Mortgage Strategy
12 June 2006

  • Growth predicted for equity release

    12 Jun 2006

    A report from Defaqto reveals that the rapid growth of the equity release market is set to continue, driven by changing customer needs and better product design.But a lack of qualified advisers and solicitors is constraining the sector's potential, the report adds.Market predictions are for new equity release business to nearly double to 2.8bn by 2008, up from an estimated 1.4bn this year.

  • 71% of all mortgages taken out in April fixed, says CML

    13 Jun 2006

    Fixed rate mortgages accounted for 71% of all house purchase loans and remortgages in April, research out from the Council of Mortgage Lenders has revealed.

  • A&L officially launches specialist lending range

    12 Jun 2006

    Alliance & Leicester will shortly start to distribute buy-to-let, self-cert, near-prime and sub-prime specialist mortgage products through a number of mortgage intermediaries.

  • A&L results reveal dip in unsecured loans

    12 Jun 2006

    The latest annual results from Alliance & Leicester have revealed a drop in unsecured loans.

  • Abbey appoints non-executive director

    16 Jun 2006

    Abbey has appointed Rosemary Thorne as a non-executive director with effect from July 1 2006.

  • Accord joins M2000 panel

    12 Jun 2006

    Mortgage 2000 Design & Processing has added Accord Mortgages to its lender panel.

  • Accord speed to offer times are available on homepage

    12 Jun 2006

    FRom Marie O'Reilly I am writing in response to Keith Butler's letter headlined 'Brokers should know about lenders' processing times' (Mortgage Strategy June 5). "Are there any lenders willing to publicly state their average application to offer times and allow these to be independently verified?" asks Butler. The answer is yes. He should visit www.accordmortgages.com. Accord started quoting speed to offer times on the homepage shortly after launch. Our service promise ...

  • Affordability market standard yet to emerge, says Fitch

    13 Jun 2006

    Fitch Ratings says that a market standard has yet to emerge over the way lenders judge affordability.

  • AIFA welcomes FSA pledge on retrospective action

    12 Jun 2006

    The Association of Independent Financial Advisers has welcomed the Financial Services Authority's promise not to judge financial firms retrospectively.At the Personal Investment Marketing conference, Stephen Bland, director of small firms at the FSA, told delegates it will not take action against firms for mis-selling after the event, provided they meet its requirements under its high level principles and the rules set out in its handbook.Bland says: "The FSA believes firms ...

  • Amber launches online DIP facility

    12 Jun 2006

    Amber Home Loans has launched the first phase of its enhanced online solutions package - an electronic decision in principle facility for intermediaries.

  • Argentina: Striking performance

    12 Jun 2006

    The Argentinean team enters the World Cup as one of the favourites.

  • Assetz launches Cypriot Property Fund

    13 Jun 2006

    Assetz has launched a Cypriot Property Fund aimed at investing in selected commercial and residential property in Cyprus.

  • Assurant Solutions and BritishInsurance.com launch MPPI product

    12 Jun 2006

    BritishInsurance.com in conjunction with Assurant Solutions has launched a new direct to consumer age banded Mortgage Payment Protection Insurance product which it claims provides the cheapest 12-month cover in the market.

  • Average house price is 188K, says DCLG

    12 Jun 2006

    House prices rose by 5.1% in April from 186,000 in March to 188,000, the latest housing index from the Department for Communities and Local Government has revealed.

  • B&B launches first-time buyers product for professionals

    12 Jun 2006

    Bradford & Bingley is returning to the lending market for the first time in five years with a new mortgage aimed at the first-time buyer market.

  • B&W gets an image makeover

    12 Jun 2006

    Bristol & West Mortgages has revamped its look to reflect improvements to its products and services. The new look retains elements of the previous brand but is more contemporary.

  • Bananas deal targets people in sub-prime arrears

    12 Jun 2006

    Borrowers with sub-prime mortgage arrears are being targeted with a product from Bananas Inc.The product, which is funded by High Street Home Loans, will lend up to 85% LTV to people with arrears of any amount and offers three-year fixed rates from 7.29% and free legal services. It comes with loadings for self-cert and is suitable for purchase and remortgage.There is no higher lending charge and no extended tie-in. An early repayment charge of 6% applies.Sue Cox, business ...

  • BDS takes on BDM

    12 Jun 2006

    BDS Mortgage Group has appointed Sarah Barnett as business development manager with responsibility for managing key broker relationships.Blemain newscast Blemain Finance has participated in the c2-financial weekly web newscast.

  • Blaming banks for suicides is silly

    12 Jun 2006

    I know it's great fun to blame banks. It doesn't really matter what you choose to blame them for because they're probably guilty of most allegations you lob their way, if not for any current indiscretion then certainly for some past misdemeanour. And you're also likely to be on a safe bet if you keep your claws sharpened in anticipation of naughtiness yet to be unearthed as well.

  • Blemain Finance launches second charge product

    15 Jun 2006

    Blemain Finance has launched a product for second charge cases where consent has been declined from prime and sub-prime first charge lenders.

  • Blemain newscast

    12 Jun 2006

    Blemain Finance has participated in the c2-financial weekly web cast.

  • BM Solutions to extend transfer offer to self-cert deals

    12 Jun 2006

    BM Solutions is planning to extend its pilot product transfer fees on sub-prime products to include its self-cert range.In March BM Solutions piloted a range of credit repair products for its sub-prime client base which included product transfer fees. Following positive feedback from brokers it is extending this pilot to cover self-cert, both sub-prime and mainstream.BM Solutions emailed brokers last Wednesday offering them a proc fee incentive if self-cert clients coming to ...

  • BMW and MINI launch into personal finance

    16 Jun 2006

    BMW Financial Services and Money by MINI are launching a range of personal finance product ranges including house insurance.

  • Borrowers opt for long term fixed rates

    14 Jun 2006

    Mortgages Direct says a record numbers of borrowers are opting for long-term fixed rate deals as homebuyers fear that rates will not only rise imminently but increase even further over the next five years.

  • Brit in custody over fake mortgage scam in Spain

    12 Jun 2006

    A British man was taken into police custody last week after allegedly scamming fellow Brits with fake mortgages on the Costa del Sol.The mortgage fraud operated over 18 months from Dominion Beach in Estepona and was headed by John Michael Doust.The scam is believed to have netted tens of thousands of euros each month from members of the public who found the company, TMGiberia.com, either through the internet or a network of duped estate agents and introducers across Spain.The ...

  • Broker wins iPod from West Brom

    12 Jun 2006

    West Brom for Intermediaries, the specialist broker lending arm of the West Bromwich, has presented Robin Mazumder of Blue Horse Finance in Sutton Coldfield, with an iPod. Mazumder was among the first brokers to submit an application to its recently launched website www.westbromforintermediaries.co.uk.

  • Brokers could cash in by interpreting HIPs for clients

    12 Jun 2006

    Mortgage brokers may be able to cash in on plans to charge consumers for interpreting Home Information Packs.Mortgage Strategy has learned that firms and possibly home inspectors are considering plans to offer a service that could charge consumers between £100 and £200 for explaining what the Home Condition Report, which will be part of the pack, means.In Denmark, where HIPs are already used, 50% of buyers are thought to pay up to £200 for an independent home inspector to go ...

  • Brokers frown on Two Shags' sporting life

    12 Jun 2006

    A whopping 68% of Mortgage Strategy Online readers last week voted that the deputy prime minister John Prescott has crossed the political line with the revelation that he likes croquet.However, it seems Two Shags is down but not out - albeit minus his super-department, the Office of the Deputy Prime Minister. And Home Information Packs, which his old department oversaw, seem still to be on track. Just 32% of brokers don't care what sport he plays.This week, Mortgage ...

  • Brokers keep their cool despite base rate worry

    12 Jun 2006

    Brokers have rebuffed claims that confidence in the mortgage market is falling on the back of growing expectations of a rise in the Bank of England base rate.The BoE's Monetary Policy Committee last week held the base rate at 4.5% for the 10th month in a row, although many experts confidently predict a quarter point rise is on the cards.Milan Khatri, chief economist at the Royal Institution of Chartered Surveyors, says: "We expect the BoE to follow the lead of other central ...

  • Brokers must become clients' flexible friends

    12 Jun 2006

    It's difficult to comprehend how much the mortgage market has changed in a relatively short time. In the old days a borrower was pretty much at the mercy of their local branch manager's discretion as to whether they would be granted a straightforward variable rate mortgage.

  • Brokers relaxed about bank plans

    12 Jun 2006

    By Nicolette BotbolBrokers say an increasing number of high street bank branches will not affect them and that consumers will stick with intermediaries if they want best advice.The Forum of Private Business has welcomed moves to bring banks back to high streets. Major banks including Halifax, HSBC and Abbey say they will spend millions of pounds opening at least 50 branches each.Andy Mowlah, banking expert at the FPB, says: "This is great news for small business owners. ...

  • Brown celebrates Islamic contribution to economy

    13 Jun 2006

    Gordon Brown has celebrated the invaluable contribution of the Muslim community and put forward an ambition to make Britain the global gateway to Islamic finance and trade.

  • Business as usual at TMA

    12 Jun 2006

    Abbey for Intermediaries says it's business as usual at The Mortgage Alliance following the departure of head Steve Atkins last week.

  • Cammy Amaira quits GE for Intelligent Finance

    16 Jun 2006

    Cammy Amaira is to quit as sales director at GE Money Home Lending to join Intelligent Finance.

  • Capital FTBs save for longer

    12 Jun 2006

    Figures from The Co-operative Bank show first-time buyers in London must save for longer for their deposits.If would-be buyers saved 307 per month, half the average mortgage payment for first-time buyers, it will take six years and two months to save the 10% deposit of 25,183 required in London by 2012.

  • CETA adds equity release to portal

    12 Jun 2006

    CETA has added equity release to the range of insurance products and financial services available through the CETA Premium Portal following the signing of a strategic partnership with the Equity Release Advisory Service.

  • Chairman of FSA panel appointed

    12 Jun 2006

    The Financial Services Authority has appointed Mark Rothery as chairman of the Smaller Businesses Practitioner Panel.He succeeds Ruthven Gemmell who will stand down and assume the role of deputy chairman for one year.

  • Charcol sourcing

    12 Jun 2006

    John Charcol has chosen eMoneyfacts as its sourcing system.

  • Chase signs deal with Direct Auto

    12 Jun 2006

    Chase UK has signed an exclusive deal with Direct auto Financial Services, part of Provident Financial, to restructure the finances of its clients who are in minor arrears.With their permission, Direct auto will refer clients who have equity in their homes but are struggling to afford their outgoings to Chase UK.The packager will the advise on secured loans and remortgage options from the whole of the market in an attempt to reduce clients outgoings by at least 15%.Chase ...

  • Cheval bought by owner of Domino's Pizza UK

    13 Jun 2006

    Bridging finance lender Cheval has been bought by investment partnership Credit Investments, one half of which is the UK owner of Domino's Pizza.

  • CHL Mortgages unveils HMO lending criteria

    12 Jun 2006

    CHL Mortgages has unveiled new lending criteria for Houses of Multiple Occupancy. The buy-to-let specialist has what it believes are the most HMO-friendly lending rules of any UK lender. CHLs criteria now considers any property that meets its acceptable property criteria, and bases rental cover on the rent obtained from all the individual rooms in a property, rather than on the property as a whole. It allows registered HMO lending on its full range of products and ...

  • CHL unveils e-conveyancing service

    12 Jun 2006

    Capital Home Loans has launched an e-conveyancing service that prom-ises to undercut traditional sources while maintaining service levels.The service goes live on CHL's website this week and provides brokers and their clients with a conveyancing service which the lender says is around 100 cheaper than high street providers on a typical 100,000 mortgage.CHL has appointed a network of conveyancers to ensure brokers are able to gain access to conveyancers throughout the country.The ...

  • Choose your words carefully when writing about the sub-prime ssector

    12 Jun 2006

    From Thomas Reeh Isabelle Kassam has been at it again - using tabloid hysteria to drum up yet another controversy with her attack on sub-prime mortgage brokers and lenders (Mortgage Strategy June 5). It worries me when journalists use phrases like "I wonder" and "I suspect" - it sounds like code for "I don't know what I'm talking about." Consumer debt is at record levels. We all know that. Is it any surprise that the number of clients defaulting on their commitments is also ...

  • Classic offers MortgageStream to members

    14 Jun 2006

    Classic Network Solutions is offering a fully integrated version of MortgageStream Case Management Software to all of its members.

  • CML says technology poses threat to packagers' role

    12 Jun 2006

    The Council of Mortgage Lenders has warned that electronic packaging could pose a threat to packagers and that they must embrace technology to survive.The CML says that in addition to regulation, technology and online applications that simplify and speed up the process for brokers threaten the added value packagers have always been able to offer.Despite the electronic threat, the CML believes the end is not necessarily nigh for packagers.Christopher Dean, spokesman for the ...

  • Come and join the fun at It's a Knockout contest

    12 Jun 2006

    Mortgage Strategy is offering one lucky reader the chance to enter a 10-person team free of charge in its upcoming It's a Knockout competition.The competition is taking place on Friday July 14 at Kempton Park Racecourse where contenders will be pitted against the great and the good of the mortgage industry.The event will feature activities ranging from quad biking to driving pilot buggies, with a Moulin Rouge-themed dinner in the evening thrown in for good measure.All ...

  • Commercial First joins Freehold

    12 Jun 2006

    Freehold, the packaging association for regional packagers and mortgage distributors, has added Commercial First to its lending panel.

  • Comparing a HIP with an MOT is simplistic and misleading

    12 Jun 2006

    From Sean Horton Louise Hanson of Which? (Mortgage Strategy June 5) thinks HIPs are like car MOTs. I wonder what Which? readers would think of her advice when buying a car. The analogy of a car's MOT proving it is in working order is simplistic. An MOT proves a car met limited criteria at the time of its test. Many aspects are not tested and if it is not maintained properly its mechanical integrity will diminish. Would it not be better to instruct an AA car inspection before ...

  • Compass buys The Debt Advisor

    12 Jun 2006

    Compass Finance has bought debt advisory service, The Debt Advisor.

  • Compass Finance reveals interim results

    13 Jun 2006

    Compass Finances interim results show it packaged 108.1m of loans in the six months ending March 31, up from 97.8m in 2005.

  • Compensation firm backs MS campaign

    12 Jun 2006

    Endowment compensation firm Brunel Franklin is backing Mortgage Strategy's Stop the Rot campaign to rid the industry of rogue complaint management firms.Brunel Franklin is working with the Claims Standards Council to ensure the Compensation Bill is passed and the sector is regulated this year.Ian Allison, claims director for Brunel Franklin, says his company - along with over 100 members of the CSC - is pro-regulation, but there are still firms that are taking advantage ...

  • Complete appointment

    12 Jun 2006

    The Complete Network has appointed Alison Griffiths as compliance monitoring officer.

  • Complete launches World Cup draw

    12 Jun 2006

    Complete Mortgage and Loan Services has launched a World Cup draw to run from June 9 to July 9 2006.

  • Concern over Preferred's online calculator

    12 Jun 2006

    Preferred has sparked concern over the large amounts its online affordability calculator is offering borrowers.Preferred removed income multiples from its product range last week, calculating loan amounts based solely on affordability criteria.But a source says: "The amounts it shows customers can borrow are quite large, based on relatively small earnings. It's a bit of a worry as borrowers could end up living on baked beans. But this may not be the case when proper calculations ...

  • Conflicting price predictions

    12 Jun 2006

    The Council of Mortgage Lenders last week upgraded its house price rise forecast for 2006 from 2% to 7%, despite the country's biggest lender Halifax predicting a neutral period for prices.Although the CML expects modest falls in transaction levels at the end of 2006 and into 2007, it says the prospects for 2008 are more positive, with increased demand from home owners and buy-to-let investors.Jim Cunningham, senior economist at the CML and author of the forecast, says: "The ...

  • Connells Group appoints mortgage services development directors

    13 Jun 2006

    The Connells Group has appointed two mortgage services development directors to support its 330 mortgages consultants throughout its network of almost 500 estate agency branches.

  • Consumers have to learn to be realistic

    12 Jun 2006

    I don't read the Sunday papers often but lured by a World Cup guide I did so last Sunday. In some ways I regret it.

  • Consumers turn to the internet for cheaper deals

    15 Jun 2006

    Nearly twice as many people would be likely to apply for a mortgage online if they could be sure they were getting the cheapest deal available, reveals research from Direct Line Mortgages.

  • Cooper launches EPC for HIPs

    14 Jun 2006

    Yvette Cooper has launched the Energy Performance Certificate that will be an essential part of Home Information Packs once they are introduced next year.

  • Cracking the declined claims problem

    12 Jun 2006

    It was good to see the Financial Services Authority coming out with a balanced report on the sale of critical illness cover recently. Huge steps have been taken to improve the way CI cover is sold but there's still room for improvement.

  • Credit site could discredit lenders

    12 Jun 2006

    A website that offers free credit checking will present information previously unseen by the public and the inaccuracies it reveals in people's records should worry lenders, says Ray Boulger

  • CurriculumVitae

    12 Jun 2006

    Crashing my Nationwide company car into another staff car on the slip road near Nationwide's head office. Needless to say I hurried away from the scene - but did leave my details on the bashed car's windscreen.

  • Dear Delia

    12 Jun 2006

    Have you got a problem for Delia?

  • 'Direct only' products could cause compliance problems

    12 Jun 2006

    From Johnathon Godfrey There is a practice creeping into our industry which is perpetrated by lenders in an attempt to exclude commission-based brokers from accessing their best mortgage products. The implications of this practice are far reaching and could result in compliance issues and mis-advice cases being raised. The products I am referring to are the ones marked 'direct applications only' on most mortgage sourcing systems. For example, a high street lender's product ...

  • Discount deals from Kensington

    12 Jun 2006

    Kensington Mortgages has launched a range of discount rates aimed at the growing number of borrowers looking for variable rate mortgages.

  • em- heads to Cardiff

    15 Jun 2006

    em-, is holding a roundtable events on July 12 at the St Davids Hotel & Spa in Cardiff.

  • em- secures affiliate sponsors for golf day

    13 Jun 2006

    em- has revealed that five key lenders have been secured as affiliate sponsors for the upcoming em-invitational 2006 golf day in association with GMAC-RFC.

  • Equifax combats corporate ID theft

    12 Jun 2006

    Equifax has launched a pocket guide to combating corporate ID theft and fraud, designed to provide businesses with an accurate and easy-to-read overview of the risks and solutions available.

  • Equity release not a last resort, says Defaqto

    12 Jun 2006

    Equity release should not be seen as a last resort but considered as a possible solution to financing retirement, says a report out from financial research company Defaqto.

  • Extranets that bring extra benefits

    12 Jun 2006

    Halifax has upgraded its already excellent extranet website for intermediaries and the more lenders invest in these systems, the better it is for brokers' profitability, says Frank Eve

  • First fully online insurance for empty homes launched

    13 Jun 2006

    CETA, the UKs largest general insurance network, has launched the first fully online service providing unoccupied property cover over three, six, nine and 12-month terms.

  • Fitch affirms HML's rating

    13 Jun 2006

    Fitch Ratings has affirmed HMLs ratings in recognition of HMLs proven credentials in administering UK residential mortgages, and acknowledging improvements in the operational effectiveness of the companys Londonderrry operation.

  • Five-day bike ride for charity

    12 Jun 2006

    A group of 20 Home Management staff will be embarking on a five-day charity bike ride on June 12, as the US takes on the Czech Republic and Italy plays Ghana at the World Cup. The Tour de HML should raise at least 35,000 for a number of causes.

  • Flexibility needed to help FTBs

    12 Jun 2006

    Research published by the Council of Mortgage Lenders concludes that the most effective policies for providing affordable home ownership will be those that offer the flexibility for young buyers to only take on levels of mortgage debt that are prudent given their incomes and other commitments.

  • Football fever

    12 Jun 2006

    The World Cup is in full swing in Germany but closer to home, as Arsenal sets the pace in the redevelopment league, buyers should ponder the benefits of living near football stadia, says Barney McCarthy

  • Football wins both home and away

    12 Jun 2006

    The news the nation had been waiting for finally arrived last Wednesday. Not housing minister Yvette Cooper accusing the Tories of siding with the National Association of Estate Agents over its desire to see Home Information Packs scrapped, but the announcement that Wayne Rooney's fractured metatarsal had healed sufficiently for him to take some part in England's World Cup campaign.While this gave a sense of optimism to those hoping that England will emerge triumphant from the tournament ...

  • Friends of the Earth welcomes Energy Efficiency Certificates

    15 Jun 2006

    Friends of the Earth has welcomed Energy Efficiency Certificates as a long-overdue incentive for tackling the UK's rising climate emissions

  • FSA plans to look at evolution of retail distribution

    15 Jun 2006

    The Financial Services Authority has revealed plans to look further, in collaboration with the industry, at how the models of retail distribution in the UK may evolve, primarily focused on the financial advice sector.

  • FSA rules out retrospective judgement

    15 Jun 2006

    The Financial Services Authority has confirmed it will continue to judge firms' standards of product sales and financial advice by the standards and rules at the time of sale and not retrospectively.

  • FTBs lag behind homeowners trading-up, says RICS

    12 Jun 2006

    Failure of a housing market downturn to materialise has spurred more households to trade-up for larger properties rather than encourage first-time buyers, says the Royal Institution of Chartered Surveyors.

  • Fun Stuff

    12 Jun 2006

    What's your favourite restaurant?In Edinburgh I like Olorosso for its simple but interesting food, while in London its the Oxo Tower.What's the most you've ever spent on dinner for two?When I left RBS it kindly paid for a meal for my wife and I. It cost £300 at Sketch in London. This was far too high a price to pay for a trendy, people-spotting experience.What's your favourite band?U2. All their albums are great, especially How To Dismantle An Atomic Bomb. ...

  • Future to waive completion fees

    16 Jun 2006

    Future Mortgages, the mortgage business of CitiFinancial in the UK, is waiving completion fees on all core products.

  • GE appoints two business development managers

    13 Jun 2006

    GE Money Home Lending has appointed two business development managers, Emma Maxwell and Karen Rodrigues, to support its ambitious growth and development plans.

  • Halifax underwriting rule change affects flight crew

    12 Jun 2006

    From Mary Lockyer I've had a case with Halifax for nine weeks and it has still not been offered. It was submitted packaged with 12 consecutive, certified payslips from British Airways. Despite this, I was told an income reference would be required. But BA's references are computer generated and only detail the last three months' average flight pay so annual profit share bonus, pay deals and language pay are omitted. Also, if a BA client was on leave and their flight allowances ...

  • Have your say on reversion regulation

    12 Jun 2006

    Good news last week for the industry with Norwich Union saying that it hopes to have a drawdown lifetime mortgage available in the next month. This is an indication that NU is still committed to this market. We wait to see where the pricing of the product will sit alongside competitors.

  • HIP portal

    12 Jun 2006

    New Build Inspections has launched a portal for Home Information Packs.

  • HIP regulations published

    15 Jun 2006

    The government regulations for Home Information Packs and Certification Schemes can now be found online at www.homeinformationpacks.gov.uk under publications.

  • HIP row hots up as Tories clash with housing minister

    12 Jun 2006

    Home Information Packs were the cause of another spat between the government and the Conservative party last week.It started with Conservative MPs pressing housing minister Yvette Cooper on the precise timetable for the introduction of HIPs and ended with Cooper cautioning Michael Gove, Tory MP for Surrey Heath, against becoming the parliamentary spokesperson for the National Association of Estate Agents, which might have its own interests in the process.She also accused him ...

  • HIPs have not been thought through

    12 Jun 2006

    The worry with HIPs is that the government has not thought through the implications of changing the house buying process and consumers will pay a high price, says Sally Laker

  • HIPS will help people who are serious about selling

    12 Jun 2006

    From Dave Rogers The implementation of HIPs is a year off and the scaremongers have emerged from under their stones to tell us how it's all going to go belly up. But a year after the implementation we will look back and remember the days when any old chancer put their house on the market, knowing it would cost them nothing, just to test the water at a wholly unrealistic price. There may be a rush to sell before HIPs are introduced and falling house prices may follow. I imagine ...

  • HIPsHomes goes live with HIP proposition

    15 Jun 2006

    HIPsHomes has gone live and is now able to produce fully functioning Home Information Packs through its online software solution.

  • Homeowners better off than renters by 6%

    12 Jun 2006

    Abbeys annual Rent vs Buy report shows that homeowners are still better off than renters by an average 24,372, 6%.

  • Homeowners better off than renters, says Abbey

    12 Jun 2006

    Homeowners are 6% financially better off than renters, reveals Abbeys annual rent vs buy report.

  • Homes without HIPs won't sell

    16 Jun 2006

    Home owners face the possibility of being unable to sell their homes if they opt to market the property just before Home Information Packs come into force in June 2007.

  • House prices show strong rise, says RICS

    15 Jun 2006

    House prices have shown the strongest rise in two years, says the Royal Institution of Chartered Surveyors in its UK housing market survey.

  • Infinity joins MI lender panel

    12 Jun 2006

    Infinity Mortgages has joined Mortgage Intelligences direct to lender panel.

  • InterBay appoints BDM to sales team

    16 Jun 2006

    InterBay Funding, the UK's new commercial lender, has appointed a business development manager to its national sales team.

  • InterBay fills marketing role

    12 Jun 2006

    InterBay Funding has appointed Anna Bennett as marketing manager, heading the US commercial lender's UK marketing effort.

  • Interbay underwriter first to pass CeCM exam

    13 Jun 2006

    InterBay Fundings underwriting manager Tim Shutler has become the first in the industry to take and pass the CeCM exams.

  • Intermediaries unsure of what footprint they leave, says AMI

    13 Jun 2006

    A significant number of intermediaries are unaware of which type of footprint will be left by a lender on a clients credit file when they obtain an Agreement in Principle or Decision in Principle from a lenders website.

  • Investment in charity

    12 Jun 2006

    Chase UK has signed an exclusive deal with Direct Auto Financial Services, part of Provident Financial, to restructure the finances of its clients who are in minor arrears.With their permission, Direct Auto will refer clients who have equity in their homes but are struggling to afford their outgoings to Chase UK.The packager will then advise on secured loans and remortgage options from the whole of the market in an attempt to reduce clients' outgoings by at least 15%.Chase ...

  • Investors beware of falling currencies, warns Assetz

    15 Jun 2006

    Investors buying property overseas should take heed of recent currency exchange rate swings in the United States and Turkey, warns Assetz, and recognise the value of using overseas mortgages.

  • Is michael bolton right to say packagers are the clear losers since mortgage regulation?

    12 Jun 2006

    Many packagers have adapted well to the regulated world and are prospering by adding value for lenders and brokers, say our experts

  • Japan: Strategic goals

    12 Jun 2006

    As Japan's World Cup team left for Germany more than 1,000 fans gathered at Narita airport to wish it luck. There are high hopes for Japan's performance in the tournament and the country is glowing with confidence, much as it sees the future for its mortgage market.

  • KGB seeks satellite packagers

    12 Jun 2006

    KGB Packaging says it's actively seeking satellite packagers to package cases on its behalf.

  • Knight Funding offers TMB products through PMPA members

    13 Jun 2006

    Knight Funding is offering fixed and tracker rate products from The Mortgage Business exclusively through members of the Professional Mortgage Packagers Alliance.

  • Landlords expect prices to rise

    12 Jun 2006

    The vast majority of landlords expect to see a significant increase in house prices over the next 12 months, reveals a survey from Mortgage Trust. It shows confidence in the housing market reaching record levels with 90% of respondents expecting house prices to rise over the coming year.

  • Launch DB Countdown

    12 Jun 2006

    Lisa Pearce joins the team, the Mortgage Brain roadshow in Norwich goes well, plans are made to expand packager distribution and I draw Brazil in the office sweep, says Bill Dudgeon

  • Lender exit fees not always clear, says FSA

    16 Jun 2006

    Some lenders are not making exit fee charges as clear as they could be on mortgage contracts when borrowers take out loans, says the Financial Services Authority.

  • Lenders should keep their promises

    12 Jun 2006

    We brokers have to trust lenders to keep their promises but when they let us down we are the ones who have to break the bad news to valued clients, says Sue Read

  • Lenders warned they face debt recovery challenge

    12 Jun 2006

    Debt recovery specialist Moore and Blatch has warned that changes in the public attitude to debt may present lenders with fresh challenges in recovering debts.Statistics from the government's Insolvency Service show that more than 23,000 people became insolvent in England and Wales during the first three months of 2006. This represents a 73% rise compared with the same period last year.Attitudes to debt were recently under the spotlight in the BBC television series Britain's ...

  • Let's stop putting the boot into HIPs

    12 Jun 2006

    It's all the rage to give Home Information Packs a kicking. I guess it's to be expected from opposition MPs but lenders and trade bodies have been venting their spleen too. For example, John Gummer, chairman of the Association of Mortgage Intermediaries and the Association of Independent Financial Advisers, condemns them as "a load of rubbish".

  • Let's take care

    12 Jun 2006

    Buy-to-let is flourishing but brokers must ensure they cover all the advice angles with clients or there could be trouble ahead, says Andrew Frankish

  • Lloyds TSB rolls-out Islamic mortgage and current account nationwide

    13 Jun 2006

    Lloyds TSB is launching its range of Islamic financial services nationwide, following a successful pilot.

  • Local FTB schemes can help us all

    12 Jun 2006

    Initiatives such as those designed to help local people afford homes should be encouraged so that the vital first-time buyer sector can again fuel the housing market, says Roger Taylor

  • London prices rise for eighth month

    12 Jun 2006

    The average London house price is now more than 250,000 as it rose for the eighth consecutive month, data from haart estate agents reveals. The average price of a property in London rose 1% in May to 250,137, up from 247,730 in April.

  • Malone names Atkins as successor

    12 Jun 2006

    John Malone, managing director of Premier Mortgage Services, cemented his plan to retire last week with the recruitment of a successor, but pledged to remain in the industry as a non-executive for as long as he is wanted.Malone made Steve Atkins, currently head of The Mortgage Alliance, an offer he couldn't refuse - to take over the management of mortgage sales at Premier Mortgage Service and work alongside him to learn the business before eventually taking over as his successor.Speaking ...

  • Marketing Brief

    12 Jun 2006

    Support is critical in the mortgage industry. Kevin Paterson's A-Z review rates the marketing material that lenders issue to help brokers with sales and business development

  • Marketwatch

    12 Jun 2006

    Swaps remained virtually unchanged last week. There has been little rate activity in the past couple of weeks but there's been a fair amount of innovation and also replication.

  • Me and My Car

    12 Jun 2006

    As long as you keep looking ahead, don't need any boot space and remain optimistic about the British weather, the Mini Cooper Convertible is the perfect car, says Ian Giles

  • MI enhances B2L criteria

    12 Jun 2006

    Mortgage Intelligence has reduced the rental calculation on a three-year fixed rate buy-to-let product from Mortgage Express from 130% to 125%.The MEX buy-to-let product has a fixed rate of 5.34% until June 30 2009. It features a 1% completion fee which can be added to the loan and an early repayment charge set at 5% until June 30 2009. For fixed rates of five years and above, rental calculation is now 120% of the monthly mortgage payment, down from 125%.MI members can also ...

  • Michael Bolton is losing touch with packaging developments

    12 Jun 2006

    From Roger Brown I couldn't stop laughing when reading your recent article entitled 'Bolton continues packager attack' (Mortgage Strategy June 5). In it, Michael Bolton says packagers have been the clear losers since regulation. I've never read such nonsense. He hasn't kept up with developments. Packagers are continuing to grow which is why a global brand like GMAC-RFC supports them. Research shows around 60% of sub-prime business is placed through packagers. Packagers aren't ...

  • Misys in possible management sell-out

    12 Jun 2006

    Misys has confirmed it has received a request from certain members of the senior management team to explore the possibility of making an offer for the business.

  • M-Next shared ownership deal

    12 Jun 2006

    Mortgage Next has launched a shared ownership discount mortgage funded by Ipswich. The deal is available via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners. It consists of a discount of 0.75% off the standard variable rate for three years from completion.

  • Mortgage 2000's sourcing wizard goes whole of market

    12 Jun 2006

    Mortgage 2000 is offers its sub-prime sourcing wizard to the entire mortgage market.

  • Mortgage Next launches two year buy-to-let

    12 Jun 2006

    Mortgage Next is launching a two-year base rate tracker buy-to-let mortgage on June 19.

  • MPLC presents 100 Harrods vouchers to five winners

    16 Jun 2006

    Mortgages PLC has presented 100 worth of Harrods vouchers to five winners of its monthly On Demand online prize draw.

  • MPLC sponsors Jerez Golf Challenge

    13 Jun 2006

    Mortgages PLC is to sponsor the golf event on the final day of the Mortgage Summit in Jerez on Friday June 23.

  • Mums the word when it comes to borrowing

    15 Jun 2006

    Research from the Chelsea shows twice as many people saying they would ask to borrow money from their mum than their dad.

  • Niche signs up to PMPA

    12 Jun 2006

    Niche Mortgage Solutions is the latest member of the Professional Mortgage Packagers Alliance.Based near Reading, Niche has nationwide broker coverage and three franchise offices in St Albans, Wisbech and Edinburgh.

  • OFT should investigate rip-off mortgage fees

    12 Jun 2006

    I don't want to sound like a broken record but mortgage fees are a cast iron rip-off. Don't get me wrong, I think anyone who provides a service is entitled to be paid for it - lenders and brokers included.

  • OneSearch Direct welcomes HIP regulation

    16 Jun 2006

    OneSearch Direct has welcomed the publication of regulations for Home Information Packs and in particular applauded the commitment by the Department for Communities and Local Government to make “local searches cheaper and faster.”

  • Our financial referee must tell us the rules

    12 Jun 2006

    As any manager at the World Cup will tell you, it is important that they and their players understand how the game is going to be refereed so they can adapt their playing style and tactics accordingly.

  • Out of town

    12 Jun 2006

    SmartNewHomes says rising London prices could be pushing buyers at the lower end of the market out of the capital.

  • Packagers strike back at Bolton

    12 Jun 2006

    Packagers have dismissed Michael Bolton's attack on the packager market as a "joke" and say he is talking rubbish.Speaking exclusively to Mortgage Strategy last week, Bolton said that the packager market was the "clear loser of mortgage regulation" and remains "as grey today as before Mortgage Day".But John Mawdsley, joint director of The Mortgage Partnership, says: "I thought it was a joke. Bolton's talking rubbish and doesn't understand what packagers do. The packager's ...

  • Patriotic sellers could score a World Cup own goal

    12 Jun 2006

    Propertyfinder.com says England football fans should avoid hanging English flags outside their homes if they want to sell during the World Cup.Its says women and wealthier buyers are far more likely to disapprove of homes sporting flags.Warren Bright, chief executive officer of propertyfinder.com, says: "If you have your house on the market and don't want to be interrupted while watching England win the World Cup for the first time in 40 years, show your true colours and decorate ...

  • Paying the price of broken relationships

    12 Jun 2006

    It seems the news is full of divorcing couples, from Macca to City financiers who have fallen foul of the House of Lords.

  • Pink launches discount product through Mutual One

    13 Jun 2006

    Pink Home Loans has launched a three-year discount product in association with Mutual One, and funded by Scottish.

  • Pitt says resignation was amicable

    12 Jun 2006

    Brian Pitt has put the record straight about his resignation as director of sales and operations of Beacon Homeloans and revealed that he has been released from his non-compete contract following an amicable split.Pitt was rumoured to have quarrelled with long-time partner and fellow director Mark Abbott and resigned in protest, despite the dynamic duo's entwined career histories at both Beacon and Future Mortgages.But Pitt says: "I had been involved with Beacon for three years ...

  • Places for People tackle doorstep credit lenders

    12 Jun 2006

    Places for People, the property management and development organisation, is offering its customers a range of financial products in a bid to prevent them relying on high interest doorstep credit lenders and to help them onto the property ladder.

  • Platform prepares to take on rivals

    12 Jun 2006

    Platform is planning a series of initiatives in anticipation of the plethora of new entrants lined up to burst into the specialist lending market.It has reacted by reviewing its strategy and widening and enhancing its product range.The first initiative launches today with a revised product range including additions to lending criteria and new interest rates. Changes include in-creased income multiples, 90% LTV on buy-to-let and wider LTV bandings.Platform says the experience ...

  • Proceed with caution in sub-prime

    12 Jun 2006

    Until lenders and sourcing systems integrate their systems, brokers will have to proceed with caution and do plenty of research when advising in the sub-prime sector, says Richard Coulson

  • RBS sees boost as consumers move away from unsecured loans

    13 Jun 2006

    Royal Bank of Scotland says its first half results for 2006 are positive, with a boost in retail markets from consumers' move away from unsecured loans to savings and investments.

  • Resignations rock valuations sector

    12 Jun 2006

    The automated valuations market was in a spin last week after two senior members of staff at UKValuations defected to Hometrack.Chief executive officer Graeme Winser and sales director Guy Weightman resigned from the subsidiary of US lending giant Countrywide Financial Corporation to join Hometrack as director of new market strategies and sales director respectively. Both are on gardening leave and will officially start work in August.With a major lender believed to be launching ...

  • Retirement Plus joins SHIP

    12 Jun 2006

    Safe Home Income Plans has welcomed newest member Retirement Plus into its fold.

  • Rooftops appoints two new BDMs

    13 Jun 2006

    Sarah Jackson and Brendan Middleton are the latest recruits to swell the ranks of specialist lender Rooftop Mortgages team of business development managers.

  • Sesame unveils GI range

    12 Jun 2006

    Sesame has launched a general insurance product range called Sesame Insure. The product has been designed to strengthen the network's position in the GI market.

  • Skipton unveils three-year tracker

    12 Jun 2006

    Skipton has launched a three-year base rate tracker capped at 4.75% which is equivalent to initial monthly payment of 569 for a 100,000 repayment deal.

  • Society may advise on mortgages

    12 Jun 2006

    The Derbyshire says it may launch an independent financial advice service for mortgage products following the unveiling of Derbyshire IFS last week.The IFS service offers independent whole of market advice on protection products, savings and investments, and also guidance on Inheritance Tax planning.But Mark Blackwell, marketing manager at The Derbyshire, says the society could offer a similar service for mortgages.He says: "We have no plans for this at the moment but we ...

  • Someone should get a grip on cases submitted to Halifax

    12 Jun 2006

    From Jason Simpson I am interested to know how other brokers find working with Halifax at the moment. I have a case that has been in the underwriting phase since early April. The application is for a remortgage with a guarantor at about 85% LTV and it's as strong a guarantor case as you will see for a trainee accountant with a blue chip company. The guarantor is the kind of high net worth client any IFA would give their right arm for. The case has been to the underwriters ...

  • South Korea: Showing good form

    12 Jun 2006

    South Korea, strengthened by the return of its Europe-based players, showed good form in the warm-up World Cup matches, sending confidence through the country and signalling it is in good shape for the tournament. We beat Bosnia-Herzegovina 2-0 recently. And the South Korean property market is also a sector brimming with confidence.

  • SPML extends one month refund offer

    13 Jun 2006

    Southern Pacific Mortgage Limited has extended its special offer on all of its products, in which new applicants will be able to qualify for a refund of one months mortgage payment.

  • SPML updates mortgage range

    12 Jun 2006

    Southern Pacific Mortgage Limited has updated its range. The end dates for fixed and discounted rates have also been extended to September 1 in the relevant years.

  • Stop using HIPs as a political football

    14 Jun 2006

    This time next year the mortgage industry will be just getting to grips with Home Information Packs. Probably.

  • Stroud & Swindon withdraws fixed product

    13 Jun 2006

    The Stroud & Swindon is withdrawing its 3.99% fixed until August 31 2007 mortgage with immediate effect. All other products remain unchanged.

  • Survey says PPI probe has hit confidence in MPPI

    12 Jun 2006

    Paymentshield says consumers are shying away from mortgage payment protection insurance as a result of the bad press surrounding the recent PPI investigation by the Financial Services Authority.A survey by Paymentshield polled more than 1,500 consumers and some 250 brokers on the impact of the regulator's PPI investigation and how it has affected their concerns and perceptions.It found that 47% of all home owners are aware of the recent investigation and the criticism of the ...

  • Swift appoints North-West BDM

    12 Jun 2006

    Brentwood-based sub-prime lender Swift Group has appointed James Briggs as business development manager for the North-West.The appointment brings Swift's sales team headcount to six and continues its strategy of strengthening the sales function.

  • Taiwan: Getting stronger

    12 Jun 2006

    Chinese Taipei - the official name of the national football team of the Republic of China (Taiwan) - has put in some heartening performances in the Asian Cup but is yet to make an impact on the world scene. With no professional league until this year and a men's squad made up mainly of amateurs, it's no surprise we have yet to reach the finals of a World Cup tournament.

  • Tee-off time

    12 Jun 2006

    em-financial will be hosting its annual charity golf event on June 27, not July 27 as reported in Mortgage Strategy on May 29.

  • Thanks to MEX, I can plan my World Cup viewing

    12 Jun 2006

    From Peter Stokes Thanks to Mortgage Express for its pocket World Cup planner gift. Now I won't miss Ivory Coast vs Serbia & Montenegro and can plan all the big screen matches at work and home. But I hope that by using targeted marketing and postcode analysis, MEX avoided brokers with Scottish addresses or family histories, or this great idea could turn into a faux pas. Come on England. Peter Stokes, Director Davidson Deem, by email

  • The Mortgage Mole

    12 Jun 2006

    pittwatch Mole and his cronies have been keeping their beady eyes peeled this week for signs that the infamous Brian Pitt, formerly of Beacon Homeloans, has returned from holiday and started the long and arduous process of looking for a job.One source tells Mortgage Strategy that the sales maestro had been spotted in a suit outside Morgan Stanley's head office. But before people jump to conclusions, Mole should point out that Pitt was also seen in the dairy section ...

  • The punishment fits the principle

    12 Jun 2006

    Recent examples of FSA enforcement action show we must get used to complying with a justice system where the punishment fits the principle rather than the crime, says Bill Warren

  • There's more to good B2L service than speed

    12 Jun 2006

    Buy-to-let mortgages now form part of most brokers' armouries. This helps create competition on rates and also forces the pace of product innovation which is good news for borrowers but adds complexity to the role of brokers, as the pace of change is fast.

  • Time to tackle record-keeping failures

    12 Jun 2006

    Apparently there's a World Cup going on. Being from the other side of Offa's Dyke, you'll forgive me if I don't use this article as a chance to pledge my allegiance to Rooney's meta-whatsit before running out to attach a St George's flag to the window of my white van. "Sour grapes," I hear you cry, and you may be right.

  • Webline introduces online analysis engine

    12 Jun 2006

    Webline, part of the Capita Group, has introduced an online analysis engine for advisers.

  • Wider distribution for Unity deals

    12 Jun 2006

    Three more firms will now distribute Unity Homeloans mortgages.Primrose Mortgage Processing, Countrywide Mortgage Centres and NicheMortgage Solutions have recently become members of the PMPA which is the sole distributor of Unity products.

  • Word on the Street

    12 Jun 2006

    Banks were held to account last week after the media accused them of putting profits before human lives by luring people deeper into debt. Responsible lending is top of the Financial Services Authoritys agenda and with debt at the 1trillion mark consumer groups are asking whos to blame.So, this week Mortgage Strategy asksWho is responsible for the mountain of consumer debt?

  • World Cup is good time to realise housing goals

    12 Jun 2006

    The World Cup has finally kicked off in Germany, following the controversy over whether all Brits should follow the England team or if it's OK to side with the opposition.

  • World Cup offer on MT products

    12 Jun 2006

    The Mortgage Times Group has launched a range of exclusive products in conjunction with Platform which offer free valuations for the duration of the World Cup. All prime products are exempt from the offer. Sub-prime three-year products are 0.1% lower than the standard range including buy-to-let and Right to Buy deals. The near prime bonus two-year fix is 0.3% lower than standard range with an early repayment charge of 6%.

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