Mortgage Strategy
11 July 2005

  • 71% Of brokers unsettled at Cummings' dual role

    11 Jul 2005

    AN ALARMING 71% of intermediaries say they would reconsider membership of the Association of Mortgage Intermediaries if it continues to be run in the shadow of the Association of Independent Financial Advisers.Only 29% of the 2,500 readers who voted on Mortgage Strategy's website felt their membership could be maintained if Chris Cummings remains director-general of both AMI and AIFA.This week's question is: Will the terror attacks have a negative impact on London's property ...

  • A&L launches two-year fix at 4.44%

    11 Jul 2005

    ALLIANCE & LECEISTER has launched a range of mortgages that includes a two-year fixed rate deal at a rate of 4.44%.The lender is also releasing a five-year fixed rate at 4.59%.Stephen Leonard, director of mortgages at Alliance & Leicester, says: "Alliance & Leicester has once again benefited from buying money at lower rates on the money markets and we are pleased to be able to pass these savings on to our customers with lower interest rates on our latest range of mortgages."Fixed ...

  • Abbey's 10-day commitment

    11 Jul 2005

    ABBEY for Intermediaries is launching a 10-day mortgage offer commitment on July 12 as part of its service pledge.The commitment, which extends to all Abbey mortgage applications at 75% LTV or less, is the first of its kind from a major mortgage lender.Ricky Okey, director of mortgages and protection at Abbey for Intermediaries, says: "Abbey is committed to the intermediary market and to prove that we are not afraid to put our words into action, we have launched a cast iron ...

  • ABI welcomes endowment reaction

    15 Jul 2005

    Research has confirmed the insurance industrys view that most customers with an endowment mortgage have taken sensible action to address any potential shortfall.

  • AMI has a duty to act for its members

    11 Jul 2005

    Before I comment on the leadership of the Association of Mortgage Intermediaries and Association of Independent Financial Advisers I'd like to say this is not a witch-hunt and I have no time for character assassination.

  • Anxious times

    11 Jul 2005

    Repossessions are on the rise but many in the industry maintain that they were at a low level so panic is not the appropriate response, says Harvey Jones

  • AR firms are alive and thriving

    11 Jul 2005

    The number of appointed reprentative firms on the FSA web register has now passed 2,000 which will confound sceptics who thought AR numbers were declining, says Richard Griffiths

  • AToM launches semi-exclusive with Mortgage Trust

    15 Jul 2005

    All Types of Mortgages, the mortgage distribution and packaging specialist, has launched a semi-exclusive fixed rate buy-to-let product with Mortgage Trust .The product forms part of the MT Select Range. It is fixed at 4.95% until October 31 2007 and has a 699 arrangement fee. The product tracks three-month Libor +1.75%.

  • B&W improves lifetime mortgage range

    15 Jul 2005

    Bristol & West Mortgages has launched two lifetime mortgage products and withdrawn its intial 6.65% offering.It has unveiled a 6.19% rate fixed for the term of the loan with a 595 arrangement fee and a 6.29% rate with no arrangement or valuation fee. B&W's lifetime mortgages are available to homeowners aged 60 and over and provide the opportunity to borrow a lump sum secured against the value of the home.

  • B2L landlords increase portfolio size

    11 Jul 2005

    Investors in Buy to Let have been increasing the size of their portfolios and forecasting they will not sell their investment properties should property prices fall.

  • B2l still pays off

    11 Jul 2005

    Despite glum predictions, buy-to-let is thriving and lenders are looking at fresh ways to help landlords develop the property investment sector, says Andrew Moss

  • Banca Woolwich opts for decisioning upgrade

    11 Jul 2005

    Banca Woolwich, Barclays Bank's specialist mortgage business in Italy, is to implement the New Business SM decisioning solution from Experian-Scorex.The system will enable Banca Woolwich to deliver sophisticated logic in its application processing and make more accurate new business decisions.Serena Vaturi, IT and organisation director of Banca Woolwich, says: "In today's competitive market you need to ensure new business decisions are right for both business and customer."By ...

  • Bank frustrations

    11 Jul 2005

    Over a third of people are annoyed with their bank says Which?, yet only one in 20 have switched banks in the past two years. Which? calculates people could miss out on up to 400 a year by having an overdraft, credit card, ISA and loan with a high street bank rather than switching to better accounts, such as those offered by some internet banks.

  • BBB enters partnership with PNM

    11 Jul 2005

    Berkeley Berry Birch has entered into a strategic partnership with Professional Mortgage Network.This will link PMN directly to Berkeley Independent Advisers under the Berkeley Mortgages umbrella. It will trade as 'PMN, part of BIA'.The partnership is planning to boost membership to over 300 firms in the next two years and is a logical step within BBB's strategy, the first phase of which began in February when Dale Knight, then director of PMN, became director of mortgages at ...

  • Borrowers opting for long term fixes

    11 Jul 2005

    Mortgages Direct says that more borrowers are opting for long term fixed rate deals, as they are wary that the low level of interest rates will not hold in the long term.

  • Bridging loans firm becomes member of CML

    11 Jul 2005

    CHEVAL, the Stanmore-based bridging finance specialist lender, has become a member of the Council of Mortgage Lenders.The company, which recently appointed ex Co-Op Financial Services head of mortgages Paul Rumbold as marketing director, is the latest lender to join the CML.Rumbold says: "The bridging finance market has been seen until now as a peripheral part of the mortgage business. We are sure our membership will not only strengthen the image of bridging finance but its ...

  • Brokers can make TCF work for them

    11 Jul 2005

    Understanding that fair treatment of customers lies at the core of the business will give the rigours of regulation far greater meaning for firms while boosting service, says Bill Warren

  • Brokers will always win in sub-prime

    11 Jul 2005

    Many of life's lessons leave an indelible mark, not least those we learn in business. The list of lenders that have tried to distribute sub-prime mortgages direct to the public is long and illustrious.

  • Business as usual for London brokers after bombings

    11 Jul 2005

    Though business was slow on the day of the attacks with few clients visiting or calling advisers, staff made it safely to and from work.John Charcol senior technical manager Ray Boulger says: "By the time the attacks happened most people here were already in work. The firm made contingency plans like buying in food for people who might not be able to get home but most people simply left the office early. It was very quiet and our reception closed for a while."Boulger does not ...

  • Call for lender transparency

    11 Jul 2005

    JOHN CHARCOL has called for a more transparent method by which brokers can ascertain how lenders will behave on individual cases without impairing customers' credit scores.An increasing number of lenders are beginning to use affordability models on the advice of the Financial Services Authority and this can make it difficult for brokers to judge how lenders will treat different cases.Speaking at a Mortgage Strategy round table discussion on technology, Ray Boulger, senior ...

  • Charcol queries integrity of sourcing system KFIs

    11 Jul 2005

    JOHN CHARCOL has expressed concern at the data integrity of KFIs from sourcing systems.The broker has recently gone live with the Pivotal system that operates as a front and back-end operation and can also be used as a sourcing system.Other firms using the system at present include Hamptons International Mortgages, Square Mile, Savills Private Finance and Purely Mortgages.But speaking at a Mortgage Strategy technology round table discussion last week, John Charcol ...

  • Chelsea revamps entire range

    13 Jul 2005

    Chelsea has reviewed its entire mortgage range with effect from July 11.

  • CML predicts FTB numbers

    11 Jul 2005

    THE NUMBER of first-time buyers is likely to be at the upper end of the 360,000 to 430,000 range per year for the next few years, research out from the Council of Mortgage Lenders reveals.The research, published last week at a CML conference on first-time buyers, also shows that around 20% of so-called first-time buyers are in fact returners who were previously home owners but then left owner-occupation, for example after a relationship breakdown.Returners tend to have different ...

  • Communicate with the asylum via support services firms

    11 Jul 2005

    From Philip Holroyd I was interested to read the letter headlined 'Have the lunatics finally taken over the FSA asylum?' in the June 27 issue of Mortgage Strategy. It was clear from the letter that it is not always easy to follow or even understand some communications from the FSA. Mortgage intermediaries have been slow to take advantage of compliance support companies' services. This was not unexpected as a similar situation occurred with the IFA community when they first ...

  • Complaint handling firms could be next mis-selling scandal

    11 Jul 2005

    From Jim Gillespie The Financial Ombudsman Service has stated recently that the number of endowment mis-selling claims could reach 70,000 this year, of which a growing number are emanating from newly created endowment complaint handling firms. On June 28 I attended a Financial Services Authority roadshow in Newcastle upon Tyne at the end of which it invited questions from the audience. I asked it what it thought of the growing number of ambulance chasing companies springing ...

  • Consumers react to endowment shortfalls

    15 Jul 2005

    Independent research commissioned by the FSA has found that most consumers whose endowment policy is still linked to their mortgage and are facing a shortfall have taken some positive action to deal with it.

  • Curriculum Vitae - Anna Bennett

    11 Jul 2005

    "This product comes with a generous procreation fee"

  • Customers' expectations of insurance must be managed

    11 Jul 2005

    From Daniel le Fleming Yet again, the insurance industry has managed to shoot itself in the foot and attract negative comment and dramatic headlines in the national press. The Mail on Sunday, June 26 issue, reported that hundreds of workers have been left in limbo after Cardif Pinnacle withdrew its unemployment protection cover because it was overwhelmed by claims. This is a sad turn of events at a time when the industry is making great efforts to treat its customers fairly ...

  • Datamonitor says fresh blood beneifts sub-prime

    11 Jul 2005

    Datamonitor says the sub-prime market is benefiting from the entry of large financial conglomerates and mainstream financial institutions.Fewer and fewer sub-prime or credit impaired individuals in the UK are being denied credit by major players.Many lenders are now willing to offer their services to customers with minor debts and their entry into this specialised market is helping it gather momentum and earn a more respectable reputation.Today, there is increasing comparability ...

  • Dear Delia

    11 Jul 2005

    Dear Delia Andy is a carpenter working for a building firm, earning 25,000 a year. He owns a house worth 95,000 with an outstanding mortgage of 70,000.

  • Development role

    11 Jul 2005

    Sally Hanson has been appointed head of branch development for the UK's eighth largest building society, Leeds & Holbeck. Hanson has been with the society for six years.

  • East Anglia poised to be fastest growing area in Europe

    11 Jul 2005

    EAST ANGLIA has been identified as not only the fastest growing region in the country over the next five years but the fast growing area in Europe.The population, economy and job market are increasing and as a result the housing market will boom.Mark Alexander, managing director of Norwich-based The Money Centre, says: "John Prescott put pressure on East Anglia when he expressed his desire to build nearly 500,000 new homes in the area by 2021. There is also the proposed development ...

  • Em offer

    11 Jul 2005

    Packager em is offering free valuation and free legals on selected Platform and SPML ranges for re-mortgages in England and Wales. Offering proc fees of 1.25% these exclusives are available for a limited period

  • em-financial expands team to maintain service levels

    14 Jul 2005

    em-financial has unveiled two additions to its underwriting and completions departments to ensure high service standards.

  • English rental yields fell to 5.97% in Q2, this year

    11 Jul 2005

    Figures released by Landlord Mortgages show that rental yields fell marginally across England from 6.08% in Q1 2005 to 5.97% in Q2, 2005.Rental yields in London also fell slightly over the period while Scotland recorded a sharp fall.However, this is not necessarily bad news for the market.Lee Grandin, managing director of Landlord Mortgages, says: "We have seen a fall in rental yields over the past quarter which can be partially attributed to an increase in remortgage activity. ...

  • Exclusive Connections joins Freedom Lending panel

    14 Jul 2005

    Exclusive Connections has joined Freedom Lending's panel of mortgage distributors.

  • Financial professionals reunited

    11 Jul 2005

    A WEBSITE has been launched that gives professionals from the world of finance the opportunity to maintain their contacts after leaving an employer for pastures new.By registering a name, contact details and employment history on moved-on.com, finance professionals can maintain their professional profile without the restrictions of being attached to a particular employer.Website founders Michelle Sartain and Mark O'Neill decided to launch the service after Sartain found herself ...

  • First Active reduces two and five year fixed rates

    11 Jul 2005

    First Active has changed the rates on itstwo-year and five year fixed rate products.The two-year product will move from 4.99% to 4.59%.The five-year product will move from 5.15% to 4.79%.The new rates were introduced to both products today (11 July 2005).

  • First National appoints national sales manager

    11 Jul 2005

    First National has appointed Judith White as national sales manager.White started her new role on July 4, reporting to Duncan Berry, head of 1st mortgages, with the First National sales team then reporting into her.

  • Fixed mortgage sales rocket 47% at Woolwich

    12 Jul 2005

    Figures out today from the Woolwich reveal that since June 2004, fixed rate mortgage sales have risen by 47% and now account for 60% of its new mortgage sales.

  • Fixed rate mortgage sales rise by 47% for the Woolwich

    13 Jul 2005

    Woolwich has revealed that since June 2004, fixed rate mortgage sales have risen by 47% and now account for 60% of its new mortgage sales.

  • Fixed rates still more attractive

    11 Jul 2005

    YOUR MOVE'S June Remortgage Index shows the continuing attractiveness of fixed rate mortgages.Savings on the best buy five-year fixed rate deal have risen 16% to 1,590 over the past month and 174% over the past year.It is only recently that money markets have begun to factor in that base rates may fall by the end of this year.Over the past few months, market expectations for interest rates have see-sawed wildly, adding to the uncertainty for borrowers.Fixed rate deals ...

  • FP signs up to Moneyfacts Market Intelligence report

    11 Jul 2005

    Friends Provident is the latest financial institution to sign up for Moneyfacts Market IntelligenceReports to help with market analysis.

  • Frank Eve praised system that I found to be rubbish

    11 Jul 2005

    Name and address supplied I was astonished to read Frank Eve's eulogy of the Momentum/Launchpad point-of-sale software system in the June 20 issue of Mortgage Strategy. I experienced this system first hand in October 2004 and resigned from L&G in December 2004 principally because it was impossible for the system to deliver a practical working solution to a sale process. It was rubbish. We, and I mean every member of the sales team at the L&G brokerage I was working for, ...

  • Fraud is seen as return on investment

    11 Jul 2005

    Earlier this year the Association of British Insurers revealed that over 3.5m in fraudulent insurance claims are made every week.

  • FSA gives guidance on TCF

    11 Jul 2005

    THE FINANCIAL Services Authority has set out the issues firms should consider when it comes to Treating Customers Fairly.The regulator says that while the industry has made progress in assessing, developing and implementing the fair treatment of customers, there is more for senior management to do.Among examples of good practice, the FSA suggests how firms could build Treating Customers Fairly into their product design process by stress- testing products from the customer's ...

  • FSA to simplify handbook and streamline rules

    13 Jul 2005

    The Financial Services Authority has set out the first phase of its programme to simplify itshandbook and remove unnecessary rules and guidance. The handbook review programme will focus on eliminating or changing requirements which are more restrictive than needed to achieve the FSA's statutory objectives, which do not deliver benefits to justify their costs, or which are not consistent with the FSA's focus on senior management responsibility.

  • Genesis strengthens team with Sharman appointment

    11 Jul 2005

    Just a month after its separation from Mortgages PLC, Genesis Home Loans has started to shore up its ranks, appointing Neville Sharman as marketing director.Sharman has spent over 20 years in the mortgage industry. Prior to joining Genesis, he spent eight years with Abbey, his most recent role at the lender being head of introducer internet development.His task at Genesis is to develop its marketing, products and e-commerce capability, aiming to provide the Genesis network with ...

  • GI crackdown

    11 Jul 2005

    The FSA has begun a crackdown on firms that may be breaking the law by conducting unauthorised general insurance business since regulation began this January.The FSA's perimeter team includes both supervisory and enforcement staff and its programme of visits across the country is well underway.The team has already visited over 500 firms in Birmingham, Derby, Leicester and Nottingham. Other areas of the country will be visited soon.

  • GMAC-RFC boom

    11 Jul 2005

    GMAC-RFC has just experienced a record month of mortgage completions. June's completions increased by more that 22% over the same period last year. Jeff Knight, head of marketing services at GMAC-RFC, says: "This comes as the market has been slowing. The reasons intermediaries are using us more is good products, good service and our POSD online system."

  • Good news the capital needs

    11 Jul 2005

    The past week has been one of mixed emotions - from the elation generated by the Olympic Games decision to the shock of the bombings in London.

  • Growth to ease

    11 Jul 2005

    The Bank of Scotland UK Index of Leading Economic Indicators points to a slight easing in economic growth in the second half of 2005 and into 2006. Growth is set to hover slightly below the long-term trend rate of 2.5%.

  • Guidance on managing office space

    11 Jul 2005

    The Royal Institution of Chartered Surveyors is providing guidance on how companies can manage their office space to boost their profits and prospects.Recent research from RICS finds businesses can increase profits by up to 13% annually with the right property strategy.It says that each of Britain's 6.9 million office workers occupies over 14 square metres of office space at an average annual cost to business of over 4,000 per person.Space per employee has risen slightly ...

  • Halifax slashes fixed rates

    14 Jul 2005

    Halifax has reduced its fixed rate mortgages by up to 0.40% with effect from July 15.Tim Anson, head of mortgage products at Halifax, says:"The cost of fixed rate mortgages have fallen considerably over recent months in response to the money markets cutting the cost of borrowing. "For borrowers who want the peace of mind and certainty of payment that a fixed rate mortgage offers, some of these deals will be tempting."

  • Help is out there for first-time buyers

    11 Jul 2005

    Taking that first step on the housing ladder has never been easy but for many first-time buyers it's a task that has become harder in recent years as house prices have continued to rise.

  • Heritable changes B2L rental calculation

    11 Jul 2005

    Heritable Bank, the property finance specialist and UK subsidiary of Landsbanki Islands, has changed the rental cover calculations for its range of buy-to-let mortgages.

  • HR appointment

    11 Jul 2005

    Preferred has appointed Sue Greenland as head of human resources. Greenland has worked in human resources for 19 years. Prior to joining Preferred, she spent 14 years working for Debenhams.

  • ID advance

    11 Jul 2005

    Bradford & Bingley has introduced electronic ID verification on direct savings account applications to save customers the cost and inconvenience of providing documents and also to reduce its application processingcosts. Bradford & Bingley is using online CallML system from credit reference agency Callcredit.

  • IFAP doubles range of incremental qualifications

    14 Jul 2005

    IFA Promotion has doubled the range of incremental qualifications available for selection on its Find an IFA online and hotline search service.

  • Intelligent Finance cuts fixed rates

    14 Jul 2005

    Intelligent Finance is capitalising on an overall trend of falling swap rates to reprice its fixed rate mortgage range.

  • Internet Insite

    11 Jul 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Kevin Paterson, sales director at Park Row Associates, takes a look at lender websites, working his way from A to Z

  • It's a no-no for Chris Cummings to lead both organisations

    11 Jul 2005

    From Monty Burn Surprising to those who know me but I am for once almost lost for words by the response of Chris Cummings to his appointment as head of both AIFA and AMI. Cummings' assurance he will give both AIFA and AMI 100% means little to the members of AMI, especially after the Charles Gooding farce. Before illness caused David Severn to leave the post at AIFA they were two separate organisations with one leader for each. I'm sure each had enough work to justify their ...

  • Kensington makes new appointments

    14 Jul 2005

    Luis Marino has been appointed director of marketing and strategy and Ian Ferguson has been appointed chief operating officer at Kensington Mortgages.

  • Kensington shows strong growth, this year

    11 Jul 2005

    Kensington delivered strong growth in the first half of 2005 with new business volume up 26% at 1.3bn, allowing the lender to increase its interim dividend by 30% to 6.5p.John Maltby, Kensington Group CEO, says: "I am delighted that Kensington has again delivered strong growth in the first half of this year. New business volumes were up 26% at 1.3bn. This has been achieved in a tougher market where new business in the mortgage market as a whole has fallen by 14%."Kensington's ...

  • KMC lending on unusual homes is hardly big news

    11 Jul 2005

    From Peter Beaumont I was somewhat surprised to read the news story 'KMC to lend on unusual homes' on page 13 of the June 27 issue of Mortgage Strategy. The story points out that KMC has decided to lend on properties of unusual construction such as Wimpey No Fines and Laing Easiform and suggests this move has been made in response to the launch by Victoria Mortgages of products aimed at properties of non-standard construction. I would like to point out that lending on these ...

  • Lender processing speed vital to brokers

    14 Jul 2005

    Research from an independent broker survey, commissioned by BM Solutions, has identified the reason behind brokers choosing particular lenders.

  • Lifelink does deal to transfer members to Thinc Destini

    12 Jul 2005

    Lifelink network says it does not have the necessary scale to gets the best market terms for its members and is offering them a transfer to Thinc Destini.

  • London brokers link up to form 1bn business

    11 Jul 2005

    LONDON brokers Cobalt Capital and Chelsea Mortgage Management are to merge.The new company, which will trade as Cobalt Capital, will become London's biggest independently owned mortgage broker, with projected annual lending in excess of 1bn.Chelsea Mortgage Management director Richard Taylor, says: "The combined strengths of the businesses at all levels will give us a platform to deliver a great environment for top performing brokers."Some of our competitors will now start ...

  • Low confidence

    11 Jul 2005

    Firms have seen a dramatic fall in sales and profitability over the past six months and confidence is at its lowest level since December 2001, according to the Business in Britain Report from Lloyds TSB Corporate.

  • M2i to run nationwide T&C workshops

    11 Jul 2005

    Mortgage club m2i is to run countywide training and competency workshops for its members.The FSA has issued a directive that directly authorised firms will be expected to achieve certain standards and the workshops will provide m2i members with guidance on how to meet these.The free interactive workshops will cover regulatory reporting, suitability, insurance demands, financial promotions and T&C.Steve Butler, head of m2i, says: "Each workshop will be one day long and there ...

  • Market Watch

    11 Jul 2005

    It was a quiet week for rate changes compared with the frenetic activity of late.

  • MI produces equity release fact find for brokers

    11 Jul 2005

    Mortgage Intelligence has produced an equity release fact find for brokers in response to the Financial Services Authority's recent equity release investigation that revealed numerous failings, especially in relation to the standard of fact finding.Sally Laker, managing director of Mortgage Intelligence, says: "The FSA found a catalogue of errors and problems with the advice given by brokers to consumers with regard to equity release products.

  • Millfield appoints finance director

    14 Jul 2005

    The Millfield Group has appointed Arthur Milton as its finance director.

  • Moneynet warns against anti-theft ID security products

    11 Jul 2005

    Moneynet is warning bank account and credit card holders not to be lulled into a false sense of security just because they have signed up with a provider's fraud protection policy.With the growing threat of ID theft in the shape of bank account and credit card cloning, lenders, card companies and credit reference agencies increasingly offer customers a range of anti-id theft services.But online financial data analysis company Moneynet warns that many of these policies are ...

  • Mortgage Promotions increases fee paid on Standard Life Bank products

    12 Jul 2005

    Mortgage Promotions mortgage club has increased the fee it pays to registered users on Standard Life Bank business to 0.42% of the advance.

  • Mortgage Times has record June

    11 Jul 2005

    The Mortgage Times Group has had yet another record month, receiving over 220m worth of packaged applications in June. This has coincided with a substantial recruitment campaign which has seen the group take on 32 staff since May.Payam Azadi, head of marketing at The Mortgage Times Group, says: "This establishes us as one of the largest packagers in the country. You can not grow the way we have by offering bad service and the figures speak for themselves. We are seeing a huge surge ...

  • Mortgage Times introduces Platform funded B2L extra product

    12 Jul 2005

    The Mortgage Times Group has introduced a new buy-to-let extra product fully funded by Platform.

  • MPLC reduces two and three-year fixed rates

    11 Jul 2005

    Mortgages PLC has reduced its two and three-year fixed rates, which now start at 5.8%.

  • MPPI can bring benefits all round

    11 Jul 2005

    Alliance & Leicester's Wealth Tracker Index asked a sample of 1,600 working people whether would they be able to manage financially if they suffered a loss of income due to accident, illness or unemployment and if not, how much monthly income would they need to survive?

  • N4 to support Portman's financial planning managers

    11 Jul 2005

    N4Solutions is to provide Portman with a browser-based solution to support the provision of financial planning advice through its financial planning managers.

  • Netstep buys into Astute Mortgages

    11 Jul 2005

    INTERNET agency Netstep has acquired a 50% stake in online mortgage resource, Astute Mortgages.The deal comes as the financial brand seeks to expand its consumer base and diversify.Astute offers customers guidance through a choice of 5,000 mortgage products.The site also offers visitors a simple application process to enable them to search for the best up-to-date deals.The cash deal has been funded via a joint venture between Netstep and Astute's managing director Trevor ...

  • Network Data enhances household products

    12 Jul 2005

    Network Data has made significant enhancements to their existing panel of household products.

  • Newcastle's ID innovation

    11 Jul 2005

    Newcastle has turned to ID specialist GB Group to ensure compliance with money laundering regulations. The society is implementing a web-based identity checking system called URU developed by GB Group with BT in its 51 branches.

  • NLA warns government red tape could hamper investment in rental sector

    11 Jul 2005

    The National Landlords Association fears that excessive government red tape could discourage investment in the private-rented sector.

  • Olympic bid success hailed by industry

    11 Jul 2005

    THE SUCCESS of London's 2012 Olympic bid has been welcomed by the mortgage industry and could boost house prices in the capital by up to 66%.The International Olympic Committee revealed in Singapore last Wednesday that London is to be the host city for the 2012 Games, beating off competition from Paris, Madrid, New York and Moscow. The news is a massive boost for the capital, despite the atrocious terrorist attacks that blighted the announcement the following day. Halifax ...

  • Only Sir Bob can save the trees from FSA bureaucracy

    11 Jul 2005

    From Brian Humphreys I am concerned about global warming and rain forest destruction. Someone please tell Bob Geldof that new mortgage regulation will wipe out the world's rain forests within about five years unless he gets the FSA to change the system. Currently, a mortgage application (with life cover, buildings and contents cover, and ASU cover) with copies for my files, copies for clients, and copies for lender or insurer, uses up about 100 sheets of A4 (half a tree?). If ...

  • Paaleads.com appointment

    11 Jul 2005

    paaleads.com has appointed Hannah Skenfield as sales manager. With responsibility for managing six business advisers, Skenfield will report directly to Vanessa Blount, the recently appointed head of paaleads.com. Skenfield has been working for paaleads.com since December 2002, most recently as an account retention team leader.

  • Packagers are urged to consider lending

    11 Jul 2005

    MORTGAGES PLC says packagers should consider the strategic option of becoming lenders.Peter Beaumont, sales and marketing director of Mortgages PLC, says: "The country's leading packagers have successfully defied critics' predictions that regulation would bring about their demise."The next challenge facing these businesses is to find ways to inject real value. The value of a packaging business is many times lower than that of a similar-sized lender. An option directors of super ...

  • People need us financial doctors too

    11 Jul 2005

    This week I thought I'd pass on more feedback from our work with Marius Barnard, the creator of critical illness insurance.

  • Pink launches buy-to-let exclusive with Platform

    14 Jul 2005

    Pink Home Loans has launched a buy-to-let exclusive product with Platform.

  • Pink launches exclusive self-cert product with MEX

    14 Jul 2005

    Pink Home Loans has teamed up with Mortgage Express to launch a three-year self-cert rate fixed at 4.99%.

  • Pink launches exclusives from Freedom

    12 Jul 2005

    Pink Home Loans has launched an exclusive market leading one-year discounted self-cert mortgage funded by Freedom Lending.

  • Pitfalls that lie in wait for buyers of Spanish property

    11 Jul 2005

    There are many problems with arranging mortgages in Spain and a number of pitfalls regularly trap buyers. The result is usually that they are overcharged on their mortgage.We work with a bank in Spain that deals with a well know real estate agent. In this arrangement, which is common in Spain, the real estate agent arranges with the bank that the client will be charged a 2% arrangement fee by the bank with a variable rate of Euribor plus 2%.With the same branch we offer our ...

  • Platform delivers first decision to Optoma

    15 Jul 2005

    Clickdecision, the recently launched online decision facility from Platform, delivered its first decision to Optoma Broker Solutions on July 6.

  • Platform launches Click Decision

    11 Jul 2005

    Platform has launched its online decision facility Click Decision, providing intermediaries with a binding automated decision in minutes.

  • Platform offers online system

    11 Jul 2005

    PLATFORM has launched an online decision facility called Click Decision, giving intermediaries a binding automated decision in minutes.The Britannia subsidiary says the system has been developed following extensive research with brokers to understand their needs and frustrations with other online systems.The research identified certain elements as being integral to an online decision system; it should be simple to use and provide a binding decision, as brokers get frustrated ...

  • Plum Software launches additional features

    13 Jul 2005

    Plum Software has launched software that includes additional features, including branching and priorities capabilities.

  • PMI appoints manager of governmental affairs

    12 Jul 2005

    Christian Pierotti has been named to the newly created position of manager of governmental affairs at PMI Mortgage Insurance, also known as PMI Europe.

  • Principality given makeover by Princess Di designer

    11 Jul 2005

    David Emanuel, who famously designed the wedding dress for Diana, Princess of Wales, has turned his attention towards Wales largest society, Principality.As part of its programme to launch a new brand identity, Principality set Emanuel the challenge of designing a uniform which would suit not just one glamorous woman but all the staff who work in Principality branches.Emanuel rose to the challenge and started to work with people from across the company last autumn.

  • Product pricing most important to B2L intermediaries

    13 Jul 2005

    Research from Mortgage Trust shows that 68% of intermediaries consider product pricing to be the most important factor when deciding who to place buy-to-let business with.

  • Pru scoops lifetime mortgage team from NU

    11 Jul 2005

    Prudential UK has appointed three new lifetime mortgage sales specialists to its sales support team from Norwich Union.

  • QDL panel review

    11 Jul 2005

    Quick Decision Loans, the Farnborough-based sub-prime loan packager, has reviewed its lending panel. QDL, which specialises in providing facilities for brokers to place difficult sub-prime secured loans, has worked together with a number of lenders and now supports a panel which includes London Scottish, Swift, Prestige and Loan1Plus.

  • Range enhanced

    11 Jul 2005

    Cardiff-based The Business Mortgage Company says its own exclusives have been enhanced with a buy-to-let product range from Platform. TBMC exclusives include a 0.70% lifetime tracker on advances up to 75%.

  • Record number of cases going to offer at em- in June

    11 Jul 2005

    em-financial says its latest figues for June show a record number of cases going to offer.Simon Mouncher, operations director at em-, says: "Our business levels consistently increase each month, and June saw us hit the biggest ever number of offered cases. "Our processing department in Chester is working flat out to ensure that the exceptional service standards we pride ourselves on remain at the highest possible level."

  • Remortgaging falls in Q2 2005, reveals B&B

    11 Jul 2005

    Bradford & Bingley says remortgaging has fallen in Q2 of 2005, despite a massive 800,000 borrowers coming off cheap two-year fixes.

  • Rock cuts rates

    11 Jul 2005

    Northern Rock has cut rates by 0.1% on its five, seven, 10 and 15-year flexible fixed products up to 85% LTV. Rates now start at 4.89%.Flexible base rate tracker rates have been reduced by 0.2% and now start at 4.99% with a 2% early repayment charge within the incentive period only. The same reduction has been applied to the lifetime fixed range.The protected equity mortgage is now available at 6.29%, with the lump sum and monthly cash release products at 5.99%.

  • Select via TBMC

    11 Jul 2005

    The Business Mortgage Company says that Mortgage Trust Selectfixed rate products can now be accessedthrough TBMC.

  • SHIP chairman says equity release sector at crossroads

    11 Jul 2005

    The chairman of the Safe Home Income Plans trade body, Jon King, has warned that the equity release market is at a crossroads.He says the signpost was the Financial Services Authority's mystery shop in which it found many advisers to be providing poor advice for equity release.King says the market can go from strength to strength but only if advisers take the FSA's warning shot seriously, get educated and provide quality advice to consumers.He says: "The direction the market ...

  • Should AMI have its own figurehead?

    11 Jul 2005

    Last week Mortgage Strategy revealed that a majority of people in the industry feel the Association of Mortgage Intermediaries should have its own head.Last month AMI director-general Chris Cummings was also made director-general of the Association of Independent Financial Advisers after David Severn stepped down due to ill health.Mortgage Strategy's straw poll last week revealed that over 70% of brokers thought AMI should have a dedicated head, independent of ...

  • SLB launches UK's first decreasing flexible mortgage

    14 Jul 2005

    Standard Life Ban is looking to shake up the mortgage market with the release of the first mortgage in the UK with an interest rate that actually decreases four times over the first five years.

  • Start thinking about SIPPs for clients

    11 Jul 2005

    Thanks to government changes to pension schemes from April 6 next year your clients will be able to put residential property, including buy-to-let and holiday homes, into their pensions for the first time. Until now only commercial property could be included.

  • Studying progress in e-commerce

    11 Jul 2005

    For lenders, an e-commerce strategy has become a critical function in the distribution landscape and an upcoming study will highlight progress in this area, says Frank Eve

  • Sturgess quits GE Home Lending

    11 Jul 2005

    GE Home Lending PR and communications manager Bob Sturgess has quit the company. Sturgess resigned last week and will be replaced by GE Home Lending corporate affairs manager Lis Walton. Sturgess says: "I've thoroughly enjoyed my time with GE but it's time to move on to pastures new."

  • Talking about it

    11 Jul 2005

    Mortgage Strategy brings together leading industry figures to debate what benefits technology has brought to the industry, and where it is heading. Barney McCarthy reports

  • Taylor's Tours.....

    11 Jul 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

  • The Derbyshire links with Pink

    11 Jul 2005

    THE DERBYSHIRE has launched into the sub-prime market with Pink.Tony Jones, managing director at Pink says it has worked closely with The Derbyshire to develop a 5.75% two-year tracker, and a 5.95% two-year fix.Jones says: "The Derbyshire is looking to diversify. We have flexible criteria and no extended early repayment charges. We looked at the criteria of other lenders and made our products different."Jones says The Derbyshire differs in its view of what is meant by near-prime ...

  • The Derbyshire reduces buy-to-let rates

    14 Jul 2005

    The Derbyshire is cutting the rates of the fixed rate buy-to-let mortgages it funds exclusively for Mortgage Intelligence, Pink Home Loans and Premier Mortgage Services.

  • The Exchange enhances business service

    13 Jul 2005

    The Exchange has enhanced the usability of its new business service on Exweb.

  • The Money Centre seeks buy-to-let consultants

    13 Jul 2005

    Due to continued growth at The Money Centre, the company is looking to recruit buy-to-let consultants in offices around the country.

  • The Mortgage Mole

    11 Jul 2005

    FAST LADIES Mortgage Strategy ladies Natalie Martin and Rosie Gallagher were pounding the streets of London early last Sunday morning, rather than nursing hangovers for a change. MS joined up with Kensington Mortgage Company to do a charity 5k race though the centre of the capital for Breast Cancer Research. The girls did well, both completing the course in under 30 minutes. After all their hard work Kensington treated them to a nice lunch at Harvey Nicks.

  • The Pru's fresh approach to drawdown

    11 Jul 2005

    Following months of speculation, Prudential has finally clarified its intention to enter the equity release market by launching its own product, previously having only offered the Northern Rock scheme.

  • TMW cuts pay rate on B2L fix

    11 Jul 2005

    The Mortgage Works has reduced the pay rate on its three-year fixed rate buy-to-let mortgage from 4.85% to 4.69%.It has also launched a five-year fixed rate buy-to-let mortgage priced at a competitive 4.99%. All the products are available from July 12 via intermediaries.Paul Howard, associate director for The Mortgage Works, says: "The three-year deals have been imitated by our competitors but we are determined to lead the market in this area. The five-year deal also breaks ...

  • Traynor joins Paymentshield

    11 Jul 2005

    Paymentshield has appointed Chris Traynor, formerly UK intermediary sales director for Prudential, as sales and marketing director. This latest appointment follows a series of senior placements at Paymentshield in the wake of the appointment of Stuart Pender as chief executive in August 2004.

  • What will be the impact of the fsa taking enforcement action against three firms?

    11 Jul 2005

    This wake-up call reinforces the importance of working with a regulator that takes its responsibilities seriously, say our experts

  • Wolton wins

    11 Jul 2005

    Wolton Chartered Surveyors is celebrating after winning work with more than 20 broker and packager firms since the beginning of the year.Among the deals struck is a panel management contract with The Mortgage Times.Wolton has also been added to the Capital Home Loans, Heritable Bank and Dunfermline valuation panels.Better proc fees Mortgage Choice is passing on a greater portion of its gross fees with SPML to the intermediary. This has resulted in improved procuration ...

  • Yet another reason for us not to use Northern Rock

    11 Jul 2005

    From Ian Curtis What fantastic news we received from Northern Rock last week - not. In an intermediary update we were told that "as part of Northern Rock's ongoing commitment to provide clear and transparent information to both intermediaries and their clients", it was amending its valuation fee scale. We were told that with the old method the valuation fee included a 250 administration fee - very reasonable, given that the valuation report was half a page long and invariably ...

  • Yorkshire link

    11 Jul 2005

    The Yorkshire Building Society brand will adorn the famous Huddersfield Town FC shirt for the 2005/2006 season and 2006/2007. Huddersfield Town chief executive Andrew Watson says: "This steps up the fantastic relationship we already enjoy through the Terriers Savings Account. Supporters get a great rate on their savings through the account, which more than 3,200 fans enjoy."

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