Mortgage Strategy
15 June 2009

  • "Tentative evidence" asset purchase is working, says Bank

    17 Jun 2009

    The Bank of England says there is “tentative evidence” that its programme of quantitative easing is working but says the effects are yet to filter through to households and businesses.

  • £1m property sales fall 41%

    15 Jun 2009

    Research from largemortgageloans.com, a specialist large loans mortgage broker, reveals that £1m property sales in Great Britain fell by 41% in 2008.

  • 60 Seconds with.....Danny Lovey

    15 Jun 2009

    You recently challenged the director general of the CML to a showdown over his recent comments about brokers. What was his response?There has been a deathly silence. Personally, I think it’s because Michael Coogan doesn’t want to debate the subject, although he may say he does not wish to lower himself.

  • Abbey and A&L unveil revised mortgage rates

    16 Jun 2009

    Abbey for Intermediaries and Alliance & Leicester Intermediary Sales are repricing their mortgage ranges with cuts to two-year trackers but hikes to fixed rates of up to 0.5%.

  • Acting up for brokers

    15 Jun 2009

    Mole was pleased to accompany online editor Natalie Martin to the Association of Mortgage Intermediaries dinner last Wednesday at Drapers Hall in the city.

  • Adam Posen appointed to the MPC

    16 Jun 2009

    The Chancellor Alistair Darling has announced that Adam Posen has been appointed to succeed Tim Besley as an external member on the Monetary Policy Committee.

  • Adam Posen joins the MPC

    16 Jun 2009

    The Chancellor Alistair Darling has announced that Adam Posen has been appointed to succeed Tim Besley as an external member on the Monetary Policy Committee.

  • Advisers warned to switch clients to fixed rate deals while they can

    15 Jun 2009

    Two brokerages last week predicted that fixed rates could be set to increase and warned advisers to act quickly to help clients secure cheap deals.

  • As we like it

    15 Jun 2009

    Meanwhile acting editor Rob Thickett and features editor Christine Toner enjoyed a bit of culture midweek courtesy of the good people at the Buildings Societies Association.

  • Bank governor hits out at limited powers

    18 Jun 2009

    The governor of the Bank of England has likened the limited powers of the central bank to a church which “issues sermons and organises burials.”

  • BBA calls for global approach to regulation

    16 Jun 2009

    Proposed reform of UK banking regulation needs more work and must take account of how British financial services interact with global markets the British Bankers’ Association says.

  • BBA calls for global approach to regulation

    15 Jun 2009

    Proposed reform of UK banking regulation needs more work and must take account of how British financial services interact with global markets the British Bankers’ Association says.

  • Being tenacious with cases is a winning strategy

    15 Jun 2009

    The most important personal quality mortgage brokers need is tenacity.

  • Bread industry rises

    15 Jun 2009

    There can't be many markets thriving in the economic crisis but it seems the bread industry is.

  • Brits urged to claim tax relief on European second homes

    15 Jun 2009

    The National Association of Estate Agents is urging Britons who let out their European holiday homes to claim a retrospective tax break that could potentially be worth thousands of pounds.

  • Brokers benefit from sharing their experiences

    15 Jun 2009

    Last week was a good one for nice ideas. For example, I like the NatWest advertisement in which a mobile bank tootles around small villages collecting deposits from consumers who would otherwise have to travel to the next town.

  • Brokers support call for FSA and ratings agencies to face the music

    15 Jun 2009

    Brokers have rallied behind MP John Gummer after he laid the blame for the credit crisis at the Financial Services Authority's door.

  • Buildstore joins forces with Bath Building Society

    16 Jun 2009

    The Bath Building Society has joined forces with self build and renovation specialist BuildStore to provide mortgages for people building their own homes.

  • BuildStore teams up with Bath Building Society

    16 Jun 2009

    The Bath Building Society has joined forces with self build and renovation specialist BuildStore to provide mortgages for people building their own homes.

  • CBI warns of no recovery until 2010

    16 Jun 2009

    The worst of the recession is behind us but real recovery won’t come until the beginning of next year, predicts the Confederation of British Industry.

  • Changing tracks

    15 Jun 2009

    There was a collective gasp of "finally" across the industry last week as, after months of speculation, brokers learnt the fate of Lloyds Banking Group's multiple brands.

  • Cheaper mortgages are a distant dream

    15 Jun 2009

    The question I get asked most often is - when are mortgages going to get cheaper? My answer is always the same - keep an eye on the fixed rate bond market.

  • Checkmate stalls authorisation bid

    15 Jun 2009

    The Financial Services Authority has advised Checkmate Mortgages to hold fire on applying for authorisation until it has secured funding.

  • Clients still want and need advice

    15 Jun 2009

    Last week saw the Bank of England undertake its quarterly briefings around the country and I attended the one in Bristol.

  • CML publishes guidance on buy-to-let arrears

    15 Jun 2009

    The Council of Mortgage Lenders is publishing guidance to reinforce the message that lenders should act fairly when dealing with buy-to-let arrears.

  • Consumers optimistic on house prices, reveals BSA

    17 Jun 2009

    Consumers are becoming more optimistic that house prices will rise over the coming year, research from The Building Societies Association suggests.

  • Co-operative Bank's tracker boosts business 75%

    18 Jun 2009

    The Co-operative Bank says mortgage business is up 75% since launching its three-year tracker mortgage at 2.39%.

  • Corrie star helps man get debt written off

    15 Jun 2009

    Coronation Street star Michael Le Vell, who is also a director at claims management firm Ratio Money, has helped a Wetherby man to get £15,000 of credit card debt written off.

  • Credit crisis in the bar

    15 Jun 2009

    After the formalities at the AMI dinner Martin did as all good hacks do and headed for the bar. But there was something of a crisis occurring as the bar did not accept credit cards only cash.

  • Credit supply is still the big issue

    15 Jun 2009

    Everyone reading this column must be hoping that recent positive signs in the housing market are for real and we are seeing the start of a bottoming out of prices.

  • Dads must protect the family finances

    15 Jun 2009

    With Father's Day just around the corner us dads can look forward to being swamped with gifts and cards from our little ones as a sign of their appreciation for all we do for them.

  • Demand outstripping supply, reveals NAEA

    18 Jun 2009

    Figures from the National Association of Estate Agents show demand is outstripping supply across the UK housing market, with estate agents registering four house hunters to every available property.

  • Direct deals will soon lose appeal

    15 Jun 2009

    We appear to be in the middle of another bout of direct-only competition between banks for mortgage business.

  • Doing away with proc fees won't help consumers

    15 Jun 2009

    I wonder who will be the winners if proc fees are scrapped. It won't be Joe Public because they will have to pay for advice. And it won't be brokers either as they'll have to charge fees or work for free.

  • Downgrade hit Astra funding

    15 Jun 2009

    Norwich and Peterborough last week said the recent Moody's downgrade of the mutual was partly behind its decision to mothball specialist lending brand Astra.

  • Equity release can be a family affair

    15 Jun 2009

    Many brokers have been attracted to the equity release market recently as demand has increased, driven by demographic trends and increasing pressure on clients' finances.

  • Estate agents agree to pay Ombudsman awards

    16 Jun 2009

    Two estate agents expelled by The Property Ombudsman service have ended a stand-off with the redress scheme after failing to pay out for upheld complaints.

  • Ex-Praxis directors to launch claims firm

    15 Jun 2009

    Former directors of Birmingham-based mortgage packager Praxis, Nick and Richard Stettner, are set to launch claims management company Claims Master.

  • Find clients better conveyancing deals

    15 Jun 2009

    Calling the bottom of an economic cycle is almost impossible. The history books show that two months of positive house price data can be wiped out by another dip in market activity.

  • Firms raise cash for school minibus

    15 Jun 2009

    Hertfordshire-based estate agency and brokerage Kings Group and network Openwork have raised the funds to buy a bus to help visually impaired kids get to school.

  • First-time buyers seek whole-of-market advice

    17 Jun 2009

    First-time buyers accounted for the majority of requests for whole-of-market mortgage advice to Unbiased.co.uk in May.

  • Fitch downgrades West Brom

    15 Jun 2009

    Fitch Ratings has downgraded West Bromwich and placed the building society on ‘Rating Watch Negative’ after the mutual reported an annual pre-tax loss of £48.8m.

  • Forget Proc Fees, start charging clients

    15 Jun 2009

    Hello fellow brokers, I'm writing to those of you who are struggling with the impact of dual pricing.

  • Former Network Data bigwigs must take responsibility

    15 Jun 2009

    I’d like to respond to Jonathan Hammond’s recent letter with regard to his transfer to First Affinity via Openwork (Mortgage Strategy June 8). I’m pleased he is happy but it seems to me that he’s missing the point.

  • FSA bans another mortgage broker for fraud

    16 Jun 2009

    The Financial Services Authority has banned Tooting-based mortgage broker Guiliano Chianelli for declaring false and misleading information about his income in order to obtain a mortgage.

  • FSA chairman admits it's learning from mistakes

    16 Jun 2009

    Speaking at the Central Party School, in Beijing, China today, Lord Adair Turner, chairman of the Financial Services Authority says the regulator has taken steps to improve its supervision of banks.

  • FSA warned not to overlook consumer protection

    16 Jun 2009

    The Financial Services Consumer Panel has warned that regulatory reform needs to improve consumer protection, rather than just looking at financial markets.

  • Get to grips with rent-back rules

    15 Jun 2009

    The Financial Services Authority has published its near-final rules for firms wishing to operate in the sale-and-rent back market.

  • Gross mortgage lending dips 2% in May

    18 Jun 2009

    Gross mortgage lending dipped 2% in May from the £10.5bn seen in April to £10.3bn.

  • HML appoints director of client relations

    18 Jun 2009

    HML has appointed Martin Frazer as director of client relations, following the appointment of Jeff Quilter as director of strategy.

  • HML restructures executive team

    17 Jun 2009

    HML, the financial outsourcing provider and subsidiary of Skipton Group, has restructured its executive team.

  • Hornby's new job is bitter pill to swallow

    15 Jun 2009

    So Andy Hornby has joined Alliance Boots as chief executive. I'm sure he's more than capable of serving up the best prescription for the high street chemist. The former HBOS chief certainly knows a thing or two about illness, having presided over the demise of HBOS and nearly bringing it to collapse until it was rescued by Lloyds TSB in a government-brokered deal.

  • I still haven't got enough bread to drop out, man

    15 Jun 2009

    My birth certificate may say I'm 51 but inside I'm still a 17 year old rebel with a wardrobe full of Che Guevara T-shirts and a beer-stained student union card.

  • I wish Northern Rock would pay me to go elsewhere

    15 Jun 2009

    I was intrigued to read that specialist lenders' clients are being paid 15% of their balances to remortgage elsewhere (Mortgage Strategy Online June 10). Maybe Northern Rock should do this.

  • Inflation down to 2.2%

    16 Jun 2009

    The Consumer Prices Index shows annual inflation fell to 2.2% in May, down from 2.3% in April, a smaller decline than predicted.

  • Inflation falls to 2.2%

    16 Jun 2009

    The Consumer Prices Index shows annual inflation fell to 2.2% in May, down from 2.3% in April, a smaller decline than predicted.

  • Ingard teams up with Affirmative

    19 Jun 2009

    Ingard had added bridging lender Affirmative to its panel.

  • It's no surprise that Mortgage Times is being taken to court

    15 Jun 2009

    In response to your recent article regarding Mortgage Times payments (Mortgage Strategy June 8), I am not surprised to learn that a broker is chasing payments through the courts.

  • Ken Hogg appointed FSA's insurance sector director

    15 Jun 2009

    The Financial Services Authority has appointed Ken Hogg, currently interim chief financial officer at MGM Assurance, as insurance sector director.

  • L&G advisers expect business boost soon

    15 Jun 2009

    Stephen Smith, director of housing at Legal & General, says more than half its advisers expect business to get better in the next three months.

  • L&G Mortgage Club launches member website

    18 Jun 2009

    Legal & General Mortgage Club has launched a new website for its members providing housing market news and information on exclusive products.

  • Laugh and lend - the Brown Sugar initiative

    16 Jun 2009

    With Gordon Brown enlisting The Apprentice star Sir Alan Sugar to help out the likes of Lord Mandelson in the fields of business and enterprise, there is some speculation as to whether or not Lord Turner and Hector Sants might well follow suit. They could enlist TV comedians to help out the boards of banks and building societies in the tricky field of mortgage regulation.

  • Lenders' calculations can exaggerate arrears

    15 Jun 2009

    Borrowers are seeing their credit ratings suffer as a result of lenders failing to accommodate falling mortgage rates when calculating how severely borrowers are in arrears.

  • Lenders should come clean on broker strategy

    15 Jun 2009

    I have known for a long time that the Financial Services Authority treats brokers with disdain but judging by the way lenders now work I can't help but think they want us out of the process too.

  • Lloyds has been running C&G down for years

    15 Jun 2009

    I'm not surprised by the news about the closure of Cheltenham & Gloucester branches.

  • Lloyds reshuffle shows that it's backing brokers

    15 Jun 2009

    Since last September when it was announced that Lloyds TSB was to purchase HBOS there has been speculation as to which brands would be sacrificed.

  • Lloyds TSB wins claims advert challenge

    17 Jun 2009

    Lloyds TSB has successfully challenged an advertisement by Debt Free UK, which it felt was misleading.

  • Marketwatch 15/06/2009

    15 Jun 2009

    Swaps showed the biggest week-on-week increases I can remember. Three-month Libor has crept down a bit to 1.25%. 1-year money is up 0.21% at 1.49%2-year money is up 0.41% at 2.41%3-year money is up 0.43% at 3.06%5-year money is up 0.33% at 3.7%

  • Media Spotlight: The Black Swan by Nassim Nicholas Taleb

    15 Jun 2009

    A sad fact of the credit crunch is that while in hindsight it seems obvious that everything would go belly up the truth is that nobody saw it coming.

  • Minister number nine for housing

    15 Jun 2009

    Proof of how low housing is on Prime Minister Gordon Brown's agenda came last week with the appointment of John Healey as housing minister.

  • Missing out on a great deal

    15 Jun 2009

    It's not often that I look at press releases but for once I'm more than happy to say that it really is 'Great news from Britannia'.

  • More borrowers in negative equity than figures suggest, warns Bank

    15 Jun 2009

    The Bank of England says it is concerned that more borrowers could be in negative equity than in the mid-90s.

  • More first-timers are providing deposits of 20%

    15 Jun 2009

    Mortgages.co.uk has revealed that it has seen a 50% increase in the number of first-time buyers applying for mortgages with a 20% deposit in the past six months.

  • Mortgage rates increase despite base rate freeze

    15 Jun 2009

    Product providers are increasing average mortgage rates despite the latest Bank base rate hold, according to Moneysupermarket.com, which adds the Bank is toothless when it comes to regulating the cost of mortgages.

  • Mortgage requests for Turkish homes rocket

    15 Jun 2009

    Overseas property specialist Conti saw mortgage applications for Turkish properties rise 65% in the first five months of this year compared with the last five of 2008.

  • Mourinho could be the man to save us

    15 Jun 2009

    As each day passes the state of the country's political and economic life becomes more depressing and one can't help but wonder who will be the architect of our salvation.

  • MPPI firms are warned the FSA has its eye on them

    15 Jun 2009

    Mortgage payment protection insurance providers have been warned they risk incurring the wrath of the Financial Services Authority if they fail to treat their customers fairly.

  • Mutual unappreciation

    15 Jun 2009

    The vultures are circling in earnest. When you read in the Sunday Timesthat the Financial Services Authority is taking an interest in several building societies you know something's up.

  • Mutuals consider West Brom share deal

    15 Jun 2009

    Chelsea, Principality and Newcastle are all weighing up whether to follow the lead of West Bromwich in converting debt into shares.

  • Mutuals mull over West Brom share deal

    16 Jun 2009

    Chelsea, Principality and Newcastle are all weighing up whether to follow the lead of West Bromwich in converting debt into shares.

  • Never forget core business principles

    15 Jun 2009

    I wonder how many readers are able to name colleagues or rivals who have left the market in the past 12 months.

  • No real recovery until 2010, says CBI

    15 Jun 2009

    The worst of the recession is behind us but real recovery won’t come until the beginning of next year, predicts the Confederation of British Industry.

  • Northern Rock hikes fixed rates

    19 Jun 2009

    Northern Rock has hiked rates on its two-year, five-year and 10-year rate deals, as well as on buy-to-let rates.

  • Openwork will focus on service after Citri move

    15 Jun 2009

    Openwork has not ruled out future acquisitions but says its focus is on servicing its existing advisers after signing up its latest recruit on Friday - Newcastle-based Citri.

  • Orbiter facility allows users to rate lenders

    15 Jun 2009

    Orbiter has added a facility by which users can rate lenders' service levels on a scale of one to five. Ratings will be collated and the average listed alongside lenders' names

  • Proc fee changes at Halifax

    19 Jun 2009

    Halifax has cut its proc fee for further advances and product transfers and introduced differentials on proc fees according to LTV.

  • Property code body suspends HIP firm

    15 Jun 2009

    The Property Codes Compliance Board has suspended Home Information Pack Code subscriber Apollo Surveys after it failed to meet the board's requirements.

  • Purchase enquiries climb at John Charcol

    17 Jun 2009

    The level of purchase enquiries submitted to John Charcol has overtaken remortage enquiries for the first time since 2007.

  • Recession deters young people from home ownership

    15 Jun 2009

    Young people are less inclined to aspire to home ownership as a result of the recession and fears over negative equity, research suggests.

  • Regulator bans another broker for fraud as fines hit record high

    15 Jun 2009

    The Financial Services Authority banned another broker for fraud last week, as figures revealed the regulator has dished out a record 55 fines in the past year.

  • Rents stabilise during May

    16 Jun 2009

    Rents stabilised during May at an average of £765 a month but remain down on the same time last year, the latest data from Smartlandlord.co.uk shows.

  • S&P warns of more trouble for European banks

    16 Jun 2009

    European banks' credit loss provisions more than doubled in 2008 compared with 2007, shows a Standard & Poor's report.

  • Saved West Brom reveals big losses

    15 Jun 2009

    West Bromwich revealed a pre-tax loss of £48.8m last week but remained tight-lipped about how its mortgage broking subsidiary Mortgageforce had performed.

  • Seminar will focus on revenue in tough times

    15 Jun 2009

    The next online seminar hosted by Friends Provident will be about generating revenue in uncertain times. It will focus on tips to help advisers keep in touch with clients.

  • Sesame research shows consumers favour IFAs

    19 Jun 2009

    Independent consumer research commissioned by Sesame found that 97% of clients would be happy to use an IFA again, or recommend them to a friend or member of their family.

  • Sir Fred Goodwin offers to take £200,000 pension cut

    18 Jun 2009

    Former Royal Bank of Scotland chief Sir Fred Goodwin has agreed to cut his pension by £200,000 a year.

  • Stay focussed on success, even in these dark times

    15 Jun 2009

    It's not only in an economic downturn that we see business winners and losers, although both are more evident in trying times. The fact is that there are winners and losers in life generally.

  • Staying afloat in the storm

    15 Jun 2009

    It was good to see last week's last-minute survival bid from West Bromwich succeed. Speculation had been mounting about the beleaguered society, with many in the industry predicting it would become the next Dunfermline.

  • The Charlbury Group offers free MI reports

    15 Jun 2009

    The Charlbury Group is offering free management information reports aimed at helping lenders manage the repossession process.

  • The rise and fall of fixed rates

    16 Jun 2009

    All the talk at the moment in our industry is around the fact that most lenders are increasing their fixed rates, some dramatically, in a way that suggests we may well have seen the last of the incredibly competitive fixed rates for a long while.

  • The seven deadly sins of GI providers

    15 Jun 2009

    General insurance has been in the news in recent months and as a result an increasing number of issues are coming to light, both good and bad. The seven deadly sins that have been revealed are as follows.

  • Time for brokers to be loud and proud

    15 Jun 2009

    Last week I launched my business so time was tight but Mortgage Strategy is an essential read and often the source of my inspiration for these articles, and last week was no exception.

  • Tiuta launches review of bridging market

    15 Jun 2009

    Bridging loan company Tiuta is looking to compile a comprehensive review of the UK bridging market.

  • TMA adds Promise Debt Solutions to panel

    15 Jun 2009

    The Mortgage Alliance has added Promise Debt Solutions to its panel.

  • TrigoldCrystal offers debt solution sourcing

    17 Jun 2009

    TrigoldCrystal is adding debt solution provider, EuroDebt to its sourcing system.

  • Truth matters and what Cotton knew is highly relevant

    15 Jun 2009

    I take issue with Jonathan Hammond's statement that what Network Data's Alex Cotton knew or did not know is "irrelevant".

  • TSC to investigate mortgage arrears and finance

    17 Jun 2009

    The Treasury Select Committee is to carry out an inquiry into mortgage arrears and access to mortgage finance focussing on struggling home owners and funding for first-time buyers.

  • Two lenders offer golden goodbyes to prompt borrowers to move on

    15 Jun 2009

    Morgan Stanley and GMAC-RFC were last week revealed to be offering borrowers 15% to 20% golden goodbyes in an attempt to get them to remortgage elsewhere.

  • Two-year fixes jump 0.16%

    19 Jun 2009

    The average two-year fixed rate mortgage has jumped 0.16% since the beginning of the week from 4.74% on Monday to 4.90% today, says Moneyfacts.co.uk.

  • UK unemployment continues to rise

    17 Jun 2009

    UK unemployment rose to 2.261 million in the three months to April, figures from the Office for National Statistics show.

  • Website marketing essential for repossessed properties

    16 Jun 2009

    Research from the whitehotproperty.co.uk, a website that sells properties from corporate vendors, says website marketing is the most important factor for lenders when choosing an asset manager to sell repossessed properties.

  • Win ugly - inch by inch

    17 Jun 2009

    There are many reasons why I love working in Broadgate right in the heart of the city, apart from being on the doorstep of the major banks and many of our clients.

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