Mortgage Strategy
13 May 2002

  • 'Protection gap' highlighted

    14 May 2002

    Sales of term assurance policies rose by 14.1% in 2001, latest research from Swiss Re Life & Health reveals. Its annual TermWatch survey shows that new term sales last year totalled 1,571,062 policies - 64.8% of all UK regular premium life policies sold in 2001. In 1995, term sales made up just 23.8% of the market. New average sums assured increased from £74,052 to £82,835, while the average annual premium paid by policyholders in the IFA sector fell in 2001 from ...

  • £25m boost for areas of low housing demand

    17 May 2002

    The government has announced £25m of support for the nine areas in the north and midlands most affected by abandoned housing and low demand. The DTLR estimates that 880,000 homes are in areas of low demand, of which 520,000 are private and 360,000 social housing. The nine pathfinders account for 720,000 of these homes. The nine targeted areas are in Manchester, Merseyside, Lancashire, Yorkshire, Humberside, Tyneside, Staffordshire and Birmingham. Low ...

  • £5m shot in arm for neighbourhood improvements

    15 May 2002

    Ten neighbourhoods across the country will receive a £5m makeover to inject new life into their public space Regeneration Minister Lord Falconer said yesterday. The projects will improve people's local environment in a variety of ways. Some will establish new street-side art and sculptures, other will restore parks and play. The safety of local residents will also be improved by creating new lighting. The ten projects have been awarded funds by the Treasury from ...

  • All round payment protection from Norwich Union

    14 May 2002

    Norwich Union has launched a new payment protection product that covers monthly loan and credit card payments alongside mortgage repayments. The new product pays customers' bills if they are unable to work through accident or sickness or if they are made unemployed. It can be bought direct from Norwich Union by phone from today, or over the internet from June. As long as customers cover their mortgage, the new product can also cover credit agreements, minimum monthly ...

  • Amber sells £40m mortgage portfolio to the Derbyshire

    13 May 2002

    Skipton Mortgages Limited, part of the Amber Homeloans Group, has announced the sale of a 600 strong mortgage portfolio valued at almost £40 million to Derbyshire Home Loans Limited. Amber, which is a wholly owned subsidiary of Skipton Building Society, is a mortgage lender in the specialist market, focusing its lending activities into specific niche areas including light/medium adverse, self certification, 100 loans and buy to let mortgages. In addition, the company sells ...

  • Annual report records record achievement for CML

    15 May 2002

    Mortgage lending - fuelled by a buoyant housing market - reached record levels in 2001, the Council of Mortgage Lenders' annual report revealed yesterday. Gross advances rose by 34% to £161 billion, and net lending increased by 32% to £55 billion. More than 11 million mortgages, amounting to over £600 billion in value, are held by CML members, and owner-occupation is now a reality for two-thirds of households in the UK. The annual ...

  • Bank of Ireland results announced

    17 May 2002

    Preliminary year-end results from the Bank of Ireland show that the group increased its UK lending book by 9% during the year until March 31 2002. Non-standard lending now constitutes 16% of the UK residential book and 12% of the total UK loan book. Asset quality has improved and is satisfactory. Businesses in the group's UK Financial Services (UKFS) sector - which includes Bristol & West - generated profits of £210m before tax and goodwill amortisation. In ...

  • Bid to improve property auctions

    14 May 2002

    Buying and selling property at auction will be easier and clearer from thanks to the introduction of new common auction conditions by the Royal Institution of Chartered Surveyors. Auctions account for 5% of all property transactions in the UK and they are becoming more popular with both buyers and sellers such as local authorities, who are increasingly putting property through auctioneers. The auction process is often quicker, cheaper and more open than other ways of ...

  • Britannic ready to launch sub-prime assault

    14 May 2002

    Britannic Money last week prompted speculation that it was almost ready to launch its rumoured assault on the sub-prime market after it poached Austin Jelfs from Preferred Mortgages. Jelfs spent 10 months at Preferred as national accounts manager and was previously mortgage panel manager at Winterthur Life. He also spent eight years at Bank of Ireland as its national accounts manager. James Mayne (pictured), head of strategic development at Britannic Money, refused to confirm or ...

  • Brokers slam lenders for poor communication

    14 May 2002

    The Woolwich is the latest lender to be slammed by brokers for its poor service and lack of communication. Mike Fitzgerald, sales director at Brentwood-based Brentchase Financial Services, says: "The Woolwich has fabulous products, but the service is abysmal." Fitzgerald says that some lenders have streamlined underwriting by asking for less paperwork, for example by removing surveys on 75% LTV deals. But he adds: "A lot of brokers feel they are not being heard by some of ...

  • Calls for clarification

    14 May 2002

    Kensington Mortgage Company and Future Mortgages are calling for hidden product areas to be clarified in a bid to bolster confidence in the market. John Maltby, KMC chief executive, says: "Leading up to regulation there is a need for clarity of information. We don't charge MIG and have no hidden charges, but many lenders do have charges and don't make them clear in their product literature." Maltby believes that lenders are becoming more open with the drive towards transparency ...

  • Chances of UK euro entry still below 30%, says CEBR

    13 May 2002

    UK entry to the euro is moving up the political agenda for a variety of reasons, says influential thinktank the Centre for Business and Economics Research (CEBR). In January, the estimated that 54 % of UK residents would have used the euro by the end of this year. This estimate is now up to 55 %. The date by which the assessment of the five tests must be completed is coming closer. The commitment is to assess the position within two years of the start of the current Parliament, ...

  • Charcol revamps Federal Reserve Mortgage

    16 May 2002

    Charcol has revamped its Federal Reserve Mortgage - an exclusive fix and track mortgage based on the lower US short term interest rates. The product comes without any currency risk because all borrowing is in sterling. The new mortgage starts with a fixed rate of 2.99% to 1 January 2003, and will the US$ three months LIBOR with a margin of 1.2% for five years thereafter. US$ 3 month LIBOR is currently 1.9%, indicating a pay rate of 3.1%, just slightly higher than the fixed rate. ...

  • Correspondent lenders suffer from MCCB rules

    14 May 2002

    Correspondent lenders could be forced out of the market under new rules being put forward by the Mortgage Code Compliance Board next month. Comments made by Mortgage Code officials during recent compliance visits suggest correspondent lending itself may be a target for new MCCB guidelines (due to be published in June) or regulation by the Financial Services Authority. Ray Bohringer, managing partner of packager ICMG, says: "We said we were planning to go down the branded ...

  • Credit checkers welcome electoral roll decision

    17 May 2002

    Credit reference agency Callcredit has welcomed government proposals to reinstate access to the full electoral register for the verification of identity and processing of mortgage applications. David Coates, managing director of Callcredit, says: "We are delighted that the government has seen sense and agreed that access to the full electoral register for credit referencing is in the public interest. "It removes the uncertainty of the last few months and, we believe, ...

  • DIY enthusiasts hang up their tools for summer

    14 May 2002

    The amount of money people intend to spend on DIY over the next three months has fallen for the first time since July 2000. Alliance & Leicester's movingimproving index shows that the average Brit expects to spend £1,151 on DIY this summer, 8% less than in the first quarter of this year (£1,243). The cooling of DIY spend comes at a time when homebuyer confidence has fallen to its lowest level since the peak of winter 2000, with only 12% of the population ...

  • DIY spend falls for first time in two years, says A&L

    13 May 2002

    The amount of money people intend to spend on DIY over the next three months has fallen for the first time since Alliance & Leicester launched its movingimproving index in July 2000. On average Britons expect to spend £1,151 this summer on DIY, 8% less than in the first quarter of this year (£1,243). The cooling of DIY spend comes at a time when homebuyer confidence has also fallen, to its lowest level since peaking in Winter 2000, with only 12% of the population ...

  • Drop in stock market confidence among IFAs

    14 May 2002

    IFAs confidence that stock markets will be higher in six months time declined slightly in April, the latest survey from JPMorgan Fleming Asset Management reveals. Whilst financial intermediaries are generally more optimistic compared with private investors, only 63% of IFAs still believe the UK stock market will be higher in six months, down from 83% in January. The survey, conducted among nearly 100 UK IFAs, shows that 18% judge a higher stock market to be unlikely, ...

  • Electoral roll credit checks reinstated

    14 May 2002

    The government has published draft regulations that will reinstate lenders' access to the electoral roll. The roll has been off limits to credit reference agencies after a voter objected to the commercial sale of electoral information. Under the draft regulations, councils will hold two electoral registers from December 2002. A full register will be established for electoral and crime prevention as well as limited credit checks. An edited version ...

  • ePioneers fail to win over consumers

    16 May 2002

    Heavy investment in new technologies such as mobile phones, interactive digital television (iDTV) and personal digital assistants (PDAs) is not paying off for financial services providers, a report from Datamonitor reveals. Financial providers hope to trade in on their reputation as ePioneers by achieving higher rates of customer acquisition and retention. However, few customers are currently making use of these channels to manage their financial affairs. Datamonitor's ...

  • Failing to make the grade

    14 May 2002

    Mortgage intermediaries have less than seven months to become professionally qualified if they want to continue to offer full advice and recommendation to their clients. That's just 240 days or 33 weeks away. But research conducted by Mortgage Strategy and Network Data Limited reveals that just 15% of intermediaries who have yet to sit CeMAP would attain the pass mark needed if they were to take the exam tomorrow. With unreliable figures for the number of advisers yet to qualify, ...

  • First time buyers excluded from property market, says Birmingham Midshires

    13 May 2002

    House price inflation is causing serious concern for the next generation of homebuyers, claims new research from Birmingham Midshires. One in four first time buyers in their early twenties claim not being able to afford their first home is their biggest worry about life in ten years time, according to a new report from Birmingham Midshires 'Saving Britain 2002' Campaign. The campaign aims to raise awareness of the financial issues facing consumers and boost public ...

  • FOS chief builds bridges at conference

    14 May 2002

    New financial services chief ombudsman Walter Merricks sounded a conciliatory note at the 'lion's den' of the Building Societies Association annual conference last week. Merricks, a solicitor who previously held the post of Insurance Ombudsman since 1999, assured delegates that the FOS would be an open and responsive organisation and pledged that there would be "no surprises" ahead for the industry. Merricks defended the FSO's handling of February's dual rate showdown ...

  • FSA fines consultancy £120,000

    16 May 2002

    The Financial Services Authority (FSA) has fined Reading-based Ward Consultancy £120,000 for "serious concerns over its handling of the pensions review". As part of its ongoing monitoring of the pensions review, the PIA Pensions Review Monitoring Department visited Ward Consultancy in February 2001. The visit identified serious failings in the firm's conduct of the pensions review. These included failures to adequately plan, resource and monitor the pensions ...

  • FSA tells consumers how to complain

    16 May 2002

    The Financial Services Authority has launched a new consumer guide about how to make complaints to banks, building societies and insurance firms. FSA research shows that most people who make a complaint to financial institutions - typically about poor service, failure to follow customers' instructions and charging errors - are not satisfied with the outcome. The FSA's free guide, How to complain, contains easy-to-follow tips aimed at helping consumers ensure their ...

  • HBOS ops and financial performance in line

    16 May 2002

    HBOS said operating and financial performance is in line with expectations with HBOS making a strong start to the year in both product sales and new lending. Chief executive James Crosby told shareholders at the bank's first AGM: "As the year progresses, we expect the wider economy to gather momentum. At the same time activity in the housing market should slow; but with unemployment unlikely to rise significantly, and with a recovery in stockmarkets increasingly overdue, we ...

  • High Street Home Loans joins Mortgage Promotions

    16 May 2002

    Mortgage Promotions has signed up High Street Home Loans to its direct access lending panel, one day after adding Bristol & West to the group. Nick Baxter, director of Mortgage Promotions, says: "Our 700 strong membership is very diverse and includes IFA's, mortgage brokers, estate agents, solicitors, and accountants. Consequently their clients have a different range of needs and it is important that we have arrangements with lenders to cover all their client needs. Adding ...

  • Increase of critical illness cover take-up

    16 May 2002

    Research by Mintel shows that 11% of adults now own critical illness cover, continuing a steady increase over the last 10 years. There are now 3.5 million CIC policies in force, new sales of CIC having recovered after a slight dip in 2000. The recent growth in new policies can largely be attributed to business arranged with mortgages in the second half of the last decade. Concerns about endowment mortgages saw this proportion fall in 2000, although Mintel expects the mortgage-related ...

  • Inheritance tax system comes under fire

    14 May 2002

    Labour backbencher Paul Flynn has attacked the inheritance tax system for providing "one law for people of average income and another law for billionaires" after Buckingham Palace confirmed the Queen will not pay death duties on her mother's £70m estate. Flynn, MP for Newport West (pictured), expects that dozens of politicians will support his call for sovereigns to pay inheritance tax. Property bequeathed by Kings and Queens to other sovereigns is currently exempt. The ...

  • Intermediaries fail to make the grade

    14 May 2002

    Mortgage intermediaries have less than seven months to become professionally qualified if they want to continue to offer full advice and recommendation to their clients. But as we explore in our cover feature starting on page 17, research conducted by Mortgage Strategy and Network Data Limited reveals that just 15% of intermediaries yet to sit CeMAP would attain the pass mark needed if they were to take the exam tomorrow. The Mortgage Code Compliance Board is under pressure to ...

  • Intermediary response

    14 May 2002

    Five years ago, Fred almost certainly would have been unable to find a lender to take him on. His redundancy would have been unfortunate enough and arrears on the mortgage alone would have been grounds for lenders to turn him down. Today, Fred has a choice of willing lenders. Sub-prime lending has come on considerably. Customers like Fred have their problems but, if he is prepared to pay a little more than a high-street rate, he will be able to find a mortgage. Fred could take ...

  • IPTC tells endowment holders not to panic

    15 May 2002

    The Insurance Policy Trading Company is warning that the holders of underperforming endowment mortgages are caught between a rock and a hard place when it comes to deciding whether to opt for early encashment, or sit tight in the hope stock market returns pick up. The IPTC warns investors that do decide to sell or surrender their current policy that they stand to lose out on the higher yield attributed to the investment running full term. Besides predictions of lower ...

  • It's not even over at completion

    14 May 2002

    Post-completion matters are covered in the syllabuses for the mortgage advice qualifications, yet candidates often do not score well on questions relating to this general subject area. The subject tends to be dealt with in the latter sections of the study materials, which can result in students not studying the contents in sufficient depth. This may be because they have not planned, and stuck to, a realistic study timetable and, consequently, they run out of study time as the exam ...

  • Kids' pocket economy is booming, says Abbey National

    13 May 2002

    Kids today are demanding big money to do the household chores, Abbey National research shows. Abbey has found that a fifth (21%) of UK families with two children who pay for chores hand over almost £2,500 a year in order to keep their offspring sweet. The research also reveals evidence suggesting that pay-packet inequalitybetween the sexes doesn't start in the boardroom; it starts in the nursery.Of the nine chores parents were quizzed about, boys were paid more ...

  • Lender response

    14 May 2002

    Unfortunately, redundancy is not uncommon and Fred would have joined 787,000 others who have been unemployed for six months or less. With non-conforming customers, you usually find that a life-changing event such as redundancy is the root cause of credit problems such as CCJs, arrears, defaults, bankruptcies and repossessions. Other common factors we see are divorce, long-term illness and the death of an income earner. It is important for mortgage intermediaries to find out the cause of ...

  • Lenders told to listen to clients

    14 May 2002

    Lenders vying to capture the first-time buyer market will only do so by listening more to their customers and intermediary partners, Marlborough Stirling Mortgage Services warned last week. Rising house prices mean that first-time buyers are becoming increasingly difficult customers to win. Joe Bradley, MSMS chief executive, says: "It was recently reported that Bristol & West has updated its portfolio immediately in response to feedback from its brokers. It is these kind ...

  • Little affinity for mortgages

    16 May 2002

    A new report by market analyst Datamonitor predicts very slow growth in so-called affinity mortgages - whereby a borrower takes out a loan recommended through their favourite charity or other interest group. The report finds that affinity marketing is an effective way to access specific customer segments in a financial services market that is becoming ever more fragmented. Credit cards are by far the most popular product distributed through affinity schemes - 62.8% of the ...

  • Military style planning for a successful home move

    15 May 2002

    Birmingham Midshires Solutions is urging the UK's homemovers to plan their removal strategy with military precision in order to transfer base with the minimum of fuss. With the house moving season about to get into full swing, BM Solutions advises borrowers to draft a battle plan, working backwards from the day they plan to move to write down key dates and events as a visual reminder of what needs to be done by when. Homemovers also need to muster the troops. They ...

  • Mortgage Promotions signs up Bristol & West

    15 May 2002

    Bristol & West has joined the Mortgage Promotions direct access lending panel. Nick Baxter, director of Mortgage Promotions, says: "Bristol & West Mortgages have always been a major player in the mortgage world and currently have a range of exciting products. We believe they are an important addition to our lending panel which our members will welcome." And Mike Lloyd, Regional Manager for Bristol & West Mortgages says: "Our product range covers the whole spectrum ...

  • MPPI could suffer under regulations

    14 May 2002

    The regulation of mortgage advice by the Financial Services Authority may hinder the sale of Mortgage Payment Protection Insurance - despite concern from the government at the low take-up of MPPI. Richard Angliss, managing director of compliance outfit Home Buyer Systems, says mortgage brokers will not want to pay high licence fees to sell general insurance, and will be unable to promote mortgage protection products. He says: "The government requires that MPPI is offered to potential ...

  • My mortgage week

    14 May 2002

    Monday: After my three months of gardening leave, which included moving into a house where everything that could go wrong did, as well as managing to create another baby, I thought going back to work would be easy. How I was mistaken. Getting up at 6am and commuting on the train is a real shock to the system. As always in a new job, I didn't have a clue where to find anything or where to get my caffeine fix. However, I soon got down to business with a lavish welcome lunch with Trevor ...

  • NAMBA to canvas broker views

    13 May 2002

    The National Association of Mortgage Brokers and Advisers (NAMBA) is contacting at least 15,000 intermediary firms to canvass their views on the impact of the current proposals for statutory mortgage regulation. NAMBA has invited firms to express their views on what the intermediaries consider to be the most important issues and whether mortgage brokers and advisers want an independent professional representative body to act as their voice. The questions put to the firms ...

  • Nationwide blocks carpetbaggers

    17 May 2002

    The Nationwide Building Society has blocked a resolution calling for it to shed its mutual status and convert to a bank, declaring the attempt legally invalid. The resolution was put forward by the veteran carpetbagger Andrew Muir, to be voted on at the Nationwide's annual general meeting in July. However, the pressure is still on Nationwide as Muir is allowed to stand for election to the society's board at its AGM. Nationwide also rejected resolutions ...

  • Neville James celebrates tenth birthday

    13 May 2002

    Neville James Limited, a specialist in traded endowment policies (TEPs), is this month celebrating its 10th birthday in a market place that has seen an increase in turnover in excess of 1000% since 1991. TEPs are simply endowment policies that have been sold by their original owners. Neville James was initially established as a market maker, enabling individuals to buy and sell TEPs. Since then it has experienced impressive growth. John Heller, managing director ...

  • New B2L consumer show

    14 May 2002

    The Property Investor Show, a brand new event for everybody associated with the buy-to-let market, will launch on September 20 at London's ExCeL exhibition centre. Interest in buy-to-let has never been stronger. Government figures show that that there are two million tenants in the UK, and demand for rental property will continue to increase, with a million new tenants forecast over the next twenty years. Meanwhile Investors are turning away from stocks and shares or pensions ...

  • Norwich Union offer new discount

    16 May 2002

    Norwich Union has launched a new mortgage, offering two percent discount on a standard variable rate until 1 July 2004. The new mortgage is available through the Royal Bank of Scotland. It applies to a maximum LTV of 75%. The discounted deal involves limited packaging requirements for IFAs. For example employed clients do not need to supply payslips, P60s or bank statements. This means that the client only has to complete an application form, provide evidence of identity ...

  • Norwich Union writes record term assurance business

    13 May 2002

    Norwich Union was the UK's largest writer of regular premium term assurance business in 2001, according to Swiss Re Life & Health's latest TermWatch report. Across all distribution channels, a total of 313,449 new policies were issued by Norwich Union in 2001 - the first time TermWatch has reported the 300,000 barrier broken for sales. This gave Norwich Union approximately 20 % of the regular premium term assurance market for 2001. A total of 203,548 of ...

  • Nunneley attacks remuneration

    14 May 2002

    Large remuneration packages for mutual societies' chief executives are unjustifiable and "ridiculous", outgoing Nationwide chairman Charles Nunneley told the Building Societies Association annual conference last Thursday. Nunneley expressed doubts at substantial pay reviews during a panel session on mutuality performance at the conference. Nunneley told delegates during a speech on executive staff performance: "Are large remuneration packages justified? My answer is generally ...

  • Official kick-off for Florida mortgages

    14 May 2002

    First National Mortgage Company has officially launched the UK's first sterling mortgage for British buyers of Florida homes. British Mortgage Abroad (BMA) was set up in August 2001 to pilot the mortgage, which is now available to UK residents who want to buy a Florida home or to re-mortgage from their existing US dollar mortgage. BMA will also help people through the process of buying a house in the US, which is quite different to the UK system. While most ...

  • One million hits for MCCB

    14 May 2002

    The MCCB is celebrating after nearly one million people logged onto its redesigned website in April. The website was revamped in March, and April's total of 985,553 visitors more than doubles the previous record of 400,000 hits per month. The average visitor to the new site spends 19 minutes online. The MCCB attributes this lengthy visit to the extensive amount of information available online. Popular sections include the new version of the 'You and Your ...

  • Pessimistic workers told to save for a rainy day

    17 May 2002

    Workers in the UK's industrial regions are pessimistic about the prospects for the labour market and their local economies, research from Birmingham Midshires reveals. One in four workers in Wales, the west Midlands and the north of England suffer stress about their long-term job security. Despite these concerns, workers are still failing to put money aside for a rainy day. Birmingham Midshires says that adopting better savings habits and money management techniques ...

  • Plain sailing through the mortgage ocean

    14 May 2002

    Q: How is Solent Mortgage Services (SMS) structured? A: SMS has a fleet of correspondent lenders offering a full range of products for the non-conforming borrower. SMS distributes mortgage and loan products for residential and commercial mortgages, bridging loans, secured personal loans and non-FSA insurance from a selection of leading prime and non-conforming lenders to mortgage intermediaries throughout the UK. SMS also provides training for brokers on regulation and qualification ...

  • Plain sailing through the mortgage ocean

    14 May 2002

    Solent Mortgage Services distributes mortgage and loan products for residential and commercial mortgage lenders, bridging loan specialists, secured personal loan providers and non-regulated insurance providers. SMS also provides training for brokers on regulation and qualification requirements. The company, launched in 1989, processes over £50m of mortgage applications a month. Its headquarters (pictured) are in Lee-on-Solent, Hampshire and it has regional packaging offices based ...

  • PMI Europe takes mortgage credit default swap

    14 May 2002

    PMI Europe has completed a mortgage credit default swap agreement with Commerzbank Securities. As part of the swap, PMI Europe assumed a layer of credit risk on 546 million euro of a German residential mortgage loan portfolio held by Aareal Bank AG, one of Germany's leading providers of European public sector finance. The Bank is also one of Europe's largest private issuing houses. Tony Porter, PMI Europe executive managing director, says: "We relished the chance ...

  • Pressure group asks for landlord tax breaks

    17 May 2002

    Housing charity Shelter and the Joseph Rowntree Foundation have called upon the government to offer tax incentives to small landlords to encourage professionalism in the sector. Shelter and the JRF are part of the Private Rented Sector commission, which also includes local authorities. The commission believes a change in tax treatment would not only improve housing quality, but help stem some volatility in the sector by encouraging people to make a longer-term commitment. Some ...

  • Six million in home loans trap

    14 May 2002

    Some six million homeowners with endowment mortgages face having to stump up thousands of pounds extra to pay for their loans, figures from the Association of British Insurers revealed yesterday. The average shortfall is calculated at £10,000. Under the ABI's Mortgage Endowment Code, investment companies are in the process of sending reprojection letters to their 10.2 million mortgage endowment policyholders. The letters indicate whether any action is necessary ...

  • Societies advised to check back offices

    14 May 2002

    Building Societies should prepare back room systems and procedures to handle unanticipated crises such as large scale compensation claims or even the economic after effects of terrorist attacks, says the FSA. Speaking at the Building Societies Annual conference in Bournemouth last week, Colin Brown, chairman of the FSA Consumer Panel, said that lessons must be learned to avoid repeating "disasters" such as the Enron scandal and Equitable Life's mis-selling farce. Pointing to ...

  • Still hope for first-time buyers

    17 May 2002

    The number of first-time buyers excluded from the property market could be halved if would-be borrowers explored all options available, claims Charcol. Recent Halifax figures suggest that there are 163 towns across Britain where a first-time buyer requires an income in excess of local average earnings to get on the property ladder. But Charcol says that increased demand and concern among first-time buyers has prompted many lenders to take an innovative approach to help first ...

  • Sun Bank appoints Proteus to raise profile

    13 May 2002

    Sun Bank, the specialist intermediary lender of Portman Building Society, has appointedProteus Public relations to help raise its profile in the intermediary mortgage market. Chris Cummings, marketing director at Sun Bank, says: "We have appointed Proteus because of their detailed understanding of the intermediary mortgage market, both at a strategic and tactical communications level. This, coupled with a proven track record of implementing successful communications programmes ...

  • Sun Bank finds mainstream underwriters lacking

    16 May 2002

    Specialist lender Sun Bank has accused the UK's mainstream lenders of losing the art of mortgage underwriting. Sun Bank approached the UK's top ten lenders with a creditworthy, but non-standard, mortgage application which was subsequently turned down by each and every one. Chris Cummings, marketing director of Sun Bank, says: "Quite frankly we are shocked by the results of this test. The application, which was submitted for a decision in principle, was for a graphic ...

  • Sun rises on new product range

    14 May 2002

    Sun Bank has launched into the 100% and 'true self-cert' mortgage market in response to growing demand from brokers. Chris Cummings, Sun Bank marketing director, says: "Brokers are becoming increasingly exasperated at having to 'work the system' to ensure that creditworthy cases are accepted by lenders. "Sun Bank's new product range, combined with our common sense approach to lending, means that brokers will be able to submit applications knowing they will be assessed ...

  • The right to earn from right-to-buy

    14 May 2002

    When a new customer comes in wanting a right-to-buy mortgage, how often have you thought, is it really worth my time to do this case? It's easy to see why, with low loan amounts, usually low-income earners and maybe a poor credit history. However, let me tell you why I think the right-to-buy sector still offers the mortgage intermediary great earning opportunities. Right-to-buy has been around for over 20 years and has been the most successful homeownership initiative ever in the ...

  • Trigold drops IFonline name

    13 May 2002

    Trigold has abandoned the IFonline trading name to allow for a focused sales push of its Trigold Prospector software. The company says that Trigold has progressed to the next stage in Prospector's development, providing online and offline functionality with real-time data transfer. Martin Finegold, group chief executive at Trigold, says: "Thousands of our users know our product as Trigold, and inevitably refer to the company as Trigold. This move provides our current ...

  • Trigold drops trading name to boost sales

    14 May 2002

    Trigold has abandoned the IFonline trading name to allow for a focused sales push of its Trigold Prospector software. The company says that Trigold has progressed to the next stage in Prospector's development, providing online and offline functionality with real-time data transfer. Martin Finegold, group chief executive at Trigold, says: "Thousands of our users know our product as Trigold, and inevitably refer to the company as Trigold. This move provides our current and potential ...

  • UK mortgage providers take software from down under

    16 May 2002

    An Australian software company is experiencing unprecedented demand for its smart illustrators, calculators and quotation systems from UK mortgage providers. Mark Blakey, managing director of Melbourne-based Mainstream Computing, says: "The pace of change in UK financial services and products is revolutionary rather than evolutionary. "The mortgage market in particular is being driven by competitive pressures to better communicate the benefits of flexible features, and ...

  • Wren chief executive joins Torus Partnership

    15 May 2002

    Torus Partnership has signed up the former chief executive of Jonathan Wren & Co. as director. Shaun McCarthy will spearhead the expansion of Torus services to offer recruitment and retention of permanent staff and interim management across the financial and professional services industries. McCarthy was appointed chief executive of Jonathan Wren in 1998. During his four years with the company, he oversaw its market penetration in new sectors of the City recruitment ...

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