Mortgage Strategy
12 July 2004

  • ...while TMB defends its decision

    12 Jul 2004

    Bill Dudgeon, TMB managing director, was on holiday when the lender announced that it was temporarily withdrawing its products from the market to clear a service backlog. Speaking to Mortgage Strategy last week Dudgeon said there was nothing else the lender could do. He also moved to play down rumours that there was more to the decision to shut up shop than purely service. Dudgeon says: "We tried everything to clear our backlog of cases and get the process moving but ...

  • 14 lenders join Zurich panel

    16 Jul 2004

    Zurich has named the five specialist lenders as The One account, Paragon, Capital Home Loans, Scottish Widows and BuildStore. The other nine lenders are Norwich and Peterborough - South; Portman/Mortgage Works - South; Chelsea - South; West Bromwich - Midlands; Coventry - Midlands; Leeds & Holbeck - North; Lloyds TSB (Scotland); Principality - Wales and Ulster Bank - N Ireland. More than 30 lenders were involved in the original selection process, which measured ...

  • A guide to selling - the legal process

    14 Jul 2004

    ? We obtain the deeds from the clients mortgage lender or from the client direct if they do not have a mortgage secured upon the property. ? We obtain current Land Registry copies of the legal title to the property. ? We ask the client to complete Property Information Form and Fixtures Fittings and Contents Form. They will also have to complete a Leasehold Information Form if they live in a leasehold property. ? We prepare a draft contract and send it with ...

  • A mortgage offer must be in place before the bidding process starts

    12 Jul 2004

    With this in mind, clients must settle on the maximum they are willing and able to spend, and ensure they do not exceed this. As neither seller nor bidder can withdraw once the hammer has come down, all the necessary checks must be made ahead of the auction. Clients should instruct a conveyancer to check the title to the property in advance and obtain all the relevant searches. It may be that these are provided by the seller in which case the purchaser is likely to have ...

  • A view from the floor

    12 Jul 2004

    As property prices continue to rise, so does the problem of being able to afford to get a start in the property market. Last week saw the launch of a shared equity scheme designed to help address the issue for police employees. The affordability of housing is a particular issue for key workers. Existing schemes often lack flexibility or are linked to particular properties. The scheme that the Police Mutual Assurance Society has developed provides institutional investors with a ...

  • Abbey completes with-profits funds review

    14 Jul 2004

    Both with-profits funds have been calculated as being in balance on a realistic basis as at May 31 2004. The company statutory solvency margins for SMA and SP as at that date were 170% and 250% respectively and substantial hedge protection is in place in the with-profits funds against adverse market risk on guarantee liabilities. Yesterday's announcement follows a review of the capital requirements and the ongoing management of the closed with-profits funds of SP and SMA, which ...

  • Abbey National Offshore relaunches as Abbey International

    15 Jul 2004

    The name Abbey International is in line with Abbey's decision to drop the word 'National' from its name and use the Abbey brand for most of its activities.   However, the relaunch is about more than just a name change.  It includes changes to Abbey International's website, advertising and customer letters, with banking jargon thrown out and everything made clearer and easier to understand. David Siddall, managing director of Abbey International, says: "Our ...

  • Abbey promoted to Zurich Premier Panel

    12 Jul 2004

    Abbey is already well known to Zurich's 4,000 network members for its flexible mortgage products. As part of the Premier Panel, Abbey will be undertaking a number of joint initiatives,including exclusive deals with Zurich, which will be revealed later this year. Richard Coulson, director of Zurich Mortgage Network, says: "Abbey has been delivering a strong proposition to our advisers for a long time. As we have worked closer together over the years, our partnership has evolved ...

  • Advantage appoints regional BDMs

    13 Jul 2004

    This will enable Advantage to develop and expand the level of support available to mortgage networks and their brokers. Naz Licence and Andrew Stewart have been recruited from the mortgage industry and bring with them a wealth of experience and expertise. Peter Bass, head of sales and marketing, says: "We need high quality business development specialists with proven track records in our market place and in Naz and Andrew, we found exactly what we were looking for - they ...

  • Advantage extends discount scheme

    15 Jul 2004

    The S500 range boasts features such as 90% LTV self-cert for employed and self-employed and no MIG schemes up to 95% and non-conforming procuration fees up to 1.25%. Other products within the Advantage branded range include P100 - funded by Platform, G200 - funded by GMAC-RFC, M300 - funded by Mortgages PLC and F400 - funded by First National.

  • Advantage offers cashback on new applications

    12 Jul 2004

    Advantage are also encouraging all brokers to make use of its unique decision in principlefacility available on its website www.afg.co.uk, believing that knowing the clients' full credit history at the enquiry stage allows the broker to select the appropriate product first time every time, saving time and money. The Advantage website allows brokers to register, DIP and track cases online, making the application process as simple as possible and keeping brokers in control.

  • All your network questions answered by the industry's leading experts

    12 Jul 2004

    Richard Griffiths is managing director of Network Data Your network has no proc fee arrangement with off-panel lenders, otherwise they would be on-panel. Even if your AR contract allows you to go off-panel - do you have proc fee arrangements with these lenders? If they don't deal with your network why should they deal with you? Save yourself aggravation, join the network with the largest number of on-panel lenders. Sally Laker is managing director of Mortgage ...

  • AMI board complete

    14 Jul 2004

    Joining the six members who were elected earlier this month are: Vic Jannels of AToM in the packager category; Sally Laker of Mortgage Intelligence and Frank Thurlby of Genesis in the small network category; Stephen Smith of Legal & General and John Whitehead of Norwich Union representing large networks; Jayne Owen of the Corporate Training Partnership and Philip Riley of law firm TLT. The new names are Jannels and Thurlby, while the others were existing board members. The ...

  • Assettrust to buy affordable housing units

    15 Jul 2004

    Unusually for a development of this size, the affordable housing will be built without using any public subsidy. The Royal Bank of Scotland is providing funding for the project alongside Assettrust. The homes will be a mixture of houses and flats. Of the units, 71 will be affordable homes for rent that will be offered to individuals and families on Three Rivers' housing list. The remaining 39 will be offered on a shared ownership basis to local keyworkers. Construction is scheduled ...

  • Auction action

    12 Jul 2004

    Buying at auction now accounts for an estimated 5% of all UK property transactions and that proportion is rising, says the Royal Institute of Chartered Surveyors. Figures from online property database Focus show that the value of residential properties sold at auction during the first six months of 2003 rose 12% to £612m, helped by a 19.5% increase in the average value of residential lots to £113,599. When you consider that the average UK house price is now more than ...

  • Aviva sells e.surv and Your Move

    16 Jul 2004

    Lending Solutions' management team comprises members of the existing Your Move and e-surv management teams from Aviva and is funded by a combination of private equity and debt financing. Paul Latham, e.surv MD, says: "We are excited by this development and we are now looking forward to taking the business to the next level for the benefit of our clients. We are proud of e.surv's performance in recent years which has helped us achieve a reputation for service and quality. ...

  • B2L investors buying now could see big losses before long

    12 Jul 2004

    There have recently been many column inches devoted to whether buy-to-let mortgages should become regulated, with commentators arguing against. Most of these commentators are currently unregulated mortgage industry insiders so perhaps my views as a regulated investment IFA who also transacts mortgage business will be relevant. The main argument of those against buy-to-let mortgages becoming regulated is that this is a commercial activity and is therefore outside the scope of regulation. ...

  • Bankhall scotches GI group rumour

    12 Jul 2004

    Sources say a partnership would build on the alliance the two groups formed in February. Between the two companies, Bankhall and Paymentshield control mortgage lending in excess of £30bn and have a membership network of some 25,000. Sources say this move would be the natural next stage in the relationship between the two companies and would strengthen the distribution base in the mortgage market that Bankhall has been building since it launched its Point One support group. A ...

  • Barclays and The Woolwich launch fixed rate mortgage deals

    14 Jul 2004

    The three-year fixed rate first-time buyer deal is available at 5.69%. This is one of the most comprehensive three-year fixed rate packages on the market. As well as a competitive rate, this package can save first-time buyers over £1,800 in start-up costs. The deal includes a cash back offer of £250 and an application fee of £100. Flexible features including payment breaks and the ability to repay part of the loan without charge. A two-year fixed ...

  • BDS Mortgage Group unveils BM Solutions tracker

    13 Jul 2004

    The exclusive deal is available for purchase or remortgage and can be packaged or submitted online directly to BM Solutions and carries an arrangement fee of £699. Phil Jay, BDS managing director, says: "BM Solutions once more confirm their status as an excellent lender offering flexible, well priced deals to the intermediary market. The fact that there is no higher lending fee makes this product very competitive. We are actively marketing this to our brokers and expect ...

  • BDS unveils MIG-free tracker through BMS

    12 Jul 2004

    The company says that the exclusive deal is competitive and is available for purchase or remortgage and can be packaged or submitted online directly to BM Solutions. The rate is Bank of England business rate minus 0.51% for two years, followed by Bank base rate plus 1.25% for life. The income multiples include 3.25 x single plus 1 x secondary or 2.75 x joint. It features a variable loan size ranging from £25,001 to £2m, variable LTVs ranging from 75% up to ...

  • Blue Sky

    12 Jul 2004

    Yet in 2000, that was Harvard University's endowment. In 1999, Harvard's endowment was US$14.4bn. In one year, Harvard's wealth jumped nearly a third. So what's its secret? Its structure and marketing system can teach us a great deal. Lesson one: Teach your clients well How much time do you spend on the education of your clients? So you've got a sales system in place but have you got an education program for your clients? You could even have a training ...

  • Borrowers could face ruin

    12 Jul 2004

    The Survey of English Housing by the Department of English Housing released last week shows that more than 25,000 households have interest-only loans not linked to investment policies, leaving about 14,000 households not knowing how they will start to pay off the capital. It says some people are having to turn to savings and selling property to repay their debts. Neil Franklin, a partner at Franklin's Financial Services, says: "If people don't get a mortgage that is tailored ...

  • Bradford & Bingley research finds canniest mortgage holders

    15 Jul 2004

    Research from The MarketPlace at Bradford & Bingley has found the most savvy mortgage holders in the UK. If you live in London, are self-employed, reside in a single storey abode and are aged between 25 and 33, then give yourself a pat on the back. These key criteria mean that you are the least likely to pay over the odds on a lender's standard variable rate. At least £440m is being wasted each month, equating to over £5bn each year, by borrowers who continue to ...

  • Brokers can cash in on auction boom

    12 Jul 2004

    As our cover story starting on page 40 explains, although auctions are still pretty much a niche activity, accounting for around 5% of all property transactions, they are growing in popularity partly due to TV coverage demystifying the process. Though there has been a glut of TV programmes covering property auctions, this method of buying isn't as simple as it may seem. While bidding is the easy and exciting part, securing loans can be tricky. And because they are ...

  • Brokers say HIP fears groundless

    12 Jul 2004

    But mortgage brokers and the government say the society's claims are just scaremongering. The society says the compulsory introduction of HIPs will allow criminals to identify weaknesses in homes' security, making it easier for them to break in. The packs will include details of a home's condition including the state of its locks, doors and windows. Janet Paraskeva, chief executive of the Law Society, says that with the current system, solicitors verify the identity ...

  • Brown increases investment in housing by £1.3bn

    13 Jul 2004

    He has made a 50% increase in new social house builidng, with an extra 10,000 homes a year to be funded by a £430m increase in direct investment by 2007/08. As recommended in the Barker Review, funds were made available to deliver 200,000 homes in the Thames Gateway and other growth areas by 2016, to be funded by a new community infrastructure fund of £150m. There were also an increase in the investment to regenerate areas of low housing demand such as in ...

  • BSA welcomes review of mutual governance

    12 Jul 2004

    Paul Myners, chairman of Guardian Media Group and interim chairman of Marks & Spencer, is calling for views on various aspects of corporate governance. Rachel Blackmore, BSA external affairs manager, says: "Though not all of the report will be pertinent to building societies, there are many wider lessons to be learned. While many feel this is a strong sector, that doesn't mean there is no room for improvement. Should the report come forward with recommendations to strengthen ...

  • Business as usual despite MPLC sale, says Infinity

    12 Jul 2004

    The Mortgages PLC group of companies has a minority shareholding in Infinity Mortgages and presently acts as funder for Infinity Mortgages' completions. Matt Gilmour, chief executive of Infinity Mortgages, says: "Infinity has enjoyed an extremely strong relationship with the Mortgages PLC management team over the period during which Infinity has been built. "The company has no reason to doubt that this relationship will not continue throughout MPLC's sale negotiations ...

  • Buy-to-let strength is based on demand

    12 Jul 2004

    I think it best not to enter the great nanny state debate but it is true that interest rates are rising and personal debt is at record levels and I'm convinced most mortgage customers understand two things - that rates had to go up from such a low level and that property prices are not guaranteed to go on rising on a double digit basis ad infinitum. In other words they understand there are risks. Some of the unwelcome speculation surrounding property prices has been unfairly ...

  • CA anger over unfair deals

    12 Jul 2004

    This flies in the face of the recommendation in the Miles review that called for lenders to make their full range of products available to all borrowers. The CA says Halifax, Abbey, Royal Bank of Scotland and NatWest are refusing to offer longterm customers the same deals as new ones, meaning homeowners are losing out on up to £1bn a year. It criticises them for overcharging loyal customers to subsidise cheaper deals. The CA says: "Mortgage lenders are not doing ...

  • Check IT out before signing on the line

    12 Jul 2004

    An important factor to consider when choosing a principal (as if there weren't enough already) is the technology on offer and the accompanying support. A point-of-sale system, as Richard Griffiths has pointed out before in Mortgage Strategy, is of particular importance. Some networks offer specific systems as part of their membership packages - Home Loan Partnership, for example, offers Encore, Network Data has mortgageLink, while others include free links to Mortgage Brain ...

  • CMS boosts management team

    12 Jul 2004

    Heywood has joined from Knight Funding where he has spent the last four years. Ray Ronan, CMS managing director, says: "We are looking forward to working with Mark and his appointment further goes to demonstrate our continued growth in the mortgage packaging market. His development experience and industry knowledge is second to none. As well as developing our existing list of very satisfied brokers, Mark will also be proactive in developing our network - Classic Network Solutions ...

  • Consumers are losing faith in house price rises

    12 Jul 2004

    While the survey shows most house hunters still expect prices to rise over the next 12 months, some 34% now expect house prices to drop compared with just 9% in January. Regions with the most pessimists are East Anglia, the South-East and the South-West with over 40%. In the South-East respondents expect prices to fall by as much as 3.6%, though Londoners are more upbeat, predicting a levelling out rather than a drop. Northern regions remain optimistic but even in Scotland, where ...

  • Council tax estimated to rocket by 7%, says Davey

    14 Jul 2004

    He says: "Hidden in the details, the chancellor has imposed the unfairest stealth taxrises of all - three years of rocketing council tax. Initial estimates suggest average council tax rises of 7% per annum for the next three years. "With the forthcoming council tax revaluation set to hit homeowners too, this is a disastrous settlement for the council taxpayer." Davey adds: "Worse still, the chancellor is asking councils to find more efficiency savings than Whitehall. ...

  • Curriculum Vitae - Gerald Gregory

    12 Jul 2004

    Name: Gerald Gregory Age: 49 Company: Britannia Job title: Managing director, Britannia Capital Investment Group Where do you live? Matlock, Derbyshire Current Job: I am responsible for all of the non-member, profit-maximising businesses of the Britannia group. These include our intermediary lender Platform, our specialist mortgage processor WMS and our offshore deposit-taker Britannia International, ...

  • Dear Delia

    12 Jul 2004

    She will have a basic salary of £34,000 and her bonuses could bring her earnings up to £40,000 a year, plus the prospect of early promotion. She wishes to buy a flat for £150,000 and has an £8,000 deposit. What are her options? Delia says: This is a tricky situation for Debbie as her bonuses are not yet confirmed, which limits her choice of lenders. To help her we have John Stewart from PMI and Jack Saxton from Halifax. Have you got a problem for Delia? ...

  • Dunfermline bond generates £25m in first week

    16 Jul 2004

    The limited offer bond from Scotland's largest building society launched on July 1 with a leading rate of 5.80%, fixed until July 31 2005. The surge of interest in the high return account from north and south of the border means it has already reached its capacity. This massive success of bond is being attributed to its combination of an excellent guaranteed rate and its accessibility, a minimum investment level of £100. Brian Morton, Dunfermline's sales and ...

  • e.surv appoints BDMs for the North and Scotland

    12 Jul 2004

    Their responsibilities will include managing intermediary relationships and ensuring best possible service delivery on their clients' behalf. Prior to joining e.surv Coid held a similar position for Skipton, before which he spent many years at Leeds Permanent.  Robinson has previously worked for several lenders, including Bradford & Bingley, Mortgage Express and more recently Kensington. He also ran his own financial services consultancy. Richard Sexton, national ...

  • Elephant Loans launches officially

    15 Jul 2004

    The decision was taken by managing director Gary Miller-Cheevers ahead of regulation. He says: "Following consultations after the FSA's decision to regulate mortgages and general insurance a merger seemed the most logical step. This also puts us in a strong position to respond to any future FSA requirements, such as the potential regulation of secured loans, for example." Miller-Cheevers set up the Forward Mortgage Company in March 2001 since which time it has undergone significant ...

  • Every vote counts as we gear up to expose the failures

    12 Jul 2004

    Isn't it amazing the response you get if you moan about lenders' service? "We want to know how the poor service awards are measured before we comment," said Nationwide. Well I'm no expert but I imagine we will base it on the lender who currently provides the poorest service to the most brokers. (Incidentally, this particular lender is way out ahead, judging by the emails so far.) Northern Rock, to be fair to it, has had its regional manager call me and assure ...

  • Fixedand tracker mortgages from UCB Home Loans

    16 Jul 2004

    The fixed rates are as follows: ? Self-certification two-year fixed rate available at 6.29%, 7.1% APR ? Self-certification three-year fixed rate available at 6.39%, 7.1% APR ? Self-certification five -ear fixed rate available at 6.49%, 7.1% APR ? Buy-to-let two-year fixed rate available at 6.29%, 7.1% APR ? Buy-to-let five-year fixed rate available at 6.49%, 7.1% APR The FlexiPlus two-year tracker and self-certification three-year tracker mortgages are as ...

  • Focus on people keeps packager in the pink

    12 Jul 2004

    Pink Home Loans Pink Home Loans was founded in 1990 as Advance Mortgage Funding. It changed its name to Pink Home Loans in spring 1999. Skipton acquired majority stake in business in the summer of 2000. Pink employs 160 people, based in two locations: a head office in Lichfield, Staffordshire (pictured above) and a satellite office in Brighouse, West Yorkshire that houses the compliance delivery team and also hosts the authorisation programme for new appointed representatives.

  • FSA recognises there is room for improvement

    16 Jul 2004

    Speaking at the FSA annual public meeting yesterday, chairman Callum McCarthy acknowledged the need for ongoing work in this area. McCarthy told delegates: "In the retail market, an efficient and fair market requires customers who are capable and confident to make decisions; it requires information about services which is comprehensible, relevant and timely; and it requires providers of services to recognise and meet their responsibilities. Each of these need improvement. We are ...

  • GE Financial Insurance makes two senior appointments

    13 Jul 2004

    In his new function as regional manager, western Europe, Lane is responsible for advancing the company's payment protection insurance business across the region. Lane joined GE Financial Insurance in 2001 as general manager, Ireland. While in this role he led the business through a major transformation that resulted in consistently strong financial performance and customer satisfaction. Prior to joining GE Financial Insurance, Lane spent five years with Transamerica Insurance ...

  • Genesis appoints BDM for the North

    15 Jul 2004

    Booth will be responsible for managing Genesis' relationships in the north of England with satellite packagers, including newly appointed franchisees and licencees. Prior to joining Genesis, Booth worked as head of mortgage operations for an IFA network and has over 20 years experience in the mortgage industry. John Lee, head of sales and marketing at Genesis, says: "I'm delighted that Sue is joining Genesis. She brings with her a wealth of experience and will play a ...

  • Giving the FSA credit where it's due

    12 Jul 2004

    With so much work required for the changeover to FSA regulation, news of changes to the consumer credit licence rules is likely to receive nothing but groans of exasperation. Fortunately, the changes will have little effect on the vast majority of mortgage intermediaries and will, if anything, streamline the requirements facing some firms. Obtaining a consumer credit licence has traditionally been the first step on the road to becoming a mortgage intermediary. However, the coming ...

  • GMAC-RFC unveils rate control mortgages

    16 Jul 2004

    The rate control mortgage is a one-year fixed rate, followed by a two-year discount, available to both mainstream and non-conforming borrowers. The product is only available to those using GMAC-RFC's automated decisioning system. Jeff Knight, head of marketing services at GMAC-RFC, says: "Nearly all experts are predicting further rate rises over the next year, then levelling off and perhaps even a reduction in rates thereafter. With our rate control mortgage, clients can ...

  • Good service from C&G and Nationwide branches

    12 Jul 2004

    I've been reading with interest of the poor service from some lenders. I too, have suffered at the hands of inefficiency and dare say this issue will run and run in the pages of Mortgage Strategy. But while I realise it is important to highlight problems experienced in order for improvements to be made, it is equally important to acknowledge good performance. Hence, I would like to take this opportunity to publicly commend C&G in Romford and Nationwide in ...

  • Gummer voted new AMI chairman

    16 Jul 2004

    Gummer, the conservative MP for Suffolk Coastal, will be joined by two deputy chairpeople, one from a network and the other from a directly authorised firm, who have yet to be confirmed. The decision was to find a chairman who could give impartial leadership, and yet had sufficient experience of the financial services market. The trade body also wanted advice from industry figures with on the ground experience, so a member of a network as well as directly authorised ...

  • House prices flattening across the UK, says County

    14 Jul 2004

    Jonathan Haward, managing director of County, says: "The year to June has seen an unexpectedly buoyant market with a healthy supply of high worth clients looking for houses throughout the country. Despite recent reports of a dramatic slow down in house prices thanks in part to governor of the Bank of England's words of caution the market has generally been extremely active. However, we have always envisaged that prices in the UK will naturally flatten as people can only borrow up to ...

  • Househunter confidence declines, says assertahome.com

    12 Jul 2004

    Although the majority of househunters still expect house prices to rise over the next 12months, 34% now expect house prices to fall compared to just 9% in January. East Anglia, the South-East and the South-West are at the bottom of the table with the highest proportion of pessimists, with over 40%. Even here optimists still outnumber the pessimists, but on average respondents in each region now, for the first time, expect house prices to fall over the next twelve months, in ...

  • How can you help repossession clients?

    12 Jul 2004

    In the first quarter of this year, 17,444 repossession actions were entered into and 10,049 orders were made. However, 58% of these orders were suspended. Conveyancing and repossessions firms have been quick to play down the figures though some are suggesting that repossession orders are creeping back up toward levels seen in the early 1990s. So, Mortgage Strategy asks: How do you help clients facing repossession? Roy New, sole broker The first thing ...

  • I should know but I don't

    12 Jul 2004

    What are the issues to be aware of when producing mailouts and advertising? A: The creation of a hotline to identify misleading promotions shows the FSA's commitment to this area. The first rules on financial promotions were introduced in Section 21 of the Financial Services and Markets Act 2000. These outlined basic prohibitions on financial promotions and exemptions. This is a primary law and failure to observe the prohibition can result in criminal ...

  • Internet Insite

    12 Jul 2004

    I'm in Southampton this week on my round Britain tour of mortgage broker websites, with three sites that all include some good content and functionality. The first of these, The Mortgage Warehouse, is the first site I've noticed that actually talks about sub-prime mortgages in the way most mortgage customers do. We in the industry may use terminology such as sub-prime, non-standard, adverse, non-status and impaired credit, but the term that internet users mostly search against is ...

  • Invest in property without risking your capital

    12 Jul 2004

    The bond is available on five, seven-and-a-half or 10-year terms. At least £500 has to be invested, the maximum being £1m. The bond tracks the Halifax House Price Index from September 21 this year and guarantees investors their original capital back even if the Index falls over the term. It is available until September 14 and offers a tiered commission rate up to 5%. Robert Hollinshead, chief executive of Newcastle, says: "This is a good way to get exposure ...

  • Kensington Group to launch new venture

    13 Jul 2004

    Building on a 46% increase in profits at the half year, Kensington has announced the launch of a new lender - Money Partners Ltd. MPL will be an equity partnership between Kensington and an experienced management team and the lender expects the initiative to add significant, incremental first and second charge mortgage business, broadening access to the high growth UK non-conforming market and maximising the value from their expertise in this area. Kingdon will be ...

  • L&G denies contract claim

    12 Jul 2004

    Mortgage Strategy revealed last week that Network Data has launched its L&g-it campaign, targeted at disenfranchised AR members of L&G's network looking to break away. But L&G says its agents have the right to terminate the contract if the partnership is felt not to be working after a notice period of between three and six months. L&G spokesman Peter Timberlake says: "Whichever option an agent chooses to take advantage of, it will be governed by a ...

  • Labour moves to plug pensions gap

    12 Jul 2004

    Tory pensions spokesman David Willets has described the pensions crisis as being as big a threat as terrorism and has urged the government to take immediate action. Downing Street is looking at underwriting the risks of equity schemes, with promises being made to homeowners that they will not lose benefits if they take out the schemes. Dean Mirfin, business development director at Key Retirement Solutions, says: "The number of people taking out equity schemes rises every ...

  • Landfill Directive will reduce housebuilding, warns RICS

    16 Jul 2004

    The Hazardous Waste Provisions set out in the Landfill Directive, due to come into force today, will put an end to the co-disposal of hazardous and non-hazardous waste. This will reduce overnight the number of landfill sites across England and Wales allowed to take contaminated waste from 250 to 10. RICS believes this will have huge implications for house building on brownfield land. Developers will be faced with escalating remediation costs and the probable difficulties of ...

  • Lehman and Citigroup in frame to buy MPLC

    12 Jul 2004

    MPLC finally admitted last week that it was up for sale and stressed that most jobs will be safe in the hands of its new owner. Trevor Pothecary, group chief executive at MPLC and owner of around 10% of the company, says it will be a case of business as usual as it moves through the period of due diligence. He adds: "We do not anticipate any management or staff changes and this process will have no impact on products or services." Nikko Principal Investments, which has ...

  • Lender service standards depend on levels of business

    12 Jul 2004

    While we understand that service standards from lenders is a key issue, certain factors dictate the level of service you can expect - the level of business that you do with them, the quality of packaging and the competitiveness of their products. In an ideal world you would expect the same level of service no matter what size you are but the Pareto principle suggests that you get 80% of your business from 20% of your clients. The lenders whose names have had negative mentions ...

  • Lenders missing out on SIPP benefits

    12 Jul 2004

    Tim Lewis, managing director of Poole-based IFA Lewis & Co, says commercial mortgage lenders are still reluctant to get involved in the market despite the healthy returns on offer. SIPPs have recently been highlighted as something the government is keen for people to invest in, with current pension limits set to be changed in 2006 to allow for a variety of assets including both commercial and residential property. Lewis says his company will not be investing in residential ...

  • LIA and SoFA plan merger

    16 Jul 2004

    The two boards have signed an agreement to form a new company to which, if members agree, the 25,000 existing members of LIA and SoFA would be transferred by January 2005. The new company would be owned by its members and be a separately constituted and integral part of the CII group. As a professional body with professional standard, it would play a major role in developing trust and confidence in financial advisers amongst the wider community. The LIA and SoFA boards ...

  • MAB advises switching to fixed rates

    13 Jul 2004

    MAB believes that further rises in both the base rate and mortgage interest rates later this year are inevitable. Peter Brodnicki, chief executive of Mortgage Advice Bureau, says: "Since March our clients have become increasingly risk averse and currently 80-90% are preferring to take a fixed rate mortgage. We believe that anyone who does not have the appetite for a succession of rising monthly mortgage payments would be best advised to opt for a fixed rate mortgage now - we see ...

  • Manchester receives green light from FSA for network

    15 Jul 2004

    The FSA has indicated in writing that it is minded to approve the society's network subsidiary as a prelude to what the Manchester hopes will be full approval of the newly established organisation. Mortgage Broking Services was launched earlier this year to enable financial advisers to comply with changes to mortgage regulation which come into effect this October. The society network offering provides a fee-free compliance and PI cover regime for appointed representatives using ...

  • Marketing Brief

    12 Jul 2004

    My A to Z of lenders' intermediary marketing material is getting towards the end of the alphabet as far as residential lending is concerned. This week I've been looking at two Ws - a big 'un in The Woolwich and a not-so-big-'un, though still fairly chunky as building societies go, in West Bromwich. And I can't help feeling that West Brom, even taking into account its regional focus including supporting my own beloved cricket team Warwickshire, understands better what it's ...

  • Mooing piggybank

    12 Jul 2004

    The artists have taken a life-sized fibreglass cow and transformed it into a giant-sized piggybank to promote Cheshire's forthcoming branch opening in the city and to encourage saving. Piggymoo will go into an auction in October and funds raised will go to charity. Suggestions that Piggymoo was modelled on Cheshire intermediary business manager Andrew Oakes are being strongly denied by the Cheshire. Oink.

  • More parents forking out to help their kids

    12 Jul 2004

    A MORI survey published in the latest issue of News and Views from the Council of Mortgage Lenders and carried out for the Joseph Rowntree Foundation, reveals that half of all parents now give their offspring financial help to buy a home. On average it is thought that UK parents contribute £17,000 of their own money to help their children get a start in the property market, in some cases even remortgaging their own homes. Parents acting as guarantors for their children ...

  • Mortgage Intelligence receives MTA letter

    14 Jul 2004

    Sally Laker, managing director of Mortgage Intelligence, says: "We are delighted to receive our minded to authorise letter from the FSA. We have invested a great deal of time and money in creating a comprehensive network proposition for intermediaries and this news will enable us to continue with our marketing plans. We expect more intermediaries to commit themselves to Mortgage Intelligence in the knowledge that we now have our MTA letter."  

  • Mortgage Next gets notification of minded to approve

    16 Jul 2004

    This comes as Mortgage Next announced it is to simplify and enhance its appointed representative position as part of its ongoing campaign to make the 'Next' decision easy for brokers. The new proposition has been developed in response to feedback during the past few weeks from hundreds of brokers, who are finding it difficult to understand and compare the deals on offer from the various networks. Mortgage Next has put its fees into four bands and is also offering ...

  • Mortgages PLC says it is confident it will receive FSA authorisation

    14 Jul 2004

    MPLC announced last week that its current owner Nikko Principal Investments has entered into negotiations with a 'global financial institution'. Market speculation is that Lehman Brothers and Citigroup are the front runners. Josh Cooper, director of Cooper Consultants PR, says: "Receiving authorisation is obviously an issue that comes to play but it's not a major concern that the MTA letter hasn't arrived. MPLC is confident of being authorised ...

  • Network Data launches BM Solutions exclusive

    12 Jul 2004

    The features of the product include Bank of England base rate plus 1.35%, rental income calculated on the pay rate, no early redemption penalties and is available for both purchases and remortgages. Network Data will pay intermediaries an enhanced proc fee of 0.50% for all applications received that subsequently complete. George Fleming, lender relationship manager at Network Data, says: "It is essential that product development keeps pace with the demands of the residential ...

  • Networks deceiving brokers, says PMN

    13 Jul 2004

    Research conducted by PMN since April 2004 has revealed flaws that have been made by several leading networks in an attempt to convince mortgage professionals to swell their AR member ranks. Several networks are actively misleading potential ARs over the costs associated with regulation - and the impact red tape will have on their businesses post-Mortgage Day.PMN has uncovered several instances where networks are inflating their membership figures in order to make their network ...

  • Northern Rock warned on service

    12 Jul 2004

    Michael Brill, director of Baronworth Investment Services, says: "We haven't placed business with NR recently for this very reason. If its service is still poor after Mortgage Day it could face charges of malpractice." John Stewart, director of PMI, says that while NR's product offerings are good and often innovative, there are serious processing issues so it regards the company as a last resort. But some brokers have jumped to Northern Rock's defence, saying ...

  • Norwich and Peterborough launches revamped commercial website

    15 Jul 2004

    It claims to be the first website to give an immediate mortgage offer from a lender online in real time, which means that they are able to get a mortgage decision from Norwich and Peterborough with no human intervention. Brad Liebmann, managing director of Xbridge, says: "The secret behind how it can provide mortgage decisions in real time is down to advanced filtering of the customer before it reaches the point at which the lender makes the decision. The filtered information ...

  • Our industry can help to shape The future of housing policy

    12 Jul 2004

    Reading the weekend press, a couple of stories leapt out as important for any trade body involved in the housing sector. Amidst the ongoing angst over house prices were two stories on proposals for equity release to play a bigger role in providing housing stock and retirement funding. These are ideas which are being considered by ministers and the Labour Party's National Policy Forum. Labour's policy forum is the mechanism by which the party will draw up the manifesto for ...

  • Paymentshield dominates Which? best buy tables on MPPI

    12 Jul 2004

    Graham Boulger, group managing director at Paymentshield, says: "Paymentshield is absolutely delighted with this report. It has always been confident that its products are amongst the best in the market, this has now been endorsed by an independent source. "In addition to winning best provider of MPPI by the readership of Mortgage Strategy it has now received this accolade from the consumers champion - Which? magazine." The research analysed 55 MPPI policies based on ...

  • Picking up the tab for PI insurance

    12 Jul 2004

    This week I am looking at the fundamental importance of professional indemnity insurance - mandatory under the FSA regulatory regime. PI insurance is the primary financial safeguard for clients, with capital resources (adequacy) as the ancillary or back-up safeguard and the Financial Services Compensation Levy as the final backstop. For the sale of insurance products, the EU's Insurance Mediation Directive makes professional indemnity cover mandatory as a safeguard for clients ...

  • Pink Home Loans launches BMS-funded self-cert product

    15 Jul 2004

    The product offers an initial pay rate of 5.75%, tracking Bank of England base rate plus 1.25% for three years. No proof of income is required, but clients are expected to be in continuous and permanent employment for at least 12 months and in their current job for at least three months.

  • Pink launches BMS-funded deal at 3.99%

    12 Jul 2004

    The product tracks Bank of England base rate minus 0.51% for two years, followed by Bank base rate plus 1.25% for the remaining term of the mortgage. The product is available to first-time buyers offering up to 90% LTV and carries no redemption penalty after two years.

  • Pink teams up with BMS to offer buy-to-let product

    14 Jul 2004

    The rental yield must cover 125% of the mortgage interest payment and is calculated on an interest only basis at BBR plus 1.19%, which offers a lower rental income requirement than other products. Buy-to-let investors can borrow up to £1m per property with a maximum of 10 properties with the HBOS group. The deal has no early repayment charge and low rental income requirements. There is an arrangement fee of £499 which can be added to the loan.

  • Platform hikes self-cert fees...

    12 Jul 2004

    While it has made no changes to its non-conforming self-cert deals, it has increased the arrangement fee on conforming self-cert to £495 from £395 and the rate has gone up 0.25% to 5.49%. This move is to avoid being deluged with cases following The Mortgage Business' temporary withdrawal from the market and BM Solutions' decision to increase the arrangement fee to 1% of the loan value on self-cert. Platform sales and marketing director Guy Batchelor says: ...

  • Please networks, give us a break and leave us alone

    12 Jul 2004

    Every day I am deluged with post or email explaining the reasons why I should join this or that network. The seminars I have attended to assist me with my decision have all been loaded with some sort of scare story that has proved to be, at the very best, economical with the truth. All of this to persuade me I would be safer in the arms of a network who would not, of course, have control over my business, and sure, I'll be free to set off at any time for greener pastures. To ...

  • PMI receives approval for Italian branch

    12 Jul 2004

    With regulatory approval, PMI Europe's Italian branch will offer its array of products specially developed to cover credit risk. PMI Europe expects to offer flexible coverage types, premium payment options and reimbursement options for both new mortgages and oldmortgage portfolios. It will also have adjustable rate loans exposed to higher default risk if interest rates were to increase, in the Italian market. Giuliano Giovannetti, Italian country manager for PMI Europe, ...

  • Portman announces strategic changes in business model

    16 Jul 2004

    Currently Portman's regulated sales force, Portman Financial Services, is a wholly owned subsidiary of Norwich Union to whom Portman is tied as an introducer. With effect from January 1 2005, Portman will adopt a multi-tied model with Norwich Union acting as a key supplier. Portman and Norwich Union have agreed heads of terms for the transfer of the sales force from PFS to the society. Robert Sharpe, Portman's group chief executive, says: "Norwich Union and the ...

  • Positive Solutions introduces profit-related scheme

    13 Jul 2004

    The scheme, called Prophitshare 2004, follows a number of highly successful share purchase and option scheme which saw 243 Positive Solutions IFAs benefit from returns of up to 675% over three years, while still retaining 40% of their holdings. David Harrison, chief executive of Positive Solutions, says: "We believe this scheme is unprecedented in its scale, its potential and its simplicity. Unlike schemes that are vulnerable to the vagaries of the stock market, with Prophitshare ...

  • Property prices remain stable, says NAEA

    16 Jul 2004

    Annual increases slowed slightly with estate agents reporting house prices on average 10.9% higher than 12 months ago and 0.2% lower than last month. As prices begin to steady, the market looks like it is beginning to shift in favour of buyers. Sellers found themselves having to accept less than their asking price, as homebuyers achieved an average discount of 3.5%, further indicating that the high asking price levels seen so far this year will not be maintained. The ...

  • Purely Mortgages announces deal with Contact Partners

    16 Jul 2004

    The partnership, which is announced ahead of the company's full consumer launch later this year, is an important part of Purely Mortgages' innovative approach to the mortgage market and signals its drive to be a leading player in the mortgage advisory sector over the next two years.  Contact Partners has been chosen by the business to provide infrastructure and facilities for the recently created Purely Mortgages adviser team.  Purely Mortgages' specially selected and ...

  • Purely Mortgages gets MTA letter

    15 Jul 2004

    Purely chief executive Chilton says the firm is on course to launch its fees-free service later this year. The broker plans to be mass market and will focus on customers wanting low-cost and professional solutions to their mortgage needs. Purely marketing director Ian Giles says: "We are extremely pleased and have been really satisfied with our dealings with the FSA over this. The FSA has kept us up-to-date with progress and if this is a sign of things to come then the ...

  • Put those old mobiles and printer cartridges to good use

    12 Jul 2004

    Many of your readers must have an old mobile phone or printer cartridge tucked away in a drawer at home or at work. What they may not realise is that these unwanted items could benefit the Roy Castle Lung Cancer Foundation. These things can be recycled and the proceeds used to help fund research into the detection, diagnosis and treatment of lung cancer, as well as providing support for sufferers and their families. With 38,000 new cases of lung cancer being diagnosed each year ...

  • Sesame says status confirmed but letter in post

    12 Jul 2004

    Although it has not yet received the letter, Sesame has been told it should be receiving it some time this week. Meanwhile at other end of the scale Manchester's network offering Mortgage Broking Services received its minded to approve letter last week. The network has only been running since the end of February and already 35 firms have signed up as appointed representatives, only 15 away from its target of 50. The aim of the network is to protect the society's ...

  • Sesame to provide Blue Pearl support services

    16 Jul 2004

    Established in 1999, Blue Pearl UK is seeking network authorisation from the FSA and will be offering whole of market access for mortgages. Sesame Direct was chosen as itspreferred support provider following a rigorous analysis of competitor offerings. Compliance support from Sesame's 300-strong team was a key factor in Blue Pearl's decision, along with the menu of flexible services on offer. Blue Pearl will also benefit from face-to-face and online compliance assistance ...

  • SmartNewHomes welcomes spending review

    14 Jul 2004

    David Bexon, chief executive of SmartNewHomes, says: "The Barker Review, published earlier this year, highlighted the problem of housing supply in this country, estimating that an additional 140,000 new homes will be needed each year to meet increasing demand, stabilise house price rises and reduce problems of homelessness, affordability and social division. We warned the government at that time that unless they take action to help put the report's recommendations into practice, it ...

  • SmartNewHomes.com investor service offers B2L discounts

    13 Jul 2004

    SmartNewHomes.com has a database of over 70% of all new developments currently on sale in the UK and over 15,000 registered investors.   The new Smart Investor Club offers priority notification of investment opportunities ahead of general release to other buyers. It also identifies potential opportunities to suit individual needs, whether off plan, at a discount on the market rate or the last remaining properties on a development. Investors are also provided with a unique ...

  • St Andrew's secures B&B mortgage protection account

    13 Jul 2004

    This move will see both new and existing mortgage payment protection policies sold within the intermediary's retail network, which consists of over 500 locations within the UK, transfer to St Andrew's from July 1 2004. Advisers will use an electronic application process via the Bradford & Bingley intranet site to facilitate sales within the network, allowing paperless applications and improved efficiency. John Blundell, managing director of St Andrew's Group, ...

  • Standard Life Bank to hold lifetime mortgage roadshows

    13 Jul 2004

    The sessions are intended for advisers who are new to the equity release market as well as those looking for more information on advising clients and their families. The roadshows, presented by specialists from Standard Life Bank and The Exchange, have been developed to address the concerns of consumers and financial advisers around equity release. Stephen Fox, national equity release manager, says he believes there is a critical role for financial advisers in the success ...

  • Stop moaning about regulation - things might not be so bad

    12 Jul 2004

    Why do we always have to moan about any changes in our industry? FSA authorisation is going to happen and although the changes seem to be drastic to us now, by this time next year we will be wondering what all the fuss was about. I say, let's just get on with it. And, might I add, we received our MTA letter three weeks ago, having had first class service from the FSA. Let's hope this continues. Paul Waldron A1 Financial Solutions Edinburgh By ...

  • Stroud & Swindon invests in AttentiV systems

    13 Jul 2004

    Stroud & Swindon now produce mortgage illustrations at all 22 branches using Initiate and all branches are now live with Frontline. Mortgage applications are processed in the centralised lending centre using Activate. New mortgage regulations have been the main business driver behind Stroud & Swindon's ITinfrastructure changes, with the AttentiV systems replacing a system that had been developed inhouse. The new systems will be integrated with the existing AttentiV Summit ...

  • Survey and valuation service for Home Counties

    12 Jul 2004

    The company, which launched in April this year, hopes to employ an additional three surveyors to join its existing six, and has been approached by a number of valuers within its operating area. Co-directors Phillip Walker and Keith Greensted, both of whom previously worked for Ashdown Lyons, say they want to run a niche company that carries out commercial valuations and also has a specialist building survey department. Greensted says: "We have received work from prominent ...

  • Taking note of what the MCCB says

    12 Jul 2004

    Undeterred by there being only just over three months left of its non-statutory regulation of the market, the Mortgage Code Compliance Board remains active and vocal in its responsibilities in monitoring registered firms' performance against the requirements of the Mortgage Code. Although statutory regulation is almost upon us, I would certainly not advocate ignoring your Mortgage Code responsibilities in the remaining few months so here's a quick update on some of MCCB's recent ...

  • The business of lending to business

    12 Jul 2004

    Mortgage advisers deal with many different types of customer, ranging from employees and sole traders to business partnerships and limited companies. The syllabuses for CeMAP papers two and three and the Bridge paper cover many of these. Like so many other areas of the CeMAP syllabuses, advisers may be tempted to rely exclusively on their current knowledge and experience to answer such questions. While this may be sufficient to answer some, it is just as likely to be insufficient. As always, ...

  • The Mortgage Mole

    12 Jul 2004

    BEST THING The eagle-eyed team in Skipton's media office, ever keen to spot a press mention, were amazed to see the society's name linked with George Best's latest love affair in the Sunday Mirror last month. The mention appeared as part of a love note George had written to 22 year old Dutch au pair, Lisa Pesch. "The paper showed a note George had scribbled in the margin of an ad from The Telegraph for our IFA arm, Skipton Financial Services," Jennifer Holloway, ...

  • The Royal Institution of Chartered Surveyors' quick guide to buying a property at auction

    12 Jul 2004

    Q. What are the advantages of buying at auction? A. There are several advantages to buying at auction: properties are usually available at a competitive price; it is an open and fair competition between bidders; once the hammer has come down neither the seller or the buyer can withdraw and the process will be complete within a set time. Q. What is a reserve price? A. A reserve price is the lowest price the seller will accept. The existence ...

  • Three major insurers sign up to Focus

    12 Jul 2004

    Standard Life and Skandia have both signed up for Focus' 3D service that encompasses the design, development and deployment of intelligent electronic application forms. The 3D service aims to provide insurers with a fast-track route to market for the development of new electronic products. With highly skilled staff specifically trained in the area of electronic product development and with business relationships set up with all the main IFA portals, Focus has been ...

  • Thumbs up or thumbs or down?

    12 Jul 2004

    Bob Singh - Smart Mortgage Group We have an excellent relationship with Pink and put about 90% of our cases through it. It is extremely helpful in terms of broker support and has good relationships with its lender partners. Products are consistently competitive, particularly its wide adverse range. Its network aspect is also well thought through and it has got its message across to brokers well. We have confidence in its business model which is based on solid experience in the ...

  • Time is the enemy in this sort of transaction

    12 Jul 2004

    Like any property sale process, investors, developers and homebuyers will be attracted and there are pitfalls for all. The basic principle of auction buying is that a property will have a reserve price and the highest bidder over this at the fall of the gavel exchanges contracts at that moment. The most common stipulation is that completion takes place within 28 days. On the day of the auction a 10% deposit must be paid, usually by way of a banker's draft - the days of a shopping bag ...

  • Top 10 property spots outside the South, says Halifax

    12 Jul 2004

    Crewe has experienced the biggest increase in prices at 58%, followed by Carlisle, 55%, and Accrington at 54%. The North-West had four towns in the top 10 with Crewe, Accrington, Chorley and Oldham, and Scotland with three in Kirkcaldy, Airdrie and Kilmarnock. At a county level, Gwynedd in Wales and Tayside and Borders, both 43%, have seen the biggest price rises over the last year. Four of the 10 counties recording the biggest price gains in the last 12 months are in Wales, ...

  • Top money at the bottom end of the market

    12 Jul 2004

    There are numerous ways to increase or retain business levels such as increasing your marketing budget, buying leads or diversifying. While proc fees have decreased in the sub-prime market there are still more than enough companies unwilling to stray from this market. In this ever-changing industry it is becoming more and more difficult to find the right profile customer. Perhaps it is time to change with the market. In the past 12 months house prices have shot up by ...

  • We can develop our brands too

    12 Jul 2004

    There are some lessons here that we could adapt to the mortgage marketplace. Harvard University is an exceptionally strong brand and this is at the heart of its financial success. The mortgage market is full of niche suppliers or specialists. We don't just have lenders any more, we have sub-prime lenders, second mortgage lenders and so on. Niche organisations have the ability to become strong brands as, say, Steinway has done in the piano world. This is highlighted by the fact ...

  • We will see some fixed rates falling soon

    12 Jul 2004

    • One-year money is unchanged at 5.21% • Two-year money is up 0.01% to 5.32% • Three-year money is unchanged at 5.38% • Five-year money is down 0.02% to 5.42% There has been something of a dearth of rate changes recently as lenders have stopped repricing. Halifax has a great range of fixed and tracker rates but it must sort out the issues stopping brokers keying in online applications. Bristol & West has launched a revised £1m-plus ...

  • What is the benefit of intermediaries forming relationships with Other professionals?

    12 Jul 2004

    Caroline Havers is partner (client relations) at Salans Brokers, lenders, solicitors and valuers are part of the same transaction when it comes to providing clients with a mortgage. Thus it is in all our interests to ensure the transaction completes as speedily and painlessly as possible for clients. This process can be greatly enhanced by those involved in the transaction building good working relationships. My firm has working relationships with brokers who are willing ...

  • Whitehead leaves Defaqto

    13 Jul 2004

    Whitehead stepped down as chief executive in January 2003 and was succeeded by Tony Bobath, previously finance director. In October 2003 Neil Morgan joined the business as sales director. Whitehead says: "The senior management changes which we have engineered over the last 18 months have put in place a strong team to deliver continued growth and build on the achievements of the last decade. I felt the time was right for me to pursue some new personal challenges where I can bring ...

  • Why can't TMB see the value of professional packaging?

    12 Jul 2004

    Last week's announcement by The Mortgage Business once more highlighted packagers' important role in helping brokers and IFAs obtain and complete mortgages for their clients. It seems that every year certain lenders suffer major service issues during the summer months but never learn from their mistakes. TMB is very much one of those lenders. GMAC-RFC was the first lender to realise it would never have the necessary resource to cope with the scale of the growth ...

  • Worrying trends in broker survey

    14 Jul 2004

    Only 22% of intermediaries opting for the directly regulated route say they have a full understanding of FSA regulations, with 39% admitting to only a partial understanding of legislation. A further 8% are seemingly completely in the dark about regulation, but they are still going for directly authorised status. According to Pink, a number of brokers have panicked when the FSA has followed up its 'minded to authorise' letter with a request for evidence of their compliance ...

  • Wow! It's a different name

    12 Jul 2004

    Mortgage Strategy exclusively revealed last September that MPLC was looking to launch a direct to consumer operation and had appointed John Rice, now managing director of RAMP, to oversee its development. That idea was later shelved and MPLC's resulting joint venture with mortgageforce had planned to launch later this month as Spring Mortgages & Loans. But the Spring name had to be pulled after trademark problems arose. Julian Wells, head of marketing at MPLC and ...

  • Yorkshire offers borrowers a soft landing

    15 Jul 2004

    The society highlights how the popularity of short-term fixed rate mortgages will see a number of mortgage holders coming to the end of the fixed period in the latter part of this year and during next year. These borrowers have not yet been affected financially by the recent rate increases and are likely to see at least a 30% increase in their mortgage rate if they reprice their loan with today's most competitive fixed rate deals - a figure that will increase if interest rates ...

  • You can help fill the protection gap

    12 Jul 2004

    Although your clients might not want to think about themselves or their partners being too ill to work and pay the mortgage while they are buying a house, mortgage brokers should always explain what protection is available. There is a protection gap with much of the population not having enough, if any, back-up if they or their family find themselves in a situation where they cannot work. Swiss Re says that only 42% of people have income protection, only 43% have critical illness ...

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