Mortgage Strategy
16 February 2009

  • A bad bank is not such a bad option

    16 Feb 2009

    US President Barack Obama's $800bn rescue plan for his country's economy was signed off by the Senate last week.

  • A&L and AfI to slash number of regional offices

    16 Feb 2009

    Abbey for Intermediaries and Alliance & Leicester plan to scale back their number of regional offices from 10 to two.

  • Advisers must focus on quality

    16 Feb 2009

    It was long said that the financial services sector would consolidate in 2008 and 2009 but there was scant evidence of this until last week when the Financial Services Authority revealed that some 769 mortgage advice firms have thrown in the towel.

  • AHIPP plans HIP code update

    16 Feb 2009

    The Association of Home Information Pack Providers is to implement an updated version of the HIP code on April 6.

  • AIFA and AMI form group to combat FSA fees hike

    17 Feb 2009

    AIFA and AMI have formed the Regulatory Fees Strategy Group to combat the Financial Services Authority's latest hike in fees for advisers.

  • Alliance & Leicester reduces fixed rates

    20 Feb 2009

    Alliance & Leicester has reduced rates and fees on a selection of its fixed rate mortgages, enabling customers to borrow up to 85% of their property value.

  • AMI will lobby to ensure brokers' value is recognised

    16 Feb 2009

    An open response to Simon Chalk from Robert Sinclair.

  • ARs may have to foot the bill if network fees spiral, warns AMI

    16 Feb 2009

    Appointed representatives may be left to pick up the tab if the Financial Services Authority trebles network fees, the Association of Mortgage Intermediaries has warned.

  • Assurant Solutions appoints UK and Ireland MD

    20 Feb 2009

    Assurant Solutions has appointed Drazen Jaksic to take over from Ian Moffatt with immediate effect as the company’s UK and Ireland managing director.

  • AXA increases age limit on life cover to 85

    16 Feb 2009

    AXA has increased the age limit on its life cover policy from 70 to 85 to reflect the fact that the population is living longer than ever before.

  • Bank bosses won't budge on bonuses

    16 Feb 2009

    It seems that those charged with running our banks are still oblivious to the growing consumer incredulity over the payment of big bonuses.

  • Base rate cut starts quest for advice

    16 Feb 2009

    You'd think that after the number of Bank of England base rate changes we've seen in the past year borrowers would be complacent about them by now, but reaction to the most recent reduction proved this was not the case.

  • Base rate cuts help few borrowers

    16 Feb 2009

    It's time for the Bank of England to stop cutting interest rates on a monthly basis and give us a period of stability so the effects of previous reductions can be assessed.

  • BDS moves into equity release

    18 Feb 2009

    BDS Mortgage Group is moving into equity release to cater for its appointed representatives that are looking to branch out into the sector.

  • BDS teams up with Higos

    19 Feb 2009

    BDS Mortgage Group has added personal insurance broker Higos to its list of business partners.

  • Better than cash under the bed

    16 Feb 2009

    With the credit crunch tightening its grip, the recession well underway and repossessions on the rise the message from the insurance industry is that consumers need protection products now more than ever.

  • Blurring of advice and sales must stop

    16 Feb 2009

    The Competition Commission's recent investigation into the payment protection insurance market suggested some widespread reforms that will have important consequences for the wider personal finance sector.

  • Break down

    16 Feb 2009

    With the credit crunch in full swing most readers are no doubt thinking of cutting back when it comes to their holidays. So if you're looking for a break in tune with our newly modest world, you could be in for a treat.

  • Bridgewater announce forum dates

    17 Feb 2009

    Bridgewater Equity Release has announced two new dates for its ongoing regional equity release broker breakfast forums.

  • Brokers concerned over TCF, says Adviser Matrix

    18 Feb 2009

    Adviser Matrix, a free research service for brokers, believes advisers are considering joining networks due to their concerns and lack of confidence in their ability to meet regulatory requirements of the Financial Services Authority.

  • Brokers direct access to lenders via TBMC's sourcing system

    16 Feb 2009

    The Business Mortgage Company has launched a direct-to-lender broker service along with an expanded lender panel that includes Cheltenham & Gloucester and The Mortgage Works.

  • Brokers lost 650 deals last month, says Trigold

    16 Feb 2009

    Trigold's latest product index shows the number of live mortgage products available to brokers fell to 3,707 in January - a loss of 650 deals compared with December 2008.

  • Buy-to-let lending falls 56% towards end of 2008

    20 Feb 2009

    New lending for buy-to-let continued to decline in Q4 of 2008, show figures from the Council of Mortgage Lenders released today.

  • Buy-to-let will suffer without government support, warns IMLA

    16 Feb 2009

    The Intermediary Mortgage Lenders Association has warned that buy-to-let lenders will not be able to cope with demand unless they are able to access government support.

  • CAL undergoes rebrand

    16 Feb 2009

    Online conveyancing distributor CAL is rebranding as the Conveyancing Alliance Ltd.

  • Cattles shares plummet

    20 Feb 2009

    Cattles shares fell by 41% today after it issued a profits warning.Cattles, the parent of Welcome Finance says its annual profits will be "substantially lower" than current market expectations.Cattles blamed its profit warning on the need to write-off more bad debts.

  • Central banks will clamp down on risk-takers

    16 Feb 2009

    Another month, another base rate cut. Now at 1% - its lowest since the Bank of England was created - it continues to be cut in an attempt to drag us out of recession.

  • CML confident about repossessions forecast

    16 Feb 2009

    The Council of Mortgage Lenders says it does not expect to see repossessions creep beyond the total of 45,000 it forecast for 2008.

  • CML reports 40,000 repossessions in 2008

    20 Feb 2009

    Figures from the Council of Mortgage Lenders released today show 40,000 people lost their home last year, representing 1 in 290 mortgages and up from 26,200 in 2007.

  • CML's repossession forecast dubbed "too conservative"

    20 Feb 2009

    A property recovery specialist has warned that the Council of Mortgage Lenders has underestimated the levels of repossessions to come this year.

  • Complete offers £100 bonus for in-house legals

    18 Feb 2009

    Mortgage packager and distributor, Complete Mortgage and Loan Services is offering brokers a £100 bonus payment for using the in-house legal services provided by its panel solicitors.

  • Countrywide gets two more bigwigs

    16 Feb 2009

    Guy Batchelor continued to construct his industry dream team at Countrywide as he snapped up Cammy Amaira and Richard Beardshaw last week.

  • Credit Issues backs claims management clampdown

    19 Feb 2009

    Credit Issues has backed the recent move from the Ministry of Justice to clamp down on misleading statements from claims management firms.

  • Crunch hit for a six

    16 Feb 2009

    One broker has taken diversification to a new level by turning part of his office into a specialist cricket equipment shop.

  • Curriculumvitae: Phil Whitehouse

    16 Feb 2009

    Describe your current job To set and deliver the strategic direction for The Mortgage Alliance in terms of distributing a range of financial services products on behalf of suppliers to a database of 7,000 directly authorised mortgage brokers.

  • Debt advice enquiries rocket by 114% year-on-year

    20 Feb 2009

    The number of home owners seeking debt advice soared by 114% in the three months to January 2009 compared to the same period last year.

  • Divorcing couples need sound advice

    22 Feb 2009

    The recession is affecting people in ways we wouldn't ordinarily think of. With falling house prices, matrimonial solicitors say that an increasing number of couples are finding it uneconomical to divorce or separate.

  • England faces one million housing shortage by 2010

    17 Feb 2009

    The former chief executive of Barratt Developments has warned that England faces a housing shortage of one million homes by 2010.

  • England risks housing shortfall of one million homes

    16 Feb 2009

    The former chief executive of Barratt Developments has warned that England faces a housing shortage of one million homes by 2010.

  • EuroDebt sees debt advice enquiries rocket by 114%

    20 Feb 2009

    The number of home owners seeking debt advice soared by 114% in the three months to January 2009 compared to the same period last year.

  • Evaluate seeking broker fulfilment partners

    18 Feb 2009

    Evaluate Technologies is looking to strengthen its broker fulfilment partner panel as demand for its consumer arm rockets.

  • Exact and Morisons now CML associate members

    16 Feb 2009

    Exact Mortgage Experts and legal firm Morisons LLP have become associate members of the CML.

  • Figures of Speech

    16 Feb 2009

    Next time you have to come up with an impressive number you may find some US military terms helpful. A WAG number is especially good for a spur of the moment assessment. Standing for Wild-Arsed Guess, it pretty much does what it says on the tin.

  • Financial check-ups for brokers

    16 Feb 2009

    Mortgage Intelligence is offering brokers a financial health check service to ensure their businesses are on a firm footing.

  • Former MPC members join Fathom forum

    16 Feb 2009

    Three former members of the Monetary Policy Committee have joined economic and financial consultancy Fathom's Monetary Policy Forum.

  • Foxy's Financials - The Bristol Surge

    20 Feb 2009

    As I sometimes seem to write myself into exhaustion we have a guestwriter today which I reckon should be a regular event, not just to getme off the hook but because our Bristol office is very important to usand we should not forget there is life outside London! So here is thewonderful Sarah Fox-Clinch.

  • Freedom Finance Holdings rebrands

    16 Feb 2009

    Freedom Finance Holdings, owners of Freedom Finance and Mortgage Next, plans to rebrand as European Financial Solutions.

  • FSA appoints chief operating officer

    17 Feb 2009

    The Financial Services Authority has appointed Mark Norris as its new chief operating officer.

  • FSA bans fraudulent mortgage broker

    16 Feb 2009

    The Financial Services Authority has banned Leo Kusi-Appiah, who traded as Oxford House Financial Services in North London, for submitting fraudulent mortgage applications in his own name, his wife’s, and a fictitious person called Kwadjo Amoteng.

  • FSA has incorrect data on its website - can we fine it?

    16 Feb 2009

    Financial promotions should be clear, fair and not misleading - so says the Financial Services Authority.

  • Group seeks government backing to set up lender

    16 Feb 2009

    A group of former 5D Finance employees is planning to launch a government-backed lender to kick-start the housing market.

  • Guardian Debt Management launches online IFA referral solution

    18 Feb 2009

    Guardian Debt Management has launched an online referral solution to enable brokers to support clients with any unsecured debt problems.

  • Guardians of the flame

    16 Feb 2009

    With the government happy to play the blame game rather than do something useful such as kick-start lending, it is gratifying to see brokers and lenders taking matters into their own hands.

  • Halifax justifies decision to sell MPPI only through its branches

    16 Feb 2009

    Halifax has defended its strategy of only offering mortgage payment protection insurance through its branch network and says the move does not show a lack of commit-ment to the broker market.

  • HBOS losses sink Lloyds' shares

    16 Feb 2009

    Lloyds Banking Group saw its share price go into freefall on Friday after revealing staggering losses of £10bn for HBOS in 2008.

  • Healthy clients can be wealthy clients

    16 Feb 2009

    No doubt many of the new year resolutions made by your clients in January to get fit are already well out the window.

  • High time

    16 Feb 2009

    If house price indices aren't enough for you, you can usually measure the state of the economy in footwear. According to The Stiletto Index, women wear flatter shoes in tough times.

  • Holistic mortgage planning is the way forward for brokers

    16 Feb 2009

    An open letter to Robert Sinclair, director of the Association of Mortgage Intermediaries.

  • House building hits record low

    19 Feb 2009

    The number of new homes being built fell to a record low during the last three months of 2008, figures from the Department of Communities and Local Government reveal today.

  • It seems that even good brokers have no future

    16 Feb 2009

    Having been a mortgage broker for several years I have acquired a healthy client bank and until recently felt confident of being able to weather the current storm.

  • John Charcol seeks more advisers

    16 Feb 2009

    John Charcol last week revealed that despite the market downturn and many brokers shutting up shop it is looking to recruit advisers.

  • Jokers

    16 Feb 2009

    Mole was tickled by the following joke, sent in by industry guru Ray Boulger.

  • L&G launches 2-year exclusive with Platform

    16 Feb 2009

    Legal & General Mortgage Club has launched an exclusive two-year fixed rate at 3.79% through Platform, available for appointed representatives only.

  • L&G offers mortgage related protection framework

    19 Feb 2009

    Legal & General is deploying a new sales analysis framework, intended to help advisers identify where they need to focus to increase their effectiveness when selling protection.

  • L&G partners with BuildLoan

    16 Feb 2009

    Legal & General mortgage club has added BuildLoan to its panel, offering members access to self-build and renovation finance.

  • Leadbay launches free bidding alerts

    20 Feb 2009

    Leadbay is launching a free bidding alert service to allow brokers to target clients more effectively.

  • Lenders must vet mortgage clubs, says network boss

    16 Feb 2009

    Lenders that are cracking down on distribution and looking for volume before quality are endangering the reputation of the industry.

  • Lenders reluctant to pass on rate cut, says Moneyfacts

    18 Feb 2009

    The latest 0.50% rate cut from the Bank of England is having little impact on the mortgage rates being offered, claims Moneyfacts.

  • Let's revive some good old ideas

    16 Feb 2009

    Last week we held a brainstorming session to come up with ideas on saving money and generating revenue now interest rates had been cut again.

  • Lib Dems propose five-year no frills mortgage

    19 Feb 2009

    The Liberal Democrats are calling for lenders to offer a “five-year fixed, no fees, no frills” standard mortgage option where lenders compete to offer the cheapest rate.

  • Lloyds Banking Group appoints two non-execs

    20 Feb 2009

    Lloyds Banking Group has appointed Timothy Ryan and Anthony Watson as independent non-executive directors to its board.

  • Lloyds shares continue to dive

    16 Feb 2009

    Shares in Lloyds Banking Group fell 7% this morning as the bank continues to feel the pressure from Friday’s announcement of huge losses at HBOS.

  • Look after your client bank

    16 Feb 2009

    It had to happen. The bandwagon has been gathering pace for some time but it now seems that you can’t turn round for new entrants into the debt solutions market. This is a healthy response to the fact that there is a large and growing need for advice on debt and the means of helping people out of the hole they are in.

  • Marketing forum recruits 500 advisers in first week

    20 Feb 2009

    A forum offering brokers marketing support has recruited over 500 advisers to the service in its first week.

  • Marketwatch 16/02/2009

    16 Feb 2009

    Swaps dropped back close to their recent historic lows while three-month LIBOR is now 2.08%.1-year money is down 0.08% at 1.65%2-year money is down 0.11% at 1.99%3-year money is down 0.11% at 2.32%5-year money is down 0.11% at 2.89%

  • Mform goes into administration and makes 10 staff redundant

    16 Feb 2009

    Mform.co.uk, the mortgage comparison website that allowed consumers to bypass brokers and source mortgage deals directly from lenders, went into administration last week.

  • Ministry of Justice could ban misleading claims firms

    18 Feb 2009

    Justice minister Bridget Prentice has warned that misleading claims management firms face enforcement action.

  • Moody's downgrades Lloyds TSB and BoS

    16 Feb 2009

    Moody’s Investors Services has downgraded Lloyds TSB and Bank of Scotland as a result of HBOS’ high exposure to risk.

  • More first-time buyers searched for advisers online in January

    16 Feb 2009

    Unbiased.co.uk says it saw a surge in the number of first-time buyers seeking mortgage advice during January.

  • Mortgage lending falls 52% year-on-year

    19 Feb 2009

    Gross mortgage lending declined to an estimated £12.4bn in January, an 8% fall from £13.5bn in December and a 52% fall from January 2008, show figures from the Council of Mortgage Lenders.

  • Mortgage support scheme to launch in April

    20 Feb 2009

    The government has published the finer details of its Homeowner Mortgage Support Scheme, revealing it will not launch until April.

  • MPC voted 8-1 for 0.5% rate cut

    18 Feb 2009

    Minutes from the Bank of England's Monetary Policy Committee meeting show the committee voted 8-1 to cut interest rates by 0.5% in February.

  • MPs miss the point but boost their egos

    16 Feb 2009

    There was something faintly ironic about four of the previously most powerful men in the banking industry being chastised on the naughty step by a group of MPs last week.

  • MTE doubled market share in past year

    16 Feb 2009

    The Mortgage Trading Exchange doubled its market share of mortgages processed in the past 12 months.

  • Natural selection is good for brokers

    16 Feb 2009

    Apparently 769 mortgage brokers have left the industry in the past year - yet another Financial Services Authority headline that has received a negative spin in the trade press.

  • Neat solution to a messy problem in the capital

    16 Feb 2009

    Bad news makes the headlines as we all know, and recently I've been reading about hordes of virulent rats stalking our capital's streets, infesting every nook and cranny as piles of rubbish grow larger.

  • OFT consults on second charge guidelines

    16 Feb 2009

    The Office of Fair Trading is launching a consultation into establishing guidelines for second charge lenders. The OFT initiative was triggered as a result of a government review of arrears and repossessions in the second charge sector.

  • Orbiter integrates lender affordability calculators

    19 Feb 2009

    Orbiter, the free online service for brokers, has integrated over 40 lenders’ affordability calculations within its online system.

  • Owner occupiers flock to low prices

    17 Feb 2009

    Low prices are fueling a surge in owner occupiers are returning to the housing market looking to pick up a bargain says the Royal Institution of Chartered Surveyors.

  • Paymentshield admits paying some ARs direct

    16 Feb 2009

    Brokers are making headway in their battle to reclaim outstanding commission from networks, as Paymentshield has admitted it is paying some appointed representatives directly.

  • Personal Insolvency Committee recruits committee member

    16 Feb 2009

    Beverley Budsworth, a Manchester-based insolvency practitioner has been invited to join the Personal Insolvency Committee. The PIC was set-up by the Insolvency Practitioners Association to look at the range of personal debt solutions that insolvency practitioners are involved in.

  • RBS bows to government pressure over bonuses

    17 Feb 2009

    Royal Bank of Scotland has bowed to government pressure and conceded that there will be no bonuses or pay increases for staff associated with the major losses suffered in 2008.

  • Recession uncovering valuer negligence says legal specialist

    19 Feb 2009

    Companies selling properties from repossession could recover substantial losses from the valuers and solicitors who advised them, says law firm Optima Legal.

  • RPI inflation falls to 49-year low

    17 Feb 2009

    Depreciation in house prices and mortgage interest payments was blamed for the Retail Prices Index falling to the lowest annual inflation rate since 1960.

  • RPI inflation hits 49-year low

    17 Feb 2009

    Depreciation in house prices and mortgage interest payments was blamed for the Retail Prices Index falling to the lowest annual inflation rate since 1960.

  • Scottish house prices fell 2.3% over Q4

    17 Feb 2009

    Scottish house prices fell by 2.3% over Q4 Lloyds TSB Scotland's latest House Price Monitor has revealed.

  • Scrap "irrelevant" best buy tables, says Email Mortgages

    16 Feb 2009

    Email Mortgages is calling for an end to best buy mortgage tables, damning them as irrelevant to consumers’ needs.

  • Sellers' optimism pushes house prices up by 1.2%

    16 Feb 2009

    False optimism amongst sellers has prompted a 1.2% rise in house prices over the past month, figures from Rightmove reveal.

  • Show borrowers the money and they will buy

    16 Feb 2009

    One of the questions I am most frequently asked is - when will we see the bottom of the housing market?

  • Sir James Crosby quits his post at regulator

    16 Feb 2009

    Sir James Crosby, the former CEO of HBOS who was accused of silencing critics who complained that the bank was growing too fast, last week resigned as deputy chairman of the Financial Services Authority as his appointment was brought into question.

  • Societies most trusted providers, reveals BSA

    16 Feb 2009

    Independent research from GfK NOP, published by the BuildingSocieties Association, shows savers and borrowers with societies are more satisfied than customers of other financial service providers.

  • Some cover stories are simply myths

    16 Feb 2009

    At a time when the threat of unemployment is hanging over many consumers, it is important that some widely held views on income protection and unemployment are exposed as myths.

  • Spring might be a bit late this year

    16 Feb 2009

    With the latest figures from the BBA showing that lending in the secured loan sector was down again in November, it is perhaps a brave man who can predict that the future is going to turn rosy any time soon.

  • Star quality

    16 Feb 2009

    Things may be tough in the sector but you can always count on the Strategy hackettes to provide a bit of glamour. It seems Natalie Holt spends her free time schmoozing with Hollywood A-listers.

  • Starter For 10 No Conferring...

    18 Feb 2009

    One of my favourite sites at the moment apart from Twitter - I am nowfollowing Richard Bacon & Stephen Fry, go figure - is the wonderfulcashquestions.com where you can go to ask questions about, well, allthings financial.

  • Stonehaven deal offers flexible interest option

    16 Feb 2009

    Stonehaven has launched a lifetime mortgage that allows customers to decide the amount of interest they pay each month.

  • Stonehaven launches Interest Select

    16 Feb 2009

    Specialist equity release provider Stonehaven has launched Interest Select, a product which allows customers to choose the amount of interest they pay per month on their lifetime mortgage.

  • Surveyor transaction figures remain stable

    16 Feb 2009

    The Royal Institution of Chartered Surveyors has revealed that in the past three months the average number of transactions per surveyor showed little change despite buyer interest rising for the third successive month.

  • Surveyors value homes according to who asks them

    16 Feb 2009

    I was quoted out of context in a news story headlined 'Surveyors slammed for paranoia' (Mortgage Strategy February 9) and would like to clarify my comments.

  • The curse of hindsight

    17 Feb 2009

    I had been puzzled how Sir James Crosby, ex- deputy chairman of the Financial Services Authority and the man who was commissioned by the chancellor to rehabilitate the mortgage market, escaped the flak following the fall of his former financial empire.

  • The goalposts are shifting for mortgage brokers

    16 Feb 2009

    Since Christmas we have seen the departure of at least five of the BDMs who used to visit us. Some of them have already been replaced with BDMs who have been asked to cover wider areas and take on more accounts.

  • The lowdown

    16 Feb 2009

    Unless you've been on another planet for a year or you're Baroness Vadera, you'll know it is tough out there and there's no sign of relief. Nobody has been left unscathed by the credit crunch.

  • TMA Debt Solutions launches

    16 Feb 2009

    The Mortgage Alliance has launched TMA Debt Solutions through a strategic affiliation with Newtomorrow Broker Services.

  • Tories launch Repossession Advice pack

    20 Feb 2009

    Shadow housing minister Grant Shapps has launched a Repossession Advice pack to help home owners who are struggling with their mortgage payments.

  • Tricks can't make mistakes vanish

    16 Feb 2009

    The Monetary Policy Committee's decision to cut the base rate again to just 1% suggests that our chancellor-turned-Prime Minister has only one trick in his briefcase - the great base rate illusion.

  • Upgraded AVM from Experian and Rightmove

    16 Feb 2009

    Experian and Rightmove have linked up to provide an upgraded Experian automated valuation model, enhanced with Rightmove's data and technology.

  • Woolwich slashes its fix and track rates

    17 Feb 2009

    Woolwich has slashed rates below 4% for borrowers looking to fix for two, three or four years.

  • Woolwich to continue cautious policy and focus on remortgages

    16 Feb 2009

    Woolwich is to maintain its prudent lending criteria and says it will continue to focus on remortgage business.

  • Xit2 unveils arrears management facility

    16 Feb 2009

    Xit2 is launching an arrears management product.

  • Your Broker Network launches 60% commission offer

    19 Feb 2009

    Your Broker Network is offering brokers 60% commission of the total income.

  • Your Broker Network offers 60% commission

    19 Feb 2009

    Your Broker Network is offering brokers 60% commission of the total income.

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