Mortgage Strategy
11 June 2007

  • EPC firm closure sees 100 laid off

    11 Jun 2007

    100 people have been made redundant after energy-assessors.com was forced to close its doors last week. Connells Group and LSL Property Services withdrew funding for the company in light of the government's U-turn on Home Information Packs.

  • Mandy Spink speaks out in MS

    11 Jun 2007

    Mandy Spink, the Financial Services Authority's newly appointed head of mortgage and credit unions, has urged brokers to ramp up their standards and become more principles-based.In her first mortgage industry interview, Spink tells Mortgage Strategy: "I want to see less non-compliance because the recent Treating Customers Fairly results for small firms were disappointing."l See Interview, pages 58-59

  • 3Mc bulks up underwriter team

    11 Jun 2007

    Mortgage distributor and online packager 3mc has recruited four mortgage underwriters to join its team. Doug Hall, sales director at 3mc, says: "The underwriters will help us to continue to offer the best service to our broker customer base."

  • A bad week for the HIP industry

    11 Jun 2007

    Borrowers got a reprieve last week with the Bank of England's decision not raise interest rates in June. The Monetary Policy Committee froze the base rate at 5.5% - and a good job too for many people.

  • A&L advertising claim for B2L product is misleading

    11 Jun 2007

    I would like to draw attention to a lender's misleading advertising and marketing.

  • A&L appoints new CEO

    13 Jun 2007

    Alliance & Leicester has appointed David Bennett - formerly group finance director at A&L - as its new chief executive officer.

  • A&L launches mortgage range

    13 Jun 2007

    Alliance & Leicester has unveiled its latest range of prime, self-cert, near prime and buy-to-let mortgage deals.

  • A&L reports £1bn mortgage lending

    13 Jun 2007

    Alliance & Leicester has reported prime residential net mortgage lending was around £1bn in Q1 2007 giving it a 3.9% share of the UK market.

  • Abacus Permanent appoints new head of sales

    15 Jun 2007

    Abacus Permanent has appointed Gavin Treacy as its new head of sales.

  • Accord launches remortgage range

    14 Jun 2007

    Accord has launched a range of remortgage products in association with eConveyancer.

  • Advantage tweaks self-cert criteria

    11 Jun 2007

    Advantage has changed the criteria for its self-cert products. First-time buyers will now have access to an increased LTV of up to 90%.

  • AMI will help brokers benefit from HIPs

    11 Jun 2007

    Now that a few weeks have passed since the phased implementation of Home Information Packs from August 1 was announced, it is time to reflect on what this will mean for brokers.

  • Are the main sourcing systems flawed when it comes to sub-prime products?

    11 Jun 2007

    Our experts are split, with one arguing systems are well suited to the specialist market and the other saying their technology can't cope

  • AToM to launch IVA

    11 Jun 2007

    All Types of Mortgages is set to launch the AToM individual voluntary arrangement.

  • AVMs in 25% of sales by 2011

    11 Jun 2007

    The Council of Mortgage Lenders predicts that automated valuation models will be used for a quarter of house sales by 2011.

  • Bank opens Mallorca branch

    11 Jun 2007

    Banco Halifax Hispania has opened a branch in Mallorca. The bank, which has 21 branches across Spain, will open other branches away from the mainland this year, in the Canary Islands and Menorca.

  • Barclays could sell Firstplus

    11 Jun 2007

    Barclays has reportedly put its Firstplus loans business up for sale.

  • Base rate game's winners and losers

    11 Jun 2007

    The Bank of England must be breathing a sigh of relief. It seems that four interest rate rises in 10 months are at last getting through to the public.

  • BDM of the Week

    11 Jun 2007

    Mark Bell-Langford delivered the goods for us when no-one else could - and it wasn't even his case. Northern Rock should use him as an example for others to follow, says Martyn Richards

  • Beacon appoints compliance head

    11 Jun 2007

    Beacon Group has appointed Bruce Collins as group compliance manager. He most recently worked as head of compliance at MD Nationwide.

  • Beacon appoints sales director

    11 Jun 2007

    Beacon Homeloans has appointed Clive Willson as sales director.The sub-prime lender has also appointed Beverley Morris as head of sales.Andrew Townsend, group managing director at Beacon, says: I am delighted to announce Clive and Bevs appointments to these roles within Beacon Homeloans. They have both contributed enormously to the development of Beacon Homeloans, and am sure we will see this continue going forward.

  • Big banks eye equity release

    11 Jun 2007

    In Retirement Services predicts that major high street equity release propositions are just around the corner and could pose a threat to brokers.

  • Bill Warren quits Complete for RAMP

    13 Jun 2007

    Bill Warren has quit Complete Mortgage & Loan Services to join the Regulatory Alliance of Mortgage Packagers to head up its association member proposition.

  • BoS launches five B2L deals

    11 Jun 2007

    Bank of Scotland has launched five buy-to-let products with rental income calculations based on 100% of the initial product pay rate. The range includes a two-year tracker at base rate plus 0.21% and a two-year fix at 5.99%, both with LTVs of 85%.

  • BoS offers clients help after data leak

    11 Jun 2007

    Bank of Scotland is offering 62,000 customers free registration with an anti-fraud service after a CD containing details of two-thirds of its customers' mortgage accounts was lost in the post.

  • Brokers confident about coming year, says Paragon

    11 Jun 2007

    Brokers’ exectations for growth in mortgage business over the next year remain strong despite interest rate rises, research by Paragon Mortgages reveals.

  • Brokers could save 30 minutes an application, says BM

    12 Jun 2007

    Mortgage brokers could save 30 minutes per application when lenders' online sites are linked to a sourcing system, says BM Solutions.

  • Brokers offer clients value for money

    11 Jun 2007

    Kevin Paterson takes a weekly look at the latest developments in the market and brings you what's hot and what's not in the world of mortgages

  • Brokers secure second charge future

    11 Jun 2007

    Growing numbers of brokers are offering secured loans advice and this trend is set to continue. They can win more commission and clients will benefit - what's not to like, asks Sally Laker

  • Builders to bid for eco-village pilot

    11 Jun 2007

    House builders are set to bid for the right to build the first of five prototype eco-villages ahead of Gordon Brown's plans for five zero-carbon towns.

  • Buyer enquiries stabilised in May, reports RICS

    14 Jun 2007

    House price inflation slowed in May, but buyer enquires stabilised in spite of the May interest rate rise, the Royal Institution of Chartered Surveyor’s UK housing market survey reveals.

  • Buy-to-let warning for novice landlords

    11 Jun 2007

    Reports of growing turbulence in the buy-to-let market abound. Should we be concerned, or is the underlying business proposition still robust?

  • Case highlights broker disclosure

    11 Jun 2007

    The Finance Trading Standards Association is seeking legal advice following the landmark Hurstanger case. Hurstanger came under the spotlight when borrower Delroy Wilson went into arrears. Wilson claimed his original contract was void because a £240 payment from lender to broker was not disclosed. The Court of Appeal ruled that brokers must disclose commission.

  • Cheshire sues Dunlop Haywards over commercial fraud claims

    11 Jun 2007

    The Cheshire is suing chartered surveyors, Dunlop Haywards, for £9m following an investigation into alleged fraud by the company’s former head of valuations Ian McGarry.

  • Click appoint NASA boffin as web chief

    12 Jun 2007

    Click has appointed ex-NASA researcher Trevor Tsang as its web development manager.

  • Commercial First appoints sales manager

    13 Jun 2007

    Commercial First has appointed Tom Clark as regional sales manager for its South Central region.

  • Commercial First system to offer online DIPs

    11 Jun 2007

    Commercial First has unveiled a system that allows brokers to calculate affordability, get quotes, track cases and get decisions in principle online.

  • Commission creates conflict of interest

    11 Jun 2007

    Most brokers are honest and do things by the book, but the existence of commission means their interests do not always align with those of the clients they serve, says Paul Lewis

  • Comparison site flotation imminent

    11 Jun 2007

    The flotation of Moneysupermarket. com is imminent now that a silent 48% shareholder has been bought out, a source in the company reveals.

  • Confidence in property prices low, says propertyfinder.com

    15 Jun 2007

    Forecast annual UK house price growth is at its lowest level this year, the most recent research by propertyfinder.com reveals. It also found the extent to which people expect house prices to rise fell in June to just below 5%, down from over 6% in May. The main cause for the shift in peoples expectations is the May rate rise, as well as the well publicised probability of a further hike to 6% before the end of the year, with 88% of people stating that a further cooling ...

  • Connells appoints mortgage recruitment manager

    13 Jun 2007

    The Connells Group has appointed Georgina Morley as mortgage services recruitment manager. Morley has been appointed to supervise all mortgage services vacancies throughout the company.

  • Constant product changes have wasted my time

    11 Jun 2007

    I met a new client on May 29 at 4.30pm and we agreed to make a remortgage application to a high street lender for a fixed rate product with all the trimmings at 5.64%.

  • Consumers can cash in on compensation, says FSCS

    12 Jun 2007

    The Financial Services Compensation Scheme says consumers can claim up to 48,000 if they lost money through any of the 22 firms it recently declared in default.

  • Coventry unveils offset tracker deal

    11 Jun 2007

    Coventry has launched an offset tracker mortgage through brokers. Key features include a Flexx base rate tracker plus 0.1% until June 30, free valuations and no early repayment charges.AMPD picks trading platforms The Alliance of Mortgage Packagers and Distributors plans to use two technology platforms, Techlinx and Invent, for its members.

  • Cover

    11 Jun 2007

    Arrangement fee options are producing more product variety but making deals harder for brokers to explain to their clients, says Stephanie Spicer

  • Cunning HIP plan was fatally flawed from the beginning

    11 Jun 2007

    I'd like to congratulate you on the 'A-Z of HIPs' cover story in the May 28 issue of Mortgage Strategy. Since they were first mooted, Home Information Packs have been poorly thought out.

  • CurriculumVitae:Tim Anson

    11 Jun 2007

    "My mobile ringtone is the theme tune from Bullseye - perhaps it's some sub-conscious link to hitting lending targets."

  • Cyber mortgages there for the taking

    11 Jun 2007

    The technology is ready to drive e-commerce mortgages for clients but the industry is being slow on its uptake. However, it's only a matter of time before the revolution comes, says Frank Eve

  • Dangerous road to client irresponsibility

    11 Jun 2007

    There was a time when marketers' jobs were uncomplicated. Having designed products for particular markets there was seldom criticism if sales exceeded the ex-pected volumes.

  • Dark days ahead for housing market warns Lib Dems

    12 Jun 2007

    The Liberal Democrats have warned that any future rate rises will lead to a national housing crisis.

  • DB launches fixed and tracker deals

    11 Jun 2007

    DB Mortgages has launched a series of two-year trackers and two and three-year fixed rates. The two-year fixes start at 6.05% with an early repayment charge of 6% and the three-year fixes start at 5.95% with an ERC of 6% in the first three years.

  • DCLG offers £100 incentive for early HIP purchase

    12 Jun 2007

    The first 5,000 home owners to commission a Home Information Pack before August 1 will receive £100 plus VAT off the cost of an Energy Performance Certificate.

  • Dear Delia

    11 Jun 2007

    Dear Delia My client is looking to buy his first buy-to-let property. The purchase price is 185,000 and he has a 20% deposit, but he needs to make an offer quickly to secure the sale. He intends to build a buy-to-let portfolio and is looking for a lender he can form a long-term relationship with. Although he is conscious of rates he doesn't want to remortgage his portfolio every couple of years. What are his options?

  • Demand outstrips supply in rented sector, says ARLA

    12 Jun 2007

    Demand for rental properties seriously outstripped supply during the three months to the end of May, research from the Association of Residential Letting Agents reveals.

  • Do you trust your bank when it comes to monitoring your finances?

    11 Jun 2007

    Two weeks ago, lenders came under fire after Labour MP Jim Cousins accused them of making too many errors with borrowers' repayments. Auditing firm BankCheck scrutinised 30 mortgage accounts and found they all contained mistakes in the bank or building society's favour.So this week Mortgage Strategy asks: Do you trust your bank when it comes to monitoring your finances?

  • Don't expect any regulatory dividend

    11 Jun 2007

    Brokers will save money on regulatory fees this year, but this isn't the promised dividend. Call me cynical, but it isn't likely to be delivered any time soon, says Rob Griffiths

  • Don't let the taxman spoil the B2L party

    11 Jun 2007

    If you are involved in the buy-to-let market, you could be forgiven for feeling confused. Is Revenue & Customs planning a crackdown or not? Some recent reports stated that landlords who don't declare their income or claim too much tax relief could face big bills from the taxman.

  • Dring's efforts at spin would be welcomed in Whitehall

    11 Jun 2007

    I had to chuckle at Alan Dring's article headlined 'Muddled thinking on HIPs must end' (Mortgage Strategy June 4). Talk about spin. Is he auditioning for a place in Gordon Brown's government?

  • Dropping rental cover is a gamble

    11 Jun 2007

    When specialist lenders create products to cater to hitherto unrecognised niche markets they are increasing their volumes through innovative business practice. And when interest rates rise and volumes dip, lenders are tempted to loosen their criteria to sustain volume.

  • E2M calls for clearer HIP implementation timetable

    12 Jun 2007

    Easier2move has called on the government to introduce a clear timetable for the roll-out of Home Information Packs in order to restore market confidence in the future of the legislation.

  • E2M links up with GHL

    12 Jun 2007

    Easier2move has linked up with mortgage network GHL Group to provide its members with conveyancing services.

  • Edeus agrees funding deal with Deutsche

    11 Jun 2007

    Edeus has struck a funding deal with Deutsche Bank.

  • Edeus appoints credit quality director

    11 Jun 2007

    Edeus has appointed a director of collections and recovery to ensure its cre-dit quality remains good.

  • Edeus launches fixed rate range

    14 Jun 2007

    Edeus has launched a range of two-year fixed rate products available across its sub-prime, self-cert, and income buy-to-let ranges.

  • em- to launch free SPML legals

    11 Jun 2007

    Mortgage packager em- is to launch free legals on all Southern Pacific Mortgage Limited sub-prime remortgages across England and Wales from Monday June 10.

  • Emoffer through DB Mortgages

    11 Jun 2007

    em-financial has launched a free valuation and no application fee offer across DB Mortgages' product range. It is available in England and Wales only and includes unlimited products up to 85% LTV.

  • Employment rate drop shock

    13 Jun 2007

    Employment rates have dropped surprisingly in the three months up to April this year.

  • Ensure your clients' parachutes work

    11 Jun 2007

    It's conference season - always a great opportunity to get feedback from financial advisers. Over the past few weeks, I've spoken at a couple of events about important improvements in clarity resulting from the Association of British Insurance's statement of best practice for critical illness cover which came into effect at the end of last month.

  • Equity release BDM appointment

    11 Jun 2007

    Equity Release Solutions has appointed Mike Lewis as business development manager. Lewis was previously equity release operations manager at NHFA Care Fees Advice.

  • Equity release can help the elderly

    11 Jun 2007

    National Carers' Week is a good time for brokers to highlight the role equity release can play in helping people live more comfortable lives in their own homes in retirement, says Jayne Almond

  • Equity release kiosks are a bad idea

    11 Jun 2007

    Last week I wrote about the need for the mortgage market to open its eyes to the potential of IT. But this must not be done at the expense of the quality of advice. The last thing the market needs is for borrowers to be disadvantaged by firms looking for short-term commercial gain.

  • Expo feedback demanded presence of missing lenders

    11 Jun 2007

    In my review of the Mortgage Business Expo Manchester in the May 28 issue of Mortgage Strategy, I made reference to the delegate feedback we collected at the event, which took place on May 16 and 17.

  • Fee-free products added by Godiva

    11 Jun 2007

    Godiva Mortgages has launched two fee-free products in its buy-to-let and self-cert ranges.

  • Former Beacon director joins TFC

    11 Jun 2007

    Brian Pitt has joined TFC to help it prepare for the next stage of its development in the distribution market. He was formerly a director at Beacon Homeloans and a consultant at Kensington Mortgages.

  • Fraud arrest may hit Spanish loans

    11 Jun 2007

    One of Spain's largest banks is believed to have frozen non-residential mortgage applications after one of its introducers was arrested for mortgage fraud.

  • Freedom appoints three BDMs

    11 Jun 2007

    Freedom Lending has appointed Louise Hulme, Martin Faulkner and Simon Moss as business development managers.

  • Freedom launches two-year self-cert tracker

    13 Jun 2007

    Freedom Lending has launched a two-year discounted self-cert tracker mortgage available exclusively via Mortgage 2000.

  • FSA fines IFA firm Kilminster

    11 Jun 2007

    The Financial Services Authority has fined Kilminster Financial Management, a network of independent financial advisers, £42,000 for management and complaints handling failings from January 1 2004 to August 23 2006.

  • FSA has its beady eye on DA firms

    11 Jun 2007

    The regulators keep tabs on directly authorised firms in many subtle ways so this should not be seen as a soft option compared with appointed representative status, says Bill Warren

  • FSA to hold free surgeries in July

    11 Jun 2007

    The Financial Services Authority is offering free surgeries for financial advisers, mortgage and general insurance brokers. They will take place in Cheltenham on July 17, Gloucester on July 18 and Swindon on July 19.

  • FTBs ignorant of property legalities

    11 Jun 2007

    First-time buyers are in the dark when it comes to the legal issues surrounding property purchases, AA Le-gal Services warns.

  • GEMHL doubles sales team

    13 Jun 2007

    GE Money Home Lending has doubled its sales and underwriting teams, as well as launching buy-to-let products to its portfolio.

  • GEMHL launches BTL range

    14 Jun 2007

    GE Money Home Lending has launched a range of buy-to-let products.

  • Get on the secured loans bandwagon

    11 Jun 2007

    We are fortunate to work in a financial services market that is one of the most innovative and competitive in the world. Constant development means that borrowers can benefit from more tailored products to meet their requirements.

  • Get together to beat the fraudsters

    11 Jun 2007

    Fraud is present in our industry and we cannot ignore it. Whether it be identity fraud, address fraud or application fraud, it's out there. And an alarming set of figures recently published by the fraud prevention service, CIFAS, shows a dramatic increase in the past year.

  • GHL and Salt offer 250 refund on application fees

    11 Jun 2007

    GHL Group has teamed up with Salt to celebrate six months of having the lender on its panel, by offering applicants a 250 refund on application fees, free legal fees and fre surveys on all remortgages.

  • GHL appoints head of IT

    15 Jun 2007

    GHL Group has appointed Mike Taylor as head of IT to help steer the network's focus on e-commerce.

  • Good news for equity release clients

    11 Jun 2007

    Some welcome news this week from Prudential, which has announced that it is dropping the interest rate on its standard lifetime mortgage product with immediate effect.

  • Green claims for EPCs are fatuous

    11 Jun 2007

    I have to admit that I've not been particularly green in the past. Bottles, papers, tins, food waste - landfill the lot. And in the garden, bonfires, barbecues and patio heaters have always been de rigeur in our household.

  • Halifax washed its hands of hitting first-timer with HLC

    11 Jun 2007

    I would like to bring to the attention of all mortgage brokers an unfair experience I recently had with Halifax.

  • Head start

    11 Jun 2007

    Mandy Spink was involved in the regulation of the mortgage market from the start, which puts her in an ideal position to succeed in her new role as head of mortgages and credit unions at the FSA, she tells Clare Bettelley in her first mortgage industry interview

  • Help is at hand

    11 Jun 2007

    Networks were designed to help small firms cope with regulation and recent FSA findings underline their growing importance, says Gemma Harle

  • Henry to head up Money Partner’s secured loan team

    12 Jun 2007

    Money Partners has appointed Adam Henry as director of secured lending, following a reveiw of its broker business.

  • High Street Home Loans will maintain fixed rates

    11 Jun 2007

    High Street Home Loans has pled-ged to maintain its fixed rate deals even if swap rates continue to rise.

  • HIPs, IDDs and housing confusion

    11 Jun 2007

    The first six months of the year have been a hive of activity in the mortgage market, with confusion over HIPs and IDDs making life difficult for us professionals, says Sue Read

  • Hipstar chief executive quits

    11 Jun 2007

    Hipstar's chief executive Stephen Maskens quit the company last week at the same time as 40% of its staff were given the chop.

  • Hitachi launches direct-to-consumer website

    15 Jun 2007

    Hitachi Capital has launched a website that enables brokers to sell mortgage payment protection insurance direct-to-consumers. Richard Amphlett, head of business development at Hitachi Capital, says: “The mortgage payment protection insurance market, especially for those products sold by lenders, is still having a rough time”

  • Home Inspector Forum hijacks straw poll but readers still want HIPs dumped

    11 Jun 2007

    Despite a home inspector website hi-jacking last week's straw poll, 51% of Mortgage Strategy Online readers still voted for Home Information Packs to be scrapped.

  • Hometrack and Trigold complete 15,000 valuations

    12 Jun 2007

    Hometrack and Trigold reveal they have completed 15,000 valuations in the first month since instant property valuations have been available through the sourcing system.

  • House price inflation up in April, says DCLG

    11 Jun 2007

    Annual house price inflation rose in April to 11.3% from 10.9% in March, statistics from the Department for Communities and Local Government reveal.

  • House price slowdown in May

    11 Jun 2007

    In May, UK house prices grew at their slowest rate this year, research from Halifax reveals. The lender found that prices rose by 0.3% in May compared with 1.1% in April. May was the third month in a row growth has slowed.

  • How lenders cater for foreign investors

    11 Jun 2007

    The UK economy is strong and the property market is providing excellent returns for investors. The buy-to-let market is becoming increasingly attractive not only to British landlords but also to foreign investors.

  • IF offers five-minute decision in principal via mform.co.uk

    12 Jun 2007

    Intelligent Finance is to offer a five-minute online decision in principal via mform.co.uk.

  • IFS School of Finance calls on brokers to take TCF qualification

    11 Jun 2007

    The IFS School of Finance has called on financial advisers to consider gaining a qualification in Treating Customers Fairly to ensure they meet the Financial Services Authority’s expectations.

  • In this day and age, seven-day backlogs are unacceptable

    11 Jun 2007

    We have lenders extolling the virtues of their online instant this and instant that and how they benefit consumers. So why then do we get to the spring and summer months and still see major len-ders with seven-day backlogs?

  • Infinity launches income calculator

    11 Jun 2007

    Infinity has launched an affordability calculator to allow brokers to determine the borrowing potential of their clients. Brokers can choose between affordability or income multiples on full status applications

  • Inflation slows to 2.5% in April

    12 Jun 2007

    The Consumer Price Index - the government’s measure of annual inflation - fell to 2.5% in May from 2.8% in April.

  • ING offers deals through mform

    11 Jun 2007

    ING Direct is offering its products via mform.co.uk. It is one of the first lenders to offer online mortgages directly through the website and customers will have the option to link directly with the lender's customer service teams.

  • Interest payments hit 15 year high

    12 Jun 2007

    Two interest rate rises so far this year have pushed up mortgage interest payments for first-time buyers to their highest levels for 15 years.

  • Irish landlords favour UK B2L

    11 Jun 2007

    The Republic of Ireland's buy-to-let market is on the verge of meltdown due to its landlords favouring UK investments, an Irish broker has warned.

  • IVA firm fails to gag watchdog over TV ads

    11 Jun 2007

    Debt Free Direct's att-empts to delay the Advertising Standards Authority's publication of complaints about its TV advertising have bombed.

  • IVA firm halts trading on AIM

    11 Jun 2007

    "Tragedy" was the word used by both the ex-chief executive of the Debt Advisor Group and former employee Ruth Badger as the firm suspended trading of its shares on the Alternative Investment Market last week.

  • IVA protocols due in 2008

    11 Jun 2007

    The British Bankers' Association is in the final stages of establishing a set of protocols to help improve the image of the individual voluntary arr-angement sector.

  • Kensington appointment

    11 Jun 2007

    Emma Burke has quit as marketing manager at BM Solutions to join Kensington Mortgages as head of branded communication.

  • Kensington share price drops

    11 Jun 2007

    Kensington Group's share price dropped to 463p late last Friday, following Investec making an acquisition offer for the company two weeks ago. The Investec offer values Kensington share at 519.5p each and the lender's overall value at about £283m.

  • KGB launches broker helpline

    11 Jun 2007

    KGB Packaging has announced the launch of its sub-prime helpline for brokers.

  • Kirwan scores head of protection job at the ABI

    13 Jun 2007

    Mortgage Strategy columnist Nick Kirwan is to take over from Richard Walsh as head of health and protection insurance at the Association of British Insurers.

  • KRS to take on 50 advisers

    11 Jun 2007

    Key Retirement Solutions is expanding its adviser workforce. It plans to increase its sales by more than 20% during 2007 and is looking to recruit a minimum of 50 advisers over the next 12 months.

  • Leave sub-prime deals to the experts

    11 Jun 2007

    Clive Briault, managing director of retail markets at the Financial Services Authority, re-cently gave a speech at the Building Societies Association that struck a chord with me.

  • Leeds offers three-year Scottish shared ownership deal

    13 Jun 2007

    Leeds has launched a 6.99% fee free three-year fixed rate shared ownership mortgage for properties in Scotland.

  • Lehmans appoint head of product development

    11 Jun 2007

    Lehman Brothers’ Mortgage Capital has appointed Mike Cook as head of product development.

  • Lender to look into GI blackmail claim

    11 Jun 2007

    Abbey has launched an investigation into accusations that its BDMs are blackmailing brokers into using its general insurance.

  • Lenders unlikely to play ball with service standard records

    11 Jun 2007

    In response to Prabjit Singh's letter (Mortgage Strategy May 21), while I applaud his sentiments, I can see one significant problem with his suggestion that sourcing systems record len-ders' service standards. Which lenders would provide accurate data for such a proposal? Would they be willing to publicly acknowledge their turnaround times are getting worse? I doubt it. Gordon Steyn Director of eCommerce Enterprise Group By email

  • Lib Dems predicts wider rate impact

    11 Jun 2007

    The Liberal Democrat Party has warned that more than the predicted one million home owners could be affected by rising interest rates. It criticises the government for abandoning home owners faced with mortgage repayment hikes brought on by base rate increases.

  • Lib Dems urge reform in MPC appointments

    14 Jun 2007

    The Liberal Democrat Party has called on the government to go further in its reforms of Bank of England’s Monetary Policy Committee appointments.

  • LMS says RICS has its head in the sand over HIPs

    15 Jun 2007

    LMS has hit out at the latest statement from the Royal Institution of Chartered Surveyors, saying it has “its head in the sand” over Home Information Packs.

  • Loft conversions the best way to boost home values

    11 Jun 2007

    Fitting a new kitchen or bathroom is not the most cost-effective way for consumers to increase their properties' value, research from GE Money Home Lending has found.

  • Market Harborough appoints new CEO

    12 Jun 2007

    Market Harborough has appointed Mark Robinson as its new CEO, replacing Philip Dearing who announced his departure in February to join Mutual One.

  • Marketwatch

    11 Jun 2007

    Swaps continued to surge last week. All the swap rates I record are now above 6%. Although they fell back slightly on Tuesday, they still finished significantly higher. It will be interesting to see if they fall a bit following the most recent base rate announcement. One-year swaps are factoring in three more base rate rises, which I think is unlikely.

  • Me & My Car

    11 Jun 2007

    My love of Porsches started young and as soon as I developed love handles and went bald I rushed out and bought a Carrera 4S. It's met my expectations in every way, says Paul Bar

  • Merrilly Abbey after for Prust

    11 Jun 2007

    Merrill Lynch and Abbey are rumoured to have signed a deal to jointly back the new lender being formed by the ex-SPML dream team.

  • MI online service offers ARs customised websites

    11 Jun 2007

    Mortgage Intelligence has launched an online service that gives its app-ointed representatives the chance to have customised websites.

  • Moneynet.co.uk warns of pitfalls of 'mates mortgages'

    14 Jun 2007

    Moneynet.co.uk is urging consumers to check their credit histories and those of their co-buyers before entering into a so-called ‘mates mortgage’ deal.

  • Moneysupermarket.com unveils recruitment drive

    15 Jun 2007

    Moneysupermarket.com has revealed plans to double its mortgage consultancy team.

  • More Finance buys a tree for every new mortgage

    13 Jun 2007

    Mortgage and loans brokerage More Finance has launched an initiative to buy a tree for every new mortgage and secured loan that completes in June and August.

  • Mortgage Next is not practising what Tomlinson has been preaching

    11 Jun 2007

    I'm an appointed representative of Mortgage Next and feel Justine Tomlinson makes a lot of sense about the industry in which we work. But in her letter headlined 'Richard, network size doesn't matter as much as quality' in the May 28 issue of Mortgage Strategy, she commented on her own network from an aspirational rather than a realistic point of view. Some of her comments may be based on what her management and field staff are relaying to her, but they're not all accurate.

  • MPC warns of further rate rises

    12 Jun 2007

    The Monetary Policy Committee has sparked further fears of a housing market slowdown after Mervyn King, governor of the Bank of England, warned of more rate rises before of the end of 2007.

  • MT launches Payam's Prizes

    12 Jun 2007

    The Mortgage Times Group has launched a monthly prize initiative called Payam’s Prizes.

  • My Mortgage Direct to launch Portuguese deal

    14 Jun 2007

    Real estate agent Noscasa and mortgage broker My Mortgage Direct have teamed up to launch a deal for home buyers looking in buy property in Cape Verde

  • Nemo rewards loyal clients

    11 Jun 2007

    Nemo Personal Finance is launching a loyalty scheme called Quarterback. Clients who take out secured loans over a period of 10 years or more will get 25% of the interest back.

  • Networks can help in a flat market

    11 Jun 2007

    It is becoming apparent that a combination of high consumer debt and rising interest rates are leading to a flatter housing market.

  • NR ups rates by up to 0.2% across range

    13 Jun 2007

    Northern Rock has increased its rates across its entire residential and buy-to-let range by up to 0.2% in response to rising swap rates.

  • NU ads promote use of advisers

    11 Jun 2007

    Norwich Union has launched a consumer print and broadcast advertising campaign for its equity release proposition. The campaign encourages consumers to take advice on their retirement finances prior to considering equity release. The campaign has been aired on Channel Five and will be rolled out across all terrestrial commercial and selected satellite channels.

  • OEA passes 10,000 member mark

    11 Jun 2007

    There has been a huge increase in the number of residential estate agency offices in England and Wales covered by the Ombudsman for Estate Agents scheme. The Ombudsman for Estate Agents has seen its membership rise by more than 2,500 since the beginning of the year.

  • Online portal to educate brokers

    11 Jun 2007

    The Commerce Centre has launched an online portal to educate brokers and provide them with commercial and bridging finance.

  • Optoma parts ways with B&W

    14 Jun 2007

    Optoma Broker Solutions has removed Bristol & West Mortgages from its packaged panel by mutual consent with the lender.

  • Out of date deals slammed

    11 Jun 2007

    A broker has slammed Tri-gold for sourcing out of date products.

  • Owners reluctant to switch deals

    11 Jun 2007

    The average home owner would not switch mortgage deals unless they could save 113 a month, research by Sesame reveals.

  • Packager Power

    11 Jun 2007

    Given Gordon Brown's intention to build five eco-towns, are we likely to see a change in house building? And, as some lenders promote green loans, will we see sections of packagers' panels dedicated to this type of lending?

  • Paul Hunt quits Platform to join Lehman

    15 Jun 2007

    Paul Hunt has been appointed as director of marketing at Lehman Brothers’ Mortgage Capital division beginning in September.

  • Pink extends secured loans commission offer

    11 Jun 2007

    Pink Home Loans has extended the end date on its secured loans commission enhancement campaign until the end of August.

  • Planning rules could stall loft conversions

    11 Jun 2007

    A government planning White Paper has been blasted by the Federation of Master Builders for potentially scuppering two-thirds of planned loft conversions.

  • Platform appoints risk director

    13 Jun 2007

    Platform has appointed Alexia Antoniou as director of risk and compliance.

  • PMPA unveils BM Solutions trackers

    11 Jun 2007

    The Professional Mortgage Packagers Alliance has unveiled three buy-to-let tracker products from BM Solutions.

  • PMPA unveils near-prime fix

    11 Jun 2007

    The Professional Mortgage Packagers Alliance has launched a near-prime two-year fixed rate of 5.79% from Preferred. The product is available for purchase only up to 80% LTV and is fixed until September 1 2009. There is no self-cert loading, no higher lending charge, and an arrangement fee of 1% applies.

  • Praxis staff go green

    11 Jun 2007

    Staff at Praxis have made pledges to help the environment such as printing out fewer emails and using stairs instead of lifts. The packager hopes to achieve the ISO14001 environmental standard.

  • Property website to take on Rightmove

    14 Jun 2007

    A new property website is hoping to take on the likes of Rightmove and revolutionize the way estate agents market and sell their properties online.

  • Radio guru underlines dangers of commission

    11 Jun 2007

    Consumer champion Paul Lewis, presenter of Radio 4's Money Box programme, has further clarified his position on mortgage brokers who receive commission and charge fees.

  • RBS union confirms redundancies will hit management

    11 Jun 2007

    The union Amicus has confirmed that some of the 30 staff offered voluntary redundancies at Royal Bank of Scotland Intermediary Partners are middle management staff.

  • RBSIP denies it needs to restore BDM balance

    11 Jun 2007

    Royal Bank of Scotland Intermediary Partners has denied that voluntary re-dundancies have been off-ered to staff in a bid to balance middle management and business development managers.

  • RBSIP introduces new rates to First Active range

    11 Jun 2007

    RBS Intermediary Partners will be introducing new rates to its First Active fixed rate products. The new rates will include a two-year fixed rate deal which will only be available online at 5.99% with a 699 arrangement fee. For all First Active residential remortgage products there are no basic legal or valuation fees. Overpayments of up to 10% of the original balance per annum are allowed during the initial deal period and a higher lending charge may apply.

  • Review tax laws, says NLA

    11 Jun 2007

    The National Landlords Association is urging the government to review taxation in the private rented sector following reports that Revenue & Customs is targeting 80,000 buy-to-let landlords who may have claimed too much tax relief. The NLA says that because the government department al-ready has the rental sector in its sights and given its importance tothe economy and the mobility of labour, this would be a good time to review tax laws and the tax relief on offer.

  • RICS' arms-length regime unveiled

    11 Jun 2007

    The Royal Institution of Chartered Surveyors has simplified its rules under a new arms-length regime. All RICS firms holding client money will be subject to accounts inspections every three years. Firms with problems will be visited more frequently.

  • RICS faces an internal revolt over HIP stance

    11 Jun 2007

    The Royal Institution of Chartered Surveyors is facing an internal revolt from members unhappy with the way it derailed the introduction of Home In-formation Packs.

  • Skipton appoints Peter Hales as non-executive director

    15 Jun 2007

    Skipton has appointed Peter Hales as a non-executive director.

  • Spinnaka appointment

    11 Jun 2007

    Darrell Scholes has joined surveying firm Spinnaka's management team. Previously he was head of corporate relationships at Ashdown Lyons and spent seven years as a board director with All Types of Mortgages. His responsibilities will include managing Spinnaka's client relations team.

  • Sub-prime definitions no easy task

    11 Jun 2007

    The Council of Mortgage Lenders plans to simplify sub-prime labels, but with lenders' differing attitudes to risk and understanding of adverse, the devil will be in the detail, says Katie Tucker

  • Swift launches summer bonus

    12 Jun 2007

    Swift Advances has launched a summer bonus for intermediaries with an additional 1% being paid on completed unregulated secured loan cases until the end of July.

  • TBMC heralds record results for second month running

    12 Jun 2007

    The Business Mortgage Company has seen record results for the second month running, with £350m worth of applications in May.

  • The FSA will probe private equity risks

    11 Jun 2007

    The Financial Services Authority will continue to probe the risks posed by private equity of market abuse and conflicts of interest.

  • The HBOS iron fist loses its grip

    12 Jun 2007

    A pre-close trading statement from HBOS reveals that the lending giant’s retention scheme has not delivered the anticipated results.

  • The Mortgage Mole

    11 Jun 2007

    Digging the dirt in the mortgage world...

  • Things are falling apart and PPI refunds remain unfair

    11 Jun 2007

    Is it just me or are things getting worse? We are seeing weekly changes to fixed rates as lenders do headless chicken impressions every time the Bank of England tosses a coin over the base rate.

  • This Week's Dilemma

    11 Jun 2007

    All our team leaders and managers are busy and seem to be working harder than ever to hit our business targets. So why are we expected to add to this heavy workload by having to have so many appraisals with team members? Some of us have up to 10 of them to do a week and they take up so much time when we have more pressing things to do. Is this really my job or a are we merely keeping HR happy?

  • Time to sell conveyancing services

    11 Jun 2007

    The latest figures from the Bank of England seem to indicate that its interest rate medicine is starting to work. Mortgage approvals in April fell to a 12-month low of 107,000 - down from 111,000 in March and the third monthly decline in a row.

  • Time-strapped Brits opt for home help

    11 Jun 2007

    New research from Barclays reveals that almost one in 10 households currently employ at least one person and 27% have or are considering employing staff to help out with domestic work or chores.

  • Title Deed: Astra Mortgages

    11 Jun 2007

    Deciding on a name for Norwich and Peterborough's dedicated buy-to-let lender was not an easy job. Several factors had to be considered before the id-eal moniker could be chosen.

  • TML appoints affinity head

    11 Jun 2007

    The Mortgage Lender has appointed Jeff Caiger as head of affinity partners. He joins from Hamilton Direct Bank and previously worked for LloydsTSB.

  • TML developing 50-year term mortgage

    12 Jun 2007

    The Mortgage Lender says it is in talks with an unnamed lender about developing and launching a 50-year mortgage.

  • TMW expands the 100% LTV range

    14 Jun 2007

    The Mortgage Works is launching three mortgages in the 100% mortgage portfolio.

  • TMW increases LTV on BTL range

    14 Jun 2007

    The Mortgage Works has increased the maximum LTV for non-status rental calculations from 70% LTV to 75% LTV on all buy-to-let products.

  • TMW signs up to Trigold’s ENC module

    13 Jun 2007

    The Mortgage Works has signed up to Trigold’s Enhanced Non-Conforming sourcing module.

  • Trigold's product list is five days out of date

    11 Jun 2007

    I've been arranging mortgages for 35 years and have used Trigold for over 10 years. But I was recently informed by a member of staff in its product department that Trigold's product list is five days out of date.

  • US street gangs take to mortgage fraud

    11 Jun 2007

    The FBI has revealed that street gangs have begun committing mortgage fraud in the US.

  • Veterans win final with Square Mile manager

    11 Jun 2007

    Steve Smith, director at Square Mile Mortgage Fin-ance, (pictured far left) celebrates victory with his veteran football side, the Manor Athletic Vets.

  • Voltrex launches online foreign exchange service

    11 Jun 2007

    Voltrex has launched an online foreign exchange service for private individuals.

  • Warning on NI housing shortage

    11 Jun 2007

    Derek Wilson, chairman of the Council of Mortgage Lenders Northern Ireland, has urged the newly-formed Northern Ireland Assembly to tackle the shortage of affordable homes in the province. The CML says first-time buyer levels in Northern Ireland are at their lowest for 26 years and that in the past 10 years, house prices have trebled.

  • WAY warns on IHT rules abroad

    15 Jun 2007

    Confusion surrounding Inheritance Tax rules in France and Spain could disadvantage thousands of expatriate Britons living in these destinations, warns WAY Group.

  • We're not a sect and we're not secretive, says Opus Dei

    11 Jun 2007

    Mortgage Strategy recently published a cartoon with a caption describing Opus Dei as 'ultra-secretive' and a 'Catholic sect' (May 28).

  • When doing good is good for business

    11 Jun 2007

    You can't help but feel a warm glow inside when businesses show their caring sides. Companies that you might normally consider to be profit-hungry wolves prowling the high street for consumer prey roll over on their backs like family pets, display their soft underbellies and pant as their tummies are tickled by the publicity that comes from doing good.

  • Woolwich aims to exploit prime niches

    11 Jun 2007

    Woolwich is making a marked effort to rejuvenate its position in the lending market and its strategy is showing signs of success.

  • YBS commits £100m to OMHB

    11 Jun 2007

    Yorkshire says it has committed over £100m to the Open Market Homebuy scheme since its launch last October.

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