean Mirfin, business development director of Key Retirement Solutions, says people have been hopeful of this change.Mirfin says: "There has been consumer uncertainty about going ahead with a further increase of equity until now and this ...

  • Estate Angels' leads look like they could be made up to me

    10 Oct 2005

    From Kevin Thornton I was interested to read the letter from Christopher Platt (Mortgage Strategy October 3) about buying leads. My first thought is, if these people were not looking for a mortgage is this not cold calling? I have recently been receiving an email per day offering me a lead from Estate Angels or should that be Angles. Although I have not yet signed up with it, it has been unable to place these leads and knows I wouldn't want to miss business opportunities like ...

  • Flood hit North Yorkshire to get Government help

    10 Oct 2005

    North Yorkshire, Ryedale and Hambleton Councils are to be given help with meeting the costs of clearing up following severe storm and flood damage in the council areas on June19 2005.

  • Ford appointed director of xit2s Conveyancing Portal

    13 Oct 2005

    xit2 has announced the promotion of David Ford to the board of the Conveyancing Portal.

  • FPAC and FSA to work together on regulating product marketing

    14 Oct 2005

    The Financial Promotions Action Group has announced how it intends to work with the Financial Services Authority towards a market-based solution in the regulation of product marketing.

  • Free valuations and cashback deals from Advantage and GMAC-RFC

    10 Oct 2005

    Advantage is to give free valuations and cashback deals on all G200 box products, funded by GMAC-RFC.

  • Fresh stars will replace HBOS' lost luminaries

    10 Oct 2005

    Seems almost impossible not to be drawn into talking about HBOS this week doesn't it?

  • FSA to tighten rules on financial reinsurance

    11 Oct 2005

    The Financial Services Authority is proposing new rules that would require greater disclosure by insurers of their use of financial reinsurance.

  • GMAC says brokers like its service

    10 Oct 2005

    GMAC-RFC says over three-quarters of brokers are satisfied with its service.A recent survey shows 79% of brokers say the lender's service is better than average and 67% describe turnaround times as good or excellent.GMAC-RFC attributes this to its POSD system which frees up intermediaries' time so they can focus on selling rather than administration.The average application to turnaround time is less than 11 days, meaning brokers using the online system don't have to make ...

  • GMAC-RFC launches whole of market cascade system

    11 Oct 2005

    GMAC-RFC today announced the launch of the first cascade service that will cover mortgages for everyone.

  • Grandin disects SIPPs

    10 Oct 2005

    With less than six months to go until A-Day, Lee Grandin managing director of Landlord Mortgages, examines what Self Invested Personal Pensions mean for the residential property market. Grandin says: "The advantages of investing in residential property through a SIPP will only be of interest to a relatively small proportion of the population, it is simply too costly for most consumers. Therefore I don't believe that they will have the monumental effect on the residential property ...

  • Griffiths' argument for higher proc fees is woefully thin

    10 Oct 2005

    From Jeff Sutherland-Kay I suppose I should be flattered that Richard Griffiths has mentioned me twice in his recent scribblings, but his column in Mortgage Strategy on September 26 is just not right. He tries to make the argument that lenders with branch networks use the intermediary channel to subsidise the costs of branch-based lending and refers to his question to me at the Mortgage Summit in Jerez. It's not that a lender, whether it's my old friends at Alliance & Leicester ...

  • Halifax accused of cross-selling insurance

    10 Oct 2005

    Halifax has been accused of using cold calling and dirty tactics to cross-sell buildings and contents insurance.Anne Robson, consultant at Mortgage Experts, is submitting a complaint to Halifax after what she describes as a blatant attempt by the bank not just to cross-sell but also to illegally misrepresent the advice she offered.Robson says: "I recently completed a mortgage with Halifax, then went away for a week. When I returned I found buildings insurance at 17.33 per month ...

  • Halifax index shows September price rise

    11 Oct 2005

    The Halifax House Price Index has highlighted an increase in house prices this month, and house price inflation rate that is lower than the same time last year.

  • Halifax issued revised offer masquerading as my advice

    10 Oct 2005

    From Anne Robson Halifax products have seldom been at the top of my sourcing results when advising clients on suitable mortgages. But recently I had a case where the Halifax deal on offer was number one and in due course I submitted an online application. The valuation was carried out and an offer produced on September 9 . I went on holiday for a week and came back to find a revised offer from Halifax. The only difference was the mysterious inclusion of figures for buildings ...

  • Halifax underwriters should put more starch in their shirts

    10 Oct 2005

    From Chris Stanfield I have to agree with previous comments on these pages regarding Halifax's poor service and its amazing invisible lending criteria. In some cases its performance and treatment of applicants and intermediaries is appalling. I submitted an excellent case for a 90% purchase on July 19. I supplied every document stated in the lending criteria including salary slips and P60s relating to the customer's full-time and part-time jobs. The case was referred to ...

  • Help for north east businesses

    11 Oct 2005

    Local businesses are being encouraged to take advantage of the free help and advice on offer in the region from HM Revenue & Customs.

  • Hidden threat to brokers in HIPs

    10 Oct 2005

    HIPs will shift the emphasis toward sellers being more transparent about their properties at an early stage and this could contain the seeds of a threat to brokers, says Richard Griffiths

  • Homeloan rating

    10 Oct 2005

    Homeloan Management has been assigned an SQ2 primary rating by Moody's Investor Services for Servicer Quality.

  • House prices fall again

    10 Oct 2005

    Hometrack's September survey of the housing market reports a further fall of 0.1%. House prices have now been falling for 15 consecutive months. The average house price is 160,900, down over 3.7% in the past 12 months.

  • Housing market downturn

    10 Oct 2005

    After several months of looking like recovery was on the way, the UK property market is suffering again with average house prices down according to data from SmartNewHomes.com, the new homes website.

  • I miss Mini Alan - he was my special virtual friend

    10 Oct 2005

    From Julian Golightly Much like Priya Shome I was disappointed to see Mini Alan replaced by the curvy Red. I always thought of Mini Alan as my special virtual friend with his own style. Seeing Mini Al's flashing smile alongside my inbox every morning made my pulse race. Alas now all this has gone. Does BM Solutions not realise there are many high achievers like me who now feel alienated because of this so-called eye candy? Bring back Mini Alan or even update him to Marvellous Martin, ...

  • I thought Nationwide and MTE were working together

    10 Oct 2005

    From Sarah Morgan I recently decided to return to the world of intermediaries after five years of working for a high street lender. With the many changes that have happened I was looking forward to trying the updated websites and new processing techniques. A few well known lenders did not disappoint, and then I stumbled upon Nationwide/MTE. A client of mine requested a DIP which after much digging around I discovered must be done via MTE. But having completed the form it ...

  • I went to a CPD-accredited seminar but got no certificate

    10 Oct 2005

    From Nigel Pamment Along with many other IFAs and brokers, I attended the Mortgage Business Expo in Manchester on May 19 this year. The main reason I went along was to go to as many CPD-accredited seminars as possible, both to get the certificates and to keep up to speed with the industry. Fine so far. But out of the hundreds that attended, am I the only one who has not received any of the certificates promised? I suspect not as the same thing happened to my colleague and myself ...

  • I will lead push to boost ASU uptake

    10 Oct 2005

    The small minority of brokers who moan about the concept of Treating Customers Fairly annoy me. The Arthur Daleys do not belong in our industry.But without going so far as to say there are still many Daleys around I wonder if most brokers are treating clients fairly, based on the decrease in ASU sales. It would be easy to point the finger at anti-ASU lobbyists making it more difficult to sell with their negative publicity but it's time for a unified front.Writing about ASU over ...

  • IFAs demand more transparent and flexible commision

    10 Oct 2005

    Scottish Life, the pensions specialist arm of the Royal London Group, has released figures that indicate a growing demand for more transparent and flexible commission structures from IFAs and their clients.

  • IFS launches alternative residential lending module

    11 Oct 2005

    The Alternative Residential Lending module has just opened for registration at the Institute of Financial Services. The ARL module forms part of the recently launched Advanced CeMAP qualification and giving candidates greater flexibility in their specialist area.

  • Increased activity in housing market fails to increase consumer confidence

    10 Oct 2005

    Confidence in the housing market has fallen for the first time in eight months, despite recent increased activity in the housing market.

  • ING Direct earmarks 2006 for mortgage launch

    10 Oct 2005

    ING Direct has confirmed that it is considering launching a mortgage product at some point in 2006.

  • Intermediaries struggle to obtain KFIs

    14 Oct 2005

    Obtaining Key Facts Illustrations from lenders is the biggest problem intermediaries face since regulation, say those taking part in the Association of Mortgage Intermediaries September mortgage intermediary census.

  • Internet Insite

    10 Oct 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web.

  • IOU, says 10m fraudster

    10 Oct 2005

    Financial adviser and Halifax agent Graham Price left an IOU for 7m in the branch safe - after stealing almost 10m to fuel his horse racing obsession.Swansea Magistrates Court heard that over four years, Price took money from the safe and also diverted funds from private investors' accounts. In one nine-day spree he is thought to have stolen 3m.The scam was discovered when an auditor visited the branch unannounced and opened the safe to find it empty except for a note saying: ...

  • Is IMLA right in saying regulation has brought nothing but extra costs and little value to customers?

    10 Oct 2005

    Though the extra costs of regulation have mainly been on much-needed IT upgrades our experts disagree on its value to clients

  • Is there any need to levy higher lending charges?

    10 Oct 2005

    Halifax and Abbey have hit back at Nationwide after it accused them of levying unnecessary lending charges.Stuart Bernau, executive director at Nationwide, says both lenders run the risk of being accused of blatant profiteering by levying a higher lending charge and higher interest rates for those needing to borrow more than 90% of the property's value.Nationwide says it believes that since it abolished its higher lending charge back in September 2000, borrowers have paid over ...

  • Is there still a place for HLCs?

    14 Oct 2005

    Nationwide recently reported that 800,000 borrowers have paid 1bn in higher lending charges over the last five years.

  • Keep it local, say the B2L pundits

    10 Oct 2005

    Investing close to home is key to successful buy-to-let, according to pundits surveyed in this week's Mortgage Strategy cover feature.Five industry experts give their views on where and how they would invest 100,000 in the property market. Most would prefer to stick close to home so they can keep an eye on their investments.Sally Laker, managing director of Mortgage Intelligence, would invest the money in several properties in Bournemouth, where MI is based. She says: ...

  • Labour loan shark plans blasted

    10 Oct 2005

    Government proposals to protect vulnerable families from loan sharks are "hopelessly misguided", says online comparison website Moneynet.co.uk.

  • Landlord associations join forces

    12 Oct 2005

    The National Landlords Association and the Dorset Residential Landlords Association have joined together in another step towards providing a coherent and more unified voice for the private-rented sector.

  • Landlords are optimistic

    10 Oct 2005

    Landlords expect the net value of their portfolios to grow by 5% over the next 12 months, research from Paragon Mortgages reveals. This is the highest growth expectation for over a year.

  • Landlords look to double buy-to-let portfolios

    12 Oct 2005

    The Money Centre has revealed the results of its landlord survey for Q3 of 2005, which show a positive outlook for the buy-to-let market as landlords look to double the amount of properties in their portfolios this year.

  • Leadgeneration

    10 Oct 2005

    Mortgage Strategy's monthly guide to the lead generation companies brokers could be doing business with. Justine Tomlinson looks at the options available to intermediaries

  • Lenders are adopting illogical criteria for retirement deals

    10 Oct 2005

    From Helen Pierson I am a mortgage broker and would like to highlight the illogical criteria lenders adopt in respect of lending into retirement. I know this area looks as though it might become a hot potato for the FSA but ridiculous, unworkable criteria won't help. At the 11th hour Halifax asked for evidence of pension income plus a tax- free lump sum for a client aged 52 who wants a 23-year term. I called Halifax to explain my client was a prison officer with 13 years' ...

  • Lenders are making it less cost-effective to remortgage

    10 Oct 2005

    From Chris Poole I agree with Sue Read's comment (Mortgage Strategy September 26) regarding lenders trying to retain existing customers, but would like to point out that the number of lenders offering more attractive rates to existing customers is minimal. The 'can I borrow your pencil' syndrome is still the norm. The reason it is becoming less economic to remortgage clients to a more attractive rate is that lenders have increased their final repayment and deed release fees ...

  • Lenders could miss out on online sales

    10 Oct 2005

    Lenders are in danger of missing out on millions of pounds worth of online sales by ignoring the requirements of online mortgage shoppers.Research by Foolproof, the web usability company, shows lenders are failing to acknowledge needs and behaviours that typify online mortgage shopping. This results in what has been called a 'crisis of relevance', whereby shoppers are not able to find relevant sites or useful content.Foolproof's Online Finance Shopping Survey shows search engines ...

  • Let's name the quality lead generation companies in MS

    10 Oct 2005

    From Doug Parker The letter by Christopher Platt about the unsatisfactory service provided by paaleads.com (Mortgage Strategy October 3) is not the first such letter I have read. No doubt Platt and many other mortgage advisers would like to know which lead generation companies do provide good quality leads. Perhaps feedback could be obtained from advisers who have experienced satisfactory service and an article published based on this information. Or failing this, invite readers ...

  • Market Watch

    10 Oct 2005

    It was a pretty quiet week for rate changes but we did see the best rates of the year being launched.One-year money is down 0.02% at 4.54% Two-year money is down 0.03% at 4.49% Three-year money is down 0.01% at 4.52% Five-year money is up 0.02% at 4.56%While I was impressed to receive an email on Sunday at 5pm (I guess someone was not watching Songs of Praise or Liverpool vs Chelsea) I'm disappointed Alliance & Leicester pulled ...

  • McConechy leaves M-Next

    10 Oct 2005

    Mortgage Next director Mal McConechy has quit the company after eight years to pursue other interests.And rumours are rife that more departures are on the way. One source tells Mortgage Strategy: "McConechy has left Mortgage Next and it is thought others are set to leave as well."But Justine Tomlinson, marketing director at Mortgage Next, says McConechy, who was lender partnerships director, will be the only departure.She says: "I can confirm that Mal has left to ...

  • McSween to head Moneyquest

    10 Oct 2005

    Moneyquest has appointed its first chairman and is targeting stock market flotation within two years.The telephone and online mortgage, insurance and loan broker has revealed that Angus McSween will oversee its expansion, having previously helped web security firm Iomart achieve AIM listing.McSween is the holder of the Glenfiddich Spirit of Scotland Award for Business.The Glasgow-based broker's expansion plan includes increasing staff from 130 to 200 and moving to larger ...

  • Messy neighbours can scupper house sales

    10 Oct 2005

    Yorkshire Bank says a messy neighbour can greatly influence the selling of a house.A survey by the bank finds one in three people would be put off buying a property if the house next door looked in a state of disrepair or had an overgrown garden.A further one in five would turn their noses up at a property that was otherwise perfect if they detected an unusual smell.And 31% would like to buy a home they could move straight into, without the need to have any work done on ...

  • Met to brief industry on fraud

    10 Oct 2005

    The Metropolitan Police will warn the finance industry this Thursday that it stands to lose 1bn per year through fraud.At a special briefing at New Scotland Yard, Tarique Ghaffur, assistant commissioner for specialist crime directorate at the Metropolitan Police, will announce a initiative intended to seriously disrupt criminal activity.This will operate in conjunction with a big industry stakeholder, whose identity will be revealed on Thursday.Also speaking at the briefing ...

  • MEX probe into self-cert allegations continues

    10 Oct 2005

    Mortgage Express is continuing its investigation into allegations that one of its sales team advised brokers how to fill in self-cert mortgage applications fraudulently.A source tells Mortgage Strategy that one broker voiced concerns to senior management at MEX after he was advised by one of its BDMs on how to exploit loopholes in a self-cert application. MEX says it is taking the matter seriously and if necessary will take disciplinary action.A spokesman says: " We are ...

  • MONDAY EMBARGO! Platform launches fixed rate range

    13 Oct 2005

    Platform, the intermediary lender of Britannia, today announced the launch of a range of fixed rates across its self-cert, buy-to-let and sub-prime products. The range also sees the launch of a two year fixed rate self-cert special available to 85%LTV at the rate of 4.95% with no early repayment charge overhang.

  • MONDAY EMBARGO!!!!!Platform launches fixed rate range

    12 Oct 2005

    Platform, the intermediary lender of Britannia, today announces the launch of a range of fixed rates across its self-cert, buy-to-let and sub-prime products.

  • Money Partners appointed to TMW panel

    13 Oct 2005

    The Mortgage Warehouse, the Kent-based mortgage packager, has appointed specialist lender Money Partners to its lending panel, effective immediately.

  • Moneyfacts adds true cost function

    10 Oct 2005

    Moneyfacts has introduced mortgage true cost calculations to its Market Intelligence Reports services in response to calls from lenders.

  • Mortgage Intelligence secures buy-to-let exclusive

    11 Oct 2005

    Mortgage Intelligence has secured a buy-to-let exclusive with 4.5% fixed rate for three years and no arrangement fee.

  • Mortgage Next makes key appointments

    14 Oct 2005

    Mortgage Next has made a number of key appointments and is recruiting additional staff as a result of its recent strategic review of business.

  • MPLC focusses on affordability

    10 Oct 2005

    Mortgages PLC is launching an affordability-based approach to underwriting with a bespoke range available to a limited number of intermediary and packager partners.

  • Mutuals lower minimum balance criteria

    13 Oct 2005

    During the last few weeks, a number of building societies have drastically reduced the minimum opening balance required to open some of their accounts.

  • N&P to reduce fixed rates

    11 Oct 2005

    From Monday October 17, Norwich and Peterborough will be launching two new tracker mortgages and making a number of improvements to its existing mortgage product range available in the UK and Gibraltar.

  • Nationwide encourages borrowers to fix for longer

    12 Oct 2005

    Nationwide is to slash the reservation fee on its five and 10-year fixed rate mortgages later this week.

  • Nationwide increases premiums on MPPI

    13 Oct 2005

    Nationwide has today increased the premiums on its Mortgage Payment Protection Insurance.

  • New Homes Mortgage Helpline chooses MortgageStream software

    11 Oct 2005

    New Homes Mortgage Helpline, the national new build mortgage specialist, has chosen MortgageStream to manage its new business pipeline, relationships and sales communications with customers.

  • Northern Rock reduces rates

    12 Oct 2005

    Northern Rock has reduced rates on a large number of its products. In the flexible fixed range, two-year products are now available from 4.49%, three-year products start at 4.59% and five, seven, 10 and 15-year products start at 4.89%. Stepped flexible fixed products now start at 3.49%.

  • Number of overseas mortgages increases

    11 Oct 2005

    Conti Financial Services is currently celebrating over 11 years as one of the UK's leading brokers of overseas mortgages. Simon Conn, managing director of CFS says: "we now arrange mortgages in over 30 countries, where over 200 schemes have been negotiated with either local or offshore Lenders, which include a number of exclusive products and this results in lower interest rates and setting up costs. We have also organised with some of the longer established lenders, ...

  • Obtaining KFIs from lenders biggest issue since regulation

    14 Oct 2005

    Obtaining Key Facts Illustrations from lenders is the most significant problem intermediaries face since regulation, brokers taking part in the Association of Mortgage Intermediaries September Mortgage Intermediary Census have stated.

  • Offshore IT services vendors score major contracts

    12 Oct 2005

    Research by independent market analyst Datamonitor and leading outsourcing advisory firm Everest Group has found that second-tier and offshore IT services vendors scored some landmark contract wins during Q3 2005.

  • Online community for brokers planned

    11 Oct 2005

    A sole broker is launching a website that promises to act as an online community and research facility for brokers.

  • Online letdown

    10 Oct 2005

    Providers fail to meet IFA expectations with their online services, a survey by Defaqto reveals.

  • Optimism over equity release

    10 Oct 2005

    The majority of advisers believe the equity release market will continue to grow over the next six months.A survey by Norwich Union Equity Release reveals 87% of advisers expect to be writing more business in the next six months compared with 75% a year ago.The 200 advisers who took part in the poll highlight the growing popularity of property as an investment as being one of three factors that has led to growth in equity release, with 27% saying rising house prices have encouraged ...

  • Optoma extends service range through Trigold

    13 Oct 2005

    Optoma Broker Solutions has extended its service offering through the Trigold system, by offering key features documentation on all of its exclusive products, available for download.

  • Paving the way for instant offers

    10 Oct 2005

    They said it would never happen but Rightmove is poised to introduce an automated valuation system that could herald instant mortgage offers next year, says Frank Eve

  • Paymentshield offers free home emergency and legal expenses cover

    11 Oct 2005

    Paymentshield has added home emergency cover and legal expenses cover to its building and contents insurance products.

  • Pension provision helps european housing market

    11 Oct 2005

    Research, by financial marketing specialists Teamspirit, has shown that the introduction of the Governments Self Invested Personal Pension provision is likely to cause an increase in the number of people purchasing second homes.

  • PFS offers guidance in lifetime mortgages

    13 Oct 2005

    The Personal Finance Society, the UKs largest professional body for financial advisers, is next month rolling out its fourth quarters regional meeting programme across the country.

  • PFS to hold pensions planning seminars

    10 Oct 2005

    From October to December the Personal Finance Society will be holding a series of countrywide, half-day technical seminars, on pensions planning pre and post A-Day.

  • Pink hold insurance suppliers forum

    11 Oct 2005

    Pink Home Loans held an Insurance Suppliers forum last Thursday to review the market changes since I Day.

  • Pink launch buy-to-let lifetime tracker

    10 Oct 2005

    Pink Home Loans has launched a shared exclusive buy-to-let lifetime tracker product funded by BM Solutions.

  • Planning powers for Thames Gateway Development

    11 Oct 2005

    The London Thames Gateway Development Corporation will gain strategic planning powers from October 31 2005.

  • Platform reveals Car Chaos winner

    10 Oct 2005

    A lucky adviser has come out on top as the winner of Platforms Classic Car Chaos competition, successfully navigating their way through the online hazardous highway game. Stuart Burrows, a financial adviser at Heavenly Finances based in Manchester, cleverly planned his route around runaway sheep, dangerous drivers and flying birds to rack up a top score of 876,087 points and win a highly coveted Sony PSP portable playstation. To mark the launch in early July of clickdecision, ...

  • Potential FTBs turn to booze

    10 Oct 2005

    A psychologist is claiming crippling property prices are to blame for the rising tide of binge drinking among 20 to 35 year olds.Cary Cooper, professor of organisational psychology and health at Lancaster University Management School, spent an evening talking to drinkers on the streets of Manchester as part of a BBC documentary. He discovered many of them lived in rented accommodation or with their parents.He says: "The reasons for binge drinking vary for different age groups, ...

  • Private rented sector continues to grow

    13 Oct 2005

    New information from the Office of the Deputy Prime Minister provides evidence that the private rented sector continues to grow steadily, with households under 30 responsible in part for this growth.

  • Processing costs rose 69% in the past year

    10 Oct 2005

    Mortgage lenders' processing costs have risen by up to 69%in the past year, around 123m for the sector as a whole, Marlborough Stirling's latest mortgage benchmarking study reveals.This is the third year Marlborough Stirling has conducted the study, developed in consultation with the Council of Mortgage Lenders. Some 18 lenders took part, making this the most comprehensive survey yet. The scope this year widened to include arrears and customer retention as well as point-of-sale, ...

  • Pru accused of non-compliance

    10 Oct 2005

    Prudential has been accused of bypassing IFAs and ignoring compliance procedures in a recent mailout.Dave King, director of ASK Financial Management, contacted Mortgage Strategy after a colleague received an endowment warning letter from The Pru inviting him to remortgage with Halifax.A leaflet accompanying the letter outlines a remortgaging arrangement between The Pru and Halifax from page three but doesn't give contact details for IFA Promotions until page six. The ...

  • Pru lifetime deal from next week

    10 Oct 2005

    Prudential has confirmed its lifetime mortgage product will be open for business from October 17. It has also launched an online calculator to help advisers calculate the savings using its flexible product.

  • Red is a much-needed bit of fun in these serious times

    10 Oct 2005

    From Dave Crump I'd like to congratulate Priya Shome of Purely Mortgages for the PR job she did in her Star Letter in Mortgage Strategy (September 26). BM Solutions must be proud. I and thousands of experienced candy-eyed mortgage advisers are normally too busy to download icons from lenders' websites but on reading the Star Letter I succumbed out of curiosity and downloaded Red. With all the seriousness about regulation, compliance, additional costs etc, it's time for some ...

  • Report reveals many households cant afford local house prices

    11 Oct 2005

    Government policy makers, regional planners and housing providers are today urged to reconsider their strategies to take account of a growing number of young, working households who cannot afford local house prices.

  • RICS encourages home owners to minimise risk of flood damage

    14 Oct 2005

    The Environment Agency commented this week that millions of UK homes are at risk of flooding.

  • RICS reaction to ODPM house price figures

    10 Oct 2005

    Figures released by the Office of the Deputy Prime Minister today show that August's house prices rose 2.8% from year ago levels, compared to a rise of 4.0% in July 2005. The pace of house price inflation is the slowest in over nine years, since recording a rise of 1.1% in Q2 1996.

  • Rolfe joins the team at Amber

    11 Oct 2005

    Christian Rolfe takes up the post of development manager providing sales coverage in the central-south region of the country.

  • Roll up product is star of Just range

    10 Oct 2005

    Just Retirement has finally announced the launch of its roll up and fixed lifetime mortgages. It has been courting the equity release market for some time and since early 2005 has been testing the water, in particular with its fixed lifetime product.

  • Rooftop Direct teams up with Burns Anderson and Mortgage Broking Services

    13 Oct 2005

    Specialist lender Rooftop Mortgages has been appointed to the lending panels of Burns Anderson and Mortgage Broking Services through its Rooftop Direct arm.

  • Self-awareness

    10 Oct 2005

    Self-cert has captured the public imagination and the fact it is still performing well in a tougher economic climate is converting sceptics, says Matt Grayson

  • SIPPs are too costly, says Landlord Mortgages

    13 Oct 2005

    Investing in residential property through a SIPP will be too costly for most consumers, says Landlord Mortgages. Lee Grandin, managing director of Landlord Mortgages, says that SIPPs wont have a monumental effect on the residential property market that some people are predicting.

  • Sir Stern to review the economics of climate change

    13 Oct 2005

    The Chancellor announced on July 19 2005 that he had asked Sir Nicholas Stern to lead a major review of the economics of climate change, to understand more comprehensively the nature of the economic challenges and how they can be met, in the UK and globally.

  • Skipton appointment

    10 Oct 2005

    Jackie Didcock has been appointed Skipton's regional intermediary sales manager for the North of England. She will be responsible for the 10 sales managers between Aberdeen and Nottingham.

  • Small brokers criticise cost of FSA workshops

    10 Oct 2005

    Small brokers have branded Financial Services Authority workshop costs "horrendous".The FSA has embarked on a series of workshops to help brokers understand issues such as Treating Customers Fairly and complaints handling, but a one-day workshop can cost a broker as much as 464.Brain Bates, sole trader with Look Mortgages, says the FSA does not realise sole traders cannot afford the cost of these workshops, nor the time out of the office.He says: "It doesn't seem to grasp ...

  • Spending time

    10 Oct 2005

    Their jobs are to help people invest their money by buying property but here Mira Butterworth asks the mortgage industry's big hitters how they would spend a (sadly imaginary) cheque for 100,000.

  • SS term extension on commerical mortgages

    13 Oct 2005

    State Securities is extending the maximum terms of its commercial mortgage range as part of it continued strategy for growth and development.

  • Survey to focus on FSA regime

    10 Oct 2005

    Pink Home Loans' seventh 1000 Index Survey begins today, giving intermediaries the chance to express their opinions on industry issues.Questions in the survey are based on statutory regulation and aim is to get feedback on on this subject 12 months after M-Day.Those taking part in the survey will be entered into a draw to win vouchers worth 250.David Copland, marketing director at Pink, says: "Participation in the surveys has been overwhelming. Brokers know their feedback ...

  • Taylor's Tour.....

    10 Oct 2005

    Henry Taylor's day job is running a mortgage broking business in Eastbourne on the south coast of England, when not taking part in the Seat Cupra Championship

  • TCF progress

    10 Oct 2005

    Many financial services firms have made progress over the past year on Treating Customers Fairly, Clive Briault, managing director of the FSA told an industry audience last week. Briault says he had been encouraged by firms identifying TCF gaps and putting in place programmes to fix problems.Just Retirement deals plus support Just Retirement's flexible equity release products have been launched alongside a support and education package for IFAs.

  • TEST

    13 Oct 2005

  • The Exchange and Just Retirement partnership

    10 Oct 2005

    The Exchange, a supplier of portal services to IFAs and part of the Financial Services Division of Vertex, has entered into a strategic partnership with Just Retirement, the annuity and equity release specialist.

  • The Money Centre appoints four directors

    12 Oct 2005

    The Money Centre has appointed four directors to its team.

  • The Mortgage Mole

    10 Oct 2005

    NEAR MISSWorking at the weekend isn't so bad, as MS editor Robyn Hall and hackette Rebecca Atkinson found out when they attended the premiere of Wallace & Gromit: The Curse of the Were Rabbit on Sunday courtesy of those kind folk at Bradford & Bingley. The pair got a taste of how the other half lives as they trod the red carpet in Leicester Square while celeb spotters and the paparazzi looked on, bemused."Actually, the carpet was green," Rebecca confided to ...

  • The Yorkshire appoints non-executive director

    11 Oct 2005

    The Yorkshire has announced the appointment of Richard Davey as non-executive director.

  • Things are looking up for pension term assurance

    10 Oct 2005

    Things are looking up for the future of protection specialists selling pension term assurance.

  • Thirty somethings will lose out unless more homes are built

    11 Oct 2005

    Only three in ten of today's ten year olds will be able to afford to buy their own homes unless house building increases, according to figures released by the Office of the Deputy Prime Minister today.

  • Three-quarters want FSA to look at retail sector

    10 Oct 2005

    Three-quarters of Mortgage Strategy Online readers think the Financial Services Authority should carry out a detailed audit of the sales and advice process in the retail mortgage sector.The FSA was criticised last week for failing to carry out such a review nearly a year after becoming the industry's regulator.Although the regulator has cast its eye over the intermediary sector, many believe consumers would benefit more from an investigation into practices used by lenders ...

  • TMB appoints director of mortgage operations

    12 Oct 2005

    The Mortgage Business, the specialist and packager focussed lender, has appointed Kevin Wood as director of mortgage operations.Wood has been working with HBOS for 16 years and was head of legal products and responsible for the launch of online conveyancing within the group.He brings in depth knowledge of the intermediary mortgage market and a wealth of experience to his new role.

  • TMBC to do commercial packaging for Sesame

    10 Oct 2005

    The Business Mortgage Company has signed an exclusive commercial mortgage packaging agreement with Sesame.The deal means the network's appointed representatives can package commercial mortgages and still use their Initial Disclosure Documents and the Sesame letterhead when dealing with the applications.While ARs will be able to go off-panel and use other packagers for commercial mortgages, they will not be allowed to use anything that associates them with Sesame if they do.Andy ...

  • Trevor Bish-Jones joins Royal London

    10 Oct 2005

    Royal London, the leading mutual life and pension company, has appointed Trevor Bish-Jones, chief executive of Woolworths Group, to its board as a non-executive director.Bish-Jones was appointed chief executive of Woolworths Group in March 2002 having held various senior positions at Dixons Group between 1994 and 2001, latterly as managing director of Currys. Prior to that, Trevor was at Boots for 13 years in a number of senior retail, buying and marketing roles.

  • Trigold upgrades application forms

    11 Oct 2005

    Over 100 full mortgage and AIP application forms on Trigold have been upgraded to next generation forms using Focus Business Solutions XML toolkit, goal:technology.

  • Two-year remortgage deal from the Yorkshire

    12 Oct 2005

    The Yorkshire has launched a mortgage for borrowers who are moving their loan, but not moving home.

  • UCB funds exclusive

    10 Oct 2005

    UCB Home Loans is funding the launch of an exclusive two-year fixed self-cert mortgage with Openwork and Premier Mortgage Service. It is fixed at 4.99% (APR 6.7%) for two years and comes with a free standard valuation.

  • UKs high net worth growing

    13 Oct 2005

    A report from independent market analyst Datamonitor reveals that the UK high net worth population grew by 12% in 2004, taking the number of wealthy individuals with more than 200,000 in liquid assets to over 916,000 and this number will continue to rise over the next few years.

  • Vaughan joins SPML

    10 Oct 2005

    Southern Pacific Mortgage Limited has appointed Iain Vaughan as business development manager for the Midlands region.

  • We are professionals and are not turned on by cartoons

    10 Oct 2005

    From Mike Fitzgerald The recent Star Letter regarding BM Solutions' Red icon was interesting to say the least. Priya Shome objected to the fact that the icon of a curvy woman in red has replaced BM Solution's Alan Cleary as the website mascot. She went on to say BM Solutions is alienating future high performing mortgage brokers by using a sexy icon to promote products. Might I suggest that we in the mortgage industry are professional and are not turned on by moving cartoons. ...

  • Website can help you avoid using unpopular 0870 numbers

    10 Oct 2005

    From Jim Gillespie The infamous 0870 telephone numbers are still used by countless life offices, lenders and even networks, despite their unpopularity with the public and brokers. But there is something we can all do to minimise the chances of having to pay 0870 call charges again. Take a look at the excellent website, www.saynoto0870.com. Not only can you find the normal STD telephone number behind the 0870 numbers for thousands of companies registered on the website, you ...

  • West Brom launches buy-to-let products

    13 Oct 2005

    West Bromwich continues to go from strength to strength in the buy-to-let sector.

  • Why can't we download Abbey offline system details?

    10 Oct 2005

    From Simon Fisher Having learnt about Abbey's offline mortgage application system I phoned my local processing centre to request details, only to be told that it had been given only 25 CDs and they had already been sent out to its best brokers. I don't understand why in this day and age such details can't be downloaded from a website and available to all. The Abbey site is laborious even using a 2MB connection so I thought this offline system was long overdue. I recently ...

  • You can create compliant promotions that aren't dull

    10 Oct 2005

    From Stuart Wilson I am writing in response to Lee Martin's Star Letter in last week's Mortgage Strategy (October 3). He has highlighted a problem faced by many brokers we speak to. I don't know if: Martin has an over-zealous compliance officer reviewing his financial promotions (possible, there's more than a few of those out there);The financial promotions he is putting together aren't well written (equally possible, I've seen some howlers in my time) or;He ...

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