Mortgage Strategy
11 May 2009

  • 300 DA firms deserted the market in Q1 alone

    11 May 2009

    Figures from the Financial Services Authority reveal that more than 300 directly authorised mortgage companies threw in the towel and left the market in Q1 2009.

  • 41% of surveyors see new buyer enquiries rise

    12 May 2009

    The Royal Institution of Chartered Surveyors is pointing to “tentative signs” of recovery as new buyer enquiries hit the highest level for almost a decade.

  • A&L launches fee-free FTB deal at 5.99%

    12 May 2009

    Alliance & Leicester Intermediary Sales has launched a fee-free three-year fixed rate deal for first-time buyers at 5.99%.

  • Abbey BDMs are so streamlined I can't see them

    11 May 2009

    I must comment on the letter from Ricky Okey, managing director of Abbey for Intermediaries and Alliance & Leicester (Mortgage Strategy April 27).

  • Abbey increases LTVs to 70% for fixed rates

    14 May 2009

    Abbey is increasing the loan-to-value on its two, three and five-year fixed rate mortgages from 60% to 70%.

  • Advisers expect business to pick up this quarter

    11 May 2009

    Research from Paragon Mortgages shows brokers predict they will do 3.6% more mortgage business in Q2 2009 than in Q1.

  • AFP Partnership teams up with Home Buyer Systems

    14 May 2009

    Mortgage and protection IFA, the AFP Partnership has selected Home Buyer Systems to a provide its advisers with a mortgage and general insurance sales system.

  • AMI calls for tax breaks for buyers

    11 May 2009

    The Association of Mortgage Intermediaries has recommended a series of government initiatives to be put in place to support buyers and help them get on the property ladder.

  • ARs left hanging as Network Data transfer deal fails

    11 May 2009

    Appointed representatives of Network Data Limited and Mortgage Broking Services Limited were once again left in limbo last week as attempts to transfer them to another network failed.

  • At last, the HIP search process gets an overhaul

    11 May 2009

    Recent government announcements mean that transitional insurance for private search companies has been abolished.

  • B2L tool features rental calculator

    11 May 2009

    eMoneyfacts has launched a free buy-to-let sourcing tool that includes a rental figure in the fact-find to automatically calculate whether clients qualify for products.

  • Bad debt jumps 50% at Lloyds group

    11 May 2009

    Lloyds Banking Group last week revealed that it saw a 50% rise in bad corporate debt in Q1 2009.

  • Banning dual pricing could kill off proc fees

    11 May 2009

    The Association of Mortgage Intermediaries has warned that if lenders were banned from dual pricing it could backfire and result in proc fees disappearing.

  • Be in control as the tempest rages

    11 May 2009

    To say my feet have hardly touched the ground in the past couple of months would be a serious understatement.

  • Brokers call on equity release sector to tackle image

    12 May 2009

    Brokers want more to be done to tackle the negative image of the equity release sector, a Bridgewater Equity Release forum has revealed.

  • Brokers dismiss 'green shoots' on house prices

    12 May 2009

    Brokers are forecasting that UK house prices have a further 9.2% further to fall, reveals research from Exact.

  • Brokers ranked as most trusted in financial services

    14 May 2009

    Brokers and advisers have come out on top in a consumer survey on trust within the financial services industry.

  • Bull in a china shop

    11 May 2009

    There has been a wave of euphoric headlines over the last few days including “Investors bet that worst of recession is over and predict new bull market” in The Times http://business.timesonline.co.uk/tol/business/markets/article6251885.ece and other commentators suggesting house prices will now stabilise and even rise by the end of the year.

  • Buyer interest swells from overseas investors

    14 May 2009

    Hamptons International has seen a “strong interest” from overseas investors looking to buy up UK property, particularly in London.

  • Buyer optimism on the up, says Rightmove

    14 May 2009

    Prospective buyers are increasingly optimistic about the housing market with many feeling that now is a good a time to buy, reveals the latest confidence survey.

  • Buy-to-let deals up 58% since December

    11 May 2009

    The number of buy-to-let products available has gone up 58% since December last year, show the latest figures from Mortgages for Business.

  • Buy-to-let investors look overseas

    11 May 2009

    Viva Costa International Mortgages says buy-to-let investors looking to branch out into overseas property accounted for three-quarters of the 40% increase in applications it has seen in the past year.

  • Buy-to-let lending hit by funding problems

    15 May 2009

    New buy-to-let lending has fallen for the sixth month in a row as “extremely challenging funding conditions” for the sector remain.

  • Buy-to-let RMBS outperforms prime despite rising arrears

    13 May 2009

    Buy-to-let is performing better than the prime sector when it comes to arrears despite a rise in landlord defaults, reveal the latest figures from Moody’s Investors Service.

  • Cable calls for details of FSA stress tests

    11 May 2009

    Liberal Democrat shadow chancellor Vince Cable has called on the Financial Services Authority to release more details on how UK banks are being stress tested.

  • CML is trying to shift blame for chaos onto others

    11 May 2009

    I was agreeing with most of the comments made by Matthew Wyles, chairman of the Council of Mortgage Lenders, at the trade body's recent annual lunch until I got to the final paragraph of your extract from his speech where he spoke about unscrupulous intermediation (Mortgage Strategy Online April 24).

  • CML to revise repossession forecast

    15 May 2009

    The Council of Mortgage Lenders is to lower its repossession forecast for the year, despite its latest figures showing repossessions rose by over 2,000 in Q1 of 2009.

  • Creditors to pick liquidator for PNG next week

    11 May 2009

    Creditors of Premier Network Group have been contacted by an insolvency practitioner to appoint a liquidator for the network.

  • Delving into the wacky world of British gardens

    11 May 2009

    Although I love surveying in London I miss exploring the gardens of Britain.

  • Evaluate buys Network Data's sourcing business

    13 May 2009

    Evaluate Technologies has bought mortgageLinked – Network Data’s online mortgage sourcing business.

  • Ex-Rooftop sales director joins Tiuta

    12 May 2009

    Guy Garrard, the former sales director of Rooftop, has joined bridging firm Tiuta as its new business development manager.

  • Ex-Skipton MD joins Crown Westfalen

    13 May 2009

    Steve Haggerty, former managing director of Skipton Building Society, has been appointed as group chief executive of Crown Westfalen UK.

  • First-time buyer leads can pay off

    11 May 2009

    If you bought 100 first-time buyer leads for a monkey - Cockney slang for £500 - how many would you need to convert to get your money back?

  • First-time buyers think this is a good time to get on the ladder

    11 May 2009

    Signs of a pick-up in buyer confidence emerged last week, with Rightmove research showing that seven out of 10 first-time buyers think now is a good time to buy.

  • Fixed rates increasing and the demise of another droplock

    11 May 2009

    Several major lenders are increasing some fixed rates next week, mainly longer term rates except for RBS Group, which is increasing rates across the board.

  • Fraudulent self-cert mortgage and problem mortgage backed securities

    14 May 2009

    At the recent Financial Services Authority conference Jon Pain, managing director for retail markets, commented that a lot of self cert mortgages lent by specialist lenders has led to large numbers of arrears and frauds.

  • Freedom run

    11 May 2009

    Mole wishes the team from Freedom Finance who are running the Great Manchester Run this Sunday the best of luck.

  • FSA bans Bradford mortgage broker for fraud

    14 May 2009

    The Financial Services Authority has banned a Bradford mortgage adviser, Sofique Ullah, who traded as M A Financial Services and M A Mortgages (M A Financial Services), for fraud.

  • FSA Conference: CML accuses brokers of acting like sales people

    12 May 2009

    The Council of Mortgage Lenders has placed partial blame on smaller mortage brokers for what went wrong in the mortgage market.

  • FSA Conference: Lenders could be hit with fraud fines

    12 May 2009

    Chris Cummings, director-general of the Association of Mortgage Intermediaries, has hinted that a lender will be hit by a heavy fine for fraud by the Financial Services Authority.

  • FSA Conference: Regulator to look at proc fees

    12 May 2009

    The Financial Services Authority says it's looking at proc fees and whether applying the Retail Distribution Review to the mortgage market could benefit consumers.

  • FSA Conference: Self-cert could be for the chop

    12 May 2009

    The Financial Services Authority says it’s looking at whether it changes its rules to require income verification for all mortgages, killing off self-cert.

  • FSA Conference: Still no decision on LTI and LTV cap

    12 May 2009

    Lord Turner, chairman at the Financial Services Authority, says he still doesn't know whether to cap the LTVs or income multiples for mortgages.

  • FSA fines Morgan Stanley £1.4m

    13 May 2009

    The Financial Services Authority has fined Morgan Stanley £1.4m for failing to prevent trader deceptions and has banned the trader at fault.

  • FSA fines mortgage broker over £100k for fraud

    11 May 2009

    The Financial Services Authority has banned a mortgage broker and fined him £101,279 for fraudulent activity.

  • FSA to put securitisation under the spotlight

    12 May 2009

    The Financial Services Authority is looking at implementing measures to prevent securitisation being used as a vehicle to allow lenders to take on unacceptable levels of risk.

  • FSAS adds Cheshire Mortgage Corporation to panel

    13 May 2009

    Cheshire Mortgage Corporation has been added to the lending panel of Lighthouse Group subsidiary Financial Services Advice and Support network.

  • Government consults on national landlord register

    13 May 2009

    The government has today launched a consultation paper to discuss proposals to introduce a national register of private landlords.

  • Graham Brent joins wife's firm

    11 May 2009

    Graham Brent, former managing director of secured loan brokerage Loans etc, is joining his wife at Orange Finance to develop its secured loan offering.

  • Greed II

    11 May 2009

    Mole was excited to hear that superstar director Oliver Stone has signed a deal to direct a sequel to his hit 1987 film Wall Street.

  • Halifax and BoS align rates for existing customers

    12 May 2009

    Halifax and Bank of Scotland have pledged to align rates across direct and broker channels for existing customers.

  • Harle to leave Mortgage Next as owner buys Mortgage Intelligence

    11 May 2009

    Mortgage Next's managing director Gemma Harle will be leaving the network as a result of parent group European Financial Solutions' purchase of Mortgage Intelligence last week.

  • Help holiday landlords keep up with the news

    11 May 2009

    The recent Budget held little excitement for those of us in the mortgage industry.

  • Help top-earning clients manage their affairs

    11 May 2009

    The recent Budget was disappointing on many levels, with little to boost the housing and mortgage markets.

  • Just JM: UK finance rules OK but if it doesn’t, so what?

    12 May 2009

    For those of us worried about the sad state of the mortgage and housing markets and concerned that the only two things that seem to be growing in the UK are the ranks of the unemployed and the size of the national debt, fear not – a new Treasury report by the Financial Services Global Competitiveness Group confirms that a reformed financial services sector will play an important ...

  • Kiss me quick

    11 May 2009

    For professionals in the mortgage market finding love can be difficult. We're all so busy keeping up with which products have been withdrawn, what lenders have gone bust and the latest foolish idea the government has come up with, to think about romance.

  • L&G to make further job cuts

    12 May 2009

    Legal & General has entered into a consultation with staff over a further 360 job losses, on top of the 450 jobs cuts announced in February.

  • Landlord scheme fails to address important issues

    11 May 2009

    Last week the government unveiled plans to charge landlords £50 to register to let their properties.

  • Large loans to be listed on Trigold Prospector

    13 May 2009

    Private bank products are now available via Trigold Prospector in the first move of its kind for the UK mortgage market.

  • Learning the value of impartial advice

    11 May 2009

    Think you're smarter than a 10 year old? In my opinion that's the basic level of competence you'd need to go up against a NatWest MoneySense adviser. We've all seen the bank's television advertisements talking about another way to do banking - more like another way to rub you up the wrong way.

  • Lenders and FSA called on to improve repo marketing

    15 May 2009

    Lenders, estate agents and the regulator all need to do more to improve the way repossessed properties are marketed, warns Whitehotproperty.co.uk.

  • Lenders must travel back to the future

    11 May 2009

    Watching the latest series of Ashes to Ashes on the BBC I can't help but reflect that the mortgage market has also gone back in time in many ways.

  • Lenders should improve service in tough times

    11 May 2009

    At this time of great difficulty for brokers trying to find products for their clients the service we are receiving from some lenders is not good enough, making the process harder than it should be.

  • Life imitates Star Trek

    11 May 2009

    Did you notice the publicity surrounding the launch of the excellent new Star Trek film that beamed into cinemas last week?

  • Life on the AR roller coaster

    11 May 2009

    Last week saw highs and lows for appointed representatives, the peak undoubtedly being the sale of Mortgage Intelligence to European Financial Solutions.

  • Link Lending secures £75m funding

    15 May 2009

    Link Lending has secured a major funding line which will make over £75m available for new funding.

  • Link Lending secures £75m funding line

    13 May 2009

    Link Lending has secured a major funding line which will make over £75m available for new funding.

  • Low rates cushion blow for borrowers

    11 May 2009

    Data published recently by the Council of Mortgage Lenders on mortgage arrears categorises these into three time periods - three to six months, six to 12 months and more than 12 months.

  • Lower deposits mean more mortgage deals

    11 May 2009

    Figures from Moneyfacts show the number of mortgage deals available rose by 7% in the past month as lenders started to accept lower deposits.

  • Manor launches 80% LTV five-year fix

    11 May 2009

    Manor Mortgages has launched an exclusive 80% LTV five-year deal fixed at 5.25% with a proc fee of 0.3%.

  • Marketwatch 11/05/2009

    11 May 2009

    Swaps had a mixed week. One-year swaps fell to the lowest levels I have recorded whereas longer term swaps increased after falling briefly below last week's levels.

  • Mortgage costs lowest since 2004, says CML

    14 May 2009

    Mortgage costs for home owners and buyers with large deposits are at their lowest for five years, shows the latest data from the Council of Mortgage Lenders.

  • MPPI benefits clients and brokers in a downturn

    11 May 2009

    It came as no surprise to read last week that according to government figures only one household has been approved for its mortgage rescue scheme since January (Mortgage Strategy Online May 1).

  • MPs talk tough on phoenix firms

    11 May 2009

    MPs are calling for a crackdown on phoenix firms and believe public confidence in the insolvency regime will be damaged unless prompt action is taken.

  • MTE passes the one million transaction mark

    13 May 2009

    The Mortgage Trading Exchange has announced that over one million transactions have been processed via the platform since its launch.

  • Nationwide tightens affordability criteria

    13 May 2009

    Nationwide is limiting the amount of bonus, overtime, and commission payments it will accept when assessing affordability.

  • Network Data ARs given Openwork lifeline

    11 May 2009

    Appointed representatives with Network Data Limited and Mortgage Broking Services Limited have been offered a lifeline through a partnership deal with Openwork.

  • New-build pricing muddle led me to pull out of deal

    11 May 2009

    I recently reserved a new-build property in Warrington with a property developer at an agreed price of 361,950.

  • No surprise as rescue plans fail

    11 May 2009

    The news that only one household has been saved from repossession by the government's interventionist tactics may have surprised some but the reality is that the schemes launched in December were little more than spin.

  • Number of buy-to-let deals up 58%

    11 May 2009

    The number of buy-to-let products available has gone up 58% since December last year, show the latest figures from Mortgages for Business.

  • Paradigm offers business protection workshops with Aegon

    11 May 2009

    Paradigm Mortgage Services has teamed up with protection provider Aegon to host a series of business protection workshops.

  • Paterson's remarks on MPPI policies leave me puzzled

    11 May 2009

    I would like to comment on Kevin Paterson's column in the April 27 issue of Mortgage Strategy in which he outlines the benefits of brokers selling mortgage payment protection insurance as he sees them.

  • Peter Beaumont launches sale-and-rent-back firm

    14 May 2009

    Peter Beaumont, ex-deputy chief executive of Mortgages PLC and Trevor Pothecary, ex-chairman of the lender have launched Residential Property Solutions, a sale-and-rent-back firm.

  • PMS adds six providers to protection panel

    11 May 2009

    PMS has extendedits protection panel to include BUPA, Bright Grey, LV=, PruProtect, Royal Liver and Aegon.

  • Property Spotlight: Manchester

    12 May 2009

    The area:Manchester, which became a city in 1853, is a centre for the arts, media, higher education and commerce. The city is well known for its sporting history and boasts two Premier League football teams - Manchester United and Manchester City. In 2002 it hosted the Commonwealth Games.

  • RBS sees pre-tax loss of £44m

    11 May 2009

    Royal Bank of Scotland has posted a pre-tax loss of £44m for the first three months of the year, compared with a profit of £479m at the same time last year.

  • Repossession levels remain stable for seconds

    15 May 2009

    Finance & Leasing Association figures show repossessions by second charge lenders have remained stable year-on-year.

  • Repossessions could be worse than in 1990s

    11 May 2009

    Moore Blatch is warning that there could be more repossession orders and distressed sales in the current recession than in the 1990s.

  • RICS predicts 50,000 repossessions this year

    15 May 2009

    The Royal Institution of Chartered Surveyors is predicting there will be 50,000 repossessions this year, which would be someway below the highs seen in the early 1990s.

  • Rob Clifford in the frame to launch brokerage

    14 May 2009

    Rob Clifford has left his position as UK managing director of Virgin Money and is rumoured to be looking at setting up a mortgage brokerage.

  • Row over role of Bank of England

    11 May 2009

    The Treasury and the Association of Independent Financial Advisers have come to blows over what the future role of the Bank of England should be.

  • Second charge lenders are fair to borrowers

    11 May 2009

    A recent article by Nick Pearson, director of external affairs at Paymex Group, (Mortgage Strategy April 27) states that second charge lenders are too quick to repossess properties. I have evidence that contradicts this. The Finance and Leasing Association, whose members comprise 80% of the second charge market, recorded 1,553 repossessions in 2008 compared with 40,000 by first charge lenders.

  • Sentiment is upbeat but remains fragile

    11 May 2009

    Data from Nationwide revealed last week that consumer confidence in April rose more than in any month since April 2007.

  • Sesame hosts broker events

    11 May 2009

    Sesame is hosting a series of events around the country to help brokers and their clients to cope with the recession.

  • Sesame launches GI training for support staff

    14 May 2009

    Sesame is launching a general insurance training programme to help brokers’ support staff write GI business.

  • Shop around for protection value

    11 May 2009

    Rip-off Britain. In the years since that phrase was coined there have been countless examples of consumers receiving a raw deal, paying higher prices for goods and services than almost anywhere else in the world.

  • Sustainable housing upturn remains elusive

    11 May 2009

    Savills says it has not yet seen any evidence of a sustainable improvement in the housing market, despite an uplift in residential sales in March.

  • TBMC applications get premier treatment

    11 May 2009

    The Business Mortgage Company's applications are now being processed by BM Solutions' premier desk.

  • The long road to recovery

    11 May 2009

    In my last column I mentioned the optimism that hung in the air at the Council of Mortgage Lenders' annual lunch.

  • The swine flu virus and pig ignorance

    11 May 2009

    About four years ago the government and associated experts were talking up the latest pandemic, which back then was avian flu.

  • Tiuta launches Underbridge Advanced

    14 May 2009

    Bridging loans firm Tiuta has launched Underbridge Advanced, offering up to 100% of the purchase price for a property that is being secured at a discount.

  • Tiuta launches Underbridge Advanced

    15 May 2009

    Bridging loans firm Tiuta has launched Underbridge Advanced, offering up to 100% of the purchase price for a property that is being secured at a discount.

  • Trading places

    11 May 2009

    The credit crunch has changed the mortgage world. The landscape that surrounded us for the past 10 years or so has been altered beyond recognition. Mortgage products are certainly not what they used to be but it's not just LTVs and fees that are on the move. Some of the biggest changes have been in recruitment, with professionals in the industry indulging in a spot of musical chairs.

  • Vision Network launches business solution forums

    15 May 2009

    Vision Network has launched a series of business solution forums which are designed to assist brokers with new opportunities to develop their business and raise revenue.

  • Wag woes

    11 May 2009

    Are you finding it tough to cope financially? Is the career that you've worked so hard for hanging by a thread? Well stop feeling sorry for yourself and spare a thought for that most pitied group in society, the wives and girlfriends of bankers.

  • We need balanced debate, not bias

    11 May 2009

    I went to an equity release conference in London last week that unfortunately demonstrated the ignorance of some regarding this market and the lack of education about it.

  • Zebra Homeloans stops accepting new business

    12 May 2009

    Zebra Homeloans is no longer accepting new business across its mortgage and secured loan products.

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