Mortgage Strategy
15 May 2006

  • C&G affordability model updated

    15 May 2006

    Cheltenham & Gloucester is launching an updated version of its lending affordability model to accommodate borrowers' changing needs. The model will allow C&G to make lending decisions based on customers' individual circumstances.

  • Mortgage PLC announces winners of its online prize draw

    17 May 2006

    Mortgages PLC has given 100 worth of Harrods vouchers to the five lucky winners of its On Demand online prize draw.

  • 80% of society CEOs believe HIPs will have a negative impact

    18 May 2006

    The Building Societies Association is calling for Home Information Packs to be voluntary when they are introduced, as a poll of society heads reveals that 84% expect HIPs to have a negative effect on the housing market.

  • 84% of society heads want HIPs to be voluntary

    16 May 2006

    Research by the Building Societies’ Association has found that 84% of building society chief executives want Home Information Packs to be made voluntary. The heads also fear that a glut of property for sale before the introduction of HIPs next year could create a downward blip in prices. This could then lead to knock on rise in house prices once HIPs are mandatory.

  • Abbey launches two-year tracker at 4.38%

    19 May 2006

    Abbey is launching a two-year tracker mortgage at 4.38% (Bank of England base rate minus 0.12%).

  • Abbey raises proc fees on fixed deals

    15 May 2006

    Abbey has raised the proc fees on its long-term fixed rate deals. Five, seven and 10-year fixes now offer a rate of 0.45%, up from 0.35%, which is the same rate offered on Abbey's flexi plus range.

  • All for the love of home ownership

    15 May 2006

    First-time buyers are now so desperate to buy they are prepared to shack up with a partner they can't stand. That's the gist of some pretty sad research produced for the Yorkshire through an online survey of 16 to 40 year olds.

  • AMI factsheet on credit searches

    15 May 2006

    The Association of Mortgage Intermediaries has launched a factsheet entitled Credit Searches & Footprints to inform members about the types of credit searches used by lenders.

  • AMI says UK is guinea pig for EU harmonisation laws

    15 May 2006

    The Association of Mortgage Intermediaries is concerned that harmonisation of financial regulation across the European Union is creating an uneven playing field, with the UK acting as a guinea pig for many proposed directives.The Financial Services Authority and the Treasury published their joint implementation plan for the Markets in Financial Instruments Directive earlier this month, and the regulator also sent trade associations and industry groups draft guidance on the potential ...

  • ASDA has the money to make its house selling plans work

    15 May 2006

    From Jim Gillespie I was surprised to read Richard Coulson's comments in last week's issue (Mortgage Strategy May 8) about Asda entering the estate agency and Home Information Pack market. He seems to dismiss this initiative as an example of "kite flying" on the supermarket's behalf. The thing is, Asda's parent company Walmart already knows only too well how popular 'For sale by owner' has become in the US in the past 10 years. And with comprehensive HIPs becoming mandatory ...

  • AToM appoints Hearn as managing director

    15 May 2006

    All Types of Mortgages has appointed Richard Hearn as the managing director, to take over from founder Vic Jannels who is set to become executive chairman of the AToM Group.

  • Australia: Goals can become reality

    15 May 2006

    The Socceroos finally qualified for the World Cup with a play-off win over Uruguay, bringing to an end 32 years of hurt. Our last appearance was in 1974 when we finished bottom of a group including West Germany, East Germany and Chile.

  • Austria: Forward thinking pays off

    15 May 2006

    Austria's journey to the 2006 World Cup finals was cut short by a Frank Lampard goal for England in October 2005. The result was enough to secure England a place in the final 32 in Germany and send Austria home.

  • Average house price rises

    15 May 2006

    The Land Registry's latest residential property price poll shows the average house price in England and Wales to be 192,745, representing an annual increase of 5.05%.

  • B&B to axe mortgage broking service from November

    17 May 2006

    Bradford & Bingley has revealed it will only be selling branded mortgage products through its network and will axe its mortgage broking service from November.

  • B-A unveils revamped brand

    15 May 2006

    Burns-Anderson is launching its new logo this week, with the makeover aimed at attracting new blood to the network.To promote the rebrand, the general insurance and investment network has produced a booklet entitled A guide to structuring your business, with another called How to set up a new business to be launched soon.Mike Hughes, chief executive of B-A, says: "In the past we attracted clients because we were the cheapest network but now not only are our prices ...

  • Batten down the housing hatches

    15 May 2006

    If you start to look into house price prospects too deeply in response to client enquiries you can discern some stormy clouds on the horizon, says Sue Read

  • Beat estate agents in the HIP race

    15 May 2006

    I have previously written about the low level of knowledge many mortgage brokers have on the subject of Home Information Packs. Having recently spoken at a number of intermediary events around the country, I am in no doubt that a large number need to build their know- ledge of the subject and start considering how they can turn this development into a useful business opportunity.

  • Best lifetime lender: Prudential.

    15 May 2006

    Jan Holt, head of sales for lifetime mortgages, says: "We are delighted to receive this award. It's satisfying to see that Prudential has been recognised as the best in the market, offering good value for customers and giving advisers innovative products to recommend to clients."

  • Best mortgage network: Personal Touch Financial Services

    15 May 2006

    Mike Allison, managing director, says: "We're delighted to have won such a prestigious award. We will continue to work hard to add value for our members. It is good that we have been recognised in this way."

  • Best mortgage packager: Chase UK

    15 May 2006

    Terry Pritchard, group managing director, says: "For a small packager like Chase this is like receiving an Oscar. We appreciate that after years of hard work we have finally got recognition. And it was great to see some old friends on the night - and beat them."

  • BlackBerry benefits

    15 May 2006

    Guaranteed and Genesis Home Loans says the introduction of BlackBerry technology to its business development managers and compliance teams has been important in helping to maintain competitive advantage in the intermediary marketplace.

  • Brokers are preparing for HIPs

    15 May 2006

    The Association of Mortgage Intermediaries' census on Home Information Packs shows most members are considering how HIPs will affect their businesses. But most believe sellers will approach estate agents first for their packs.

  • Brokers split on ODPM reshuffle's effect on HIPs

    15 May 2006

    Mortgage Strategy Online readers were evenly split last week on whether the reshuffle and ultimate axing of the Office of the Deputy Prime Min-ister would throw the future of Home Information Packs into doubt. The yays narrowly had it at 51%.This week Mortgage Strategy asks: "Should celebrities be advertising financial products?"

  • BSA CONFERENCE 2006: FSA lacks guidelines for processing quicker cases

    18 May 2006

    John Malone, managing director at Premier Mortgage Service has warned that as lenders process cases quicker, the Financial Services Authority has no guidelines in place to protect consumers.

  • BSA CONFERENCE 2006: HIPs could increase debt of those already in financial trouble

    18 May 2006

    Concerns have been raised that the introduction of Home Information Packs could increase the debt of those already in heavy arrears or facing repossession.

  • BSA CONFERENCE 2006: Industry urged to multi-channel

    17 May 2006

    Tammo Van Leeuwen, head of product development at Business Architects International, has warned that the industry needs to start to multi channel.

  • BSA CONFERENCE 2006: Lenders criticised for making products unsafe

    18 May 2006

    Paul Lewis, presenter of BBCs Moneybox has criticised the industry for making products unsafe, and says it is its own fault it has to educate consumers.

  • BSA CONFERENCE 2006:Lazenby warns societies to change

    17 May 2006

    Mike Lazenby, chief executive of Kent Reliance, has warned that unless societies start to change the way they operate a lot of them will not be around in ten years time.

  • BSA slams ARHC proposals

    19 May 2006

    Building Societies Association says the proposals outlined by the Affordable Rural Housing Commission yesterday will have little effect and could have unintended negative consequences.

  • Buyers are more optimistic than sellers, says Propertyfinder.com

    15 May 2006

    Confidence amongst home buyers and sellers has reached a two year high with buyers confidence exceeding that of sellers for the first time in more than two years. Research carried out by Propertyfinder.com has shown for the first time in two years that buyers are more optimistic than sellers.

  • Buy-to-let poised to go mainstream

    15 May 2006

    Over the past five years it has amused me to see parts of the national press declaring that the buy-to-let bubble is about to burst and we should all run for cover.

  • Buy-to-let shows continued growth

    15 May 2006

    UCB Home Loans' half-yearly report on buy-to-let shows continued growth in the sector. Swansea is tipped to be the next big focus for buy-to-let activity in south Wales, partly due to regeneration of the docks.

  • Call for better HIP regulation

    15 May 2006

    Spring Move is calling for the Home Information Pack industry to be better regulated.

  • Call for charter to tame loan adverts

    15 May 2006

    Sarah McCarthy-Fry, MP for Portsmouth North, has drawn up a motion calling for secured debt companies to advertise responsibly after concerns that celebrity-led advertisements are putting people's homes at risk.McCarthy is calling for secured debt companies to take up a charter of responsible advertising that only targets people who would benefit from secured debt.Carol Vorderman came under attack last week on BBC's Real Story programme for fronting advertising for FirstPlus.McCarthy

  • CML says HIPs will come with a price tag for clients

    15 May 2006

    Name and address supplied I saw the following in the annual report from the Council of Mortgage Lenders and would like to share it with readers. "The government believes that Home Information Packs will make home buying more efficient and reduce the waste caused by the large number of sales that collapse. We support the government's objective of making home buying more efficient and less wasteful. But change will come with a price tag for consumers. The [June 1 2007] date ...

  • Commercial First wins trophy at Mortgage Strategy awards

    15 May 2006

    Commercial First, has achieved its third major industry accolade this year by being awarded the title of commercial lender of the year at the recent Mortgage Strategy awards ceremony.

  • Communities minister accused of hypocrisy

    15 May 2006

    The Department for Communities and Local Government, the successor to the Office of the Deputy Prime Minister, got off to a rocky start last week as its minister Ruth Kelly was accused of hypocrisy.In her first speech in the role, Kelly attacked middle-class Nimbys, or 'Not In My Back Yards', for opposing new housing developments and standing in the way of the government's plans for more affordable housing.Last December the government pledged to increase housing supply by 200,000 ...

  • Compass and Assurant launch web-based MPPI product

    17 May 2006

    Compass Underwriting and Assurant Solutions have launched MortgageRewards, a web-based mortgage payment protection insurance product which rewards customer loyalty through a no-claims history on the policy.

  • Concern about inertia over HIPs

    15 May 2006

    The Council of Mortgage Lenders says it is concerned that Home Information Packs have fallen off the government's agenda following Ruth Kelly's first speech as communities and local government minister.Sue Anderson, spokeswoman for the CML, says the notable absence of HIPs from Kelly's first speech as communities minister last week has raised concerns that the government is suffering from inertia when it comes to compulsory implementation goes.She adds: "HIPs have previously ...

  • Consolidation loans in the spotlight

    15 May 2006

    Carol Voderman is the latest celebrity to come under fire for promoting financial services. She fronts adverts for consolidation loans from FirstPlus, owned by Barclays, which promise to help if "money worries are stopping you from enjoying life", by offering "an affordable, flexible loan at an extra low interest rate".

  • Co-op guide to financial jargon

    15 May 2006

    The Co-operative Bank has put together a short guide to deciphering financial jargon to allow people to become better at understanding money matters.

  • Cream of industry get their just desserts

    15 May 2006

    The fifth Mortgage Strategy Awards ceremony was held at the Royal Lancaster Hotel in London last week. At the premier event in the industry calender, 28 awards were up for grabs by the mortgage great and good. Categories ranged from best sub-prime and mainstream lender, packager, buy-to-let and equity release specialist to best large and small brokers. Below are some of the winners.

  • Credit to the companies that give their staff a free voice

    15 May 2006

    From Tim Arnold Commentators have apparently ignored one of the most salutary facts to emerge from a recent Sunday Times and Business in the Community study into corporate responsibility - nearly all of the companies in the top 20 recognise trade unions. We might expect organisations like the Co-Op Bank, at number one to have modern approaches to staff, with the self-confidence to recognise trade unions and work meaningfully with them to improve communications and cooperation. ...

  • Curriculum Vitae - Adam Henry

    15 May 2006

    "I'm fanatical about motor sports and bying and selling exotic cars"

  • Dashboard and Mortgage Angels offer free mortgage leads

    15 May 2006

    Dashboard has tied up with Mortgage Angels to launch a lead management service.

  • Dear Delia

    15 May 2006

    As a result of going through a divorce during which neither party paidthe mortgage, my client has six months' arrears with his sub-prime lender. He is looking tobuy a property valued at 120,000 and has a deposit of 36,000.He would also like to clear debts of 4,000.What are his options?

  • E2M launches 2,000 competition

    15 May 2006

    Easier2move, the online conveyancer, is offering brokers and estate agent introducers the chance to win 2,000 worth of holiday vouchers.

  • E2M launches spring holiday competition

    16 May 2006

    Easier2move is offering introducers (brokers and estate agents) the chance to win 2,000 worth of holiday vouchers.

  • Equity release boom predicted

    15 May 2006

    Research firm Datamonitor says the equity release market has the potential to treble its size to almost 3bn in the next five years, but fears its potential growth could be stunted by lenders' precautionary approach towards the market.

  • Estate agents still unaware of HIPs

    15 May 2006

    Easier2move's latest Home Information Pack Awareness Index shows 11% of estate agents still don't know what HIPs are. But this is an improvement on last month when research showed that 13% of agents were unaware of the packs. Easier2move attributes this improvement to the increased coverage of HIPs in the media.

  • Exclusive Connections' membership rises to 45

    15 May 2006

    Exclusive Connections says its membership is now at the highest level for three years.The packager network now has 45 member firms and puts this down partly to its two levels of membership whereby members can either work under the Exclusive Connections brand or under their own name but retain access to the network's products and services.Matthew Arena, managing director of Exclusive Connections, says: "We are the natural home for packagers wishing to maximise the effectiveness ...

  • FOS review could be good for brokers

    15 May 2006

    The Financial Ombudsman Service and the Financial Services Authority are to review how the FOS will be paid for in the future. This is good news.

  • Freedom Lending appoints national sales manager

    15 May 2006

    Robert Barnard has been promoted to national sales manager of specialist lender, Freedom Lending.

  • FSA apologises to MT for incorrect classification

    15 May 2006

    The Financial Services Authority had to apologise last week to the Mortgage Times Group after a fault on its register left the network classed as 'suspended'.The mistake by the FSA occurred last Wednesday and resulted in the network having to reassure its partners that it was still active and able to do business.The error occurred when Mortgage Times suspended one of its appointed representative firms, Belvedere Financial Solutions, and instead of the AR appearing on the FSA ...

  • FSA ban for disregarding rules

    15 May 2006

    The Financial Services Authority has banned Dr Albert Alphonso Carlyle Waite from carrying out any regulated activity in respect of credit unions, for a wilful and persistent disregard of FSA regulations.

  • FSA releases details of Retail Intermediaries Sector Conference

    19 May 2006

    The Financial Services Authority has released the programme for the second Retail Intermediaries Sector Conference - The future of advisers in the retail market.

  • FTB loans hit an all-time low

    15 May 2006

    Mortgages Direct's April survey says first-time buyer loans fell to their lowest level yet at 23% of all mortgages, compared with 47% in March.

  • FTBs build interest-only time bombs

    15 May 2006

    The plight of first-time buyers, the first link in the property chain, is a common topic these days and it is well known that high prices have forced the average age of first-timers upward. For many, property ownership is something that takes place in their 30s.

  • GE relocates staff as jobs go to India

    15 May 2006

    GE Money Home Lending has started a consultation process that will result in the relocation of approximately 70 staff members whose positions are being outsourced to a call centre in India. GE is interviewing staff identified as being at risk to see it they will be suited for jobs elsewhere in the group in an effort to keep redundancies to a minimum.

  • GE supports RAMP scheme

    15 May 2006

    GE Money Home Lending has developed a range of marketing activities to support the Regulatory Alliance of Mortgage Packagers' 'lender of the month' scheme.

  • GMAC accepts business via MTE

    15 May 2006

    GMAC-RFC is accepting mortgage business electronically via the Mortgage Trading Exchange.The addition of GMAC-RFC means the MTE now has eight of the top 10 mortgage lenders live on the system, as well as 22 lenders that account for 70% of all mortgages sold.Barry Searle, director of GMAC-RFC says: "We've always been committed to electronic trading. More and more people are realising the benefits it brings to the industry and to buyers."I'm sure the widespread availability ...

  • GMAC-RFC says it shares BSA HIP fears

    16 May 2006

    GMAC-RFC says it shares the Building Societies' Association's fears that the introduction of Home Information Packs could have a negative impact on the housing market.

  • Goldsmith Williams appoints sales and marketing staff

    17 May 2006

    Goldsmith Williams will be appointing staff to its sales and marketing teams.

  • Gross advances 3,512m in April

    19 May 2006

    Building Society Association says gross advances amounted to 3,512m in April 2006, up from 3,409m in April 2005

  • Growth is priority for incoming West Brom boss

    15 May 2006

    Acquisitions and organic growth are top priorities for Stephen Karle, the incoming chief executive of West Bromwich.He is taking over the reins from outgoing chief executive Andrew Messenger, who will retire in September.Karle, who joined the society in 1995 and is currently operations director, will assume the position on October 1.He says: "When I joined West Brom in 1995 we were celebrating 1bn of assets and now we are celebrating 7bn."I intend to push ahead with ...

  • Harry Hill to become Countrywide chairman

    15 May 2006

    Harry Hill will take over as chairman of Countrywide on January 1 2007, sparking speculation over who will replace him as chief executive officer.Mortgage Strategy reported in April that Grenville Turner, former head of intermediary business at HBOS, had been offered Hill's position, a claim both Turner and Countrywide refused to comment on.There were doubts that Countrywide's shareholders would approve Hill to replace Christopher Sporborg as chairman as in most circumstances ...

  • Help borrowers in good times and bad

    15 May 2006

    Repossessions were back on the agenda last week - fortunately not as a result of a massive spike in arrears and the sound of bailiffs loudly smashing their way through borrowers' front doors.

  • Helping the media give a balanced view

    15 May 2006

    We are a nation that seeks information and recommendations on products and services before buying. The need for this knowledge and the desire to air dissatisfaction has created a genre of consumer TV shows and publications.

  • Hinshelwood and Prust to head up Lehman's UK division

    15 May 2006

    Lehman Brothers European Mortgage Capital Division has appointed Simon Hinshelwood as managing director and chief operating officer and John Prust as director of sales and marketing of its UK businesses.

  • HoC launches overseas service

    15 May 2006

    Home of Choice has launched Choice Worldwide, an overseas property service for its appointed representative members.

  • House building up 19% and completions up 12%, reveals DCLG

    18 May 2006

    Department for Communities and Local Government have releases figures on new house building starts and completions in England and its regions up to the quarter ending March 2006.

  • House prices rise as larger properties lead the way, says RICS

    16 May 2006

    House prices have risen for the sixth consecutive month and larger properties are out performing flats, the Royal Institution of Chartered Surveyors' latest UK housing market survey has revealed.

  • House prices rise for 6th consecutive month

    15 May 2006

    House prices have risen for the sixth consecutive month and larger properties are out performing flats, says the Royal Institution of Chartered Surveyors in its UK housing market survey published.

  • Interbay to exhibit at Expo

    15 May 2006

    US commercial lender Interbay Funding will set out its wares at this week's Mortgage Business Expo in Manchester.The commercial lender has three main product types - a six-month variable rate, a one-year fix and two-year fix. For tier one properties such as offices, retail warehouses and takeaway restaurants, LTVs range from 70% to 80%, with rates subject to credit history. For A+ credit it will stretch to 85% LTV with 0.5% added to the rate.For tier two properties - pubs, holiday ...

  • Interest rate hike unlikely despite inflation hitting 2% mark

    16 May 2006

    Industry experts do not believe an interest rate hike is likely in the near future, despite higher air fares and household bills pushing the inflation rate back to its 2% target in April.

  • Interest-only loans under fire

    15 May 2006

    Lenders that offer larger loans for interest-only deals compared with repayment mortgages have come under fire for promoting potential payment time bombs.Neal Smith, compliance manager for mortgages at The Whitechurch Network, describes the practice of lending higher sums on an interest-only basis on the grounds of affordability as "frightening".He says: "Lenders are covered because they advise borrowers to have repayment vehicles in place but what about advisers? There is scope ...

  • It's a small world after all

    15 May 2006

    The mortgage industry may deal in big money but it's a surprisingly small world when it comes to senior personnel moving between companies, says Harvey Jones

  • KGB offers access to MT Select

    15 May 2006

    KGB Packaging is offering access to the Mortgage Trust MT Select range through a limited number of packagers.

  • Knight Funding offers flat fee

    15 May 2006

    Knight Funding is offering a flat application fee of 49 on applications for Platform's core range of products received by June 30, excluding prime deals.

  • KRS sees boom in referrals

    15 May 2006

    Key Retirement Solutions says it has seen huge growth in the number of firms referring equity release business to it.Dean Mirfin, business development director at KRS, says more IFAs are realising how much additional income can be generated by referring equity release business to specialist firms rather than transacting it themselves.KRS recently reported a 28% increase in the number of firms registered since October 2005, taking the total to more than 150.Mirfin says: "We ...

  • Lancashire town residents closest to paying off their mortgages

    15 May 2006

    Residents in the Lancashire town of Blackburn are closest to completely paying off their mortgages, says the Royal Bank of Scotland. RBS' latest Offset Mortgage research, also includes the RBS Fastest Mortgage League, highlights the UKs mortgage payment hotspots, where average-earning homeowners can pay off the remainder of their mortgages the soonest. Areas of Scotland and the north of England are revealed as the best in the UK for obtaining outright home ownership most ...

  • Landlords see rising demand

    15 May 2006

    Research from Paragon Mortgages shows that landlords have seen increases in tenant demand and rising rents in the past six months. A quarter of landlords say tenant demand for residential property is increasing, with two-thirds saying that it is stable.

  • Launch DB Countdown

    15 May 2006

    It's muck-spreading time in Chester so the heating problem has to be fixed from the inside, a good time is had at the Mortgage Strategy Awards and I lose money at the races, says Bill Dudgeon

  • Leadbay Loans to launch at Expo

    15 May 2006

    Leadbay Loans will be launching on May 16 at the Mortgage Business Expo in Manchester.A champagne launch will take place at the Leadbay stand, number G42, at 11am, with Chris Cummings, director-general of the Association of Mortgage Intermediaries and Association of Independent Financial Advisers, conducting the launch ceremony.The Leadbay service allows brokers to bid for the category of lead they want, so brokers looking for clients in need of a loan will be able to specify ...

  • Leadgeneration

    15 May 2006

    Mortgage Strategy's monthly guide to the lead generation companies brokers could be doing business with. Justine Tomlinson looks at the options available to intermediaries

  • Leeds' shared ownership deal

    15 May 2006

    Leeds has launched a three-year fixed rate mortgage for shared ownership clients. The product allows clients to borrow 100% of their share of the property and there is no higher lending charge.

  • Lender innovation has helped FTBs

    15 May 2006

    First-time buyer activity has been rising over the past 12 months. Prior to this, the malaise was protracted with activity at around 30% between 2003 and 2005.

  • Lenders must balance their risks and rewards

    15 May 2006

    Dealing with risk has always been at the heart of the mortgage lending business. In the past 15 years, advances in risk evaluation and risk management have meant the market has been opened up to a far wider range of borrowers.And these advances, which are being led by sub-prime lenders, are set to continue.Having sophisticated management practices to limit risk exposure will be increasingly important for lenders in keeping up with the competition.The most obvious advance ...

  • Linden Homes leads renewable energy challenge

    16 May 2006

    Linden Homes is undertaking 12 months of research exploring a new approach to tackling the renewable energy challenge as part of an agreement with Woking Borough Council .

  • Loan shark sentenced

    15 May 2006

    A loan shark who preyed on vulnerable members of society has been sentenced at Birmingham Crown Court.Alan McNally operated an unlicensed money lending operation in the Northfield area of Birmingham, offering illegal loans with interest rates of over 1,000% APR.

  • Market watch

    15 May 2006

    Swaps continued to rise last week although it was good to see them fall on Wednesday, so the overall increase in the week was quite small. But even taking this into account we saw a frantic week of repricing and fixed rate increases.

  • Marketing Brief

    15 May 2006

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

  • MBBG says net mortgage lending has risen by 5bn

    19 May 2006

    The Major British Banking Groups have released figures for April 2006, showing that the total sterling lending to the UK private sector showed a net underlying increase of 16.7bn (+1.4%) to 1,206bn.

  • MBE 2006: ARs a concern for FSA

    18 May 2006

    The Financial Services Authority has admitted that ensuring proper controls are in place for appointed representatives is one of its key priorities for 2006/07.

  • MBE 2006: Brokers debate sub-prime fees

    17 May 2006

    Speakers at the Manchester Business Expo on May 17 tackled the question of broker fees for sub-prime clients, after an audience member queried how much she should charge for taking on such cases.

  • MBE 2006: Cummings champions broker fees

    18 May 2006

    Broker fees represent one of the biggest opportunities for the intermediary market, says the Association of Mortgage Intermediaries.

  • MBE 2006: Cummings launches Leadbay

    17 May 2006

    Chris Cummings, director-general of the Association of Mortgage Intermediaries, was on hand to officially launch Leadbay at the Manchester Mortgage Business Expo on May 17.

  • MBE 2006: Izard breaks sub-prime myths

    17 May 2006

    Peter Izard, senior manager of corporate accounts at GMAC-RFC, urged the industry to help break myths surrounding the sub-prime market in order to maximise the potential benefits to brokers and borrowers.

  • MBE 2006: Networks may cut packager panels

    18 May 2006

    Paul Shearman, mortgage proposition director at Openwork, predicts that networks will increasing narrow down their packager panels to just one or two firms.

  • MBE 2006: Regulation a concern, says Cummings

    18 May 2006

    Chris Cummings, director general of the Association of Mortgage Intermediaries, has outlined some of his concerns for the long-term health of the UK mortgage market, including the effect of European directives.

  • Me and my car

    15 May 2006

    The Lexus R400h is an automatic choice for a lazy chief executive like me and with all the gadgets available it's a wonder I come into the office at all, says Philip Dearing

  • MEX rejoins ARLA buy-to-let panel

    19 May 2006

    Mortgage Express, a founder member of the Association of Residential Letting Agents panel of mortgage lenders for the initial launch of the buy-to-let concept, has rejoined the panel.

  • MEX takes on two BDMs

    15 May 2006

    Mortgage Express has appointed two business development managers. Neeta Patel has been appointed for the Kent Coast area and Danny Szabo becomes BDM for Watford.

  • Mexico: Boom ahead

    15 May 2006

    The Mexican football team, 13th in the all-time World Cup rankings, has played 41 World Cup matches, of which we have won 10, drawn 11 and lost 20. Surprisingly, we have never made it past the quarter-finals and although we have some quality players such as Bolton's Jared Borgetti, it's going to be tough for our young team this year.

  • Mind the gap

    15 May 2006

    The FSA wants trade bodies to fill the gap left by its move towards principles-based regulation but AMI must avoid a policing role, says Rob Griffiths

  • M-Next defends network cost comparison as valid

    15 May 2006

    Mortgage Next has def-ended its online cost comparison calculator as a valid method for brokers to compare the costs of belonging to various networks.An analysis of the calculator's results show that on average appointed representatives could save 464 by switching to Mortgage Next. The lowest cost saving is 5 per month and the highest is 2,475 per month.Brokers using the calculator are asked to disclose the number of cases they complete each month, the fee their network charges ...

  • M-Next extras

    15 May 2006

    Mortgage Next Network and Mortgage Next Partners are offering brokers the opportunity to earn an extra 100 on all packaged business received before June 30.

  • M-Next Partners extends services

    15 May 2006

    Mortgage Next Partners, which markets a range of support services to directly authorised mortgage brokers, has teamed up with Sesame to extend the range of services available via its Passport initiative.

  • Money laundering committee appoints chairman

    17 May 2006

    The Joint Money Laundering Steering Group today has appointed Martin Hall, director-general of FLA, as chairman of the JMLSG board. He replaces Ian Mullen, BBA chief executive, who stands down after five years. The change follows publication on February 1 2006 of JMLSGs new guidance for the financial services industry on the prevention of money laundering and the financing of terrorism. Hall chaired the editorial panel which oversaw the review process. He has been director ...

  • Moneysupermarket.com says beware of longer term mortgages

    15 May 2006

    Moneysupermarket.com is urging first-time buyers to avoid arranging their mortgage over a longer term where possible Short-term affordability can be improved by extending the term of the mortgage but be sure to reduce the term sooner rather than later

  • Mortatges plc expands marketing team

    19 May 2006

    Mortgages plc has expanded it's marketing team with a promotion and three appointments, and is looking to recruit for a further two positions as part of an ongoing recruitment drive that will take the department to 11 people.

  • Mortgage Next launches 1,000 AR incentive

    15 May 2006

    Mortgage Next Network is incentivising network members to find a friend who is interested in becoming an appointed representative.

  • Mortgageforce lands three awards in one week

    17 May 2006

    Mortgageforce won the best regional mortgage broker award at the fifth annual Mortgage Strategy Awards .

  • MP calls for repossession actions to be regulated

    15 May 2006

    A Labour MP has criticised the "questionable and arbitrary behaviour" of lenders and is calling on parliament to regulate repossessions.

  • MPLC expands sales team

    16 May 2006

    Mortgages PLC will be restructuring and expanding its sales team, following the promotion of Pete Thomson to sales director.

  • MPLC's 2006 golf challenge tees off

    15 May 2006

    Mortgages PLC's 2006 PGA Golf Challenge will swing into action with the first regional qualifying event at Blackwell Golf Club on Friday May 19.A further four qualifiers will take place thereafter - the northern qualifier at Prestbury Golf Club on June 2, the Scottish qualifier at Lanark Golf Club on June 6, the southern qualifier at Brocket Hall on June 26 and the Jerez qualifier at the Mortgage Summit on June 23.The top four players from each qualifier will go forward to compete ...

  • National Counties is back with a bang

    15 May 2006

    After a short period of relative calm in the equity release sector the creator of the drawdown lifetime mortgage has returned to the market with a strong offering.

  • NLA offers help with legislation

    15 May 2006

    The National Landlords Association is to provide a special information facility to help landlords understand the Housing Act now that the regulations arising from that legislation are coming into force.

  • Online forum for intermediaries

    15 May 2006

    Principality has launched an online forum for brokers at www.principality-brokerpoint.co.uk. The site has been piloted for the past month among Welsh brokers and is now open to brokers across the the country. Developed inhouse, the site allows brokers to obtain agreements in principle immediately and also provides an automated credit score facility and allows the production of Key Faces Illustrations.

  • Openwork allows more access to sub-prime

    15 May 2006

    Openwork has confirmed that its appointed representatives now have direct access to sub-prime products from all the lenders on its panel.In anticipation of statutory regulation in 2004 the network decided to take a cautious view of the sub-prime market and only allow members access via the two packagers on its panel - Enterprise Group and Newcastle Mortgage Services. But in June 2005 Openwork allowed direct access to sub-prime products through GMAC-RFC, BM Solutions and Kensington ...

  • Openwork calls on lenders to be consistent with self-cert

    17 May 2006

    Openwork has today expressed concerns that mortgage lenders are not always consistent in their underwriting and processing of self-cert cases.

  • Origo and Pisces to collaborate

    17 May 2006

    Origo, the standards body for e-commerce in the UK financial services industry, will be collaborating with international property standards organisation PISCES.

  • Overseas advice

    15 May 2006

    Goldsmith Williams Overseas will be speaking to visitors at the Mortgage Business Expo about advising clients on buying property overseas.

  • Partnership Home Loans joins SHIP

    15 May 2006

    Partnership Home Loans has joined Safe Home Income Plans, the UK equity release industry body representing over 90% of the equity release sector. This brings the number of SHIP members to 19.

  • Paymentshield appoints compliance director

    18 May 2006

    Paymentshield has appointed Graham Johnston as compliance director.

  • Platform unveils B2L tracker

    15 May 2006

    Platform is launching a buy-to-let three-year tracker with an 85% LTV at base rate plus 0.28%. The product has no early repayment charge and there is a 1.5% arrangement fee which can be added to the loan.

  • PMPA tracker exclusive

    15 May 2006

    The Professional Mortgage Packagers Alliance has launched a sub-prime tracker from Platform, available exclusively through member firms.

  • Property investers choose property funds, says Assetz

    15 May 2006

    Property funds are becoming the preferred route into property investment for the modern investor, offering greater flexibility, diversity and considerably less involvement than syndicates or direct property investment, says Assetz.

  • Record April lending, says CML

    19 May 2006

    Gross mortgage lending totalled 25.1bn in April - the highest April lending figure on record, reveals the latest data from the Council of Mortgage Lenders.

  • Record profits at Nationwide as residential mortgages tumble

    18 May 2006

    Nationwide has reported record profits of 559.2m for the last financial year, up from 513.9m in 2005.

  • Regulators plan to cut the burden

    15 May 2006

    The FSA and the OFT have published a plan that should see them working more closely together, reducing the administrative burden for jointly regulated firms, says Bill Warren

  • Retirement Plus enhances property plan

    16 May 2006

    Retirement Plus has added a protected share option to its property plan. With this the client will be able to retain a share of their home.

  • RIAS says consumers spend 4bn on garden features

    16 May 2006

    RIAS says consumers in the UK spend over 4bn every year on plants, shrubs,trees, lawns, garden furniture, water features, decking, urns and othergarden features and it advises consumers to think about protecting their investment.

  • Savills takes over brokerage

    15 May 2006

    Savills Private Finance (Channel Islands), a company wholly owned by Savills Private Finance, has taken over Channel Islands brokerage Goldridge de Beauvoir.

  • Scots will miss out on cheap legals

    15 May 2006

    As a patriotic Scot I hate to admit it but it's getting rather grim up North. While mortgage clients in England and Wales are getting the chance to access cheap legal services, those north of the border will lose out.

  • Scottish equitable valuations live on Exweb Gold

    19 May 2006

    Real time policy valuations from Scottish Equitable are live on Exweb Gold, The Exchanges premium portal service which launched in January 2005.

  • Self-assessment blamed for rise in Stamp Duty penalties

    15 May 2006

    The self-assessment method for filing Stamp Duty returns has been blamed for the number of penalties issued for late returns almost doubling in the past year.Inland Revenue figures show the number of penalties paid up to 2004 was significantly lower than those paid after that.Only 6,889 home owners paid penalties between 2003 and 2004. Between 2005 and 2006 penalties issued for delays in filing Stamp Duty returns reached 161,016 compared with 82,302 between 2004 and 2005.Ray ...

  • Selling a house can cost up to 22% of the value of the property

    17 May 2006

    National Homebuyers has found that selling the average house through the traditional chain process could cost as much as 22% of the value of the property, or 44,575.39.

  • Showers and sunny spells predicted

    15 May 2006

    Statistics show the outlook for the weather in the mortgage market is mixed, so it is best to prepare for a prolonged period of showers with sunny periods, says Sally Laker

  • Sole traders must focus to survive

    15 May 2006

    The demise of sole traders will be no bad thing if they reinvent themselves by becoming product specialists and build businesses fit for a complex world, says Richard Coulson

  • Solent Mortgage Services goes live on MTE

    16 May 2006

    Solent Mortgage Services has gone live on the Mortgage Trading Exchange, offering a procuration fee of up to 150.

  • Sophisticated step for small brokers

    15 May 2006

    Apart from cutting out re-keying, MortgageStream will allow smaller brokers to save time and money by becoming more sophisticated in their working processes, says Frank Eve

  • Spain: Blowing bubbles

    15 May 2006

    With star players like Raul, Spain boasts one of the most talented squads at this year's World Cup. This gives us a great shot in the competition after what has been a fairly disappointing history in the tournament.

  • Spectrum launches bankruptcy annulment products

    19 May 2006

    Spectrum Lending has launched a range of specialist mortgages aimed at individuals who are subject to bankruptcy orders.

  • Support your self-employed clients

    17 May 2006

    The number of business failures in Britain is soaring, with 4,800 firms going bust in the first quarter of 2006, 15% higher than the same period last year. And things are not likely to get better any time soon.

  • Sykes Anderson reveals SIPP loophole

    16 May 2006

    Solicitors Sykes Anderson says it has found a loophole for investors wishing to buy holiday homes within their pensions, despite the chancellors U-Turn of Self Invested Personal Pensions at the end of 2005.

  • Taking the helm

    15 May 2006

    The future looks buoyant for GE Money Home Lending with financial all-rounder and keen sailor Paul Thomas as head of originations, says Barney McCarthy

  • Tax threat to smart homes

    15 May 2006

    Homes with attractive gardens and fish ponds could face higher Council Tax bills under government proposals.Inspectors from the government's Value Office Agency are recording details of every home in the UK as part of a revaluation of homes in England.Homes with attractive features such as fish ponds, well kept borders, greenhouses and even rabbit hutches could face extra taxes.But Michelle MacCrossen, spokeswoman for the Value Office Agency, says: "It is unlikely that things ...

  • TBMC is appointed to the Openwork Panel.

    16 May 2006

    The Business Mortgage Company, has been appointed to the Openwork lender panel.

  • TCF masterclass

    15 May 2006

    The Institute of Financial Services is holding its next Treating Customers Fairly masterclass on Thursday September 7.

  • Tebbutt steps down at Millfield

    15 May 2006

    Paul Tebbutt has stepped down as chief executive and director of financial adviser Millfield Partnership. Tebbutt was fined 35,000 by the Financial Services Authority in April. Alan Easter, former sales and marketing director has replaced Tebbutt.

  • Tessa Jowell's house up for grabs

    19 May 2006

    If youve got 1m to spare, you might want to consider grabbing a slice of political history and purchasing Tessa Jowells north London home, which has just gone on the market for 950,000.

  • TFC appoints head of field sales

    15 May 2006

    The Finance Centre has internally appointed Gareth Rigden, formerly training manager, to the role of head of field sales with immediate effect.

  • The average house price in Scotland has risen by 4.0%, says Lloyds

    16 May 2006

    Lloyds TSB Scotland house price monitor shows that prices across Scotland are still rising.

  • The growing problem of exit fees

    15 May 2006

    To avoid possible government action lenders should fix their exit fees at point-of-sale so they can be factored into product comparisons, says Drew Wotherspoon

  • The Mortgage Mole

    15 May 2006

    Digging the dirt in the mortgage world

  • Time is running out to win World Cup tickets

    15 May 2006

    Time is running out for you to be in with a chance of winning two World Cup tickets for England vs Sweden, offered by First Mortgage Options and GMAC-RFC.The VIP hospitality tickets are available to all advisers via a draw that will take place at noon on Friday June 9 at Mortgage Strategy's offices. The winners will be notified by phone that day. Every GMAC-RFC mortgage application received at FMO's head office by 10am on June 9 will be entered into the draw.FMO is also ...

  • UCB launches buy-to-let tracker product

    19 May 2006

    UCB Home Loans is launching a buy-to-let three-year flexible tracker at 5.19% replacing the previous product of 5.29%.

  • UCB launches new product range

    18 May 2006

    UCB Home Loans is launching two new exclusive products in partnership with some of its national accounts.

  • Unity Homeloans appointment

    15 May 2006

    Unity Homeloans has appointed Moira Thompson as senior onsite underwriter.

  • Watchdog is watching you closely

    15 May 2006

    The FSA will be cracking down on individuals in positions of responsibility as well as companies as it implements changes to its enforcement regime, says Stephen Atkins

  • We don't know if HIPs will improve housing transactions

    15 May 2006

    From David Tyler I read with interest your recent supplement on Home Information Packs as I was searching for information on why they are being introduced, what they will provide and what benefits they will bring. While I am reasonably au fait with what they will provide I have yet to fully understand or agree with the reasons why they are being introduced and the benefits they will bring. The fact that a large number of property transactions fail after coming to the market ...

  • Which? is right on the SERPS issue

    15 May 2006

    I can't make my mind up about Which?. When it was the magazine of choice for bleeding heart, sandals with socks, tree-hugging liberals who simply wanted to change their refrigerators I thought it served a valuable function. And in the absence of a publication entitled Anorak's Weekly it also filled a valuable niche for people who didn't get out much.

  • Wiggans starts work at MEX

    15 May 2006

    Andrew Wiggans starts today at Mortgage Express as director of mortgage products following the end of his gardening leave from HBOS.Despite initial speculation that Bradford & Bingley would bring in a new managing director to succeed Tim Dawson who retired from MEX in March, the lender says Wiggans is not his direct replacement and will report to lending manager Chris Gillespie.Wiggans worked for Halifax from 1996 until April this year and has worked in financial services for ...

  • Will the linking up of the cfb and ami stave off the threat of secured lending being regulated?

    15 May 2006

    The link-up is not an attempt to avoid regulation but a sign of the growing importance of the secured loans sector, say our experts

  • Woolwich deals

    15 May 2006

    The Woolwich is to launch a range of products, focussing on tracker mortgages.

  • Would you vote for a political party promising cheap housing?

    15 May 2006

    With local elections becoming a distant memory, people are thinking ahead to the general election and how things might change depending on who gets into power. The big parties are trying to secure the youth vote by pledging to help first-time buyers but to what extent this will be a success remains to be seen.

  • Yorkshire unveils package for FTBs

    15 May 2006

    The Yorkshire is launching a financial help package for first-time buyers after research revealed that while many are desperate to become home owners, they are unaware of what it entails.The package is led by a five-year fixed rate offset plus mortgage available for loans of up to 100% LTV, which allows parents or other relatives to offset their savings. It also includes six months' free mortgage payment protection insurance and either a 0.6% cashback loan or free legals and valuation.The ...

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