Mortgage Strategy
14 August 2006

  • FSA fines Merrill Lynch International

    14 Aug 2006

    The Financial Services Authority has fined Merrill Lynch International £150,000 for failing to accurately report certain transactions.

  • London prices fell in July

    14 Aug 2006

    The average London house price fell by 1% in July to 245,017 from 247,703 in June, but prices are still 8% higher than they were this time last year, research from haart estate agents reveals.

  • Mortgage Express says buy-to-let market still robust

    17 Aug 2006

    Mortgage Express says the Council of Mortgage Lender's latest lending figures demonstrate just how robust the buy-to-let lending market continues to be.

  • Platform online facility a hit

    14 Aug 2006

    Platform has revealed its online application facility clickapplication has resulted in over 1,000 applications in the first three weeks since going live.Platform launched the facility to enable brokers to submit a full application through the lender's website.Paul Hunt, head of marketing at Platform, says: "The launch of clickapplication has been hugely successful and underlines the vital role that online technology plays in today's intermediary mortgage market. We are already ...

  • Warning over letting agents

    14 Aug 2006

    Landlords should beware third-rate letting agents, warns risk consultant Leaseguard. Mairi Scott, managing director of Leaseguard, says too many landlords get caught out by thinking they can just appoint a letting agent, hand over the keys and sit back and wait for the money to roll in.

  • 10 reasons to try commercial deals

    14 Aug 2006

    It is estimated that only 15% of commercial mortgages are arranged through brokers compared with around 60% of residential mortgages. There is a huge opportunity for advisers to cover commercial mortgages, and here are 10 reasons why they should.

  • 59% Say rate rise will not slow housing market

    14 Aug 2006

    Over half of Mortgage Strategy Online readers believe the base rate rise to 4.75% will not slow down the housing market. However, 41% believe that the 0.25% increase almost a fortnight ago could result in a decline in the housing market.This week Mortgage Strategy asks: Do you think the government was right to introduce energy inspectors?

  • Advantage joins Trigold's ENC

    14 Aug 2006

    Advantage is te latest tender to join the Enhanced Non-Conforming sourcing modult on Trigold. Advantage plans to work in partnership with Trigold to support the ENC which offers brokers a sub-prime sourcing tool.

  • AMI launches HIP factsheet

    14 Aug 2006

    The Association of Mortgage Intermediaries has launched its latest factsheet entitled 'Home Information Packs Update'.

  • An advisory service for advisers

    14 Aug 2006

    Apologies to anyone who might think this is an advert. It definitely is not, but I have been asked by Mortgage Strategy's illustrious editor (I think that's how he describes himself) to give an update on Lifetime Advisory Services.I have also been asked to explain why the proposition is services-only rather than offering full compliance responsibility which other firms provide.Key Retirement Solutions looked long and hard at the market to determine what advisers want. This ...

  • AToM joins edeus panel

    14 Aug 2006

    All Types of Mortgages has welcomed edeus to the market by joining its 'circle of trust' packager panel.

  • Bad news is not as bad as it seems

    14 Aug 2006

    On the face of it, recent headlines have not been good news for the mortgage market. The announcement of a base rate rise on one day and barely 24 hours later indicators showing rising repossessions are not the stuff of mortgage industry dreams.

  • Base rate rises and confidence could fall

    14 Aug 2006

    Business has boomed this year, a fact highlighted by the June len-ding figures released by the Council of Mortgage Lenders.

  • Beware of trend towards affordability

    14 Aug 2006

    Brokers should be wary of the implications of lenders moving towards affordability-based calculations when deciding on the loans they will make available, says Frank Eve.

  • Blemain Finance joins FISA

    15 Aug 2006

    Blemain Finance Limited has joined the Finance Industry Standards Association.

  • BM set to break charity record

    17 Aug 2006

    BM Solutions is set to smash its highest ever fundraising total for Shelter after increasing its annual football match to include 16 industry teams. Since 2004 the BM Solutions annual charity football bash has raised over 100,000 for Shelter. This a total of sixteen teams will be able to take part. The tournament will bring together teams from BM, Shelter, brokers, lenders and trade magazines. Those who have already secured their teams places include Mortgage Solutions; ...

  • BM Solutions named top buy-to-let lender

    16 Aug 2006

    The Council of Mortgage Lenders has named BM Solutions as the top buy-to-let lender for the first half of 2006, measured by gross advances.

  • Borrowers opt for variable deals

    14 Aug 2006

    A record number of borrowers opted for variable mortgages in July, figures from Mortgages Direct show. In a month when market commentators were divided on whether the Bank of England would raise the base rate, nearly 30% of borrowers opted for variable mortgages in June compared with 26% in May.Commercial illustration Commercial First has launched an illustration facility that provides a one-page summary of costs and charges for the commercial mortgage contract being ...

  • BOS make changes to remortgage range

    15 Aug 2006

    Bank of Scotland Mortgages has introduced seven new products to its remortgage range.

  • Bright B2L ideas

    14 Aug 2006

    Buy-to-let now accounts for 14% of the mortgage market, having more than doubled in size in just five years from the 6% it held in June 2001. The market, which is now worth 73bn, shows no sign of slowing.

  • Brits expect to keep moving

    14 Aug 2006

    Britons are moving home more often than ever and expect a lifetime of regular relocations, shows research from propertyfinder.com.

  • Broker in party mood

    14 Aug 2006

    Debbie J Boyes Professional Mortgage Advisors was in a party mood last week, celebrating its second birthday and the launch of The Argentum Club. The club is open to anyone who wants to benefit from the company's advice and special offers including discount vouchers, insurance advice and magazines. The firm says the essential element of the club is its Financial Guide, which gives details of professionals in all areas of financial planning .

  • Brokers bag two fees for the price of one

    14 Aug 2006

    Hindsight is a wonderful thing. Especially if it gives you the opportunity to do a bit of churning.

  • Brokers to gain from c2's savings on Expo

    14 Aug 2006

    c2-financial says it will be spending the money it would have spent at this year's Mortgage Business Expo on intermediaries instead.Justin Caffrey, managing director of c2, says: "The Mortgage Expo has become less relevant to us this year and we find it to be an unnecessary ex-pense. We will shortly be announcing a groundbreaking incentive to intermediaries whereby we will be looking at ways in which we can return that budget back to them."Daniel Nwaokolo, show manager for the ...

  • Bucknell joins Mortgage Minds as sales manager

    14 Aug 2006

    Mortgage Minds has appointed Simon Bucknell as regional sales manager.Bucknell, who joins from Colbalt Capital, will be in charge of recruiting and managing a sales force outside London. He was earlier an associate and sales manager at Cobalt Capital and has also worked at Hamptons Mortgages, Square Mile and John Charcol.Mark Bowler, director at Mortgage Minds, says: "Simon will certainly help us pick the right individuals in our current recruitment drive."Bucknell says: ...

  • Business failure levels increase by 3.5%

    18 Aug 2006

    Equifax says figures up to July 2006 show that overall 3.5% more businesses failed from January to July 2006, than in January to July 2005. It also reveals that UK businesses struggle to obtain new finance with nearly 3% rise in zero credit limits. The retail sector appears to be faring worst at 14%, with transport and communications showing a 6% increase in failures and construction 4%.

  • Buy-to-let hits record high

    16 Aug 2006

    Buy-to-let borrowing set new records in the first half of the year, with lenders advancing 152,500 loans, worth 17.5bn says the Council of Mortgage Lenders.

  • c2-Financial eyes staff axed by Purely Mortgages

    14 Aug 2006

    c2-Financial says it is eager to employ some of the 19 staff that have been axed by Purely Mortgages.Last week it was unveiled that the brokerage, partly owned by Vincent Tchenguiz, shed 19 of its 45 sales staff as part of a restructuring of the firm.The 19 staff worked at the Agilisys contact centre on behalf of Purely Mortgages.The company has al-ready allegedly had two financial restructurings in the last nine months.One industry source says the reasons for Purely ...

  • Call for action on compliance

    14 Aug 2006

    Lead generation firms are calling on the Financial Services Authority and the Association of Mortgage Inter- mediaries to clamp down on non-compliant firms that are giving the sector a bad name.Leadbay has written to the FSA to clarify whether certain lead generation firms that it will not name are acting compliantly.Toby Hughes, business development manager at Leadbay, says: "We spend a huge amount of money on compliance and find it extremely irritating that some firms do not ...

  • Cameron proposes "radical" housing scheme

    17 Aug 2006

    David Cameron has put forward a radical idea for increasing home ownership - by converting rent payments on social housing into mortgage repayments.

  • Cardiff Pinnacle appointment

    14 Aug 2006

    Cardiff Pinnacle has appointed Andy Swain as chief commercial officer with additional responsibility as executive director for the group's sales and marketing function. His role encompasses the insurer's creditor, warranty and direct product offerings to the UK market.

  • Cashing in on the buy-for-uni boom

    14 Aug 2006

    My son is fast approaching his 18th birthday (I know - I don't look old enough) and while a big party might be on the family planner I'm also considering how to help fund his university years.

  • CC publishes proposed remedies

    18 Aug 2006

    The Competition Commission has published its proposed remedies designed to increase competition in the home credit market.

  • Comeback chameleon tries to net a winner

    14 Aug 2006

    When you think about comebacks, the likes of Duran Duran might spring to mind, or Take That - without Robbie of course - but in the world of financial services, Jim Spowart is surely the unchallenged king of reinvention.

  • Commercial illustration

    14 Aug 2006

    Commercial First has launched an illustration facility that provides a one-page summary of costs and charges for the commercial mortgage contract being offered.

  • Competitors join REIT awareness group

    14 Aug 2006

    Thirty competitors in the commercial property and financial services industries have joined The REITs and Quoted Property Group to increase awareness of Real Estate Investment Trusts and quoted property investment.

  • Country houses

    14 Aug 2006

    Savills Private Finance says the prime country house market has started to power ahead following no growth last year.

  • Coventry offers free legals for Scottish remortgages

    14 Aug 2006

    The Coventry is offering free or discounted legal packages for the first time for remortgages in Scotland.

  • Coventry reports 385m increase in mortgages and loans

    14 Aug 2006

    The Coventry increased its mortgages and other loans by 385m its interim results for the first half of 2006 reveal.

  • CPRE slams housing plans

    14 Aug 2006

    The Campaign to Protect Rural England has slated government plans to offer local authorities housing incentives.Ruth Kelly, head of the Department of Communities and Local Government, wants to introduce grants aimed at local authorities with particular housing needs and those that take on new housing developments.But the CPRE has slammed the plan as nothing more than a bribe and warns that it could lead to corruption in local government and planning.Henry Oliver, head of ...

  • Cultural shift could see lenders working together

    14 Aug 2006

    The industry is moving towards a cultural shift which will see lenders working together to gain competitive advantage, says Frank Eve, managing director of Frank Eve Consulting.Eve says that technological advances are breeding a generation of lenders that will work together to make life easier for themselves and brokers.He says: "Lenders are starting to consider working with other lenders to gain competitive advantage. An example is the Origo initiative which will provide a ...

  • CurriculumVitae

    14 Aug 2006

    I enjoy hill-walking, preferably with real ale waiting fir me at the end of the journey

  • DCLG publishes June 2006 price index

    14 Aug 2006

    The mix-adjusted average house price in the UK in June 2006 stood at 190,883, up from 190,065 in May 2006, reveals the Department of Communities and Local Governments.

  • Dear Delia

    14 Aug 2006

    Dear Delia, My client is relocating abroad for the foreseeable future and wishes to remortgage her residential property as a buy-to-let investment. Her mortgage balance is 118,000 and the property can be rented out for 600 per month. Can anyone help?

  • Deliver energy certificates at completion, urges CML

    14 Aug 2006

    The Council of Mortgage Lenders is urging the government to deliver Energy Performance Certificates at the point of completion in the house buying process rather than when a property is marketed.EPCs are cited as one of the main driving forces behind Home Information Packs. Housing minister Yvette Cooper has repeatedly argued that by implementing HIPs in 2007 the UK will be one of the first countries to comply with the EU requirement for all properties to be sold with an energy ...

  • Delivering Customer Focused Change key to TCF

    15 Aug 2006

    Delivering Customer Focused Change will be the theme for the next Treating Customers Fairly masterclass. The final programme has been developed to look at the key issues surrounding the delivery of treating customers fairly and the changes in culture and behaviour that this demands. This will be the second TCF masterclass to be given by the ifs School of Finance and the session will cover the key principles in delivering customer focused change, accelerating the creation ...

  • Does halifax offering a proc fee for retention spell death for the remortgage market?

    14 Aug 2006

    Peter Izard is senior manager corporate accounts at GMAC-RFCFFor lenders, keeping clients is much more cost-effective than attracting new ones. So will this move kill off the remortgage market - the broker's bread and butter? No.Let us first consider why clients remortgage in the first place. Of course, some remortgage for a reduced rate on their existing loan amount and term. But many remortgage to raise capital for home improvements, for debt consolidation or for a ...

  • Easier2move revamp remortgage team

    17 Aug 2006

    Online conveyancer Easier2move is launching a new centralised remortgage team to speed up transactions.

  • edeus added to Hamptons' panel

    15 Aug 2006

    edeus has been appointed to the panel of Hamptons International Mortgages.

  • Edeus on Pink's packaged panel

    14 Aug 2006

    Pink Home Loans has appointed edeus to its packaged panel. The move follows the recent announcement that Pink has added edeus to its direct-to-lender panel.

  • edeus plays down RAMP absence

    14 Aug 2006

    edeus says the absence of the Regulatory Association of Mortgage Packagers from its panel is not a sign of bad feeling between the two.Michael Bolton and Alan Cleary's new lender revealed the names of the first 15 firms and associations to join its so-called circle of trust last week.This included the Association of Mortgage Packagers and Distributors, the Professional Mortgage Packagers Association and Freehold, but not RAMP.John Rice, managing director of RAMP, says it ...

  • edeus pre-registration goes live

    14 Aug 2006

    edeus pre-registration is now live and introducers that pre-register now will get an additional 75 proc fee on every case submitted from launch to December 31.

  • Edeus signs deal with Savills

    14 Aug 2006

    edeus has agreed a strategic relationship with Savills Private Finance as its first national brokerage.

  • Edeus tipped to launch 650 deals on sourcing systems

    14 Aug 2006

    It is hotly tipped that edeus will have 650 products that will all sit on both sourcing systems when the lender launches on September 14.Mystery still surrounds the details of these products, but one source says edeus is expected to have a whopping 650 products. Martin Reynolds, director of corporate accounts at the lender, insists the products will be available on both Trigold and Mortgage Brain, despite concerns that there will be too many products for the systems to accommodate.Reynolds ...

  • em- launches range for Northern Ireland

    17 Aug 2006

    Mortgage packager em- has launched a new semi-exclusive range of non-conforming and near prime commercial products through em-commercial.

  • Employment at record high

    16 Aug 2006

    Twenty years after unemployment hit a post-war high, the government says employment is now at record levels.

  • Enterprise Finance appoints operations director

    17 Aug 2006

    Enterprise Finance has promoted Daniel Waters as its operations director.

  • Equity release needs competition

    14 Aug 2006

    Norwich Union says the equity release market needs more high street providers, greater competition and a wider range of products to grow.

  • Equity Release Summit to take place in France

    14 Aug 2006

    Following our extremely successful Mortgage Summits, we are pleased to announce the launch of our Equity Release Summit.Taking place in January at the Relais de Margaux Ch?au in France, the Summit will be held over two days and one night and will be attended by the top 50 broker decision-makers and 10 product providers in equity release.To ensure maximum delegate interaction, the event will include conference sessions, workshops and hosted lunches and dinner. Topics to be debated ...

  • Filling the widening gaps in the NHS

    14 Aug 2006

    People living in England suffering from the blood cancer multiple myeloma will no doubt feel rather hard done by, given the guidance the National Institute for Health and Clinical Excellence issued recently.

  • First-time buyers lifeblood of the mortgage market, says A&L

    17 Aug 2006

    At the first-time buyer summit held by the Conservative party today, Alliance & Leicester says first-time buyers are the lifeblood of the mortgage market.

  • Flexishare workshops

    14 Aug 2006

    Advantage has revealed the dates and venues for its Flexishare workshops for brokers. They start on August 16 at the Hilton Hotel in Glasgow and will visit nine other destinations.

  • Free the AR prisoners tied to networks

    14 Aug 2006

    We began trading at Home of Choice in July last year. We were the first post-Mortgage Day mortgage network and as I predicted then we have not been joined by any other new entrants to the market. Instead, we continue to see consolidation as established networks struggle to evolve their business models and provide their brokers with ever more sophisticated ways to advise clients.

  • FSA concern over sub-prime deals

    14 Aug 2006

    The Financial Services Authority has expressed concern that borrowers are being placed on sub-prime deals when they could be eligible for prime products.Michael Lord, head of the FSA's department responsible for supervising small mortgage firms, warns that higher rates of commission could be an incentive for advisers to recommend a sub-prime product to clients.He says: "We will be looking at the sub-prime market mainly because of the vulnerability of customers but also because ...

  • Gammon to start Knight Frank advisory service

    14 Aug 2006

    Savills Private Finance has confirmed its director Simon Gammon is to join Knight Frank to set up its financial advisory service.He is on gardening leave until November, when it is understood he will join the estate agency as head of mortgages.Melanie Bien, associate director at Savills, says: "It's an obvious move for Knight Frank, but it'll be interesting to see how it does as the market is different to when Savills Financial Services set up. We wish Simon the best of luck."Drew ...

  • GE lowers rate

    14 Aug 2006

    GE Life has lowered its lifetime mortgage interest rate from 6.09% to 5.95%, as well as reinstating its 250 cashback facility.

  • Glimpsing the future of distribution

    14 Aug 2006

    The future of mortgage distribution is the title of a recent KPMG report commissioned by the Financial Services Authority. This report is in the public domain and the executive summary and web address from which the report can be downloaded are shown in the box below.

  • Government denies Big Brother property database claim

    14 Aug 2006

    The government has rubbished accusations by the Conservatives that it is compiling a Big Brother-style electronic database covering every home in the country.The database will accompany the government's forthcoming national identity card and children's databases and can hold an unlimited number of photographs. Almost 500,000 has already been spent on digital cameras to photographically log details of homes.The Tories have discovered that as of July 3 this year the state has ...

  • Government should say sorry with cash

    14 Aug 2006

    The Association of Home Information Pack Providers has outlined the first stage of its regional voluntary dry run of Home Information Pack and Home Condition Reports, as more than 1,000 homes inspectors are set to take legal action against the government following the HCR fiasco.

  • Group BDM at Cobalt Capital

    14 Aug 2006

    Cobalt Capital has appointed Chris Bevan, who previously worked at John Charcol, as group business development manager. Bevan worked at Charcol for over seven years as regional sales director.

  • Growing number of estate agents unaware of HIPs, says Easier2move

    15 Aug 2006

    Easier2move has released the results of its Home Information Pack awareness index, revealing a worryingly lack of HIP knowledge amongst estate agents.

  • Guide to European legislation

    14 Aug 2006

    The Association of Mortgage Intermediaries has launched a factsheet entitled A Guide to European Financial Services Legislation.

  • Halifax calls for higher IHT threshold

    14 Aug 2006

    Halifax has blamed the government's 285,000 threshold for the 72% rise in the number of estates paying Inheritance Tax over the five years to 2003/04.A colossal 30,451 estates in the UK were liable to pay the tax with a further 22% rise to 37,000 expected by 2006/07. Halifax says the IHT threshold has failed to keep pace with rising property prices over the past decade.The bank says estates valued between 500,000 and 1m generated the most revenue in 2003/04 - 33% of the total ...

  • Halifax hikes SVR

    14 Aug 2006

    Halifax has raised its standard variable rate from 6.50% to 6.75%, following the recent rise in the base rate.

  • Hamptons calls for APRs to be scrapped

    14 Aug 2006

    Hamptons International Mortgages has called for the Annual Percentage Rate on mortgage products to be scrapped.

  • Has the base rate rise made you more cautious about buying?

    14 Aug 2006

    Last week the Bank of England's Monetary Policy Committee increased the base rate to 4.75%, having held it at 4.5% for 11 months in a row. This move will have an effect on businesses and borrowers and could also have an impact on consumer confidence in the property market.So, this week Mortgage Strategy asks...

  • HIPs fallout is predictable but intriguing

    14 Aug 2006

    I love this industry, it's like a real-life soap opera. Who's doing what with whom? Who said this or that and why did they say it? Do they know what we already know and does he know what she should know but doesn't know yet?

  • Hipstar to stick by HIP market

    14 Aug 2006

    Hipstar, part of the Network Data Holdings Group, has confirmed its commitment to the Home Information Pack market despite the U-turn by the government. Its franchise proposition is offering home inspectors a way of securing business for Energy Performance Certificates and Home Condition Reports within specific geographical areas. In addition, the Hipstar agent proposition targets estate agents and mortgage brokers across the country.Richard Griffiths, managing director of Network ...

  • Home inspectors to take legal action

    14 Aug 2006

    Over 1,000 home inspectors are to take legal action against the government following the Home Condition Report fiasco.The move comes as the government controversially revealed it is to train people as energy inspectors, which some trained home inspectors see as direct competition.Energy inspectors will be trained to carry out the Energy Performance Certificate without the additional home inspector training, and could only cost them 1,000.Jim Gillespie is seeking ...

  • House price in Scotland rise by 1.1%

    18 Aug 2006

    Lloyds TSB Scotland has released the results of it's house price monitor which shows that prices across the country are still rising.

  • Housing market looking good, says RICS

    14 Aug 2006

    The Royal Institute of Chartered Surveyors says the June 2006 price index from the Department of Communities and Local Government shows housing market conditions are good.

  • How the base rate rise ruined my day

    14 Aug 2006

    Quite a few brokers will join me in having egg on their faces following the surprise decision by the Monetary Policy Committee to raise the base rate. This is my story.

  • IFS changes its name

    14 Aug 2006

    The Institute of Financial Services has been renamed ifs School of Finance. The name has been chosen to reflect the ifs as it develops its financial education provision for industry and for consumers.

  • Immigration boom is good for B2L

    14 Aug 2006

    The influx of migrant workers may be bad news for the public services but it could be good for buy-to-let investors, who should increase their involvement in the sector, says Nicola Severn.

  • Instability drives sellers to overprice

    14 Aug 2006

    House prices in England have reached record levels because the instability of the market is causing sellers to overprice, says Moneyfacts.House prices in England were 7.7% higher between April and June this year than at the same time in 2005, figures from the Land Registry show.Lisa Taylor, spokeswoman for Moneyfacts, says: "The World Cup and the hot weather may have had small parts to play but the inactivity in the market is probably more down to the fact that there has been ...

  • Interest rate rise could stabilise housing market

    14 Aug 2006

    A rise in interest rates could ultimately be a good thing for the housing market, says Jonathan Cornell, technical director at Hamptons Mortgages.The Bank of England indicated in its inflation report last week that there is a 50% chance of inflation rising above 3% within the next six months, which means a further rise in interest rates could be on the cards.Mervyn King, governor of the BoE, admits inflation is likely to be volatile over the coming months but says it has not ...

  • IRS to recruit new advisers

    15 Aug 2006

    In Retirement Services is to appoint 20 new advisers following the FSAs equity release mystery shopping exercise, which highlighted the need for specialistknowledge.

  • It's time to ask if the FSA provides value for money

    14 Aug 2006

    Name and address supplied I have just spent £400 for my accountant to prepare the figures for the half-yearly RMAR for the Financial Services Authority. Once he had compiled the figures I spent a day preparing the rest of the information. I accept the FSA requires certain information but insisting that small firms supply this information twice a year is totally unnecessary. As it will see from the information supplied, most one-man firms have a turnover of less than £50,000 ...

  • Kent Reliance to overhaul IT system

    14 Aug 2006

    Kent Reliance has appointed s2s, a UK based network consulting specialist, to transform its IT and network infrastructure.

  • Legal incompetence meant clients went through hell

    14 Aug 2006

    From K Furlong I have provided financial advice to a client for many years. Recently, she converted a four-storey traditional building into four one-bed flats, observing all the regulations regarding noise and fire at great expense. The tradespeople employed, from architect to builders, roofers, plumbers and painters, did their jobs well - until we got to the lawyers. Then it all went to hell. It's not rocket science to draft leases for four leasehold flats together with a management ...

  • Lenders helping first-time buyers says A&L

    17 Aug 2006

    Alliance & Leicester says lenders are doing their bit to help first-time buyers onto the property ladder.

  • Lenders must give brokers the information they need

    14 Aug 2006

    From Bill Stevenson There has been a lot of debate in the mortgage press recently about how brokers are remunerated and how certain lenders are starting to offer retention fees. On a related point, lenders seem to have a code whereby they will only reluctantly provide information about clients' mortgages. In the IFA world the adviser introduces the client to the company and will then be given information on a regular basis to enable them to review their client's position and adjust ...

  • Lord almighty

    14 Aug 2006

    It has only been six months since Michael Lord was made head of the Financial Services Authority's small firms division with responsibility for mortgage arrangers but during that time he has made his presence felt in the industry. He has already made speeches at events such as the Manchester Mortgage Business Expo in May and the Mortgage Strategy Summit in Jerez in June.

  • Make base rate rise work for you

    14 Aug 2006

    An interest rate rise can bring in new business and also provide an opportunity for informed brokers to demonstrate the value of advice to existing clients, says Drew Wotherspoon

  • Marathon Money

    14 Aug 2006

    DUFFY'S DIRTY DOZEN

  • Marketing Brief

    14 Aug 2006

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

  • Marketwatch

    14 Aug 2006

    Swaps surged last week. The shorter rates increased by almost the full 0.25% increase of the previous week's base rate. While I had been expecting them to increase slightly, I thought markets had already priced the increase into swaps, as a base rate increase had been expected. With the base rate at 4.50%, having swaps at 5% seemed to show that this was the case.

  • MBS to reduce member charges

    14 Aug 2006

    Mortgage Broking Services is to reduce its member charges from October 1. Most regulated mortgages will now have a 40 charge and for insurance contracts there will be a charge of 10% of commission generated.

  • Me and My car

    14 Aug 2006

    I drive a BMW 330CI, which basically means a 3 series with no roof and a bit of oomph. I chose this car after owning an S class Mercedes for two years.The Mercedes gave off an air of wealthy comfort and moved along the road quietly and sedately. Unfortunately the build quality of the 70,000-plus car was less than satisfactory. And to put the icing on the cake, the attitude of the Mercedes company and its staff was not as helpful as I would have wished.As I'm a bit of a petrol ...

  • Moneyfacts warns of interest only mortgages

    14 Aug 2006

    Consumer may face longterm difficulties with interest only mortages, warns moneyfacts.co.uk.

  • Mortgage lending highest ever for July

    18 Aug 2006

    Gross mortgage lending reached 30.4bn in July, the highest ever figure recorded for that month.

  • Mortgage plc expands corporate development team

    14 Aug 2006

    Mortgages plc, the UK residential lender and wholly owned subsidiary of Merrill Lynch, has expanded its corporate development team through a number of internal promotions.

  • Mortgage Times induction course proves a hit

    14 Aug 2006

    The Mortgage Times Group had a successful August induction course for prospective appointed representatives in London recently.The two-day programme at Jury's Hotel in the capital was subscribed to capacity, with 48 brokers looking to join the MT network.MT's compliance department also gave tuition on the regulatory requirements necessary to operate a successful mortgage network, and on the practical and transparent way in which these are handled at its headquarters.

  • Mortgages up by 111% at PTFS

    17 Aug 2006

    Personal Touch Financial Services has released its six months trading figures, showing that mortgages is 111% up on H1 2005.

  • MSN continues to recruit ARs

    14 Aug 2006

    Mortgage Support Network has confirmed it is not one of the four networks recently forced by the Financial Services Authority to stop recruiting appointed representatives until they get their systems in order. MSN says it continues to recruit ARs and is hoping to add 100 firms to its network over the next year.

  • N&P appoints Spanish development manager

    16 Aug 2006

    Norwich and Peterborough has appointed Alan Butterworth as its Spanish development manager in the UK.

  • Network Data adds edeus to direct to lender panel

    17 Aug 2006

    Edeus are the latest addition to Network Data's direct to lender panel.

  • Networks can support all brokers

    14 Aug 2006

    With the threat posed by HIPs receding and demand for advice growing the outlook for brokers is bright and networks can support them, whether they are ARs or DA firms, says Sally Laker

  • New home prices

    14 Aug 2006

    New home prices fell last month by 1.6% from 258,581 to 254,374, says SmartNew Homes. com.

  • NR ups its rates

    14 Aug 2006

    Northern Rock has raised its variable mortgage rates after the Bank of England hiked the base rate.

  • Online proc fee offer from edeus

    14 Aug 2006

    Edeus is offering intermediaries who register with it online before its launch an extra 75 proc fee on business submitted before the end of the year.

  • Openwork runs lead generation pilot

    17 Aug 2006

    Openwork, the multi-tie network, is running a lead generation pilot with Nethouseprices.com, the UKs largest free listing sales and house valuation site.

  • Parents warned over buy-to-lets

    14 Aug 2006

    Parents are being warned to do their homework before investing in buy-to-let properties for children going to university.Around 83,000 of Britain's 2.6 million second properties are bought by parents for their student children.Lee Tillcock, editor of Business Moneyfacts, says: "The latest Business Moneyfacts survey confirms that almost 40 lenders would consider student lets, so there is certainly choice in the market, but encroaching legislation and other purchasing ...

  • Paul Rumbold quits Cheval

    18 Aug 2006

    Paul Rumbold, sales and operations director at Cheval Property Finance Plc is to leave the company because of personal reasons.

  • Pink sees big rise in business for MPLC

    14 Aug 2006

    Pink Home Loans has seen a substantial rise in packaged business for its lender partner Mortgages plc.Applications in June represented an increase of 155% compared with January's figures and a 61% rise compared with the same period last year.Pink's packaging department is working to a 24-hour turnaround on all new mortgage applications, post re-ceived and diary chasing.Elliott Stoneham, commercial director at Pink, says: "Our desire to offer brokers good service is paramount. ...

  • Platform appointment

    14 Aug 2006

    Platform has appointed Iain Dickson as divisional sales manager. He will be responsible for achieving targets based on volume, margin and product mix.

  • Platform loses two staff to Advantage

    17 Aug 2006

    Platform, the intermediary lender of Britannia, has lost two employees to Advantage.

  • PMPA sees rise in GMAC business

    14 Aug 2006

    Members of the Professional Mortgage Packagers Alliance have seen rise a in business from the GMAC-RFC Partners range.

  • PPI firms defend product

    14 Aug 2006

    Major players in the payment protection insurance market have defended the sector despite a damning report on it from the Office of Fair Trading.The OFT issued a report on the PPI market last week following a super-complaint from Citizens Advice last September.The report highlights numerous problems in the sector including poor product value, inflated profits, a lack of transparency in the sales process and problems for consumers trying to compare and contrast policies.But ...

  • Property website ditches selling fee

    14 Aug 2006

    www.mousesale.co.uk has cut out its fee for sellers, enabling vendors and buyers to carry out property transactions privately without the need for a traditional estate agent or a selling fee.

  • Proposal could see number of IVAs soar

    14 Aug 2006

    The number of individual voluntary agreements is set to soar next year under government plans to introduce Simple IVAs.IVAs are seen as an alternative to bankruptcy whereby debtors agree to pay a proportion of their debts to creditors. Typically, this is at least 25%, with an agreed payment every month.But banks have just reported bad debts of billions, with 2.6bn being attributed directly to customers. This has been blamed on relaxed bankruptcy laws and the rise in IVAs.Measures ...

  • RAMP adds Advantage to its panel

    15 Aug 2006

    The Regulatory Alliance of Mortgage Packagers has appointed Advantage to its panel.

  • Recruitment drive

    14 Aug 2006

    Guaranteed and Genesis Home Loans are taking on four staff for key management positions, including head of packaging.

  • Risk Placement Services acquires SRB

    16 Aug 2006

    Risk Placement Services has acquired the assets of rival Special Risks Bureau to create a single specialist insurance platform for the IFA market.

  • RMARs may be waste of time

    14 Aug 2006

    Brokers may be wasting time and money completing their Retail Mediation Activities Returns because the Financial Services Authority is unable to fully use the information collected.Michael Lord, head of the Financial Services Authority department responsible for supervising small mortgage firms, says common errors in the RMAR means it doesn't have enough assurance about the quality of the data to use it fully. He adds: "Common errors include firms saying they are exempt ...

  • safetyfirst.co.uk launches flat rate income protection

    14 Aug 2006

    safetyfirst.co.uk has launched a flat rate income protection product that promises to make a massive impact on the income protection market.

  • Salans slams EPC

    17 Aug 2006

    Salans, the brokers specialist conveyancer, has launched a rallying cry for the government to remove the Energy Performance Certificate from the Home Information Pack to create a workable version of the HIP.

  • SAVA and Simply HIP team up for new venture

    18 Aug 2006

    Home Information Pack provider Simply HIP and training and assessment centre SAVA are to offer the property industry access to the largest group of home Inspectors and energy inspectors in England and Wales it says. The joint venture company, to be called the 'SAVA Business Exchange', willbe 50% owned by SAVA and 50% owned by Simply HIP, part of the SimplyConveyancing group.

  • Savills launches two exclusive lifetime trackers

    15 Aug 2006

    Savills Private Finance has launched a lifetime tracker product which is 0.19% over bank base rate for life giving a pay rate of 4.94%.

  • Scarborough plans specialist brand

    14 Aug 2006

    Scarborough is to launch a specialist lending brand called Scarborough Specialist Mortgages offering prime to heavy adverse deals.The society is following in the footsteps of others that have launched specialist brands, such as the Derbyshire's Salt range.The range, which also includes specialist buy-to-let products, will initially be available to a select group of packagers and Scarborough's existing key players.John Carrier, chief executive at Scarborough, says: "These ...

  • Secured loan firm signs up to MortgageStream

    14 Aug 2006

    Secured Loans Solutions has signed up to MortgageStream following the launch of its secured loan module.The MortgageStream secured loan facility was rolled out to 1,500 users last month, aiming to simplify the sales process for regulated and unregulated secured loans. Paul Holden, sales director at MortgageStream, says: "We have created a module that automates many of the elements involved in the sale of secured loan products and that cuts the hassle of the process."

  • Small companies can look after themselves

    14 Aug 2006

    Doesn't Mortgage Day seem a long time ago? But think back to what was the focus of those firms that wanted to be principals.

  • Societies donated 5.8m last year

    14 Aug 2006

    The Building Societies Association has revealed that 5.8m was donated to various causes through affinity accounts in 2005. The figure comes from the first research conducted into affinity accounts.

  • Some salutary lessons for borrowers

    14 Aug 2006

    After the heatwave, as I write this column the increasing amount of cloud outside reflects the gloom of the financial news.

  • Spring Move deal on HIPs

    14 Aug 2006

    Home sellers can benefit from a 'no sale, no fee' deal on Home Information Packs from Spring Move.

  • Standard Life relaunches discount gift plan

    18 Aug 2006

    Standard Life is to relaunch its discounted gift plan on Friday 18 August.

  • Statistics that mean less than facts

    14 Aug 2006

    They say bad news comes in threes so after a surprise base rate rise and the press awash with stories around the explosion in individual voluntary arrangements, what are we to expect next? Affordability crisis as personal debt soars, perhaps?

  • Swift completes sales team

    14 Aug 2006

    Swift has appointed Graeme Wade as regional account manager for the south of England. This completes the sales team which consists of four regional managers and Brian West looking after national accounts.

  • The Mortgage Mole

    14 Aug 2006

    Monty's music Mole knows round table lunches are usually off the record, but the gossip from our most recent event is just too juicy for Mole to keep to himself. Ignoring Quantum boss Jonathan Burridge's comments that he likes to be called Doreen of an evening, Mole uncovered the secret musical past of Cobalt's Andrew Montlake after B&B's Jessica Bigus let slip that she was in possession of one of a limited-edition run of 10 CDs that Monty cut some years back.Indeed ...

  • Tipton and Coseley pass on 0.25% increase

    17 Aug 2006

    The societys standard variable mortgage rate will increase by 0.25% from September 1, 2006.Tipton & Coseley is to pass on the 0.25% increase in full on every tier of every variable rate account. Chris Martin, chief executive at Tipton & Coseley, says: We are intent on providing our members with a safe and secure home for their savings combined with competitive returns. This move will ensure that we continue to do so.

  • TMB revamps range

    15 Aug 2006

    TMB has revamped its self-cert, house to house and multi buy-to-let products.

  • Torys plan to "revolutionise" towns and cities

    17 Aug 2006

    The Conservative party is expected to propose revolutionising the way towns and cities look and feel by enabling local people to create mixed-use urban villages when regenerating their suburban housing estates. These urban villages will mix homes with employment uses, rented and freehold properties and would be developed so that all the key facilities would be within easy walking distance. A paper written by Mark Prisk, a shadow minister and chartered surveyor, is being ...

  • Twice as many holiday homes in five years

    14 Aug 2006

    The number of holiday homes could double in the next five years, says Halifax Estate Agency.Around 3.5 million UK citizens now own holiday homes and the UK is the most popular country for Brits to buy second homes in.Halifax says almost 28% of people have their second properties in this country, with Spain being the second most popular place to buy.It says 7% of UK citizens are likely to purchase a holiday home in the next five years and this could double the number of second ...

  • UCB Home Loans increases variable rates

    14 Aug 2006

    UCB Home Loans is to increase its variable rates by 0.25% for both new and existing borrowers from September 1 2006 following changes to the Bank of England Base Rate. Its flexible variable rate is now 7.04%, its investment flexible variable rate is now 7.04%, its loyalty variable rate is 6.64% and its self-cert variable rate is 7.64%.

  • We must keep the big picture in mind

    14 Aug 2006

    People seem to be getting used to the idea that Home Information Packs will not include compulsory Home Condition Reports. The general opinion seems to be that this is a good thing and people are certainly not as hostile towards HIPs as they were a few weeks ago.

  • West Brom offers online DIPs

    14 Aug 2006

    West Brom for Intermediaries is providing brokers with access to decisions in principle via Trigold's E-Trading Centre.

  • Westhill issues Bulgarian property guide

    14 Aug 2006

    UK-based property Westhill Investments has issued a buyers' guide for potential investors in the Bulgarian property market.

  • When it comes to freedom, Ireland leaves England without a leg to stand on

    14 Aug 2006

    By Godfrey Furlong

  • When the regulator gets it wrong

    14 Aug 2006

    The Complaints Commissioner deals with complaints about the the FSA and the regulator has modified several of its processes based on its findings, says Bill Warren

  • Wriglesworth should get out into the real mortgage world

    14 Aug 2006

    From Ian Rogers Regarding a news story in your July 31 edition headlined 'Potential FTBs save too little for deposits', you should know that we at Cams had a really good laugh at the piece, especially at the contribution of John Wriglesworth who clearly comes from the planet Zog. We straw poll our leads for first-time buyers. This is part of the package offered by paaleads. Our normal conversion rate is around 55%. If they don't fit Northern Rock's Together range there's not ...

Poll

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

Current Issue

Lending Zone
petitions
debate
Define Advice
Advanced search