Mortgage Strategy
11 April 2005

  • 39% Missing out on commercial deals

    11 Apr 2005

    Of the 1,180 people who took part in the straw poll at www.mortgagestrategy.co.uk, 61% advise on commercial mortgages excluding residential buy-to-let, but that leaves 39% who have not yet tapped into this income stream.This week's straw poll asks for your opinion on whether estate agents should be regulated by the Financial Services Authority. This comes on the back of complaints from brokers about estate agents being involved in practices such as cold calling and putting pressure ...

  • 39% Missing out on commercial deals

    11 Apr 2005

    Of the 1,180 people who took part in the straw poll at www.mortgagestrategy.co.uk, 61% advise on commercial mortgages excluding residential buy-to-let, but that leaves 39% who have not yet tapped into this income stream.This week's straw poll asks for your opinion on whether estate agents should be regulated by the Financial Services Authority. This comes on the back of complaints from brokers about estate agents being involved in practices such as cold calling and putting pressure ...

  • A View From The floor

    11 Apr 2005

    Stuart Bernau, executive director of Nationwide, says a downward shift in consumer confidence does not bode well for Labour's electoral prospects

  • A View From The floor

    11 Apr 2005

    There was a notable downward shift in consumer confidence levels in March.And with an election set for May 5, even more people are now unsure whether they will be better or worse off in a few months' time.This is a key time for all political parties to capture the hearts and minds of voters in the crucial area of economic well-being. This election is coming at an interesting time, with consumers becoming increasingly uncertain about the state of economy and their own employment ...

  • A&L service to brokers is unprofessional and annoying

    11 Apr 2005

    From Jim Gillespie Alliance & Leicester is getting a lot of stick over its £295 deeds release fee but more concerning and annoying is its service to mortgage brokers. For example, the two latest product rate changes have been communicated by email on the day the products are to be withdrawn. This leads to a flurry of activity by brokers all over the country trying access the A&L website to convert any outstanding decisions in principle they may have into full applications. ...

  • A&L service to brokers is unprofessional and annoying

    11 Apr 2005

    From Jim Gillespie Alliance & Leicester is getting a lot of stick over its 295 deeds release fee but more concerning and annoying is its service to mortgage brokers. For example, the two latest product rate changes have been communicated by email on the day the products are to be withdrawn. This leads to a flurry of activity by brokers all over the country trying access the A&L website to convert any outstanding decisions in principle they may have into full applications. ...

  • Advantage extends business development team

    15 Apr 2005

    Advantage Home Loans has added Kevin Miller and Miranda Walters to its business development team based in London and the home counties.

  • AMI responds to lead buying scandals

    11 Apr 2005

    The Association of Mortgage Intermediaries has produced a guide to help intermediaries with lead generation after members expressed concern about the increase in the number of unscrupulous lead generation firms emerging onto the market.

  • ARLA welcomes DTI action over buy-to-let companies

    15 Apr 2005

    The winding up by the Department of Trade and Industry of a string of buy-to-let advisory and investment services has been welcomed by the Association of Residential Letting Agents.

  • B&W enters equity release

    11 Apr 2005

    The lender is also changing the criteria across its range of mortgages including standard, buy-to-let and self-cert, from Monday April 11.On the standard range, it has increased its joint income multiples from 2.75 to 3.25 for a minimum income of £20,000. The maximum loan amount at 95% LTV has increased to £250,000.On self-cert B&W has increased joint income multiples from 2.75 to 3.25; again the minimum income is £20,000. It has increased single income multiples ...

  • B&W enters equity release

    11 Apr 2005

    The lender is also changing the criteria across its range of mortgages including standard, buy-to-let and self-cert, from Monday April 11.On the standard range, it has increased its joint income multiples from 2.75 to 3.25 for a minimum income of 20,000. The maximum loan amount at 95% LTV has increased to 250,000.On self-cert B&W has increased joint income multiples from 2.75 to 3.25; again the minimum income is 20,000. It has increased single income multiples from 3.5 to 4 ...

  • Bradford & Bingley publishes first quarterly mortgage market review

    12 Apr 2005

    Bradford & Bingley has published its first quarterly mortgage market review with Duncan Pownall, mortgage development manager at Bradford & Bingley, taking a look at the mortgage market over the first quarter of 2005 and looking ahead.

  • Brokers can cash in on commercial deals

    11 Apr 2005

    To continue my theme of getting a foot in the door and looking at additional income streams, this week I turn my attention to commercial mortgages.Commercial mortgages are a double whammy, getting the residential business first and then reviewing the client's business position.Daytime appointments are an added bonus as too often intermediaries do little during the day and try to cram appointments into a small window in the evening.Commercial First managing director Philip ...

  • Brokers can cash in on commercial deals

    11 Apr 2005

    To continue my theme of getting a foot in the door and looking at additional income streams, this week I turn my attention to commercial mortgages.

  • Business booming for leads websites

    11 Apr 2005

    Park Row Group says it has seen a record number of users on its lead generation website in 2005, which it puts down to the Financial Services Authority ban on cold calling.Kevin Paterson, sales director at Park Row, says lead generation websites have boomed since other companies have been forced to close due to the cold calling ban.He says: "We've had a record year so far, with leads up 55%. We're now getting up to 5,000 leads a month. Since the cold calling ban brokers are ...

  • Business booming for leads websites

    11 Apr 2005

    Park Row Group says it has seen a record number of users on its lead generation website in 2005, which it puts down to the Financial Services Authority ban on cold calling.Kevin Paterson, sales director at Park Row, says lead generation websites have boomed since other companies have been forced to close due to the cold calling ban.He says: "We've had a record year so far, with leads up 55%. We're now getting up to 5,000 leads a month. Since the cold calling ban brokers are ...

  • Business owner occupiers could become extict, warns Assetz

    13 Apr 2005

    Business owner occupiers could become near extinct as minimum deposits nearly treble after A Day, warns Assetz.

  • Buy-to-let intermediaries expect increase in remortgage volumes

    11 Apr 2005

    Buy-to-let intermediaries anticipate that remortgaging will play a larger part of its business in the next three months, says the latest findings from Mortgage Trust's March 2005 buy-to-let intermediary forecast.

  • Call for changes to RICS regulation

    11 Apr 2005

    A wide-ranging review of Royal Institution of Chartered Surveyors regulation has recommended greater separation of regulatory and representational functions.The review by Sir Brian Carsberg, former Office of Fair Trading director- general, recommends chartered surveyors should continue to be regulated by RICS but that this should involve separate regulatory and conduct boards comprised of a lay majority.He also calls on RICS to regulate firms as well as individuals and to introduce ...

  • Call for changes to RICS regulation

    11 Apr 2005

    A wide-ranging review of Royal Institution of Chartered Surveyors regulation has recommended greater separation of regulatory and representational functions.The review by Sir Brian Carsberg, former Office of Fair Trading director- general, recommends chartered surveyors should continue to be regulated by RICS but that this should involve separate regulatory and conduct boards comprised of a lay majority.He also calls on RICS to regulate firms as well as individuals and to introduce ...

  • Cars and home improvements top the league for personal loans

    12 Apr 2005

    This year, debt consolidation is likely to be the most popular reason for taking out a personal loan, says Sainsburys Bank.

  • CETA says brokers must heed FSA warnings on MPPI

    12 Apr 2005

    CETA, an independent general insurance network, says brokers must heed the recent warnings issued by the FSA about the mis-selling of payment protection insurance, or risk prosecution.

  • CFS breaks through self-cert barrier abroad

    13 Apr 2005

    Conti Financial Services has launched a variable rate repayment scheme for Spain, spread over five to 20 years, at rates starting at 3.75% fixed for the first year.

  • Complaining about US lenders is transparent, weak whining

    11 Apr 2005

    From Jeff Knight Regarding last week's editorial (Mortgage Strategy April 4) is anyone questioning the commitment of Microsoft, Fidelity and Coca-Cola to the UK or any other global markets those companies have entered? In our case, GMAC has been making finance available in this country since 1920, staying committed through one world war and several smaller ones. As GMAC-RFC, the mortgage subsidiary, we have outstripped the rate of market growth 10-fold since our launch in ...

  • Complaining about US lenders is transparent, weak whining

    11 Apr 2005

    From Jeff Knight Regarding last week's editorial (Mortgage Strategy April 4) is anyone questioning the commitment of Microsoft, Fidelity and Coca-Cola to the UK or any other global markets those companies have entered? In our case, GMAC has been making finance available in this country since 1920, staying committed through one world war and several smaller ones. As GMAC-RFC, the mortgage subsidiary, we have outstripped the rate of market growth 10-fold since our launch in ...

  • Conservatives bold promise to scrap compulsory HIPS

    15 Apr 2005

    The Conservatives will scrap proposals for compulsory Home Information Packs should they win the election, a senior minister has promised estate agents.

  • Cream of the mortgage market takes to the field for Shelter

    14 Apr 2005

    Shelter and BM Solutions are proud to announce details of this year's showcase for the best football talent in the mortgage market.

  • Curriculum Vitae - Ben Stafford

    11 Apr 2005

    "Buy dinner? I was trained as a journalist"

  • CurriculumVitae

    11 Apr 2005

    Name: Ben StaffordAge: 25Company: Association of Mortgage IntermediariesJob Title: Policy officerWhere do you live? Hampstead, north London.Describe your current job: Helping AMI members make a successful and profitable transition to statutory regulation, and keeping an eye on those keen to tinker with the mortgage market. 2005 will be make or break for firms and our work focusses on making sure AMI members fall comfortably into the former category. Richard Griffiths ...

  • Dear Delia

    11 Apr 2005

    Dear Delia I have been a mortgage broker for many years but am bored and want to change my profession.

  • DearDelia

    11 Apr 2005

    Dear Delia I have been a mortgage broker for many years but am bored and want to change my profession. I've heard being a surveyor can be a varied and exciting job. Is this true and if so, can you tell me in what ways? Delia says: I understand it can be, in the same way accountancy is not boring and actuarial work is really sexy. But don't take my word for it. Consider these anecdotes from surveyor Simon White from Ashdown Lyons.Have you got a problem for Delia? Email mortgage.strategy@centaur.c

  • Eastern promise

    11 Apr 2005

    t might be over 6,000 miles away but Hong Kong is proving to be a lucrative niche market for UK-based brokers looking to capitalise on the largely untapped wealth in the region. Hamptons International Mortgages is the latest in a growing number of UK businesses looking to Hong Kong's burgeoning expatriate market as profit margins on traditional mortgage business in the UK continue their steady decline. And with some 20,000 under-served UK expatriates based in the former colony, it's ...

  • Eastern promise

    11 Apr 2005

    Hong Kong offers brokers a lightly regulated environment in which to operate and a potential client base of high-earning locals and ex-pats, says Robyn Hall

  • ENC is nothing but good for advisers, lenders and clients

    11 Apr 2005

    From Bill Safran I write concerning comments made by BM Solutions (Mortgage Strategy March 21) about ENC, the new sourcing module from Trigold. I did not want to make a knee-jerk reaction to the aggressive comments and hope the dust has now settled so I can highlight a few salient points. Six sub-prime lenders chose Trigold to work with them to develop ENC and the motivation for this was to provide advisers with a better tool to analyse the sub-prime mortgage market. Our goal ...

  • ENC is nothing but good for advisers, lenders and clients

    11 Apr 2005

    From Bill Safran I write concerning comments made by BM Solutions (Mortgage Strategy March 21) about ENC, the new sourcing module from Trigold. I did not want to make a knee-jerk reaction to the aggressive comments and hope the dust has now settled so I can highlight a few salient points. Six sub-prime lenders chose Trigold to work with them to develop ENC and the motivation for this was to provide advisers with a better tool to analyse the sub-prime mortgage market. Our goal ...

  • Eric Sey appointed as director of Charter Architects

    15 Apr 2005

    Charter Architects has appointed Eric Sey as a main board director.

  • Experian to provide credit report service for CPPs new identity protection

    15 Apr 2005

    Experian, the global information solutions company, has entered into a partnership with CPP Group, an international consumer assistance business, to provide full access to Experians credit monitoring services.

  • February house price fall

    12 Apr 2005

    Average house prices in the UK in February 2005 stood at 179,491, down from 180,465 in January 2005, the latest house price index from the Office of Deputy Prime Minister has revealed.

  • Financial Health Matters

    11 Apr 2005

    Financial health covers financial services such as borrowing, savings, investments, pensions and insurance but that's not all. Our financial health also depends on how effective we are at being consumers - meaning all the shopping we do, not just the financial stuff. Are we dealing with honest traders from the supermarket to the boot sale? Are we buying goods and services at the best prices in competitive markets? Too often these thoughts don't enter our heads. But when things go wrong ...

  • Financial Health Matters

    11 Apr 2005

    Financial health covers financial services such as borrowing, savings, investments, pensions and insurance but that's not all.

  • First rises of the year for housing market

    11 Apr 2005

    Prices of new homes in the UK have increased by 2.3% since March last year, the first annual rise since September last year, data released today by SmartNewHomes.com reveals.

  • First Title plc acquires Live organisation

    14 Apr 2005

    First Title plc, provider of title insurance and mortgage processing services, has acquired The Live Organisation, provider of legal services in the conveyancing sector.

  • FMW members to get sales system

    11 Apr 2005

    Appointed representatives of Friends Mortgage World will have access to an integrated point-of-sale system by the summer.The network of parent Friends Provident, FMW says the system is being designed to speed the sales process for members.FMW says that while some research indicates advice times have gone up by as much as half an hour since regulation, its own internal investigations, taking into account the sale of related protection and insurance products, show the extra time ...

  • FMW members to get sales system

    11 Apr 2005

    Appointed representatives of Friends Mortgage World will have access to an integrated point-of-sale system by the summer.The network of parent Friends Provident, FMW says the system is being designed to speed the sales process for members.FMW says that while some research indicates advice times have gone up by as much as half an hour since regulation, its own internal investigations, taking into account the sale of related protection and insurance products, show the extra time ...

  • Freedom adds Mortgage Intelligence to panel

    15 Apr 2005

    Freedom Lending, the specialist mortgage lending subsidiary of the Freedom Finance Group, has added Mortgage Intelligence to its panel of distributors. Colin Snowdon, managing director of Freedom Lending, says: "Im delighted to be adding Mortgage Intelligence to our panel. Mortgage Intelligence has developed an enviable reputation as one of the most dynamic mortgage networks and has become a particularly strong player in the buy-to-let market.

  • Freedom appoints business development manager

    12 Apr 2005

    Freedom Lending, the specialist intermediary mortgage lending operation, has recruited Rob Barnard as its first business development manager.

  • Freedom Finance recognised for growth

    12 Apr 2005

    Wilmslow based financial services group, Freedom Finance, has been positioned fourth in the Sunday Times PricewaterhouseCoopers Profit Track 100, following a year of continued success and significant growth.

  • Getting the right job can take flexibility all round

    11 Apr 2005

    Colin Lloyd is head of operations at Reed Insurance A job description is a snapshot, not an exhaustive account of a role. If you have ever bought a dodgy car - or alternatively a real gem - apply the following lesson when job hunting: always open the bonnet and look beyond the shiny exterior.The labour market is cyclical, a range of peaks and troughs in which organisations and recruitment consultants amicably discuss wage rates for available positions. For the most part ...

  • Getting the right job can take flexibility all round

    11 Apr 2005

    Colin Lloyd is head of operations at Reed Insurance

  • GMAC blasts IT laggard rivals

    11 Apr 2005

    GMAC-RFC has accused rival lenders of wasting brokers' time with poor quality or non-existent online systems.It gives the examples of Platform which does not have an online application system and Abbey which has been suffering severe service problems over the past few months.And GMAC-RFC says while BM Solutions, Halifax and Alliance & Leicester have good sites, they do not offer online binding decisions.Jeff Knight, head of marketing services at GMAC-RFC, says: "It is ...

  • GMAC blasts IT laggard rivals

    11 Apr 2005

    GMAC-RFC has accused rival lenders of wasting brokers' time with poor quality or non-existent online systems.It gives the examples of Platform which does not have an online application system and Abbey which has been suffering severe service problems over the past few months.And GMAC-RFC says while BM Solutions, Halifax and Alliance & Leicester have good sites, they do not offer online binding decisions.Jeff Knight, head of marketing services at GMAC-RFC, says: "It is ludicrous ...

  • GMAC POS system reaches advantage

    15 Apr 2005

    Branded mortgage Arranger Advantage are now offering the same unique benefits to brokers who go direct to GMAC under their branded G200 product range.

  • HIPS to double valuation costs, says MAB

    12 Apr 2005

    Mortgage Advice Bureau warns that the introduction of Home Information Packs may dramatically increase costs if lenders dont accept the validity of Home Condition Reports.

  • Homebuyers heading North

    13 Apr 2005

    Property investors, homebuyers and anyone interested in property should be booking a weekend in Manchester this summer, as the Property Investor and Homebuyer Show North comes to the G-Mex Centre in Manchester from 24 to 26 June 2005.

  • Housing and spending really are linked

    11 Apr 2005

    After months of phoney war, the general election has finally been called and all that electioneering will be replaced with, well, electioneering.Before 1997, a pre-election rate cut by the chancellor would have been on the cards. However, on coming into office, Gordon Brown took the surprise step of making the Bank of England's Monetary Policy Committee independent.So instead of a cut, there was talk of an interest rate rise before last Thursday. A pre-election rise? Unimaginable ...

  • Housing and spending really are linked

    11 Apr 2005

    The Bank of England says there is only a weak link between the housing market and consumer spending but new data might mean it has to rethink its stance, says Rachel Blackmore

  • How to leave an interviewer with a good impression

    11 Apr 2005

    Mark Witcomb is senior consultant at Venatus Business Intelligence

  • How to leave an interviewer with a good impression

    11 Apr 2005

    Mark Witcomb is senior consultant at Venatus Business Intelligence In previous columns I've looked at ways you can be interviewed by a prospective employer including competency-based questions, presentations and psychometric testing. I've also looked at how to conduct yourself from body language to answering awkward questions. But whatever your interview consists of, it has to have closure. How do you manage this effectively?The first question to ask yourself is: "Do ...

  • How would a rise in the base rate over the next few months affect the housing market?

    11 Apr 2005

    The housing market has slowed considerably of late, principally as a result of the four interest rate rises between late 2003 and the summer of 2004.Rises in interest rates in isolation are not necessarily a dampener on the housing market. In fact, analysis over the past 15 years shows more transactions have been conducted when interest rates were rising and over twice the current level.There has been a slowdown in house price inflation and the house buying public need to feel ...

  • How would a rise in the base rate over the next few months affect the housing market?

    11 Apr 2005

    A further increase in base rate would have a devastating impact on home owners and on the first-time buyer sector, say our experts

  • If brokers want more they should charge clients upfront

    11 Apr 2005

    From Peter Yates From Simon Baker I write regarding the article by Simon Biddle last week (Mortgage Strategy April 4) in which he encourages brokers to market their websites through paid for searches. We have been successfully generating mortgage leads on the internet for several years and have a huge amount of experience in this marketplace. Intermediaries should tread carefully into this market. We have seen many new entrants dip in and then leap out again the minute they ...

  • If brokers want more they should charge clients upfront

    11 Apr 2005

    From Peter Yates From Simon Baker I write regarding the article by Simon Biddle last week (Mortgage Strategy April 4) in which he encourages brokers to market their websites through paid for searches. We have been successfully generating mortgage leads on the internet for several years and have a huge amount of experience in this marketplace. Intermediaries should tread carefully into this market. We have seen many new entrants dip in and then leap out again the minute they ...

  • IF will add to offset range later this month

    11 Apr 2005

    Intelligent Finance is to add to its offset range later this month, with brokers expecting this to include a fixed rate option.Since the internet and telephone bank was launched it has only had one product on a variable rate but it is now competing with the likes of Clydesdale Bank which offers a fixed rate offset option.London & Country mortgage specialist David Hollingworth says: "The offset market is moving toward more fixed rate options with the likes of Clydesdale Bank ...

  • IF will add to offset range later this month

    11 Apr 2005

    Intelligent Finance is to add to its offset range later this month, with brokers expecting this to include a fixed rate option.Since the internet and telephone bank was launched it has only had one product on a variable rate but it is now competing with the likes of Clydesdale Bank which offers a fixed rate offset option.London & Country mortgage specialist David Hollingworth says: "The offset market is moving toward more fixed rate options with the likes of Clydesdale Bank ...

  • Industry concern about payslip adverts

    11 Apr 2005

    The Blue Cheque Company sent details to The Whitechurch Network, offering its clients payslips and P60s to help them get a loan or mortgage. But the advert says: "We rely on what you tell us and don't insist upon demanding proof." The company, which is based in Maidenhead, Berkshire, offers a choice of three payslips. Six Standard Payslips cost £70 and include basic National Insurance and tax details. For £85 a borrower can purchase six Payslips Plus that ...

  • Industry concern about payslip adverts

    11 Apr 2005

    The Blue Cheque Company sent details to The Whitechurch Network, offering its clients payslips and P60s to help them get a loan or mortgage. But the advert says: "We rely on what you tell us and don't insist upon demanding proof." The company, which is based in Maidenhead, Berkshire, offers a choice of three payslips. Six Standard Payslips cost 70 and include basic National Insurance and tax details. For 85 a borrower can purchase six Payslips Plus that offer address details with ...

  • Insight

    11 Apr 2005

    Jeff Sutherland-KayThey say knowledge is power and internet users certainly have a thirst for knowledge. You need to recognise this in the way your website works and ask yourself not what information you think you ought to provide but what knowledge both your prospective and existing customers will be looking for - what do they want, what do they need? Then you must consider how that knowledge should be presented and accessed. Take this week's threesome from Devon. Exe Valley does a ...

  • Insurance premium funding now available from Clerical Medical

    11 Apr 2005

    The insurance premium funding product offers a unique opportunity to pay commercial insurance premiums in instalments, including FSA levies and professional indemnity insurance.

  • Intermediaries must be e-winners too

    11 Apr 2005

    The news that Abbey aims to receive all intermediary applications online from the middle of the year is a bold statement of intent. Albeit over varying timescales, it's an ambition shared by every intermediary lender and, over time, intermediaries are likely to reach the same conclusion.The fact is that lenders are moving away from accepting fax and paper-based business.Against the backdrop of Financial Services Authority regulation and the increased time taken to process mortgage ...

  • Intermediaries must be e-winners too

    11 Apr 2005

    Exclusively accepting intermediary applications online will boost lenders' efficiency but be cumbersome for brokers unless an open standard can be developed soon, says Ben Stafford

  • Internet Insite

    11 Apr 2005

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

  • Jitters return to the housing market

    11 Apr 2005

    The latest monthly survey from propertyfinder.com reveals that the early 2005 fillip in confidence among househunters petered out in March as fears of rising interest rates returned.

  • John Wright appointed to Mortgages PLC board

    13 Apr 2005

    Mortgages PLC has appointed John Wright to its board.

  • L&H launches fee free base rate tracker

    15 Apr 2005

    Leeds & Holbeck says following an eighth successive interest rate hold, customers are more open to the idea of linking their mortgage to Bank base rate.

  • Leaked cabinet memo reveals planning betrayal

    15 Apr 2005

    A leaked Scottish executive cabinet memorandum, seen by Friends of the Earth, reveals a recommendation that ministers give in to business interests and reject community pleas to make Scotland's planning system fairer through the introduction of a third party right of appeal.

  • Lending to fall as housing stalls

    11 Apr 2005

    Datamonitor has predicted a 10% fall in mortgage lending in the next three years as housing market growth stalls.In addition to a slowing market, it says the mortgage industry faces new challenges brought about by the reshaping of the distribution landscape and a more competitive market.It says that remortgaging will also decline by 6% over the next three years to £115bn in 2007.Edward Ripley, financial services analyst at Datamonitor and author of the report, says: ...

  • Lending to fall as housing stalls

    11 Apr 2005

    Datamonitor has predicted a 10% fall in mortgage lending in the next three years as housing market growth stalls.In addition to a slowing market, it says the mortgage industry faces new challenges brought about by the reshaping of the distribution landscape and a more competitive market.It says that remortgaging will also decline by 6% over the next three years to 115bn in 2007.Edward Ripley, financial services analyst at Datamonitor and author of the report, says: "Lenders ...

  • London asking house prices decrease by 3%

    15 Apr 2005

    The latest data from haart estate agents shows that average London house prices have decreased by 3% during March.

  • Market Watch

    11 Apr 2005

    Swaps edged downward last week but not enough for many lenders to consider repricing yet.

  • Market Watch

    11 Apr 2005

    Swaps edged downward last week but not enough for many lenders to consider repricing yet.l One-year money is down 0.05% at 5.08%l Two-year money is down 0.06% at 5.01%l Three-year money is down 0.06% at 5.00%l Five-year money is down 0.06% at 5.00%Bank of Ireland revised a significant number of its criteria. Highlights include rental cover now at 115% based on fixed rate or 6.50% notional rate for other rates, an increase in income multiples and an increase in the ...

  • MBS man in GMAC Commercial talks

    11 Apr 2005

    Hammered by debt and stock downgrades, US automaker General Motors is negotiating to sell a majority stake in its commercial mortgage affiliate and speculation is growing regarding the future of its residential business.As Mortgage Strategy went to press GM stressed it is not contemplating selling Pennsylvania-based GMAC Residential, the seventh largest home lender in the US. In the UK GMAC-RFC is a top 12 mortgage lender.But industry sources tell MS that investors ...

  • MBS man in GMAC Commercial talks

    11 Apr 2005

    Hammered by debt and stock downgrades, US automaker General Motors is negotiating to sell a majority stake in its commercial mortgage affiliate and speculation is growing regarding the future of its residential business.As Mortgage Strategy went to press GM stressed it is not contemplating selling Pennsylvania-based GMAC Residential, the seventh largest home lender in the US. In the UK GMAC-RFC is a top 12 mortgage lender.But industry sources tell MS that investors ...

  • Money Partners expands its sales team

    15 Apr 2005

    Specialist lender Money Partners has appointed four new roles within its sales team to help manage the high increase in business in its first six months of trading. John Craig has been promoted to the role of account development manager. Craig joined MPL at launch from igroup, where he was firstly an underwriter before becoming sales liaison officer in 2003.

  • Mortgage Excellence signs AutoDirect mortgage deal

    13 Apr 2005

    Independent mortgage provider Mortgage Excellence has unveiled a distribution agreement with insurance intermediary AutoDirect.

  • Mortgage stars on rich list

    11 Apr 2005

    Simon Nixon, chief executive of moneysupermarket.com, is placed jointly at 258th with co-founder Duncan Cameron in the list, which compiles the 1,000 wealthiest people in Britain.The pair have an estimated personal wealth of £192m each, which places them above music stars Sir Mick Jagger and Tom Jones and only 78 places behind the Queen.Set up in 1999, moneysupermarket.com compares prices of financial products and takes a cut of those sold through it. Though a proposed ...

  • Mortgage stars on rich list

    11 Apr 2005

    Simon Nixon, chief executive of moneysupermarket.com, is placed jointly at 258th with co-founder Duncan Cameron in the list, which compiles the 1,000 wealthiest people in Britain.The pair have an estimated personal wealth of 192m each, which places them above music stars Sir Mick Jagger and Tom Jones and only 78 places behind the Queen.Set up in 1999, moneysupermarket.com compares prices of financial products and takes a cut of those sold through it. Though a proposed flotation ...

  • Mortgage Trust relaunches semi-exclusive buy-to-let product

    13 Apr 2005

    Mortgage Trust, the specialist buy-to-let lender, has re-launched one of its most popular semi-exclusive products.

  • MT adds Islamic lenders to panel

    11 Apr 2005

    The Mortgage Times Group has added two Islamic mortgage lenders to its panel, Alburaq and Ahli United Bank.The group says Islamic mortgages are becoming more popular as lenders innovate in this market.The addition of Alburaq and Ahli United Bank increases Mortgage Times' panel of lenders to 60.Christopher May, director at The Mortgage Times Group, says: "The addition of these Islamic lenders to our panel will help us stay ahead of the market, ensuring we offer a diverse ...

  • MT adds Islamic lenders to panel

    11 Apr 2005

    The Mortgage Times Group has added two Islamic mortgage lenders to its panel, Alburaq and Ahli United Bank.The group says Islamic mortgages are becoming more popular as lenders innovate in this market.The addition of Alburaq and Ahli United Bank increases Mortgage Times' panel of lenders to 60.Christopher May, director at The Mortgage Times Group, says: "The addition of these Islamic lenders to our panel will help us stay ahead of the market, ensuring we offer a diverse ...

  • My Mortgage Direct launches mortgage borrowing quarterly survey

    11 Apr 2005

    In the first of a new series of quarterly UK mortgage borrowing trends surveys, online and telephone based broker My Mortgage Direct today publishes data highlighting key borrowing patterns over the past three months. The survey, taken from a geographically diverse spread of 1,000 mortgage applicants between January 1, 2005 and March 31, 2005, shows a marked move away from variable discounted rates to tracker rates in the first quarter of the year. Cath Hearnden, joint ...

  • Need an Adviser SL launches in Spain

    14 Apr 2005

    Joanne Roberts and Ashley Clark, founders of Need An Adviser.com, have established a new service company in Spain called Need An Adviser SL.

  • New general insurance research tool for IFAs

    14 Apr 2005

    Defaqto and The Exchange are pleased to announce the launch of Infowise, a new online general insurance product research tool, on the Exweb portal.

  • New six month discount mortgage from Standard Life Bank

    15 Apr 2005

    Standard Life Bank has launched new Freestyle products with its new six-month discounted mortgage, available with a free cash reserve facility, a three-year fix and a two year discounted mortgage. These new products start from just 3.2% , typical APR 6.3%.

  • Newcastle pilots open communications system

    11 Apr 2005

    Newcastle will be one of the first lenders in the UK to pilot a new computer language intended to speed up service and flexibility.The language is called XML and over the past two years it has been used by non-profit organisation PISCES which has been looking to devise an open standard form of communication for all participants in the housing industry.This would mean any firm using a piece of technology with the PISCES standard, be they a lender, lawyer or surveyor, would be ...

  • Newcastle pilots open communications system

    11 Apr 2005

    Newcastle will be one of the first lenders in the UK to pilot a new computer language intended to speed up service and flexibility.The language is called XML and over the past two years it has been used by non-profit organisation PISCES which has been looking to devise an open standard form of communication for all participants in the housing industry.This would mean any firm using a piece of technology with the PISCES standard, be they a lender, lawyer or surveyor, would be ...

  • Nicks Notes

    11 Apr 2005

    As a financial adviser, you'll be aware of the value of critical illness and income protection insurance. Without these types of insurance your clients could be vulnerable financially if something goes wrong.

  • Nicks Notes

    11 Apr 2005

    As a financial adviser, you'll be aware of the value of critical illness and income protection insurance. Without these types of insurance your clients could be vulnerable financially if something goes wrong.A common affliction these days is Ostrich Syndrome. Many of your clients may already have it. Sadly, doctors can do nothing - this is a job for financial advisers. You'll recognise the symptoms. Sufferers generally bury their heads and think nothing bad is going to happen to ...

  • Northern Rock signs contract for Trent from Midland HR

    12 Apr 2005

    Northern Rock, has selected Trent from Midland HR and Payroll Solutions for a hosted HR and payroll service.

  • Offsets can bring long-term profits

    11 Apr 2005

    This is likely to be one of the most critical years in which mortgage advisers have had to operate. As a result of depolarisation and mortgage regulation, it is more important than ever advisers take a long hard look at their business and its profitability if they want sustainable growth.Advisers should forget the idea that a sound business can be built on remortgaging rate tarts. Spending time on remortgaging paperwork no longer makes business sense whereas cementing relationships ...

  • Offsets can bring long-term profits

    11 Apr 2005

    Offest mortgages give intermediaries the chance to develop a profitable ongoing rapport with high net worth clients at a time when regulation has racked up their costs, says Alan Dring

  • On the beat

    11 Apr 2005

    Given all the gloomy market predictions about at the moment it's easy for mortgage intermediaries to get dragged down, but the trick is to stay focussed and motivated.

  • On the beat

    11 Apr 2005

    Given all the gloomy market predictions about at the moment it's easy for mortgage intermediaries to get dragged down, but the trick is to stay focussed and motivated. This industry has had to contend with many hurdles recently, ranging from the macro challenges of statutory regulation and rising interest rates to the micro challenges of variable service from lenders and the daily frustrations that go with the territory of being an intermediary. We carry on regardless, as best we can.Most ...

  • Paymentshield launches club

    11 Apr 2005

    Paymentshield is expanding its range of services by launching a mortgage club.The Paymentshield Mortgage Club targets directly authorised brokers and offers a selection of lenders and products, coupled with what it says are some of the best proc fees in the sector.There is a requirement for intermediaries to commit a level of their mortgage business to PMC in return for favourable terms but the level of commitment is low enough to allow an broker to continue to trade as independent ...

  • Paymentshield launches club

    11 Apr 2005

    Paymentshield is expanding its range of services by launching a mortgage club.The Paymentshield Mortgage Club targets directly authorised brokers and offers a selection of lenders and products, coupled with what it says are some of the best proc fees in the sector.There is a requirement for intermediaries to commit a level of their mortgage business to PMC in return for favourable terms but the level of commitment is low enough to allow an broker to continue to trade as independent ...

  • Pink Mutual panel launched

    11 Apr 2005

    The initiative, which launches today, sees Pink developing two exclusive two-year discounted products in association with Mutual One, available exclusively through lenders on the Pink Mutual panel.David Copland, sales and marketing director at Pink, says: "Pink will be designing further products with societies on this panel in the coming months."Our strategy is to develop leading products in the prime and residential markets and to cater for the increase in demand for remortgage ...

  • Pink Mutual panel launched

    11 Apr 2005

    The initiative, which launches today, sees Pink developing two exclusive two-year discounted products in association with Mutual One, available exclusively through lenders on the Pink Mutual panel.David Copland, sales and marketing director at Pink, says: "Pink will be designing further products with societies on this panel in the coming months."Our strategy is to develop leading products in the prime and residential markets and to cater for the increase in demand for remortgage ...

  • POAT decision will boost home reversions market

    11 Apr 2005

    Paymaster general Dawn Primarolo has confirmed, via a written ministerial statement, that home reversions will not be subject to the Pre-Owned Asset Tax which came into effect on April 6.The Inland Revenue had been in discussion with equity release providers, including Home & Capital Trust, which had been actively campaigning on this issue to ensure pre-owned asset measures have no impact on the full range of bona fide equity release schemes with arms-length providers.POAT was ...

  • POAT decision will boost home reversions market

    11 Apr 2005

    Paymaster general Dawn Primarolo has confirmed, via a written ministerial statement, that home reversions will not be subject to the Pre-Owned Asset Tax which came into effect on April 6.The Inland Revenue had been in discussion with equity release providers, including Home & Capital Trust, which had been actively campaigning on this issue to ensure pre-owned asset measures have no impact on the full range of bona fide equity release schemes with arms-length providers.POAT ...

  • Preferred

    13 Apr 2005

    ...

  • Prudential predicts growth in lifetime mortgage market

    13 Apr 2005

    Prudential predicts significant growth in the lifetime mortgage market over the next 10 years, but only if the industry adapts to meet diverse consumer needs.

  • PTI defends payment delay to departing ARs

    11 Apr 2005

    Personal Touch Insurance says delays in payments to appointed representatives leaving it are the result of ensuring that departing intermediaries are accepting liability.Mike Allison, managing director of PTI, says if ARs leave a network, that network has a liability if cases go off the books.He says: "Life assurers will take it off our commissions if intermediaries leave our network and liability is not assumed by the individual or the network they are joining."All we are ...

  • PTI defends payment delay to departing ARs

    11 Apr 2005

    Personal Touch Insurance says delays in payments to appointed representatives leaving it are the result of ensuring that departing intermediaries are accepting liability.Mike Allison, managing director of PTI, says if ARs leave a network, that network has a liability if cases go off the books.He says: "Life assurers will take it off our commissions if intermediaries leave our network and liability is not assumed by the individual or the network they are joining."All we are ...

  • Public more aware of increasing life expectancy and subsequent funding shortfalls

    11 Apr 2005

    Just Retirement, has recently completed research amongst 35 to 64 year olds to gather their attitudes towards life expectancy and retirement funding, which shows the publics awareness of increasing life expectancy is pretty accurate.

  • Reporting should not be a big deal

    11 Apr 2005

    First it was Halloween, the date of the start of statutory regulation; then it was April Fool's Day, the date when the regulatory reporting requirements came into force - who says the Financial Services Authority has not got a sense of humour, or at least a bizarre sense of timing?Firms should by now be aware of the terms Retail Mediation Activities Report and Integrated Regulatory Reporting. If not, the link www.fsa.gov.uk/pubs/policy/ps04_09.pdf will provide the relevant FSA policy ...

  • Reporting should not be a big deal

    11 Apr 2005

    The FSA's regulatory reporting requirements should not be too onerous for mortgage firms that have allocated the necessary time and resources to ensure compliance, says Neal Smith

  • Savings with five-year deals

    11 Apr 2005

    The index has been designed to help intermediaries and customers track how much could be saved by switching mortgages.The £1,740 saving is based on a £100,000 mortgage, switching from a current average SVR of 6.59% to a best buy two-year discounted variable rate. On the same basis, switching to a best buy fixed rate could result in savings of £1,410.The index also highlights the fact that compared with a two or three-year fix switching to a five-year fix in the ...

  • Savings with five-year deals

    11 Apr 2005

    The index has been designed to help intermediaries and customers track how much could be saved by switching mortgages.The 1,740 saving is based on a 100,000 mortgage, switching from a current average SVR of 6.59% to a best buy two-year discounted variable rate. On the same basis, switching to a best buy fixed rate could result in savings of 1,410.The index also highlights the fact that compared with a two or three-year fix switching to a five-year fix in the first year can lead ...

  • Scotland continues to be UKs top property hotspot

    13 Apr 2005

    Halifax's latest property index has revealed Bellshill in Strathclyde, Scotland has continued to be the UK's top property hotspot with a 46% rise in prices over the past year.

  • Should all business be conducted online?

    11 Apr 2005

    Abbey says 90% of its business is submitted online and believes doing things this way will boost business.BM Solutions was one of the first lenders to accept only online applications and made its move to coincide with regulation on October 31 2004. More lenders are expected to follow suit by the end of this year.So, Mortgage Strategy asks: Is there any need for paper-based applications or should all business be conducted online?

  • Should all business be conducted online?

    11 Apr 2005

    Abbey says 90% of its business is submitted online and believes doing things this way will boost business.BM Solutions was one of the first lenders to accept only online applications and made its move to coincide with regulation on October 31 2004. More lenders are expected to follow suit by the end of this year.So, Mortgage Strategy asks: Is there any need for paper-based applications or should all business be conducted online?Mike Fitzgerald, Brentchase Financial ...

  • Slight increase in March property values for higher income homeowners

    11 Apr 2005

    Property values for workers in the higher rate tax bracket crept up last month, March 2005 says Moneynets latest monthly mortgage data. The overall UK average property value of higher earners, those in the higher rate, 40% plus tax bracket, climbed to 205,518 up from Februarys 204,656.

  • Solicitors warned on insurance regulation

    11 Apr 2005

    Financial services risk management consultancy, R-M Associates, are warning solicitor firms about the failure to respond to the new insurance regulation regime, which applied to most law firms as from January 14 2005.

  • Some casualties but little progress

    11 Apr 2005

    The pie chart on this page shows the number of appointed representative firms in mortgage networks as of March 31, according to data extracted from the Financial Services Authority web register.The total number of ARs has increased by 8.8%. This is perhaps not bad for one quarter's growth, but on the other hand could be seen as disappointing given the onset of insurance regulation on January 14 which would have prompted more broker firms to go down the AR route.Network Data ...

  • Some casualties but little progress

    11 Apr 2005

    The battle for ARs by mortgage networks resulted in a total rise of just under 9% this quarter - disappointing in view of the advent of insurance regulation, says Richard Griffiths

  • SPML securitisation of 700m mortgage assets

    11 Apr 2005

    Southern Pacific Mortgage Limited has recently successfully completed the securitisation of 700m of its mortgage assets, consisting of 88% first charge and 12% second charge mortgages from across its prime, light adverse and non-conforming loan product ranges.

  • Stamp Duty changes boost to FTBs, says MAB

    11 Apr 2005

    In the wake of the raising of the 1% band of Stamp Duty to 120,000 from 60,000, Mortgage Advice Bureau, has conducted research across its network of branches to see how the changes will help first-time buyers.

  • Straw Poll Results

    11 Apr 2005

    Q: Do you advise on commercial mortgages, not including residential buy-to-let?

  • Sub-prime tools must be integrated

    11 Apr 2005

    All sub-prime lenders will soon have their own online acceptance in principle tools but the more important issue is how these will be integrated into point-of-sale systems, says Frank Eve

  • Sub-prime tools must be integrated

    11 Apr 2005

    The sub-prime market is becoming spoilt for choice when it comes to online acceptance in principle systems. Birmingham Midshires claims a 60-second decision and GMAC-RFC has a system that links to external credit reference systems and claims to give a true binding decision subject only to valuation and confirmation of information.This type of system is not unusual in the prime mortgage market, but sub-prime lenders have complicated grid product structures and underwriting criteria. ...

  • Takeover boosts ICMG business

    11 Apr 2005

    ICMG Direct, the Southend-based packager recently acquired by New York investment giant Bear Stearns, owner of Rooftop, reports a massive surge in new business enquiries since the multimillion pound deal was announced.Chris Gardner, director at ICMG, says: "Brokers want to deal direct these days and the deal with Bear Stearns has shown the market that ICMG is the principal place to access Rooftop deals."With us you get the best of both worlds in that you can deal direct whilst ...

  • Takeover boosts ICMG business

    11 Apr 2005

    ICMG Direct, the Southend-based packager recently acquired by New York investment giant Bear Stearns, owner of Rooftop, reports a massive surge in new business enquiries since the multimillion pound deal was announced.Chris Gardner, director at ICMG, says: "Brokers want to deal direct these days and the deal with Bear Stearns has shown the market that ICMG is the principal place to access Rooftop deals."With us you get the best of both worlds in that you can deal direct whilst ...

  • Tell clients their options to avoid independence mix-ups

    11 Apr 2005

    From Mark Savill In his letter in your March 28 issue Alan Sargent states: "Thankfully under the current rules, brokers have to charge a fee if they call themselves independentâ?¦" This is incorrect. MCOB 4.3.7R(b) confirms that for a firm to hold itself to be independent it must "enable the customer to pay a fee for the provision of that service". This does not mean brokers have to charge a fee. It does mean, however, (as clarified in MCOB 4.3.9) that the option of paying ...

  • Tell clients their options to avoid independence mix-ups

    11 Apr 2005

    From Mark Savill In his letter in your March 28 issue Alan Sargent states: "Thankfully under the current rules, brokers have to charge a fee if they call themselves independentâ?¦" This is incorrect. MCOB 4.3.7R(b) confirms that for a firm to hold itself to be independent it must "enable the customer to pay a fee for the provision of that service". This does not mean brokers have to charge a fee. It does mean, however, (as clarified in MCOB 4.3.9) that the option of paying ...

  • The Mortgage Mole

    11 Apr 2005

    it girls Mortgage Strategy deputy editor Rosie Gallagher managed to overcome her fish and chopstick phobia to be entertained by Intelligent Finance at posh London eatery Nobu last week. The event last Tuesday was a chance for journos to meet the great and the good at IF and hear about their forthcoming offset product launch. Gallagher didn't spot any celebs but hears fellow 'it' girl Sienna Miller was at the restaurant the following night and managed to lose her tights.vodka ...

  • The Mortgage Mole

    11 Apr 2005

    Digging the dirt in the mortgage world

  • TLC for the TFC

    15 Apr 2005

    Kensington has just published a free guide to Treating Customer Fairly, more commonly known as TCF. If you dont know what TCF is, then I suggest you contact Kensington pronto and order yourself a copy of the guide, because TCF is likely to have more of an impact on the future of your business than even regulation.

  • Two new faces for C2

    14 Apr 2005

    c2 financial, the national mortgage distributor and branded lender has appointed two new key personnel.

  • UCB Home Loans launches buy-to-let remortgage offer

    13 Apr 2005

    UCB Home Loans is launching a limited buy-to-let remortgage offer to meet the needs of borrowers who are looking to change lender.

  • Understand the bigger picture

    11 Apr 2005

    Neuro-linguistic programming, which sounds like a cross between brain surgery and brainwashing, is in fact the analysis of human communication processes with practical applications in training/learning situations, people management and self-management. It's about openness, the ability to change, and creating well formed outcomes. That's probably why the idea has become so successful in today's turbulent world of work and personal life.There is vast literature on the subject of NLP ...

  • Understand the bigger picture

    11 Apr 2005

    John Prust, sales and marketing director of Southern Pacific Mortgage Limited, says NLP techniques can help you communicate better and enhance your understanding of others

  • Untapped mortgage demand tops 500bn across Europe

    11 Apr 2005

    Research has revealed an untapped mortgage demand of over 500bn in the European residential mortgage market.

  • West Brom deals aren't risky

    11 Apr 2005

    From Andrew Messenger In an article in Mortgage Strategy April 4, a spokesman for Key Retirement Solutions was reported as saying equity release products offered by West Bromwich during the 1980s remain unchanged. As long ago as January 1996, this society voluntarily made an offer to its own equity release borrowers known as a 'basket of measures'. Acceptance of this offer removed the risk of borrowers' estates being required to make up shortfalls attributable to negative ...

  • West Brom deals aren't risky

    11 Apr 2005

    From Andrew Messenger In an article in Mortgage Strategy April 4, a spokesman for Key Retirement Solutions was reported as saying equity release products offered by West Bromwich during the 1980s remain unchanged. As long ago as January 1996, this society voluntarily made an offer to its own equity release borrowers known as a 'basket of measures'. Acceptance of this offer removed the risk of borrowers' estates being required to make up shortfalls attributable to negative ...

  • Your Move chooses propertyfinder.com

    14 Apr 2005

    Your Move,one of the UKs largest estate agency networks, has chosen to list its extensive range of over 10,000 properties on propertyfinder.com, the UKs largest independently- owned property portal.

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