Mortgage Strategy
15 August 2005

  • 38% of advisers dodge FSA MER.

    19 Aug 2005

    1st, the market leading supplier of technology solutions to financial intermediaries, today announced the results of its latest 1st Impressions online poll, which asked over 200 adviser firms how prepared they were for the FSAs new mandatory electronic reporting regime.

  • 5:4 MPC vote surprises industry

    17 Aug 2005

    The Bank of England's Monetary Policy Committee has published minutes for August's rate cut meeting.

  • Accord to use packagers for sub-prime business

    15 Aug 2005

    Accord Mortgages is to use packagers for the first time for its sub-prime business.Iain Smith, sales director at Accord says once its packaging system is ready in October, he does not see any reason why Accord should not deal with packagers.He says: "We have launched a pilot scheme with a small number of packagers and once the system is ready I see no reason why we will not be able to deal with packagers who offer good value, though it is too early to say who we might be working ...

  • Advantage reduces M300 rates.

    19 Aug 2005

    Advantage Home Loans, the branded mortgage arranger have announced rate reductions to their M300 range (funded by Mortgages plc). They have announced they are cutting its standard variable rate by 0.25% with effect from September 1 2005 (SVR will reduce from 6.9% to 6.65%).

  • Alan Dring quits his job at SLB after seven years

    15 Aug 2005

    Alan Dring has quit as head of sales at Standard Life Bank after seven years to pursue an opportunity closer to his home in Staffordshire.Sales and marketing director David Macmillan says: "Alan leaves with our best wishes and my sincere thanks for his enormous contribution."He has been a valuable member of the team and integral in building the bank as a successful and profitable business."During the past 12 months, Macmillan and Dring reviewed the bank's sales structure ...

  • ARs must make contingency plans

    15 Aug 2005

    Network consolidation continues apace and appointed representative firms should have a three-point strategy in place to cover them in case of a network takeover, says Bill Warren

  • Ask solicitors for help when it comes to title insurance

    15 Aug 2005

    From Julian Sampson Regarding Brian Humphreys' letter (Mortgage Strategy August 8) regarding the distribution of KFIs to clients for title insurance, it seems to me he has forgotten the role of his solicitor. If the solicitor is au fait with the use of title insurance (in SPML's case with London & European), Humphreys should be asking them to assist in managing the deal rather than becoming embroiled in to-ing and fro-ing with the packager. The solicitor can, assuming he ...

  • B&B comments on CML lending figures

    18 Aug 2005

    Bradford & Bingley says the latest Council of Mortgage Lenders figures show nothing new.

  • B&W revamps range in line with falling rates

    15 Aug 2005

    Bristol & West is altering its mortgage products in response to falling market rates.The lender's standard two-year discount deal has no arrangement fee and is now available to 75% LTV at 4.69% variable, equivalent to 2.15% off the SVR until December 31 2007. There is no extended tie-in. The deal features an early repayment charge of 2% until December 31 2007.The two-year discount deal has no arrangement fee to 95% LTV with the higher lending charge paid by Bristol & West Mortgages. ...

  • Be clear when selling fixed rate deals

    15 Aug 2005

    You could hear the sighs of relief and shouts of joy the week before last as the news broke of the first interest rate cut in two years. From everyone, that is, except those dependent on interest from their savings.

  • Beacon Homeloans joins Vesta panel

    18 Aug 2005

    National packager and branded lender Vesta Packaging has added Beacon Homeloans to its panel of lenders.The addition takes Vestas total panel to 23 lenders, covering the whole mortgage market, from heavy adverse, buy-to-let and bridging to secured, self-certification and prime.

  • Blow to government scheme

    15 Aug 2005

    The government's plans to build affordable homes under its shared equity scheme have been dealt a blow with two of the country's biggest lenders pulling out of discussions to be part of the initiative.Abbey, the second largest mortgage lender, and Alliance & Leicester have halted discussions with the Office of the Deputy Prime Minister and the Council of Mortgage Lenders.This will not advance the government's objective of helping an additional 100,000 first-time buyers onto ...

  • BMS stars rise in HBOS reshuffle

    15 Aug 2005

    HBOS has announced senior appointments to its new business-to-business division, which brings together all intermediary and partnership businesses from retail, investment and insurance sectors.The division will be led by Grenville Turner and the changes see promotions for well known names from BM Solutions.Michael Bolton, currently managing director of BMS and Halifax Intermediaries, has been appointed as head of HBOS specialist lending. He will take responsibility for developing ...

  • Bombings prompt Homeloan to revamp continuity plan

    15 Aug 2005

    Homeloan Management has reviewed its business continuity plans after the terrorist attacks in London last month.Steve Haggerty, HML's managing director, says: "We already had a robust recovery plan in place but there is no room for complacency in this crucial area. We service the mortgage books of over 30 lenders in the UK and now in Ireland, and our operations are business-critical to our clients and their customers."It is essential for us to have sound contingency procedures ...

  • Bradford and Bingley cuts SVR by 0.25%

    16 Aug 2005

    Following the cut in base rate earlier this month by the Bank of England's Monetary Policy Committee, Bradford & Bingley is decreasing its standard variable rate by 0.25% from 6.84% to 6.59% with effect from September 4.

  • Broader horizons

    15 Aug 2005

    Your client wants to purchase a buy-to-let on the Pan Handle? Don't panic or lunge for the atlas just call in some expert help, says Ron Howell

  • Broadhurst joins Advantage Secured Loan team

    17 Aug 2005

    Jan Broadhurst joins Advantage Secured Loans as sales support manager

  • Brokers should not blame B&W for their own failings

    15 Aug 2005

    From Rob Jupp I read Brian Humphreys' letter of August 1 entitled "Bristol & West gave me rubbish service" with amazement. Humphreys doesn't follow the criteria outlined in the lender's underwriting guide, fails to make a call to the broker helpline to check the best way to present a case and allows seven weeks to go by before he gets so despondent that he chooses an inferior product (why wouldn't he have chosen GMAC-RFC if it was so good in the first place?) with another lender, ...

  • Buy-back of Misys' shareholding in 1st

    17 Aug 2005

    1st, a supplier of technology solutions to financial intermediaries, has bought back the Misys Groups shareholding in its business, for an undisclosed sum.

  • C2 financial recruits staff

    15 Aug 2005

    c2 financial has recruited Rhodri Lewis and Alex Adams, both of whom are joining the company in a sales capacity from MD Nationwide. Philippa Law also joins as a senior team leader in the underwriting department and Elizabeth Hibbs joins in a broker sales support role. Both of the latter join the company from BDS Mortgage Group.Other members of staff have joined from mortgage packager Olympian Financial, Cheltenham & Gloucester and Barclays, further bolstering the underwriting, customer ...

  • CML lauches flexible online study with Absolutely Training

    17 Aug 2005

    The Council of Mortgage Lenders, in partnership with the UK's fastest growing e-learning operation Absolutely Training, has launched two new modules for its online Mortgage Code of Business training solution favoured by 45% of UK building societies.

  • CML says buy-to-let lending still slowing down

    16 Aug 2005

    The first half of 2005 saw lenders advance around 9.9bn in buy-to-let mortgages, which is marginally higher than the second half of 2004 according to data from the Council of Mortgage Lenders.

  • Commonhold case completed

    15 Aug 2005

    The first commonhold mortgage case was completed last week, despite fears that some lenders are refusing to accept applications.Halifax is believed to have completed the case last Thursday on a property in Manchester.But there are concerns that other lenders are wary of the commonhold tenure that only came into being last September.With commonhold, owners band together to form an association that draws up rules on how interdependent properties, such as flats in a block, ...

  • Consider a protected lifetime deal

    15 Aug 2005

    Last week I looked at the issues facing those considering equity release when it comes to their attitude to inheritance and their desire to guarantee this within the value of their property.

  • Cost of ownership rises

    15 Aug 2005

    Research by Halifax shows the cost of owning and running a house rose 5% in 2003/04. Rising Council Tax accounted for 30% of the increase.Annual housing costs, at 5,948, now make up 23% of household spending.

  • Curriculum Vitae - Andrew Frankish

    15 Aug 2005

    "My first job was running the school tuck shop. We lost money"

  • D&D reveals mortgage insurance package

    17 Aug 2005

    D&D Homecare, the general insurance provider, has agreed terms with Prestbury Financial to provide its partners with mortgage and payment protection insurance.

  • Dear Delia

    15 Aug 2005

    Dear Delia The government has set a target for the sale of accident sickness and unemployment mortgage protection policies to purchasers of new mortgages.

  • Direct Line launches fixed rates

    15 Aug 2005

    Direct Line has launched a suite of fixed rate mortgage deals.

  • Disclosure failings taint all brokers

    15 Aug 2005

    I begin this week's column with a bid for the UK mortgage industry understatement of the year - implementing Financial Services Authority regulations can sometimes cause frustration. How did I do?

  • Dom Toller leaves B&W Mortgages and Mark Howell to join

    17 Aug 2005

    After 13 years with Bristol & West Mortgages, head of marketing, Dominic Toller, has decided to leave to pursue new career opportunities.

  • DTI successfully prosecutes Easy Debt directors

    18 Aug 2005

    DEBT COMPANY DIRECTORS IN COURT AFTER DTI INVESTIGATION

  • Elephant expands after north west success

    17 Aug 2005

    Following the success achieved by its branch office in Oldham, which launched at the end of last year, Elephant Loans is now expanding its north west operation.

  • EMBARGO SAT! House price inflation now less than 10%

    20 Aug 2005

    The Halifax House Price Index shows the annual rate of house price inflation has slowed significantly in all the regions of Britain over the past 12 months and is now less than 10% throughout the mainland.

  • Enterprise launches cashback scheme

    16 Aug 2005

    Enterprise Group has launched 500 client cashback scheme for all applications received for Mortgages PLCs entire range between August 15 and September 22.

  • Exclusive online

    15 Aug 2005

    Exclusive Connections has launched an online submission service with its online DIP and generic application forms.The online DIP lets brokers submit the form direct to their chosen office through a secure connection.

  • Expectations of a property market shake up

    15 Aug 2005

    Confidence in the housing market has remained stuck for the fourth consecutive month, research from the July Woolwich Consumer Confidence Index reveals.

  • Final wake up call for industry

    15 Aug 2005

    The Association of Mortgage Intermediarieshas called the results of the FSA's mortgage disclosure mystery shopping exercise the final wake up call for the industry.

  • Financial education firm to work with 1st

    15 Aug 2005

    JPMorgan INVEST, the financial education firm recently launched by JPMorgan Asset Management, has selected 1st as its technology partner.Mik Cons, managing director of 1st, says: "JPMorgan INVEST will make a major impact and should help focus employer's and employees' attention on problems such as the savings gap."David Cassidy, CEO of JPMorgan INVEST, says: "We were created to meet the need for financial education in the workplace, to enable people to ask the right questions ...

  • Firms ignore disclosure rules

    15 Aug 2005

    Mystery shopping by the Financial Services Authority has found that many mortgage firms are not yet complying with its regulations on the provision of disclosure documents.In April and May this year the FSA commissioned a mystery shopping exercise of 82 visits or calls to 62 lenders and brokers.The work was undertaken to establish whether firms were providing documents required to inform customers about the type of service a firm provides and about the cost, features and risks ...

  • Former Future chief launches lender

    15 Aug 2005

    Beacon, the financial services group headed by former Future Mortgages chief executive Mark Abbott, has launched a lender, Beacon Homeloans.

  • Friends Provident and Trigold band together to provide mortgage protection cover

    17 Aug 2005

    Friends Provident and Trigold launch new service for mortgage advisers

  • Government announces start of bidding for Tenancy Deposit Schemes

    19 Aug 2005

    Compulsory tenancy deposit control day was seen to take steps forward and backwards at the start of the bidding process for government approved schemes to secure tenant's deposit money and resolve deposit disputes.

  • Government launches green planning policy

    17 Aug 2005

    Ancient woodland and other valuable habitats such as heaths, rivers, wetlands, meadows, and coastal lands will receive strengthened protection under a new planning policy launched today by planning minister, Baroness Andrews.

  • Halifax to provide fixed fee conveyancing service

    15 Aug 2005

    Halifax is launching a fixed fee conveyancing service, believed to be the first of its kind from a major lender.

  • Hangover after the great credit party

    15 Aug 2005

    The national press has been full of articles, some well written and some alarmist, about the level of personal credit this country has racked up and the potential problems related to this debt mountain.

  • HBOS uses Visualfiles for in-house remortaging

    16 Aug 2005

    HBOS has implemented Visualfiles in its remortgage department.

  • Homecall+ offers landlords 24/7 protection

    18 Aug 2005

    Homecall+ has launched a product for landlords and tenants to provide a 24/7 solution for domestic nightmares such as failed electrics, plumbing emergencies or even lost keys, at no or minimal cost.

  • House prices rose 0.2% in July

    15 Aug 2005

    House prices rose by 0.2% in July, figures from Halifax reveal. There has been virtually no change in the average UK house price since the beginning of this year.The latest Halifax House Price Index shows the annual rate of house price inflation continuing to slow, falling to 2.3% in July, the lowest rate of growth since April 1996.Affordability remains in line with the long-term average and Halifax says recent figures provide further evidence of a steady improvement in market ...

  • House prices stall after recent rally

    15 Aug 2005

    House prices stalled over the past month, showing a slight decrease of 0.3% between June and July, says SmartNewHomes.com.This dip follows two months of price growth after consistent decreases since November last year.Annually, prices in July 2005 were down 4.3% over July 2004 - the fifth month of negative annual price inflation this year.David Bexon, managing director of SmartNewHomes.com, says: "We expect to see a slight decrease in prices and stagnation in activity at ...

  • Internet Insite

    15 Aug 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

  • Investing down under is a doddle with AustrailianPropertyInvestor.com

    17 Aug 2005

    Buying property in Australia can be a shrewd move for UK residents who are seeking an investment opportunity or future home.

  • Islamic Bank of Britain celebrates UK islamic finance

    17 Aug 2005

    Since the launch of its first branch on Edgware Road in September 2004 Islamic Bank of Britain is celebrating one year of islamic retail banking in the UK.

  • It's time to target the Bridget Joneses

    15 Aug 2005

    No. of times have thought "must sort out finances" 31 (good), appointments made with broker 0 (v bad), diversionary shoe buying tactic, 1 pair (quite restrained).

  • Kensington presents 52,000 cheque to Macmillan Cancer Relief

    17 Aug 2005

    Kensington Mortgages has today presented a cheque for 52,000 to Macmillan Cancer Relief.

  • Late payers should not be cash cows

    15 Aug 2005

    The Office of Fair Trading has at last turned its attention to the penalty charges imposed by the credit card industry. Not before time. The charges incurred by customers who pay late or exceed their credit limits vary but are typically between 20 and 25.

  • Leads website plans to vet all enquiries more strictly

    15 Aug 2005

    The Mortgage Maze, a lead generation website, is to launch on September 1, intending to operate a stricter vetting process for potential leads than rivals in the market.Jim Gillespie, who will manage the site, is an independent financial adviser and operations director at The Property Supermarket. He says his plan is to to create a site for advisers that has been designed by an adviser.Gillespie says he is taking the site one step beyond and making sure it meets all Financial Service ...

  • Lending static in July according to CML

    18 Aug 2005

    Gross lending in July totalled 25.2bn, 2% lower than in June, according to the latest data from the Council of Mortgage Lenders.

  • Long live the new breed of packager

    15 Aug 2005

    The death of the packager was noisily predicted in the run-up to Mortgage Day but nine months on those reports look somewhat exaggerated.

  • Majority of brokers experiencing sub-prime upturn

    15 Aug 2005

    Mortgages PLC and Mortgage Promotions have published the results of their joint MarketView July 2005 survey.

  • Mange tous, as Del Boy would say

    15 Aug 2005

    Exclusive Connections recently stated there was no connection between TMU and itself, but such a link can be clearly demonstrated, says Richard Griffiths

  • Market Watch

    15 Aug 2005

    With swaps continuing to edge up, we have seen lenders increase their fixed rates and review their portfolios.

  • MBB figures reveal lending increase

    18 Aug 2005

    Latest figures from the Major British Banking Groups, for July 2005, reveal that total sterling lending to the UK private sector showed a net underlying increase of 11.8bn to 1,119bn.

  • MBBG figures reveal increased lending

    18 Aug 2005

    Latest figures from the Major British Banking Groups, for July 2005, reveal that total sterling lending to the UK private sector showed a net underlying increase of 11.8bn (+1.1%) to 1,119bn. This was below the previous months rise of 13.7bn, though above the average of +10.0bn over the previous six months. Net mortgage lending in July rose by an underlying 3.7bn, which was down from the previous months +4.7bn and below the average of +4.4bn over the previous six months. Growth ...

  • MBL responds to criticism

    15 Aug 2005

    Mortgage Brain has dismissed claims of inaccuracy on its sourcing system and says that some errors that occur are not its responsibility.Mortgage Strategy received a letter from Paul Smith, director of Provident Solutions, that suggested MBL was atfault for still carrying a product from West Bromwich thatwas withdrawnon July 6.

  • Mint appoints exclusive packager Enterprise Group

    17 Aug 2005

    Enterprise Group, the London-based specialist in customer-branded packaging, has been appointed by MINT Financial Services as its exclusive packager, to deal with the sub-prime mortgages written by its Advisers.

  • Money Partners enhances product range

    17 Aug 2005

    Money Partners has made a significant number of enhancements and product additions to its complete Origin' range of first charge mortgages, which take effect immediately.

  • Moneyfacts comments on N&P FTB scheme

    19 Aug 2005

    Moneyfacts comments on the Norwich & Peterborough Building Society Lend a hand mortgage scheme

  • More building needed, says Savills

    16 Aug 2005

    Boom to bust is not this summers story but the UK housing market is under strain and development policy needs to be targeted if supply is to meet demand, says Savills.

  • Mortgage Brain is not so accurate in our experience

    15 Aug 2005

    An open letter to Mark Lofthouse, CEO of Mortgage Brain It has been interesting to see the trade press defending the accuracy of Mortgage Brain over recent months when we have unfortunately found the opposite to be true. Yet another example: MBL was last week still showing a 4.75% stepped tracker with West Bromwich Ref: 18769-VN (showing as validated after updating our system) when it was withdrawn on July 6 - and we have confirmed this product was indeed withdrawn on July 6. ...

  • Mortgage Promotions increases procuration fee

    17 Aug 2005

    Mortgage Promotions mortgage club has announced today that it has increased the procuration fee it pays to registered users on Mortgages PLC and BM Solutions mortgage business.

  • Most B2L brokers saw base rate cut coming

    15 Aug 2005

    Buy-to-let intermediaries widely predicted this month's base rate cut, Mortgage Trust's August buy-to-let forecast reveals.Just over 52% of brokers predicted a decrease of 0.25% while a cautious 35.2% believed rates would stay the same.The number of intermediaries predicting a rise of 0.25% decreased to 3.8% from 14.8% the previous month.The base rate cut is likely to provide a boost to the buy-to-let market, with an upturn in investor confidence and the possibility of even ...

  • Most think base rate will fall again this year

    15 Aug 2005

    The overwhelming majority of the people who took part in our straw poll last week believe the Bank of England will make further cuts in the base rate this year.Of those taking part, 69% are confident there will be further cuts before the end of the year with only 31% not expecting further reductions.This month, the MPC made the first cut in two years, reducing the rate by 0.5% to 4.5%.This week's straw poll asks: Should sourcing systems take responsibility for the Key Facts ...

  • Moving on up

    15 Aug 2005

    John Lloyd, head of Bank of Scotland Mortgages, envisages the firm focussing more on the high net worth sector in future. Interview by Robert Thickett

  • MPLC completes 750m deal

    15 Aug 2005

    Mortgages PLC has completed its seventh securitisation deal for a total of 750m.The bonds, which are predominantly AAA rated, have been issued via Merrill Lynch to a number of investors including leading banks and insurance companies.Trevor Pothecary, chief executive of MPLC, says: "This is a landmark deal for us, not only because it is by far the largest securitisation deal we have issued and we have obtained excellent pricing, but also because this is the first issue where ...

  • N&P launches FTB deal with parental help

    16 Aug 2005

    Norwich and Peterborough is launching a scheme to help first time buyers get a foot on the property ladder with the help of their parents.

  • Nationwide cuts its rates

    15 Aug 2005

    Nationwide will cut its tracker rate by 0.25% and its base mortgage rate by 0.10% for both new and existing borrowers as of September 1.This follows the recent decrease in the base rate. Nationwide's base rate will be 5.89%, around 0.60% lower than the SVRs of most other major high street lenders. Based on a 100,000 interest-only mortgage, borrowers with Nationwide could save 610.08 over a year by havingtheir mortgage on the Nationwide BMR of 5.89% rather than Halifax's variable ...

  • Newcastle Mortgage Services joins Openwork panel

    15 Aug 2005

    Openwork has added Newcastle Mortgage Services to its mortgage panel as a packager for sub-prime and non-conforming lending.

  • Newcastle trims its branch network by 19

    15 Aug 2005

    Newcastle plans to shift its focus more toward brokers after culling 19 of its high street branches.The building society plans to work more with intermediaries and third parties going forward.While the company's intermediary offerings and branch network complemented each other in the past, Newcastle has decided to shut certain branches as the cost of maintaining them is having a detrimental impact on service levels and products.Among the 19 premises culled are branches in ...

  • Not So Ab Pre-Fab!

    17 Aug 2005

    Deputy prime minister John Prescotts vision of affordable housing for all has taken a bit of a knock following the decision by Abbey and Alliance & Leicester to pull out of talks with the Government about how to provide mortgages for the project.

  • NU welcomes Pru deal challenge

    15 Aug 2005

    Norwich Union says it welcomes the imminent launch of rival Prudential's lifetime mortgage, saying the move should attract more advisers and customers to the sector.The Pru's product will be available from the end of September and promises to offer flexibility.Ali Crossley, director of lifetime mortgages at the Pru, says: "Most of the new and existing incumbents are simply offering 'me too' products. What's missing from the market is any flexibility for the customer. Our lifetime ...

  • OFM embraces Personal Touch proposition

    15 Aug 2005

    Personal Touch Financial Services has revealed that the OFM Group has joined its network as an appointed representative.

  • Opus rules out branded lending

    15 Aug 2005

    Branded lending has been ruled by packager Opus following a strategic review and discussions with business partners.Opus will not use the branded lending facilities offered by its lending partners because it does not see the advantage of hiding brands known to brokers and borrowers.Lockhart Bruce, Opus managing director, says: "From a sales and operational perspective, we see a great advantage in openly marketing our lenders' brands."It is transparent to brokers, and customers ...

  • Overpay your mortgage and save 26,000

    15 Aug 2005

    As we head into the season when City workers traditionally receive their summer bonuses, charcolonline has calculated that, by making a one-off overpayment on their mortgage using their summer bonus, homeowners could shave over three years from the term and realise total mortgage savings of 26,000.

  • Packagers still pack sub-prime punch

    15 Aug 2005

    Despite the emergence of direct to broker distribution by sub-prime lenders, the importance of packagers in the sector is increasing rather than diminishing, says Jon Haynes

  • Pavillion appointed to Burns-Andersons lending panel

    17 Aug 2005

    As part of Burns-Andersons ongoing review and continuing drive to ensure their members have expert advice and access to mortgage products in the sub-prime and non-conforming markets, they have appointed packager Pavillion Securities, a RAMP member, to its approved packager and lender panel.Ray Selley, director of Pavillion Securities, says: We see our appointment to the panel of such a high quality IFA network as Burns-Anderson as further continued endorsement of the services we ...

  • Personal comments

    15 Aug 2005

    The first six months' regional meetings by the Personal Finance Society have obviously struck the right note. Member comments have ranged from 'excellent' and 'couldn't be better' to 'useful' and 'practical'.

  • Pink celebrates record AR applications

    15 Aug 2005

    Pink Home Loans is celebrating three record months for appointed representative applications as its national roadshows come to an end.Dev Malle, head of operations at Pink, says: "We are helping our ARs and giving them a lot of attention. We have many ARs who have been to other networks and haven't been pleased with the service."ARs are happy with what we can offer - with our exclusive products and compliance measures."The three roadshows took place in Leeds, Warwick and ...

  • Pink revises buy to let criteria

    19 Aug 2005

    Pink Home Loans is pleased to announce a change in the buy to let lending criteria on two exclusive products. The rental yield requirement has reduced to 125% of the mortgage interest payment calculated at BBR + 0.50%.

  • PMS and Kennsington hit the road

    19 Aug 2005

    Premier Mortgage Service, together with Kensington Mortgages, are hosting a series of roadshows across the country during September for Premier Mortgage Service members. The events will be held at locations in Reading, London, Birmingham, Bolton & Glasgow across the period 13th 22nd September.

  • PMS surpasses 100bn

    19 Aug 2005

    Premier Mortgage Service with 16,000 users announces it has completed a massive 107bn of mortgage business since inception in January 1997 having received over 134bn in applications.

  • Portillo to speak at Mortgage Summit

    15 Aug 2005

    Michael Portillo has signed up to speak at Mortgage Strategy's Mortgage Summit in Jerez next month.The former Conservative MP will be the main speaker at the Summit's gala dinner at the exclusive Domeq Palace on September 8.Portillo is from Hertfordshire but his father was an exiled Spanish republican. He joined the Conservative Research Department in 1976 and became a government adviser after Margaret Thatcher stormed to victory in 1979.Throughout his career he demonstrated ...

  • Portman changes mortgage portfolio

    15 Aug 2005

    Portman is making changes to its five-year fixed rate penalty in term product.The rate for its five-year fixed product with penalty in term for loans up to 500,000 has been changed to 4.59%. There is a higher lending charge up to 90%.

  • Positive slant on the money laundering requirements

    15 Aug 2005

    From Chris Bramham Following last week's article on money laundering requirements by Chris Batson and Mike Fitzgerald (Mortgage Strategy August 8), I thought I would highlight a positive slant. As a business that has embraced this issue through our financial services department, we saw the law come in last year that brings estate agency into the fray. As estate agents and lettings agents we now have an obligation to train all our staff and have procedures in place to cover the ...

  • Products are only market-leading if you can get at them

    15 Aug 2005

    From Patrick Reeve I'd like to inform you of some poor service I have received recently from Nationwide. On July 7 I sent an application to the company with all the required documentation and the following day went on holiday, assured that upon my return the valuation would have been completed and the case would be proceeding as it should be. On July 18 I returned to my office to find that no fax acknowledgement had been received from Nationwide. Nervously, I telephoned ...

  • Property Investor Show says rate cut boosts remortgaging

    18 Aug 2005

    Boosted by the Bank of Englands decision to reduce the base rate, increasing numbers of homeowners and property investors are planning to remortgage this year according to the Property Investor Show.

  • Propertyfinder survey reveals size matters

    15 Aug 2005

    The UK is simply not providing the homes people want, according to research from propertyfinder.com.

  • Providing real value with online tools

    15 Aug 2005

    SPML's online decision system adds real value to the lender's intermediary service proposition and others are likely to be unveiling similar systems soon, says Frank Eve

  • Pru's index reveals climbing buyer confidence

    18 Aug 2005

    Prudential latest Mood of the Nation index has revealed that UK consumers' confidence in property is still on the up despite warnings of a house price slowdown.

  • Rate cut boosts business enquiries by 10%

    17 Aug 2005

    Mortgages PLC and branded lender TFC Homeloans report that the recent reduction in bank base rate has boosted new business enquiries by 10%.

  • Rate cut unlikely to boost property market in Wales

    15 Aug 2005

    This month's cut in the Bank of England base rate is unlikely to stimulate the Welsh property market.Peter Griffiths, chief executive of Principality, says that along with the rest of the market the society was expecting the cut but that it is unlikely to stimulate much activity in its local area.Griffiths, who remains hopeful the reduction will still spark some increased activity, says: "We were expecting an interest rate cut this month, particularly after it emerged that just ...

  • Reassure clients in uncertain times

    15 Aug 2005

    Following the terrorist attacks on London last month there has been confusion around whether financial protection policies will pay out if death or injury was the result of a terrorist incident. It is important people know they can rely on their protection so we must allay their fears on this subject.

  • Reynolds to head up sales at BM Solutions

    16 Aug 2005

    BM Solutions has revealed that Martin Reynolds has taken the position of head of sales, with immediate effect.

  • Ricketts appointed central region BDM

    17 Aug 2005

    Freedom Lending has appointed Graham Ricketts as business development manager with responsibility for the Central region.

  • Riddick to chair PISCES board

    15 Aug 2005

    Mark Riddick has been named chairman of Property Information Systems Common Exchange Standard, with immediate effect.Riddick, CEO of Searchflow, takes over from Adam Ward of the Royal Institution of Chartered Surveyors, who remains on the board.The board has been updated to represent a broader range of industry sectors. The new vice-chairman is Richard Barnett of Barnett's Solicitors and other new members include Neil Ewin, chairman of Visualfiles, Chris Lees, executive director ...

  • Rightmove prepares for possible IPO

    15 Aug 2005

    Online property site, Rightmove, valued at around 200m, has appointed UBS to work on a potential initial public offering.HBOS, Countrywide and Skipton currently each hold 30% of the shares in Rightmove, which advertises 60% of UK property sales. Royal and Sun Alliance owns the remaining 10%.Rightmove spokeswoman, Fiona Piper, says: "Discussions are at an early stage. However, reading between the lines, the appointment of specialist advisers makes the proposed IPO a real possibility."She ...

  • Service means C&G deserves to be high on any lender table

    15 Aug 2005

    From David Brown I read with interest in Mortgage Strategy recently that Lloyds TSB overtook Abbey and Nationwide in gross lending by volume last year. I have always enjoyed outstanding service from my local branch of C&G with offers always well within 10 working days (now deemed special by Abbey). Remortgages are normally completed within a month. (The Nationwide rapid remortgage service now takes at least two months.) To illustrate the point, I hand- delivered a paper application ...

  • SHIP hails Defaqto report

    15 Aug 2005

    Safe Home Income Plans has welcomed a recent Defaqto report which warns of the cost to lenders of providing a no negative equity guarantee.SHIP chairman Jon King believes the report provides a useful contribution to the debate on the value and cost of SHIP members' no negative equity guarantee and serves as a reminder to independent financial advisers about why equity release products carry higher interest rates than conventional mortgages.King says: "The Defaqto report confirms ...

  • Should sourcing systems be responsible for KFIs?

    15 Aug 2005

    The Association of Mortgage Intermediaries' census recently revealed that 57% of intermediaries believe sourcing systems should be responsible for the accuracy of the Key Facts Illustrations they produce.While going direct to the lender to obtain KFIs is seen as a failsafe method of securing correct information, many use KFIs produced by sourcing systems.Some lenders verify the information provided to sourcing systems but mistakes inevitably arise when such a bulk of information ...

  • SIPPs to ease UK pension crisis

    17 Aug 2005

    Billions of pounds are ready to be invested in the property market as soon as pension changes come into force in April next year say experts at the Property Investor Show.

  • Skipton lowers SVR to 5.89%

    15 Aug 2005

    Skipton is lowering its SVR to 5.89% following the base rate cut.

  • Solicitors must sharpen up their act

    15 Aug 2005

    Solicitors can be the professional link that holds up the house buying chain and it's time for a reform of the system a bit more radical than introducing sellers' packs, says Sue Read

  • SPML unveils online DIP

    15 Aug 2005

    Southern Pacific Mortgage Limited has unveiled the latest facility on offer from its electronic trading platform: the online decision in principle. This feature incorporates Experian to ensure customer data has been validated and meets SPML's underwriting requirements.

  • Taylor's Tour.....Taylor's Tour.....

    15 Aug 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

  • TBMC launches e-Conveyancer

    17 Aug 2005

    Cardiff-based Buy to Let and Commercial specialist packager, The Business Mortgage Company, announced today the launch of a new conveyancing service for brokers via e-Conveyancer, together with the release of a new Buy to Let application form.

  • TFC office opens

    15 Aug 2005

    In a move to improve its regional capacity, The Finance Centre has opened another office, situated on Euston Road in North London.It has a team of trained staff to provide support to brokers across the South of England.

  • The Derbyshire unveils B2L fix

    15 Aug 2005

    The Derbyshire has launched a buy-to-let mortgage with a fixed rate of 4.69%. The deal sees the rate fixed for three years until October 31 2010.The loan is available for a maximum of 10 properties and rental cover is based on 125% of the fixed rate.An application fee of 1.5% of the total amount borrowed applies, along with early repayment charges of 5% until October 31 2008.

  • The great escape

    15 Aug 2005

    Since regulation, packagers have defied predictions of their demise with improved online systems and faster, more personal service, says Harvey Jones

  • The Mortgage Mole

    15 Aug 2005

    RIGGEDMole was messing about on the river last week, courtesy of a trip down the Thames on a Dutch barge with the Platform team. While quaffing Pimms in the glorious sunshine, Mole's keen eye noticed that two Platform flags were fluttering from the top of the vessel. Mole reckons Platform's sales and marketing supremo Guy Batchelor scaled the rigging at the crack of dawn, keen not to miss an opportunity for some product placement.

  • Toller to join LMS

    18 Aug 2005

    Dominic Toller has been appointed as director of marketing and new business for LMS, a provider of outsourced services to lenders and brokers.

  • Trigold reveals sub-prime strength

    16 Aug 2005

    Julys MarketView survey conducted by Mortgages PLC and Mortgage Promotions has revealed that Trigold is more than twice as effective in sourcing sub-prime mortgage products as any other sourcing system.

  • Two thirds of house hunters go online

    18 Aug 2005

    Almost two thirds of consumers use the internet to research a house purchase and over one fifth would consider actually buying a home online according to a survey from SmartNewHomes.com, the UKs leading new homes website.

  • UCB cuts rates

    15 Aug 2005

    UCB Home Loans, the specialist lender of Nationwide, has announced a further drop in fixed rates on its self-cert and buy-to-let mortgage range - the fourth such reduction in recent months. The rates, which take effect on 15 August, provide the lender with some of the most competitive deals around.

  • Vesta says 12 packagers will close

    15 Aug 2005

    Vesta Packaging is predicting that as many as 12 packagers could go out of business in the coming months.It cites the burden of regulation, stiff competition and shrinking margins as the reasons some packagers will be absorbed by other businesses or shut down.Mark Leaper, managing director of Vesta Packaging, says: "The rumour mill has been grinding for some time now. There are sizeable players in trouble who are grasping at straws to stay in business."Some haven't really ...

  • Warning on regulated firms' honesty

    15 Aug 2005

    Simon Burgess, managing director of payment protection insurance intermediary firm, Burgesses, is warning firms that dealing with a Financial Services Authority registered firm does not guarantee honest business practice.The warning comes after what Burgess describes as a resounding court victory against Alan Vance, managing director of Campbell Hunter Consultants, which is authorised by the FSA.Burgess took legal action against Vance after he stopped paying commission due and ...

  • We should recommend firms that cover against terrorism

    15 Aug 2005

    From Jim Gillespie After the London bombings of July 7, survivors, victims and families of the deceased are having to deal with various insurance companies regarding their claims. Many insurance companies have an exclusion clause for acts of terrorism while others do not. For example, while BUPA life policies cover acts of terrorism, its PMI policies do not. Fortunately most of the household name insurance companies have confirmed that they will honour claims resulting from ...

  • West Brom could extend range to all customers

    15 Aug 2005

    The West Bromich is looking at making its entire product range available to both new and existing customers for the first time and expects other lenders to follow suit.It believes a significant number of lenders will adopt a similar policy this year, driven by the Financial Services Authority's Treating Customers Fairly initiative and also due to increased pressure to retain existing customers.West Brom mortgage product manager James Taylor, says: "We've been reviewing our product ...

  • Westbrom defies CML expectations of B2L slowdown

    17 Aug 2005

    West Bromwich says contrary to recent figures issued by the Council of Mortgage Lenders, highlighting a slowdown in buy-to-let lending, it says it is continuing to see a significant increase in their buy-to-let application volumes.

  • What effect will the recent 0.25% cut in the base rate have on the housing market?

    15 Aug 2005

    A modest increase in first-time buyer activity and renewed interest in remortgaging are predicted by our experts

  • Which? uncovers billion-pound pensions scandal

    17 Aug 2005

    Which? has revealed research showing an estimated 4.5 million people who contracted out of the state second pension into a personal pension look likely to get less than they would have had they stayed in the scheme.

  • Whitechurch welcomes AToM as approved packager

    16 Aug 2005

    All Types of Mortgages has been appointed as an approved packager to the Whitechurch network.

  • Worry as families fail to review finances

    15 Aug 2005

    Research from Scottish Widows reveals British families are failing to review their finances after major life events such as the birth of a child.And not only do parents fail to review their finances, but a large proportion do not have the appropriate financial products to begin with.One-third of parents have no life insurance and 72% have no insurance if they became critically ill or are unable to work.The research also reveals that one in five parents have a mortgage without ...

  • Yorkshire launches 4.95% offset tracker

    16 Aug 2005

    Yorkshire is launching an offset account that will track Bank of England base rate for the full term of the mortgage.

  • Zebra moves to pastures new

    16 Aug 2005

    Zebra Homeloans, a regional packager with offices in Luton, Bedford and Warrington has moved to larger premises in Luton. Paul Fletcher, a director of Zebra Homeloans, says: Despite all the predictions of the demise of the packager, we continue to see increased demand for our products and services. "Our new offices represent over twice our existing space and we now have the scope to offer additional services to our intermediaries."

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