Mortgage Strategy
11 January 2010
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Helping the elderly stay in their homes
11 January 2010
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60 Seconds with.....Geraint Chamberlain
11 January 2010
GERAINT CHAMBERLAIN, HEAD OF CONSULTANCY, TARGET GROUP
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A cool time to sell cover to consumers
11 January 2010
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A&L named as top lender in Q4 2009
11 January 2010
Alliance & Leicester has emerged as the most competitive lender of Q4 2009, according to research by Evaluate Technologies.A&L, part of Santander, ranked as the most consistently competitive lender during Q4, seizing the crown from HSBC which the company named as the most competitive lender during Q3.Rankings are based on a points system whereby lenders were given a point for each time their products appeared in Evaluate’s list of the top 10 mortgage ...
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AfI name will remain as Santander rebrands
11 January 2010
Ricky Okey, Disparity will always exist
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AfI will continue to be the lender of choice for brokers
11 January 2010
Today the face of high street banking changes as Santander begins the rebrand of its Abbey and Bradford & Bingley branches under a single name.While the retail network of Santander takes shape in its new guise our research shows that brokers value the relationships we have built up under the Abbey for Intermediaries brand.Therefore, we believe it is in the best interests of intermediaries and our business that the AfI brand remains in place. As this move ...
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An unhappy Christmas for Mortgage Times ARs
11 January 2010
As most brokers were looking forward to Christmas and gearing themselves up for a better year in 2010 The Mortgage Times Group managed to let down some 427 firms by shutting its doors and ceasing to trade. The board of Mortgage Times has tried to justify its actions by saying that it had a tough year. Well, the ones who have really suffered are the appointed representatives who had to bite the bullet during the festive period.There’s no doubt that some firms ...
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ARs' productivity shows how good organisations are
11 January 2010
The simple fact is that most networks are not making meaningful profit in the current climate .The main reason for this is that the majority of mortgage brokers are not good enough to adapt to becoming financial advisers without a lot of support and training.The productivity of Network Data and The Mortgage Times Group brokers was lower than those in other more successful networks. So while networks continue to chase numbers instead of performance nothing is ...
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Bad brokers set to face wrath of FSA
11 January 2010
Looking at the Finlay wish list for the year ahead I, like many others, would appreciate a slow but sure rise in house prices and lending.
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Brighter prospects for remortgaging
11 January 2010
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Brokers' future is assured
11 January 2010
With 2010 now in full swing, Mortgage Strategy asks the industry how it expects the next year to pan out in this week’s Cover Story.Will we see a double-dip recession or an increase in house prices and a similar rise in gross lending? Let’s hope it’s the latter rather than the former because the mortgage market needs all the help it can get at the moment.Without doubt the biggest event of the year, with the exception of the general election, looks set ...
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CAN YOU HAVE A POP TO WIN THIS POSH MONTBLANC ROLLERBALL PEN?
11 January 2010
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Clients without IP risk financial ruin
11 January 2010
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Clued-up regulator urgently required
11 January 2010
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Company and adviser banned for failings which resulted in fraud
11 January 2010
Margaret Cole, Punishments for low standards
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Company was a formidable player in the good times
11 January 2010
It was sad to see the passing of The Mortgage Times Group before Christmas. I feel genuine sorrow for the directors as well as the appointed representatives.In the good times Mortgage Times was a formidable business with a great management team. Unfortunately, due to market conditions and lack of funding many businesses have been caught out and Mortgage Times stands out one of the major players.I hope that the company’s management team will return to the market ...
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Consumer site poised to make sourcing 'simples'
11 January 2010
COMPARETHEMARKET.COM, SYSTEM COULD PASS LEADS TO BROKERS
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Document reveals how L&G came close to buying troubled network
11 January 2010
A letter seen by Mortgage Strategy indicates that Legal & General was considering buying The Mortgage Times Group prior to the network’s demise before Christmas.The letter sent to Chris May, director at Mortgage Times, from L&G appears to suggest that wheels were in motion to prepare for a takeover deal.The letter is dated December 10, less than two weeks before staff were told that the network was going into administration.
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FESTIVE FUN
11 January 2010
DIGGING THE DIRT IN THE MORTGAGE WORLD…
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FOS is not up to the job of monitoring financial advisers
11 January 2010
Given all the problems consumers are having I question whether the Financial Ombudsman Service is up to the task.In one case a consumer complained about a low-cost endowment that had a shortfall. The network connected with the sale refuted the claim, saying the customer had experience of maturing policies. It maintained this position so the case went to the FOS which took three years to consider it.In the end, the FOS adjudicator stated he did not doubt the consumer ...
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Gateway appoints operations director
11 January 2010
National surveying firm Gateway has appointed Peter Hughes as operations director.
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Get on the front foot in the fight to survive 2010
11 January 2010
Brokers must be proactive in refreshing their business models and strategies if they want to keep trading
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Good riddance to a basket case decade
11 January 2010
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Government aid is holding back the RMBS sector
11 January 2010
ALEX MADDOX MD OF SECURITISED PRODUCTS CITADEL
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Guidance needed in a landscape that has changed
11 January 2010
Lenders should share their experience of working in the new environment so brokers can understand them
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Halifax says houses cost more last year than in 2008
11 January 2010
House prices ended 2009 1.1% higher than they were in 2008, the latest Halifax House Price Index shows.Prices increased for the sixth successive month with December’s rise of 1% slightly below the average 1.2% for the preceding five months.House prices in the final three months of 2009 were 3.5% higher than in Q3. This is the biggest quarterly increase since 2006 Q4 when they rose by 4.2%.Overall prices have risen by 9.4% since a low in April 2009, ...
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High Court ruling clarifies status of credit agreements
11 January 2010
A High Court judge has ruled that credit agreements are not unen-forceable just because lenders cannot produce photocopies of the original documents.On December 23, 2009 Judge Waksman concluded that under section 78 of the Consumer Credit Act it is enough for lenders to provide reconstructed versions of the agreements.He also says this may be from sources other than the signed agreements themselves.In his ruling the judge says: “If a creditor ...
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High SVRs may not hurt clients with small balances
11 January 2010
High SVRs may not necessarily spell trouble for every borrower, according to Moneynet.co.uk.Some lenders’ SVRs are hovering around 6% despite the Bank of England base rate being left unchanged at 0.5% since last March.Data compiled by Moneyfacts shows that Chesham Building Society has the highest SVR at 6.45%. And Marsden Building Society recently pushed its SVR up to 5.95%.Ketan Yadav, director at Avenue & Co Private Finance, says: “Building ...
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History is a thing of the past for the new professionals
11 January 2010
I miss the old-school estate agents who seem to have been largely replaced by spotty-faced teenagers
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IMLA finance group to meet in March
11 January 2010
The Intermediary Mortgage Len-ders Association will hold the first meeting of its Mortgage Funding Group in March to look at ways of restoring liquidity to the mortgage market.Peter Williams, executive chair-man of IMLA, says the trade body is confident the new year will bring new members.IMLA has chosen to dip into its reserve funds rather than increase members’ fees and says it is being sustained by membership income topped up with reserves.As of ...
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Increasing value of rent-back schemes
11 January 2010
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John Gummer to quit as an MP at next election
11 January 2010
Association of Mortgage Intermediaries chairman John Gummer is to step down as Conservative MP for the Suffolk Coastal constituency at the next general election.
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KRS gives brokers the chance to win a Mini
11 January 2010
Key Retirement Solutions is offering brokers the chance to win a Mini Cooper. Brokers who register with KRS as an equity release referral partner will be entered into a prize draw to win the car and those who go on to refer a client will be entered into the draw twice.
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L&G Mortgage Club unveils exclusive deal
11 January 2010
Legal & General Mortgage Club is launching an exclusive lifetime tracker deal through In The Loop Mortgages. The product is offered at Bank of England base rate plus 3.39%, capped at 5.89% until January 31 2013.
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LAST WEEK’S WINNER
11 January 2010
“John immediately regretted the Eyes Wide Shut theme for the Christmas do.”JAMES CRAIGTHE WRIGLESWORTH CONSULTANCY
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Lenders in driving seat following Foxtons deal
11 January 2010
A deal has reportedly been agreed by Foxtons’ owner BC Partners which hands control of the estate agent to its lenders.
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Link Loans may return this week
11 January 2010
Link Loans is rumoured to be returning to the market this week with a range of secured loan deals.Chairman David Johnson is believed to have secured substantial funding for the lender into 2010.In October sister firm bridging lender Link Lending was wound down but Link Loans continued to operate.One master broker says: “Link’s return will be great for the market. If it brings out some competitive deals it will be swamped.”
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Lloyds ponders offering range of broker deals
11 January 2010
Lloyds Banking Group is considering launching a bundled mortgage range through brokers.Last week Halifax launched its Rewards range which offers account holders discounts of 0.2% on their mortgage if they deposit £1,000 in their current account each month. The deal is only available through the lender’s branches.A spokeswoman for Lloyds group says it is looking to offer a similar deal via brokers in 2010 after piloting a successful range in 2009.
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Looking forward
11 January 2010
The industry is looking for a fresh start in 2010, with most sectors preparing to meet the changes and challenges in store with a positive attitude
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Looking forward to lender competition
11 January 2010
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Marketwatch
11 January 2010
This year I hope the regulator clamps down on lenders that are getting away with offering non-advised mortgages to borrowers who are under the impression they are getting advice
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Media Spotlight: Fooled By Randomness By Nassim Nicholas Taleb
11 January 2010
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Mortgage Express to scrap ERCs
11 January 2010
Mortgage Express is scrapping early repayment charges but says it has no plans to offer customers golden goodbyes so they can remortgage elsewhere.Since the mortgage assets of Bradford & Bingley and Mortgage Express were nationalised in Sept-ember 2008 the lender has been looking to cut the size of its mortgage book.As part of this strategy the company says it will be doing away with ERCs from February 1 and this arrangement will remain in place until further ...
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Mortgage Times did not set out to cause harm or loss
11 January 2010
I was interested to read last week about Revenue & Customs petitioning for a wind-up of The Mortgage Times Group.It is sad to see another of our former colleagues in this position. Over the years I have come to respect many of the people at the firm and I know it never set out to cause anyone harm or loss.The firm’s decisions may not have suited everyone but let’s face it, what would any of us have done given the circumstances it found itself in?
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Move to soften capital blow for mutuals gets a mixed reception
11 January 2010
A report from the Basel Committee on Banking Supervision outlines plans to tone down capital adequacy requirements for building societies and cooperatives.Building societies have been unhappy about the capital adequacy rules proposed at international and UK levels because they put the society sector at a disadvantage compared with banks.In a paper issued by the committee on December 17 on the subject of capital adequacy it states that the capital regime should ...
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Mutual lending fell to £1.6bn in November
11 January 2010
Gross mortgage lending by building societies fell to £1.6bn in November compared with £1.7bn in the previous month.
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Names in the frame for prestigious accolades
11 January 2010
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Nationwide cuts rates and unveils products
11 January 2010
Nationwide is cutting rates by up to 0.6% on deals up to 80% LTV as it launches a range of fixed rate and tracker deals.
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Paymentshield plans to claw back MPPI commission from brokers
11 January 2010
Paymentshield is refunding cus-tomers for premium hikes on mortgage payment protection insurance and intends to claw back the commission paid to brokers.Many insurers raised their premiums on MPPI products last year as unemployment spiralled and the number of claims rocketed.Insurers stated that they had the right to review the cost of prem-iums within their terms and con-ditions but failed to disclose this in Key Facts Illustrations.The Financial ...
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Pensions muddle is our chance to help
11 January 2010
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PTFS thought to be on the brink of naming new chief executive
11 January 2010
Martin Wilson, Stepping down as chairman
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Purchase approvals hit 60,518 in November
11 January 2010
The number of house purchase approvals rose in November to 60,518, according to figures released by the Bank of England.
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Software allows consumers to target PPI firms
11 January 2010
A software company has developed a program that lets consumers pursue lenders directly for overcharging them for payment protection insurance.DIY PPI has been developed by Black Knight Associates and employs questionnaires and prompts to collect information on how PPI policies were sold.The software offers prompts throughout the legal process for reclaiming charges including generating letters to lenders.Terry London, IT development manager at Black ...
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Standard Life Bank calls time on broker deals
11 January 2010
Standard Life Bank will not accept mortgage applications from brokers, following its acquisition by Barclays.Barclays agreed to buy SLB from parent Standard Life for £226m last October but the deal was not finalised until last week.While there will be no further sales of the bank’s mortgage products through intermediaries or direct, new and further borrowing requests will be accepted from existing customers.As of June 30 2009 Barclays had a mortgage ...
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System double-checks customers' mortgages
11 January 2010
Bill Warren Compliance has launched a system that resources mortgages using original data to verify that the most appropriate deals were recommended.
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Third Haart advert is banned by the ASA
11 January 2010
The Advertising Standards Authority has banned a third advertisement by Haart Estate Agents for being misleading.
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Three more firms to join Mortgageforce
11 January 2010
Mortgageforce will sign up three new franchise businesses this month in Leeds, Bristol, and the City of London.
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Three steps to successful fee-charging
11 January 2010
Kevin Paterson sales and marketing director assurant intermediary
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Use leads and get a flying start to 2010
11 January 2010
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Virgin Money buy signals its retail banking ambitions
11 January 2010
Virgin Money has entered the UK banking market by acquiring small retail bank Church House Trust.The move has already been approved by the Financial Services Authority and the acquisition will provide the platform from which Virgin Money can develop a retail banking business in the UK.A range of products will be offered to consumers under the Virgin Money brand.Church House Trust is a regional bank offering deposits and mort-gages. It does not rely ...
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Your last chance to speak up on MMR
11 January 2010
The Financial Services Authority’s Mortgage Market Review is coming towards the end of its consultation period so if you want to have your say you need to submit your response to the FSA by January 30.Some of the discussion points that affect the distribution and sale of mortgages include significant changes to fast-track and self-cert mortgages that effectively ban these types of deals.Also, if the MMR is passed in its current form lenders will become responsible ...
