Mortgage Strategy
11 September 2006

  • AToM guarantees 25-day remortgage

    11 Sep 2006

    25-day remortgage All Types of Mortgages and Future Mortgages have launched a 25-day remortgage guarantee with free legals. The guarantee offers a completed remortgage in 25 working days or AToM will pay the difference between the higher rate the customer might be paying and the new rate with Future for any days exceeding the guarantee. David Hollingworth, mortgage expert at London & Country, says: "Although some lenders say they complete remortgages in that time anyway it's the guarantee ...

  • 3i in talks to buy out Countrywide

    15 Sep 2006

    3i Investments has confirmed that it is in discussions with the management team of Countrywide regarding a possible offer for the company. The private equity firm is in talks with Harry Hill, managing director of Countrywide, and other members of the management team regarding the offer. However, there can be no certainty that any offer will be forthcoming.

  • 81% say no to overseas property to pay mortgage

    11 Sep 2006

    A massive 81% of Mortgage Strategy Online readers say they would not advise consumers to purchase an overseas mortgage to try and pay off their UK residential mortgage.The risky strategy is being attempted by a number of UK home owners in Channel 4 show, One year to pay off your mortgage, which is presented By Sarah Beeny.This week Mortgage Strategy asks: "Would you advise clients to use a lender using POS-O and AVMs over one that doesn't?"

  • A&L launches new specialist range

    11 Sep 2006

    Alliance & Leicester has launched its new range of prime and specialist mortgages.

  • Abbey speeds up surveys

    11 Sep 2006

    Abbey is to offer streamlined property surveys to remortgage borrowers who take its Remortgage Solution package as part of their mortgage. The survey will be instructed on the same day that Abbey receives a full mortgage application online, which will reduce the time taken to issue offers.

  • Accord panel

    11 Sep 2006

    Accord has added Creative Mortgage Solutions to its packager panel.

  • Advantage grabs more rival staff

    11 Sep 2006

    Advantage has poached another two staff from rival specialist lenders - this time one from Mortgage PLC and another from Preferred.Sally Young is on gardening leave from MPLC before she starts her job as Advantage's divisional packager manager in the North. Mick Bradley, previously national sales manager for the South at Preferred, will be joining the lender as deputy head of sales.Julian Wells, head of marketing at MPLC, says: "We're sorry to see Sally go, but we wish her all ...

  • Advantage stops packaging

    11 Sep 2006

    Advantage last week became exclusively a lender, having ceased accepting new packaging business on behalf of other lenders. It will focus on developing a set of products including the ADV sub-prime range and Flexishare.

  • AHIPP increases membership numbers

    13 Sep 2006

    The Association of Home Information Pack Providers has increased its membership numbers.

  • All female brokerage offers instant mortgage offers

    13 Sep 2006

    Birminghams all female mortgage broking company will be one of the first in the region to offer clients a 30-minute mortgage proposal. From Monday, Sept 18 the Mortgage Centre based in Edgbaston will be using GMAC-RFC'S POS-O system which cuts the mortgage process from weeks to minutes, making it possible to complete on a purchase or a remortgage in five working days. Joyce Coakley, managing director of the Mortgage Centre, says: I am sure this system is going to radically ...

  • Anger over duff leads firms

    11 Sep 2006

    A broker has slammed the regulatory authorities for not clamping down on lead generation firms after he paid out 605 for duff leads.John Scullard, broker at A11 Mortgages, bought 15 leads from lead generation firm BRG Direct.Having phoned eight of the supplied leads he found that the named people did not live at the addresses given. He says he wrote to the firm demanding a refund but BRG Direct only offered replacement leads.Scullard contacted his solicitor and wrote to ...

  • Appointments

    11 Sep 2006

    Risk Placement Services has appointed Kevin Broadbent as salesdirector and Karen Tyler-Croft as marketing manager.

  • B2L sector still has growth potential

    11 Sep 2006

    As it celebrates its 10th anniversary the buy-to- let market is reaching a degree of maturity and as property prices stagnate rumours of its death are exaggerated. Since 1996 the number of buy-to-let mortgages has risen from just 28,700 to more than 700,000 with an outstanding balance that now totals 73bn.

  • Base rate at 4.75%

    11 Sep 2006

    The Monetary Policy Committee last week froze the base rate at 4.75%.

  • Bear Stearns to buy out rest of ICL

    11 Sep 2006

    Bear Stearns, parent group of Rooftop Mortgages, plans to buy the remaining stake in packager ICL, formally ICMG Direct.It also plans to give broker National & Capital back to ICL founders Ray Bohringer and Chris Gardener.When the US investment bank bought the majority stake in packager ICMG in March 2005 it took founders George Carroll, Gardener and Boh-ringer under its wing. The acquisition also included National & Capital, a sub-prime broker based in Southend.However, ...

  • Bernau hints at job losses over merger

    12 Sep 2006

    The merging of Nationwide and Portman may result in redundancies, Nationwide's executive director has hinted. The planned merge was revealed after three months of talks between the companies.Stuart Bernau says "There are obvious overlaps between the companies in departments such as HR etc. We have to sit down and see the best way to deal wth the situation. Will we end up with the same number of people? Probably not but we will be careful and try to keep as many people as possible."

  • Bitner promotion ends rumours

    11 Sep 2006

    In the run-up to the axing of its broking arm in mid-November, Bradford & Bingley has promoted head of mortgages David Bitner to head of mortgage partnerships.There had been rumours within the industry that Bitner could be set to leave B&B after it announced that its broking operation was up for the chop.But this latest move will be seen by many as cementing Bitners position at the group which will now, along with the specialist products provided through its Mortgage ...

  • Blair's long goodbye could hit housing

    11 Sep 2006

    So Tony Blair has given some indication of when he might step down - before the party conference next year. The problem is that this is still vague and while Gordon Brown has long been touted as his successor there's no guarantee he will be. Others such as John Reid are starting to show their potential as leaders so uncertainty remains.

  • BM Solutions to join POS-O providers before Christmas

    11 Sep 2006

    BM Solutions has revealed that it will launch its point-of-sale offer proposition before Christmas. However, it says it is not prepared to do the same as GMAC-RFC and "rush to get in ahead of edeus".Although Tim Hague, director of BM Solutions, refuses to name a date when it will launch its POS-O technology, he says BM Solutions aims to deliver the right solution this side of Christmas.He says: "BM Solutions is the market leader in the specialist sector and has a responsibility ...

  • Bon chance in pursuit of the easy life

    11 Sep 2006

    Although I'm not prone to viewing the UK mortgage scene through rose-tinted spectacles, this week I am looking at it through ros?inted glasses of the vin du patron kind. And I have to say that remote observation from the sun- dappled, quayside caf?of La Rochelle is significantly more pleasing than analysing it through the slanting drizzle of the UK's early autumn temperature plunge.

  • Brits still want to invest in Turkey, says Conti

    11 Sep 2006

    Despite the recent devastating terrorist attacks in Turkey, there is still de-mand from British people wanting to buy property there, according to Conti Financial Services.For those wishing to buy property in Turkey Conti has just launched one-year fixed rates with a maximum LTV of 80%, either at 6.90% sterling, or 5.90% euro for a maximum term of 20 years.If the property is being purchased for investment purposes only, an additional 0.50% applies to both rates.The number ...

  • Brokers can help with child protection issues

    11 Sep 2006

    We all know that protection is the backbone of financial planning. We know that everyone has a need for protection, whether they're married with three kids or single and living by themselves.

  • Brokers can learn from Regency's mistakes

    11 Sep 2006

    There's a lot firms can learn from Regency Mortgage Corporation.

  • Brokers sceptical about M-Next debt service

    11 Sep 2006

    Industry experts are unconvinced about a new debt management service set to be launched by Mortgage Next.The scheme costs 300 a year and offers brokers a white label debt management website, with access to marketing support for appointed repre- sentatives and directly authorised brokers.Brokers will be able to promote the scheme, which was developed with specialist debt management firm Debt Distress, to their clients.But Danny Lovey, principal of The Mortgage Practitioner, ...

  • Brokers slam FSA for mystery calling clients

    11 Sep 2006

    The Financial Services Authority has been criticised for undermining brokers' relationships with clients by mystery calling them about interest-only mortgages.Peter Hynes, sole broker at Fairway Insurance Services and an appointed representative of The Whitechurch Network, received a call from the Financial Services Authority regarding an interest-only mortgage he'd taken out as a consumer, asking if he had a repayment vehicle in place.He later received a call from a market ...

  • Bulgarian property returns dive 60%

    11 Sep 2006

    Total returns on cash invested in Bulgarian property have plummeted from 104% in June this year to 44%, Assetz's quarterly Investment Tracker has revealed.It says the oversupply of investment properties led to fierce competition for rentals. The situation is aggravated by poor management by local agencies.In contrast, France's consistently strong rental market, supported by a sound tourism industry and its popularity as a holiday destination, has seen it return to the top of the ...

  • Call for better value insurance

    11 Sep 2006

    Britishinsurance.com says the industry must come up with better value insurance products after it was revealed that one-third of all home owners have no buildings insurance.Research from the UK's largest society, Nationwide, shows that a further 25% have no cover for the contents of their homes. Most of those questioned estimate the value of their home contents at between 10,000 and 40,000.Almost 30% of people with buildings and contents insurance do not know what is covered ...

  • Cardif Pinnacle holds PPI seminar

    15 Sep 2006

    Cardif Pinnacle has held a regulatory seminar for clients, entitled"The PPI Challenge", which covered key regulatory issues affecting thepayment protection industry.

  • Cautious outlook

    11 Sep 2006

    With the housing market continuing its bubble, everyone is wondering if and when the fizz will go flat.

  • CHL slows applications by requesting information late

    11 Sep 2006

    From Cathal McCabe We submitted a buy-to-let application to Capital Home Loans about four weeks ago. We called CHL for an update last week as we knew the valuation was carried out the previous week and we also knew that we had provided all the information required up to that point. We were pleased to hear that the mortgage had gone to offer. So we expected the offer letter to arrive in the next few days. A week later we called CHL to ask where the offer letter had got to. It ...

  • Commercial First revamps products

    11 Sep 2006

    Commercial First has made a range of major product innovations designed to extend its appeal to a wider range of business borrowers.

  • Commercial mortgages can be fun

    11 Sep 2006

    As a broker you will be familiar with the process of arranging residential mortgages and agree that there is great skill in analysing the needs of clients. There's nothing like experience to hone your skill and one of the best parts of the job is the wide range of people you meet.

  • Competition winner named

    11 Sep 2006

    Exclusive Connections has announced the winner of its World Cup competition.The competition, run in conjunction with Kensington Mortgages, was open to new intermediaries as well as existing supporters of Exclusive Connections. Entrants registered their answers online.In a closely fought competition to estimate the number of goals that would be scored at this year's World Cup, two entrants got the right answer - 147.Matthew Arena, managing director of Exclusive Connections, ...

  • Complete adds DB mortgages to lender panel

    13 Sep 2006

    Complete Mortgage and Loan Services has added DB mortgages, the self certification, buy to let and non-conforming lender, to its panel.

  • Complete hosts sub-prime round table

    11 Sep 2006

    Complete Mortgage and Loan Services is hosting a sub-prime round table event at St Mary’s football stadium in Southampton on September 19.

  • Complete website gets a facelift

    11 Sep 2006

    Complete Mortgage & Loan Services has revamped its website in an attempt to include better functionality, clearer navigation and improved structure. From its homepage, brokers can access Complete's online enquiry form with a guaranteed response time of four working hours, plus the packager's online 24/7 case tracking system.

  • Consumers urged to shop around

    11 Sep 2006

    Consumers are being urged to shop around for the best equity release deals.Those who took out lifetime mortgages last year collectively paid 67m in interest during the first 12 months of their plans, says MoneyExpert.com.The website says that by shopping around, a 70 year old taking out an average policy of around 44,000 and living until 85 could reduce their final repayment by 57,000.Some 23,470 lifetime mortgages worth over 1bn were taken out between July 2005 and July ...

  • Conveyancing faces a big overhaul

    11 Sep 2006

    In last week's column, I promised to explain the changes taking place at the Land Registry to reform the conveyancing process. The reforms being implemented by the Land Registry will arguably have a more profound effect on the buying process than the introduction of Home Information Packs and brokers should understand the scope of the project.

  • Coventry relaunches MOREgage portfolio

    12 Sep 2006

    Coventry is relaunching its MOREgage portfolio, with a range of three and five year products

  • Curriculum Vitae

    11 Sep 2006

    Name: Sarah WadeAge: 34Company: GE Money Home Lending.Job title: Marketing manager.Where do you live?North London.Describe your current job: My role involves managing a team that promotes the First National brand and its range of products. On a day to day basis I can be involved in everything from strategy, planning and budgeting, through to campaign delivery via all communication channels. In addition, I am the marketing lead on planning and driving initiatives ...

  • DB mortgages joins AMI

    14 Sep 2006

    DB mortgages has joined the Association of Mortgage Intermediaries as an associate member.

  • Dear Delia

    11 Sep 2006

    Dear Delia: Robert is a landlord with eight buy-to-let properties. He wants to remortgage three to buy additional properties. Of the three he wants to remortgage, only one generates enough rent to cover the mortgage payments. He supplements shortfalls by other means. What are his chances of remortgaging?

  • Debt unsustainable says Katz

    11 Sep 2006

    Harry Katz, of Norwest Consultants, has warned that the industry is living on "borrowed time" as UK debt becomes unsustainable.

  • Earnings rise by 3.7%

    13 Sep 2006

    Average earnings excluding bonuses or regular pay rose by 3.7% in the first two quarters of 2006, down from 3.8% in June.

  • edeus adds SMS to panel

    13 Sep 2006

    edeus has added Solent Mortgage Services, the Fareham based branded mortgage arranger, to its panel. Peter Charge, director of national accounts at edeus, says: “edeus is delighted to add Solent to its panel. We approached SMS because it has a business model that mirrors how we see the market evolving. “Its commitment to promoting online service, as well as its success in mortgage distribution, makes it an ideal partner for us. We look forward to a long association.”

  • Edeus completes first mortgage application ahead of time

    14 Sep 2006

    Edeus has completed its first mortgage applications, ahead of schedule, with the first cases submitted by Savills Private Finance, Mortgage Match Home Loans and Chase UK.

  • Edeus goes live this week

    11 Sep 2006

    The wait is over as new lender edeus descends on the industry this week, with its official launch party.The black tie invitation-only event will be held in Leicester Square's Odeon, notorious for hosting film premieres. One source tells Mortgage Strategy that Michael Bolton, chief executive officer of edeus, has even gone as far as hiring fake paparazzi for his entrance and will be walking down a red carpet, before entering the cinema where a film on the new lender will be ...

  • Edeus joins L&G's mortgage club

    11 Sep 2006

    Edeus is joining Legal & General's mortgage club as part of a broad housing and insurance partnership between the two firms. Legal & General's mortgage club is a multi-lender programme offering its members a range of products and services, exclusive deals, competitive proc fees and marketing support.

  • Edeus kicks off roadshows

    15 Sep 2006

    Edeus says its roadshows have got off to an impressive start, with a strong turn-out of intermediaries at the first session held at Maidstone.

  • Edeus officially launches on the big screen

    14 Sep 2006

    With the words "welcome to edeus" Michael Bolton launched his new lender at the Odeon Leicester Square in London last night.

  • edeus to commence battle bus expedition

    13 Sep 2006

    Michael Bolton, Alan Cleary and the edeus team are hitting the streets in a customised bus complete with a hot tub and a gym to spread the word about edeus to intermediaries.

  • Em-financial reports excellent response to POS-O

    14 Sep 2006

    em- financial says it has had an excellent response to the launch of POS-O from its broker and IFA client base and has had its first offer today.

  • Endownment policyholders urged to sell

    11 Sep 2006

    With-profits endowment policyholders could be missing out on almost £1.4bn a year by surrendering their policies rather than selling them, says the Association of Policy Market Makers.

  • Equity release advice service

    11 Sep 2006

    Hinton & Wild has launched an equity release advice referral service through The Exchange.

  • Equity release can still offer long-term value

    11 Sep 2006

    After a period of relative quiet on the equity release front we have seen the first - and many would say long overdue - movement in interest rates for some time, with the last rate move dating back to June.

  • Ernst & Young joins REIT group

    11 Sep 2006

    Ernst & Young has become the latest member of the Real Estate Investment Trusts and Quoted Property Group, the organisation behind the www.reita.org website and educational campaign. Over 30 firms are members of the group which was established to raise awareness of REITs, due to be introduced in January 2007.

  • Estate agents more aware of HIPs

    12 Sep 2006

    Easier2move has released the results of its HIP Awareness Index which reveals that knowledge of HIPs is growing amongst estate agents.

  • Few plan to avoid IHT trap

    11 Sep 2006

    Two studies by Bradford & Bingley and Vantis have revealed that few consumers fully understand Inheritance Tax and even fewer are planning ahead.B&B's study found that just 2% of consumers who don't think they will be liable to pay IHT have planned to avoid paying. Some 83% think they will not have to pay because their estate will not be worth enough, despite the average home now costing almost 200,000, just 85,000 below the IHT threshold.The bank says people are not taking ...

  • Firm size matters in finance access

    11 Sep 2006

    Research sponsored by HSBC shows striking differences in how access to finance is affected by company size. The latest survey from the Small Business Research Trust finds micro businesses (micros have less than 10 employees) are seven times less likely than small to medium-sized enterprises to adequately fulfil their debt finance requirements.

  • First-time buyers still struggling, says RICS

    12 Sep 2006

    The Royal Institution of Chartered Surveyors says the recent DCLG report demonstrates once again the difficulties faced by first-time buyers.

  • Focus on flood risk areas

    11 Sep 2006

    More Than is offering advice to people living in regions of high flood risk. Its claims advisers are on standby in risk areas. In the event of a flood, it will provide an emergency response.

  • Freshstart move for Sanford

    11 Sep 2006

    Oakwood Financial Management has recruited Brian Sanford from Pink Home Loans to be managing director of its packaging operation, Freshstart Mortgages. Oakwood sees the continued growth of its packaging arm as a key part of its growth strategy.Sanford has been a key part of the sales function at Pink for seven years.

  • FSA axes insurance firm that left clients uncovered

    11 Sep 2006

    The Financial Services Authority has stripped Walsall Bridge Insurance Consultants of its permission to carry out regulated activities.It found the firm had failed to pass on client premiums to insurers, leaving clients uninsured. Instead it used clients' money to run the everyday activities of the business.As a result of an investigation into the firm, the FSA has also banned the company's sole director, Geoffrey Thomas Robbins, from conducting any further regulated business ...

  • Get it right on disclosure documents

    11 Sep 2006

    Among the wealth of information issued over the summer by the Financial Services Authority, its review of disclosure documentation may have slipped under the radar of many readers, especially as the findings were headlined 'Quality is improving'.

  • GHL adds Sharia mortgage provider to panel

    11 Sep 2006

    Genesis and Guaranteed Home Loans has added Islamic mortgage provider Alburaq to its network panel of lenders.Alburaq offers Sharia-compliant mortgages for residential and buy-to-let properties.The products are made available to clients via the Arab Banking Corporation Group in partnership with Bristol & West, and have been designed to offer an alternative to those people who wish to purchase property while ensuring they respect their religion.The rental amount charged on ...

  • Give brokers a choice of ways to pay

    11 Sep 2006

    Bankhall has taken the decision to allow its clients to pay by a fee rather than handing over a slice of their commission. The support services provider claims this move is being pushed for by its members and is supported by research undertaken by the company that reveals most of its advisers are reviewing their business models and moving towards fees themselves.

  • GMAC-RFC completes first online instant deal

    11 Sep 2006

    GMAC-RFC officially launched its point-of-sale offer system last Monday, completing its first online instant mortgage.POS-O uses Hometrack's automated valuation model to do desktop valuations, vastly speeding up the offer process. The first case completed was a remortgage with an LTV of 57% and advance of 94,000.Stephen Knight, executive chairman at GMAC-RFC, says: "The system will default to a manual valuation for all loans in excess of 90% LTV."Michael Clapper, chief executive ...

  • GMAC-RFC completes record breaking 48-hour mortgage

    11 Sep 2006

    GMAC-RFC has performed the fastest ever turnaround from application to completion, using its point of sale technology.

  • GMAC-RFC named one of Britain's top employers

    11 Sep 2006

    GMAC-RFC is to be included in Britains Top Employers 2007 for the second year running and has moved up the table from 61st to tenth position out of the 100 companies selected. Britains Top Employers 2007 is sponsored by The Guardian Newspaper and was launched in September last year. The companies are selected by the Corporate Research Foundation and the selection was made using the following criteria, pay and benefits, promotion and development, training, culture and style, innovation, ...

  • GMAC-RFC numbers get broker-friendly

    11 Sep 2006

    GMAC-RFC has adopted a more broker- friendly telephone number in response to feedback from intermediaries.Following criticism of lenders that use 0870 numbers, GMAC-RFC has deci-ded to introduce the new number - 0844 770 8000 - and obliterated concerns that it is trying to make money out of brokers.Jeff Knight, director of marketing at GMAC-RFC, says: "This issue has been broached by brokers and although we decreased the number of telephone calls intermediaries need to make ...

  • Goldsmith sales team expanded

    11 Sep 2006

    Goldsmith Williams is expanding its sales team with the appointment of a national account manager, Anita Newnes, to develop relationships with brokers.LMS joins panel to provide HIPs MGM Home Finance has appointed LMS to its panel of partners to provide Home Information Packs.Appointments Risk Placement Services has appointed Kevin Broadbent as sales director and Karen Tyler-Croft as marketing manager.

  • Golf day raises 9,000

    11 Sep 2006

    In the run-up to the axing of its broking arm in mid-November, Bradford & Bingley has promoted head of mortgages David Bitner to head of mortgage partnerships.There had been rumours within the industry that Bitner could be set to leave B&B after it announced that its broking operation was up for the chop.But this latest move will be seen by many as cementing Bitner's position at the group which will now, along with the specialist products provided through its Mortgage Express ...

  • Have your say on packaging issues

    11 Sep 2006

    Brokers are invited to take part in Mortgage Strategy's latest online survey which covers all the main issues in the packaging sector. The results will be revealed in a supplement published next month. Visit mortgagestrategy.co.uk to have your say.

  • Home prices rise again in August

    11 Sep 2006

    Research from Smart New Homes reveals August bucked the trend with a return of positive price growth across the new homes market.Its New Homes Index reveal prices to have risen 1.7% since July.

  • House price inflation up 6% in July

    11 Sep 2006

    UK annual house price inflation in July 2006 was 6% up from 5.3% in June 2006, DCLG figures reveal.

  • House price results show growth in market, says Assetz

    13 Sep 2006

    The six major UK house price indices show an average of 7.5% growth since August 2005, says Assetz.

  • How Martin Lewis let the side down

    11 Sep 2006

    The other day, I was all set to write this column and I had even decided what it was going to be about when I noticed that Martin Lewis was going to be on The One Show.

  • Income multiples reach highest ever level

    13 Sep 2006

    First-time buyer income multiples reached their highest level ever in July at 3.24 times the average income, shows data from the Council of Mortgage Lenders.

  • Industry supports idea of National Mortgage Day

    11 Sep 2006

    Forget National Chip Day and National Hair Day, Mortgage Strategy and The Mortgage Business are calling on the industry to launch a National Mortgage Day, on which lenders and brokers work together to educate consumers.Nigel Payne, managing director of TMB, says that a day dedicated to mortgages each year would give consumers the chance to learn about the deals that best suit them.It could also create an ideal opportunity for potential first-time buyers to get advice ...

  • Inflation continues to rise

    12 Sep 2006

    UK CPI inflation rose to 2.5% in August from 2.4% in July and the headline RPI inflation rate, which includes mortgage interest payments, rose to 3.4% from 3.3% in July.

  • IntelliFlo expands senior management team

    13 Sep 2006

    IntelliFlo, the provider of front and back office systems for financial advisers, has expanded its senior management team with three new appointments.

  • Interbay appoints CMM

    12 Sep 2006

    InterBay, the commercial mortgage lender, has appointed Crown Mortgage Management as its servicing partner.

  • Intergenerational deal offers alternative ways to pay

    11 Sep 2006

    From Dr Smarajit Roy

  • Investors demand higher LTVs

    11 Sep 2006

    Confident buy-to-let investors are increasingly demanding reduced rental income requirements and higher LTVs, according to Mortgage Trust.

  • Is the point-of-sale offer revolution here?

    11 Sep 2006

    GMAC-RFC went live with its point-of-sale offer system last week. The technology uses Hometrack's automated valuation model to do desk-top valuations, hugely speeding up the offer process.So, Mortgage Strategy asks: "What impact do you think GMAC-RFC's point-of-sale offer will have on the mortgage market?"

  • Launch of instant POS-O ups market ante

    11 Sep 2006

    After a quiet August the first week of September has seen one of the UK's major lenders launching a technology system that offers consumers instant online point-of-sale offers using desk-top valuations.It's not exactly a bolt out of the blue. For some time now the lender in question, GMAC-RFC, had been promising to offer this service by the end of 2006, while new entrant edeus has based its unique selling point on its ability to use automated valuation models to make mortgage offers ...

  • Leeds launches two year deal

    14 Sep 2006

    Leeds has launched a two year fixed rate at 5.25% and allows unlimited capital repayments at any time, without penalty.

  • Lenders must not sacrifice quality processes for speed

    11 Sep 2006

    From Christian Bearman I feel compelled to respond to the views expressed by Paul Hunt and Bob Sturges regarding two-hour completions (Mortgage Strategy August 21). Both made valid points and it is appropriate that the industry sets itself targets to provide a competitive marketplace for consumers. But in the battle to achieve greater speed and drive cost-effectiveness through the value chain, lenders must not take their eyes off the quality of their processes. To deliver efficiencies ...

  • Lloyd's buys 20% of Commercial First

    11 Sep 2006

    LLOYDS Development Capital, part of UK banking giant Lloyds TSB, has bought a 20% share in Commercial First for 27m.The sale to LDC, the venture capital arm of Lloyds TSB, falls in line with Commercial Firsts plans to float within the next three to five years.The 27m stake values the company at about 135m, just four years after it was formed.It is not known if Lloyds TSB plans to act as a distributor for Commercial First or will fund some of its products.The ...

  • LMC to integrate into Lehman

    11 Sep 2006

    London Mortgage Company will fully integrate with sister companies Preferred and Southern Pacific Mortgage Limited into parent Lehman Brother's mortgage capital business, when its chief executive officer quits at the end of the year.Robert Owen, CEO of London Mortgage Company, who has been the driving force behind the launch of LMC, will leave the company at the end of the year. Owen has denied rumours that he is planning to set up a new lender or join an existing one.He says: ...

  • LMS joins panel to provide HIPs

    11 Sep 2006

    MGM Home Finance has appointed LMS to its panel of partners to provide Home Information Packs.

  • Lord Coe to give free lecture

    12 Sep 2006

    Lord Sebastian Coe is to give a free lecture at Leeds Town Hall next week.

  • M4Y appoints development manager

    11 Sep 2006

    Mortgages 4 You Ltd, the UK based buy-to-let and overseas mortgagespecialist, has just appointed Brian Hart as its development manager, toassist in the next phase of growth for the M4Y group.

  • Market Watch

    11 Sep 2006

    Swaps wobbled up and down last week before settling close to their previous levels. It's interesting to note that longer term money is still much cheaper than short-term money. The official expression for this is that the yield curve has inverted. Economists will watch this closely as previous recessions have followed inversions of the yield curve.One-year money is down 0.01% at 5.23%Two-year money is unchanged at 5.16%Three-year money is unchanged at 5.14%Five-year money ...

  • Marketing Brief

    11 Sep 2006

    Preferred Mortgageswww.preferredmortgages.co.uk

  • Me & My Car

    11 Sep 2006

    I decided to buy the RS4 when I saw Clarkson drooling over it on Top Gear, and I have to say it's proven itself to me in every way expected.The waiting list was an excruciating seven months, but when I drove it off three weeks ago it was obvious straight away that it was worth it, especially after using the sports button located in the steering wheel, which sent the throttle into overdrive.In sports mode the car can get from zero to 60 in 4.5 seconds which is phenomenal ...

  • Merger good news for industry, says Hamptons

    12 Sep 2006

    Hamptons Mortgages says the merger of Nationwide and Portman is good news for the mortgage industry and for mortgage customers.

  • Merrill Lynch buys into US sub-prime market

    11 Sep 2006

    US investment banking powerhouse Merrill Lynch jumped into America's sub-prime market with both feet last week, buying a top-ranked originator based in Southern California.The Wall Street giant agreed to purchase First Franklin Financial Corporation and two affiliates for US$1.3bn.Merrill Lynch follows a host of traditional Wall Street firms that have been gobbling up sub-prime lenders or entering the residential market by launching a conduit. A conduit is a legal entity that ...

  • M-Next Partners hosts seminars

    11 Sep 2006

    Mortgage Next Partners is hosting a series of seminars designed to help brokers boost their income.

  • Money Partners appoints head of sales

    12 Sep 2006

    Money Partners has appointed Paul Lipton-Rose as head of sales.

  • MoneyQuest links to MB and MTE

    11 Sep 2006

    MoneyQuest has integrated its enquiry tracker point-of-sale compliance software with Mortgage Brain and the Mortgage Trading Exchange.This means client data in MoneyQuest's enquiry tracker suite will automatically be pre-populated into Mortgage Brain's product selection and the MTE's e-trading systems.Paul Reynolds, managing director of MoneyQuest, says: "The aim is to increase mortgage business by two-thirds over the next couple of years. Improved product selection coupled ...

  • Mortgage Brain launches its Premier Edition

    13 Sep 2006

    Mortgage Brain, the UKs main provider of mortgage sourcing, point-of-sale, compliance and electronic trading solutions, is now rolling out its Premier Edition, the next generation of its system.

  • Mortgage delays increasing debt says GMAC-RFC

    11 Sep 2006

    Almost 2 million home buyers suffer delays on mortgage offers, research from GMAC-RFC shows.

  • Mortgage Times picks xit2 system

    11 Sep 2006

    Mortgage Times has turned to xit2 to provide an online system to manage its external valuations. The Valuation Exchange developed by xit2 streamlines the valuation instruction process, and can halve the time taken to instruct the valuation.

  • Mortgage Trust launches new BTL product

    13 Sep 2006

    Mortgage Trust and Premier Mortgage Service have launched a 5.19% buy-to-let fixed product with free valuation or administration fee.

  • Mortgages PLC slashes rates

    11 Sep 2006

    Mortgages PLC has reduced its rates across most of its product range including discounted, tracker and fixed rate products. The UK lender will cut rates by up to 0.25% across its product range.

  • N&P cuts rates on fixed deals

    11 Sep 2006

    Norwich and Peterborough is cutting the rates on its UK and Spanish five and 10-year fixed rate mortgages. Richard Barker, product manager at N&P, says: "Our 5.18% five-year fixed rate deal represents good value for customers looking for longer term stability."

  • Nationwide and Portman - the lid's off!

    12 Sep 2006

    Until now the mutual sector has been a bit like a dormant volcano - radical restructuring has been on the agenda for a number of years as competition for mortgage business and the cost of regulation have taken their toll.

  • Nationwide and Portman good fit, says Moneyfacts

    12 Sep 2006

    Nationwide's merger with Portman will offer a "marketing blend of origination and customer retention. Customers should benefit, and competitors should beware", says Moneyfacts.

  • Nationwide and Portman merger won't change ratings, says S&P

    12 Sep 2006

    The merge between Nationwide and Portman will not change the societies ratings, says Standard & Poor's.

  • Nationwide and Portman to merge

    12 Sep 2006

    The boards of Nationwide and Portman have revealed they've agreed to merge and be named Nationwide Building Society.

  • Nationwide bigger threat than edeus, says Malone

    12 Sep 2006

    The new Nationwide now poses more of a threat to the likes of GMAC-RFC and BM Solutions than edeus and other new entrants.

  • Newcastle adds four to team

    12 Sep 2006

    Newcastle has made four key appointments.

  • Niche joins edeus panel

    12 Sep 2006

    Niche Mortgage Solutions has become the latest edition to the panel of packagers appointed by edeus.

  • Online system for insurance offers

    11 Sep 2006

    Barclay Willis has launched its In-Cept insurance trading platform designed to speed up insurance offers.The platform, which can be used by mortgage and insurance brokers as well as networks and lenders, offers almost instant insurance cover for commercial and residential properties via an online service.Barclay Willis has been working on the system for over a year and says it meets all Financial Services Authority requirements.In-Cept products include commercial landlord ...

  • Owners are paying more Stamp Duty

    11 Sep 2006

    Research from Portman reveals home owners are paying the government an average of 3,735 in Stamp Duty per property, despite the recent rise in the threshold.Using sales data from the Land Registry, Portman has calculated that despite the government's decision to raise the Stamp Duty threshold at the end of March this year by 5,000 to 125,000, the total Stamp Duty paid in Q2 2006 reached 1,002bn - 229m more than in Q1 before the change.While house sales between Q1 and Q2 2006 ...

  • Pace of change

    11 Sep 2006

    Big American corporates are becoming a familiar part of the UK mortgage landscape.

  • Parents advised not to worry over mandatory deposit protection

    11 Sep 2006

    Over a million students will be moving into rented homes in the few weeks togo before the autumn start of the new academic year and the majority of them will be living away from home for the first time in their lives.

  • Pensioners shrug off debt worries, says Sesame

    15 Sep 2006

    One in four pensioners are racking up debt with no intention of paying it off, says Sesame.

  • Pink initiatives to attract brokers

    11 Sep 2006

    Pink Home Loans has introduced a range of service initiatives aimed at encouraging more brokers to use its packaging service. A number of lenders will be added to its lender panel. Edeus will be one of the first of these, closely followed by Advantage, with more to follow.Also, Pink's online decision in principle facility will be opened up to directly authorised brokers. The online DIP facility was launched to its appointed representatives earlier this year.

  • Pink launches buy-to-let remortgage deal

    14 Sep 2006

    Pink Home Loans has launched an exclusive buy-to-let fees assisted remortgage deal in association with Mortgage Express.

  • Pink launches E-DIP

    14 Sep 2006

    Pink Home Loans online decision in principle facility is now available to both Appointed Representatives and directly authorised intermediaries.

  • Platform appointment

    11 Sep 2006

    Platform has appointed Stephen Marsh to the new post of organisational development manager. Marsh has experience in organisational development roles in various financial services organisations, most recently with Lastminute.com.

  • Platform appointment

    11 Sep 2006

    Platform has appointed Stephen Marsh to the new post of organisational development manager. Marsh has experience in organisational development roles in various financial services organisations, most recently with Lastminute.com.

  • Platform appointment

    11 Sep 2006

    Platform has appointed Stephen Marsh to the new post of organisational development manager. Marsh has experience in organisational development roles in various financial services organisations, most recently with Lastminute.com.

  • Platform to expand its sales team

    11 Sep 2006

    Platform is planning a major restructuring of its sales department which will involve recruiting a key account manager and six business development managers.The intermediary lender of Britannia will carry out a recruitment process over the next two months with the aim of putting in place an expanded sales presence across the country, giving intermediaries better access to its BDMs.Platform is also expanding its corporate accounts team, headed by corporate relationship manager ...

  • PMS and Barclays launch Pearl Overseas

    11 Sep 2006

    Barclays, Premier Mortgage Service and Spanish property portal Facilisimo.com have joined forces to launch Pearl Overseas to market Spanish new builds to British people.

  • POS-O ushers in a new era in lending

    11 Sep 2006

    "You cannot fight against the future. Time is on our side." That remark was made by William Gladstone in his speech on the Reform Bill in 1866.And it's that same phrase that GMAC-RFC's Stephen Knight used to conclude his first book, The Art of Marketing Mortgages, published in 1997."We must all enjoy the future," he wrote. "It's the only one we've got. For those involved in mortgages at all levels, I think it's an exciting future."Indeed it was and a future that became ...

  • Remembering Roy Brooks, the honest estate agent

    11 Sep 2006

    From Trevor Kent

  • Rugby star to speak at CII event

    11 Sep 2006

    New Zealand's All Blacks star Sean Fitzpatrick is to be the guest speaker at the Chartered Insurance Institute Conference Gala Dinner on October 5, to be held at the Glasgow Hilton Hotel. The dinner is the culmination of the UK Insurance & Financial Services Conference. It will be attended by 700 delegates and senior executives from the Scottish insurance and financial services sector. Fitzpatrick has played in 121 international matches.

  • S&S had 25% stake in failed online auction firm

    11 Sep 2006

    Stroud & Swindon had a 25% stake in the recently failed online auction site Mortgage Bundles, it has been found.S&S says it is unable to comment on whether it lost any money after the website closed doors last Monday.But its accounts for 2005 show S&S was a 25% shareholder of Bundles Limited, the company name of Mortgage Bundles.The website, which launched at the start of this year, enabled mortgage lenders to bid for loan business and bundled together borrowers with similar ...

  • Scarborough launches specialist website

    11 Sep 2006

    Scarborough has launched a dedicated website for its new specialist lending brand, Scarborough Specialist Mortgages. Accessible via Scarboroughs existing broker site, www.scarboroughintermediaries.co.uk, provides an opportunity for intermediaries to log their details in order to receive the latest news on developments regarding the launch of the new non-prime lending brand. The site contains the latest available information, including the unique approach and service commitment ...

  • Service is now the lender battleground

    11 Sep 2006

    Borrowers have cottoned on to the fact that trying to navigate through the thousands of mortgage products on the market is quite a task. The odds of identifying the best deal continue to lengthen so consumers are buying into the fact that good advice is worth its weight in gold.

  • SMS appoints head of HR

    11 Sep 2006

    Solent Mortgage Services has appointed Catherine Ball as head of human resources.

  • Solving all your customers' problems

    11 Sep 2006

    Although giving advice and helping customers achieve their dreams can be rewarding, unless brokers sell, giving such advice isn't going to pay their bills. I am sure that all financial advisers are in business to make money and as their costs increase year on year they need to increase their profits correspondingly.

  • Specialist market is the one to watch

    11 Sep 2006

    The specialist market may be smaller than its mainstream counterpart but it is the place to watch. The added competition from a wave of new lenders entering the sector has forced all lenders to raise their game.

  • SPML enhances products

    11 Sep 2006

    Southern Pacific Mortgage Limited has unveiled a range of product enhancements including increased discounted rates and reduced self-cert loadings on discounted rate products.

  • SPPL launches online affordability calculator

    11 Sep 2006

    Southern Pacific Personal Loans is launching an online affordability calculator, to-gether with increased borrowing limits of up to 50% of verified income based on a joint annual income of more than 65,000.SPPL is changing its product ranges so they can be grouped under general headings reflecting the credit status of applicants such as near prime, minor adverse, light adverse, medium ad-verse, heavy adverse and unlimited adverse.These options are now more closely aligned with ...

  • SSM hires ex-Kensington trio

    11 Sep 2006

    Scarborough Specialist Mortgages, Scarborough's sub-prime lending arm, has taken on board three ex-Kensington Mortgages staff to head it.Working from Scarborough's new specialist mortgage centre in Leeds, Dave Newby, Andrew Richardson and Peter Brooke, who left Kensington this year, will form the backbone of the group's ambitious plans for the sub-prime sector.John Carrier, chief executive at Scarborough, says its extensive expertise will form one of the key selling points of ...

  • Sub-prime sector is in good shape

    11 Sep 2006

    There is a renewed interest in the future of the sub-prime market, with the focus on its stability. With the launch of several new lenders just around the corner, does the sector face a problem?

  • Sub-prime worst for PPI

    11 Sep 2006

    Regency Mortgage Corporation's regulatory fine last week of 56,000 for dodgy mortgage payment protection sales shows that the sub-prime market is the worst culprit for PPI abuse, says Britishinsurance.com.It is the first time the Financial Services Authority has taken action against a firm for sales of PPI since the regulation of general insurance started in January 2005. The FSA says Regency failed to treat customers fairly and failed to organise and control its business effectively.In ...

  • Talking up the benefits of mutuals

    11 Sep 2006

    I have learned over the years that perception and reality are rarely the same. A recent news story in Mortgage Strategy highlighted the fact that some people in the industry still harbour an outdated image of building societies.Some so-called experts still believe that building societies are so far off the pace that they are destined to fail.

  • Technology is poised to shake up underwriting

    11 Sep 2006

    Improvements in technology have revolutionised the sub-prime market in the past five years, with brokers and borrowers benefiting hugely.

  • The amazing technological dreamcoat

    11 Sep 2006

    With the dust settling on the confrontation in the press between a new entrant and an established sub-prime player, you may have noticed things are hotting up in the sub-prime sector.

  • The big picture on global house prices

    11 Sep 2006

    Globally house price rises are slowing, but does this spell the end of the world property boom?

  • The Exchange and Focus launch new STP proposition

    15 Sep 2006

    The Exchange has integrated with Focus Solutions’ MCA point of sale solution, creating a new STP proposition for providers and key distributors.

  • The instant revolution starts here

    11 Sep 2006

    At the beginning of June this year I predicted that at least one mortgage lender would launch an instant offer using an automated valuation model within the month. I didn't know who it would be but although it has taken slightly longer than a month, I'm relieved and pleased to see that GMAC-RFC has proved I was on the right track.

  • The Mortgage Mole

    11 Sep 2006

    Cause CelebMole was treated to a night at the Mercury Music Awards last week with UCB Home Loans.News editor Robert Thickett was seen tapping his foot along to the Arctic Monkeys, the Editors and Tom York. Hanging around with celebrities obviously had an effect on Thickett, who was spotted acting mysteriously the next day at work, and took to wearing his sunglasses in the office. Thickett insisted he was wearing the glasses because he had sore eyes, but Mole thinks it was ...

  • Time to get the APR issue sorted out

    11 Sep 2006

    Kensington Mortgages plans to lobby the Financial Services Authority to add more information to Key Facts Illustrations because of its concern that the APR does not reflect the true cost of a mortgage.

  • TMP lenders offer onsite support

    11 Sep 2006

    Three panel lenders of The Mortgage Partnership have provided onsite underwriters at its office in Wirral. They are Bristol & West Mortgages, Freedom Lending and Rooftop Mortgages.

  • Two-stage mortgages would prove the value of interest-only concept

    11 Sep 2006

    Star Letter

  • Unemployment continues to rise

    13 Sep 2006

    The number of unemployed people in the UK increased by 93,000 in Q3 and by 280,000 over the year, to reach 1.70 million.

  • Unity Homeloans freezes fixed rates

    12 Sep 2006

    Unity Homeloans has frozen its fixed rates.The decision to freeze rates was made due to the high quality of remortgage that brokers are providing across all of the product range.Ian Nelson, chief executive, Unity Homeloans, says: “We are in a very fortunate position of having brokers supporting us with high quality cases. We have, therefore, been able to hold our rates despite the recent BOE rise.”

  • Warning on cheap student flats

    11 Sep 2006

    Risk consultant Leaseguard is warning parents of the dangers of buying the cheapest properties for their student children.Mairi Scott, managing director of Leaseguard, says: "Although the market can be quite tight in university towns, parents and students should shop around to find a flat that offers a safe environment as well as value for money."In the worst cases, some young people have died because of poor safety or security standards in their student flats. Many others have ...

  • Which? condemns advisers

    11 Sep 2006

    A whopping two-thirds of advisers have been deemed not up to scratch in a study by consumer watchdog Which?.Which? looked at both independent and tied advisers, but the latter were judged the worst offenders. Just 16% of advisers working for high street banks and societies passed its standards.Which? also found that compared with independent advisers, tied advisers offer a limited choice of product provider and tend to take more commission on some products.Almost half of ...

  • Will the intergenerational mortgage live long and prosper?

    11 Sep 2006

    Opinion is divided on the merits of intergenerational deals, with one expert worrying they could lead to mis-selling claims in the future

  • Williams to become first executive director at IMLA

    15 Sep 2006

    Peter Williams, deputy director-general at the Council of Mortgage Lenders is to become the first executive director at the Intermediary Mortgage Lender Association.

  • Win clients and influence people

    11 Sep 2006

    Whatever your goal, you need a map to chart your progress. Without the business equivalent of a satellite navigation system your goal - whether it is to become a millionaire, own a Bentley or provide financial security for your loved ones - will almost certainly remain a pipe dream.  I'm assuming readers either own or work in well-run mortgage companies with sound business plans in place that can adapt to changing market conditions. Enlightened readers will know that a business ...

  • Winkworth offers deals in Croatia

    11 Sep 2006

    Winkworth has the exclusive rights to market 336 luxury apartments as buy-to-let investment properties in Croatia's Novi Vinodolski resort.Investment and mortgage advisers are being offered 3% commission (minimum of 4,000) for successful introductions of clients who are keen to invest in the region.

  • Women still dominating the rental sector

    11 Sep 2006

    The Association of Residential Letting Agents says the steady growth of the private rented sector is reflected in the increase in lettings staff employed in the offices of member firms of the Association.

  • Would you invest overseas to pay off your UK mortgage?

    11 Sep 2006

    The Channel 4 series, One year to pay off your mortgage, has come under attack for suggesting that home owners could pay off their UK mortgage in one year by investing in overseas property. Industry pundits say this is a risky gamble and buyers could as easily end up losing money as making it.So, this week Mortgage Strategy asks...

  • Yorkshire plans shared equity deal

    11 Sep 2006

    The Yorkshire has confirmed rumours that it plans to launch a shared equity product for the private sector next year.Speculation was rife that the society would launch the product since it signed up to the government's Open Market HomeBuy product, designed to help people to buy a home on the open market with an equity loan.Lenders provide a top-up equity loan along with the buyer's mortgage - for example, a 75% mortgage with a 12.5% equity loan. The remaining 12.5% is provided ...

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