Mortgage Strategy
16 January 2006

  • Self-builders get phased cover

    16 Jan 2006

    BuildStore, the self-build specialist, has teamed up with general insurance provider D&D Homecare to provide self-builders and renovators with a 'phased cover' accident sickness and unemployment policy. The product features phased cover which allows self-builders and renovators to start the policy with a level of cover equivalent to the repayments of the initial self-build mortgage amount.

  • 40% Women take GI certificate

    16 Jan 2006

    On the first anniversary of the introduction of statutory general insurance regulation, the Institute of Financial Services saw record numbers of women registering for its Certificate in Regulated General Insurance. With almost 2,000 registrations from women for the single-module qualification, this represents approximately 40% of the total number of candidates.

  • 750,000 Fine for Guardian

    16 Jan 2006

    The Financial Services Authority has fined Guardian Assurance and Guardian Linked Life Assurance Limited 750,000 for mishandling mortgage endowment complaints and failing to report problems to the regulator. It is the second highest fine issued by the FSA in such a case.

  • A one-sided bashing of equity release

    16 Jan 2006

    Equity release has taken yet another bashing - this time from consumer body Which?.

  • A&L survey reveals renters cannot afford to buy

    16 Jan 2006

    The Alliance & Leicester movingimproving index reveals a quarter of married couples are finding it hard to get on the housing ladder because they cannot afford to buy.

  • Accord launches cascade system

    16 Jan 2006

    Accord Mortgages has launched automatic adverse business cascading for credit repair mortgages. It has also reviewed its sub-prime product range and introduced a range of fixed rate mortgages starting from 6.10%.

  • Advantage says it has no plans to cull lender panel

    16 Jan 2006

    Keith Dearling, director of Advantage Home Loans, has quashed rumours that lenders will be removed from its panel.Fears were sparked last week after reports that Advantage intended to drop lenders from its panel once it starts to distribute its own products through Morgan Stanley.But Dearling says it has spoken to all lenders on its panel including Kensington, SPML, Platform, Mortgages PLC, GMAC-RFC and First National, and has no plans to drop any of them.He says: "We have ...

  • Affordability constraints should ease

    16 Jan 2006

    In the decade up to 2004, the excess demand in the housing market was accompanied by significant changes in the structure of the mortgage market.

  • After all the changes that affected packagers in 2005, what does this year hold for them?

    16 Jan 2006

    Packagers that are innovative in the ways they add value to their propositions will continue to be successful, say our experts.

  • All companies must raise their game

    16 Jan 2006

    An FSA factsheet telling networks to improve the supervision and control of their ARs holds important messages for all firms working in the regulated environment, says Bill Warren

  • AMI says firms must get their act together on GI

    16 Jan 2006

    The Association of Mortgage Intermediaries has reminded firms that general insurance compliance is not optional and that they must ensure proper procedures are in place.This follows a report by professional services provider Huntswood into the first 11 months of GI regulation.The report highlights the fact that since regulation, insurance firms are struggling to meet compliance and training standards.In terms of sales and advice compliance, 66% of representatives asked had ...

  • AMI to consider linking with broker website

    16 Jan 2006

    Association of Mortgage Intermediaries board members will meet this week to discuss whether to support website 1BigTable, the online forum for brokers.AMI has been asked to support the venture by offering a link from the forum to its website.1BigTable is due to launch on March 1 and is designed to provide a host of services to the intermediary community including a platform for brokers to discuss cases and the mortgage industry in general.The website will have a facility ...

  • AMPD formally launches

    19 Jan 2006

    The Alliance of Mortgage Packagers and Distributors has today formally launched.

  • Are banks or mutuals the best lenders?

    16 Jan 2006

    Last week Mortgage Strategy reported that although banks come out top as the cheapest mortgage providers, most of the top five lenders offering the cheapest standard variable rate mortgages or their equivalents are building societies.A recent survey from Defaqto reveals that out of the top 30 lenders, HSBC is the cheapest overall, followed by Intelligence Finance then building societies Nationwide, Skipton and Britannia.So, Mortgage Strategy asks: "When it ...

  • Ask consumers about equity release

    16 Jan 2006

    For those who didn't notice, it was recently the turn of equity release to bear the brunt of criticism from Which?.

  • Ask if you're in doubt about TCF

    16 Jan 2006

    Brokers must gain a deeper understanding of Treating Customers Fairly by asking questions at seminars and studying the information made available by industry bodies, says Roger Taylor.

  • Average house price is up, says ODPM

    16 Jan 2006

    The mix-adjusted average house price in the UK in November 2005 stood at 186,431, up from 185,398 in October 2005 (not seasonally adjusted), says the Office of the Deputy Prime Minister in its house price index.

  • B&B comments on CML lending figures

    20 Jan 2006

    The latest CML figures clearly demonstrate just how robust the lending market remained throughout 2005, says Bradford & Bingley.

  • BDMs are only as good as their firms

    16 Jan 2006

    BDMs form a vital link between lender and broker so if your BDM isn't up to scratch, you should question the company that employs them, says Payam Azadi.

  • Beware of PPI policies, warns Moneynet

    20 Jan 2006

    Rising unemployment figures are likely to prompt more people to take out payment protection policies but growing evidence that more people are being turned down when attempting to claim on their PPI has prompted online financial data service Moneynet to warn workers to make sure they read the small print.

  • BM appoints Williamson as regional sales manager

    16 Jan 2006

    BM Solutions has appointed Iain Williamson as regional sales manager for the southern region. Formerly working as a business development manager for BM, Williamson has been caretaking the role since September 2005.

  • BMS warned to offer staff incentives

    16 Jan 2006

    BM Solutions could see further walkouts unless it introduces incentives for its staff, warns Venatus Business Intelligence.The HBOS subsidiary recently saw another eight members of staff defect to Oakwood, hot on the heels of the 'Famous Five' who quit to join Oakwood and set up a new lender.Leanne Nettleship, executive consultant at Venatus, says lenders that head hunt staff not only benefit from their expert knowledge but also weaken the competition by spreading uncertainty.Nettleship ...

  • Bright Grey's extranet goes live

    16 Jan 2006

    Bright Greys extranet has gone live, providing financial advisers with a full online quote and apply capability.

  • Brokers put faith in property investment, says UCB

    17 Jan 2006

    Mortgage brokers think people will make more money by investing in property rather than shares over the next five years, according to research issued today by UCB Home Loans.

  • Brokers say HBOS will be just fine

    16 Jan 2006

    HBOS got a big vote of confidence from Mortgage Strategy readers last week with an overwhelming 61% saying they didn't think the recent departures from HBOS and BM Solutions would have a negative impact on its business. Just 39% thought it would.This week MS asks: "Should all lenders offer a proc fee to brokers who retain rather than churn borrowers coming to the end of their deals?

  • BuildLoan increases business by 56%

    17 Jan 2006

    BuildLoan, the intermediary arm of self build and renovations BuildStore has seen applications for its specialist self build and renovations mortgage products increase by 56% during 2005 compared with 2004.

  • Call for brokers to sell more health insurance

    16 Jan 2006

    Mortgage brokers should do more to encourage borrowers to protect themselves with permanent health insurance, industry experts warn.Roy McLoughlin, senior partner of IFA Master Adviser, says while people assume that in the event of prolonged ill health their employer will support them, the reality is different.He says: "People assume their employers will cover them but they won't. PHI should be more widely sold as currently take-up is shockingly low."If people examined their ...

  • Chartered surveyors to speak out on regulation

    16 Jan 2006

    The chartered surveying profession could see an overhaul in the way it is regulated when a 12-week consultation period concludes.Members of the Royal Institution of Chartered Surveyors and other interested parties are being encouraged to participate in the consultation, which seeks views on the regulation of firms, a principles-based approach to the setting of rules, the enforcement and penalty process and the application of the government's principles concerning better regulation ...

  • Chelsea appoints intermediary sales controller

    16 Jan 2006

    Chris Maggs has joined Chelsea as intermediary sales controller.Maggs will be responsible for developing a new intermediary sales team in the South of England and increasing awareness of Chelsea's product proposition. Maggs has previously worked as national sales manager for Portman and The Mortgage Works.

  • Cheval says 2006 will be a good trading year

    16 Jan 2006

    Bridging finance provider Cheval is predicting a buoyant trading year in 2006 after experiencing a bumper month in December, with new business up by 119%.Cheval undertook a brand redevelopment in 2005 which included changes to the logo and a redesign of the website to empower brokers to transact business.Paul Rumbold, sales and operations director at Cheval, says: "December was the proof that all the hard work in redefining Cheval and its services is paying off.Brokers have ...

  • CHL unveils long-term B2L tracker product

    16 Jan 2006

    Capital Home Loans has launched a buy-to-let tracker product at base rate plus 0.49% for the full term of the loan.The product is aimed at landlords looking for a longer term deal and who want to take advantage of predicted falls in the base rate from February.Mike Healy, head of sales at CHL, says: "Some analysts are predicting the next interest rate movement will be downward so this is a fantastic product for buy-to-let investors who want a deal that provides a competitive ...

  • Cobalt goes commercial

    16 Jan 2006

    Cobalt Capital has launched into the commercial market with the launch of its Cobalt Commercial Finance division.Cobalt does about 70% of its business in the buy-to-let market and has found that this regularly overlaps with the commercial world.Guy Hammond has been appointed chief executive of CCF and Julian Ingall, partner at Cobalt Capital, says Hammond's experience in the banking and property development sectors will help Cobalt expand in the commercial market.Ingall ...

  • Commercial First to expand

    16 Jan 2006

    Commercial First has announced imminent expansion of the business to service increased levels of business in 2006. The lender is currently recruiting 10-12 underwriters to be based at its head office in Brentwood, bringing total staff numbers over the 100 mark, and it is leasing a further 6,000 square feet of office space at its existing site.

  • Commercial First to expand in 2006

    16 Jan 2006

    UK independent commercial mortgage lender Commercial First is to expand in 2006, to service its increased levels of businness.

  • Commercial service unveiled

    16 Jan 2006

    Loanoptions.co.uk has branched out from secured loans with the launch of a commercial mortgage service.Andy Moody, managing director of Loanoptions. co.uk, says: "The success of the loans introducer service convinced me the market was crying out for a commercial mortgage service where brokers could outsource enquiries. By teaming up with lenders such as Commercial First, we aim to set the benchmark for service in this niche."

  • Confidence falls

    16 Jan 2006

    Nationwide's latest property index shows a fall of five points in consumer confidence in December after a record nine-point rise in November. While confidence levels are above the autumn lows, a three-month rolling average suggests the steady decline in confidence seen since last spring is bottoming out.

  • Consumer debt

    16 Jan 2006

    Moneyfacts.co.uk's December poll revealed that 47% of consumers have unsecured borrowing of more than 10,000.Editor Emma Butler says: "Almost half the people polled have unsecured borrowing of more than 10,000. This is concerning but not surprising, and in line with other reports about indebtedness."

  • Consumers may not be covered after Christmas, says Halifax

    16 Jan 2006

    Halifax Home Insurance, which offers all year round unlimited contents insurance, says that following Christmas many households exceed the contents allowance offered in the terms of their insurance policies, and so may not be fully insured if their belongings are stolen.

  • Consumers will benefit from HIPs and so will brokers

    16 Jan 2006

    From Alan Dring In response to the recent letter from Tom Gardiner (Mortgage Strategy, January 9) - don't shoot the messenger. As my article stated, the figures came from Maria Coleman, chief executive of Openbook which is trialling HIPs for the ODPM. This is the only data available at the moment and is therefore the only insight we have into the way HIPs are perceived by potential users. It may be a small sample, but you cannot ignore the results. Like you and most of the ...

  • Co-Op launches CISGIL

    18 Jan 2006

    Co-operative Financial Services has launched CIS General Insurance, which will insure all new and renewing Co-operative Insurance Society home, motor and commercial products with effect from January 15 2006.

  • Cost of buying in France set to fall

    16 Jan 2006

    The cost of buying property in France is set to plunge thanks to the ending of the cartel that has long been enjoyed by French notaries.Solicitors in France and the UK will now be able to compete with French notaries after a European Union ruling loosened the grip of state-controlled officials on state conveyancing.As it stood, solicitors had to work alongside French notaries in the home buying process but the ruling means solicitors will now be able to handle the process alone.Some ...

  • Coventry appoints Experian

    16 Jan 2006

    The Coventry has chosen Experian for its ongoing risk management needs. The three year deal with Experian will see the society benefiting from Experians Delphi for customer management solution. DCM is a suite of highly predictive generic bureau-based behavioural scorecards that provides lenders with a regularly updated risk assessment of all their existing customers. Coupled with the societys own internal data, DCM is also providing an accurate risk assessment for credit activity ...

  • Curriculum Vitae - Paul Holden

    16 Jan 2006

    "I look for successful habits I can model"

  • Dawson retirement sparks rumours about MEX future

    16 Jan 2006

    MEX could be on the highway to disaster after parent Bradford & Bingley decided not to replace retiring managing director Tim Dawson.Dawson, 54, will retire in March this year but B&B has taken the unusual step of deciding not to replace the managing director of Mortgage Express - leaving many to question how successful the lender can continue to be without a business leader at the helm.Dawson says: "I feel this is an appropriate time to step down and let somebody else lead ...

  • Dear Delia

    16 Jan 2006

    Dear Delia Mr and Mrs Davies have a prime first mortgage with a high street lender with a two-year tie-in. They need to raise 15,000 for home improvements but since taking on their mortgage eight months ago, Mrs Davies has acquired a 1,500 County Court judgement for non-payment of a unsecured debt due to a dispute over the quality of goods she purchased from a retailer. What are the options available to them?

  • Deputy master of Royal Mint leaves

    16 Jan 2006

    Gerald Sheehan, chief executive and deputy master of the Royal Mint is leaving after four years in order to pursue other interests.

  • Develop skill in development finance

    16 Jan 2006

    This week I turn my attention to the development finance market.

  • Distribution options

    16 Jan 2006

    In the second extract of his book, Creator and Trader: A Vision for Growth in the UK Mortgage Market, Stephen Knight examines the B2C market and the concept of lenders as distributors.

  • Duffy's Dirty Dozen are ready for NY challenge

    16 Jan 2006

    Four more industry figures have signed up to complete the 'Dirty Dozen' team that will tackle the ING New York City Marathon on November 5.The team is the brainchild of Kevin Duffy, managing director of Hamptons International Mortgages, who hopes the 12 competitors can raise in excess of 200,000 for charity.Duffy has been inundated with applicants, and the four that complete the dozen are Brian Ewing, head of intermediary sales at Intelligent Finance, Alison Beech, sales and ...

  • Enquiries up at Leadbay on first anniversary

    17 Jan 2006

    As Leadbay celebrates its first anniversary, the firm says it's reporting unprecedented volumes of internet enquiries through its online bidding system for mortgage leads.

  • Enterprise reveals record business levels

    19 Jan 2006

    Enterprise Group, the customer-branded, sub-prime packager for networks, saw record business volumes last year.

  • Equity release could be the right choice, says Rayner Spencer Mills

    16 Jan 2006

    With so much recent negative press comment around equity release its surprising that independent financial advisers are not singing the words of Engelbert Humperdincks 1960s hit single Release Me.

  • Estate agents will use HIPs to lock in sellers and buyers

    16 Jan 2006

    From Rick Gifford Tom Gardener's letter on Home Information Packs (Mortgage Strategy January 9) is interesting, but let's consider the overall picture when it comes to estate agents, their working methods and how HIPs will affect brokers. I have always wondered what value valuers are to the client, and since many of these are also estate agents the same question must apply. Gardener claims estate agents paying upfront for HIPs is unlikely, but that is exactly what will happen. ...

  • EXCLUSIVE: 12 members to make up AMPD

    17 Jan 2006

    The recently formed Association of Mortgage Packagers and Distributors has confirmed it will be made up of 12 former members of the Professional Mortgage Packagers Alliance, with the potential for more packagers to join in the future.

  • Fidelity International promotes property fund as tax-efficient

    16 Jan 2006

    Fidelity International, the mutual fund manager, is promoting its property fund as a tax-efficient and hassle-free way of investing in property around the world from 50 per month.

  • Firmer housing market predicted

    16 Jan 2006

    The Council of Mortgage Lenders predicts a firmer housing market over the coming months following news of the Bank of England leaving the base rate unchanged and the rising level of mortgage approvals. The CML expects interest rates to remain unchanged for the next few months at least.

  • First Active cuts fixed rates

    16 Jan 2006

    First Active is dropping its fixed rates from today. Its two-year fixed rate is now 4.55%, down from 4.73%, until March 31 2008, while its five-year fixed rate is now 4.70%, down from 4.99% until March 31 2011. It has also discounted its two-year buy-to-let fixed rate, which now offers a rate of 5.24%, down from 5.42%, until March 31 2008.

  • First Active reprices fixed rate products

    16 Jan 2006

    First Active has repriced its fixed rate products. The changes mean its two-year fixed rate now offers a rate of 4.55% down from 4.73% until March 31 2008, its five-year fixed rate now offers a rate of 4.70% down from 4.99% until March 31 2011, and its two-year buy-to-let fixed rate now offers a rate of 5.24% down from 5.42% until March 31 2008. No other changes have been made to the portfolio.

  • Flexibility in underwriting

    16 Jan 2006

    Before you start panicking, only professional contortionists were used in Preferred's latest ad campaign. Although staff have been used in previous advertisements, surprisingly nobody volunteered this time.On the back of the promotion, intermediaries will now have access to products offering more flexibility and choice as Preferred launches two and three-year fixed rates and a discount range.The discount products include rates from 4.0% and two or three-year fixed rates from ...

  • FSA gets last of MCCB surplus

    16 Jan 2006

    The Financial Services Authority received the last instalment of surplus funds from The Mortgage Code Compliance Board this month, helping to lower broker and lender fees.The FSA was given a donation of 500,000 from the MCCB on the understanding that the regulator puts the monies towards helping to keep down the cost of broker fees.The final instalment from the MCCB funds is believed to be 3,000.Bob Riach, proprietor at Riach Independent Financial Advisers, says: "It's good ...

  • FSA quizzes Northern Bank on offshore mortgage sales

    16 Jan 2006

    Northern Bank is believed to have been found guilty of selling unregulated mortgages and is under investigation by the Financial Services Authority.The bank is thought to have been selling UK mortgages from its office in the Isle of Man without following FSA guidelines, thinking that the mortgages were exempt from UK regulation because they were sold offshore.Northern Bank has confirmed it is in talks with the FSA over what it calls a "difference of interpretation of the law" ...

  • FSA should rethink its rules on intermediary websites

    16 Jan 2006

    From Maurice Edgington We were recently prodded by the FSA's financial promotions department over some small omissions on our website and on the degree of prominence of the fee information. Naturally I responded immediately and made the changes after reviewing the rules under MCOB3. What might be of interest to readers is the following. We have 20 or so pages in the subject website and it appears the FSA requires the risk disclaimer on every page, the debt consolidation ...

  • FSA underlines concern on lifetime mortgages

    16 Jan 2006

    The Financial Services Authority has reiterated its concerns over lifetime mortgages as Key Retirement Solutions reports that 45% of consumers expect equity release to partially fund their retirement.Jon King, chairman of Safe Home Incomes Plan, which is working with the FSA to compile a checklist for equity release information, says: "What's holding equity release back is access to the market."It has never been easier to take out equity release products. They've never been ...

  • GMAC-RFC calls for more support for product innovation

    18 Jan 2006

    Stephen Knight, executive chairman of GMAC-RFC, called for more support for product innovation today, speaking at an All Party Parliamentary Group on debt and personal finance.

  • Government publishes payment proposals for construction industry

    16 Jan 2006

    The Rt Hon Alun Michael MP, minister of state for industry and the regions, and Edwina Hart, the Welsh assembly government minister for social justice and regeneration have today published government proposals that aim to improve payments to firms in the construction industry.

  • Greed cited as reason for PMPA break-up

    16 Jan 2006

    Greed has been cited as the root cause of the splitting up of the Professional Mortgage Packagers Alliance which will see at least 11 members leaving to set up their own organisation, provisionally called the Association of Mortgage Packagers and Distributors.

  • haart survey reveals 100% increase in housing market activity

    17 Jan 2006

    Research from haart estate agents shows confidence in the housing market is back with a 100% increase in activity levels in December from 12 months ago.

  • Halifax appoints Chapman as national intermediary sales manager

    20 Jan 2006

    Halifax has appointed Paul Chapman as national intermediary sales manager for Halifax intermediaries.

  • Have your say in Strategy awards

    16 Jan 2006

    Voting for the Mortgage Strategy Awards 2006 has now begun. The biggest and glitziest event of the mortgage calendar doesn't take place until May this year but now is the time to have your say on who should scoop the Mortgage Strategy Awards 2006, the Oscars of the industry.

  • HBOS branches out in Ireland

    16 Jan 2006

    HBOS is to open an extensive Bank of Scotland branch network - in Ireland.The bank will be opening 46 branches in total, three of which opened last week in Limerick and two in Dublin at Ballyfermot and Dun Laoghaire.It will be competing fiercely with Bank of Ireland and Allied Irish Bank by opening its doors from 9am to 5pm, something that is not widely done in Ireland.Between them, BoI and AIB have 91% of the Irish consumer base. HBOS already has a presence in the Irish ...

  • HBOS refreshes criteria on buy-to-let broker products

    16 Jan 2006

    HBOS has pushed up its buy-to-let criteria to 5m and scrapped its limit of 10 properties for all its intermediary products.Borrowers will now be able to purchase multiple properties up to the total of 5m.However, the individual property lending limit will remain at 1m and 85% LTV.Nigel Stockton, managing director of HBOS Intermediaries, says the move will bring it in line with other players.He says: "We have refreshed our buy-to-let criteria to bring us into line with ...

  • Help with compliance

    16 Jan 2006

    Insurance Compliance Services is launching into the mortgage market later this month with BDS compliance director Mike Davis as non-executive director. Mortgage Compliance Services will work with lenders, packagers, brokers and networks. Managing director Alan Clarke says: "MCS can share the burden with smaller firms as an outsourced compliance manager."

  • HIP price will depend on the package

    16 Jan 2006

    One of the questions often asked about Home Information Packs is how much they will cost sellers. To which the only answer can be, how long is a piece of string?

  • HIPs and the high barriers to entry

    16 Jan 2006

    Becoming a successful Home Information Pack provider will be tough because of IT hurdles and the high volume of business that will be needed from day one, says Richard Griffiths

  • HIPs must not limit access to advice

    16 Jan 2006

    Home Information Packs will not be far from the news pages until their mandatory introduction in June 2007. We have the dry run to look forward to this year, which will help us see how the public takes to the concept as well let HIP providers test their systems.

  • HML streamlines

    16 Jan 2006

    Homeloan Management has streamlined its senior management team. Steve Haggerty's role becomes group commercial director of Skipton. While retaining responsibility for HML, Haggerty will also take on the chairmanship of Pink Home Loans, Baseline Capital and, in due course, Mutual One. Directors David Grant and Richard Copley will take on additional responsibilities in the areas of sales and marketing and IT respectively.

  • House prices rise again, says RICS

    18 Jan 2006

    House prices rose for the second consecutive month after fifteen months of falls, says the latest housing market survey from the Royal Institution of Chartered Surveyors.

  • I question the value of mortgage fees

    16 Jan 2006

    If mortgage fees are truly linked to the work involved in setting up deals, how come some lenders can afford to do this work for 40 and others want 1,499 from new clients?

  • Industry faces up to bird flu

    16 Jan 2006

    The mortgage industry is gearing up for a possible outbreak of the deadly H5N1 bird flu virus and putting contingency plans in place.Major lenders such as HSBC, Alliance & Leicester and HBOS have already drawn up business continuity plans, some of which include preparations for the loss of staff.HSBC, the world's third largest bank, employs 253,000 staff worldwide and operates in 77 countries.It has made plans for what it calls the worst case scenario and predicts that 50% ...

  • Interest rates on hold

    16 Jan 2006

    The Bank of England last week froze interest rates at 4.5%. Rates were last cut in August, when they were reduced from 4.75% to 4.5%.Tony Jones, managing director of Pink Home Loans, says: "It would seem the Monetary Policy Committee is waiting to see how the market performs in the early part of 2006 before making a change."However, a lot can happen in a month and so we'll have to keep a close eye on the statistics and retail spending. If the public won't shop then the MPC will ...

  • Internet Insite

    16 Jan 2006

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Kevin Paterson takes a look at lender websites, working his way from A to Z

  • Ipswich unveils two-year fixed rate

    16 Jan 2006

    As part of its strategy to substantially increase its lending in 2006, Ipswich has launched a two-year fixed mortgage at 4.65% with a maximum 95% LTV.The society is hoping to do 40% more lending in the coming year than it did in 2005, with adverse and shared equity products on the horizon. As well as developing its call centre, the society plans forge fresh relationships with intermediaries and mortgage clubs.The new product, which is fixed until February 29 2008, has zero higher ...

  • January sales should provide a strong boost

    16 Jan 2006

    The new year is upon us, which means once again high streets are packed with shoppers madly trying to pick up the latest, greatest bargains in the January sales.

  • Keep a close eye on stem cell research

    16 Jan 2006

    Professor Ian Wilmut (the scientist behind the cloning of Dolly the sheep) fuelled the stem cell research debate last month when he called for the treatment to be offered to people with terminal illnesses.

  • Kennedy's demise has lessons for business

    16 Jan 2006

    The recent and very public departure of Charles Kennedy as leader of the Liberal Democrats reminded me of a Tudor execution.

  • Kensington reduces fixed rates

    19 Jan 2006

    Kensington Mortgages has reduced its fixed rates on its near prime and very low adverse products,

  • KMC and RAMP offer free legals

    16 Jan 2006

    Kensington Mortgages has teamed up with the Regulatory Association of Mortgage Packagers to offer members free legals on most of its sub-prime range. John Rice, managing director of RAMP, says: "This is a great deal, particularly for those remortgaging, because the mortgages effectively carry no upfront fees. For those consolidating at this time of year, this is good value."

  • Knowledge pays

    16 Jan 2006

    Players with knowledge and influence within distribution relationships will be at a premium as lenders jostle for power in 2006, says Leanne Nettleship.

  • Landlords prefer brokers and IFAs, says Standard Life

    19 Jan 2006

    Trustworthy advice and a comprehensive service are the main reasons why landlords like to use the expertise of an independent financial adviser or mortgage broker, says Standard Life.

  • Leeds and Mercantile merge

    19 Jan 2006

    The directors of the Leeds and Mercantile have agreed a merger, which is expected to be effective on August 1 2006, subject to approval by the Mercantile members and confirmation by the Financial Services Authority.

  • Let's resolve to stop moaning and have fun

    16 Jan 2006

    I wouldn't be surprised if, like me, a number of you have once again embraced the customary new year resolution to detox and shape-up. As we all know, following the excesses of December, January is the month of soaring gym membership and plummeting alcohol sales.

  • LifeQuote launches Intelligent Protection online service

    18 Jan 2006

    LifeQuote has launched its latest software development for advisers. Called Intelligent Protection, the software is designed for advisers to use in consultation with their customers to arrive at a model protection recommendation which can then be tailored to individual personal circumstances and budgets.

  • Lifetime tracker from Nationwide

    16 Jan 2006

    Nationwide has launched a lifetime tracker product available for a period of between five and 40 years, with interest fixed to track above base rate from plus 0.39%. The society says the product will offer borrowers long-term value without them having to remortgage regularly. Other benefits include the ability to overpay up to 500 each month or take payment holidays, and the option to pay the 199 reservation fee upfront or add it to the loan.

  • Loanoptions.co.uk launches marketing toolbox facility

    17 Jan 2006

    Loanoptions.co.uk, the Cheshire based secured loan specialist, has launched a resource aimed at helping brokers to generate business in the secured loan market.

  • Loanoptions.co.uk launches secured loan resource

    17 Jan 2006

    Loanoptions.co.uk has launched a resource aimed at helping brokers to generate business in the secured loan market.

  • Loyalty pointsloyalty points

    16 Jan 2006

    Lenders are having to think of innovative ways to work with brokers in order to retain borrowers coming toward the end of their deals, says Harvey JonesLenders are having to think of innovative ways to work with brokers in order to retain borrowers coming toward the end of their deals, says Harvey Jones.

  • m2i secures partnership with ERAS

    18 Jan 2006

    m2i, the support services solution for directly authorised firms, has secured a partnership with the Equity Release Advisory Service.

  • Market Watch

    16 Jan 2006

    Swaps increased sharply last week, shorter term swaps increasing more than longer ones, so two-year money is more expensive than five-year.

  • Married tenants can't afford to buy

    16 Jan 2006

    one quarter of all married couples are finding it hard to get on the housing ladder, says Alliance & Leicester Mortgages.Its latest Moving Improving Index shows that one in four married renters would like to get onto the housing ladder but can't afford to make the move from tenant to home owner.Only about one in 10, 13%, of married renters are in a position to buy their first home compared with 6% of singletons who rent.Singletons are also finding it hard to get on the housing ...

  • MBBG figures shows weakening underlying rise of sterling lending

    20 Jan 2006

    Latest figures from the Major British Banking Groups for December 2005 show that total sterling lending to the UK private sector showed a net underlying increase of 9.7bn (+0.9%) to 1,153bn.

  • MCOB review service for websites launched

    16 Jan 2006

    Lemon Squeezy Marketing, the specialist mortgage marketing agency, has launched a website review service for mortgage brokers.

  • MEX changes

    16 Jan 2006

    Mortgage Express has made a number of changes to its criteria including revisions of income multiples and increased LTV bands. Changes include the introduction of increased income multiples for a wide range of products including self-cert, 100%-plus, standard and FlexAbility mortgages, based on the applicant's gross income.

  • M-Next unveils valuations offer

    16 Jan 2006

    Mortgage Next Network and Mortgage Next Partners are offering low cost valuations on packaged cases submitted up to March 31. The scheme gives valuations for 99 on properties up to 450,000.

  • Mortgage lending falls by 6%, says CML

    20 Jan 2006

    Gross mortgage lending fell by 6% in December to an estimated 26.3bn according to the latest data from the Council of Mortgage Lenders.

  • Mortgage Promotions and Intelligent Finance to hold TCF meetings

    16 Jan 2006

    Mortgage Promotions will be holding a series of breakfast meetings in conjunction with Intelligent Finance.

  • Mortgage Times, Solent Mortgages and Mortgage 2000 put applications on the MTE

    20 Jan 2006

    The Mortgage Times Group and Solent Mortgage Services, in addition to Mortgage 2000, have committed to making their generic application forms available to all introducers on the Mortgage Trading Exchange. This means that all introducers using MTE will now be able to submit mortgage business to over 25 more lenders, which join the 33 that are already committed to electronic trading on MTE.

  • MPLC announces launch date for online system

    16 Jan 2006

    Mortgages PLC will unveil new products, an online mortgage system and redesigned corporate brand at a major event to be held at the Merrill Lynch Financial Centre in the City of London on Friday January 27 2006.

  • MPLC promotes Thomson and Wardrop

    16 Jan 2006

    Mortgages PLC, the UK lender and subsidiary of Merrill Lynch, has promoted Pete Thomson, head of sales, and Ann Wardrop, head of operations, in recognition of their contribution to the success of the business over the last five years.

  • MS is in a good position to comment on SIPPs fiasco

    16 Jan 2006

    From Neil Murtagh I disagree with the comments by Craig Douglas in the January 9 issue concerning Mortgage Strategy's so-called political comments. MS should not steer clear of party political comment, in fact, I suggest that it is in a better position, as a financial services trade publication, than most political commentators to speak on the self invested personal pensions fiasco. Douglas adds that MS should stick to mortgage news and issues. Are SIPPs not a mortgage-related ...

  • Nearly half of UK worried sick about money, says AXA

    20 Jan 2006

    Money worries are a significant cause of worry, anxiety and stress according to GP and leading mental health expert Dr Roger Henderson who has published a paper identifying the condition Money Sickness Syndrome.

  • One in 10 singletons out of control of finances

    16 Jan 2006

    Research shows that UK singletons are delaying settling down and being grown-up about their money.

  • One million Child Trust Fund vouchers still not invested

    16 Jan 2006

    One year on and nearly half of Child Trust Fund vouchers still not invested despite research that shows the younger generation are more likely to save than squander.

  • One year anniversary of TFC Homeloans' flat rate application fee

    20 Jan 2006

    TFC Homeloans flat rate mortgage application fee of 99 is one year old and still going strong. Introduced to replace the typical, variable staggered fees charged by most mortgage lenders and distributors and offered as an all-inclusive, non-refundable fee to registered Track users only, TFC has succeeded in creating a low cost and sustainable product that offers continued savings to their clients while attracting consistent repeat business.

  • Packager's poor planning led to its distribution limitations

    16 Jan 2006

    From Dale Knight I read an article recently from a packager demanding that the FSA should look at networks which don't open their doors to all packagers. The article called for the regulator to investigate the matter, saying the company had products and services that could not be accessed by all. Why didn't they just admit that poor planning before M-Day led to them having fewer distribution opportunities? Hello? Ever heard of strategy and planning? I can't believe that over ...

  • People make this a job worth doing

    16 Jan 2006

    When you start thinking about all the things that make working as a mortgage adviser worthwhile, the people you get to deal with must come top of the list, says Sue Read.

  • Personal Touch integrates Toolbox with The Exchange

    20 Jan 2006

    Personal Touch has integrated its specialised Toolbox back office and administration system with The Exchange as part of a major business transformation designed to build scale and opportunity for its mortgage, general insurance and financial adviser intermediaries.

  • Pink adds more offers to sub-prime campaign

    20 Jan 2006

    Pink Home Loans is launching its sub-prime campaign with the aim of adding value in the adverse market.

  • Pink launches ninth 1000 index survey

    18 Jan 2006

    Pink has launched its ninth Pink 1000 Index Survey asking registered intermediaries to provide feedback on key aspects of the market for the year ahead. The survey runs until January 27.

  • Pink launches sub-prime campaign with First National

    17 Jan 2006

    Pink Home Loans is launching its sub-prime campaign with the aim of adding value in the adverse market. The promotion will run for the next 12 months and throughout this period a number of offers will be added.

  • Platform BDM

    16 Jan 2006

    Louise Young is now Platform's business development manager for the South-East. Young was previously a BDM at Pink Home Loans and spent five years in sales at Birmingham Mildshires.

  • PMI releases US market risks index

    18 Jan 2006

    PMI Group, the parent company of PMI Europe, has released its US Market Risk Index for winter 2005, showing interesting trends in the US residential property market, including.

  • PMPA issues statement

    19 Jan 2006

    Following the news last week that 12 former Professional Mortgage Packagers Alliance members are leaving to form their own allegiance, the Association of Mortgage Packagers and Distributors, the directors of the PMPA has issued a statement.

  • PMS and IF announce roadshow dates

    16 Jan 2006

    Premier Mortgage Service and Intelligent Finance are running a series of roadshows later this month to demonstrate to mortgage brokers the benefits of offset mortgages and how to sell them effectively.

  • PMS and IF to run offset mortgage roadshows

    16 Jan 2006

    Premier Mortgage Service and Intelligent Finance are running a series of roadshows later this month to demonstrate to mortgage brokers the benefits of offset mortgages and how to sell them effectively. The roadshows are being held at De Vere Whites, Bolton on January 24, National Motorcycle Museum, Birmingham on January 25, The Brewery, London on January 31, Livingston FC, Livingston on February 2, Celtic Manor, Newport on February 7.

  • Premiums stable

    16 Jan 2006

    AA Insurances says premiums for home insurance remained static over Q4 2005 following small increases in Q3. But the AA British Insurance Premium Index also shows the cost of home contents and buildings insurance fell slightly.

  • Pru cuts interest on flexible lifetime mortgage

    16 Jan 2006

    The Prudential has cut the interest on its flexible lifetime mortgage and improved its commission structure.

  • Pru slashes headline rate of lifetime deal

    16 Jan 2006

    Prudential has slashed the headline rate of its lifetime mortgage from 6.45% to 6.02%.The annualised rate has been reduced from 6.64% to 6.19% and the APR is now 6.5%.The Pru is also looking to encourage more brokers into the market. It is expected that 2005 lending figures for Safe Home Income Plans members will be not be much higher than the figures for 2004. To improve the remuneration to advisers Prudential will offer a 450 proc fee on all cases, on top of standard commission ...

  • Pushing for responsible borrowing

    16 Jan 2006

    The consumer press is becoming more vocal about the UK level of debt in general, but mainly unsecured debt. Many daily newspapers have given the subject dramatic banner headlines such as 'UK drowning in debt' or 'UK's debt mountain increasing'.

  • Rental yield rises, says Landlord Mortgages

    16 Jan 2006

    Quarterly rental yield figures released by Landlord Mortgages show that overall rental yield figures in England have risen from 5.87% in Q3 2005 to 6.03% in Q4 2005.

  • Respect proposals could hit landlords

    16 Jan 2006

    Government proposals to evict nuisance neighbours from their properties have been slammed by the industry, with warnings that they could have an adverse affect on the buy-to-let market.In his Respect Action Plan launch speech last week, Prime Minister Tony Blair outlined plans to give the police powers to evict owners or tenants that cause a "significant, persistent and serious nuisance" and re-house them in special council properties for a period of three months.The measures ...

  • Richard Griffiths really should mind his own business

    16 Jan 2006

    From Lee Birkett I have just received a copy of Network Data's accounts and would like to suggest Richard Griffiths spends more time on his own business and less time worrying himself over others'. Network Data's debts seem to be mounting, as per accounts signed off on October 21 2005 for year ending December 2004. Network Data owed creditors falling due within the year 2,955,761 (almost 3m), at the same time having

  • RICS warns affordability still an issue for first-time buyers

    16 Jan 2006

    The Royal Institute of Chartered Surveyors says affordability remains a major issue for first-time buyers, despite the housing market slowdown of the past year.

  • Rooftop is added to Personal Touch panel

    18 Jan 2006

    Rooftop Mortgages has been added to Personal Touch Financial Servicess panel of lenders. PTFS intermediaries can now choose the channel to Rooftop that best suits their individual requirements. Members can submit through PTFSs packaging arm, PT Packaging, or place unpackaged business with Rooftop Direct.

  • Rooftop reduces fixed rates

    19 Jan 2006

    Tomorrow Rooftop Mortgages will go live with reduced rates across its light adverse fixed rate range.

  • Sainsbury's urges ex-smokers to review life insurance policies

    17 Jan 2006

    Sainsburys Bank is urging ex-smokers and the 6.1 million planning to quit this year to review their life insurance policies.

  • Savills staff could be in line for big bonuses

    16 Jan 2006

    Staff at Savills estate agency will be celebrating after reports they are to receive bumper bonuses for beating targets last year.The Savills group released its full year trading update last week, revealing that Savills Private Finance also had a strong year and performed ahead of predictions.The report says: "The overall mortgage market has retracted slightly but despite this the business continues to grow. After the opening of a number of new offices in 2004, this last year ...

  • Schools offer financial qualifications

    16 Jan 2006

    School children will be able to learn about mortgages and personal finance following the introduction of qualifications piloted by the Institute of Financial Services.The level one Foundation Certificate in Personal Finance and the level two Intermediate Certificate in Personal Finance will be options for 14 to 16 year olds.Although the courses are not GCSEs they are of the same level and follow similar structures.Simon Ashmore, head of PR and marketing at the IFS, says: ...

  • Scottish Widows appoints Thomsom to board

    19 Jan 2006

    Scottish Widows Bank has appointed Mark Thomson as credit director on its board.

  • Sturley reveals changes to MEX sales team

    18 Jan 2006

    Tim Sturley, head of mortgage distribution at Mortgage Express, has made some changes to the structure of the sales team.

  • Sub-prime loan sizes on the up in December

    16 Jan 2006

    Advantage Home Loans has released the results of its December index findings.

  • Survey reveals the return of the first-time buyer

    16 Jan 2006

    The final quarterly mortgage trends survey for 2005 from My Mortgage Direct confirms the predicted return of the first-time buyer to the housing market.

  • Taylor's Tour.....

    16 Jan 2006

    Henry Taylor's day job is running a mortgage broking business in Eastbourne on the south coast of England. When not at the office, he loves taking part in the Seat Cupra Championship

  • The Mortgage Mole

    16 Jan 2006

    TOP STORY - Mole is only too happy to do his bit for charity but draws the line at flashing a furry chest even if it is for a good cause. Luckily, chartered surveyor David Wright is less modest and has posed as Mr July for a calendar raising money for the battle against HIV/AIDs in Africa. Wright, who works for Wolton Chartered Surveyors, part of the Spicerhaart group, stripped off in support of Mission Malawi, and is also training for a tri- athlon over Mal- awi's highest mountain ...

  • TMB plans roadshows to boost market penetration

    16 Jan 2006

    The Mortgage Business is kicking off an eight-date series of roadshows on January 24 to increase its penetration of the market.Visiting areas such as Ireland and Scotland, TMB will also be promoting its House 2 House product.TMB has realigned itself as HBOS' packaging specialist and is looking to complement its distribution by educating areas of the direct broking market that rarely use packagers about its portfolio such as the high net worth London broker market.Peter Charge, ...

  • TMP offers on-site service

    16 Jan 2006

    The Mortgage Partnership is offering an onsite Bristol & West underwriting facility for all B&W packaged deals. The on-site underwriter offers decisions in principle and approves and issues offers directly from TMP.

  • TMP offers West Brom sub-prime range

    18 Jan 2006

    The Mortgage Partnership, the North-West based mortgage packager, has revealed it is one of two packagers offering the new sub-prime product range from the West Bromwich.

  • TMW to launch into prime market

    16 Jan 2006

    The Mortgage Works is launching into the prime market from this summer, with Portman ceasing to trade with intermediaries. TMW will offer prime mortgages previously available to brokers via the Portman brand. From the summer, the Portman brand will be branch-only.Paul Howard, associate director at Portman, says "TMW will become the Portman Group's intermediary brand and Portman will be the consumer brand."TMW is also offering an online decision in principle facility for brokers ...

  • Top national finance journalist joins MS as columnist

    16 Jan 2006

    Isabelle Kassam, former personal finance editor of The Sun newspaper and recently voted 'national finance journalist of the year' has joined the Mortgage Strategy team.Kassam's exciting column began last week and her unrivalled experience will bring a hard-hitting consumer voice to MS week in, week out.Kassam says: "In the four years since its launch Mortgage Strategy has cemented its position as a must-read for professionals and national journalists, ...

  • Unsecured lending market should set borrowing limits to cut insolvencies

    16 Jan 2006

    From Kevin Thornton It was both sad and interesting to read that as many as 20,000 individuals will become insolvent in the first three months of 2006 (Mortgage Strategy January 9) . While no doubt some of this will be due to over stretching on their mortgages the vast majority will be down to unsecured borrowing on personal loans and credit cards. Most would agree there is a need for a maximum loan available to someone applying for a mortgage yet the same logic does not appear ...

  • US banking giant interested in GMAC Residential

    19 Jan 2006

    US banking giant Wachovia is the latest name to surface in the bidding sweepstakes for Residential Capital Corporation the holding company for GMAC Residential and its affiliates. Industry executives told Mortgage Strategy that Wachovia's interest in ResCap makes sense because of its desire to grow its mortgage business not just in the US but overseas. An affiliate of the ailing General Motors, ResCap - which includes GMAC Residential, GMAC-RFC and other home lending brands - ...

  • Valuations have an automated future

    16 Jan 2006

    Automated valuation reports are playing an increasingly important role in the market and it won't be long before their use is extended to the new business process, says Frank Eve.

  • Virgin unveils cancer cover product

    16 Jan 2006

    Virgin Money last week launched a form of health cover to offer protection specifically for cancer.Called Big V Cancer Cover, the product will be administered by Scottish Widows, which is looking to get a bigger chunk of the protection market, and will be sold direct over the telephone or via the internet by Virgin Money.The payment size depends on the stage at which the cancer is diagnosed, starting at 10% of the sum assured for early diagnosed cases, 25% for intermediate cases ...

  • West Brom launches 10-year fixed rate product

    20 Jan 2006

    The West Bromwich has launched a 10-year 4.69% fixed rate mortgage designed to provide long-term security and reliability for borrowers.

  • What a difference five years makes

    16 Jan 2006

    It is with some sadness that I post my final column for Mortgage Strategy this week as today is my first day working for the Association of British Insurers. Both the magazine and the industry have developed significantly in my time, and in both cases for the better - with the exception of the Mole anyway.

  • Zest range

    16 Jan 2006

    Zest Home Loans has launched a range of mortgage products funded by Stroud & Swindon.The four-year discounted Harvest range has rates starting from 4.99% for applicants with an adverse credit position.

Poll

Should the Financial Conduct Authority be more intrusive than the Financial Services Authority?

Current Issue

Lending Zone
petitions
debate
Define Advice
Advanced search