Mortgage Strategy
14 November 2005

  • IOU adviser gets 12 years

    14 Nov 2005

    Financial adviser and Halifax agent Graham Price has been jailed for 12 years - after leaving an IOU for 7m in the branch safe.Price stole almost 10m to fuel his horse racing obsession and was sentenced last week for "breaches of trust of the grossest order". Swansea Magistrates Court heard that over four years Price took money from the safe and diverted funds from private investors' accounts. In one nine-day spree he is thought to have stolen 3m.Price falsified his clients' ...

  • 1.1 trillion owed in secured and unsecured lending

    15 Nov 2005

    Total indebtedness on both secured and unsecured lending stood at 1.1 trillion at the end of June 2005 - around 23,000 for each adult.

  • 1st launches fourth version of Adviser Office

    17 Nov 2005

    1st, the supplier of integrated technology solutions for financial advisers, today launches the fourth major version of its adviser software solution Adviser Office 4: Accelerating E-Business.

  • 3G families on the rise

    14 Nov 2005

    Research from Economic Lifestyle reveals that more than 858,000 adults aged between 35 and 64 now have one or both of their parents living in their home.

  • 500 registrations for ifs customer care certificate

    14 Nov 2005

    500 registrations have been received for the The Institute of Financial Services Certificate in Regulated Customer Care. Ifs developed the single-module qualification earlier this year, after the Financial Services Authority made it clear that Treating Customers Fairly was going to be a key issue for their investigations.

  • A year on from regulation, what are the main issues facing the industry now??

    14 Nov 2005

    Servicing rights for brokers, pension term assurance sales and record keeping are among the upcoming issues highlighted by our experts

  • Abbey remortgage took just 11 days until completion

    14 Nov 2005

    From Jonathan Burridge Following up my recent letter (Mortgage Strategy, October 24), I feel I must make amends. With the help of our Abbey BDM Richard Guppy, and the team at the Barnet office, Abbey recently took a remortgage application from credit score through to completion in 11 days. So, I can tell Abbey and GMAC-RFC's Jeff Knight that my tortoise head has retracted, if they'll forgive the phrase.

  • Affordability is fairer and more flexible

    14 Nov 2005

    Some could be forgiven for thinking lenders using affordability models rather than traditional income multiples to decide how much people can borrow is a new concept.

  • Amber unveils B2L range

    14 Nov 2005

    Amber Homeloans launches an extended range of buy-to-let products today. Its range now includes adverse criteria which allow up to 5000 CCJs, ignore all defaults and except mortgage defaults.Mike Perry, associate director of sales and marketing at Amber, says: "We are happy with this range and pleased to be extending further into the buy-to-let market, taking advantage of our sub-prime expertise."The buy-to-let products have no higher lending charges and are linked to the three-month ...

  • Anti-packager hysterics were wrong

    14 Nov 2005

    Yet again, this week's subject matter stems from the letters pages of Mortgage Strategy.

  • Assurant launches age banded MPPI

    15 Nov 2005

    Assurant Solutions has today unveiled a flexible age banded mortgage payment protection product which calculates premiums according to age.

  • Average values

    14 Nov 2005

    Moneynet's mortgage research data for October shows the average property value was 208,333. It also shows the average value of a property for a first-time buyer was 194,925,The average mortgage amount required was 139,982 for a 67% LTV, with first-time buyers looking for an average mortgage amount of 133,947 at 69% LTV.

  • Barclays brings mortgage processing in-house

    16 Nov 2005

    Barclays Bank and Global Home Loans Limited, a joint venture between Barclays and Countrywide Financial Corp, today announced that they have reached an agreement under which Barclays will bring its mortgage processing operations in-house following the end of the companies existing contract, which expires in April 2006.

  • BMS widens self-cert offer

    14 Nov 2005

    BM Solutions has gone whole of market with itsSelf-cert 90 product.Piloted from September with a limited numberof appointed representatives, now all brokers can offer the product to clients. BMS says it will review progress over the next couple of months. Tim Hague, director of BMS, says: "Our pilot of Self-cert 90 has been really popular so I am looking forward to assessing the whole of market response."

  • Borrowers opt for fixed rates

    14 Nov 2005

    Some 86% of mortgage borrowers opted for fixed rates in October as they rushed to beat the progressive withdrawal of the best deals on the market.

  • BoS launches personal choice products

    18 Nov 2005

    Bank of Scotland Mortgages has launched two exclusive large loan Personal Choice products with rates from 4.85% at this years Mortgage Business Expo.

  • BoS Mortgages appoints Haresnape

    14 Nov 2005

    Bank of Scotland Mortgages has appointed Charles Haresnape as managing director.Haresnape will join the business at the end of this month.He will take responsibility for developing the Bank of Scotland intermediary business during its next phase of growth.Haresnape will report to Nigel Stockton, managing director of HBOS Intermediaries, and will join the senior management team of the group's intermediary mortgage businesses.John Lloyd becomes head of sales and processing ...

  • Bradford & Bingley responds to CML figures

    18 Nov 2005

    Bradford & Bingley has commented on the latest Council of Mortgage Lenders lending figures.

  • Brits overcharged for overseas transfers, says Currencies Direct

    17 Nov 2005

    Brits with a dream home in the sun are being overcharged by the banks when transferring money regularly from the UK, says Currencies Direct.

  • Brokers call for direct access to credit reports

    14 Nov 2005

    Brokers are calling for direct access to clients' credit reports to help them recommend suitable lenders and products.One broker tells Mortgage Strategy: "Many clients don't know their credit details, so access to reports would help brokers find the most suitable lender and products."Though brokers can apply to access information via the client, this can take up to two weeks which is to the ultimate disadvantage of the client."Ray Boulger, senior technical manager ...

  • Brokers split on worries about HIPs

    14 Nov 2005

    Brokers gave a mixed reaction to last week's question, with 56% saying they are worried about the impact of Home Information Packs against a sanguine 44%. But the Association of Mortgage Intermediaries has just launched a fact sheet on HIPs and warns that firms need to consider the implications that they could have for their business.This week, Mortgage Strategy asks: "Should Inheritance Tax be scrapped in the next Budget?"

  • BSA reveals October lending the highest of 2005

    18 Nov 2005

    Lending and saving figures from the Building Societies Association reveal building society gross advances amounted to 3,808m in October, compared to 3,497m in October last year.

  • Buildloan reports record business via intermediaries

    14 Nov 2005

    Buildloan. the intermediary division of Buildstore, has seen record business via its intermediary channel.

  • Burgesses becomes British Insurance

    14 Nov 2005

    Payment protection specialist Burgesses has changed its name to British Insurance.Any company wishing to incorporate the word British within its name requires the approval of the secretary of state for trade and industry.This is only given ifthe organisation can demonstrate pre-eminence in its field via supporting evidence from an independent source such as a government department or a trade association.Simon Burgess, managing director of British Insurance, says: "The endorsement ...

  • Burns-Anderson picks The Exchange portal service

    15 Nov 2005

    Burns-Anderson has chosen portal services supplier The Exchange to manage its new multi-tie proposition.

  • C2 reports leap in sales

    14 Nov 2005

    County Mortgage Group, the company which owns c2-financial and c2 secured, has today revealed a huge leap in turnover for the year ending September 2005 of just over 46%.The company's turnover now stands at just over 6m and this news comes on top of its recent announcement that profits trebled during its financial year to September 2004, to just over 300,000.Although not yet in a position to publish any profit figures for the current year, the company is confident that ...

  • Cameron and Davis to open CBI's annual conference

    15 Nov 2005

    Tory leadership contenders David Cameron and David Davis will open the CBI's annual conference in two week's time, the employers' organisation has revealed.

  • Capital Link teams up with Mortgage Promotions

    15 Nov 2005

    Capital Link, a specialist bankruptcy service, is the latest company to team up with Mortgage Promotions, the direct to lender mortgage club.

  • Certain lenders hide behind data protection regulations

    14 Nov 2005

    From Ian A Moore Lenders appear to be hiding behind data protection rules. I am arranging new purchases for two clients, for whom I arranged original mortgages with the Halifax and Abbey. As both clients are currently in tie-ins it was prudent to arrange the increases with their existing lenders while porting their original deals to the new properties. Both solicitors received redemption statements from the lenders showing early redemption penalties payable (in each case ...

  • Changes at the top for BoI

    14 Nov 2005

    Bank of Ireland has made changes to its senior management team. It has promoted Des Crowley from chief executive of retail financial services Ireland to chief executive of UK financial services.Richie Boucher, currently chief executive in corporate banking, will replace Crowley as chief executive of RFSI and will also join the executive committee.

  • Cheval rebrands and launches broker website

    15 Nov 2005

    Cheval, the London based bridging finance lender, is revealing a comprehensive rebranding and launching a website packed with features for the busy broker.

  • Clear answers from the regulator

    14 Nov 2005

    The question and answer sections on the regulator's website are valuable sources of regularly updated information for consumers and intermediaries, says Bill Warren

  • Clerical Medical runs A-Day teleconferences

    18 Nov 2005

    Clerical Medical has been running a series of IFA teleconferences covering the opportunities and issues on A-Day and the technical knowledge required to meet them.

  • Clients seek security in fixed rates

    14 Nov 2005

    Mortgages Direct says more borrowers are opting for fixed rate deals because they aren't convinced the low level of base rate will hold.Research compiled by the financial arm of Spicerhaart shows 96% of borrowers opt for fixed rate deals of two to five years.Peter Gladdy, director of Mortgages Direct, says: "With many fixed rate deals being withdrawn and replaced with higher rate deals, albeit still competitive, borrowers are eager to snap up the remaining affordable deals."Rates ...

  • Commercial and B2L deals are already regulated

    14 Nov 2005

    Should the buy-to-let and commercial markets be regulated? The answer is that they already are, albeit to a lesser degree than residential mortgages.

  • Conveyancer and software firm launch e-initiative

    14 Nov 2005

    Dashboard Software and conveyancer Goldsmith Williams have launched a joint electronic trading initiative.As a result of the partnership, Dashboard Software users can submit instructions to Goldsmith Williams at the click of a button. Information required by Goldsmith Williams is received and acknowledged by the company in seconds.The initiative is based on a customer management and retention system, allowing brokers to streamline their sales and administration functions, cutting ...

  • Cost could deter home inspector trainees

    14 Nov 2005

    It could be costly to become a home inspector as the inclusion of Home Information Packs becomes a mandatory part of selling a house.Nigel Hoath, director of United Surveyors, says that with thousands of inspectors needed to complete the Home Condition Report section of the HIP, many chartered surveyors and brokers may be considering training to do the job.But a stumbling block could be the higher costs of indemnity.Hoath says: "It's going to be an expensive business getting ...

  • Coulson case settled on commercial terms

    17 Nov 2005

    Legal proceedings between Openwork and Zurich against Home of Choice, Richard Coulson and Gerry O'Brien have been settled today on commercial terms.The legally binding commitments and promises given by Home of Choice to the court in July 2005 will continue for set periods.The terms of the settlement are confidential.None of the parties are able to provide any more information about the settlement terms beyond that which is contained in this joint statement.

  • Coulson case settled?

    16 Nov 2005

    The court battle between Richard Coulson and his former employers Zurich, is thought to have been settled out of court.

  • Curriculum Vitae - Keith Astill

    14 Nov 2005

    "I wore a girl's swimming costume at the seaside, Don't ask"

  • Dear Delia

    14 Nov 2005

    I am advising a young couple who are looking to buy their first home in the next couple of months.

  • Derbyshire Group plans to expand

    14 Nov 2005

    The Derbyshire Group, which launches its specialist lending brand Salt today, plans to expand into commercial lending and make at least one acquisition in the next year.But it has ruled out acquiring a building society and will instead look at acquiring firms that complement its processing and distribution channels. Salt will initially focus on sub-prime and sub-prime self-cert, as well as buy-to-let and other specialist niche markets, and will be distributed exclusively through ...

  • Don't be tempted to misuse self-cert

    14 Nov 2005

    While self-cert mortgages should have a place in the portfolios available to clients, they are fraught with danger and should be regarded as strictly niche, says Sue Read

  • EConveyancer to be used to produce HIPs

    14 Nov 2005

    The United Group is to use its eConveyancer system to to produce HIPs, following research into what brokers and estate agents want from an HIP provider.The online conveyancing system has a reputation for being easy to use and effective in helping brokers give service clients, and United believes this will help when launching its online HIP service.A demonstration version of the system will be available in December, with the full service going live in the middle of next year. ...

  • Elephant float is oversubscribed

    18 Nov 2005

    Ahead of its AIM flotation scheduled for November 23 Elephant Loans & Mortgages has announced that the float is oversubscribed.

  • em- announces appointment of staff

    15 Nov 2005

    em- has announced the appointment of four people to the staff across the business.

  • em- international to launch product for Spanish market

    15 Nov 2005

    em- international is to launch a semi exclusive product for the Spanish market at the Mortgage Business Expo. It will be interest only for the first ten years then fifteen years repayment thereafter.

  • em-international launches Spanish product at Expo

    14 Nov 2005

    em- international has announced a semi-exclusive product for the Spanish market to be launched at the Mortgage Business Expo this week.

  • Estate agent launches offer to make city living more affordable

    17 Nov 2005

    An estate agent in Liverpool has launched an offer to make city living more affordable. City Residential is offering to pay the 5% deposit, legal fees and even stamp duty (up to a total of 10,000) for anybody buying in the recently launched City Central scheme.

  • France pays for housing policy failure

    14 Nov 2005

    Over the past couple of weeks, France has been rocked by riots. This civil unrest, the worst since World War II, has spilled out from the vast estates of social housing on the outskirts of Paris and other major cities.

  • Freehold reveals its first 16 members

    15 Nov 2005

    Freehold has announced the first 16 members to join the packaging association.

  • FSA exposes gulf in PPI selling practices

    14 Nov 2005

    The Financial Services Authoritys mystery shopping exercise into the selling of payment protection insurance has revealed a massive gulf between how the product is supposed to be sold and how it is sold in practice. Firms involved with the selling of PPI will be receiving detailed feedback on the findings and will be required to address any problems raised, with the most serious cases referred for further investigation with a view to possible enforcement action. A second ...

  • FSA fines IFA for rogue advertising

    14 Nov 2005

    The FSA has fined an independent financial adviser firm 60,000 for misleading financial promotions - meaning it's ready to crack down on rogue mortgage advertising, too.The promotions were issued by an unregulated firm, Regal Partners, which acted as an introducer for Maidstone-based IFA Kings, and concerned pension unlocking. They took the form of TV adverts, direct mailings and brochures.

  • FSA mystery shopping finds problems with PPI

    14 Nov 2005

    The Financial Services Authoritys mystery shopping exercise into the selling of payment protection insurance has revealed a massive gulf between how the product is supposed to be sold and how it is sold in practice. Firms involved with the selling of PPI will be receiving detailed feedback on the findings and will be required to address any problems raised and the most serious cases will be referred for further investigation with a view to possible enforcement action. A ...

  • FSA reports mixed results from self-cert survey

    14 Nov 2005

    The Financial Services Authority has reported a mixed result following the completion of its research and mystery shopping work on self-cert mortgages.

  • FSA reports positive outcome of insurance investigation

    15 Nov 2005

    The Financial Services Authority has reported a positive outcome to its recent nationwide investigation into the level of unauthorised general insurance business being conducted following the start of general insurance regulation in January 2005. The FSA visited more than 1700 firms around the country that were potentially conducting insurance mediation activities illegally. This included visits to both potential primary intermediaries and secondary intermediaries.

  • FSA reveals more details of post-implementation reviews

    14 Nov 2005

    The Financial Services Authority has given more details of its post-implementation reviews of the mortgage and general insurance regimes.Unveiled by Clive Briault, managing director of the FSA, earlier in the year, the reviews will investigate the effectiveness of the regimes, focussing initially on how far the FSA's conduct of business requirements for mortgage and GI firms are delivering the intended outcomes for consumers.The FSA has identified disclosure requirements and ...

  • Future and West Brom offer complete online mortgage application

    15 Nov 2005

    Future Mortgages and West Bromwich are the first lenders to provide mortgage intermediaries with a complete online mortgage application process using Trigolds Electronic Trading Centre.

  • Garage worth more than two FTB homes

    14 Nov 2005

    A garage in central London could be sold for more than 300,000 this week - at least twice the price of an average first-time buyer home.It is on the market for 300,000 but will go to a sealed bid this week as it has attracted so much attention. This means it is likely to go for higher than the original asking price.The garage in Chelsea is being sold through Cluttons and its price highlights the problems lack of parking space causes in London.James Rodea, commercial director ...

  • Genesis and Guaranteed merger approved

    16 Nov 2005

    The directors of Genesis Home Loans and Guaranteed Home Loans are pleased to announce that, following FSA approval they have now completed their merger first announced at the end of August 2005.

  • GMAC decisions boom prompts expansion

    14 Nov 2005

    GMAC-RFC is planning to add to its marketing team and invest more in technology after its POSD system recently topped 1,000 online decisions per day.Just over one year after regulation, GMAC-RFC is receiving record levels of online decisions on its POSD system.It has also seen record numbers of brokers visiting its website and responding to its interactive emails. As a result of this, GMAC-RFC is planning to invest more in marketing technology and add to its marketing team.The ...

  • GMAC-RFC partners TMS

    14 Nov 2005

    GMAC-RFC has formed a remote processing partnership with Exeter-based The Mortgage Service.TMS has been packaging GMAC-RFC cases for the past six years.

  • Goldsmith Williams launches international property company

    17 Nov 2005

    To coincide with the Mortgage Business Expo, the direct conveyancing firm Goldsmith Williams has announced the launch of a sister company to work exclusively in the international market.

  • Goldsmith Williams launches international sister company

    17 Nov 2005

    To coincide with Mortgage Expo, Goldsmith Williams has announced the launch of a sister company to work exclusively in the international market.

  • Government sets HIPs date for June 1 2007

    17 Nov 2005

    The Government has set the date for the compulsory implementation of Home Information Packs for June 1 2007.

  • Government will go for the soft option

    14 Nov 2005

    means more brokers can see the benefits of loans for clients, it will be good for everyone."Simon Mouncher, operations director at em-financial, says the regulation of the second charge market by the Financial Services Authority would benefit consumers as well as brokers.He says: "First and second charge lending share a similar market and FSA regulation would make things clearer for the general public."But last week, the Commons Treasury Select Committee was told such regulation ...

  • Half of landlords have property abandoned by tenants

    15 Nov 2005

    The latest survey information from the National Landlords Association shows that up to half of all landlords have at some point had a property abandoned by a tenant.

  • Hamilton joins Zurich

    15 Nov 2005

    Peter Hamilton has joined Zurich as protection management director.

  • Healthy interest

    14 Nov 2005

    Staff at Rotherham-based independent adviser Mortgage Talk will be taking part in BBC Radio Sheffield's The Big Challenge later this month. Scheduled to run for up to six weeks, The Big Challenge is intended to raise awareness of the importance of a healthier lifestyle at work, and challenges participants to commit to doing something to improve their wellbeing.

  • Helping themselves

    14 Nov 2005

    The big financial institutions stand accused of the inappropriate selling of payment protection insurance - and they do have a case to answer, says Mortgage Strategy

  • Homebuyer Show dates announced

    17 Nov 2005

    The Homebuyer Show returns to the ExCeL Centre in London's Docklands from March 17 to 19 2006. The housing market continues to make headlines and with SIPPs, HIPs, and overseas destinations on the horizon, the organisers of the show say there has never been a better time to make your move. Now in its 11th year, The Homebuyer Show caters for every rung of the property ladder from first-time buyers to seasoned investors. Last years event was attended by almost 15,000 people over ...

  • Ian Giles new marketing director at Kensington

    16 Nov 2005

    Ian Giles will be joining Kensington Mortgages on December 5 as marketing director.

  • ICICI OneSource says offshoring could save costs

    18 Nov 2005

    Offshoring could achieve cost savings of at least 40% from the second year, says ICICI OneSource.

  • IFAP ends corporate schemes with Yellow Pages and Thomson's local directories

    18 Nov 2005

    IFA Promotion is ceasing to run its corporate schemes with Yellow Pages and Thomsons local directories from December 2005, and will continue to shift its marketing focus online.

  • IFS announces qualification in commercial mortgages

    15 Nov 2005

    The Institute of Financial Services is developing a stand-alone qualification in commercial mortgages - the certificate in commercial mortgages.

  • IMLA appoints Batchelor as chairman

    17 Nov 2005

    The Intermediary Mortgage Lenders Association has appointed Guy Batchelor, sales and marketing director of Platform, as its next chairman.From January 1 2006, Batchelor will take over the position from IMLA's current chairman Tim Dawson, managing director of Mortgage Express.John Heron, managing director of Paragon Mortgages, has been appointed deputy chairman, and Dawson and John Maltby have both been appointed directors.

  • Industry steps up the Stamp Duty pressure

    14 Nov 2005

    The mortgage industry is gearing up for this autumn's pre-Budget report and backing Mortgage Strategy's Step Up Stamp Duty campaign, which now has a whopping 5,000 supporters.Despite chancellor Gordon Brown's decision to raise the Stamp Duty threshold to 120,000 in the last Budget, industry figures are already warning that more must be done to help the property market and that pre-Budget time is the perfect opportunity to put the pressure on. Ray Boulger, senior technical ...

  • Internet Insite

    14 Nov 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Kevin Paterson takes a look at lender websites, working his way from A to Z

  • JC launches offset

    14 Nov 2005

    John Charcol has launched a three-year tracker offset at base rate plus 0.19% and an APR of 5.6%.Ray Boulger, senior technical manager at John Charcol, says: "The concept of offsetting is brilliant but until now they have always come at too high a price to be good value for most borrowers. This mortgage changes that with a rate only marginally higher than the best rate on a non-offset three-year tracker."

  • Kensington unveils flexible mortgage and insurance for self-employed

    15 Nov 2005

    Kensington Mortgages has unveiled a proposition including a flexible mortgage with the option of subscribing to an insurance product that is specifically tailored to meet the needs of the self-employed.

  • KFI providers must raise their game

    14 Nov 2005

    In the run-up to Mortgage Day few would have expected lenders to win the dubious distinction of becoming the most irksome component of the regulated mortgage process.

  • KRS says consumers don't understand equity deals

    14 Nov 2005

    Research by Key Retirement Solutions shows 56% of consumers believe equity release is still risky.The specialist equity release IFA says this suggests the general public has some serious misconceptions about the products.The most common cause of concern is the threat of negative equity, with 61% of consumers concerned about being left with a house worth less than the loan or mortgage secured against it. But KRS says this is a highly unlikely to happen as it would take 22 years ...

  • L&E rebrands

    14 Nov 2005

    London & European has moved to the heart of the City of London and rebranded. The company says these changes reflect its evolution from a pure title insurer to a provider of solutions that enhance the property transactions process.Alan Smith, managing director of London & European, says: "We have become much more than a title insurer."

  • L4L to launch legal advice service at Expo

    15 Nov 2005

    Lawyer for Life, a membership only company offering free lifetime legal advice for a one-off fee, will be launching its service to brokers and IFAs at the Business Mortgage Expo.

  • Landlords signal market confidence

    16 Nov 2005

    The latest survey conducted by specialist buy-to-let lender, Mortgage Trust, reveals that the number of buy-to-let landlords buying rental properties is double the number that are considering selling them.

  • Leeds goes the extra mile for Children in Need

    15 Nov 2005

    Employees at the Leeds are going the extra mile for Children in Need by taking part in a sponsored cycle race.

  • Leeds introduces 100% mortgage with cashback

    18 Nov 2005

    The Leeds has added to its range of 100% mortgage products with an 100% loan that aims to help first-time buyers get a foot on the property ladder.

  • Leeds launches 10-year fixed rate deal

    18 Nov 2005

    Expectations of lower rates in the future have re-emerged following the issue of the Bank of England's quarterly inflation report.

  • Let's help ease the pain of bankruptcy

    14 Nov 2005

    News from the government that personal bankruptcies are at record levels is dismaying. The phrase "There but for the grace of God go I" springs to mind.

  • Letter was like complaining about the shape of pyramids

    14 Nov 2005

    From M R Hird The letter, 'Paragon must change to become competive again' (Mortgage Strategy, October 31) was like complaining about the shape of the pyramids. When it comes to standards there are many so, as brokers, we have plenty of choice. But while making that choice I would take into consideration, as it would seem Paragon does, the words of Alan Paton: "Ask yourself not if this or that is expedient, but if it is right?"

  • Loans regulation predicted

    14 Nov 2005

    The regulation of secured loans could be just around the corner, says loan packager Loanoptions.co.uk.The secured loan packager believes brokers should brace themselves for more regulation rather than less in the future.Andy Moody, managing director of Loanoptions.co.uk, says: "There is no doubt that there will be more regulation. The second charge market already comes under the Consumer Credit Act but the loans industry is ready, and if it

  • London & European unveils insurance policy for lenders

    15 Nov 2005

    London & European, a provider of services and solutions designed to enhance the speed, simplicity and security of property transactions, has unveiled an insurance policy for lenders designed to cover performing loans and guarantee their securitised portfolios.

  • London Scottish adds secured products to Phonix CPU system

    15 Nov 2005

    Phoenix CPU, the producer of sub-prime mortgage and second charge software, says London Scottish is adding its secured loan products to its system.

  • M&G launches property fund

    14 Nov 2005

    M&G has launched its M&G Property Portfolio on November 8.The fund will be managed by M&G and will draw on the resources and expertise of Prudential Property Investment Managers.

  • M2000 sourcing system links to MortgageStream

    14 Nov 2005

    Mortgage 2000's sourcing system Encore has been linked with MortgageStream.This development will allow users to import and export client and lender data plus documents including Key Facts Illustrations and fact-finds to and from MortgageStream.MortgageStream is the first of several back office systems to be integrated with Encore over the coming months as a result of requests from subscribers. It has developed a version of its software customised for Encore users and offers ...

  • MAB predicts survival of the flexible

    14 Nov 2005

    There will be more business casualties among broker firms in the next two years, the Mortgage Advice Bureau warns.The independent broker says that while 2005 might have been a tough year, 2006 will not be any easier. And by 2007, it says the market will be starkly divided between winners and losers.How the market splits will depend on which brokers realise they need to evolve along with the changing market climate.Peter Brodnicki, chief executive of MAB, says by 2007 the ...

  • Mal McConechy joins Home of Choice

    16 Nov 2005

    Mal McConechy, ex-Mortgage Next director, has joined Home of Choice as mortgage director. McConechy quit Mortgage Next this October after eight years with the company.McConechy is expected to be involved in helping to design exclusive products for the mortgage network, which recently announced it is in talks to acquire smaller networks. It also predicts that the network will double its current 1,100 applications in the next three years, to over 2,000.

  • Market Watch

    14 Nov 2005

    Last week, swaps started to fall but then rose towards the end of the week and are now at a six-month high.

  • MBBG figures show rise in mortgage lending

    18 Nov 2005

    Latest figures for October 2005 from the Major British Banking Groups show that net mortgage lending in October rose by an underlying 4.3bn.

  • Miami firm heads for London

    14 Nov 2005

    Miami-based financial firm Bayview Financial is planning to set up an office in London. The mortgage finance and real estate investment company will be revealing plans for its relocation as soon as it appoints a head of office for its new London headquarters.The firm specialises in meeting the needs of mortgage companies, loan and securities brokers, real estate investors and banks. It boasts of being an up and coming force in the mortgage industry.

  • Mint reveals next stage in paperless submission process

    15 Nov 2005

    Mint Financial Services will expand its back office and administration system integration with The Exchange, saving its 200 independent financial and mortgage advisers both time and money as it accelerates its paperless business submission process.

  • Mortgage Brain enhances system

    14 Nov 2005

    Mortgage Brain today launches the latest version of its sourcing system - Broker 6.50.The software features a number of enhancements, most notably an affordability calculator that filters all products that exceed the client's budget.While some lenders provide online affordability calculators, they have been criticised for not explaining how they calculate the figures. Mortgage Brain's aim is to empower brokers to calculate for themselves what their clients can afford. Brokers ...

  • MORTGAGE EXPO LIVE: Networks to come down hard on ARs

    16 Nov 2005

    Networks may have to come down hard on their appointed representatives and dictate codes of business to them for selling self-cert mortgages, says Birmingham Midshires.

  • Mortgage Next unveils brand to target DA brokers

    14 Nov 2005

    Mortgage Next has unveiled Mortgage Next Partners as the brand it will use to target the directly authorised broker market.

  • MPLC underwriter joins em- team

    18 Nov 2005

    The em- processing department has been joined by Carolyn James, onsite underwriter for Mortgages plc.

  • MPLC warns brokers over cascade underwriting

    15 Nov 2005

    Mortgages PLC is warning brokers to treat cascade underwriting with caution, before recommending an alternative product from the same lender to a client.

  • MPPI selling is not a level playing field

    14 Nov 2005

    With Christmas fast approaching, consumer debt is likely to be stretched even further than the record levels it is at now. With this in mind it's important that your clients consider some form of financial protection.

  • MS is the top mortgage trade title

    14 Nov 2005

    Mortgage Strategy scooped the runner-up spot at last week's Bradford & Bingley Media Awards 2005, in the best personal finance trade publication of the year category.The awards are highly respected among financial journalists and renowned as the industry Oscars. On the night just four trade publications made the shortlist. Alongside your number one Mortgage Strategy, the shortlist included Investment Week, Financial Adviser and Money Marketing. First ...

  • Northern Rock launches flexible fixed products

    15 Nov 2005

    Northern Rock has introduced two products and re-priced its flexible fixed and stepped flexible fixed products. The first product is a two-year flexible fixed with a rate of 3.99% up to 85% LTV and 4.19% up to 90% LTV. Free legal fees are available for remortgages and there is a minimum loan amount of 100,000. There is an arrangement fee of 1.5% of the amount borrowed which can be added to the loan and no extended Early Repayment Charge. The ERC of 3% is only payable on full redemption ...

  • Opus recruits BDM as part of expansion plan

    14 Nov 2005

    Opus has recruited a new business development manager as part of its expansion plan.Joe Stelmach has joined Opus as regional relationship manager.Stelmach has had over 25 years' experience in the mortgage and financial services industry, and has previously worked at Britanina in London as a branch manager, and as a business development manager with The Mortgage Times group.He also held positions at The Mortgage Operation and Mortgage Next in their formative years.Lockhart ...

  • Our distribution strategy is focussed on quality service

    14 Nov 2005

    From Colin Sanders I read with interest Simon Mouncher's letter (Mortgage Strategy, November 7) in which he urged Mortgage Strategy to survey specialist lenders about their distribution strategies. Well, here's one lender that doesn't have to wait for the call and is happy to set its stall out now. Our choice of distribution strategy was deliberate. By focussing on quality intermediaries capable of producing consistent levels of business, we have linked closely with a group ...

  • Our loan protection selling probe indicates profiteering by providers

    14 Nov 2005

    From Simon Burgess I fully endorse the need for Financial Services Authority regulation in the PPI field and regard the Treating Customers Fairly initiative as conceptually brilliant, but there is still a long way to go before the regulator can claim that its regime is working in practice. I recently commissioned an independent mystery shopping exercise into loan protection sold by high street and other lenders and the results, all 11 volumes of which will shortly be considered ...

  • Over 500 sign up to Sesame Select

    17 Nov 2005

    Advisers operating a multi-tie proposition alongside whole of market advice expect to be able to write business more profitably at less cost, says Sesame.

  • Packagers purchased by lenders could be at risk

    14 Nov 2005

    Packagers bought by lenders are putting their businesses at risk and could face a quick death with their existing lending panel, a leading industry figure has warned.Last week, Mortgage Strategy reported rumours that Morgan Stanley is looking to buy Advantage Home Loans.But one leading industry source is warning that although the vast majority of brokers still prefer to deal with lenders via packagers, by setting up their own lending arms with cross-ownership or becoming ...

  • Packagers' success is linked to our own growth at TMB

    14 Nov 2005

    From Nigel Payne In response to Simon Mouncher's letter on the packager market - we at The Mortgage Business believe a little balance is required. Some talk of the future looking bleak for packagers, but not all lenders endorse this view. People have been predicting the end for packagers for some time, and how wrong they have been. Many lenders are using technology to offer solutions to brokers, mostly driven by regulatory requirements but also to meet the demand. And this ...

  • Park Row launches recruitment website

    14 Nov 2005

    Park Row has high hopes for the recruitment potential of its website www.careersatparkrow.co.uk.

  • Partner in success

    14 Nov 2005

    One year after the lender's successful launch, Robert Thickett talks to Colin Sanders, Money Partners' chief executive

  • PhoneStream system protects me against bogus complaints

    14 Nov 2005

    From Lee Martin I'd like to enlighten you again on the benefits of the client management system, MortgageStream. I have just installed the PhoneStream system as an add on to the administration system. I wish all systems were as easy to set up and use. I just plugged it in and now have a system to record all conversations with everyone connected with any case, and save it automatically against the client file. Imagine my joy when I receive the mortgage offer and call the client, ...

  • Pink launches on-track product range with Freedom

    15 Nov 2005

    Pink Home Loans has launched an on-track product range in association with Freedom Lending.

  • Pink launches two self-cert products with BMS

    15 Nov 2005

    Pink Home Loans has launched two semi-exclusive self-cert tracker products funded by BM Solutions.

  • Pink range aims to get borrowers back on track

    14 Nov 2005

    Pink Home Loans is launching an exclusive On-Track product range designed to get borrowers back onto prime rates.The On-Track range, launched in association with Freedom Lending, covers light to heavy adverse, with opening rates from 5.94%, which will reduce by 0.10% every six months, subject to payments being made, until the lifetime tracker rate of BBR + 0.84%, full status, or BBR + 1.14%, self-cert are reached.Freedom products also include free legal fees for remortgages ...

  • Poor service is hitting brokers' wallets, says GMAC-RFC

    15 Nov 2005

    Research from GMAC-RFC reveals that poor service and uncertain Decisions in Principles are hitting brokers where it hurts, in their wallet.

  • Preferred launches winter promotion at Expo

    15 Nov 2005

    Preferred will launch a winter promotion at the Mortgage Business Expo on Wednesday November 16. The promotional offer gives customers an additional 0.25% discount across the entire core range when choosing a one-year discounted product. They also receive a free valuation on both the core range and the two- and three-year fixed rate products. Discounted rates will start at 4.08% for the duration of the offer. Roger Taylor, director of sales and marketing at Preferred, says: ...

  • Prices dip

    14 Nov 2005

    SmartNewHomes.com's latest report that shows new home prices dipped last month. The average price of a new home in October was 255,327, down 2.4% since the same time last year and a further marginal decrease of 0.2% on September. The report suggests the housing market hasn't fully recovered from the downturn in prices and activity which has blighted it since the end of last year.

  • Prices hold up in prime areas

    14 Nov 2005

    Despite falls nationally, Knight Frank's residential house price index registered a 1.1% rise in prime central London locations in October.Knight Frank puts the rise - the highest monthly increase since February 2004 - down to a shortage of quality stock at the upper end of the market as well as increased City bonuses and salaries.Its prime central London residential index suggests prime markets are less influenced by subjective price drivers than mainstream ones.The approved ...

  • Property prices in the North-East increase 108%

    17 Nov 2005

    The North-East is the place to invest, say SmartNewHomes.com, as house prices have increased by 108% over the last five years, compared to average UK growth of 87% over the same period.

  • Pru report shows imput of state benefit in pensions will decrease

    14 Nov 2005

    A report released about the sources of pensioner income in the UK shows that from next year, the state will cease to provide the majority of retirement income. The Pru-Datamonitor report shows that in 2006, state benefits will account for less than 50% of the average pensioner income. Today, 51p of the average pensioner pound comes from state benefits. By 2013 it is forecast that it will fall to just 44p in every pound. Its a far cry from the Old Age Pensions Act set ...

  • Quantum targets gay borrowers

    14 Nov 2005

    London-based broker Quantum has done a deal with Pride Mortgages to provide mortgage and life assurance advice for an alternative lifestyle guide for the gay, lesbian and bisexual community.Pride Mortgages is the mortgage marketing arm of Pride Direct, which has been launched in partnership with Gaydar and the Rainbow Network - who together own 90% of the online lesbian and gay market in the UK - to produce an online business directory for 2.8 million users.Jonathan Burridge, ...

  • Reaching out

    14 Nov 2005

    The sub-prime sector has enormous potential to develop not only in this country but also in mortgage markets around the world, says Mike Culhane

  • Record number of enquiries for em- mortgage desk

    15 Nov 2005

    The em- mortgage desk is celebrating after receiving a record number of new business enquiries. Roger Morris, managing director at em- says: 96% of all submitted Decision In Principles come via the online submission facility on our website www.em-360.com. This facility coupled with our absolutely nothing to pay, free valuations and no application fee offer goes to prove that we are providing the quality service that modern day brokers require.

  • Reversions rise

    14 Nov 2005

    Safe Home Income Plans has seen a significant increase in home reversions business. SHIP, which represents over 90% of the equity release sector, says the fact that property price inflation is lower now than in recent years makes reversion products more attractive.New business written in Q3 was 293.6m, 12.5% ahead of Q2. Home reversions business rose significantly from 10.6m in Q2 2005 to 17.3m.

  • RICs survey shows increase in buyer interest

    15 Nov 2005

    October saw the largest increase in new buyer enquiries in two years and marked the fourth consecutive month of increases, says the RoyalInstitution of Chartered Surveyors.

  • RICs welcomes HIP summer 2007 launch

    17 Nov 2005

    The Royal Institution of Chartered Surveyors has welcomed the news that Home Information Packs will go live on June 1st 2007.

  • Rooftop increase maximum loan size on products

    14 Nov 2005

    Rooftop Mortgages has increased the maximum loan size on a range of its products.

  • Rooftop Mortgages launches stepped light range

    14 Nov 2005

    Rooftop Mortgages has launched a suite of stepped light products in response to demand from its packager partners.

  • See you on stand D74 at the big mortgage show

    14 Nov 2005

    The industry is gearing up for the annual Mortgage Business Expo this week, with Earls Court playing host to the event on Wednesday and Thursday, 16-17 November.Companies and organisations from across the industry will be attending this year's event to discuss and reflect upon their experiences of the first year of statutory mortgage regulation.Over the two days, industry experts will speak on a variety of topics from equity release and lead generation to the overseas market ...

  • Single life can be bad financial news

    14 Nov 2005

    A recent report from Unilever paints a picture of the singleton society we seem to be becoming. With predictions including one-third of all households will consist of one person by 2021, it seems more and more people are choosing to live alone.

  • SIPPs will boost buy-to-let market

    14 Nov 2005

    Self-invested pension plans reforms will boost buy-to-let but intermediaries do not feel sufficiently informed to advise on them, says Mortgage Trust.

  • Solent adds Salt to panel

    14 Nov 2005

    Solent Mortgage Services has added new lender Salt to its lending panel.

  • Speaking out pays off

    14 Nov 2005

    Voting in Pink Home Loans' 1000 Index has now closed which means a lucky winner has been chosen for expressing their views on industry issues in the survey.Kerry Megginson of Brideshead Independent in Malton was independently selected as the recipient of 250 in gift vouchers for taking part in the survey.

  • SPML

    15 Nov 2005

    ...

  • SPPL will announce range at Expo

    15 Nov 2005

    Southern Pacific Personal Loans, the sister company to SPML, has announced the launch of a range of products at Mortgage Expo effective from Monday November 21.

  • Standards forum will be set up soon

    14 Nov 2005

    Trade bodies, lenders and distributors will be meeting soon to discuss ways a standards forum can be established to drive the uptake of e-commerce in the industry, says Frank Eve

  • Students more upbeat about buying homes

    14 Nov 2005

    Students are optimistic about their chances of getting on the housing ladder, Scottish Widows Bank's 2005 graduate survey reveals.The survey shows that while an underlying gloom still hangs about the prospects of buying a property the overall pessimism rate is down, with graduates exploring different ways of buying properties.Some 60% of graduates say that buying a part of a property either with friends, family or via a shared equity scheme funded by the government or a lender ...

  • Success or failure is on the cards

    14 Nov 2005

    A business card is likely to be the only piece of literature a client keeps so it is surprising how little attention brokers pay to its design and content, says Payam Azadi

  • Susan Rice speaks on leadership

    15 Nov 2005

    Leadership is about how you do it rather than what you achieve says, Susan Rice, CEO of Lloyds TSB Scotland.

  • Tackling myths and misunderstandings

    14 Nov 2005

    The greatest selling barriers in any emotive sales area are myths and misunderstandings on the part of the consumer. The equity release market is typical of this.

  • Taylor's Tour.....

    14 Nov 2005

    Henry Taylor's day job is running a mortgage broking business in Eastbourne on the south coast of England, when not taking part in the Seat Cupra Championship

  • Technology will benefit intermediaries

    14 Nov 2005

    The right technological package can be a boon for business. It can improve service, cut costs and boost productivity all at the same time.

  • The CII introduces diploma in financial planning

    15 Nov 2005

    The Chartered Insurance Institute is to introduce a diploma in financial planning for 2006 as part of the phased replacement of the advanced financial planning certificate with a new modular qualifications framework.

  • The dual approach to better service

    14 Nov 2005

    Giving brokers the speed of an online decision backed up with the personal touch of an underwriter should be the way ahead for the specialist lending sector, says Roger Taylor

  • The illusion of independence

    14 Nov 2005

    It is a fallacy for small directly authorised brokers to think of themselves as independent as they have no choice but to place business through big providers, says Richard Griffiths

  • The Mortgage Mole

    14 Nov 2005

    Salutes You, Sir Another hard week for the staffers at Mortgage Strategy and one that saw the team celebrating at Liverpool Street's Great Eastern Hotel after scooping runner-up slot at the Bradford & Bingley Media Awards. And what a cause for celebration. They might only be runners-up but no other mortgage mags got a mention and having only lost out to an investment title, Mortgage Strategy still managed to leave Financial Adviser and Money Marketing ...

  • Those who wait for price falls wait in vain

    14 Nov 2005

    Alliance & Leicester says that home buyers putting off buying homes in expectation of a price fall on average lose out to the tune of a whopping 3,689 if they hang on for four years.One in five people play the waiting game because they feel houses are overpriced.But nearly three-quarters of buyers say prices actually increased while they waited. The average amount a property rose while home buyers pondered their decisions was 33,689 over the average wait of three years and ten ...

  • TMB launches 2006 calendar at Mortgage Expo

    16 Nov 2005

    The Mortgage Business, HBOS' specialist and packager focused lender, launches its new calendar for 2006 today at the Mortgage Expo.

  • TMB unveils packager-focussed range

    14 Nov 2005

    The Mortgage Business, HBOS Group's packager-focussed lender, has revealed the products that will take the company into 2006.The portfolio focusses on three areas - self-cert, self-build and 'House 2 House' (for buying a second property for investment) mortgages. Each range has some products that are free from early redemption fees and that come with 750 cashback.Products in the portfolio include a self-cert mortgage fixed at 4.99% for two years. a two-year tracker 'House 2 ...

  • TMW poised to launch its e-trading platform in 2006

    14 Nov 2005

    The Mortgage Works is to launch an electronic trading platform in 2006.The Portman subsidiary says it wants to create an efficient online business channel that will enhance its existing business proposition.Paul Howard, director of intermediary sales at TMW, says it expects the launch to come in the second quarter of next year.The company's aim is to create a platform that is finely tailored to its market and TMW is currently gathering feedback from intermediaries in order ...

  • Touch and go

    14 Nov 2005

    Touch-screen information points will be available at the Mortgage Business Expo in London so delegates can tailor their visit to their needs. The information points, provided by Dataco, were deployed at the Mortgage Business Expo in Manchester earlier this year to help delegates get the most out of their visit.

  • Trevor Youens to leave Flower

    14 Nov 2005

    Flower director Trevor Youens is leaving the company to join Home Information Pack specialist the Live Organisation, at the end of this month.

  • Trigold spurts ahead

    14 Nov 2005

    A poll by Deloitte & Touche ranks Trigold as the fastest-growing technology company in the south of England.Trigold tops the 2005 Deloitte Technology Fast 50, a ranking of the 50 fastest-growing technology companies in what it calls the London and Southern region. Rankings are based on average percentage revenue growth over five years from 2000 to 2004. Trigold grew by 2,244% during this period. Bill Safran, CEO of Trigold, credits the support of mortgage brokers, the introduction ...

  • Unlocking the potential of HIPs

    14 Nov 2005

    Quest Associates is inviting visitors to unlock their Home Information Pack potential throughout the Mortgage Business Expo London this week on November 16 and 17 at Earls Court 2.As sponsors of the Technology Zone, at 10.15am and 2pm each day Quest will be demonstrating how best to access, develop, collate and share the critical elements of the HIP and the Home Condition Report.

  • Vesta calls for cold calling crackdown

    14 Nov 2005

    Vesta Packaging is calling on the Financial Services Authority to crackdown on cold calling, which it says is still a big problem.Cold calls from companies selling mortgages are still a big problem, despite the ban on them imposed by the FSA, says Mark Leaper, managing director at Vesta Money and Vesta Packaging.Leaper says that lack of action on the part of the FSA is allowing illegal cold calling activity to flourish, and there is evidence that consumers are still being phoned ...

  • Victory in equal pay claim changes the law

    16 Nov 2005

    The Employment Appeals Tribunal has departed from previous case law in deciding that men and women who perform equal work cannot be paid differently, unless employers can objectively justify the reason for doing so.

  • Virtual payback

    14 Nov 2005

    A 23 year old gamer has recouped the 13,700 he spent on building a virtual island by selling land for homes and taxing other gamers to hunt and mine on the island. Known as Deathifier, he says: "The money we have made to date is only a taster of what can be achieved with my virtual island. We've only just begun exploiting the estate sales and land management sectors. There is still more room for growth and revenue when it comes to the untapped resources in the surrounding sea."

  • We had a great BDM before B&W left us in the lurch

    14 Nov 2005

    From Ian Curtis BDMs alive and well at B&W? I think not. I read with interest Deirdre McManus's letter (Mortgage Strategy, November 7), reassuring Monty Burn that B&W has BDMs. We have been packaging for B&W for nearly eight years and until May had an excellent relationship with our BDM. Then he was transferred, his mobile number was changed and he was not even allowed to tell us that he was no longer dealing with us. Since then, we have not had any contact from anyone ...

  • We must influence course of regulation

    14 Nov 2005

    Have you checked out the Financial Services Authority's jargon-free 'mortgages laid bare' website yet?

  • Will brokers lose out when HIPs come in?

    14 Nov 2005

    Mortgage Strategy last week revealed that the Association of Mortgage Intermediaries had convened a special meeting with senior industry figures to discuss the impact of Home Information Packs.One of the concerns raised at the meeting was that HIP providers could cut brokers out by offering customers a mortgage proposition.Industry pundits are concerned about market domination by a few big corporations, and that small brokers being driven out of business could leave consumers ...

  • Wills service for brokers unveiled

    14 Nov 2005

    Broker Wills has been launched to offer brokers a high tech will-writing service specifically designed for brokers and financial advisers.Legal solutions company Epoq, which designed the service, says that unlike existing services that provide advisers with a small royalty or make them spend time preparing all the paperwork for clients' wills, Broker Wills offers an outsourced service.Advisers can buy at wholesale rates, then provide wills to clients at the price they judge ...

  • Your Move moves to Mortgage Brain

    17 Nov 2005

    Your Move, the UKs fourth largest estate agency, has moved all of its 200+ advisors to Mortgage Brains broker system and Mortgage Trading Exchange.

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