Mortgage Strategy
16 April 2007

  • Beacon acquires MD Nationwide

    16 Apr 2007

    Beacon Group has acquired MD Nationwide and its associated packager, Bananas Inc. Beacon says the acquisition will not affect people employed by either organisation and for both companies it will be business as usual, with everyday management being unchanged. Andrew Townsend, managing director of Beacon, says: "We are delighted to have completed our acquisition of MD Nationwide and Bananas Inc and look forward to working with both firms."

  • DUBAI 2007: SUMMIT GETS UNDERWAY

    18 Apr 2007

    The Mortgage Summit 2007 at the Jumeirah Beach Hotel in Dubai began in earnest today with delegates in typically vociferous mood.

  • Marathon man needs backing

    16 Apr 2007

    Stuart Gregory, a mortgage planner for LEBC Group, wants sponsors for his attempt to complete the London Marathon on April 22. He is running for a charity called VICTA, which supports children with visual impairments. Anyone wishing to pledge their support should go to www.bmycharity.com/stuartgregory

  • TMP adds on-site underwriter

    16 Apr 2007

    The Mortgage Partnership now has an onsite underwriter from The Mortgage Business. TMB is working with the TMP packaging team to provide specialist lender knowledge, faster turnaround times and on-site offers.

  • A bizarre case of 'computer says no'

    16 Apr 2007

    I'm amazed by some lenders' inflexibility. A rich client wanted to borrow a bit extra but Nationwide rejected him. Thankfully Coventry showed more sense, says a relieved Sue Read

  • A higher profile

    16 Apr 2007

    Guy Batchelor and Peter Williams are intent on raising the profile of IMLA and proving that it has never been more relevant, says Rebecca Atkinson

  • A&L enhances range with buy-to-let deals

    16 Apr 2007

    Alliance & Leicester has enhanced its specialist range with buy-to-let, self-cert and near prime offerings.

  • A&L slammed for exit fee inconsistencies

    16 Apr 2007

    Alliance & Leicester has come under fire for charging different exit fees across its range.

  • Abbey launches stepped deals

    16 Apr 2007

    Abbey has launched a stepped fixed rate starting at 2.99% and a two-year tracker with a £499 application fee. It has also updated its existing range, including its five-year fixed rate stepped mortgage across all channels and its two-year tracker through direct channels.

  • ABN Amro extends Barclays talks

    17 Apr 2007

    ABN Amro Holdings says it has extended the exclusivity period for merger talks with Barclays to the end of Friday April 20.In a statement is stated that although discussions are progressing "there can be no certainty that they will lead to a transaction or the form it will take."

  • Accord unveils fixed rate range

    16 Apr 2007

    Accord has launched a range of prime fixed rate products and also widened its self-cert range, which includes 10-year fixed rates for the first time.

  • Actual price of OEA membership is 120

    16 Apr 2007

    Your columnist Kevin Paterson mentions in his article on April 9 that estate agents should sign up for membership of the Ombudsman for Estate Agents scheme at a cost of 100 per year.

  • AMI website revamped

    16 Apr 2007

    The Association of Mortgage Intermediaries has unveiled its revamped website, which includes a career section that allows members to post and search for jobs. Members can also hire a room at AMI's City offices at a discounted rate, using the website to book the room and pay for it.

  • Application to offer times tumbling, says BM

    16 Apr 2007

    Average application to offer times have been slashed across the industry, says BM Solutions.

  • ASA clampdown on The Debt People

    18 Apr 2007

    The Advertising Standards Authority has ordered The Debt People to remove a false advertising claim.

  • Association picks Goldsmith as head

    16 Apr 2007

    The Direct Conveyancing Association has appointed Eddie Goldsmith, senior partner at Goldsmith Williams, as its chairman. He will be responsible for promoting the association to the mortgage industry. Goldsmith says: "Things are changing quickly in the field of conveyancing so it's an exciting time to take on this role."

  • At last, a flexible deal that is truly flexible

    16 Apr 2007

    In respect of flexible mortgages, we have seen a rapid evolution over the past decade, but many lenders still seem reluctant to allow their borrowers genuine flexibility.

  • Attend the show, win the sports car

    16 Apr 2007

    Brokers attending the Mortgage Strategy Live area at Money Marketing Live on May 10 will be in with a chance of winning a top-of-the-range Mazda MX-5.

  • Average portfolio gearings are declining, says Paragon

    18 Apr 2007

    Almost two thirds of buy-to-let investors have borrowings of less than half their investment portfolio, research by Paragon Mortgages reveals.

  • B2L growth exceeding expectations

    16 Apr 2007

    Landlords' appetite for buy-to-let remains strong with the number of property portfolios continuing to grow, says Paragon Mortgages.

  • Bank of Mum and Dad demands returns

    20 Apr 2007

    Over a third of graduates would not be able to get on the housing ladder without their parents helping them fund a deposit, says Scottish Widows Bank.

  • Banks are rubbish at running mutuals

    16 Apr 2007

    It's not often that I am moved to respond to letters in Mortgage Strategy but I'm making an exception just to confirm that I'm not the bloke who caused Cheltenham & Gloucester to implode (has it?) because I walked away a couple of years ago (Mortgage Strategy, Letters April 2). If only I was that influential. But thank you, anonymous letter writer, for crediting me with such power.

  • Barclays least trusted bank, says Fool.co.uk

    16 Apr 2007

    Barclays is the least trusted of the big five high street banks, reveals research by independent personal finance website Fool.co.uk.

  • Base rate rises and HIPs could put brakes on property market

    18 Apr 2007

    A potential rise in the Bank of England base rate rise next month and the introduction of Home Information Packs in June are likely to put the brakes on the property market, Moneynet.co.uk warns.

  • BDM of the week

    16 Apr 2007

    Julian Clements possesses the qualities I look for in a BDM. He stands out from the crowd by doing the simple things well and with a smile on his face, says Elizabeth Bankhead

  • Be fair to BM Solutions - rental valuation is a black art at the best of times

    16 Apr 2007

    I think it is only fair to speak up in defence of lenders that have invested a great deal of time and money ensuring their systems are complementary to brokers' working practices.

  • Be prepared to puncture the HIP myths

    16 Apr 2007

    Although we're now in the final countdown to the launch of Home Information Packs on June 1, many commentators are still opposed to them. It's not just trade bodies such as the Council of Mortgage Lenders and the National Association of Estate Agents either, but national journalists as well.

  • Beacon appoints new BDM

    17 Apr 2007

    Beacon Homeloans has appointed another business development manager following a recent sales team expansion.

  • Beacon offers holiday prize

    16 Apr 2007

    Beacon Homeloans is offering delegates attending the Dubai Mortgage Summit the chance to win a luxury holiday. Those who attend its workshops at the event will be entered into a prize draw to win £3,000 in Thomas Cook vouchers.

  • Beacon reveals rate change

    16 Apr 2007

    Beacon Homeloans has revealed a series of rate reductions across its residential fixed rate product range. Beacon range of residential fixed rate loans, which are available via its packager panel, now starts from 5.54%. The two-year fixed light adverse is at 5.89%, and has a maximum LTV of 75%.

  • BIM justifies sub-prime deal

    16 Apr 2007

    Bank of Ireland Mortgages has defended its decision to offer sub-prime mortgages through Kensington Mortgages.

  • Blair promises more help to FTBs

    16 Apr 2007

    Tony Blair has promised Labour will do more to help first-time buyers get onto the property ladder.

  • BoE warned about distorted market

    16 Apr 2007

    Rightmove has urged the Bank of England to bear in mind that the housing market is distorted when setting interest rates.

  • BoS and TMB boost LTVs on self-cert deals to 90%

    16 Apr 2007

    Bank of Scotland and The Mortgage Business have both increased their LTVs on self-cert products to 90%.

  • Brighton leads property price growth

    20 Apr 2007

    Properties in Brighton have experienced the largest gain in prices per square metre over the past 10 years.

  • Brokers can push for commercial innovation

    16 Apr 2007

    A recent industry assessment of the product options available to intermediaries in the commercial mortgage market makes fascinating reading.

  • Brokers must ask hard B2L questions

    16 Apr 2007

    Most days on my train commute I have a quick scan of the free dailies scattered about. A story on buy-to-let's perils recently caught my eye.

  • BTL investors in it for the long haul

    18 Apr 2007

    Buy-to-let investors expect to keep their properties for an average of 17 years, the quarterly review by the Association of Residential Letting Agents reveals.

  • Burgess' MPPI laments fail to account for improvements

    16 Apr 2007

    So Simon Burgess has stuck his head above the parapet again. Oh joy, more negativity. In his own words, he does not derive any pleasure from "being the one to knock the industry and lay bare its problems for all to see".

  • Cameron calls on Queen for HIPs to be scrapped

    17 Apr 2007

    David Cameron has called on the Queen for Home Information Pack regulations to be scrapped.

  • Capped mortgages are losing their appeal, says Moneyfacts

    16 Apr 2007

    Moneyfacts.co.uk says capped, charges access and term and extended tie-in mortgages are beginning to lose their appeal.

  • CML unveils Manchester Expo seminars

    16 Apr 2007

    Mortgage Business Expo Manchester has unveiled the Council of Mortgage Lender’s seminar programme.

  • Comment

    16 Apr 2007

    Dear Delia Mr and Mrs Smith are divorcing. Mrs Smith is remaining in their property and the mortgage is being transferred to her name since her income covers the repayments. Mr Smith is buying another property and although he has a good income, he has no deposit. He also has 9,500 of debt. There is no equity in the property as it was purchased two years ago with a 100% mortgage. What are the options for Mr Smith?

  • Consumers demand banks do more to protect data

    17 Apr 2007

    More than half of consumers say banks and building societies are not doing enough to protect their data, an independent survey by technology provider Secerno reveals.

  • Couple hit by IHT for dying in the wrong order

    16 Apr 2007

    Thousands of families could be liable for Inheritance Tax after a ruling last week put a legal loophole in jeopardy.

  • Curriculum Vitae: Steve Teague

    16 Apr 2007

    "I'm a real sucker for gadgets and my kids get the cast-offs."

  • DB Mortgages appoints BDM

    16 Apr 2007

    DB Mortgages has appointed Bruce McDonald business development manager for the northern Home Counties region. McDonald previously worked at the Royal Bank of Scotland and NatWest. Last week, Mortgage Strategy called on the industry to scrap commission loaded premiums on life insurance sold with mortgages with the launch of its Stub Out Commission Loaded Premiums campaign. Industry pundits say customers are signing up for policies with high premiums without shopping around.

  • DCLG scraps green hurdles

    16 Apr 2007

    Green households will be boosted by government plans to scrap planning permission for energy-saving alterations to UK homes.

  • Deal for landlords with tight rental yields unveiled

    16 Apr 2007

    CHL has unveiled a buy-to-let stepped fixed rate mortgage that targets landlords with tight rental yields.

  • Do you think commission loaded premiums on life insurance are fair?

    16 Apr 2007

    Last week, Mortgage Strategy called on the industry to scrap commission loaded premiums on life insurance sold with mortgages with the launch of its Stub Out Commission Loaded Premiums campaign. Industry pundits say customers are signing up for policies with high premiums without shopping around.So this week Mortgage Strategy asks:Do you think commission loaded premiums on life insurance are fair?

  • Door opened to default claims

    16 Apr 2007

    Consumers can claim compensation of up to £48,000 if they have lost money through dealing with one of the 42 firms the Financial Services Compensation Scheme recently declared in default. Being in default means a firm is unable to pay claims made against it.

  • DUBAI 2007: HBOS REMORTGAGE FIGURES QUESTIONED

    18 Apr 2007

    Edeus has questioned the sustainability of HBOS' remortgage business.Micheal Bolton, managing director of edeus, has claimed he had been shown a HBOS report which predicted that remortgage business would be 50% lower in around three years time.Although Peter Beaumont, deputy managing director of Mortgages PLC, debated this allegation, Nigel Stockton, managing director of HBOS, who had the opportunity to step in, failed to refute the claim.

  • DUBAI 2007: REGIONAL PRODUCTS ARE THE FUTURE

    19 Apr 2007

    Premier Mortgage Service says that the future of product design will be tailor-made products for people living in different parts of the country.

  • DUBAI 2007: SOURCING SYSTEMS SHOULDN'T DO BROKER'S JOB

    19 Apr 2007

    Mortgage 2000 has struck out and defended sourcing systems remit in the industry by arguing that it is not up to sourcing systems to do the broker's job.

  • DUBAI 2007: 7X SALARY COMMON IN TWO YEARS

    19 Apr 2007

    Income multiples will be stretched even further to 7 x salary in two years time, house market guru John Wriglesworth has predicted.

  • DUBAI 2007: AMI DEMANDS COST BENEFIT ANALYSIS FROM FSA

    18 Apr 2007

    The Association of Mortgage Intermediaries has demanded that the Financial Services Authority provides a cost benefit analysis of its work.

  • DUBAI 2007: BATTLE OVER NEED FOR COMMERCIAL TRADE BODY

    19 Apr 2007

    During the final session of the Mortgage Strategy summit delegates battled it out on the subject of the need for a commercial trade body.

  • DUBAI 2007: Chaos strikes Mortgage Summit

    17 Apr 2007

    Chaos struck the opening hours of this week’s Mortgage Summit in Dubai after hapless officials at Dubai International Airport directed at least a third of the delegates into the wrong terminal leaving some 120 mortgage professionals stranded in the VIP lounge.

  • DUBAI 2007: COMMISSION TO FACE RADICAL RESTRUCTURE

    19 Apr 2007

    HBOS and Premier Mortgage Service have predicted that the way brokers are paid will have to face a radical and fundamental restructure with the onset of Basel II.

  • DUBAI 2007: DELEGATES CALL FOR REGISTER OF FRAUDULENT BROKERS

    19 Apr 2007

    Delegates at the Mortgage Summit in Dubai have called for a central register of mortgage intermediaries suspected of commiting fraud.

  • DUBAI 2007: EDEUS HITS PROFIT AFTER SEVEN MONTHS

    19 Apr 2007

    Edeus has processed a whopping £4.1bn in instant decisions since it launched last September and has now broken into profit.

  • DUBAI 2007: EDEUS WARNS ON BAD PRODUCT DESIGN

    18 Apr 2007

    Edeus has warned that bad product design could lead to serious consequences.Michael Bolton, chief executive of edeus, says: "I don't think you can hide behind bad product design." He added that the pensions industry was reaping consequences of this.He says: "I don't think lenders can defend the position of lazy brokers."Nigel Stockton, managing director of HBOS, agrees with Bolton. He says: "There is no excuse for poor products."

  • DUBAI 2007: EQUITY RELEASE ADVISOR NUMBERS FALLING SAYS KRS

    18 Apr 2007

    Key Retirement Solutions has voiced concerns over the reduction of equity release advisors in the industry.

  • DUBAI 2007: FSA SHELVES PLAN TO REGULATE PACKAGERS

    18 Apr 2007

    The Financial Services Authority will neither seek to regulate packagers and introducers this year or for the forseeable future it was revealed today at the Mortgage Summit in Dubai.

  • DUBAI 2007: GENERIC ADVICE BRANDED DELUSIONAL

    19 Apr 2007

    The government’s initiative to implement generic financial advice universally has been branded "delusional".

  • DUBAI 2007: IMLA CALLS FOR COOLING OFF PERIOD WITH ONLINE MORTGAGES

    18 Apr 2007

    The Intermediary Mortgage Lenders Association has warned the industry about the dangers of one-day online mortgage completions.

  • DUBAI 2007: LEHMAN TO LAUNCH NEW LENDER

    18 Apr 2007

    Lehman Brothers Mortgage Capital has exclusively revealed to Mortgage Strategy that it will launch a direct-to-broker specialist lender at the beginning of 2008.

  • DUBAI 2007: MORGAN STANLEY SAYS MORTGAGE BUISNESS IS ITS NUMBER ONE

    19 Apr 2007

    Morgan Stanley has confirmed that mortgage business is one of the most important part of its global business.Jim Fadel, managing director of securitised products group at Morgan Stanley, says: "The growth in mortgage business is one of the most important parts of Morgan Stanley’s worldwide strategy.”He adds that the he sees the mortgage industry as a opportunity and as strategically important.

  • DUBAI 2007: NINE OUT OF 10 HBOS CASES FROM BROKERS

    18 Apr 2007

    Up to nine out of 10 of HBOS' mortgage cases come from brokers, Nigel Stockton managing director of HBOS Intermediaries, admitted today at the Mortgage Summit in Dubai.

  • DUBAI 2007: OLD-FASHIONED PACKAGERS ARE DEAD, SAYS BOLTON

    18 Apr 2007

    Michael Bolton, chief executive of edeus, began the Mortgage Summit in Dubai today by telling conference delegates the “old-fashioned packager is dead”.

  • DUBAI 2007: OMBUDSMAN COULD POSE HUGE THREAT

    18 Apr 2007

    The Association of Mortgage Intermediaries has warned the mortgage industry about the imminent threat of the Financial Ombudsman Service.Chris Cummings, director-general of AMI, says:"I am concerned about the Ombudsman. An Ombudsman complaint is waiting to happen."He says that FOS complaints could result in a "huge loss on mortgage business we write" and urged the industry to make sure it documents things clearly.

  • DUBAI 2007: RENT-TO-BUY FUTURE FOR FTBs

    19 Apr 2007

    Countrywide has unveiled that it believes that the rent-to-buy product will be the future of the housing market.

  • DUBAI 2007: RETAIL DISTRIBUTION REVIEW WILL HIT MORTGAGE MARKET

    18 Apr 2007

    The Association of Mortgage Intermediaries has warned the Retail Distribution Review implemented by the Financial Services Authority will take the market by storm.

  • DUBAI 2007: RETENTION DUBBED A 'SMOKE AND MIRRORS' STRATEGY

    18 Apr 2007

    Edeus has dubbed lenders' retention policies a 'smoke and mirrors' strategy.

  • DUBAI 2007: STRAW POLL IN FAVOUR OF RETENTION FEES

    19 Apr 2007

    A straw poll of delegates attending the Mortgage Summit in Dubai has revealed a majority in favour of lender retention fees.

  • DUBAI 2007: TRANSACTIONS MUST RISE TO FUEL MARKET

    19 Apr 2007

    UK housing transactions have to rise in order to ensure sustained growth in the UK housing market.

  • E2M launches remortgage deals

    16 Apr 2007

    Easier2move is offering two introducer-only remortgage packages for financial advisers and estate agents. The first deal offers all-inclusive conveyancing services on remortgage cases for £299.

  • Edeus' website goes down

    16 Apr 2007

    Edeus’ website has gone down apparently following a problem with the .eu web server.

  • eHIPS set HIP price at £225

    16 Apr 2007

    eConveyancer says it is to market one of the UK’s lowest cost Home Information Packs when they become compulsory on June 1 - at a price of £225.

  • Email plea sees TMB come up trumps yet again

    16 Apr 2007

    I read the letter about The Mortgage Business in the April 2 issue of Mortgage Strategy with interest, as I had a similar case to the one described burning a hole in my desk.

  • EPC could be linked to green mortgages, says Cooper

    18 Apr 2007

    Energy Performance Certificates could be linked to green mortgages, housing minister Yvette Cooper has revealed.

  • EPCs will encourage people to cut energy bills

    18 Apr 2007

    The low energy ratings many homes will receive when Energy Performance Certificates come into effect on June 1 will encourage people to cut their energy bills by making the recommended improvements, says energy-assessors.com

  • Equity release appointment

    16 Apr 2007

    In Retirement Services has appointed Daren Carter, former sales and marketing director of Norwich Union's equity release business, as its chief executive. He replaces Peter Nelson, who is retiring after 12 years.

  • Equity release suffering image crisis, says Defaqto

    19 Apr 2007

    The equity release market is suffering from an image crisis which is hitting growth at a time when the market should be set to boom, warns Defaqto.

  • Exclusive: European bank sets sights on British brokerages

    18 Apr 2007

    Simon Burgess, managing director of Britishinsurance.com, says he has been approached by a large European investment bank to buy one of his dormant subsidiaries, British Money.

  • Exweb in back office integration

    16 Apr 2007

    The Exchange's quotation and new business service Exweb has been enhanced by integrating with Intelligent Office, the back office system from IntelliFlo. IntelliFlo will be able to offer its users a link to the quote service in Exweb, allowing quote information to be returned to Intelligent Office.

  • Exweb receives record hits

    16 Apr 2007

    The Exchange, provider of Exweb, has recorded its highest monthly online new business numbers with 22,700 new business applications completed in March 2007.

  • Facing up to the issue of proc fees

    16 Apr 2007

    A recent survey by consultancy firm Troika discovered that the majority of lenders think proc fees will soon be an industry standard. So it appears there's the expectation that customer relationship management strategies will continue to evolve.

  • First-time buyers face stark choices

    16 Apr 2007

    It hardly seems five minutes since all the fuss about Abbey lending 5 x salary and now there's a new row bubbling about loans of 6 x salary being flogged to first-time buyers.

  • Football clubs get richer with Britannia

    16 Apr 2007

    Borrowers and savers with Britannia are helping to shape the Rooneys and Lampards of the future through the lender's football accounts.

  • Freedom launches self-cert with Exclusive Connections

    20 Apr 2007

    Freedom Lending has launched a three-year self-cert tracker mortgage, which is available exclusively via members of Exclusive Connections. The product is at 5.49% to 75% LTV, or plus 0.24% above Bank base rate. To 85% LTV the tracker is plus 0.34% above base rate, or 5.59% and 5.89% to 90% LTV, or plus 0.64% over base rate.

  • Freedom launches tracker with MI

    17 Apr 2007

    Freedom Lending has launched a two-year buy-to-let tracker exclusively through Mortgage Intelligence.

  • FSA calls for Commission to tackle cross-boarder restraints

    20 Apr 2007

    The Financial Services Authority says the European Commission should tackle structural barriers that constrain lenders from operating across boarders.

  • FSA fines Sesame £330,000 for SCARPs complaints

    19 Apr 2007

    The Financial Services Authority has fined Sesame £330,000 for not handling complaints concerning Structured Capital At Risk Products adequately.

  • FSA focusses on TCF enforcement

    16 Apr 2007

    Bill Warren is director of compliance at Complete Mortgage & Loan Service

  • FSA passes buck on single premiums

    16 Apr 2007

    The agreement struck by the Financial Services Authority and insurers on single premium policies doesn't go far enough. The whole practice should be abolished, says Simon Burgess

  • FSA questions lenders who hiked exit fees

    20 Apr 2007

    The Financial Services Authority has why lenders were able to hike exit fees in the past and say the regulator will continue to look at these charges.

  • FSA reassures industry over rule book rewrites

    20 Apr 2007

    The Financial Services Authority has reassured the industry that it is in no rush to rewrite its rule book if there is no convincing argument to do so.

  • FSA releases mortgage workshop dates

    16 Apr 2007

    The Financial Services Authority has published the latest dates for its mortgage intermediary workshop called ‘Is your sales process compliant?'

  • FSA to focus on risky lending

    16 Apr 2007

    The Financial Services Authority is to turn the spotlight on high risk lending in the second stage of its review of the effectiveness of its mortgage regime.

  • FSA urges senior management to get clued up

    20 Apr 2007

    The Financial Services Authority has called for senior management to be at the forefront of regulation in their companies.

  • FSA warn lenders to stress test

    20 Apr 2007

    The Financial Services Authority has reminded lenders that they must stress test their credit risks.

  • FSA warns firms not following compliance advice

    17 Apr 2007

    The Financial Services Authority has revealed that many small firms are not following the advice of compliance consultants they employ.

  • FTBs are lacking confidence

    16 Apr 2007

    First-time buyers are struggling with confidence rather than affordability, says Homeloan Management. Managing director Mark Smith says: "First-timers' payments are still only 18% of their income, which is not much different from last month."

  • Future and Egg staff await fate

    16 Apr 2007

    The fate of employees at Future Mortgages and Egg hangs in the balance after their parent Citigroup re-vealed it is axing 17,000 jobs.

  • GE firm lays off 50% of US staff

    20 Apr 2007

    The General Electric-owned WMC Mortgage, in Burbank California, a top-ranked sub-prime lender, has laid off 50% of its workforce late - roughly 771 full-time positions.

  • Get set, there's no stopping HIPs now

    16 Apr 2007

    The introduction of Home Information Packs took a step closer at the end of last month when the regulations were laid before Parliament.

  • Getting to grips with PPI policy changes

    16 Apr 2007

    Payment protection insurance policies and the way intermediary firms sell them remain major priorities for the Financial Services Authority.

  • GHL adds secured loans firm to panel

    16 Apr 2007

    GHL Group has added Kensington Secured Loans to its panel of lenders. GHL has increased its panel from three to nine lenders and developed the secured loans section of its website.

  • GMAC-RFC updates online system

    16 Apr 2007

    GMAC-RFC has made its online system faster by eliminating the need for a signed paper form.

  • Godiva launches B2L and self-cert Flexx

    19 Apr 2007

    Godiva Mortgages is introducing new products to its flexible buy-to-let and self-cert ranges.

  • Goldsmith Williams adds to international proposition

    17 Apr 2007

    Goldsmith Williams Overseas has expanded its service proposition to cover six additional countries.

  • Half of brokers also advise on secured loans, says AFB

    17 Apr 2007

    Half of mortgage intermediaries also advise on secured loans, a survey by the Association of Finance Brokers reveals.

  • Halifax launches broker webchat

    17 Apr 2007

    Halifax Intermediaries has announced plans to pilot a live webchat hosted by Jack Saxton, managing director of Halifax Intermediaries.

  • Hamptons International offers free HIPs

    16 Apr 2007

    Hamptons International is offering free Home Information Packs on homes sold after June 1. However, the estate agent has admitted that it may withdraw this offer at any time. And fees may apply if sellers choose to withdraw their property from sale within 12 months from the date of instruction. The HIP will only cover the most basic elements of the legislation, including the required Energy Performance Certificate.

  • Handle self-cert deals with care

    16 Apr 2007

    Brokers selling self-cert mortgages - especially to employed people - had better be ready to explain themselves when problems arise, as they surely will, says Keith Butler

  • Helping brokers treat customers fairly

    16 Apr 2007

    Treating Customers Fairly has been covered on just about every page of every mortgage industry magazine recently. But I'm sure I'm not alone in thinking that the Financial Services Authority should have called it 'treat your customers how you would like to be treated yourself'. This phrase is more descriptive and far more transparent. OK, so not as catchy as TCF but it boils down to the same thing.

  • Heritable appoints BDM for the North-West

    18 Apr 2007

    Heritable Bank has appointed a business development manager for the North-West.

  • HIP providers rebut criticism

    16 Apr 2007

    The Association of Home Information Pack Providers has slammed anti-HIP propaganda as a feeble attempt to misinform the public for private gain. Paul Broadhead, deputy director-general of AHIPP, says anti-HIP activity is political point scoring and will cause unnecessary panic.

  • Hometrack and Trigold launch AVM integration

    19 Apr 2007

    Hometrack and Trigold have revealed that brokers will be able to access instant property valuations directly from the sourcing system.

  • House prices dipped in February

    16 Apr 2007

    House prices dipped slightly in February while house price inflation rose, government figures reveal.

  • Houses caught in Canadian landslide

    20 Apr 2007

    Many homes in Canada have been destroyed after a landslide dragged them into the sea.Homeowners in Daniel’s Harbour in Newfoundland, Canada, had to watch their homes slide off the cliff and into the Gulf of St LawrenceAuthorities have issued a state of emergency, removing residents for the next month. It is unknown whether this event has made the area permanently unstable.Geographers think the local clay soil soaked by heavy rain is to blame for the landslide.

  • I couldn't be happier with BM Solutions' email service

    16 Apr 2007

    Some time ago I felt compelled - and justifiably so judging by other brokers' comments - to write in about the poor service standards offered by The Mortgage Works

  • IMLA says packagers must use technology or risk oblivion

    16 Apr 2007

    The Intermediary Mortgage Lenders Association has called on packagers to follow lenders' lead and embrace new technology.

  • Immigration bad news for FTBs, says Rightmove

    19 Apr 2007

    Rightmove says immigration is fuelling the housing shortage creating problems for first-time buyers.

  • Industry defends criteria

    16 Apr 2007

    The industry has defended lending criteria after 6 x in-come mortgages made the headlines in the national press last week.

  • Infinity appoints new head of operations

    16 Apr 2007

    Infinity Mortgages has app-ointed Lorraine Wadhams as head of operations.

  • Inflation hits 3.1%

    17 Apr 2007

    Inflation has rise to 3.1% - meaning Mervyn King, the governor of the Bank of England, will be writing to the chancellor Gordon Brown to explain why the Consumer Price Index is more than 1% over government targets.

  • Inflation panic leads lenders to pull fixed rates

    19 Apr 2007

    Lenders have been withdrawing fixed rate deals after the latest inflation figures prompted a surge in demand from consumers.

  • Inflation will hit home owners hardest, say Lib Dems

    17 Apr 2007

    The Liberal Democrats have warned that the Consumer Price Index may just be the start of economic woe for debt-ridden home owners in the UK.

  • Interbay revamps self-cert range

    19 Apr 2007

    Interbay has revamped its self-cert commercial range with rates from 6.75%.

  • IVA firms hit back at advert ruling

    16 Apr 2007

    Two individual voluntary arrangement firms whose advertising claims were censured by the Advertising Standards Agency last week have hit back at the ruling.

  • John Charcol launches rent-a-room mortgage

    18 Apr 2007

    John Charcol has launched a rent-a-room mortgage to help first-time buyers get onto the property ladder. The product takes the government’s lodger scheme, which allows people to earn up to £4,250 per year in rent tax-free, and adds this to a borrower’s income so that they can take out a higher mortgage if they expect income from letting a room.

  • Kensington awarded five-star rating

    16 Apr 2007

    Kensington Group has been awarded a five-star rating for its securitisation programmes by Fitch Ratings.

  • Kensington sale still on cards

    16 Apr 2007

    Morgan Stanley's takeover of Kensington Group is still on the cards, industry sources claimed last week.

  • Kevin Duffy quits Hamptons

    16 Apr 2007

    Kevin Duffy has quit Hamptons Mortgages, the brokerage he helped establish nearly six years ago.

  • Key workers are priced out of towns

    16 Apr 2007

    Key workers such as nurses and firefighters can't afford to live in over two-thirds of the towns in the UK, according to Halifax. This is up from 65% of towns last year and 36% in 2002. The average house price in 99% of towns is unaffordable for a typical nurse, while 97% are unaffordable for firefighters.

  • King explains inflation rise to Brown

    17 Apr 2007

    Mervyn King, governor of the Bank of England, has penned a letter to chancellor Gordon Brown explaining why inflation has risen to 3.1%, over 1% above its self-imposed target.

  • Kirwan quits Scottish Widows

    17 Apr 2007

    Nick Kirwan, marketing director of protection at Scottish Widows, has quit after almost three years with the company.

  • KRS agrees referral deal with Market Harborough

    16 Apr 2007

    Key Retirement Solutions has agreed a partnership deal with Market Harborough for equity release referrals.

  • L&G predicts growth of high net households

    19 Apr 2007

    Legal & General is predicting that the high net worth sector will become an ever-important area of the protection market.

  • Leadbay appoints compliance adviser

    17 Apr 2007

    Leadbay has appointed Mike Davies as its compliance adviser.

  • Lender evolution is a question of balance

    16 Apr 2007

    The UK mortgage market is evolving rapidly and the sub-prime sector is the Galapagos Islands of the industry.

  • Lib Dems propose "energy mortgages"

    16 Apr 2007

    The Liberal Democrat Party is proposing so-called energy mortgages - long-term secured loans for the express purpose of making homes greener.

  • Location is key for home buyers One-third of buyers

    16 Apr 2007

    would pay up to £10,000 more for a property in their desired location, research by Halifax Estate Agents reveals. It says 26% of buyers cite proximity to the countryside as their most important location criterion.

  • LSM ups limit on fast-track commercial product

    16 Apr 2007

    London Scottish Mortgages has increased its commercial fast-track product from £150,000 to £200,000, due to demand from introducers.

  • Majority of Brits go to web for financial products

    17 Apr 2007

    The majority of Britons believe the internet is the best place to look for financial products, a survey by website financedaily.co.uk reveals.

  • Marketwatch

    16 Apr 2007

    Swaps stopped rising and shorter term money fell reasonably significantly after the Monetary Policy Committee confirmed that the Bank of England base rate would remain on hold at 5.25%. It will be interesting to see if there is a rise in May. According to the odds on Betfair, there is more chance of an increase than the base rate staying on hold.

  • Me & My Car

    16 Apr 2007

    I need a solid, comfortable car for the long journeys my job demands and the BMW 318 ES fits the bill. It's the best motor in its class, but I'd still prefer an Aston Martin, says Mark Posniak

  • Misplaced fears of multiple madness

    16 Apr 2007

    The spectre of irresponsible lending reared its ugly head last week after concerns were raised in the consumer press about lenders stretching income multiples to 6 x salary.

  • Moneyexpert reports surge in rejected mortgages

    16 Apr 2007

    More than 460,000 applicants have been turned down by mortgage firms in the past six months, new research by MoneyExpert.com shows.

  • More networks back MS commission fight

    16 Apr 2007

    More networks have spoken out in support of Mortgage Strategy's Stub Out Commission Loaded Premiums campaign, launched last week.

  • More smart thinking from GMAC-RFC

    16 Apr 2007

    New products are always welcome and the UK market is known as one that is happy to embrace innovation in product design. And innovation has also been prevalent in other areas such as online applications and automated decisioning, which have rapidly become the norm.

  • Morgans targets overseas market

    16 Apr 2007

    Morgans General Insurance Services, part of the Morgans Group, has entered into a joint venture with financial services provider Baydonhill to take over its overseas property insurance arm. This will allow Morgans to expand its activities in the second home and overseas holiday rental sector.

  • Mortgage firms might face regulator's wrath

    16 Apr 2007

    At least 25 mortgage firms including packagers could be in line to face the wrath of the Financial Services Authority.

  • Mortgage Match Limited is 14th member of PMPA

    16 Apr 2007

    The Professional Mortgage Packagers Alliance has welcomed the Nottinghamshire-based Mortgage Match Limited as its 14th member.

  • MPC voted seven to two on rate freeze

    18 Apr 2007

    The Monetary Policy Committee voted seven to two in favour of keeping interest rates static in its April meeting.

  • NACFB warns brokers not offering best advice

    16 Apr 2007

    Members of the National Association of Commercial Finance Brokers have warned less experienced brokers entering the market are not offering best advice to their customers. The Association has received a number of calls from its members raising concerns that some businesses are not necessarily receiving the best advice.

  • Never mind sub-prime, exit fees are still unfair

    16 Apr 2007

    Last week's announcement by the Financial Services Authority that the second stage of its review of the mortgage market will focus on sub-prime and lifetime came as no surprise.

  • No FSA and FOS action on jurisdiction funding

    16 Apr 2007

    The Financial Services Authority and the Financial Ombudsman Service will take no action following discussions about how the costs of funding the FOS' compulsory jurisdiction could be shared among firms.

  • Northern Ireland gets its first taste of Salt

    16 Apr 2007

    Salt is launching its residential products in Northern Ireland.

  • Now that the TCF implementation deadline has passed, what difference has it made?

    16 Apr 2007

    Treating Customers Fairly is for life, not just for March. The deadline was a mark in the sand and the real test will be its future roll out, say our experts

  • OFT appoints senior directors

    17 Apr 2007

    The Office of Fair Trading has appointed three senior directors to lead the competition and consumer case work with a strategic approach to key market sectors.

  • Online cover enquiries surge

    16 Apr 2007

    Click has reported a surge in internet-based life cover enquiries as consumers go online for quotes. The firm has doubled its web-based business in three years.

  • Only the most responsive will survive

    16 Apr 2007

    The mortgage market is rapidly evolving, driven by technology, regulation and legislation. In this environment, companies must adapt quickly to the changes or perish, says Frank Eve

  • Orchid adopts Xit2's Valuation Exchange

    16 Apr 2007

    Orchid Financial has choxen Xit2’s Valuation Exchange for its panel manager Gateway Surveyors to manage its valuation instructions.

  • Packager Power

    16 Apr 2007

    What advances in technology do you expect to see among lenders and packagers in the next couple of years? What are packagers looking for from lenders and what will they develop themselves? What will be the drivers of change?

  • Packagers report significant growth in business

    18 Apr 2007

    Over four-fifths of packagers reported growth in business between 2005 and 2006.

  • Pink reports 40% year-on-year growth in completions

    19 Apr 2007

    Pink Home Loans has reported 40% year-on-year growth in mortgage completions during the first quarter of 2007, and a 52% rise in lending

  • Pinnacle joins AMPD

    17 Apr 2007

    Pinnacle Mortgage Funding has become the latest member of the Alliance of Mortgage Packagers and Distributors.

  • Platform slashes rates across fixed range

    18 Apr 2007

    Platform is to reprice fixed rates across its entire product range next week.

  • Plaudits for MERC despite its fee

    16 Apr 2007

    Industry experts have praised GMAC-RFC's MERC mortgage, despite it featuring the highest mainstream flat arrangement fee in the market.

  • Prestbury says due diligence to commence shortly

    20 Apr 2007

    Prestbury Holdings has appointed PricewaterhouseCoopers and says due diligence is due to commence shortly.

  • Prime guidance

    16 Apr 2007

    Brokers are vital in helping consumers find the most appropriate deals in the increasingly complicated prime mortgage market, says Julie Johnson

  • RBS, Santander and Fortis confirm ABN AMRO offer

    16 Apr 2007

    Royal Bank of Scotland, Santander and Fortis have confirmed they have collectively put an acquisition proposal to ABN AMRO.

  • Read's selective argument doesn't become a fellow hack

    16 Apr 2007

    I read Sue Read's recent column with interest and more than a modicum of bemusement (Mortgage Strategy April 2).

  • Regulator to hold free surgeries

    16 Apr 2007

    The Financial Services Authority is holding free surgeries for financial advisers, mortgage and general insurance brokers in Bournemouth on May 15, Portsmouth on May 16 and Southampton on May 17.AToM conference on April 26 All Types of Mortgages will host a satellite packager conference on April 26 at its head office in Horsham. It will allow brokers considering satellite packaging to find out more about the approach.

  • Release your potential

    16 Apr 2007

    If brokers qualify and overcome their fears about the negative publicity surrounding equity release they will find it is a lucrative and growing niche, says Christine Toner

  • Rich cause London anomaly

    16 Apr 2007

    City bonuses and international investors responding to the allure of London locations have created an anomaly in the housing market, says Knight Frank.

  • Rising costs disturb secured loans hive

    16 Apr 2007

    There has been some angry buzzing recently from parts of the secured loans hive about the increasing costs associated with obtaining consent from first charge lenders when it comes to having second charges registered.

  • Roger Taylor to switch from Preferred to SPML

    16 Apr 2007

    Lehman Brothers is reshuffling its mortgage management team which will see Roger Taylor, director of sales at Preferred, temporarily take over the running of the Southern Pacific Mortgage Limited business.

  • Salt Commercial launches roadshows in Northern Ireland

    18 Apr 2007

    Salt Commercial is promoting its Northern Irish operations through a series of roadshows in Armagh, Ballymena, Belfast and Londonderry. A new business development manager, Moira Crosbie, has been appointed with extensive commercial experience in the Northern Irish market.

  • Savills appointment

    16 Apr 2007

    Savills Private Finance is expanding its agricultural division with the appointment of Matt Ducker. Ducker joins from Strutt & Parker, where he specialised in security valuations for country houses, farms and estates. He is a member of the Royal Institution of Chartered Surveyors and a Fellow of the Central Association of Agricultural Valuers.

  • Second charge pressure could reduce proc fees

    16 Apr 2007

    Increased pressure on pricing in the second charge market could lead to re-duced broker proc fees and higher customer charges, warns Money Partners.

  • Select & Protect unveils GI brand

    16 Apr 2007

    Select & Protect has unveiled a new brand to promote its general insurance proposition. Scott Fynn, group marketing manager of Select & Protect, says: "In a competitive marketplace, an insurance provider needs to stand out from the crowd."

  • Selfish attitudes blamed as neighbours go to war

    16 Apr 2007

    The UK has become a nation of battling neighbours, according to the Office of National Statistics.

  • Simpler ways to beat financial fraud

    16 Apr 2007

    Concealing the source of illegally obtained money is a thorn in the financial sector's side. The government's anti-money laundering regulations aim to prevent criminal activity in the sector by reducing crime - protecting the system's integrity and British business' reputation.

  • Sir Peter Burt to acquire stake in Enterprise Group

    18 Apr 2007

    Sir Peter Burt, former governor and group chief executive of Bank of Scotland, ex-chairman of ITV and chairman of Promethean Investments LLP, has returned to the mortgage market as his company, Promethean Investments, is finalising a deal to acquire a minority stake in Enterprise Group this week.

  • Sisters are doing it for themselves

    16 Apr 2007

    The financial power of women is growing yet there are few products catering for them. Brokers are missing out on a big opportunity to cash in on a lucrative revenue stream, says Sally Laker

  • SLS appoints account director

    17 Apr 2007

    Secured Loan Services has appointed a national account director.

  • Societies sign up to mform.co.uk

    16 Apr 2007

    The Darlington and the Barnsley have become the latest lenders to work directly with online mortgage company mform.co.uk. Customers can now apply for their whole of market offerings through the website.

  • Sub-prime lenders can thrive if they stay cool

    16 Apr 2007

    When the Bank of England's Monetary Policy Committee releases de-tails of its deliberations to keep rates at 5.25% recently, it will be interesting to see how close the decision was.

  • Sub-prime lenders need to take risk analysis seriously, says FSA

    20 Apr 2007

    The Financial Services Authority has warned that some new entrants to the sub-prime market are not undertaking adequate risk analysis.

  • The Mortgage Mole

    16 Apr 2007

    Bad omen

  • The next step for buy-to-let deals

    16 Apr 2007

    The buy-to-let market is evolving fast and it's about time lenders relaxed their criteria to allow borrowers to supplement rental income with their own contributions, says Rob Roberts

  • The sophistication of drawdown deals

    16 Apr 2007

    The newish phenomenon of drawdown has taken the equity release market by storm. Figures show that among brokers, drawdown accounts for about 40% of all business transacted. This is a dramatic increase compared with 2005, when these schemes were still in their infancy.

  • The sub-prime storm will pass us by

    16 Apr 2007

    The shocks of the past few months took the American mortgage industry by surprise. In Q4 2006 the US Mortgage Bankers Association reported that foreclosures were at their highest rate since the group started reporting the figures 37 years ago. The finger of blame was pointed firmly at US sub-prime lenders.

  • This Week's Dilemma

    16 Apr 2007

    I am an appointed representative of a decent-sized network and I've always received good service and support. But I'm concerned that my network fees are too high. Given the growing demands of regulation, I'm wondering whether it would be sensible to join a cheaper network. My margins are being squeezed too and I don't want an unsustainable proposition. Becoming directly authorised is an option but I'm reluctant to give up the benefits that networks provide. Can you help?

  • Title Deed - Crown Mortgage Management

    16 Apr 2007

    Contrary to popular belief, Crown Mortgage Management was not born of royal roots. Rather, it had a far more interesting genesis, which started with its founder and chief executive officer, Ronald Roark.

  • TMP adds to packaging team

    17 Apr 2007

    The Mortgage Partnership has made several changes to its packaging team.

  • UCB helps cut carbon emissions

    16 Apr 2007

    UCB Homeloans is launching a booklet to help home owners take steps that will contribute to the UK's target of reducing carbon emissions by 60% by 2050.

  • UK buyers want green features

    16 Apr 2007

    A Nationwide survey reveals that most home buyers want houses with environmentally-friendly features. It showed that 82% of respondents said a house with features such as solar panels would influence their decision to buy.

  • UK exit fees worth £2bn

    16 Apr 2007

    UK homeowners are still facing a £2bn exit fee lock-in that could prevent them switching mortgages, despite recent regulation to curb inflated exit fees.

  • Unemployment edges up, says ONS

    18 Apr 2007

    The employment rate for people of working age was 74.3% for the three months ending in February 2007, down 0.2 both from the previous quarter and on the year, figures from the Office of National Statistics reveal.

  • Unity launches in Scotland

    17 Apr 2007

    Unity has launched its products range in Scotland.

  • UPA members' website revamped

    16 Apr 2007

    The United Packagers Association has launched a new-look website for its members.

  • Variables could make a comeback

    16 Apr 2007

    Most first-time buyers are opting for fixed rates due to interest rate rises, but with rates held this month and a possible cut on the cards, variables could rise again, says Drew Wotherspoon

  • War-torn countries appeal to UK property investors

    16 Apr 2007

    Conti Financial Services has reported a rise in mortgage enquiries for houses in Iraq and Afghanistan as investors look to buy in some of the world's most war-torn areas.

  • Woolwich takes flak over KFI

    16 Apr 2007

    Brokers have hit out at Woolwich for not updating its Key Facts Illustration in line with the advertising for its Bank of England base rate tracker.

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