Mortgage Strategy
15 October 2007

  • 11% of consumers use broker to find conveyancer

    15 Oct 2007

    Research by Easier2move indicates 11% of consumers use their broker to find their conveyancer.

  • 738,000 mortgages refused in past six months

    16 Oct 2007

    MoneyExpert.com has released data indicating over 738,000 applicants have been denied mortgages in the past six months.

  • Advantage creates position on board of directors

    18 Oct 2007

    Personal Touch Packaging has created a new position on its board of directors.

  • Advantage to sponsor TCF forum

    18 Oct 2007

    Advantage is sponsoring the newly formed Treating Customers Fairly Forum set up by the Council of Mortgage Lenders. The forum will ensure that all mortgage intermediaries have access to a ‘no nonsense’ website containing user-friendly guides, checklists, tips and tools and an explanation of how TCF applies to them. Keith Dearling, managing director at Advantage says: “We fully support the TCF campaign.

  • Ain't no Italian mountain high enough for lender

    15 Oct 2007

    Nathan Calcott, further advance manager at Commercial First, braved bitter temperatures and high winds to reach the summit of Italy's highest mountain for charity.

  • Alburaq to launch high-end commercial Sharia deals

    15 Oct 2007

    Islamic mortgage provider alburaq is to launch a Sharia-compliant commercial finance proposition in the coming months.

  • AMI helps with TCF compliance

    15 Oct 2007

    The Association of Mortgage Intermediaries has launched a campaign to help its members meet the March 31 2008 deadline for complying with the Financial Services Authority's Treating Customers Fairly initiative. An AMI factsheet providing an overview of TCF is the first in a series designed to help members meet their obligations.

  • ASI upgrades POS system

    15 Oct 2007

    Assurant Solutions Intermediary - formerly D&D Homecare - is upgrading its point of sale system, Distinctive Disk.

  • Bad egg brokers are in the minority, Guy

    15 Oct 2007

    It was with dismay that I read Guy Anker's column in last week's Mortgage Strategy.

  • Bananas Inc adds BM to panel

    18 Oct 2007

    Bananas Inc has added BM Solutions to its lender panel.Sue Cox, business manager at Bananas Inc, says: BM Solutions will allow us to continue providing our broker partners with a choice of the most competitive products currently available. "This will help them provide clients with the best possible options in the current testing climate - particularly in the areas of sub-prime and self-cert where there has been considerable change over the past few weeks.

  • Bidders losing out due to lack of know-how, says Auction Finance

    15 Oct 2007

    Inexperienced bidders are losing out on auction properties because they don't understand auction rules, claims Auction Finance.

  • Blackwell to swap C&G for A&L

    15 Oct 2007

    Mark Blackwell, currently acting intermediary sales director at Cheltenham & Gloucester, is to join Alliance & Leicester as director of intermediary sales.

  • BM Solutions joins Trustguard panel

    15 Oct 2007

    Trustguard Credit Services says it now has 30 lenders on its panel with the recent addition of BM Solutions.

  • BoE may have got things wrong, says European Parliament VP

    16 Oct 2007

    The vice president of the European Parliament has admitted that the Bank of England may have got some things wrong when dealing with the aftermath of the credit crunch.

  • BoE refused £30bn loan to NR takeover bidder before bank run

    18 Oct 2007

    The Bank of England has revealed it declined a request for a £30bn loan from an unamed bank wishing to takeover Northern Rock ahead of the run on the bank.

  • Bolton's comments about Boulger were unfounded

    15 Oct 2007

    Just when you thought Michael Bolton has gone quiet and that business may be a little, dare I say it, tight in Wolverhampton, up he pops to say hello in last week's cover story.

  • Bond theme for Complete awards

    15 Oct 2007

    Complete Mortgage and Loan Services has unveiled details of its inaugural annual awards gala event, to take place on October 25 at Southampton Football Club. The evening will be James Bond-themed and will open with a vodka martini reception.

  • Borrowers clued up on rate hikes

    15 Oct 2007

    Research by GMAC-RFC indicates that 90% of borrowers are clued up about the impact of potential interest rate rises when taking out a mortgage.

  • BoS rejects Cartel's request for client data

    15 Oct 2007

    Bank of Scotland has re-jected a request for client in-formation by the new Cartel venture as it is not authorised by the Ministry of Justice.

  • Bridging deal for B2L clients with no deposits

    15 Oct 2007

    Quick Bridge has launched a buy-to-let bridging product aimed at investors who want to build portfolios without the need for deposits.

  • Brokers believe the regulator is fair to small firms

    15 Oct 2007

    The Financial Services Authority has been accused of coming down too heavily on small firms with regard to its Treating Customers Fairly initiative, but Mortgage Strategy Online rea-ders don't agree. Just 33% say the regulator is asking too much of them.

  • Brokers should ignore PPI bad press

    15 Oct 2007

    Looking at Northern Rock's recent trial by media, which led to thousands of consumers withdrawing their life savings from a solvent institution, and it's easy to see how negative publicity can damage the reputation of an organisation or product regardless of the reality.

  • Brokers want better products

    15 Oct 2007

    Brokers want to see more product innovation in the mortgage market, a study by Charterhouse Research has revealed. Its research shows that despite there being more than 4,000 mortgage deals available, 62% of brokers feel there has been little product innovation since offset mortgages were launched in the 1990s. Nearly two-thirds say lenders have focussed on service rather than product innovation.

  • BSA categorizes homebuyers by personality

    15 Oct 2007

    British homebuyers fall into one of five personalities when buying a home says a report called House Price Expectations conducted for the Building Societies Association.

  • Call for website code of practice

    15 Oct 2007

    A charity is calling for a voluntary code of practice for price comparison websites.

  • Can you offer mortgages of more than 100% LTV and still call yourself a responsible lender?

    15 Oct 2007

    Compared with other forms of additional borrowing, 100%-plus mortgages can be appropriate and responsible, say our experts

  • CGT cut to help buy-to-let

    15 Oct 2007

    The buy-to-let market received a boost last week as chancellor Alistair Darling slashed Capital Gains Tax from 40% to 18% in his pre-Budget report.

  • Checkmate for Brown as he quits GMAC-RFC

    16 Oct 2007

    Roger Brown, director of packaging at GMAC-RFC, has become the latest name to leave the lender for Stephen Knight's new venture Checkmate Mortgages.

  • CHL adds fixed deals to B2L range

    15 Oct 2007

    CHL Mortgages has added three fixed rate products to its buy-to-let range. It has also added two self-cert discount trackers. The 5.49% fixes come with free legals and free valuations and are available up to 90% LTV.

  • CHL appoints four BDMs

    15 Oct 2007

    CHL Mortgages has appointed four BDMs to cover the Midlands and the North. The appointments are Anita Mander for Leeds, Mark Whitear for Middlesex, Trevor Hockley for the East Midlands and Matthew Hackett for the Midlands.

  • CHL joins Paradigm partnership proposition

    18 Oct 2007

    CHL Mortgages has joined the Paradigm Mortgage Services partnership proposition.

  • Citigroup, JP Morgan and Bank Of America to create liquidity facility

    15 Oct 2007

    Bank of America, Citigroup and JP Morgan and several other banks have unveiled plans to create and supply liquidity to a fund to buy American mortgage-linked securities.

  • Clear joins Rooftop packager panel

    18 Oct 2007

    Clear Mortgage Administration has been added to Rooftop Mortgages’ packager panel.

  • Commerce Centre offers debt advice

    15 Oct 2007

    The Commerce Centre has launched a debt advisory service for its clients with Grant Thornton. The partnership will provide tailored solutions to help clients escape the debt trap.

  • Common sense must prevail on PPI

    15 Oct 2007

    Last week, I wrote about the increasing number of payment protection insurance claims being brought by ambulance chasers and companies that make a living out of consumers claiming compensation. It seems certain that some firms are encouraging their clients to make fraudulent claims about the mis-selling of insurance.

  • Countrywide chairman faces SEC probe

    15 Oct 2007

    North Carolina's state treasurer has asked the US Securities and Exchange Commission to investigate stock sales by Countrywide Financial Corporation chairman and chief executive Angelo Mozilo.

  • Coventry joins SHIP

    15 Oct 2007

    Safe Home Income Plans has appointed Coventry as its 20th member.

  • Coventry recruits equity release expert for launch

    17 Oct 2007

    Coventry has recruited Mike Philps to spearhead the society’s launch into the equity release market. He was previously employed as business manager for equity release adviser Hinton & Wild and acted as Safe Home Income Plans director on behalf its owner, the Ecclesiastical Insurance Office.

  • Credit crunch blamed for delayed HIP roll-out

    16 Oct 2007

    A government minister says current credit and housing market volatility is the only reason Home Information Packs have not yet been fully rolled out.

  • Credit crunch to continue in UK, says Standard and Poor's

    15 Oct 2007

    Standard and Poor’s Ratings Service warns that the troubles affecting the UK mortgage industry may not be over.

  • CurriculumVitae: Darren Fretwell

    15 Oct 2007

    "I once tried out a microlite, basically a motorbike with wings. Never again."

  • D&D Homecare rebrand to echo new parent's name

    15 Oct 2007

    D&D Homecare is changing its name to Assurant Solutions Intermediary following its recent acquisition by Assurant Solutions.

  • Darling pins unsustainable house prices on lenders

    18 Oct 2007

    Alistair Darling has reproached lenders for fuelling an unsustainable house price growth through irresponsible lending.

  • Darling sets out his vision

    15 Oct 2007

    Chancellor Alistair Darling's first pre-Budget report included a promise to raise the Inheritance Tax threshold as well as a pledge to spend £10bn on housing in 2010/11 - up from £8.8bn this year.

  • Date set for ABN takeover

    15 Oct 2007

    Fred Goodwin, chief executive of the Royal Bank of Scotland, has announced the RBS-led tri-bank consortium will take control of ABN Amro on October 17. The consortium, made up of RBS, Banco Santander and Fortis, won control of the Dutch bank with a £71.1bn offer.

  • Dear Delia

    15 Oct 2007

    My client wants to purchase two buy-to-let properties – a terraced house priced at £185,000 for students and a city centre flat priced at £175,300. She has a £55,000 deposit to split between them and expects to generate annual rental income of £12,720 from the student property and £8,400 from the city let. She earns £32,000 a year. Would she be able to secure buy-to-let mortgages on these properties?

  • Don't blame downturn on HIPs, says SearchFlow

    17 Oct 2007

    The downturn in the housing market should not be blamed on Home Information Packs, says SearchFlow.

  • Don't leave HIP sales to estate agents

    15 Oct 2007

    I recently had the pleasure of being a guest speaker at Mortgage 2000's inaugural M2i conference. With an audience of over 200, it was an ideal opportunity to gauge brokers' feelings about Home Information Packs and see if HIPs have made it onto their list of key products.

  • Drawdown products rise in popularity

    15 Oct 2007

    Key Retirement Solutions recently produced its latest quarterly guide to what's happening in the equity release market.

  • Edeus promotes Thomson as sales manager for North

    15 Oct 2007

    Edeus has promoted Scott Thomson to the role of area sales manager for the North.

  • Edeus withdraws fixed rates

    15 Oct 2007

    Edeus last week withdrew all its fixed rate products, citing a dramatic increase in the cost of funding.

  • Equity release a booming sector

    15 Oct 2007

    The equity release wave is cresting, says Key Retirement Solutions.

  • Finegold's investment firm limits investor withdrawals

    16 Oct 2007

    Martin Finegold's investment firm Cambridge Place Investment Management has limited investor withdrawals and cut fees.

  • Firm could take over Delia FC

    15 Oct 2007

    Like A Turkey prepared for one of her popular recipes, Delia Smith may have gutted her beloved Norwich City Football Club and offered it up for consumption by a mortgage firm.

  • Forrest falls

    15 Oct 2007

    As Mortgage Strategy Online reported last week, GMAC-RFC will close its specialist lending arm as part of its plans to cut costs.

  • Fraudulent insurance claims worth £1.3m a day, says ABI

    18 Oct 2007

    Insurance companies are uncovering and preventing fraudulent insurance claims worth £1.3m every day, the latest research from the Association of British Insurers reveals.

  • FSA fines broker £10,500

    18 Oct 2007

    The Minel Group has been fined £10,500 by the Financial Services Authority.

  • FSA let us down by by not making the case for sub-prime

    15 Oct 2007

    I watched the BBC's recent Panorama programme on sub-prime borrowers with interest.

  • FSA slammed for being soft on rogues

    15 Oct 2007

    The Financial Services Authority has come under fire for going easy on unscrupulous brokers.

  • GMAC-RFC caps LTV on Partners range at 85%

    17 Oct 2007

    GMAC-RFC has capped LTVs on its Partners range at a maximum of 85% from today.Sub-prime full status fixed rates now start at 7.44% while sub-prime self-cert rates start at 7.74%. Prime fixed rates are available from 6.69%.Applications for withdrawn products must be received by November 12.

  • Godiva hikes rates by up to 0.75%

    16 Oct 2007

    Godiva Mortgages is withdrawing much of its credit-impaired range and replacing it with rates that are up to 0.75% higher.The products being replaced include near-prime, extra light and light adverse flexible trackers and fixed rates for both self-cert and full status borrowers.Online applications will be accepted until October 17, while paper applications must be received by October 22.

  • Going postal pointless in the electronic age

    15 Oct 2007

    Centuries ago, if Britons wanted to share information, someone got on a horse and rode to the next town.

  • Good time for packagers to show unity

    15 Oct 2007

    The Mortgage Strategy Packager Summit set for Gleneagles this week is well timed because building relationships with lenders is critical in these fraught times, says Roger Morris

  • Gross lending dives nearly 12% in September, says CML

    18 Oct 2007

    Gross lending fell by nearly 12% in September to £29.9bn, the Council of Mortgage Lenders reveals.

  • Gross society advances hit £4,230m in September, says BSA

    18 Oct 2007

    The Building Societies Association says gross advances hit £4,230m in September, down from £5,047m in September 2006.

  • Halifax news direct to your PC

    15 Oct 2007

    Halifax Intermediaries has launched an RSS news feed to provide brokers with the latest information on their PCs without their having to log on. As soon as a new article is loaded onto Halifax's website, a headline message is displayed.

  • Have your say on MS' online self-cert survey

    15 Oct 2007

    Mortgage Strategy's online survey of the self-cert mortgage market is up and running on the homepage of its website www. mortgagestrategy.co.uk The survey explores the self-cert market from the point of view of brokers, not the BBC.

  • Head of sales for Mortgage Bureau

    15 Oct 2007

    Mortgage Bureau (UK) has recruited Paul Lipton-Rose as head of sales. Glyn Millsom, director at Mortgage Bureau, says: "We are pleased that Paul is joining us at such an important stage in our development. He will add value to our sales team."

  • Heritable and BDS partner and package

    16 Oct 2007

    Heritable Bank has formed a new partnership with BDS Mortgage Group.

  • How tiny income fibs become big ones

    15 Oct 2007

    Sub-prime mortgage mis-selling is getting to be a bit like dog mess on your shoe - you just can't get rid of it. Now BBC's Radio 5 and Panorama have unearthed more evidence of unethical behaviour by brokers. The accusations and recriminations once again centre on brokers encouraging clients to misrepresent their income levels.

  • IMF says UK at risk of severe housing downturn

    18 Oct 2007

    The International Monetary Fund has warned the UK is one of the countries most at risk of a severe housing downturn.

  • IMLA says market on road to recovery

    15 Oct 2007

    The Intermediary Mortgage Lenders Association says the the UK market is starting to recover after its crisis of confidence.

  • In Retirement launches online equity release service

    15 Oct 2007

    In Retirement Services has launched an equity release referral service that allows brokers to submit business online.

  • Insurance broker banned by FSA

    15 Oct 2007

    An insurance broker has been banned by the Financial Services Authority after two colleagues reported he had left clients uninsured. Richard Michael Wolf was the sole director of Rotheville Insurance Brokers, which advised on and sold insurance. The FSA found Wolf misled clients to believe they had cover in place when their premiums had not been forwarded and their policies were at risk.2005: HBOS launches a broker charm offensive to counter executive staff losses2004: Mortgages come ...

  • Interbay creates three senior national roles

    17 Oct 2007

    InterBay Commercial has created three senior level national positions. The roles focus on maintaining and developing the packager business, corporate accounts and intermediary support.

  • Investec does not regret buying Kensington Group

    15 Oct 2007

    Investec says it has no regrets about its acquisition of Kensington Group, despite the lender admitting that the state of the market is "bloody shitty".

  • Kent-based broker under police spotlight

    15 Oct 2007

    The Financial Services Authority has stopped a Kent-based mortgage broker from arranging mortgages or conducting any regulated activity pending a police investigation.

  • KGB offers weekend in Budapest

    15 Oct 2007

    KGB Packaging is offering brokers the chance to win a weekend in the historic and romantic city of Budapest, capital city of Hungary.

  • Knight's rights to Checkmate name contested

    16 Oct 2007

    Stephen Knight and Martin Finegold have come up against a public challenge to the rights of the name of their new venture Checkmate Mortgages.

  • Landlords need deposit protection

    15 Oct 2007

    Paragon Mortgages warns that the 75% of UK landlords who have failed to sign up for tenancy deposit payments are vulnerable to hefty fines and possible legal action. It warns that landlords could face large fines if they end up in disputes over deposits without protection.

  • Lenders urged to fill sub-prime gap

    15 Oct 2007

    Balance sheet lenders should consider offering sub-prime deals as a consequence of the credit crunch, says Spicerhaart Financial Services.

  • Little difference in fixed and variable rates, says eMoneyfacts.co.uk

    16 Oct 2007

    Fixed and variable rate prices are evening out to almost the same levels, says eMoneyfacts.co.uk.

  • LMS releases Q3 market efficiency monitor results

    15 Oct 2007

    LMS has published its Market Efficiency Monitor Q3 2007 results.

  • Market returning to normal after HIPs, says AHIPP

    15 Oct 2007

    The Association of Home Information Pack Providers says the distorting the effect of HIPs on the housing market has been short-lived.

  • Marketwatch

    15 Oct 2007

    Swap rates continued their roller coaster ride and rose slightly towards the end of the week after falling previously.

  • MBS Lending offers direct-to-broker sub-prime range

    16 Oct 2007

    MBS Lending has launched a direct-to-broker sub-prime range from near-prime to heavy adverse.The lender, which is owned by Melton Mowbray, began as a packager-only proposition.The broker offering features no early repayment overhang and no higher lending charge.

  • MD Nationwide to make 17 redundant

    19 Oct 2007

    Brokerage MD Nationwide will make 17 redundancies as of today.The company, bought by the Beacon Group in April 2007, is a brokerage that specialises in high-risk consumer dealings and debt consolidation.Jeremy Russ, head of marketing and compliance at Beacon Home Loans, says: “MD Nationwide is a direct to consumer stand alone company. The brokerage has identified 17 positions as at risk for redundancy and is now consulting with members of staff before making any decisions.”

  • Me & My Car

    16 Oct 2007

    The car I love best is a Peugeot 205 1.9 GTI special edition, carefully preserved in its original condition – but the BMW M5 I drive to work in is no slouch either, says Angelo Trapasso

  • MEP says BM Solutions B2L study is pure gold

    16 Oct 2007

    An EU MP has praised a pan-European study of the buy-to-let market by BM Solutions as "worth its weight in gold".

  • Missed payments cost first-time buyers dear

    15 Oct 2007

    An increasing number of first-time buyers are being refused mortgages due to missed payments showing up on credit searches, a broker has warned.

  • Mortgage Next to reward top ARs with trip to Portugal

    17 Oct 2007

    Mortgage Next Network has invited its 133 firms of appointed representatives to participate in an incentive programme.

  • Mortgage products plunge 40%, says eMoneyfacts.co.uk

    17 Oct 2007

    The number of buy-to-let and residential mortgage products has plummeted 40% in just three months, eMoneyfacts.co.uk claims.

  • Net mortgage lending up £5.8bn in September, says BBA

    18 Oct 2007

    Net mortgage lending rose by £5.8bn in September, the latest figures from the British Bankers’ Association reveal.

  • Newcastle appoints finance director

    18 Oct 2007

    Newcastle is delighted has appointed Jonathan Westhoff as finance director.

  • No bidders for BoE's last auction

    17 Oct 2007

    The Bank of England again issued its auction this morning, and again there were no takers.

  • Northern Rock admits brand name is finished

    16 Oct 2007

    Northern Rock admitted today that its brand is so severely damaged it is unlikely to operate under that name in the future.

  • Northern Rock saga rumbles on

    15 Oct 2007

    Northern Rock has confirmed it is in preliminary talks with several potential takeover bidders.

  • Northern Rock's chairman quits

    19 Oct 2007

    Northern Rock has finally accepted the resignation of its chairman Matt Ridley.

  • NR cuts LTVs, proc fees and ups rates by up to 0.55%

    16 Oct 2007

    Northern Rock has reduced LTVs on niche prime to heavy adverse fixed rate products, as well as increased rates by up to 0.55%.

  • NR may get new lease of life as Virgin Money

    15 Oct 2007

    Northern Rock could be re-branded Virgin Money after a consortium led by Sir Richard Branson made a bid for the beleaguered lender late last week.

  • One million consumers paying mortgage or rent with plastic

    17 Oct 2007

    Over one million Britons are borrowing from Peter to pay back Paul by using their credit cards to pay their mortgage or rent, says a survey by Shelter.

  • One MPC member voted for base rate cut

    17 Oct 2007

    Eight members of the Monetary Policy Committee voted for the base rate to be maintained at 5.75%, while one wanted a 25 basis points cut.

  • Openwork has highest number of registrations with edeus

    16 Oct 2007

    Openwork has registered the highest number of appointed representatives with edeus of any network.

  • Optoma sees drop in rejected applications

    15 Oct 2007

    Optoma has seen a reduction in rejected applications.

  • Optoma team to help brokers

    15 Oct 2007

    Optoma Broker Solutions has introduced a team to help brokers complete their cases. The team will liaise between lenders, solicitors and brokers to aid communications between all parties.

  • Out of reach

    15 Oct 2007

    Government schemes designed to keep home ownership within the grasp of UK consumers may be too little, too late, warns Eddie Goldsmith

  • Packagers have proved their value in the credit crunch

    15 Oct 2007

    I was disappointed to read that John Malone is advising brokers not to deal with packagers, given the present state of the credit market (Mortgage Strategy October 1).

  • Paradigm and Freedom team up on secured loans

    17 Oct 2007

    Paradigm Mortgage Services has revealed Freedom Finance will be its preferred partner for secured loans.

  • Paradigm offers Dashboard to brokers

    15 Oct 2007

    Paradigm Mortgage Services is offering all its members access to Dashboard Enterprises suite of back-office and sourcing system IT solutions.

  • Pensioners living off less than £10K a year

    15 Oct 2007

    Despite collectively sitting on a property goldmine of £841bn worth £82,446 per person, the majority of UK pensioners are living on less than £10,000 a year.

  • Picture to appeal against ASA decision

    15 Oct 2007

    Picture Financial is to appeal against a decision by the Advertising Standards Authority that deemed one of its advertisements too misleading to be shown on TV.

  • Pink rewards commercial deals

    15 Oct 2007

    A bottle of champagne and a marketing budget are the rewards on offer to Pink Home Loans' appointed representatives who complete Commercial First packaged deals before December 31. Together with Commercial First, Pink is helping its ARs to secure more business by giving them additional income to boost their marketing and lead generation activities.

  • Platform appoints credit risk head

    15 Oct 2007

    Platform has appointed Piero Bassu as head of credit risk in its risk and compliance department. Bassu will reporting to Alexia Antoniou, Platform's director of risk and compliance.

  • Positive and Blemain to send broker to Superbowl

    15 Oct 2007

    Positive Lending and Blemain Finance, have announced a draw to send a broker and a friend on a four-day trip to Superbowl XLII.

  • Praxis makes redundancies

    19 Oct 2007

    Praxis Mortgage Solutions has made a number of staff redundant in a bid to cut costs.A spokeswoman was unable to confirm the exact numbers, but said it was no more than 30.She says: “It is a cost-cutting exercise to help Praxis come through the current sub-prime crisis.”

  • Predators don equity release disguise

    15 Oct 2007

    When the going gets tough for home owners, you can always rely on the vultures to hunt down the vulnerable and feast on their misfortune.

  • Price confidence weakens again

    15 Oct 2007

    House price confidence weakened in September, with demand slowing and supply remaining tight, according to the Royal Institution of Chartered Surveyors. Surveyors say house price growth was negative for the second month in succession.

  • Prudential to launch lump sum lifetime mortgage

    17 Oct 2007

    Prudential is launching a lump sum lifetime mortgage with the option to safeguard an inheritance for heirs.

  • PTP to provide credit crunch consultants

    16 Oct 2007

    Personal Touch Packaging has launched an initiative to assist brokers with difficult to place cases.

  • Questioning the role of ratings firms

    15 Oct 2007

    Kevin Paterson takes a weekly look at the latest developments in the market and brings you what's hot and what's not in the world of mortgages

  • RBSIP unveils higher fixed rates

    15 Oct 2007

    RBS Intermediary Partners is introducing higher rates for two online-only First Active two-year fixed rate remortgages on October 11. Its maximum 75% LTV product with a £999 arrangement fee will rise from 5.75% to 5.9% and its maximum 75% LTV deal with a £499 arrangement fee will rise from 5.99% to 6.05%.

  • Readers' Comments on the digital edition of MS

    15 Oct 2007

    "Hats off to Mortgage Strategy. Postal strike creates havoc? Not in this case - the news was delivered regardless. I probably read more of this edition than the paper version and hope this is the way forward so I will no longer have to find the space to store paper copies." Tom Atkins Head of lending operations (post-offer) Capstone Mortgage ServicesBy email

  • Remote PA service launched

    15 Oct 2007

    An outsourced telephone answering facility has been launched for small brokerages and independent financial ad-viser firms that do not wish to employ full-time receptionists.

  • Retirement Plus to merge with Milton Homes

    18 Oct 2007

    Retirement Plus has revealed it has agreed to merge with Milton Homes to consolidate its position in the equity release market.

  • Review of residential sector

    15 Oct 2007

    Sir Bryan Carsburg, former director-general of the Office of Fair Trading, is conducting a review of the residential property sector. Sponsored by the Royal Institution of Chartered Surveyors, the National Association of Estate Agents and the Association of Residential Letting Agents, the review's remit includes the buying and selling process.

  • Rooftop appoints national account manager for North-East

    16 Oct 2007

    Rooftop Mortgages has appointed Damian Dickson as national account manager for the North-East.

  • Rooftop scraps self-cert range

    15 Oct 2007

    Rooftop Mortgages withdrew its self-cert range last week. The lender says it will replace the range with new products over the coming weeks. All ongoing cases must be submitted to Rooftop's underwriting team by October 31.

  • Safe tranches could offer stability

    15 Oct 2007

    A return to the traditional practice of using agreed tranches of funds could give brokers and lenders the peace of mind they sorely need in these uncertain times, says Sally Laker

  • Sales director for Regency

    15 Oct 2007

    Regency Mortgages has appointed Mo Shaikh as national sales director. Shaikh joins from Amber Homeloans, where he was a development manager. He will be responsible for developing broker relationships and building a new support team.

  • SAMs and rent-back schemes under Sir Trevor's spotlight again

    16 Oct 2007

    Equity release and the legacy of shared appreciation mortgages came under fire yet again last night as Sir Trevor McDonald revisited the sector following a programme earlier this year.

  • Savills names new CEO

    18 Oct 2007

    Savills Group has named Jeremy Helsby as its chief executive designate.

  • Sensationalism makes things worse

    15 Oct 2007

    The Panorama investigation into sub-prime was more docudrama than documentary and typical of the national media’s biased reporting of the credit crunch, says Martin Wade

  • September inflation unchanged at 1.8%

    16 Oct 2007

    Annual inflation remained unchanged at 1.8% during September, the government's chosen measure of inflation has shown.

  • Spread the good news about insurance

    15 Oct 2007

    At a recent protection conference, I had the pleasure of attending a presentation by Dr Marius Barnard, not only a world famous heart surgeon but also the man who invented critical illness insurance in South Africa back in 1983. He was reminding us about the need for CI cover.

  • Stamp Duty up 25% says mform.co.uk

    17 Oct 2007

    The average amount of Stamp Duty paid on a home has increased by 24.76%, says Mform.co.uk. It suspects people will look to add this cost to their mortgage as Stamp Duty rises.

  • Steering a course for quality advice

    15 Oct 2007

    The Mortgages Roadmap published by the FSA shows how its work on the quality of advice will progress and emphasises that it expects to see an improvement from firms, says Bill Warren

  • Stock Picker

    15 Oct 2007

    The Royal Institution of Chartered Surveyors' housing survey last Thursday revealed that in September, 14.6% more surveyors reported house price falls than rises.

  • Stroud & Swindon launches three-year B2L deals

    17 Oct 2007

    Stroud & Swindon has launched two three-year buy-to-let mortgage deals.

  • Sub-prime still has crucial role to play

    15 Oct 2007

    Criticism of the sub-prime market seems relentless. Hot on the heels of the US crisis and the File on 4 exposé of adverse borrowers being encouraged to lie about their income came last week's Panorama investigation.

  • SUMMIT 2007: £15bn could be wiped off heavy sub-prime

    18 Oct 2007

    A potentially devastating £15bn will be wiped off the heavy sub-prime market and may never return due to the credit crisis sweeping the global markets.

  • SUMMIT 2007: Footfall numbers up at HBOS

    18 Oct 2007

    Footfall across HBOS’s high street branch network has increased considerably since the Northern Rock and global credit crisis began.

  • SUMMIT 2007: Lender integration "bloody hard" job

    18 Oct 2007

    Sourcing system chiefs and lenders admitted today that it has been a “bloody hard” job to integrate systems between the two parties.

  • SUMMIT 2007: Lenders could pay more for quality business

    18 Oct 2007

    HBOS head of mainstream mortgages Phil Jenks today told delegates attending the Packager Update Summit in Gleneagles that lenders could soon start paying more for better quality business.

  • SUMMIT 2007: New house builders under fire

    18 Oct 2007

    New house builders came under heavy fire in the Mortgage Packager Update Summit today, as packagers and lenders slammed the quality of developments.

  • SUMMIT 2007: No better time to be a packager

    18 Oct 2007

    The UK mortgage market is in fantastic shape and there’s no better time to be a packager.

  • SUMMIT 2007: Plucky packagers banish the gloom at Summit

    18 Oct 2007

    The pendulum swung between pessimism and optimism today at the launch of Mortgage Strategy’s Mortgage Packager Update at Gleneagles, Scotland.

  • SWB clients get SMS service

    15 Oct 2007

    Scottish Widows Bank has launched a text messaging service to keep brokers and customers informed about the progress of their mortgage applications.

  • Swift revamps broker website

    15 Oct 2007

    Swift has revamped its broker website with a new instant quote facility and an online identity check system.

  • TCF seminars should include clients, says Dring

    15 Oct 2007

    The industry is missing out on valuable contributions from consumers by hosting Treating Customers Fairly seminars exclusively for packagers and lenders, says eConveyancer.

  • TCF visits can boost small firms' profits

    15 Oct 2007

    The recent announcement by the Financial Services Authority that it will undertake targeted visits to small firms to test whether they are taking the Treating Customers Fairly initiative seriously, that they have implemented it and that they can prove they've done so may strike fear into the hearts of some brokers.

  • Terry Young quits Enterprise

    15 Oct 2007

    After just six months Terry Young has quit his position as director of bespoke partners at Enterprise Group.

  • Tesco considering estate agency launch

    15 Oct 2007

    Tesco is looking to launch a full-scale estate agency following the suspension of its online property market.

  • TFC to shut regional offices and focus on IT

    15 Oct 2007

    TFC Homeloans is realigning its business by creating a centralised off-ice and intensifying its focus on the use of technology.

  • The Mortgage Mole

    15 Oct 2007

    Digging the dirt in the mortgage world...

  • The Newcastle appoints finance director

    18 Oct 2007

    The Newcastle has appointed Jonathan Westhoff as finance director. He will be responsible for all finance, treasury and risk operations at the society. Westhoff joins after seven years with the Portman, where he held the positions of director of finance and corporate strategy and ultimately group finance director.

  • The unsung heroes of Northern Rock

    15 Oct 2007

    Instead of hiding in their offices and waiting for the clamour to die down, Northern Rock’s sales team is out there getting on with business and it deserves our support, says Sue Read

  • There's no reason to assume investors will return to the lending market

    15 Oct 2007

    In last week's cover story, edeus chief executive Michael Bolton blamed the problems in the mortgage market on "the Treasury and other prominent parties", and appears to believe the market will return to normal.

  • There's still room for lending innovation

    15 Oct 2007

    The lending market has sent out some mixed messages recently. At a time when established lenders are finding life tricky to say the least, the mention of new entrants seems incongruous, particularly in the sub-prime sector.

  • Three steps towards financial reform

    15 Oct 2007

    There was plenty of food for thought when shadow finance spokesman Mark Hoban set out the key fiscal areas the Conservatives would address first if they gained power, says Katie Tucker

  • TMB named best large business at Cheshire awards

    17 Oct 2007

    The Mortgage Business has been named the best large business at the Trinity Mirror Cheshire business awards.

  • TMO becomes RAMP member

    15 Oct 2007

    The Mortgage Operation has become an associate member of the Regulatory Alliance of Mortgage Packagers. Bill Warren, director of associate members at RAMP, says: "TMO has been a leader in this market for a long time and we are pleased to welcome it as an associate member."

  • TMW joins PTP panel

    17 Oct 2007

    The Mortgage Works has added Personal Touch Packaging to its distribution channel.

  • Treasury to investigate role of ratings agencies

    18 Oct 2007

    In the wake of the Northern Rock crisis the Treasury has announced it will be investigating the role of credit ratings agencies in the UK.

  • Trevor McDonald to tackle rent-backs

    15 Oct 2007

    Tonight with Trevor McDonald is to swoop on rent-back schemes in this evening’s show.

  • Two MT broker forums this week

    15 Oct 2007

    The Mortgage Times Group is holding two business development forums this week as part of its autumn tour of the country.

  • Uncomfortable truths that must be told

    15 Oct 2007

    The recent BBC Panorama investigation into sub-prime mortgages illuminated a dark corner of our industry. Some pundits have claimed the programme was sensationalist, inaccurate and painted a false picture. I'm not so sure.

  • Under Pressure

    15 Oct 2007

    The recent Panorama sub-prime expose was seen by many brokers as ill-informed but it raised some points that should be addressed, says Christine Toner

  • US market has yet to hit bottom

    15 Oct 2007

    Standard & Poor's says the US housing market has yet to hit rock bottom. It says the extent of fraud was underestimated and if those who bought houses in 2005 were to sell this year they would only gain the equivalent of six months' appreciation in value. David Wyss, chief economist at Standard and Poor's, says: "The panic has subsided but the housing market hasn't hit bottom yet."

  • Using packagers could cause big problems for small brokers

    15 Oct 2007

    In response to Kevin Paterson's recent diatribe on the virtues of packagers (Mortgage Strategy October 1), I'd like to suggest that the actions of packagers could result in problems for brokers with the regulator.

  • Vendors eye B2L potential

    15 Oct 2007

    The letting potential of property is the most important factor for buyers when purchasing a second home, a study by Nationwide reveals.

  • Vertex tops Sunday Times big business table

    15 Oct 2007

    The Sunday Times HSBC Top Track 250 league table has named Vertex the biggest mid-market private company in Britain.

  • Virgin plans to transform Northern Rock

    17 Oct 2007

    Virgin plans to make Northern Rock “more like a building society” if the consortium led by Sir Richard Branson secures control, reports claim.

  • Warning of mass redundancies across mortgage industry

    15 Oct 2007

    Recruitment specialists are warning of a 20% to 30% reduction in staff across the mortgage industry, as redundancies or the threat of job losses hit GMAC-RFC, High Street Home Loans, Wave and Victoria Mortgages.

  • Watchdog exposé on rent-back deal

    15 Oct 2007

    The perils of sell-and-rent-back schemes came under the spotlight last week in an episode of Watchdog.

  • Well connected packagers will thrive

    15 Oct 2007

    The turmoil in the mortgage market has had a significant impact on the packaging sector. Lenders that have traditionally dealt via packagers have either withdrawn from the market, priced themselves out of it or restricted their criteria. All this means packagers are likely to see falls in volume of between 35% and 50%.

  • West Brom names secured lender

    15 Oct 2007

    West Bromwich has confirmed that its new secured lender will be called White Label Loans. The lender, which is headed by Robert Owen, founder of London Mortgage Company, is piloting its range through two master brokers - Independent Specialist Finance and Beech Introducers.

  • White Label Loans appoints managing director

    17 Oct 2007

    Kam Sanghani, former head of lending at Lehman Brothers-owned London Mortgage Company, is to join LMC founder Robert Owen in his new secured lending venture White Label Loans.

  • Who is responsible for sensible lending - borrowers, brokers or lenders??

    15 Oct 2007

    AT THE END OF SEPTEMBER, a BBC Radio 4 programme alleged that brokers were encouraging self-cert borrowers to inflate their incomes, and last week Panorama uncovered evidence of sub-prime mis-selling. With the credit crunch highlighting irresponsible lending, brokers are under the spotlight. So, this week Mortgage Strategy asks: Who is responsible for sensible lending – borrowers, brokers or lenders?

  • Win a boxing trip to Vegas with LMS

    15 Oct 2007

    LMS is offering brokers and estate agents the chance to win a six-day trip to Las Vegas to see boxer Ricky 'The Hitman' Hatton in action in December. The winner will get VIP treatment at one of the biggest sporting events of the year when Hatton goes up against 'Pretty Boy' Floyd Mayweather. All firms can enter, whether LMS provides their Home Information Packs or not.

  • Woolwich rejigs buy-to-let terms

    15 Oct 2007

    Woolwich is simplifying the rental calculation for its buy-to-let products. Minimum interest cover will reduce from 125% of a nominal rate of 5% to 105% of the pay rate for all customers.

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