Mortgage Strategy
14 January 2008

  • 15 million Brits financially unprepared for change

    14 Jan 2008

    Around 15 million Brits suffered a financial hit as a result of being unprepared for big life changes over the last two years, says new research from Abbey Mortgages.

  • A&L to focus on underwriting team

    14 Jan 2008

    Alliance & Leicester will consider setting up a specialist underwriting team for complex cases as part of its focus on service in 2008.Director of intermediary sales Mark Blackwell says: "You won't see us leading the charge on deeply discounted fixed rate or variable deals. Decisions in prime lending will be crucial."

  • Abacus Permanent adds SPML to its lender panel

    18 Jan 2008

    Abacus Permanent, the branded lender division of moneysupermarket.com, has added Southern Pacific Mortgages Limited to its panel.

  • After the instability of the market in 2007, what is the outlook for house prices this year??

    14 Jan 2008

    Our experts think the strong economy will prevent a crash in house prices and one even expects 5% growth as demand continues to outstrip supply

  • Alexander Hall adopts The Key

    14 Jan 2008

    Alexander Hall has adopted Mortgage Brain's sales and compliance software The Key. Andy Pratt, chief operating officer at Alexander Hall, says: "Our choice of The Key was driven by our need for an integrated solution."

  • AMPD appoints product manager

    14 Jan 2008

    The Alliance of Mortgage Packagers and Distributors has appointed Liza Campion as lender relationship and product manager.

  • AToM launches secured loan range

    14 Jan 2008

    All Types of Mortgages is launching a new secured lending product range and giving brokers the chance to earn an extra 10% on proc fees.

  • Average house price down to £218,330 in November

    14 Jan 2008

    The average house price dropped nearly £2000 in November to £218,330, the Department of Communities and Local Government has revealed.

  • Barclays Capital head loses job

    14 Jan 2008

    Grant Kvalheim, co-president of Barclays Capital, has lost his job. Barclays recently revealed sub-prime write-downs of almost £1.5bn, the losses mainly concentrated in Kvalheim's division. It pioneered an investment vehicle that invested commercial paper in sub-prime debt.

  • Barclays unveils secured loans arm

    14 Jan 2008

    Barclays has launched Fair & Square as a direct-to-consumer secured loans lender, offering typical rates of 6.9% APR on loans from £10,000 to £150,000.

  • Barton Gold joins Paradigm

    14 Jan 2008

    Barton Gold has joined Paradigm Mortgage Services, pushing the number of Paradigm members to more than 250.Barton Gold's 80 directly authorised broker members produce more than £750m worth of business each year through the club.

  • BCC calls for February interest rate cut

    17 Jan 2008

    The British Chambers of Commerce is calling for lower interest rates in February, citing falling home sales and confidence as contributing factors to economic hardship at the end of last year.

  • Bear Stearns boss quits after 15 years at helm

    14 Jan 2008

    James Cayne has relinquished his position as chief executive of Bear Stearns, ending his reign as Wall Street's longest serving boss.

  • Beardshaw takes up SPML role

    16 Jan 2008

    Richard Beardshaw has taken up his position as director of sales at Southern Pacific Mortgages Limited.

  • Blackandwhite brokers ponder future

    14 Jan 2008

    A number of self-employed brokers at Blackandwhite.co.uk are considering their future in an alleged pay dispute.

  • Blair to advise JP Morgan

    14 Jan 2008

    Former Prime Minister Tony Blair is to become a part-time adviser to JP Morgan. It is thought he will provide political and strategic advice to the US bank.

  • BoA will buy Countrywide

    14 Jan 2008

    Bank of America confirmed a $4bn deal to buy stricken US lending giant Countrywide last Friday.

  • Branson remains confident of Rock rescue

    18 Jan 2008

    Sir Richard Branson has moved to stave off fears over the nationalisation of Northern Rock by saying he is still confident of a rescue.

  • Britishinsurance.com poised for takeover

    14 Jan 2008

    BritishInsurance.com is expec-ted to be snapped up by a European buyer within a month, Mortgage Strategy can exclusively reveal.

  • Brokers can benefit from jet-to-let

    14 Jan 2008

    Over 250,000 Britons have overseas properties and the sector is growing so brokers should look at ways to tap into this lucrative income stream, says Mark Harris

  • Brokers to exploit EU equity release

    14 Jan 2008

    UK brokers are best placed to cash in on the Continent-wide pool of equity release business that will be opened up by the European Commission's mortgage White Paper.

  • Brokers won't fall for green gimmicks

    14 Jan 2008

    There are some shocking financial services advertisements to be seen at the moment, none more cringeworthy than HSBC's.

  • Buy-to-let is set to be the big winner in 2008

    14 Jan 2008

    With the Christmas lull behind us and the new year in full swing, it's time to turn our attention to the marketplace and look forward to the opportunities that lie ahead for brokers in 2008.

  • Buy-to-let poised for boom

    14 Jan 2008

    The buy-to-let market is set to soar this year, with 94% of investors expressing confidence in tenant demand re-maining high or rising, according to two recent surveys.

  • c2 extends proc fee guarantee

    14 Jan 2008

    c2 financial is extending its procuration fee guarantee to all UK mortgage brokers it has said.

  • CAB attack on sub-prime was inaccurate and unwarranted

    14 Jan 2008

    I was amazed to read about the Citizens Advice Bureau's recent attack on sub-prime (Mortgage Strategy Online). I'm sure I could write a similar article about the failure of the CAB to help consumers in many areas.

  • Capon leaves Salt

    14 Jan 2008

    Tony Capon, one of the founders of Salt Residential, has announced his retirement from the lender at the end of February.

  • Card games

    14 Jan 2008

    Mole couldn't help but snigger last week on hearing of an unfortunate turn of events at Barclays' credit card division.

  • Change at the top of network table

    14 Jan 2008

    Mortgage Times has displaced Network Data at the top of the mortgage network tree at the end of a year that saw a 14% rise in the number of appointed representative firms, says Richard Griffiths

  • Changes to FSA top brass

    14 Jan 2008

    The Financial Services Authority has overhauled its director positions. Stephen Bland, currently director of small firms, has been made director of wholesale firms. Bland, who will continue to lead work on the Retail Distribution Review, will succeed Thomas Huertas, who has been made banking sector leader. Sally Dewar will become managing director of wholesale, succeeding Hector Sants who became FSA chief executive in July 2007. Dewar, currently director of markets, will also join the ...

  • Church provides help with debt management

    14 Jan 2008

    The Church of England is hoping to provide financial salvation to consumers struggling under the weight of Christmas debt.

  • Citigroup posts $9.3bn net loss

    15 Jan 2008

    US banking giant Citigroup has reported a $9.83bn (£5bn) net loss for the last three months of 2007.

  • Citigroup posts Q4 net losses of $9.83bn

    15 Jan 2008

    Citigroup has revealed losses of $9.83bn in Q4 2007 as a result of significant sub-prime write-downs.

  • Complete expands broker updates to cover niche areas

    16 Jan 2008

    Complete Mortgage and Loan Services has extended the scope of its weekly emailed product alerts, following the success of its “Buy-to-let Wednesday” email alerts introduced in 2007.

  • Complete nears the end of free valuations promo

    14 Jan 2008

    Complete Mortgage and Loan Services is reminding brokers that this is the last chance to take advantage of its free valuations offer on buy-to-let, self-cert, prime and sub-prime products.

  • Consumer groups slam Banking Code

    14 Jan 2008

    Consumer groups have slated recent changes to the Banking Code, saying they do not go far enough.

  • Consumers urged to use solicitors for HIPs

    18 Jan 2008

    The Law Society is kicking off a media campaign to urge consumers to use solicitors when they create Home Information Packs.It is aimed to coincide with a major press advertising push later this month by the Department of Communities and Local Government on sellers' legal obligations to provide HIPs.The society will target consumer and regional media to inform sellers of the benefits of using a solicitor to ensure that their HIPs are compliant with the conveyancing process.

  • Conveyancing is stuck in the past and needs an overhaul

    14 Jan 2008

    I write regarding the recent analysis piece on automated valuation models (Mortgage Strategy January 7).

  • Conveyancing website offers fees

    14 Jan 2008

    Brokers are being offered a minimum fee of 110 to submit cases via onlyconveyancing. com. The Only Group has launched the conveyancing website to help brokers get instant quotes for legal costs related to buying, selling and remortgaging.

  • Court orders could stall debt collectors

    17 Jan 2008

    The government has unveiled proposals to allow people struggling with multiple low value debts to temporarily stall debt collectors with a court order.

  • Curriculum Vitae: John Cupis

    14 Jan 2008

    "I had to take my work to an all-female typing pool. I was a lamb to the slaughter"

  • Darling hits out at NR's lack of plan B

    15 Jan 2008

    The chancellor Alistair Darling has hit out again at the directors of Northern Rock for their lack of planning of a potential market downturn.

  • Darling's last stand

    14 Jan 2008

    Chancellor Alistair Darling's proposed bank insolvency regime designed to head off another Northern Rock fiasco could be his last chance to dodge a shoot-out with his growing band of critics, says Marcel Le Gouais

  • DB Mortgages confirms Dudgeon redundancy

    18 Jan 2008

    DB Mortgages has confirmed the redundancy of Bill Dudgeon.

  • DB Mortgages rumoured to have ousted Dudgeon

    17 Jan 2008

    Mortgage Strategy can exclusively reveal that DB Mortgages is understood to have ousted its managing director, Bill Dudgeon, among a raft of redundancies at the firm.This follows 38 redundancies at Vertex related to the still active DB account.The lender is thought to have been suffering since it pulled its line of mortgages in September and refused to honour any pipeline business.The line was replaced with a range with a £250,000 maximum loan size and prime LTVs of 90%.

  • DB outsourced staff cut by 38

    14 Jan 2008

    Outsourcing firm Vertex has made 38 redundancies on its DB Mortgages account in the lender's regional underwriting, sales and marketing departments. A spokeswoman for DB says: "We remain the residential mortgage origination arm of Deutsche Bank and our business plan in 2008 will reflect market conditions."

  • DCLG guidelines to speed up property searches

    18 Jan 2008

    Government guidelines could help eliminate discrepancies between what councils charge and how long they take to provide property searches.

  • Dear Delia...

    14 Jan 2008

    Dear Delia Jason and Ruth want to buy a property for £185,000. Their combined income is £56,000 and they have a car loan that costs £180 a month. By selling their existing home they can raise a deposit of £19,000. Ruth has an outstanding County Court judgement registered in 2006 for £400 and they missed a mortgage payment in January 2007. They have been declined a mortgage by their existing high street lender so what are their options?

  • Dear strategy ... - 14 January 2008

    14 Jan 2008

    Here in India the media constantly focusses on the Chindia economic explosion. With populations of one billion each, China and India represent huge growth opportunities for international businesses.

  • Don't ask me, I'm as confused as you

    14 Jan 2008

    Is there going to be a housing crash this year or not? Are house prices going up, down or staying the same? Do we need another base rate cut? These are all questions that need answering but if the so-called experts don't know the answers, what chance do us mere mortals have?

  • Don't mix religion into the debt debate

    14 Jan 2008

    Things aren't so bad that we need to turn to God for a miracle to rescue us from financial catastrophe, are they? Let's hope not, especially if it's going to be the ever so nice but slightly twee Archbishop of Canterbury guiding our prayers to heaven.

  • Doom mongers are wrong about B2L

    14 Jan 2008

    The end of one year and the beginning of another always brings forth a host of reviews followed by a rash of predictions.

  • Elephant halves staff headcount

    15 Jan 2008

    Elephant Loans & Mortgages has revealed its staff headcount has halved over the past three months through a mixture of redundancies and voluntary departures.

  • Energy saving not important for London buyers

    14 Jan 2008

    Energy-saving features are the least important factor for two in three London buyers when choosing a property, a survey by Hamptons International has revealed.

  • Ernst and Young reports six year high in company profit warnings

    14 Jan 2008

    Ernst and Young has unveiled a jump in company profit warnings, with 384 issued in 2007.

  • Estate agents shy away from HIPs

    14 Jan 2008

    Estate agents want to distance themselves from Home Information Packs but want their HIP providers to reflect well on them, a study from LMS Conveyancing reveals. They want to concentrate on marketing properties.

  • Europe's top four economies demand coordination

    18 Jan 2008

    Europe's top four economic ministers have called for co-ordination in the fight against economic instability.

  • Experts slam report's gloomy economic prediction

    14 Jan 2008

    Industry leaders have criticised a report by the World Economic Forum that claims there is a 10% to 20% risk of recession in the UK as a result of plummeting house prices.

  • Expo Belfast to focus on education and opportunity

    14 Jan 2008

    The first Mortgage Business Expo Belfast is set to focus on education and opportunity.

  • Fed denies US recession in 2008

    18 Jan 2008

    The Federal Reserve has denied rumours that the US is headed for recession.

  • Fitch supports Lehman loan modification proposals

    15 Jan 2008

    Fitch Ratings has advocated Lehman Brothers' plans to develop a loan modification programme for its residential mortgage backed securities.

  • FSA fines lender £1.1m

    16 Jan 2008

    The Financial Services Authority has fined HFC Bank £1.1m for improperly selling payment protection insurance.

  • FSA should stop preaching and focus

    14 Jan 2008

    Contrary to popular belief, it's easy to name five famous Canadians - Diana Kraal, Leonard Cohen, Oscar Peterson, Bryan Adams and Marshall McLuhan. OK, you'll have recognised the first four as they are all musicians but Marshall McLuhan - who the hell is he?

  • FSA surgeries to help small firms

    14 Jan 2008

    The Financial Services Authority kicks off a series of surgeries in the south of England next month to support small firms' efforts to comply with its regulations.

  • FSA's ban on broker could herald trend in 2008

    14 Jan 2008

    The broker banned from the mortgage industry last week for using fake documents to falsify client applications could be the first of many this year, a compliance expert has warned.

  • FSSC appoints chairman

    15 Jan 2008

    The Financial Services Skills Council has appointed Roy Leighton as chairman.

  • Government drafts in former insurance chief for Rock nationalisation role

    14 Jan 2008

    The former head of Lloyd's of London, Ron Sandler, has been drafted in to lead Northern Rock if it is nationalised.

  • Green shoots of recovery emerge

    14 Jan 2008

    Not before time, the mortgage market saw some positive signs last week, including US investment giant Goldman Sachs snapping up Money Partners from South African firm Investec.

  • Half price January sale at Leadbay

    17 Jan 2008

    Leadbay has reduced the price of leads sold through its Leadbundles.co.uk website by 50% for the rest of January. The promotion takes effect from today and will cover every Leadbundle sold for the rest of the month.

  • Hard sell is bad news for the indebted

    14 Jan 2008

    While most of us were eating mince pies and watching reruns of Only Fools and Horses over Christmas, others were applying for loans.

  • HIPs are go at last

    14 Jan 2008

    After months of uncertainty HIPs were extended to all properties on December 14, but is this a good or bad thing? Our experts provide their insights

  • Holiday home sharing scheme

    14 Jan 2008

    Assetz has launched a property share scheme to allow up to four consumers to share a stake in a holiday home. Buyers using the scheme are entitled to use the property for up to three months a year on a rotational basis, during which time they can either occupy their property or rent it out.

  • House prices falling at fastest rate since 1992

    16 Jan 2008

    Property prices are falling at rates not seen since the 1990s housing recession, the Royal Institution of Chartered Surveyors has warned.

  • Identity crisis

    14 Jan 2008

    Agius wasn't alone in his embarrassment last week. Loudmouthed Top Gear presenter Jeremy Clarkson was forced to eat an extra large slice of humble pie after a cocky stunt backfired.

  • IMLA condemns FSA position on RDR

    15 Jan 2008

    The Intermediary Mortgage Lenders Association, has come out fighting against any implementation of the Financial Services Authority’s proposals set out in the Retail Distribution Review without a proper assessment of their impact upon the UK mortgage market. IMLA says the RDR proposals for the investment market will impact on the mortgage market and for any such proposals to be introduced without proper evaluation represents “market change by stealth” which could “seriously damage ...

  • IMLA slams irresponsible RDR

    15 Jan 2008

    The Intermediary Mortgage Lenders Association has slammed the Financial Services Authority’s proposals for the Retail Distribution Review as bordering on “irresponsible”.

  • Industry pundits must tackle doom mongers and give the public the facts

    14 Jan 2008

    Having just read the latest edition of Mortgage Strategy, I wish to applaud Mike Culhane and Alan Cleary for standing up to the doom mongers.

  • Inflation a priority, says ECB chairman

    14 Jan 2008

    Jean-Claude Trichet, chairman of the European Central Bank, says the ECB will tackle inflation in 2008 and warns the world's banks that there's no room for complacency on the issue.

  • Insynergi and Home Buyer launch protection workshops

    14 Jan 2008

    Home Buyer Systems, an integrated mortgage and general insurance system, has launched a one-day protection workshop in partnership with Insynergi.

  • Interbay Commercial announces next round of seminars

    14 Jan 2008

    InterBay Commercial has announced the schedule for its next series of seminars, due to commence on January 29 in Bristol. The seminars are free and designed to provide dedicated, tailored advice to intermediaries seeking to diversify or grow their current business portfolio.

  • Investors admit credit crunch could turn into global recession

    17 Jan 2008

    Institutional investors are acknowledging for the first time that the credit crunch could lead to a global recession, according to a Merrill Lynch Survey of Fund Managers for January.

  • IVA.com sees 67% surge in enquiries

    14 Jan 2008

    IVA.com has reported a 67% surge in enquiries for individual voluntary arrangements this January compared to December.

  • Jobs at risk at LSM

    15 Jan 2008

    London Scottish Mortgages has confirmed that a number of staff are in consultation over their future employment at the firm.

  • John Charcol eyes 5% share of broker market

    14 Jan 2008

    John Charcol is eyeing a 5% share of the UK brokerage market following news last week that it has put itself up for sale.

  • John Charcol replicates L&C fees-free model

    17 Jan 2008

    John Charcol has launched a fees-free telephone mortgage advice service in a bid to take on London & Country - currently the UK’s largest fee-free brokerage.

  • Just Retirement warns on profits

    14 Jan 2008

    Just Retirement warns there is likely to be a shortfall in profits in its full-year results. The equity release provider says it expects the value of its new business to be down for the 12 months to June 30 2008 due to a weakening market and the impact of base rate movements.

  • Kevin Friend to join top consumer website

    14 Jan 2008

    Kevin Friend has been appointed strategic partnerships director at leading consumer website Mortgages.co.uk.

  • Leadpoint offers 500 free leads

    14 Jan 2008

    LeadPoint is giving away 500 free leads in January.

  • Lehman insists 1,300 job cuts won't affect UK

    18 Jan 2008

    Lehman Brothers insists its plans to axe 1,300 mortgage jobs are limited to the US and will not affect its UK business.

  • Lenders told to pass on cuts

    14 Jan 2008

    Lenders are under pressure from the government to pass rate cuts on to borrowers.

  • Let lenders sort out their own mess

    14 Jan 2008

    Fixing the chaotic situation in the US sub-prime sector should be left to the financial institutions that created the problem in the first place, says Paul Muolo

  • Let's add value in everything we do

    14 Jan 2008

    Here we are again - a new year with new ideas, good resolutions and a fresh outlook. Last year was challenging to say the least and I for one was not sorry to say goodbye to it and get stuck into what will hopefully be a better 2008.

  • Let's keep London a low-rise city

    14 Jan 2008

    To allow high-rise blocks to be built all over London would be inappropriate and render the existence of conservation areas pointless, says Simon White

  • Lib Dems slam Brown for negligent lending practices

    16 Jan 2008

    Prime Minister Gordon Brown has been slammed for allowing "grossly irresponsible lending practices".

  • London Scottish withdraws from secured loan market

    15 Jan 2008

    London Scottish Mortgages has suspended its secured loan business until further notice.

  • Lose weight the mortgage market way

    14 Jan 2008

    It's time for new year's resolutions and in 2008 I'm going to battle the bulge and lose weight. No, really. Granted, my track record on this is as good as a Northern Rock risk assessment analysis, but if I don't shed the pounds this year, I intend to fall on my sword.

  • LSM suspends new first charge applications

    17 Jan 2008

    London Scottish Mortgages has stopped accepting new first charge mortgage applications, but denied rumours it has pulled out of the residential mortgage market altogether.

  • Majority of lenders against RDR for mortgage market.

    16 Jan 2008

    Nearly two-thirds of lenders do not believe that the Retail Distribution Review should be extended to cover the mortgage market.

  • Market Watch 14 January 2008

    14 Jan 2008

    Swaps fell significantly last week. Two-year swap rates were about 0.5% down on where they were seven weeks ago. But we've yet to see anything like this in terms of reductions to fixed rate products and I doubt we will until the liquidity crisis abates.

  • Merrill bolsters balance sheet with $6.6bn share issue

    16 Jan 2008

    Merrill Lynch has moved to bolster its balance sheet by issuing $6.6bn of convertible preferred shares.

  • Merrill bosses depart firm

    14 Jan 2008

    Mortgage Strategy Online exclusively revealed last week that Daniel Pace, head of Merrill Lynch's global structured finance and investments division, and Olivier DeFaux, director of consumer, principal and strategic investments, had left the bank.

  • Merrill issues $6.6bn preferred shares

    16 Jan 2008

    Merrill Lynch has moved to prop up its balance sheet, ahead of revealing its Q4 and full year results tomorrow, by issuing $6.6bn of convertible preferred shares.

  • Merrill Lynch reveals $8.6bn net loss for 2007

    17 Jan 2008

    Merrill Lynch has today reported a $8.6bn net loss from continuing operations for 2007.

  • Mortgage Next launches discounted buy-to-let product

    18 Jan 2008

    Mortgage Next has launched a buy-to-let mortgage with a rate discounted by 0.96% to 6.29% for two years.

  • Mortgage Next launches two year buy-to-let range

    18 Jan 2008

    Mortgage Next has launched a buy-to-let mortgage with a rate discounted by 0.96% to 6.29% for two years.

  • Mortgage Next offers quick valuations

    15 Jan 2008

    Mortgage Next is offering mortgage advisers a way to check property valuations quickly and easily to ensure clients’ estimated valuations are realistic.

  • Mortgages for Business expands B2B operation

    14 Jan 2008

    Mortgages for Business is expanding its business to business operation and has hired Steve Thompson as commercial consultant.

  • MPC takes flak for base rate hold

    14 Jan 2008

    Industry experts have criticised the Monetary Policy Committee's decision to hold the Bank of England base rate at 5.5% last week. Colin Bell, director of InterBay Commercial, says: "After a Christmas of lower spending by consumers, confidence is unlikely to be improved by a base rate freeze."

  • MS announces inaugural B2L Summit in March

    14 Jan 2008

    Mortgage Strategy will host its inaugural Buy-to-let Summit at the exclusive Four Seasons Hotel in Hampshire (pictured) on March 13 and 14.

  • N&P slashes three-year fixed rates

    14 Jan 2008

    Norwich & Peterborough is cutting rates by up to 85 basis points on its three-year fixed rates, with immediate effect.

  • NatWest bolsters buy-to-let offering

    17 Jan 2008

    NatWest is broadening its buy-to-let proposition by raising the maximum number of properties in a portfolio it will accept from five to 10.

  • NatWest International urges Spanish property owners to seek advice

    14 Jan 2008

    NatWest International has warned overseas property owners to get legal advice after reports that the Spanish government is demolishing illegally-built homes.

  • NLA calls for tenancy renewal fees to be abolished

    14 Jan 2008

    The National Landlords Association has launched a campaign against tenancy renewal fees, calling for them to be abolished.

  • No siren song from maligned lenders

    14 Jan 2008

    Lib Dem leader Vince Cable says irresponsible lenders have lured clients onto the rocks of financial ruin but his comments are way off the mark, says Sally Laker

  • Northern Rock appoints non-exec director

    18 Jan 2008

    Northern Rock has appointed former Britannic Group chief executive Paul Thompson as a non-executive director.

  • Northern Rock completely reliant on £25bn BoE loan

    15 Jan 2008

    Northern Rock’s chairman has revealed the bank has become completely reliant on the Bank of England and the Treasury to continue to trade.

  • Northern Rock delays publishing results

    17 Jan 2008

    Northern Rock's annual results will be published later than planned in Q1, due to delays enforced by the bank’s search for a private rescue.

  • NR chairman says bank can be saved

    15 Jan 2008

    Northern Rock's chairman has told shareholders that the bank can still be brought back from the brink and recover from its current crisis.

  • NR sells loan book to JP Morgan

    14 Jan 2008

    Northern Rock is attempting to repay part of its Bank of England loan with the sale of a £2.2bn mortgage loan book to US banking giant JP Morgan. NR plans to sell its portfolio of lifetime equity release mortgages to the bank. The portfolio comprises about 2% of NR's total assets. As part of the deal, NR will service the portfolio and originate lifetime loans to its balance sheet.

  • Optoma adds igroup to lender panel

    18 Jan 2008

    Optoma Broker Solutions has added igroup to its lender panel.

  • Packagers buck trend by taking on staff

    14 Jan 2008

    Packagers defied the market turmoil last year as they continued to recruit despite the redundancies and company closures seen elsewhere in the mortgage sector.

  • Paragon rights issue hits shares

    14 Jan 2008

    Paragon Mortgages has kicked off a heavily discounted £287m rights issue. The buy-to-let lender requires funding for short-term working capital. Its share price plummeted nearly 38% to 63p at the time of writing.

  • Paragon to cease new lending at end of February

    18 Jan 2008

    Paragon Group has revealed it will have to cease new lending from February due to funding problems.

  • Paragon to raise £287m through rights issue

    14 Jan 2008

    Paragon has launched a discounted rights issue to raise £287m additional capital from its existing shareholders.

  • Park life

    14 Jan 2008

    Gus Park, director of intermediary sales at Mortgage Ex-press, plans to hop on the new age fitness bandwagon by enroll-ing in yoga classes.

  • Personal attack a sign that the argument's been lost

    14 Jan 2008

    I was interested to read Thomas Reeh's letter (Mortgage Strategy January 7) in response to my missive in the December 10 issue. My initial comment would be to quote Michael Winner and say "Calm down dear!"

  • Plan to make the best of tough times

    14 Jan 2008

    I've been back at work for a couple of weeks now and it feels as though the Christmas break never happened.

  • Platform makes full apps available on MTE

    15 Jan 2008

    Platform, has made its mortgage application form available on the Mortgage Trading Exchange in addition to its key facts illustration and agreement in principle capability.

  • Platform offers full applications on MTE

    15 Jan 2008

    Platform has launched its full mortgage application form on the Mortgage Trading Exchange.

  • PM hints that Rock nationalisation may be necessary

    16 Jan 2008

    Prime minister Gordon Brown has given the strongest hint yet that Northern Rock may be nationalised.

  • PMS hits 2007 mortgage goals

    14 Jan 2008

    Premier Mortgage Service has hit its 2007 lending targets, despite experiencing lower than expected business in Q4.

  • Premier Network Group unveils new website

    16 Jan 2008

    Premier Network Group has launched its website, PNGlimited.com.

  • Prestbury links up with Uinsure

    14 Jan 2008

    Prestbury is linking up with insurance solution provider Uinsure for buildings and contents and mortgage payment protection insurance.

  • Prestbury links with Uinsure

    14 Jan 2008

    Prestbury is linking up with insurance sourcing provider Uinsure to provide buildings and contents and mortgage payment protection insurance. Kevin Sample, national sales director at Prestbury, says: "We chose to work with Uinsure because its online service offers brokers a panel of competing insurers."

  • Prestige ramps up broker support

    14 Jan 2008

    Prestige, the Hertfordshire-based secured loans lender, is bolstering its broker support ahead of changes due to the Consumer Credit Act in April.

  • Prestige staff may face charges

    14 Jan 2008

    Staff at defunct packager Prestige Acceptance could face criminal charges under the Data Protection Act 1998.

  • Propertyfinder.com names new CEO

    16 Jan 2008

    Propertyfinder.com has appointed former MSN manager Gillian Kent as chief executive officer.

  • PTP launches Scotland-based franchise partner

    17 Jan 2008

    Personal Touch Packaging has launched its sole franchise partner in Scotland.

  • PTP launches Scottish franchise

    17 Jan 2008

    Personal Touch Packaging has launched a franchise in Scotland.

  • Pundits must tell brokers the truth

    14 Jan 2008

    I note with interest the Intermediary Mortgage Lenders Association's recent warning about in-dustry commentators making negative predictions about the housing market in 2008. IMLA is worried they risk feeding a "spiral of worsening sentiment".

  • RBS Intermediary Partners cuts First Active rates

    17 Jan 2008

    RBS Intermediary Partners will cut the rates on two of its First Active two-year fixed rate remortgages from Monday.

  • RBS joins Paradigm lender panel

    15 Jan 2008

    RBS Intermediary Partners has joined the Paradigm Mortgage Services lender panel.

  • Readers split on gaining equity release skills

    14 Jan 2008

    Mortgage Strategy Online readers are evenly split on whether they will add equity release to their skills set in 2008.

  • Regulator's new powers have the wrong focus

    14 Jan 2008

    We've been keeping a close eye on the markets for months, waiting anxiously for signs that normality is about to return.

  • Remortgaging slumped 21% at end of 2007

    14 Jan 2008

    A 21% slump in remortgaging from October to November has been described by industry pundits as the natural result of a tightening market.

  • Retirement Plus revamps home reversion plans

    18 Jan 2008

    Retirement Plus has revamped its Property Plan home reversion product and called it the Classic Property Plan.

  • Retirement Plus revamps Property Plan

    17 Jan 2008

    Retirement Plus has renamed its Property Plan product the Retirement Plus Classic Property Plan and overhauled its product criteria.

  • Reversion sees regulatory dividend

    14 Jan 2008

    During 2007 I looked at the structure of some home reversion products in the market. During the year we saw an increase in these products' popularity and this trend is set to continue in 2008.

  • Rightmove revenue rockets 69%

    14 Jan 2008

    Online property company Rightmove expects revenues to be 69% higher, at £56.7m, for 2007.

  • Rock "desperate" to see Goldman Sachs report

    16 Jan 2008

    Northern Rock's chief executive has said the board is "desperate" to see Goldman Sachs' report on the bank's future.

  • Rock EGM results - consent required for share allocations

    15 Jan 2008

    Northern Rock shareholders voted in favour of the bank's board of directors seeking their consent for the allocation of shares worth over £5m.

  • Rock's biggest shareholders in it for the long term

    15 Jan 2008

    Northern Rock's two largest shareholders have said they are interested in the bank's long-term future, not short-term profit. Hedge funds RAB Capital and SRM Global, which together own nearly 18% of NR, asked shareholders at the bank's EGM in Newcastle to vote for a resolution giving them more say over the bank's future.

  • Rubbishing the regulator does not help the industry

    14 Jan 2008

    I write regarding Harry Katz's letter concerning rogue brokers, mortgage regulation and industry qualifications (Mortgage Strategy January 7).

  • Salans appoints new operations manager

    14 Jan 2008

    Salans, the international law firm, has appointed Sue Rudling as operations manager at its new office in Thetford.

  • Scot Eq puts hold on property fund withdrawals

    18 Jan 2008

    Scottish Equitable has stopped investors pulling out of its commercial property funds for up to 12 months.

  • Scrapping proc fees would make mortgages simpler

    14 Jan 2008

    I read Nick Baxter's letter entitled 'Not everyone can afford to pay for mortgage advice' (Mortgage Strategy December 17) with dismay.

  • Sell and rent back firm offers £250m lifeboat scheme

    16 Jan 2008

    Sell and rent back firm National Homebuyers has launched a £250m scheme to help homeowners struggling under the weight of mortgage debt to release equity from their homes or move to a new property.

  • Sesame to add The Key by March

    14 Jan 2008

    Sesame has added a new point of sale technology solution for use by its members.

  • Shareholders fail in bid to impose "material restrictions" on NR

    15 Jan 2008

    Hedge funds SRM Global and RAB Capital have failed in their bid to impose restrictions on Northern Rock's ability to sell assets or issue new shares.

  • Should your parents consult you before releasing equity from their home?

    14 Jan 2008

    More than three-quarters of Brits with parents aged over 60 have never discussed their finances with them, research from Norwich Union reveals. This lack of communication could mean that children are in for a shock if their parents take out equity release plans.Melanie Williams, 24, sales adviserNo, I don't think it's any of my business. I can see there is a tipping point at which some elderly people might become less able to make financial decisions for themselves ...

  • Six in the city - 14 January 2008

    14 Jan 2008

    Leah Milner asks why lenders are so reluctant to share client information with brokers

  • SMS says 2007 was £1bn success

    14 Jan 2008

    Solent Mortgage Services topped £1.1bn in mortgage completions in 2007. It attributes this success to the diversity of lenders on its panel and its online facilities.

  • Spending time

    14 Jan 2008

    It appears that some subprime packagers aren’t suffering as much as recent press reports have suggested.

  • SPML joins Abacus Permanent panel

    18 Jan 2008

    Southern Pacific Mortgages Limited has joined the panel of Abacus Permanent, Moneysupermarket.com’s lender division.A full range of products funded by SPML is now available at Abacus Permanent covering the entire adverse credit spectrum. Nikki Haworth, head of Abacus Permanent, says: “After witnessing so many gloomy changes in the marketplace, it is good news for brokers that Abacus is developing its customer proposition."

  • SRM: We feel justified in calling for NR EGM

    15 Jan 2008

    Hedge fund SRM says it feels "justified" in calling for the Northern Rock EGM today, despite shareholders rejecting all but one of the four resolutions it put forward.

  • Stock Picker

    14 Jan 2008

    It was another difficult week for the market. The Royal Bank of Scotland declined to comment on rumours of an impending rights issue, but if it needs to raise cash by issuing new shares, other banks could be in the same boat.

  • Stroud & Swindon launches fixed rate products

    17 Jan 2008

    Stroud & Swindon has today unveiled a range of fixed rate mortgages and a two-year tracker.

  • Stroud & Swindon mulls Q1 subsidiary launch

    17 Jan 2008

    Stroud & Swindon plans to launch a broker-focussed subsidiary lender, as exclusively revealed by Mortgage Strategy last June.It has a working title of Stroud & Swindon for Intermediaries and will undergo a soft launch at the end of February.David Greenleaf, corporate communications manager for the society, says: “We are still developing the software platform, however we are hoping to have a full rollout sometime in Q1.”

  • Surveyors must not stall the market

    14 Jan 2008

    If surveyors are suppressing their valuations it could spell trouble for the housing sector so this may be a good time for lenders to bring their influence to bear, says Sue Read

  • Surveyors report house price downturn

    16 Jan 2008

    The proportion of surveyors reporting house price falls has reached the highest levels seen since the early 1990s.

  • Swift appoints business manager

    14 Jan 2008

    Swift Group has appointed Keely Groves as new business manager at its Brentwood head office. Groves joins from Mortgage Express where she was head of new lending.

  • TBMC launches B2L exclusive

    14 Jan 2008

    The Business Mortgage Company has launched an exclusive 100% LTV buy-to-let product for discounted property purchases. It is targeted at brokers with professional clients who are in a position to take advantage of prevailing market conditions.

  • TBMC saw new business grow by 36% in 2007

    14 Jan 2008

    BUY-TO-LET and commercial business fuelled a 36.2% growth in new business for The Business Mortgage Company last year.

  • The One account launches cashback offer on CAM

    17 Jan 2008

    The One account is launching a new cashback offer for its current account mortgage that is only available through the intermediary channel.

  • Time to focus on the benefits of TCF

    14 Jan 2008

    Instead of considering it a burden, brokers should think of the FSA's TCF initiative as a gateway to pride, better service and increased profitability, says Nick Battersby

  • Title insurance for overseas deals

    14 Jan 2008

    Goldsmith Williams Overseas has unveiled two title insurance products for clients purchasing property overseas. The first, launched in conjunction with Countrywide Legal Indemnities and Conti Financial Services, provides title and political risk insurance, while the second is underwritten by Stewart Title and offers title insurance.

  • TMB starts new year with an extra 167 packagers

    15 Jan 2008

    The Mortgage Business has added an additional 167 new packagers as introducing sources since the credit crunch it has revealed.

  • TMB uses 167 new packagers since August

    15 Jan 2008

    The Mortgage Business has received introductions from 167 new packagers since the dawn of the liquidity crisis last August.

  • Tories call for greater BoE powers

    14 Jan 2008

    The Tories have called for the Bank of England to have greater powers in a new Bank Act that seeks to prevent another Northern Rock crisis.

  • Total Home Loans appoints Goldsmith Williams as exclusive legal partner

    14 Jan 2008

    Goldsmith Williams has been appointed exclusive legal partner by brokerage Total Home Loans.

  • Treasury kicks off hunt for new FSA chairman

    17 Jan 2008

    The Treasury has begun its search for a new chairman for the Financial Services Authority.

  • Tribunal upholds FSA ban on broker

    15 Jan 2008

    The Financial Services and Markets Tribunal has upheld a decision by the Financial Services Authority to ban a broker from regulated business.

  • Trustguard appoints Prust as non-exec chairman

    14 Jan 2008

    John Prust has been appointed non-executive chairman of Trustguard.

  • UK employment remains strong

    17 Jan 2008

    Data from the Office of National Statistics revealed strong employment levels in Q4 2007.

  • UK market will survive US sub-prime crash

    14 Jan 2008

    It's traditional to start the new year by forecasting what lies ahead, but before I do it's worth recapping market developments in 2007.

  • Unhappy Christmas thanks to C&G and Woolwich's service

    14 Jan 2008

    When it comes to poor service from lenders, I've never known a week like the one I had just before Christmas - and I've worked in the mortgage industry for over 20 years.

  • Union refuses to take sides on Rock future

    15 Jan 2008

    Trade union Unite has said it will support any long term option for Northern Rock that secures the job security of its 6,500 employees.

  • USwitch.com launches mortgage comparisons

    17 Jan 2008

    USwitch.com has launched its mortgage comparison channel with a lender panel of 35.

  • Wheeler dealer

    14 Jan 2008

    Mole hears Christmas came early for one broker when he received a car worth £110,000.

  • Woolwich launches raft of lower fixed rate products

    17 Jan 2008

    Woolwich has launched a raft of lower fixed rate mortgages with products including 5.59% for its 10-year deal, 5.69% for five years and 5.89% for the two years.

  • Woolwich offered me timely, value for money service

    14 Jan 2008

    Having read your magazine every week for many years I'm always enthralled by the letters you get. I have lost count of the number of times lenders are slated for poor service, tardiness and downright arrogance.

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