Mortgage Strategy
12 January 2009

  • A new year revolution

    12 Jan 2009

    It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to heaven, we were all going direct the other way - in short, the period was so far like the present period that some of its ...

  • A to Z of 2009

    12 Jan 2009

    A is for AMI, which impressively came of age in 2008 and provided a more coordinated and coherent voice than most of its trade body peers. The recent Retail Distribution Review feedback from the Financial Services Authority is a big cause for concern and while mortgages may not be affected for some time, unless the trade body maintains its pitch, institutions such as the British Bankers’ Association and the Association of British Insurers will continue to try to mute ...

  • A&L launches three exclusive broker deals

    12 Jan 2009

    Alliance & Leicester has introduced three broker-only deals to reaffirm its commitment to the mortgage market.

  • Advice arena has evolved quicker due to credit crunch

    12 Jan 2009

    If we are looking for any upside in this time of upheaval, it is evident that significant changes in the advice arena are taking place that would have taken much longer to evolve, if it had not been for the credit crunch.

  • Adviser Matrix urges brokers to do homework before joining network

    16 Jan 2009

    Adviser Matrix, an independent research service for brokers is warning advisers to conduct thorough due diligence before making the decision to join a network.

  • AMI briefs Cable ahead of repossessions debate

    12 Jan 2009

    The Association of Mortgage Intermediaries has written to Vince Cable, shadow chancellor for the Lib Dems warning him of the dire consequences if effective measures for the mortgage market aren’t implemented immediately.

  • AMI voices concerns to Cable over repossessions

    13 Jan 2009

    The Association of Mortgage Intermediaries has written to Vince Cable, shadow chancellor for the Lib Dems warning him of the dire consequences if effective measures for the mortgage market aren’t implemented immediately.

  • ASA slams Cartel for misleading advert

    14 Jan 2009

    The Advertising Standards Authority has judged an advert produced by compensation chasing firm Cartel Client Review to be misleading.

  • Assetz launches property investment broker scheme

    15 Jan 2009

    Assetz is launching a referral scheme for brokers looking to boost their income through property investment advice.

  • Assurant Solutions appoints CFO for UK & Ireland

    15 Jan 2009

    Global Insurance specialist Assurant Solutions has appointed Martin Pringle as chief financial officer for UK and Ireland and the UK insurance companies.

  • Available products drop to new low

    12 Jan 2009

    The number of mortgage products available in December fell a massive 79% from the same time in 2007, data from Mortgage Brain has revealed.

  • Bank base rate of 1.5% marks an all-time low

    12 Jan 2009

    The Bank of England has cut the base rate to 1.5%. This is the first time rates have been below 2% in the Bank's 314-year history.

  • Bank of America takes $20bn from US TARP fund

    16 Jan 2009

    The US Treasury has invested $20bn in Bank of America from its Troubled Asset Relief Programme.

  • Banks wary over capital requirements

    15 Jan 2009

    Lenders have warned that securing the extra capital needed as part of the banking bailout represents a big challenge to banks and building societies.

  • BoI pullout could force lenders to tighten belts

    12 Jan 2009

    Fears are mounting that Bank of Ireland's withdrawal from the broker market could have a serious knock-on effect and force other lenders to further constrain their lending criteria.

  • Borrowers benefiting from rate reductions says CML

    15 Jan 2009

    Mortgage interest payments are consuming less of borrowers' incomes as those able to get a mortgage are stretching themselves less financially and beginning to benefit from reductions in bank rate, shows data from the Council of Mortgage Lenders.

  • Business Lending appoints investment banker to spearhead fund

    14 Jan 2009

    Commercial property lender Business Lending has appointed Bob Ludlow as an investor relations consultant to manage relationships with institutional investors for its new commercial credit investment fund, due to launch in the first quarter of 2009.

  • CC's proposals on PPI are crazy and contradict FSA

    12 Jan 2009

    I think the Competition Commission's recommendations regarding payment protection insurance is crazy and poorly thought out.

  • CML warns of pitfalls in government’s mortgage scheme

    14 Jan 2009

    The Council of Mortgage Lenders has voiced its concerns over the government's consultation on the proposed homeowner mortgage support scheme.

  • Countrywide looking to recruit

    14 Jan 2009

    Countrywide is still on the lookout for two corporate account managers covering the north and south of the UK market.

  • Cross-selling can offer swift returns

    12 Jan 2009

    Christmas has come and gone and the same old repeats have had the temerity to grace our television screens.

  • Curriculumvitae: Garry Stran

    12 Jan 2009

    Describe your current job I am chief executive of Clarity Credit Management, a business I co-founded in 2005 after nearly 20 years at Nationwide. Fieldcall is a wholly-owned subsidiary of Clarity.

  • Data Protection Round Up

    12 Jan 2009

    The use and protection of personal information have never been far from the news in 2008 with high profile security breaches and concerns about identity theft.

  • Decision time for advisers

    12 Jan 2009

    In April this year the 7,000 directly authorised advisers in the market are due to renew their Financial Services Authority registrations. Given current market conditions, many will be wondering whether the time has come for a rethink when it comes to their regulatory status.

  • Directgov offers help to struggling consumers

    12 Jan 2009

    The government has launched a digital campaign which offers consumers help with using public services and getting advice during the economic downturn.

  • Directors plead guilty to £80m buy-to-let fraud

    16 Jan 2009

    Five directors of a Gateshead-based property firm have pleaded guilty to their involvement in an £80m buy-to-let investment fraud.

  • Don't get caught in the headlights of 2009

    12 Jan 2009

    For some time now there have been predictions about the length and depth of the recession we are in. But there is little evidence of innovation from our industry, just lots of examples of firms cutting costs to the minimum and keeping their commercial heads down in a bid to weather the storm.

  • Don't sell clients short on cover

    12 Jan 2009

    Paymentshield has warned brokers not to shy away from offering protection products to clients.

  • DV/Shepherds appoints new business development director

    12 Jan 2009

    Panel management firm Direct Valuations and Shepherd Surveying Group has appointed Mark Philpott as new business development director.

  • Edeus owed big banks £13m when it closed

    12 Jan 2009

    Edeus went to the wall owing more than £13m to banking giants Deutsche Bank and Merrill Lynch.

  • Edge system enhances offering

    12 Jan 2009

    Enterprise Group's Edge system is spreading its wings to source the whole of the market in an attempt to compete with traditional sourcing systems.

  • Efficient service will be key

    14 Jan 2009

    There is no denying that 2009 will prove a challenging year for the property market but Britain’s culture of home ownership, along with increased affordability and lower mortgage interest rates, will ultimately drive the return of buyers to the market.

  • Equity release to face heavier regulation, warns KRS

    13 Jan 2009

    The Financial Services Authority will be keeping a closer eye on brokers entering the equity release market over the next year, predicts Key Retirement Solutions.

  • Evaluate looking to recruit

    12 Jan 2009

    Evaluate Technologies plans to further expand its development and testing teams due to rising broker and distributor demand for the imminent launch of the EvaluateConsumer online proposition.

  • Exact appoints group finance director

    14 Jan 2009

    Sebastien Maloney has joined Exact as group finance director.

  • Face-to-face is not always the best way to do business, says broker

    12 Jan 2009

    Brokers should ditch the long-held notion that face-to-face appointments are the only way to do business, one mortgage broker claims.

  • Fears grow for sub-prime specialist

    12 Jan 2009

    Fresh doubts hung over the future of sub-prime lender Cattles last week after it revealed it was axing 1,000 jobs and scaling back the amount of business it does.

  • Firms combine under AXA's Bluefin brand

    12 Jan 2009

    Thinc, PIFC, EB Consultants, Orbit Benefits and SBJ Benefits came together under the AXA-backed brand of Bluefin last week.

  • Former Amber director takes role at Clarity

    12 Jan 2009

    Mike Perry, former associate director of sales and marketing at Amber Home Loans, has joined Clarity Credit Management Solutions as sales and marketing director.

  • FOS to increase case fee to £500

    15 Jan 2009

    The Financial Ombudsman Service is set to increase the amount it charges firms to handle a complaint made against them to £500 as it reveals it will not increase the number of free cases it allows each year.

  • FSA oblivious to our financial constraints

    12 Jan 2009

    I constantly read articles which state that brokers play an important role in the mortgage process, with 70% of consumers preferring to use their expertise.

  • FSA wants speedier redress for bank clients

    12 Jan 2009

    The Financial Services Authority is looking to shorten the time it takes for consumers to be compensated if banks fail to just seven days.

  • GMAC-RFC's parent firm changes status

    12 Jan 2009

    GMAC-RFC's parent group GMAC has become a holding company after it converted its Utah-based loan operation into a commercial bank.

  • Good service and knowledge are key

    12 Jan 2009

    As we enter the new year, we are still being haunted by stories of large companies turning to the government for financial bailouts.

  • Government takes 43% stake in Lloyds Banking Group

    12 Jan 2009

    Shareholders in Lloyds TSB and HBOS have shunned the banks' respective rights issues in favour of state cash, the two lenders have revealed today.

  • Guardian Financial Group appoints compliance director

    14 Jan 2009

    The Guardian Financial Group has appointed Alan Dawson as its group compliance director.

  • Hamptons staff in consultation

    12 Jan 2009

    The 16 staff at Hamptons Mortgages were last week placed on a 30-day consultation as part of a strategic review by parent group Hamptons International.

  • HBOS stars to shine in live L&G webcast

    12 Jan 2009

    Two leading lights at HBOS are poised to give their views on the 2009 housing market in a live web broadcast to be hosted by Legal & General Mortgage Club.

  • HIP advantage of the credit crunch

    12 Jan 2009

    When housing minister Margaret Beckett pushed back the first day marketing deadline for Home Information Packs to April 6, it came as no surprise.

  • Home Buyer Systems extends HBSLite trial offer

    14 Jan 2009

    Home Buyer Systems is extending its special introductory two-week trial offer on its HBSLite system, which nominally costs £10.00.

  • House prices tumbled almost 16% in 2008

    12 Jan 2009

    Nationwide says house prices fell by 15.9% in 2008, with the average property now being worth £153,000.

  • House sales continue to fall reports RICs

    13 Jan 2009

    The average number of transactions per surveyor fell to a record low in December despite buyer interest remaining strong says the Royal Institution of Chartered Surveyors' UK housing market survey.

  • House sales hit record low reports RICs

    13 Jan 2009

    The average number of transactions per surveyor fell to a record low in December despite buyer interest remaining strong says the Royal Institution of Chartered Surveyors' UK housing market survey.

  • HSBC's net market share could hit 20% this year, says Boulger

    12 Jan 2009

    HSBC's net share of the mortgage market could grow to 20% in 2009 if the bank hits its lending targets, industry pundit Ray Boulger predicts.

  • In the Hot Seat

    13 Jan 2009

    Just seven years after launching Y3S Loans, or as it was known in its previous life, Yes Loans and Mortgages, its directors Matt Cottle and Barney Drake have decided to diversify the business and move away from its secured loan roots.

  • Insolvent bosses to get a little help

    12 Jan 2009

    Declan Tighe, former director of insolvency at McCambridge Duffy, has joined London-based Middleton Partners in a role that will see him take responsibility for helping the directors of firms that face going bust.

  • Irish Anglo Bank to be nationalised

    16 Jan 2009

    The Irish Anglo Bank is to be bailed out by the Irish government and nationalised.

  • It's good news for property prices

    12 Jan 2009

    Well, here we are in 2009 and while I appreciate there is still a lot of negative press and sentiment being banded about, as an eternal optimist I can still see reasons to be cheerful.

  • Keep your online window sparkling

    12 Jan 2009

    As consumers, we've grown to take the internet for granted as an immediate source of information, goods and services.

  • L&G forecasts tough year for remortgage market

    12 Jan 2009

    Legal & General Mortgage Club predicts the remortgage market will be hit hard in 2009 as SVRs fall in line with base rate cuts.

  • Landlords hold firm despite house price falls

    12 Jan 2009

    A study from the Association of Residential Letting Agents shows that buy-to-let investors expect to hold on to their properties for up to twenty years in spite of falling house prices.

  • Landlords must have 20% deposit says Moneyfacts

    14 Jan 2009

    Landlords unable to find less than a 20% deposit won’t find a new deal says Moneyfacts.co.uk, after the Post Office became the last lender to withdraw its 85% LTV deals.

  • Leadbay appoints head of sales

    12 Jan 2009

    Leadbay has appointed Jonathan Barrett as head of sales. He joins from NMG Management Consultancy.

  • Leadbay launches critical illness leads

    15 Jan 2009

    Leadbay has launched critical illness leads as it looks to broaden its offering to mortgage brokers.

  • Lender partnership could save clients from repossession

    12 Jan 2009

    I agree with the points made by Julien Holmes in his letter entitled 'Deferment plan could lead to a bonkers situation' (Mortgage Strategy December 15).

  • Lender winners decided

    12 Jan 2009

    Industry luminaries gathered last week to judge the winners in the 10 lender categories in this year's Mortgage Strategy Awards.

  • Lending could be restored through Northern Rock, claims Convey Group

    15 Jan 2009

    Specialist conveyancing firm the Convey Group has come up with a three-point plan to kick-start lending, including Stamp Duty reforms and the introduction of new mortgage lending through Northern Rock.

  • Link Loans offers commission for secured loan business

    13 Jan 2009

    Short-term lender Link Lending is offering commission to brokers who successfully introduce business to its secured loan arm Link Loans.

  • Loanmakers shares wiped from AIM

    16 Jan 2009

    Secured loan master broker Loanmakers has had its shares suspended from the Alternative Investment Market as it tries to find funding.

  • Lord Lipsey never asked FSCP for a bigger budget

    12 Jan 2009

    Regarding Lord Lipsey's resignation as chairman of the Financial Services Consumer Panel, in his resignation letter and in interviews he gives the impression that he fought for a wider role at the FSCP and that he was refused a doubled budget and 12 staff to implement this.

  • Losses won't be as bad as 1990s

    12 Jan 2009

    Mortgage losses expected this year will not be as severe as in the last recession, a leading banking expert predicts.

  • Marketwatch 12/01/09

    12 Jan 2009

    Swaps have plummeted to levels I have never seen before - the graph looks like a cliff. It's a shame this doesn't mean we will see cheaper rates in the market.

  • Martin Gilsenan joins Email Mortgages

    12 Jan 2009

    Martin Gilsenan has joined Email Mortgages, a new online mortgage advice service as corporate relationship executive.

  • McCarthy & Stone drop 1% transfer fee

    14 Jan 2009

    The Office of Fair Trading has secured an agreement from retirement apartment builder McCarthy & Stone to amend its leases, especially in relation to the resale of properties.

  • Mortgage Express waives ERCs to help customers leave

    14 Jan 2009

    Mortgage Express, the broker-facing arm of nationalised lender Bradford & Bingley, is encouraging borrowers to remortgage elsewhere by waiving early repayment charges.

  • Mortgage Intelligence offers members marketing support

    15 Jan 2009

    Mortgage Intelligence is ensuring its members are well equipped to promote their businesses in 2009 by offering them a range of marketing support materials.

  • Mortgage losses won't be as bad as 1990s, predicts PwC

    12 Jan 2009

    Mortgage losses expected this year will not be as severe as in the last recession, a leading banking expert predicts.

  • Mortgage losses won't be as severe as expected claims banking expert.

    13 Jan 2009

    Mortgage losses expected this year will not be as severe as in the last recession, a leading banking expert predicts.

  • Mortgage Rescue Scheme extended

    16 Jan 2009

    Housing associations are to buy up properties from home owners on the verge of repossession as part of changes made to the government’s mortgage rescue plan.

  • Mortgage Support Scheme could stifle new lending

    15 Jan 2009

    The Building Societies Association is concerned that the Homeowner Mortgage Support Scheme may result in new mortgage lending being stifled.

  • MortgageStream unveils network compliance system

    13 Jan 2009

    Software provider MortgageStream has launched network compliance and monitoring system ComplianceStream.

  • NAB may sell off UK banking subsidiaries

    12 Jan 2009

    National Australia Bank could sell off its UK banking subsidiaries - Yorkshire Bank and Clydesdale Bank as part of a general review of its business operations.

  • NACFB appoints chairman

    15 Jan 2009

    The National Association of Commercial Finance Brokers has appointed Philip Hellawell, of Connect Business Finance in Yorkshire, as chairman for 2009/10.

  • Network Data and MBSL merge AR support teams

    15 Jan 2009

    Following the merger of Network Data and Mortgage Broking Services Limited in November the networks are merging their support teams both in the field and at their head office.

  • Nothing Works

    13 Jan 2009

    The first time I ever heard the phrase zero banking being deployed was back in 1995 and it was being used in a derogatory way by a Canadian economist to describe post Iron Curtain banking in Russia.

  • Not-so hard times

    12 Jan 2009

    The world has been so preoccupied with worries about job security, the ailing property market and the liquidity drought of late that nobody has stopped to spare a thought for the poor old porn industry.

  • Now's the time to protect your clients

    12 Jan 2009

    The new year is traditionally the time when we all resolve to turn over a new leaf and vow that this year will be better than last.

  • Ombudsman set to increase case fees

    15 Jan 2009

    The Financial Ombudsman Service is set to increase the amount it charges firms to handle a complaint made against them to £500 as it reveals it will not increase the number of free cases it allows each year.

  • Only one lender offering 95% LTV, reveals mform.co.uk

    13 Jan 2009

    Ipswich is the only lender willing to lend at 95% LTV and only to those who have been customers of the society for at least six months, claims mform.co.uk.

  • Openwork launches into secured loans

    12 Jan 2009

    Openwork has teamed up with Enterprise Finance to launch its own secured loans provider called Openloans.

  • Over 10 million could have wrong protection cover

    12 Jan 2009

    Over 10 million people in the UK could have unsuitable protection cover after failing to update their protection policies, shows research from Barclays Financial Planning.

  • Payplan provides repossession alternative

    14 Jan 2009

    Payplan is offering Assisted Voluntary Sale as an alternative to repossession for home owners struggling to meet their mortgage repayments.

  • Pink Home Loans sees boom in AR applications

    16 Jan 2009

    Pink Home Loans has reported a bumper month for appointed representative business writer applications.

  • Pink teams up with Platform for near prime exclusives

    14 Jan 2009

    Pink Home Loans has launched an exclusive, fees assisted, almost prime product funded by Platform, the intermediary lender of Britannia.

  • PMS offers remortgage exclusive at 3.49%

    16 Jan 2009

    PMS is offering an exclusive two-year fixed rate remortgage deal with Alliance & Leicester at 3.49%.

  • Promise gives secured loan training

    12 Jan 2009

    Secured loan master broker Promise Solutions has launched a series of online training and induction modules specifically aimed at mortgage brokers to raise their income and expertise in the secured loan sector.

  • Promise Solutions adds Affirmative to bridging panel

    14 Jan 2009

    To accommodate the increasing demand for bridging finance amongst it’s mortgage brokers, Promise Solutions has added Affirmative Finance to it’s current bridging panel. Steve Walker, managing director of Promise Solutions, says: “A bridging loan is an increasingly important consideration in addressing a clients needs especially where equity in the main residence is limited but additional properties can be brought into play.

  • RAMP collapse seen as beginning of the end for packaging industry

    12 Jan 2009

    The demise of the Regulatory Association of Mortgage Packagers last week has been hailed as another nail in the coffin of the packager market.

  • Ratings upgrade for Paragon portfolios

    12 Jan 2009

    Standard & Poor's has upgraded the ratings on two Paragon securitised portfolios.

  • Room at the top

    12 Jan 2009

    Look what the taxpayers' Wall Street rescue has helped one hard grafter to buy. Peter Kraus - a former executive at Merrill Lynch who received a $25m golden parachute after only three months' work - has just landed himself a $37m Park Avenue pad.

  • Sebastien Maloney joins Exact

    14 Jan 2009

    Sebastien Maloney is joining Exact as group finance director.

  • Summit special in the Himalayas

    12 Jan 2009

    Michael Lockyer, managing partner at Nightingale Associates, the financial services arm of Mercer & Hole Chartered Accountants, has climbed the Arna Dablam mountain in Nepal.

  • The right stuff

    12 Jan 2009

    After Rightmove recently invited attendees at a Council of Mortgage Lenders' conference to enter a competition to guess the value of a number of properties, it was pleased to announce the winner with the closest guess was Tom Parker, managing director of Quest.

  • The Time of No Time

    13 Jan 2009

    I read a lot of things in preparation of writing this mortgage blog, and search for inspiration with regards to the difficult times we are going through.

  • TMW launches B2L products

    14 Jan 2009

    The Mortgage Works has launched a new two-year fixed rate buy-to-let product and reduced its five-year fixed rate buy-to-let products

  • Tough times in remortgage market

    12 Jan 2009

    The sharp reductions in the base rate from October to December signalled a change in policy by the Monetary Policy Committee and probably caught a lot of people off-guard.

  • Treasury plays down Chequers summit

    12 Jan 2009

    The Treasury has played down reports that Prime Minister Gordon Brown held a summit with senior bankers yesterday in an effort to thrash out plans to get lending going again.

  • Trigold questions brokers over direct products

    15 Jan 2009

    Trigold is quizzing its broker users over whether direct products should be listed on its sourcing system in future.

  • UK to be hit hardest by recession, warns S&P

    14 Jan 2009

    The UK is set to fare far worse than any other country in the Eurozone as economic conditions deteriorate this year, analysts at Standard & Poor’s are predicting.

  • Unfair Abbey offers poor rates to its existing clients

    12 Jan 2009

    Imagine a premium brand lender such as Abbey not offering existing customers a competitive rate on mortgage review.

  • Was Marx right all along, dear comrades?

    16 Jan 2009

    Staying on the theme that all this economic woe was predicted ages ago,a quote has been forwarded to me by Brother Gill himself from none otherthan Karl Marx.

  • We must seek out other opportunities

    12 Jan 2009

    I for one won't be sad to see the back of 2008. It was, undoubtedly, an annus horribilis for the mortgage market.

  • Xit2 to expand into arrears management

    12 Jan 2009

    Xit2 is to extend its product range by branching out into arrears management.

  • Yorkshire Bank unveils fees-free remortgage

    12 Jan 2009

    Yorkshire Bank has launched a fees-free remortgage deal which could save borrowers up to £999.

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Should the Financial Conduct Authority be more intrusive than the Financial Services Authority?

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