Mortgage Strategy
11 March 2002
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'Arse-kicking' on the cards for lenders warns MP
11 Mar 2002
Barry Gardiner, MP for Brent North, last week slammed dual-rate lenders during a parliamentary debate on mortgage regulation. Gardiner offered stinging criticism of dual-rate lending, saying: "The only reason why Nationwide is now doing the right thing is because on 1 March 2001 it did the wrong thing." He adds: "In effect, a mammoth fraud was perpetrated on the customers, which is only now being set right, and that reluctantly and partially." He reserved particular disapproval for ...
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£10m to help homeless find accommodation
15 Mar 2002
Thousands of homeless families are to be given the chance of a decent home under new plans announced today by Alistair Darling and Stephen Byers. Poor families will benefit from £10 million extra funding for councils to provide self-contained temporary housing rather than using bed and breakfast accommodation. Work and Pensions Secretary Alistair Darling says: "Too often, homeless people are housed in bed and breakfast hotels. They are totally the wrong place to ...
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A nation in love with bricks and mortar Buy-to-let net advances since 1991
11 Mar 2002
Once described as a nation of shopkeepers, the UK would appear to have become a nation of homeowners. With owner-occupier rates amongst the highest in Europe, it is no wonder that the airwaves are crammed with DIY and home-makeover programmes, and that house prices have replaced the weather as the standard topic of conversation at dinner parties across the country. The state of the housing market is key to the health of the UK economy, with house prices a vital factor in underpinning ...
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Abbey condemn Big Four bank rip-off
17 Mar 2002
Nine out of 10 of the UK's 35 million current account customers don't know how much interest their bank pays them in their in-credit balance, and 98% don't know their bank's authorised overdraft rate, according to an Abbey National survey. Seven out of ten are unaware that some banks pay 30% less interest on in-credit balances than others, and three-quarters (74%) think this is "unfair and unacceptable". Six out of 10 people don't know that come banks charge as ...
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B&B launches two structured bonds
17 Mar 2002
March 20 2006 will see the launch of two competitive structured bonds by Bradford & Bingley - one for a three-year term and the other for five years.
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Banks await fate over small firms
13 Mar 2002
High street banks, which have just reported a combined profit of more than £10bn, are expected to learn this week of government plans for a package of measures aimed at improving their treatment of small businesses following a competition commission inquiry, yesterday's Guardian reported. The publication of the long-awaited findings of the commission's report into the provision of bank accounts to small businesses will end months of speculation about whether the banks ...
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Big four banks face forced cuts to profits
15 Mar 2002
The Government has accepted in full the findings and recommendations of the independent Competition Commission following its investigation into the supply of banking services to SMEs. The Commission's report, published last week, finds that a complex monopoly exists in the market and that as a result SMEs in England and Wales are being overcharged for their banking services. Chancellor Gordon Brown says:"Our starting point and guiding objective is our belief incompetition ...
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BKR add to insolvency administration team
14 Mar 2002
BKR Haines Watts Business Recovery and Insolvency have appointed Derek Winter to assist with insolvency administration and marketing. Winter has 30 years experience with NatWest, where he was senior business manager. David Clements, senior partner at the firm's Bournemouth office, says: "I have known Derek for four years and the experience he has will be a great asset to our department. He has many contacts, and is well respected amongst the business community which ...
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Budget date loopholes could save tax payers thousands
15 Mar 2002
Individuals and businesses will be able to take advantage of a rare tax-planning opportunity this April, according to national accountancy group, Hacker Young. Due to the date of this year's Budget, opportunities for tax planning will arise both before the end of the tax year (5 April 2002) and before the Budget (17 April 2002), when the new rules often take place. Clive Gawthorpe, tax partner at Hacker Young's Manchester office, says: "We seriously recommend you ...
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Campaigning for a smarter way to network
11 Mar 2002
Mortgage Intelligence launched as a new business in 1996, offering lead generation and access for brokers to mortgage products and lenders. In March 1997, the company was acquired by UK merchant bankers Close Brothers Group PLC. Last year, Mortgage Intelligence completed over £1bn in loans. 30 Mortgage Intelligence staff are based at the firms seafront headquarters at Roddis House, Bournemouth (the view from which is pictured above), with three business development managers working ...
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CEBR detects housing 'time bomb'
11 Mar 2002
The influential Centre for Economics and Business research has warned of a "housing and infrastructure time bomb" ticking away in London and the south east. The CEBR has examined the regional implications of the government's revised population projections issued last year. It finds that if the rate of housing completions continues on its present trend, by 2021 the proportion of average household income devoted to housing will have risen from 17.1% in London and 15.8% in the ...
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CML joins complaints procedure campaign
11 Mar 2002
The CML has thrown its weight behind a campaign to bend Financial Ombudsman Service funding rules so that complaints against brokers and lenders can be bought under the same roof before N3. In a confidential letter to economic secretary Ruth Kelly seen by Mortgage Strategy, CML director-general Michael Coogan says: "We are seeking to trigger the use of the voluntary jurisdiction powers of the FOS to enable all lenders and mortgage intermediaries to offer the same complaints handling ...
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CML warns Treasury of training risk
11 Mar 2002
The Council of Mortgage Lenders has warned the Treasury that there is a risk that some mortgage advisory firms will not put their staff through qualifications by the end of 2002 if the FSA does not make it a requirement. In a leaked letter seen by Mortgage Strategy from CML director-general Michael Coogan to Ruth Kelly, economic secretary to the Treasury, the CML says: "We are keen to have an early statement from the FSA and Treasury to support the Mortgage Code requirement that mortgage ...
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Davies stewardship of FSA extended
15 Mar 2002
Gordon Brown announced this week that Sir Howard Davies' appointment as Director and Chairman of the FSA is to be extended until 31 January 2004. Brown says: "At a time when the FSA has just taken on its full regulatory powers and is establishing itself as a fully independent single regulator it is invaluable to have Sir Howard remaining in post with his breadth of experience." Davies became chairman of the FSA predecessor, the Securities and Investments Board in August ...
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Days to qualification: 303
11 Mar 2002
Q. My client has an interest-only mortgage of £50,000 with a building society. He has applied to the society for a further advance of £25,000 to fund the building of an extension. Assuming that it's granted, what will be the status of the further advance under the Consumer Credit Act 1974? A. The Crowther Committee, set up way back in 1968, was appointed to investigate consumer credit, such as short-term credit, hire purchase and money-lending. The Crowther Report, published ...
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Days to regulation: 710
11 Mar 2002
Q. We have had CP98, although that is now on hold, and now we have got the polarisation proposals. What is the government trying to achieve?? A. When this government came to power it promised to reduce the burden of regulation on business. Unfortunately, all the measures it has produced so far demonstrate that the regulatory burden on business has increased dramatically. The same trend is evidenced in regulation relating to financial services. Another thing the government promised ...
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Doing it yourself
11 Mar 2002
Brokers are finding it easier than ever before to recommend self-certification mortgages as lenders relax borrowing criteria and reduce the premium charged on rates. Self-cert loans are on the up and there's no shortage of clients. The Office of National Statistics estimates there will be four million people in self-employment by 2005 - and that's even before you've looked at the increasing numbers of employed borrowers opting for self-cert for tax reasons or simply convenience. And ...
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Easter spurs homeowners into DIY action
14 Mar 2002
The Easter break looks set to spur thousands of homeowners into domestic action, according to a survey of Norwich and Peterborough Building Customers. 57% said they plan to do some DIY over the Easter weekend, of whom 71% consider themselves to be experts who have already done battle with bathrooms and kitchens. 57% of customers surveyed said they spent less than £1,000 on DIY projects, 26% said they paid over £5,000 and 17% on projects costing over £10,000. No
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Edge editor in full-bodied attack
11 Mar 2002
Mortgage pundits were left stunned last week after an industry journalist was struck repeatedly by a wine connoisseur at a mortgage event. Mortgage Edge editor Andrew Stewart (pictured right) was struck several times by "Ian" from John Armit Wines of Notting Hill, immediately after a wine tasting and dinner at London's trendy Groucho Club. Some 20 twenty mortgage journalists - including representatives from Mortgage Strategy - were in attendance at the lender-hosted event. The ...
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FSA extend depolarisation consultation deadline
14 Mar 2002
The FSA has extended the deadline for IFAs, banks and intermediaries to respond to its plans to de-polarise the industry. The government watchdog has granted firms eleven extra days to submit responses. The original deadline for responses to the CP121 consultation paper was set as 19 April, but this has been pushed back to Tuesday 30 April following a request from the Association of Independent Financial Advisors (AIFA) to extend the deadline by a month. FSA spokeswoman, ...
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Get corporate identity on the web for £200
11 Mar 2002
Intelligent Finance in conjunction with My Money Adviser has launched a 'Web In A Box' to give advisers their own website for a fee of £200. Intelligent Finance senior manager of e-commerce Mark Curran says: "The challenge for advisers is that clients are changing. They are better informed, more demanding, less loyal and have less time. What's more, they are changing the way they want to do business - at a time and in a way that is convenient for them. They may ...
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Graduated stamp duty tops CML's 'wish list'
11 Mar 2002
The introduction of a graduated system for stamp duty as well as a freeze on rates tops the CML's 'wish list' of financial measures to enhance the UK housing market. This will be highlighted in forthcoming CML budget submissions for 2002-2005, and has been distributed to MPs as part of the CML's regular briefing paper, Housing Finance at a Glance. CML spokesman Bernard Clarke says: "We don't want to see any further increases in stamp duty rates. We would prefer a graduated ...
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Halifax rejects FOS dual-rate accusation
11 Mar 2002
Halifax has defended its response to the Financial Ombudsman Service's ruling on dual rates, following criticisms from the FOS. The FOS say it was misleading for Halifax to say only certain borrowers could appeal for compensation and that it has received thousands of calls for clarification following its January ruling. The Halifax is writing to approximately 10,000 borrowers to inform them that they will be refunded the difference between their higher and lower variable rate mortgages, ...
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Hurst looks forward to Future marketing role
11 Mar 2002
Future Mortgages has poached Richard Hurst, marketing manager at IFonline, for "an all-encompassing communications role". Hurst made a name for himself at Bristol & West before joining IFonline two years ago. Future , regarded as one of the most ethical sub-prime lenders, has seen its press coverage dip since it lost its PR guru to Birmingham Midshires Solutions. The appointment of Hurst should fill the void. He told Mortgage Strategy: "I'm really looking forward to joining Future ...
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IF launches Web in a Box
13 Mar 2002
Intelligent Finance has launched the Web In A Box concept, developed in conjunction with My Money Adviser, the adviser e-commerce provider. For a monthly fee of £200, advisers can have their own transactional website and IF is also offering advisers a package of marketing support to drive clients to the website. IF senior manager e-commerce, Mark Curran, says: "The challenge for advisers is that clients are changing. They are better informed, more demanding, less loyal ...
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Infinity completes first portfolio purchase
16 Mar 2002
Infinity has completed its first mortgage portfolio purchase.
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Intermediary response
11 Mar 2002
Buying a property to let as part of pension planning has become a very popular option for many people. Annuity rates will only increase if inflationary expectations - and hence long-term interest rates - rise, which seems unlikely in the foreseeable future. Many people will continue to have serious reservations about using a traditional pension for all of their pension planning as a result of this and of current legislation. The government's persistent refusal to mitigate current problems ...
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Investors be patient, says policy trading company
12 Mar 2002
Insurance Policy Trading Company insists that even though the UK stock market is flat investing in traded with-profits endowments can still be profitable, particularly over the longer term. Despite a 15% dorp in the FTSE 100 indexover the past year, market analysts at the Surrey-based fund analyst say a policy's value reflects the investment conditions throughout the entire life of the policy - not just the market conditions on the maturity date. Smoothing characteristics ...
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Jobs to go as IFonline 'relocates'
11 Mar 2002
IFonline has denied that the closure of its Leeds call centre with the loss of almost half its total UK staff is due to financial difficulties. The trading platform insists it simply wants to streamline operations around its London base in Kensington and says that relocation packages are available to the 40 or so staff affected. The call centre closure could see staff numbers fall as low as 50 from an estimated 90 employees. The Leeds site will remain open as a technology centre ...
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Jones to replace Presland as Pink MD
11 Mar 2002
Tony Jones, head of business development at UCB Home Loans, has been poached to join Pink Home Loans as managing director. Jones (pictured right) has spent his entire career to date with the Nationwide Building Society. He started in the branch network but later moved to head office and then to his current position at UCB, which he has held since 1998. Jones will stay in his current role with UCB until late April before taking over from Peter Presland in mid-May. Presland, who ...
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Landlords suffer as rental incomes drop
13 Mar 2002
Yields for landlords in the residential lettings sector fell for the fifth consecutive quarter, according to a survey by RICS (Royal Institution of Chartered Surveyors). In its latest survey of the UK residential lettings market, RICS found a big increase in the number of investors entering the buy-to-let market, static rents and a slowdown in demand combined to reduce income returns for landlords. Demand for corporate lets in London, which account for 30% of the market, ...
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Lender response
11 Mar 2002
Buy-to-let investment has become increasingly popular in the last few years. CML figures suggest that up to 50,000 investors have recently become landlords for the first time, so Natalie's decision to purchase a buy-to-let property is no surprise. The first-time buy-to-let buyer needs to thoroughly investigate various aspects before making several crucial decisions. Natalie needs to consider the location and type of property, how to find the tenant(s), who will manage the property, ...
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Letter: A detailed view
11 Mar 2002
I read with interest your article 'The devil's in the detail' in the 11 February issue of Mortgage Strategy. I must say that I agree wholeheartedly with its contents. As a company we have always made sure that our clients are made fully aware of any type of redemption penalty, including 'lock-ins' or charges associated with benefits offered before they complete a sometimes very lengthy application form. However, I fear the problem is one of time - something that ...
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Letter: More accountability needed
11 Mar 2002
First impressions are that the provision for appointed representatives seems sensible and practical. Here, by becoming appointed representatives' individual advisers can take advantage of the strength of larger networks or groups of advisers who will take on the authorisation role. True, the networks will have to take on responsibility for their appointed representatives complying with the regulation. However, isn't accountability what regulation is all about? I would suggest ...
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Letter: Packagers - a clearer view
11 Mar 2002
An important point is made in the new draft regulations, that packagers who only package will not need authorisation as an adviser or arranger under the new regime. I am happy that it is at last being recognised that packagers perform a distinct administrative function for lenders, for which they are paid as an outsourced service provider. Obviously, those packagers who also have an adviser arm will need to take steps to separate these two functions to effectively comply with ...
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Letter: Packagers feel left out
11 Mar 2002
The first question that comes to mind is, where do packagers fit in? Yet again we seem to have been omitted from the regulation documentation, leaving us out in the cold in terms of what is expected of us. Although our client is the broker, we can be seen as running regional branches for many of the lenders we deal with and there are times when we could be perceived as offering advice to borrowers through brokers. I now feel it is time that everyone in the mortgage-buying process ...
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Letter: Proposals are realistic
11 Mar 2002
We welcome the continued moves towards regulation, as illustrated by the latest announcement from HM Treasury, reiterating the previous developments of December last year. It is interesting to note the clarification on "advising" and "arranging" regulation and that the FSA will take a risk-based approach to this element. Individuals such as estate agents will now rightly fall under the regulatory framework because they pass on borrowers to advisers or lenders. It is, however, reassuring ...
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Letter: Sun shines on Treasury
11 Mar 2002
Sun Bank supports the Treasury's stance on the need to regulate mortgage advice. This will pay benefits for the whole industry and will bring a more professional approach throughout. It can only improve the industry's perception in the eyes of the customers and should lead to more people seeking mortgage advice. Cost is an issue, however. Looking at the Treasury's own figures, it admits to a one-off cost of £36m and a recurring cost of £32m per annum. This is on ...
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London's sinking, pictures show
13 Mar 2002
Satellite pictures shown that two large swathes of central London have sunk by more than two centimetres in five years. The subsidence follows the route of the Jubilee Line extension between London Bridge and Westminster, and a recently laid London Electricity tunnel, from Battersea to Putney. The results come from images collected by an instrument on board a European Space Agency satellite between 1996 and 2000, which were analysed by NPA Satellite Mapping, British distributors ...
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Look before you buy advice from VirginOne
11 Mar 2002
Latest research from VirginOne reveals that one third of first-time buyers would have thought twice about their purchase had they known the downsides of the local area. And half of home owners say they only found out about unsavoury aspects of local life after they had moved in and it was too late. The new research, released exclusively to Mortgage Strategy, shows that one in 10 people under 24 were alarmed by the crime rate in their new neighbourhood. The weather, local drug problems ...
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MCCB to act over correspondent lending
11 Mar 2002
The MCCB is to establish guidelines on correspondent lending by June 2002 in a bid to stem concerns over transparency. Though correspondent lending has grown considerably in recent years, some industry figures doubt whether there is adequate public awareness of the concept. John Malone, national mortgage manager for Scottish Amicable, says: "The MCCB will want to get some standardisation in how you present yourself, either from the lender perspective to the consumer, or if you are ...
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Ministers support freedom of information act
15 Mar 2002
Government Ministers met this week to consider how best to implement the Freedom of Information (FOI) Act, which will be implemented across 70,000 public bodies. The legislation may enable borrowers to access information held about them from lenders or credit-search companies. Speaking at the seminar, Michael Wills, Minister in the Lord Chancellor's Department with a lead role on FOI, called on his colleagues to support the programme, saying: "Ministers will play an ...
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Moneyfacts launches new version of mortgage sourcing system
13 Mar 2002
Moneyfacts Group, the provider of personal finance data, has launched its latest version of Mortgage SearchScreen. Users of the latest version of Mortgage SearchScreen, Moneyfacts' mortgage sourcing system, can download in minutes the Moneyfacts database - which covers all mortgage products from virtually every lender in the country - and store the data on their PC hard disk. Advisers can then source mortgages offline, whenever or wherever they like - in the office, ...
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More and more are doing it for themselves
11 Mar 2002
The market for self-certification mortgages is booming. Over three million adults are self-employed in the UK today, representing just over one in 10 of the workforce. These numbers are set to grow and a recent report by Datamonitor finds that lenders are waking up to self-cert as a potentially lucrative market. It says: "The mortgage sector has seen a proliferation of self-certified products hit the market in recent years, to the extent that most lenders now offer some kind of product ...
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Most people borrowing responsibly
13 Mar 2002
Despite fears that Britons are sitting on a debt time bomb, most people are borrowing responsibly according to a new report. The Credit Card Research Group says total consumer borrowing, including mortgages, loans and credit cards, has more than doubled to £723 billion last year from £342 billion in 1990. But low interest rates mean it is now cheaper to service the debt and Britons currently use 7% of their disposable income to meet interest repayments on ...
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My mortgage week
11 Mar 2002
Monday: I spent half-term week at my place in Chamonix and Saturday hosting a Mortgages PLC event at Twickenham, watching 30 men throw themselves around a rugby pitch. I therefore landed with a bump on Monday morning and arrived at the office at 7.30am, having kept a day clear of meetings to catch up. To cheer myself up I made sure of a lunch with my personal assistant Beth. She filled me on what had been going on in the office - I managed to convince her that a week's skiing did speed ...
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National Guarantee launch preferred IFA scheme
12 Mar 2002
National Guarantee Plc, has unveiled plans for a major assault on the intermediary community in a bid to increase the size of its broker and IFA distribution channel. The Birmingham-based mortgage packager and correspondent lender has launched a preferred intermediary scheme to increase loyalty and improve relationships with key mortgage introducers by offering a wide range of support services. Among the services offered by National Guarantee will be access to tailored ...
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New Finance links up with Moneyquest
12 Mar 2002
Personal finance portal mortgages.co.uk now offers independent advice and access to mortgages from the UK's top lenders. Over 50,000 users will be able to access mortgages from over 25 lenders, managed on behalf of NewFinance by Moneyquest, an independent mortgage intermediary. Moneyquest will have the opportunity to tap into £100m of mortgage business a year by converting solid leads from the site, which is one of the most-visited personal finance sites in the ...
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New self-cert deal from Legal & General
11 Mar 2002
Legal & General's Mortgage Club has launched an exclusive self-cert mortgage at 1.75% above Bank of England base rate, discounted by 1.66% for the first two years. This makes the current pay rate is 4.09%. At the end of the two years the interest rate tracks the base rate plus 1.75%. The mortgage is available to self employed and employed customers. Applicants are required to state their income on the mortgage application form, but no phone calls are made ...
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News salesman for Irish Permanent
11 Mar 2002
Irish Permanent has appointed former Scottish Provident salesman Trevor Barnard to help boost sales. Based in London, Barnard has worked in the financial services sector for several years and will be responsible for London and the south east, where Irish Permanent already enjoys record sales of buy-to-let and self-cert homeloans.
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Norwich Union launch £12m retirement ad drive
14 Mar 2002
Norwich Union yesterday launched a new £12 million advertising campaign focusing on the growing financial needs of the retirement market. The initial six-week campaign, which will be repeated again later in the year, is comprised of a 40 second TV commercial in addition to 96 and 48 sheet poster sites across the UK, and will start in April. Norwich Union will also be targeting over 18,000 IFAs with direct marketing. Sally Shire, director of brand and communication ...
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Prefered sets sail in new lending seas
11 Mar 2002
Preferred Mortgages has announced that Solent Mortgage Services will be the first partner of its corresponding-lending arm. Preferred hope to tie around six additional mortgage businesses to the company in the coming months. Under the agreement, correspondents are able to use Preferred's copyrighted pricing model and create bespoke mortgage plans that can also be underwritten through Preferred Mortgages. Paul Robinson, managing director of Solent Mortgage Services, says: "The ...
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Property hotspots could see 10% drop
12 Mar 2002
A report published by credit check and financial services company Experian suggests hotspots house prices could fall by up to 10%. Experian investigated 25 postcode areas in England which it claims are in danger of seeing property values fall. The news confounds a period of staggering growth in the price of property. In the west London boroughs of Hammersmith and Fulham, house prices have soared 251% since 1995 to reach an average of £683,636. Recent Land Registry ...
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Raising financial literacy will increase consumer protection, says Davies
15 Mar 2002
FSA chairman Sir Howard Davies has urged the industry not to give up on adults with little or no understanding of the workings of the financial system. Speaking at an educational conference in London on Tuesday, Davies stressed that the most vulnerable consumers are not those who are having trouble between choosing a unit trust or a hedge fund, but individuals who lacks the basic financial knowledge to plan for their future. Davies said that raising the base level of ...
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Regulating the city costs over £1 billion
12 Mar 2002
Direct and compliance costs of the UK financial regulatory regime add up to over £1bn per year, according to research by Graham Bannock, founder of Bannock Consulting and former managing director of the Economist Intelligence Unit. This level of costs might imply a regulatory cost of about £35 per policy for the 4.8 million new life and pension policies sold each year. To make consumers more aware about the costs of regulation, Bannock argues that financial ...
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Solent adds to sales team
13 Mar 2002
Mortgage and loan distributor Solent Mortgage Services has appointed Lalli Kalyan as its National Sales Manager. Kalyan will co-ordinate and manage the seven business development managers that currently service the broker market throughout the UK and will look to develop broker relationships and grow the sales team. Kalyan has over 10 years experience in the finance industry. She comes to SMS from Countrywide Mortgage Centre, where she was the mortgage sales manager. Kelvin ...
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Solent strengthen sails team
14 Mar 2002
Solent Mortgage Services has appointed Lalli Kalyan as national sales manager. Kalyan will co-ordinate and manage Solent's seven business development managers that currently service the broker market throughout the UK. Kalyan has over 10 years experience in the finance industry, and was previously employed by Countrywide Mortgage Centre where she was mortgage sales manager. Kelvin Cooper, director of sales, says: "Lalli brings a wealth of experience and expertise in ...
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Structure seminar set up
11 Mar 2002
A seminar to launch a CML report on The Changing Structure of the UK Mortgage Market will take place on 23 April. The report, written by KPMG, looks at the trends and influences that have led to increased outsourcing of mortgage origination, funding and servicing to specialist organisations, operating models used by lenders, and the impact outsourcing has had on the UK mortgage market. It also examines the potential for outsourcing in the light of key drivers of change, including regulatory ...
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Taxman takes company car drivers for a ride
15 Mar 2002
Company car drivers have been reminded to claim 5p per mile from their employers without having to pay any tax to the Inland Revenue for every passenger carried in the vehicle during business journeys. This reminder comes from national accountancy group Hacker Young. Roy Maugham, partner at the London office says too many people don't claim their dues. He says: "As well as the 40p per mile claimable for using your vehicle, either tax-free from your employer or as an ...
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The Exchange launches new brand identity
16 Mar 2002
The Exchange, the supplier of technology-based services to the IFA market, has launched a new brand identity in line with its parent company Marlborough Stirling. The Exchange will provide two main services to the IFA market, Exweb and Officeweb. Exweb is the existing trading platform that gives over 17,250 financial intermediaries access to a wide range of online services including product research tools, comparative quotation and transaction services and specialist analysis ...
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This week's problem case
11 Mar 2002
Natalie is a 30-year-old graphic designer living in Leicester and is looking to make additional retirement provision by investing in her first buy-to-let property in the Leicester area. Leicester's student population means there is strong rental demand. To buy a suitable property Natalie thinks she needs an equity deposit of about £20,000. Natalie can comfortably afford her residential mortgage payments and over the last year she has saved £5,000 ...
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This week's problem case
11 Mar 2002
Natalie is a 30-year-old graphic designer living in Leicester and is looking to make additional retirement provision by investing in her first buy-to-let property in the Leicester area. Leicester's student population means there is strong rental demand. To buy a suitable property Natalie thinks she needs an equity deposit of about £20,000. Natalie can comfortably afford her residential mortgage payments and over the last year she has saved £5,000 ...
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Tories' 'stealth' attack causes only minor blip
11 Mar 2002
The Conservative party has blamed a sharp drop in the numbers of first-time buyers on 'stealth taxes' that force young people to postpone house purchase. Conservative housing spokesman Geoffrey Clifton-Brown says: "Labour's stealth taxes have made it more difficult to get on the housing ladder. Since 1997 it has increased stamp duty and frozen the thresholds, abolished mortgage interest tax relief and forced council tax to soar by three times the rate of inflation. This is having ...
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Treasury turns to MCCB for last post
11 Mar 2002
The Treasury has asked the MCCB to mail out copies of its latest consultation on mortgage regulation to its 13,500 strong intermediary base. The MCCB will not add any of its own comments to the consultation mailing, which will be dispatched alongside the March edition of its newsletter. In the absence of a trade body for mortgage brokers, the Treasury turned to the MCCB to reach the UK's brokers. The MCCB hopes the mailing will give brokers reason to sit down and think hard ...
