Mortgage Strategy
13 September 2004

  • Mercantile replaces five-year fixed rates

    17 Sep 2004

    It has also withdrawn the five year discount product 5D4u and replaced it with 5D4x. It has extended the completion date for receiving free legal fees to October 31, 2004 for all products that have this feature. For intermediaries in the North-East, it has launched two three-year discount products schemes 3D4g & 3D4h.

  • 1.7 million homes at risk from flooding, warns RICS

    15 Sep 2004

    It says that the effect of flooding risk on house prices is not solely related to the science-based predictions of researchers and government bodies, or even insurers, but more crucially linked to the perception of risk by locally based professionals and members of the public. The RICS report is based on the results of a survey of valuers across the country. Their responses indicate a wide range of opinions even amongst those working in the same property market. On average, ...

  • 10 million below poverty line paying more for services

    15 Sep 2004

    Exactly a year since the NCC lifted the lid on a hidden Britain where millions struggle to afford essential household utilities, the independent consumer policy expert is launching an initiative to tackle the injustice that leaves the worst off getting the worst deal. The NCC's dossier of the double disadvantage inflicted by poverty will be presented later today to an audience of MPs, voluntary groups, regulators and providers by a government minister, and Deirdre Hutton, ...

  • A great time to be a mortgage professional

    13 Sep 2004

    With networks all putting out their own versions of events, many brokers are in a state of utter confusion. But let's turn this negative into a positive. Over the past two years we have seen many old timers leave the industry because they either couldn't or wouldn't pass the CeMAP or MAQ exams. Then there was the uncertainty over the cost of processing mortgages under an FSA-regulated regime along with all its attendant bureaucracy - or red tape as some refer ...

  • A last-minute checklist for brokers

    13 Sep 2004

    Many firms will have been working toward regulation for several months and be nearing the final stages. Here are some of the things that should be ticked off your 'to do' list: Internal controls: • Professional indemnity levels confirmed to meet FSA requirements (mortgage and protection levels) - capital and solvency rules reviewed and confirmed • Regulated business plan reviewed (if appropriate) • Senior management systems ...

  • A View From The floor

    13 Sep 2004

    More than three in five people would consider designing and building their own homes. But in a recent survey, N&P also found that many people are put off because they don't think they can afford to do it. Of those who completed the survey, 61% said they would definitely like to design and build their own homes but when asked what would put them off, 49% cited affordability while only 19% said finding a plot would be too difficult. We were surprised that 25% of ...

  • Abacus launches product range with Friends Mortgage World

    16 Sep 2004

    Marc Turner, head of sales at Abacus Permanent, says: "We are delighted to be able to offer our products to intermediaries and to be affiliated to this leading network. "Since the launch we have rapidly grown to be considered one of the market leaders in branded lending and this will undoubtedly increase distribution even further. This appointment endorses our offering and proves that we are providing the market with a valuable selection of products."   Trevor Galvin, ...

  • AMI extends remit to include general insurance market

    13 Sep 2004

    In a two-pronged approach the trade body is to adopt a more central lobbying role for those connected with the protection market whilst stepping up the level of assistance it offers members dealing with GI. AMI expects new members to be attracted by the wider proposition. AMI director Chris Cummings says: "We have always helped mortgage intermediaries better understand how the regulation of general insurance will impact on their businesses. However, we are seeing increasing demand ...

  • AMI voices concern over KFIs

    13 Sep 2004

    The trade body is worried the rules covering the calculation of inducements could be misinterpreted, particularly the definition of what payments are regarded as material and must be disclosed. It states confusion also reigns over the issue of packager payments. Current thinking suggests packagers are out-sourced processors of mortgage cases, working for either a lender or an intermediary. The view seems to be that a lender will pay the packager for its out-sourced services ...

  • AToM opens offices in Birmingham and Stoke-on-Trent

    13 Sep 2004

    Trevor Rigby has been appointed sales manager for the Birmingham Office and Deborah Watson is in charge of the Stoke office - both bring with them a wealth of experience. Vic Jannels, managing director of the AToM Group, says: "It gives me great pleasure to welcome Trevor and Deborah to AToM; we have a number of good intermediary relationships in these areas which we have established over the years and therefore it seemed logical to provide these introducers with closer support."

  • B&W looks to sell self-cert loan book worth £300m

    13 Sep 2004

    Loan book sales are not a new phenomenon in the mortgage market with lenders such as GMAC-RFC and Kensington Mortgage Company raising much of their funding in this way. B&W itself has made similar mortgage sales in the past. But the move has led some in the industry to speculate that the sale is a result of concerns over the risk surrounding loan books in particular self-cert, as regulation approaches. One industry source tells Mortgage Strategy: "This could ...

  • Bananas Inc launches sub-prime mortgage

    16 Sep 2004

    Its mortgage for purchase and remortgage permits up to six months of missed mortgage payments in the previous 12 months and six months outstanding at the time of application. The arrears can be owed to a sub-prime lender. Individual voluntary arrangements, well conducted for at least six months, are allowed and discharged bankrupts can apply. Sue Cox, business development manager at Bananas Inc, says: "There are a surprisingly large number of individuals in the UK who ...

  • Bank must stick to its guns to ensure we have a soft landing

    13 Sep 2004

    It was no shock that the Bank of England decided to put a hold on interest rates last week. It has never been the intention of the Bank to precipitate a crisis in the economy but rather to slow down consumer spending, and the housing market in particular. The five rate rises since November last year seem to have had the desired effect in terms of the housing market. They have added nearly a third to the monthly cost of a variable rate mortgage. Consumers must be starting to feel ...

  • Bankhall planning to expand into Europe

    13 Sep 2004

    It says it will use its expertise gained in the UK to capitalise on the introduction of the European Insurance Mediation Directive which will bring regulation to all member states from January 15. Group sales director Shaun Godfrey says: "The directive means that 250,000 firms across Europe are about to be regulated in some form or another." As well as Bankhall trying to recruit new members in Europe, starting with Ireland, it will help its UK members develop their businesses ...

  • Baseline Capital appoints sales and marketing director

    16 Sep 2004

    Richard Coates, managing director of Baseline, says: "I'm pleased to have Fletcher on board given his extensive market contacts among lenders, technical knowledge and proven sales track record." Fletcher worked at Homeloan Management for three years. He says: "Baseline provides me with a host of exciting new challenges. My new role will be focused on providing solutions to lenders which help them derive maximum benefits from the new capital adequacy framework whilst cementing ...

  • BDS gets authorised by FSA

    16 Sep 2004

    BDS says it was one of the first networks to receive its minded to approve letter and once again was high on the list for full authorisation. It intends to cover all options post October 31 through its network, direct authorisation club and introducer only distributor, and this news means it has the go-ahead. Bruce Collins, group compliance manager at BDS, says: "Time is ticking and brokers who have not yet decided upon their path need to get a move on whilst those ...

  • Blue Pearl receives grant of permission from the FSA

    15 Sep 2004

    Richard Richmond, managing director at Blue Pearl, says: "We are delighted to receive our grant of permission, being one of the first networks to receive this is a great feeling and puts us on a stronger footing for the challenges ahead."  

  • Blue Sky

    13 Sep 2004

    The cult of innovation seems healthy on the face of it. In a free market, after all, innovation underpins competitive advantage, which in turn creates profit. So why not try to innovate everywhere? Here's why not: Innovation is by its very nature wasteful. It demands experimentation, speculative investment, and failure, all of which entail high costs and risks. Indeed, it is innovation's intrinsic uncertainty that gives it its value. High risks and costs form the ...

  • Borrower apathy rising, says Clear Cut

    15 Sep 2004

    The company says that the average UK mortgaged homeowner could save £66.75 a month simply by switching from their current mortgage to a better product. This would reduce the average UK annual household repayment from £5,167 to £4,366 on the average outstanding mortgage balance of £63,250. The saving equates to cutting national mortgage repayments by £8.1bn a year, or 16% of total repayments. The apathy gap has grown at a time when interest ...

  • Breaking news

    13 Sep 2004

    Mortgage Strategy this week celebrates its third year at the top as the leading publication for mortgage intermediaries. Regulation is now less than 50 days away and as we continue to strengthen our position in the mortgage market, breaking exclusive stories, exposing lies and creating important debate, there's no better time to look back over the last 12 months. Back in September 2003, Bank of Ireland Mortgages tried to resuscitate the ailing first-time buyer market ...

  • Britannia half-year results show record lending across the group

    13 Sep 2004

    All three lenders within the group, Britannia, Platform and the commercial lending department, delivered record first half figures. The group says that quality of lending remains high. Just 4.4% of residential lending for the half year was at more than 90% LTV with the average mortgage LTV at just 66%. And 94% of lending is at multiples of 3.5 x salary or less, minimising the risk of bad debt. Britannia Group chief executive Neville Richardson says: "These strong results ...

  • Brokers respond to HBOS decision not to bid for Abbey

    15 Sep 2004

    Ray Boulger, senior technical adviser at Charcol, says: "It obviously got to the stage where HBOS has to put a bid in or withdraw. Competition would have been a major factor and it would have almost certainly been put to the competition authorities, which would have meant a significant amount of management time taken up with it." Boulger also likens HBOS's bid to the one that Morrisons made for Safeways. Once the bid had been made, the competition commision took it to ...

  • Brokers to benefit from SLB commission shake-up

    13 Sep 2004

    As it stands, if a client was to purchase an equity release product via a broker for about £200,000 and release £10,000 at the time of purchase, the broker would only receive commission on that £10,000 and not any amount released after that date. SLB plans to change this so that the broker would receive commission on all money released through the client, even 10 years down the line. Angus Macleod, spokesperson for SLB, says: "We are looking at the idea ...

  • BuildStore wins accolade at National Business Awards for Scotland

    13 Sep 2004

    BuildStore was one of five finalists in two categories - the e-business strategy of the year and the growth strategy of the year, for which it won first prize. The criteria for the award was based on the organization best able to demonstrate organic growth - rather than through merger or acquisition - that has achieved outstanding levels of sales, profit and growth share improvement. Financial director John Foley collected the award on behalf of BuildStore at last week's ...

  • CACI launches email database eAppend

    14 Sep 2004

    The product has been designed to make it easier to talk to customers immediately and efficiently at a fraction of the cost. A range of leading internet service providers and online data providers supply the unique data pool of addresses stored within eAppend. This information is cross-referenced against customer name and postal address, and matches are then added to the client's current database. CACI has joined forces with Mailtrack, the direct marketing company, ...

  • Cartel granted FSA authorisation from M-Day

    17 Sep 2004

    The firm has been granted permission under part IV of the Financial Services and Markets Act 2000. The notice confirming authorisation will be effective from October 31 2004. With the number of applications for direct authorisation being significantly lower than first anticipated Cartel believes that the future, under the new regulatory framework, will provide significant opportunities for the group, the company, its head office staff, the salaried advisers currently working for ...

  • CCJ enforcement method unveiled

    13 Sep 2004

    A consultation paper, Civil warrant performance indicators - information for customers, asks for comments on the proposals. It also looks at information that would be useful to customers on the County Courts that enforce judgements. The paper suggests a new method for evaluating how effectively warrants are executed by the courts. It is proposed that warrants be reported within different, detailed value bands and that those issued in Consumer Credit Act cases be ...

  • Change will make industry stronger

    13 Sep 2004

    And what an exciting time the run-up to regulation has been. Business sales, acquisitions, mergers, failures, resignations - you name it, Mortgage Strategy has covered it. But perhaps most importantly, our message on regulation has been constant and consistent. Regulation is here to stay and with it the beginning of a new era for the mortgage industry and the dawn of opportunity. There will be challenges ahead but as a result of these changes our market will be ...

  • Charcol offers three-year discount for remortgagors

    14 Sep 2004

    Ray Boulger, senior technical manager at Charcol, says that the rate alone on this three year discount puts other discounts and trackers in the shade. In addition the remortgage only product has low set up costs as there are free legals and the valuation fee is refunded on completion. There are no early repayment charges, even within the three year discount period. He says: "Borrowers coming to the end of a fixed rate may be reluctant to lock into a new fix now as we appear to ...

  • Churchill subscribes to Moneyfacts datascreen comparisons

    17 Sep 2004

    The Moneyfacts datascreen system is designed for those requiring accurate, comprehensive investment, life and pension competitor information and for those wanting to model and develop existing product ranges. It is the industry standard research tool, used by most banks, building societies, credit card and mortgage providers. Francesco Falcone of Churchill Loans says: "A key benefit of Moneyfacts DataScreen is how quick and easy it is to use, saving us valuable time in the extensive ...

  • CII launches body to boost brokers' professionalism

    13 Sep 2004

    Richard Fox, currently compliance director at the MCCB, is to become SMP's chief executive from November 1 when it will be up and running. The CII is looking to invest £2m in SMP which will work to increase the professionalism of mortgage brokers and help them become better qualified. Although the cost of membership has not yet been agreed it is expected to be around £100 per year. SMP is developing a qualification, as yet unnamed, covering a number ...

  • Clients gain access to Spanish equity

    13 Sep 2004

    SPF says it has launched the first product that allows UK owners of Spanish property to release equity of up to 80% of the property value. Until now, releasing equity from a Spanish property, where strong property price increases have occurred in recent years, has been almost impossible beyond 40% of its value. The product works by allowing clients to swap sterling debt on their current mortgage in the UK for a euro mortgage in Spain. This effectively releases equity from the ...

  • CML says EU directive is a threat

    13 Sep 2004

    Speaking at last week's discussion at the House of Commons, Financial Capability: Making informed decisions about mortgages, Coogan pointed out the potential consequences if the directive ends up including mortgages. He told attendees: "This directive is the biggest threat to the industry and will unwind everything that has been done. It should not include mortgages and UK lenders should be excluded." The Consumers' Association aso says it hopes the directive, currently ...

  • CMLS receives full authorisation from FSA

    16 Sep 2004

    CMLS director Tony Salentino says: "We are delighted to be one of the first networks to obtain full FSA authorisation and we believe this reflects the strength of our network offer and the high quality support that our ARs will enjoy. This is a great achievement for the business and recognition is due to our director of compliance, Bill Warren, for his skill, knowledge and unstinting effort in setting up the network and achieving full FSA authorisation."

  • Cobalt receives full authorisation

    14 Sep 2004

    The company says it is great news and will help the firm to push ahead with its ambitious expansion plans.

  • Co-operative Bank enhances reputation as responsible lender

    17 Sep 2004

    The bank's interim results show that the charge for bad debts was down 8% whilst average customer retail lending balances grew by 46%. The bank has actively developed its residential mortgage portfolio over the past year concentrating on high quality, first mortgage advances and, as a result, has developed a more secured balance sheet. However, the level of asset growth achieved has inevitably resulted in significant upfront expenditure, which has produced a short-term ...

  • CurriculumVitae - Peter Griffiths

    13 Sep 2004

    Name: Peter Griffiths Age: 46 Company: The Principality Job title: Chief executive Where do you live? Penarth on the outskirts of Cardiff. I have lived all-round the UK having worked in the Midlands, London and South Wales during a 25-year career, but was born and bred in west Wales. Describe your Current Job: My job is akin to a music hall act - a man keeping many plates spinning on sticks ...

  • Dashboard joins AMI

    14 Sep 2004

    Chris Cummings, director of AMI, says: "We are delighted to welcome Dashboard Software as an affiliate member of AMI. We are pleased that such a forward-looking company recognises the need to support the mortgage intermediary's trade association. "The FSA is listening to AMI's views on regulation and we are achieving this level of influence thanks, in part, to the fact that our membership is growing so quickly. " Dashboard Software produces the web-based mortgage ...

  • Dear Delia

    13 Sep 2004

    Intermediary Response Mark Leaper, managing director, Vesta Packaging Mr Jones has a healthy amount of equity in his property portfolio - some £270,000 - so funding a deposit should be no problem, even with the CCJs. A decision for him is whether to obtain a so-called let-to-buy mortgage on his home (whereby he remortgages his existing home to buy-to-let and buys a home for his new residence) or stays where he is and remortgages his home to fund a buy-to-let ...

  • Don't panic about FSA regulation

    13 Sep 2004

    Seeing last week's Letter of the Week from a disgruntled mortgage broker, I felt compelled to change the subject matter of this week's article. I reckon that the letter is typical of how many brokers are feeling with just a few weeks to Armageddon, sorry Mortgage Day, and I want to try and provide some reassurance. We know that as far as mortgage regulation is concerned the Financial Services Authority has applied the proverbial sledgehammer to crack a nut. We also know ...

  • Elephant gets official authorisation

    15 Sep 2004

    Gary Miller-Cheevers, managing director of Elephant Loans, says: "We are delighted to be one of the first companies in the UK to receive formal FSA authorisation and this further demonstrates our commitment and ability to provide the highest quality operating procedures in the UK mortgage market."

  • e-mortgage receives official authoisation from FSA

    15 Sep 2004

    This supersedes the firm's minded to approve letter which it received on July 10 2004. Maurice Edgington, managing director of e-mortgage-uk, says: "We have found the FSA extremely helpful and positive throughout the application process."

  • Ethical gets MTA letter

    14 Sep 2004

    Steve Royal, chief executive at Ethical, tells Mortgage Strategy: "Obviously I'm delighted. We now have 80 franchisees and will be launching nationally in the autumn, with advertising in both the Yellow Pages, on Sky and other media sources." Ethical Mortgage Solutions has also revealed that Jim White of Jim White's Mortgage Solutions has been appointed to its non-executive board.

  • E-trading could boost proc fees

    13 Sep 2004

    Ray Boulger, technical manager at Charcol, says: "If the lender had a proper integrated online system, there would be an argument that it should pay higher proc fees. In the early stages of electronic trading higher proc fees would be justified as it will benefit all." Commentators say the benefits of electronic trading include speedier service for customers and less work for lenders. But they have warned that under FSA regulation lenders must be wary about the level of procuration ...

  • Evolution of the housing market

    13 Sep 2004

    As STL Group celebrates its 30th anniversary this year, looking at home buying statistics from 1974 to now seems appropriate. The topic of house prices is never out of the news: house prices soar; dramatic rise in interest rates; no hope for first-time buyers; gentle slowdown to UK's housing market - the headlines go on. But looking at the bigger picture over the past 30 years, the statistics make for interesting reading. The first figure sure to alarm is 1502.02%. This is ...

  • Fate of Miles review remains unclear

    13 Sep 2004

    The review of longer term mortgages by Professor David Miles was published at the time of the Budget in March but there has been no feedback on the outcome of the consultation on the document. There was a muted response to a question raised at a discussion at the House of Commons last week, Financial Capability: Making informed decisions about mortgages. Council of Mortgage Lenders director-general Michael Coogan says he believes the review is "dead, but not buried". Nationwide ...

  • Finance and business confidence high, reveals Manpower

    15 Sep 2004

    The growing confidence has helped drive UK job prospects to a net employment outlook of 18% - the highest national outlook since the end of 2001. In addition, the UK is also posting the most positive outlook of any of the European countries surveyed. Hazel Detsiny, director at Manpower, says: "In spite of increases to interest rates and concerns about the future of the housing market, companies remain confident about their future hiring intentions. "The continued ...

  • Financial health matters

    13 Sep 2004

    The Financial Services Authority estimates the cost of the pensions debacle alone to be about £11.8bn. Confidence in the industry is at an all-time low. Now, some fear a third scandal is on the way as the level of indebtedness in the UK recently hit the symbolic £1 trillion mark. Concerns about lending practices are front-of-mind and with the MPC raising base rate to control the housing market, fears that people have been encouraged to over-commit are widespread. Calls ...

  • FirstRungNow.com launches interactive legal service

    14 Sep 2004

    Alun James will respond to emails on all legal aspects of property purchasing, conveyancing, joint ownership - even shared ownership. The firm has been selected by FirstRungNow as it specialises in helping people, particularly key workers onto the property ladder. It is able to offer advice on trust deeds, co-habitation agreements, tenancies in common - anything to do with buying property with another party. At FirstRungNow.com, visitors can find out all about ...

  • FOS throws itself open to questions from brokers

    13 Sep 2004

    By law, mortgage intermediaries will be covered by FOS from October 31 when Financial Services Authority regulation is introduced, while insurance brokers will be covered from January 14 next year. Each event begins at 10.50am. There will be a presentation at 11am, lasting approximately 50 minutes, followed by an informal question and answer session. The FOS says there is no need to book ahead as intermediaries can just turn up on the day at the venue that is most convenient ...

  • Free easy guide to technology for advisers

    17 Sep 2004

    The first guide focusses on hardware, giving adviser firms practical advice on everything from choosing a new laptop, printer or personal digital assistant, right through to network solutions. Each guide will also include a handy glossary section at the back. Subsequent guides will look at areas including back-office systems, research technology and e-commerce marketing. Together, the whole series of easy technology guides is designed to provide financial advisers with a complete ...

  • Freedom launches enhanced range of mortgage products

    15 Sep 2004

    The range now includes a variety of new features. All prime products now offer an extended choice of interest rates up to 90% LTV, with the exception of buy-to-let which has one rate to 85% LTV. There are competitive discounted rates over one, two and three years to 85% LTV, on full status, self-certification and buy-to-let. It also features self-cert for first-time buyers to 85% LTV, reduced arrangement fees for products below 85% LTV, unlimited capital raising for any purpose ...

  • Freeze confirms predictions

    13 Sep 2004

    The Monetary Policy Committee has raised interest rates five times since last November to help control the property market and consumer spending and this now seems to have succeeded. Jak Sardar, economist at Barclays bank, says: "The decision to keep interest rates on hold confirms our prediction that it would not raise rates this month. The five interest rate increases since November seem to be changing consumer attitudes toward borrowing and are having the expected knock-on ...

  • Friends Provident freezes network adverts

    14 Sep 2004

    Mindful of the FSA's timescales for authorising new firms, it says that the FSA do not guarantee to process application forms in under three months, and although the current timescale is less than this, it says it would be wrong to encourage anyone else to join up. The company says it's in talks with a considerable number of firms following a successful campaign conducted throughout 2004. Advertising activities for mortgage brokers will resume again in 2005 when ...

  • Frustrated first-time buyers turn to overseas market

    16 Sep 2004

    The percentage of loans for house purchase accounting for first-time buyers has fallen dramatically in the last five years. In 2003, only 29% of loans for house purchase represented first-time buyers, compared to 47% in 1999. The inflated UK housing market has given rise to an emerging trend with the entrance of first-time buyers in the overseas property market where house prices tend to be far lower than in the UK. Karina Purang, financial analyst at Datamonitor and ...

  • FSA measures consumers' financial capability

    13 Sep 2004

    Addressing a discussion, Financial Capability: Making informed decisions about mortgages, held at the House of Commons last week, the FSA said the baseline survey is progressing well. Part of the regulator's remit is to help the public understand financial issues and ensure they do not buy unsuitable products. The industry and politicians agree that it is vital to help people understand finance so they can avoid getting themselves into dire straits. Stephen Knight, ...

  • Genesis gets official FSA authorisation

    15 Sep 2004

    Nigel Gardner, business development director, says: "We are now ready for the introduction of regulation on October 31 and have an excellent range of support services to offer everyone involved in the mortgage market. "Any broker who has still not submitted an application for network membership can apply to Genesis safe in the knowledge that we are fully authorised by the FSA. "What's more, by applying they will qualify for entry into our Mini Cooper prize draw, ...

  • Genesis solves AR dilemma

    13 Sep 2004

    FSA regulations stipulate that a broker calling themselves independent must offer clients a whole of market product range and the option to pay a fee for the service provided. Where the client opts to pay a fee the gross procuration fee payable from the lender to the network has to be rebated to the client. Genesis says most networks assumed that any fee rebate would relate only to the net fee received by the AR from the network, which is not the case. Frank ...

  • GMAC-RFC aims to be top 10 lender

    13 Sep 2004

    Figures released earlier this month by the Council of Mortgage Lenders revealed that GMAC-RFC is now the UK's 13th largest lender with a 1.8% market share, just behind Bristol & West and Bradford & Bingley. GMAC-RFC head of marketing services Jeff Knight says: "We will reach the top 10 in one or two years. If you look at the top 10 lenders now they all have a direct offering and we will looking to develop one in the future." He says this could be done by creating ...

  • GMAC-RFC's online system sees 20,000 decisions in three months

    13 Sep 2004

    Jeff Knight, head of marketing at GMAC-RFC, says: "The reaction to the system is fantastic. We attribute this success to the fact that our unique online system is offering the best service - and the mass appeal of being able to offer binding decisions." GMAC-RFC's online system differs from others which only offer online DIPs and tracking; these seem significantly outdated now in comparison with binding decisions on the spot which cut out paperwork, uncertainty and delays. ...

  • Government seeks views on warrant enforcement success rate

    13 Sep 2004

    A consultation paper, Civil warrant performance indicator - information for customers, asks for comments on the proposals and for information that would be useful to customers of the county courts that enforce judgments. The paper suggests a method for evaluating how effectively warrants are executed by the county courts. Warrants are documents issued by courts authorising acts to enforce court orders. A warrant of arrest, for example, authorises a bailiff or police officer to ...

  • HBOS could sell BM to prepare for Abbey bid

    13 Sep 2004

    The Midlands press is already speculating over the future of BM. HBOS has a 22% share of the UK mortgage market while Abbey has 11%. But combined they would control one third of the market - something competition watchdogs would likely rule out as consumer choice would be stifled and HBOS would become an unstoppable force. City analysts say options could include offloading BM via a sale to another company such as Lehman Brothers or dissolving the company from the group ...

  • HBOS not to bid for Abbey

    15 Sep 2004

    Further to the announcement made on August 2 in respect of a potential combination with Abbey, HBOS plc says it has now concluded its analysis. Notwithstanding the very substantial opportunity to create synergies, and a strong competition case with which to engage the regulators, HBOS has decided not to proceed with an offer for Abbey. HBOS believes that the shareholder value inherent in its existing prospects is superior to that likely to be achieved through this combination. T

  • HIPs will expose shortage of surveyors, says xit2 survey

    13 Sep 2004

    The prediction of a chronic shortfall is revealed in an xit2 survey of senior figures in the housing market including lenders, intermediaries, estate agents, surveyors and solicitors. Should HIPs be introduced, they will create the requirement for a Home Condition Report on every property being sold. Just 3% thought that there would be enough surveyors to handle this increase. Paul Duckworth, managing director of xit2, says: "This is a remarkable response. Our feeling ...

  • House price inflation up in July, says ODPM

    15 Sep 2004

    It says that this was due to a rise of 2.1% in prices between June and July, compared with a rise of 1.7% over the same period last year. The rise in UK prices between June and July was broad-based, with rises in prices for detached properties by 3.2%, semi-detached by 2.4% and terraced houses by 2.3%. All the home countries, except Scotland, saw a rise in annual inflation. Inflation in England rose from 13.1% in June to 13.4% in July, while inflation in Wales rose ...

  • House prices fall for third month, reveals NAEA

    16 Sep 2004

    Over three quarters of estate agents confirmed that they believe prices have reached their peak. Asking prices were on average 1.3% lower than the previous month and, further confirming the much-anticipated slowdown in the market, the annual increase in house prices was 8.5%, down from 10.3% the previous month. In addition, 79.6% of estate agents believe that house prices have reached their highest point and will now decline.   The number of buyers on the books has returned ...

  • HSBC widens reach of Islamic home loans

    14 Sep 2004

    The bank expects to sign up some 50 IFAs and brokers after receiving a steady stream of requests. It is currently meeting up with intermediaries who have been in contact over the last 12 months and is hoping to achieve a geographical spread across key Muslim areas. The bank will pay commission based on a percentage of the drawdown for any leads generated. HSBC has also struck up a partnership with West Bromwich, which will now refer potential customers to HSBC. Eventually, at ...

  • Insurance clubs may be doomed

    13 Sep 2004

    There is a system of broker networking that looks to be heading for extinction after general insurance regulation. Insurance clubs, through which brokers group together to share views, ideas and information on the market - and in some cases negotiate deals for themselves with insurance providers - are likely to become less common. In fact, depending on who you talk to, clubs sometimes appear to have been figments of our imagination all along. Some providers and networks even refuse ...

  • Internet Insite

    13 Sep 2004

    In my around Britain tour of broker websites, I've taken a trip down into Dorset for this week's threesome, with Planit Mortgages in Ferndown, Fortress in Poole and Jim White's in Bournemouth. And again three differing approaches to website design. Planit goes for a simple design that works fine for a compact website like this. But in the end, there's no substitute for a design that adds value to the site by guiding and supporting the way visitors obtain the information they ...

  • Ipswich launches fixed rate deals

    16 Sep 2004

    The range comprises three-year and 10-year fixed rate mortgages, plus a fees-free three-year fixed remortgage. The 10-year fixed is offered at a rate of 5.89% until December 31, 2014. The three-year fixed is at 5.9% until December 31, 2007. And the fee-free three-year remortgage is at 6.10% until December 31, 2007. Paul Winter, sales and marketing sirector of Ipswich, says: "These mortgages are targeted at borrowers who want to be cushioned from the possibility of rises ...

  • Jet-to-let scheme takes off

    13 Sep 2004

    Oceanico has joined forced with Barclays bank to offer a tailored mortgage on its developments in Lagos, Portugal. The deal offers a two-year interest rate free period combined with a two-year capital repayment holiday, dependent on a 30% deposit. Oceanico says that with a strong lettings market, buyers also stand to make enough for the first two years of their purchase to cover costs for the third year when the mortgage repayments begin. Simon Burgess, Oceanico Developments ...

  • Kingsland launches starter pack for small mortgage brokers

    13 Sep 2004

    The pack consists of an instruction pack, compliance manual, training and competence manual and all standard documentation required for dealing with the regulatory bodies. Karen Monaghan, managing director of Kingsland, says: "It is now possible for the smaller intermediary to have access to the most up to date information to prepare for Mortgage Day and beyond, without having to pay though the nose for it. "At £399 plus VAT the pack comes with a year's free ...

  • L&G challenges £1.1m fine from FSA

    15 Sep 2004

    The six-week hearing before the Financial Services and Markets tribunal, started yesterday. The FSA was accused of making a "wholly contrived" case against Legal & General, that could not justify allegations of endownment mis-selling. The insurance company cliamed the chief financial regulator had assembled flawed evidence because it was anxious to be seen to be pursuing a campaign against endownment mis-selling. L&G urged the Financial Services and Markets Tribunal ...

  • Lancaster Gate housing development creates breathe of fresh air

    17 Sep 2004

    While pollution levels in the capital have improved greatly form the smog filled fogs of the 1950's, air quality is still a currently and very real issue. London has some of the highest rates of respiratory disorders, and not just amongst the elderly with rates of asthma climbing steadily. As part of a cocoon of comfort and luxury, each and every apartment at 19-21 Lancaster Gate has been fitted with the very latest air purification system from Microgenix. With most ...

  • Last chance for DA aspirants

    13 Sep 2004

    It says: "We will do our best to deal with DA applications and late AR notifications before Mortgage Day but we cannot compromise the integrity of our scrutiny or that of our decision-making process. "Outstanding applications and notifications should be submitted urgently and firms should make doubly sure that the required forms are complete and correct." Last week the FSA issued an update saying it had received 6,822 registrations from the mortgage sector to obtain an ...

  • Lenders move to slash fixed rates

    13 Sep 2004

    IF and Norwich and Peterbrough have both recently launched fixed rate mortgages that are more competitively priced than previous deals. Jennifer Blackwood, spokeswoman for IF, says: "We felt it was the right time to cut the rate to 4.95%, down from 5.49%." Details of the product include: a discounted rate until October 31 2007 with a discount of 0.15% off IF's standalone variable mortgage rate. For a capital and interest mortgage of £95,000 over 25 years, ...

  • Lifelink Services receives full FSA authorisation

    17 Sep 2004

    Director Steve Field says: "Everyone at Lifelink is delighted that we have received our part IV permission. Special thanks go to the compliance team and everyone else in the business who has worked so hard to achieve this major step forward." Lifelink Services is the network arm of the Lifelink Group which also includes mortgage packager SP Mortgage Adminstration.

  • LIME fully authorised

    15 Sep 2004

    Simon Hudson, chief executive of Tenet, says: "As a major player in this market and the first mortgage network to launch, this permission confirms the decision of hundreds of advisers to join LIME was the right one." To prepare advisers for pending regulation LIME are hosting a series of industry-leading events over the coming weeks which will include presentations from Paul Smee and Chris Cummings. The day will include a look ahead to impending regulation, in-depth training ...

  • LIME links up with Exclusive

    13 Sep 2004

    LIME members and clients will have access to a packaging service from Exclusive Connections, which it says is the largest mortgage packager in the market. The service will be available via six Exclusive Connections local offices and will provide members with access to a packaged panel of 17 lenders and an inclusive range of products with competitive procuration fees. Exclusive Connections is now able to offer members access to an enhanced white-label version of LIME's comprehensive ...

  • Liverpool Victoria raises commission on Exweb

    16 Sep 2004

    The commission has risen from five to 10 lautro points as a result of the high volumes of business that The Exchange generates on Exweb. The Exchange has recently announced that it has processed 100,000 transactions via Exweb. Rye Mills, director of the intermediary division at Liverpool Victoria, says: "The Exchange's quote and transaction volumes are considerably higher than the other portals which makes it commercially attractive for us to offer higher commissions for business ...

  • Loans drop points to lull in market

    13 Sep 2004

    The CML's market briefing for September says the number of loans approved has dropped which will lead to a fall in transactions. It states: "Approvals weakened in July. The number of loans approved for house purchase fell from 112,000 to 97,000, a fall of 13% over the month. We expect this to translate into a fall in transactions." But the CML says that even with such signs of a cooling in the market there is still the possibility of a renewed surge early next year. It ...

  • Market Harborough makes it easy for family to help FTBs

    16 Sep 2004

    Currently most lenders require a relative acting as a guarantor for a young person's mortgage to guarantee the full amount of the mortgage. By contrast, Market Harborough will ask guarantors to cover only a portion of the mortgage. As a practical example, Mr Smith earns £20,000 and wants to buy a house at £110,000 and has a deposit of £30,000. He needs to borrow £80,000. The society would normally lend Mr Smith £65,000 (3.25 x his income), ...

  • Market Watch

    13 Sep 2004

    Both swap rates and LIBOR were quite volatile, ending slightly up last week. • One-year money is up 0.05% to 5.19% • Two-year money is up 0.05% to 5.20% • Three-year money is up 0.05% at 5.25% • Five-year money is up 0.05% to 5.32% Alliance & Leicester has launched a two-year fix at 4.95% and a two-year discount at 2.4% off SVR with a pay rate of 4.44%. Accord launched a discount that looks pretty average and withdrew its popular US ...

  • Marketing Brief

    13 Sep 2004

    After the past couple of weeks looking at a few lenders in the intermediary commercial mortgage market, it's back to the mainstream, well mainstream-ish, for this week's two lenders: Allied Irish Bank and Alliance & Leicester Commercial Bank. Neither company distributes business finance through intermediaries but they make an interesting pair nonetheless. The impression that comes across from the material is that both lenders put people at the heart of their business - but different ..

  • MGM receives final authorisation

    16 Sep 2004

    Stephen Maskens, manager of MGM Home Finance, says: "This is excellent news and testament to the importance and hard work MGM placed on working within the new regulatory regime. "We look forward now to working closely with our appointed representatives with no further steps necessary to operate in the new mortgage market."

  • Moneyfacts incorporates Mortgage Hub into all systems

    17 Sep 2004

    Moneyfacts Mortgage Hub enables the broker instantly to access the intermediary services provided by each lender whether it be online KFIs, approvals in principle, online applications or case tracking. Moneyfacts Mortgage Hub lets the intermediary see immediately what services each lender offers. With less than two months to go until Mortgage Day there is a lot of speculation in the market as to whether Mortgage Sourcing Systems will produce FSA-compliant Key Facts Illustrations. Money

  • Mortgage Next receives full authorisation

    17 Sep 2004

    Martin Maynard, managing director, says: "It's great news that Mortgage Next has received its part IV permission notice. Everyone at Mortgage Next has worked hard to prepare the business for regulation and we are now ready to provide a comprehensive support service for mortgage brokers. We can offer brokers access to market leading products supported by a fast and efficient service."

  • Mortgage Support Network receives full authorisation

    16 Sep 2004

    The network, which has over 1,200 advisers using its support services in the current non-regulated marketplace, received its MTA from the FSA in July and has now received its grant of permission under the Financial Services and Markets Act 2000. Jason Graham, managing director, says: "It is extremely pleasing for both our company and those firms who have already applied to become our appointed representatives, that we now have our FSA number. The hard work we have put in over ...

  • Mortgages PLC receives notification of full authorisation

    17 Sep 2004

    Trevor Pothecary, group chief executive says: "Everyone at Mortgages plc has worked hard over the course of the last year to prepare the business for regulation and we are now finally ready. We have an excellent product line-up, can promise a fast and efficient service and have a team of knowledgeable staff on hand to help packagers and brokers." Mortgages plc network subsidiary, Genesis, has also received its Part IV permission notice this week.

  • MPC admits to being uncertain about future

    15 Sep 2004

    At a speech at Bloomberg London, MPC member Stephen Nickell admitted that he found the housing market difficult to predict, with the available data sending out mixed messages. He says: "The analysis indicates that there is a significant probability that house prices will fall at some stage, though we cannot of course know by how much. Equally, it is also quite possible that house prices will not fall at all. This is simply a reflection of the uncertainty noted above. "The ...

  • MPs told of KFI concerns

    13 Sep 2004

    At a discussion at the House of Commons last week sponsored by GMAC-RFC and chaired by Labour MP John McFall, the lender's chairman, Stephen Knight, raised the issue and called for action. Knight says: "I think the FSA has done a fabulous job and agree with about 90% of what it has done but KFIs can be seven pages long and could cause borrowers angst." He says the scale of the potential problem is clear when you consider that about 30,000 KFIs are expected be issued ...

  • NAB rumoured to close Yorkshire, merging it with Clydesdale

    15 Sep 2004

    Speculation is NAB will also close its banks in Ireland and Ulster and shelve plans to expand in the South-East. NAB is understood to be planning to relinquish Yorkshire's licence to cut costs, and retreat to Glasgow, folding the English bank's business into the Clydesdale. It is thought that NAB chose Clydesdale over Yorkshire, after research revealed that it was a more powerfull brand.

  • NAB to give up banking licence for Yorkshire subsidiary

    17 Sep 2004

    NAB is to run its business through its Scottish bank, Clydesdale, with the restructure completed by the end of the year. A spokesperson for NAB says:"It is purely a legal entity, for administrative reasons, we are consolidating administration and all the branding will remain the same."

  • New Life Mortgages receives authorisation

    17 Sep 2004

    Peter Lucas, New Life Mortgages' chief executive, says: "We are very pleased and proud to be granted the relevant permissions and as a front runner in the provision of Lifetime Mortgages we now confidently expect to substantially increase the levels of our activity. "Our Lifetime Loans are already being sold exclusively through a select panel of intermediaries who will also be appropriately regulated. We look forward to developing further such links with other specialist advisers ...

  • On the beat

    13 Sep 2004

    However for me the entertainment value is fading and I am now getting pretty fed up with the hostilities. The nature and conduct of the debate it getting us nowhere. It is not constructive on any level. In fact to conduct the debate in public at this critical time is counterproductive. Now is the time to call a halt to hostilities and do what everyone should have been all along - work together to achieve the shared goal of a smooth transition to a regime of statutory regulation. The ...

  • Online storage facility launched

    14 Sep 2004

    With nearly one million British homes burgled in 2003, a house fire every few minutes and British holidaymakers being robbed to the tune of £300m, it's hoped the new internet venture will help both victims and their insurers. Designed to substantially minimise the impact of loss, theft or damage inasafeplace.com comprises an online safebox in which the user can record details of their most valued possessions. The safebox can store vital information on anything from scanned ...

  • Our data is as accurate as it can be

    13 Sep 2004

    Mortgage regulation is going to change the way the market operates forever which is why this week I will to use this space to do what countless sourcing systems have refused to do and respond to the comments made by the august Michael Bolton of BM Solutions. I'm sure Michael will understand why I'm replying through this magazine - in the same manner that he chose to address his letter to the sourcing systems, Mortgage Brain, Trigold, mortgageLink et al. In my capacity ...

  • Packager merger forms AMF One Stop Mortgages

    13 Sep 2004

    The firm will offer whole of market packaging in both the conforming and non-conforming sector to directly authorised intermediaries come November 1. Andy Soteriou, currently managing director of Ambassador Finance, will head the new company as managing director with AMF London's managing director Helen Hymos as director. Soteriou says: "It seems an obvious step to bring the experience and reputations of these well-established companies together to form AMF One Stop ...

  • Platform receives grant of permission letter from FSA

    17 Sep 2004

    Consequently Platform is anauthorised company with effect from October 31, 2004. The news supersedes notice of Platform's minded to approve letter, which the lender received in August. Platform is one of the first lenders to have received confirmation from the FSA of its regulated authorisation. David Tweedy, managing director, at Platform, says: "We are very pleased that our application for regulatory status has been accepted, we have put in a tremendous effort ...

  • PlusOne restructures sales and support teams

    13 Sep 2004

    The company offers general insurance white labelling and third party administration services to life companies, IFA networks and mortgage clubs, affinity groups and friendly societies. With immediate effect Rob Kleinberg will become client relations manager, having previously been customer service manager and Tony Mifsud will become sales and training manager, having previously been a regional agency and sales training manager for PlusOne's sister company, Select & Protect ...

  • PMP gains full authorisation from FSA

    13 Sep 2004

    The grant of permission under part IV of the Financial Services and Markets Act 2000 makes Professional Mortgage Partnerships fully authorised with effect from October 31 2004. David Dodsworth, compliance manager at Professional Mortgage Partnerships, says: "We are of course delighted to have received this authorisation. I would say that we have moved quickly, by avoiding short cuts. It is very much a case of slow and steady wins the race."    The network says it approach ...

  • Preferred appoints inhouse PR

    14 Sep 2004

    The company says that it has experienced significant growth over the last 18 months and recognises the importance of PR. John Webster, managing director, says: "We feel that this new appointment both reflects our strong standing in the industry and demonstrates our continued commitment to maintaining and developing excellent media relationships. As we grow, so we have more to say."' Lisa Jolliffe joins Preferred with nine years publicity and promotional experience ...

  • Primary school performance points to property price premium

    17 Sep 2004

    Alex Bannister, Nationwide's group economist, says: "In the last two weeks thousands of children have started their first year at primary school. Traditionally, primary schooling is viewed as crucial in providing children with the basic building blocks of learning and thus parents put a great deal of effort into researching the performance of local schools. "Furthermore, it is generally accepted that a factor influencing property purchase is the quality of the local primary ...

  • Promise Finance receives authorisation from FSA

    17 Sep 2004

    This grants Promise Finance permission to undertake arranging mortgages and general insurance under the legislation that comes into effect from October 31, 2004 and January 14, 2005 retrospectively. When the Financial Services Authority began regulating life and pensions, it undertook massive and significant changes that revolutionised the industry. This has resulted in the compliance team implementing changes in the company's infrastructure, completing intricate application ...

  • Property Investor Show delves into psyche of buy-to-let investors

    14 Sep 2004

    The show says that much like other long-term commitments, such as getting married or taking a new job, it is important to make sure that you are making the right decision. Among other factors, this can come down to whether a particular form of investment suits your personality. Those who like risky ventures should look at emerging markets such as eastern Europe, while for amateur investors looking for a more guaranteed investment, a more reliable option is student lets. Similarly, ...

  • Purely Mortgages and Lifequote agree deal

    13 Sep 2004

    Purely Mortgages, which plans to launch to the general public soon, is aiming to take a significant share of the UK mortgage market within five years and sees providing customers with high quality, low cost life insurance products as key to meeting customers needs and expectations.   The agreement will see LifeQuote taking responsibility for the delivery of life and critical illness quotes, automated personal illustrations and key features documents via a link between the companies ...

  • Purely Mortgages strikes distribution deal with Interactive Investor

    17 Sep 2004

    Purely Mortgages has been selected ahead of other established brokers to provide fees-free mortgage solutions to Interactive Investor's database of over 1.4 million registered users.   The partnership gives Purely Mortgages greater access to the consumer mortgage market, complementing its national press advertising and PR launch this month, and provides Interactive Investor with an impartial, straightforward and fees-free mortgage service. The exclusive arrangement is clear ...

  • Purely signs cover exclusive

    13 Sep 2004

    Purely Mortgages, which plans to launch to the general public soon, aims to take a significant share of the mortgage market within five years and says it sees providing customers with high quality, low cost life insurance products as central to meeting customer expectations. The agreement will see LifeQuote taking responsibility for the delivery of life and critical illness quotes, automated personal illustrations and key features documents via a link between the companies' ...

  • Rodea quits to join Cluttons

    13 Sep 2004

    Rodea says: "Over the past seven years I have helped build leading mortgage brokerages for two major estate agency brands in Savills and Hamptons and I am keen to bring the experience and contacts I have developed during this time to Cluttons. "It is a challenge that I relish. I start in a few weeks' time with an open mind and plenty of ideas. We will be offering an exciting package that will attract a high calibre of broker. These people will be the key to our success in competing ...

  • Santander woos IFAs in race to buy Abbey

    14 Sep 2004

    The wooing of IFAs came as a result of rumours that Santander would increase the number of mortgages sold through branches to 50%, at the expense of intermediaries. Santander has countered that it has no intention of reducing Abbey's dependence on IFAs and that Abbey would remain a UK-based bank. All things going to plan, it hopes to have the aquisition of Abbey over by November. Things could be complicated by a rival bid from HBOS, although some in the industry strongly ...

  • Saving valuable time in the office

    13 Sep 2004

    This week, with the 1st Adviser Office client management system, I focus on a system that helps the small intermediary save time. Time is money and good systems can give an adviser more of that precious commodity. Adviser Office has been developed specifically for mortgage advisers. Nick Berry, channel manager (mortgages) at 1st, says: "We have been working hard to improve the functionality of the system for mortgage advisers and administrators. This round of development work ...

  • Scheme to assist in money transfers abroad

    17 Sep 2004

    Currently offered exclusively to clients of Hove-based CFS, the UK's leading overseas mortgage broker, the scheme has been launched in response to the needs of Britons moving abroad or buying property for investment or personal use. Many such buyers are finding that the size and regularity of money transfers between the UK and overseas, for overseas mortgage payments for example, is leaving them out of pocket due to the fluctuations of the currency market and costly transfer ...

  • Self-employed versus employed

    15 Sep 2004

    Indeed, a business is no longer able to employ a supposed contractor with a view to avoiding liability for the employer's National Insurance and tax contributions. The law was tightened up considerably in April 2000 when new legislation called IR35 was introduced.

  • Selling houses to get more difficult

    17 Sep 2004

    Two thirds of mortgage brokers have not applied for the authorisation they need come October 31, says UK Mortgage Compliance. Time is running out for mortgage brokers who wish to be compliant by October 31, and the same is true for their clients, who may well find themselves without a mortgage broker part way through the house buying process. So far, less than one third of mortgage brokers in the UK have applied to the FSA for authorisation to trade. Pam Burnett of UKMC ...

  • Sesame users switching to Trigold

    16 Sep 2004

    Sesame is committed to offering its members the best software and services and made the decision to make Trigold available to its members to ensure the best choice. Andy Young, head of mortgage services of Sesame, says: "This is a clear endorsement of our decision to make Trigold available to our members. With regulation almost upon us, we wanted to ensure that our members had the systems that they felt comfortable with both in terms of day-to-day usage and compliance protection. "Altho

  • Should networks urge their members to avoid describing themselves as independent?

    13 Sep 2004

    Sally Laker is managing director of Mortgage Intellingence We are more than happy for our brokers to describe themselves as independent if they wish. Many are keen to do so and we have no desire to interfere unnecessarily with the day to day running of their firms. About a year ago we asked potential members what they thought would be important in the future. They told us: a) they wanted to continue to use the independent label and b) they wanted value for money from ...

  • Smee's resignation from AIFA is industry's loss

    13 Sep 2004

    AIFA's sister trade body, the Association of Mortgage Intermediaries, says while it is sad to see Smee go, the move will not affect its day-to- day running. AMI director Chris Cummings says: "I'm very sad to see Paul go - he's the person with the best contacts book in the regulated world. "He has provided a guiding hand rather than becoming actively involved in AMI. "He realised it was always essential for AMI to develop its own personality and has allowed ...

  • SMS markets products from London Mortgage Company

    14 Sep 2004

    LMC has also launched a 2% discount until December 31 2005, and a separate 1.75% discount until June 30 2006. Both special payment options are available on all of LMC's current products. Kelvin Cooper, managing director of SMS, says: "This is a welcome addition to SMS' broker armoury. It adds an extra dimension that extends our ability to fulfil client expectation. Clients with adverse credit can sometimes be turned down because of restricted income multiples. LMC have looked ...

  • Social and legislative changes increase need for income protection schemes

    17 Sep 2004

    High rates of absence from work, stress management, rising employment costs, changes in pension provision and legislation such as the Disability Discrimination Act and health and safety rules mean employers are faced with an ever increasing range of challenges concerning their workforces. Legal & General has produced a new guide for IFAs, group income protection solutions for a changing world, showing how a well constructed group income protection scheme can help employers deal ...

  • Some potential ARs are taking it to the brink

    13 Sep 2004

    Further evidence that brokers are still unsure about what to do as Financial Services Authority regulation looms came Mortgage Strategy's way last week. A broker called up to pick our brains on how to choose a network, having spent the past few months trawling through the promotional literature to narrow his choice to two. MS is not in the business of promoting one network over another but we did tell him to act now or risk not being able to trade come ...

  • Something old, something new

    13 Sep 2004

    Organisations must strike a balance between innovation and imitation. Every organisation needs its bankers - those established products or services that generate regular and sustainable income. This allows the organisation to focus some resource on new product development. Innovation comes in all shapes and sizes. At one end of the scale we have the wheel and at the other we have existing products that have been tweaked to give them a marketing edge. Tweaking can include new packaging, ...

  • Specialist Right to Buy team is launched

    13 Sep 2004

    It says that with future trends in house prices uncertain, recent months have seen a rise in the number of people purchasing their council houses. Goldsmith Williams has responded to this by launching a Right to Buy product allowing brokers to offer clients benefits including fixed fee products, online case tracking and automatic updates when milestones are reached. It also provides SMS text messaging to keep clients up-to-speed on progress and specialist case management ...

  • Speculation rife as Townsend joins Beacon

    13 Sep 2004

    Beacon hit the headlines last October after Mark Abbott, the enigmatic former chief executive at Future Mortgages, and Brian Pitt, Future's former sales director, took a near-50% stake in the financial services firm run by Simon Goldthorpe and George Kahn. A swathe of former Future Mortgages staff including sales maestro Clive Wilson have since joined the company and sources says Town-send's appointment could be the final piece of the jigsaw before it turns itself into a ...

  • Stroud & Swindon launches two-year fixed rate mortgage

    17 Sep 2004

    Some of the features of the product include free valuation on properties valued up to £600,000, discounted legal fees package available for remortgages, no early repayment charge after November 30, 2006 and up to 25% of the loan can be repaid at any time without an early repayment charge.

  • Survey crazy

    15 Sep 2004

    Last week Nationwide reported that less than half of UK homeowners (49%) expect to see the value of their property increase over the coming six months. The building society said it was a completely different picture three months earlier, when 64% of borrowers said they thought the value of their home would continue to rise.

  • TBMC receives authorisation from FSA

    17 Sep 2004

    Ian Wheadon, TBMC director, says: "whilst buy-to-let and commercial mortgages remain predominantly outside of the regulatory parameters, we wanted to ensure that we were in total control of our advertising and marketing activity with reference to MCOB3. "We also wanted to be in a position to cover every eventuality within our specialist market sector to ensure that our business introducers and partners were not disadvantaged in any way come Mortgage Day."

  • The Mortgage Mole

    13 Sep 2004

    OLD SALTS Ah, a life on the ocean wave and MS's annual fishing trip proved once more that the industry's finest have the stomach for it. "I can't believe no one was sick," Pink's Dev Malle told Mole. "Who in their right mind would go out the night before an 8.30am start, get blind drunk and then throw themselves on the mercy of the tide?" Well, aside from Dev, that would be Alan Cleary, Peter Charge, Terry Pritchard, Payam Azadi, Lockhart Bruce, Kevin Friend ...

  • The Mortgage Union gains full authorisation from the FSA

    15 Sep 2004

    Philip Head, managing director of The Mortgage Union says: "I am delighted to have received the authorisation, especially for all those ARs that have already committed themselves to The Mortgage Union. We have a broad product offering and a ground breaking software system, Xplorer, that researches the mortgage product, life assurance, GI and produces all the necessary compliant paperwork. "It's not surprising that application levels are above our best expectations and now ...

  • TMW pulls non-status self-cert feature

    16 Sep 2004

    Although the two self-cert products, launched on September 2, are being retained, brokers have until Friday 17 to get all applications in using the old non-status system. One source tells Mortgage Strategy Online: "I don't think the product as it stood fitted in with the FSAs definition of responsible lending." In place of the non-status feature, borrowers will now have to fill in an affordability declaration. The source adds: "TMW now want to know how much ...

  • Torys propose Stamp Duty cuts as environmental incentive

    15 Sep 2004

    In a speech on the environment, Tory leader Michael Howard explained that he saw adjustments to Stamp Duty as "a powerful incentive to increase home energy efficiency", working in the same way that energy efficient cars benefit from reduced road tax. Howard says that Britain must face up to its ageing, inefficient housing stock, at least two thirds of which have yet to benefit from any energy efficiency measures. It is estimated that insulating the walls of 250,000 homes ...

  • Trustguard receives official authorisation from the FSA

    14 Sep 2004

    Nick Battersby, group compliance director, says: "We're delighted to receive this permission from the FSA. "Our network will be very small compared to some of the other players in the market, but we've put a lot of effort into this, and to see this hard work rewarded is good news for us and for our key supporters".

  • UCB Home Loans to sponsor team in yacht race

    16 Sep 2004

    UCB Home Loans is one of the Business Club Members associated with the race. It will be supporting the event through its involvement with the Unisys EMC sponsored yacht skippered by 30 year old Dee Caffari. The yacht, which will carry the UCB brand on her hull, is the only one of the 12 in the race to have a female skipper. The Global Challenge, which sets off from Portsmouth on October 3, involves 12 identical 72-foot ocean racing yachts, each crewed by 17 ordinary men and women ...

  • UCB sees first signs of buy-to-let slowdown

    15 Sep 2004

    In a report out from the Nationwide subsidiary, London and the South-East are highlighted as areas where there is considerable pressure on rental yields, as opposed to the North where prices are lower and yields higher. Charles Reed, managing director of UCB Home Loans, says: The market is still very buoyant, as would be expected in a sector which is relatively young. "However, we are seeing the first signs that enthusiasm is calming down a little in some areas, as rising ...

  • Vesta secures full FSA permission

    16 Sep 2004

    The grant of permission under part IV of the Financial Services and Markets Act 2000 means that Vesta will be an authorised organisation from Mortgage Day, October 31. The notification follows Vesta's minded to approve letter which it received early last month.   Mark Leaper, managing director of Vesta Money, says: "All our hard work on compliance has paid off. We are now one of the first companies in the industry to get full authorisation and, as far as I am aware, the first ...

  • Ward launches funding firm

    13 Sep 2004

    Ward was chief executive of Britannic Money until it was bought by Paragon and rebranded Mortgage Trust last year. Ward set up Home Funding earlier this year with former Britannic Money finance director and deputy chief executive Paul Rogers. Part of the new firm's role is to act as a link between investment bankers and financial firms wanting to raise funds. Clients will include those wanting to raise money to launch mortgage products. Ward says: "I'm ...

  • Website offers guide to buying abroad

    16 Sep 2004

    It says that while buying property abroad is a dream come true for most people, sadly some horror stories abound. For example, buying a property without a survey to find that it floods every year. Finding an idyllic property in the winter to find that in the summer it becomes a loud and noisy beach property. Or a promised mortgage never materialising, not to mention legal and property buying systems abroad and some of the dodgiest deals under the sun. Neil Lewis ...

  • Which? warning on panels

    13 Sep 2004

    In a soon to be published guide to the new financial advice regime that will also cover mortgages Which? will advise consumers to seek out a truly independent adviser - be that for mortgages or other financial advice. Which? principal researcher Teresa Fritz says: "We'll tell people to use an adviser that can search the whole of the market. Even some advisers who say they are independent work with a limited number of lenders. At second best, consumers should ...

  • Will there be a cut in Stamp Duty soon?

    13 Sep 2004

    Blair told Labour Party workers: "We will increase the supply of new housing and will be helping people to get onto the housing ladder." This sparked hopes that a cut in Stamp Duty may be on the cards for the first time since 1963. So, Mortgage Strategy asks: "Do you think a cut in Stamp Duty is likely and if so, will it make much difference to first-time buyers or does the government still have to do more to help?" John Stewart, PMI Independent Financial ...

  • Win a mini moto-bike courtesty of Platform

    16 Sep 2004

    The lender is running a competition to win a mini moto-bike, which will be displayed on its stand at the financial trade exhibition, taking place at G-MEX, Manchester on September 28. The winner will be selected at random from a prize draw following the show. Guy Batchelor, sales and marketing director of Platform says: "We are really looking forward to exhibiting our stand at Money Marketing Live Manchester, one of the largest events of its type in the north of England. It ...

  • XIT2 predicts chronic shortage of surveyors

    13 Sep 2004

    The survey of lenders, intermediaries, estate agents, surveyors and solicitors predicts a chronic shortfall with only 3% thinking there will be enough surveyors to handle the increased workload created by HIPs. Paul Duckworth, xit2 managing director, says: "These results will force the market to sit up and take notice. In an already overstretched industry this could create significant delays in the marketing of properties." xit2 fears that without enough RICS-qualified ...

  • Yorkeshire reduces three-year fix

    15 Sep 2004

    The rate for borrowers moving home has reduced from 5.39% to 5.10%, currently the cheapest three-year deal available. The society's three-year fixed rate for borrowers who are just moving their mortgage has been reduced from 5.69% to 5.15%. The arrangement fee for both these mortgages has been maintained at £495. As with all Yorkshire mortgages, in addition to other flexible features unlimited overpayments are permitted without any penalty charges. Accident, ...

  • Your Mortgage Options receives full FSA authorisation

    17 Sep 2004

    The Grant of Permission Part IV of the Financial Services and Markets Act 2000 enables YMO to conduct Mortgage and GI business as a principle with effect from October 31, 2004. David Espin, compliance director for YMO, says:"We are all very pleased that we have received confirmation of our authorization as this will enable YMO to effect the contracts for their authorised representatives in readiness for October 31". YMO is targeting between 65 and 100 AR businesses in ...

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