Mortgage Strategy
16 May 2005

  • 100% Pass rate in CII lifetime exam

    16 May 2005

    Those taking the mortgage advice paper also performed well with 547 passing the exam, just under 79%, to bring the total number of qualification holders to 709 since its introduction in January.Paul Turner, qualifications and compliance manager at the CII, says: "A 100% pass rate shows that those who took CF7, the lifetime mortgage exam, prepared well. The high pass rate for CF6, the mortgage advice exam (previously the Mortgage Advice Qualification), is also a testament to ...

  • A dream home or just a dream?

    19 May 2005

    Now the election is over and the political parties have returned to their normal pursuits of bickering and in-fighting rather than wooing voters, it will be interesting to see whether the Government actually bothers to address the issue of housing for the thousands of first-time buyers and rental tenants that dont own their own home.

  • A View From The floor

    16 May 2005

    Adrian Coles, director-general of the Building Societies Association, says chief executives of societies are broadly optimistic about the year ahead.

  • ABI celebrates home reversion scheme victory

    17 May 2005

    The revelation that the government will legislate for the regulation of all equity release schemes will benefit consumers and the insurance industry, says the Association of British Insurers.

  • Accord launches Tricorne exclusive

    16 May 2005

    Accord Mortgages has launched a two-year fixed rate mortgage available exclusively to members of the Tricorne alliance.

  • Advantage closes its consumer arm

    16 May 2005

    Advantage says the move is strategic and will allow it to focus on its intermediary offerings, and prevent any possible conflict of interest.Although Advantage, based in Ellesmere Port, employs around 150 people, Ice only had a staff of six people and was handling minimal amounts of business. Ice was set up at the same time as the original incarnation of Advantage, in 1996.Advantage Home Loans was launched in July last year after a merger between the branded lending arm ...

  • Adverts focus on staff

    16 May 2005

    The adverts show pictures of the company's underwriting teams based initsHaywardsHeath office. Pictured here are Rob Amati, Neil Masey, Ben Stallwood and Riikka Wallen, all members of Team Orange.Lisa Jolliffe, spokeswoman for Preferred, says: "We are using real people to emphasise that Preferred does not have a call centre culture - these are the people brokers actually speak to."Our underwriterswork in regionally focussed teams with specialist knowledge of their areas, ...

  • AMI's members to pay less under FSA fee instalment scheme

    19 May 2005

    The Association of Mortgage Intermediaries has revealed that negotiations have successfully been completed to establish a payment by instalments system for all regulatory fees.

  • At least this government provides economic stability

    16 May 2005

    I have been reading your magazine since publication began in September 2001 and find the news and comment in it to be useful. However, I want to point out some obvious holes in the political rant that was the editorial in the May 2 issue. The jury is still out on whether Blair lied about Iraq but what is fairly clear is that the decision he took was the right one, even if you are not particularly happy about his reasoning or justification. What is also clear is that ...

  • Avoid the temptation to leave a job on bad terms

    16 May 2005

    "Never burn your bridges" and "Be nice to people on the way up - you might meet them on the way down" are both well-known sayings, and good advice. So why do so many people leave their employers on bad terms?

  • B&W launches lifetime mortgage

    18 May 2005

    Bristol & West Mortgages has launched a lifetime mortgage equity release product.

  • Back to basics

    16 May 2005

    The market is about to be rocked by a huge recruitment drive as John Charcol returns to its roots under John Garfield, says Rosemary Gallagher.

  • Binge lending allegations refuted

    16 May 2005

    Press reports last week claimed leaked documents show Lloyds TSB has been abandoning vital checks which should protect customers from high levels of debt.The reports claim an internal audit shows that one in six large personal loans that were made by Lloyds TSB were made despite evidence customers would struggle to make repayments.However, Lloyds TSB says this does not include its mortgage lending. Leigh Calder, spokesman for Lloyds TSB, says: "It's important to point out ...

  • Blue sky

    16 May 2005

    The sense of most managers is that instead of trying to predict the future, it is more important to be prepared to respond to a variety of possible futures.

  • BMS pledges 2.50 per case to help the homeless

    16 May 2005

    BMS says it hopes to raise 350,000 for the charity in 2005 and expects its donations will form a lasting legacy for Shelter. Although this figure includes staff fundraising efforts, it reveals that BMS expects to do up to 16.8bn of gross lending this year. This volume of business is based on BMS doing 140,000 completions with an average loan size of 120,000.Michael Bolton, managing director at BMS, says: "We have 250,000 customers on our books and reached 3bn in assets last ...

  • Brits invest 4.2bn a year in their gardens

    19 May 2005

    Brits spend 4.2bn a year on their gardens, research from National Savings and Investments reveals.

  • BSA encouraged by FSA unfair terms guidance

    19 May 2005

    The Building Societies Association has welcomed the publication of guidance by the FSA on unfair terms as an encouraging step forward.

  • Building trade

    16 May 2005

    Self-build is a popular but risky route to home ownership and brokers can help clients avoid some of the potential pitfalls, says Alison Steed.

  • Business confidence down again, says Lloyds TSB

    16 May 2005

    Business confidence across the UK continued to decline during April, Lloyds TSB Financial Markets has revealed.

  • Cautious optimism returning to housing market, says Woolwich

    18 May 2005

    The Woolwich's latest consumer confidence index has revealed that confidence in the housing market reached 49% in April, up 10% from December when it was at its lowest point since 2001.

  • Centrepoint launches Compass online

    16 May 2005

    Centrepoint Insurance Services will launch its online application and quotation system Compass at the Manchester Mortgage Business Expo.

  • Charlesworth new head of mortgages at Future

    18 May 2005

    Mark Charlesworth, former managing director of The Mortgage Operation, is to be the new head of mortgages at Future Mortgages.

  • Chelsea reduces fixed rates

    16 May 2005

    Chelsea has reduced its two, three and five year fixed-rate mortgages.The mortgages carry no hidden charges and are there to deliver benefit.Sean Scannell, marketing communications controller for Chelsea, says: "In a congested market place it is always important that the rates you offer remain competitive and these give us a healthy position in the mortgage market." The two-year rate is now 4.99%, the three-year rate is 5.09% and the revised five-year fix is now 5.19%.

  • Cheshire chief executive quits

    16 May 2005

    Whittle had been head of the society since May 1999, having previously worked at Nationwide.John Barbour, corporate communications manager at The Cheshire, says: "Whittle resigned last Monday by agreement between himself and the board. He said he had taken the society as far as he could and that a new person should take over as soon as the right person is identified."In the interim, the society is being run by finance director Andy Russell.Barbour refuses to be drawn ...

  • CML welcomes FSA feedback on KFIs

    19 May 2005

    The Council of Mortgage Lenders has welcomed the feedback published by the Financial Services Authority on Key Facts Illustrations.

  • CMLS offers valuation fee refund on GMAC-RFC products

    19 May 2005

    Complete Mortgage and Loan Services is offering the refund of valuation fees on all GMAC-RFC sub-prime products on cases received before June 30.

  • Communication is the problem - and the solution

    16 May 2005

    Are you confident you meet the standards set by the Financial Services Authority? Since regulation, we are all under pressure to prove our worth. Arguably, this is good - a more professional and qualified industry suggests better service for consumers. But the worry is that advisers, packagers and industry-related workers now spend so long getting qualified that less tangible skills are being lost.

  • Concern over Portman bias

    16 May 2005

    One intermediary contacted Mortgage Strategy because he wanted other brokers to be aware that eight out of the 11 rates currently offered by the lender are only available through its branches. Its market-leading two-year fix at 4.55% is one of the deals not accessible to brokers.The broker says: "In the past month it has got worse as more emphasis is placed on direct business. Sometimes we're told it's because branches are not performing to target."But Portman associate ...

  • Currency site for overseas property in dock at High Court

    16 May 2005

    The Secretary of State for Trade and Industry has presented a petition in the High Court to wind-up a firm offering cheap currency conversions for overseas property sales.

  • Curriculum Vitae - Nick Robinson

    16 May 2005

    "I am determined to learn kiteboarding despite the fact I'm too old."

  • Dear Delia

    16 May 2005

    Dear Delia, Fred and Alice, both 68, have been running their own business but now wish to retire.

  • EU expansion broadens horizon for overseas buyers

    17 May 2005

    One year on from the expansion of the European Union, property investors have been making the most of the enlargement by snapping up property in many of the new member states.

  • Expo is the place to be this week

    16 May 2005

    Over the past six months, the mortgage market has undergone radical change with advisers having to be regulated for the first time as well as having to adjust to an explosion of new products. Indeed, regime change has led to a thirst for in-depth and up-to-date information.

  • Financial Health Matters

    16 May 2005

    Homebuy is the scheme that helps tenants of registered social landlords and people on housing waiting lists who are nominated by their local council as being in need, to buy their first property. It is a government-backed scheme funded and supervised by the Housing Corporation - the government body that has responsibility for registered social landlords in England.

  • First Endowment names and shames mis-sellers

    17 May 2005

    First Endowment has named and shamed the High Street lenders that encouraged borrowers to take out policies that would not mature until well into retirementAlarming evidence has emerged this week concerning major lenders that promoted endowment policies to homeowners even though the policyholders would in many cases be well into their 70s and struggling on low incomes.First Endowment is dealing with many hundreds of mis-selling victims. Among the cases are a couple aged ...

  • FirstPlus Financial joins forces with Burns-Anderson

    19 May 2005

    FirstPlus Financial Group, the secured loan provider, has announced its first IFA network partnership, with The Burns-Anderson Independent Network. FirstPlus provides tailored high LTV secured loans to prime and super-prime customers and offers IFAs an alternative proposition for their clients.

  • Five page maximum for standard KFIs, says FSA

    18 May 2005

    The Financial Services Authority has hit out at lengthy Key Facts documents and says for a standard mortgage, the KFI should be no longer than five pages.

  • FMO adds Kensington to packaged panel

    19 May 2005

    First Mortgage Options has expanded their packaged lender panel to 12 lenders with the addition of Kensington Mortgages.

  • FSA unveils market-based instalment plan

    18 May 2005

    The Financial Services Authority has outlined a market-based instalment plan for firms to pay their 2005/06 fees and levies in a letter sent to intermediaries.

  • Funds will carry on the good work

    16 May 2005

    The MCCB surplus is being distributed in a way that offers best value for the industry's future as well as being consistent with the organisation's original aims, says Colin Harris, chairman MCCB.

  • Get set for cut price mortgages, says Portman

    16 May 2005

    Interest rate swaps, which determine the rate at which fixed rate money is priced between financial institutions, have fallen sharply for the second time in the space of a week which should spark a reduction in the cost of fixed rate mortgages.

  • Getting borrowers back on track

    16 May 2005

    The products were designed with the Financial Service's Authority's Treating Customers Fairly initiative in mind and aim to help borrowers with adverse credit records get back to prime rates without having to remortgage.The On-Track mortgage range offers borrowers a 0.10% rate cut whenever they make six consecutive monthly mortgage payments on time.This continues until borrowers reach Freedom's prime mortgage rate, currently Bank of England base rate plus 0.98% for full ...

  • Gummer warns against retrospective criticism

    16 May 2005

    Using various examples, including his controversial time as minister for agriculture at the height of the BSE crisis, he points out that people can only make decisions based on the facts available to them at the time. Gummer famously fed his daughter a burger to prove beef was safe amid scares about BSE and its transmission to humans.Gummer says: "None of us would ever make the right decision if that decision required every piece of information available 20 years in the future."Gummer ...

  • Hague gets new position at BMS

    16 May 2005

    Hague was previously head of savings and investments marketing. He joined BMS three and a half years ago from Alliance & Leicester where he was head of mortgage insurance products.The promotion comes hot on the heels of a series of internal changes. At the end of 2004, Michael Bolton was promoted to managing director of BMS and Halifax Intermediaries, and former head of product strategy at BMS, Steve Sandiford, was elavated to a role within the HBOS group.Hague says: "This ...

  • Hamptons outsources its compliance to Bankhall

    16 May 2005

    Hamptons has 30 consultants and operates in the high net worth end of the market where average loan sizes are above 300,000. It places over 250 mortgages a month and expects to handle 800m of mortgage lending this year.Square Mile Mortgage Finance, an appointed representative of Hamptons, is also outsourcing its compliance to Bankhall. Hamptons technical director Jonathan Cornell says: "We chose Bankhall over a number of propositions. We'll have the security and peace of mind ...

  • Housing market activity 30% down on this time last year

    17 May 2005

    Housing market activity is down 30% compared to this time last year, the Royal Institution of Chartered Surveyors' monthly housing survey reveals.

  • HR and sharia compliant mortgages to be regulated

    17 May 2005

    Home reversion plans and sharia compliant mortgages will both come under the scope of the Financial Services Authority, the government has revealed in todays Queens Speech.

  • Hut sells for 82,000

    16 May 2005

    The shack was built in the 1920s and has no gas, electricity or running water. It is thought to have been constructed as an artist's studio and contains just a bedroom and a kitchen.It was bought by a Devon man in his 30s, who was said to be attracted to the property by its positioning on an ancient ley line.The property, close to the village of Belstone, was sold by Rendells Estate Agents at auction at Whiddon Down.Initial offers had suggested the price would reach ...

  • ICMG unveils deals for Right to Buy sector

    16 May 2005

    The products have a headline rate of 6.46% and are aimed at light, medium and heavy adverse borrowers. No rent reference or proof of income is required on many schemes.ICMG says it is taking a bold approach to try to solve the problem of ex-local authority flats, which it claims other lenders are shying away from.George Carroll, sales director at ICMG, says: "We know from our experience that most council flats are affordable and therefore maintain a healthy demand from first-time ...

  • IF offset calculator becomes available for download

    18 May 2005

    Mortgage brokers can now access a version of Intelligent Finance's offset mortgage calculator which can be downloaded to their desktop.

  • Igroup looks to expand in the prime market

    16 May 2005

    Speaking exclusively to Mortgage Strategy, Bob Sturges, head of PR for igroup and First National, says: "I will not put a time frame around this move into prime, but we are considering it as an opportunity."I would not rule it out before the end of the year, though no firm decision has been taken."He adds: "Specialist lenders will be moving into the mainstream market to serve the growing pool of borrowers who are mainstream in terms of their credit records and, as ...

  • IMBM appoints xit2 as technology partner

    16 May 2005

    The Institute of Maintenance and Building Management has made xit2 a technology partner to support its Home Inspector Qualification programme.

  • Internet Insite

    16 May 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Jeff Sutherland-Kay checks out the websites of brokers, product providers, clubs, networks and packagers.

  • Is there a danger of FSA over-regulation?

    16 May 2005

    Matthew Wyles, group development director at Portman, described regulation as "a sledgehammer to crack a nut", and there were warnings that the Financial Services Authority's Treating Customers Fairly initiative could result in too much power being placed in the hands of consumers.

  • John Charcol gains DA status with FSA

    16 May 2005

    John Charcol is celebrating today its direct authorisation from the FSA.

  • John Charcol to boost jobs

    16 May 2005

    Garfield says: "We start a major recruitment drive this week with plans to take on 50 to 60 people over the next five months. We know who we want, we know what positions we want filled, we know what we want the business to achieve and we know what we'll have to teach them to achieve it."Unlike many brokers, Charcol says it will no longer be a business that runs on sales targets. Instead it will operate under a benchmark system which sets individuals minimum targets.Two former ...

  • Joint venture to develop HIP Platform

    16 May 2005

    The introduction of HIPs, which will be a two-stage process involving a voluntary dry run from June 2006 and a mandatory requirement from January 2007, represents a major market development and is expected to cause upheaval all round.It is hoped that the HIP Platform will provide a solution for all those involved in the property industry.The HIP Platform will be developed using Visualfiles' Visualpanel engine. Visualpanel has been designed to manage large volume, collaborative ...

  • KRS heralds positive step for home reversion plans

    17 May 2005

    Key Retirement Solutions has welcomed the news regarding equity release legislation in the Queen's Speech.

  • Labour regulation is a pain but Tories are not the cure

    16 May 2005

    I agree that the Labour Party's regulatory obsession is a pain in the lower lumber region but to suggest that the Tories are the answer is folly. Their wholesale mismanagement of the economy was a key factor in their demise, along with the greed culture they nurtured. I have read in a number of publications about how we need to assist first-time buyers because property is prohibitively expensive, but none of these commentators seems willing to spell out how this could be achieved. ...

  • Launchpad to less re-keying of data

    16 May 2005

    Legal & General's Launchpad system for its ARs is a step on the road to reducing the amount of re-keying of customer data in the mortgage application process, says Frank Eve.

  • Lender forced to pull fixed deals

    16 May 2005

    The two-year fix at 4.85% was withdrawn a couple of weeks ago because of the overwhelming popularity of the product.The society was then forced to withdraw its three-year fix at 4.95% last week because applications were taking up to five weeks to process. It has had to draft in people from other parts of the organisation to help process applications.David Greenleaf, corporate communications manager at Stroud & Swindon, says: "We offered some attractive two and three-year ...

  • Liquid Assets

    16 May 2005

    As well as looking at the uses of the funds released, the focus was on examining changes in attitude or satisfaction over time. Industry concerns centre around aspects of the advice provided for lifetime mortgages and home reversions including:Does the level of satisfaction change over time? (i.e. Is there evidence of buyer remorse?)Do clients involve their families in the decision making process?The answers to these will affect the future of the market. Responses ...

  • London property market set for resurgence

    17 May 2005

    Research from Spicerhaart estate agents shows that the London housing market is a lot more buoyant after a period of realignment, which has led to vendors adjusting their expectations.

  • Lower proc fees predicted

    16 May 2005

    He says: "Initially, proc fees will come down because of competition in the sector. Most lenders' targets have been set and the market is already 20% down. This means both proc fees and packaging will head south."Keith Dearling, director at Advantage Home Loans, agrees with Beaumont.Dearling says: "Even if brokers get a reduced proc fee in the short term, they will still be earning good money."He says that for sub-prime cases there is a lot more work involved, and calls ...

  • Make sure contract terms are fair, FSA tells firms

    19 May 2005

    The Financial Services Authority has set out the standards it expects regulated firms to meet when writing contracts for their products and services.

  • Making the best of referral fees

    16 May 2005

    Pending a decision by the Law Society this month, it is likely that referral fees are here to stay and solicitors should accept them as an opportunity rather than a threat, says Caroline Havers.

  • MANCHESTER MORTGAGE EXPO: Brokers should tap into booming commercial market

    18 May 2005

    Philip George, managing director at Commercial First, predicts up to 70% of commercial mortgages for small businesses could go through intermediaries in the next 10 years.

  • MANCHESTER MORTGAGE EXPO: CML create FINTAL online system for equity release

    18 May 2005

    The Council of Mortgages in conjunction with Ferret Information Systems have created FINTAL, an online tool that highlights how a persons benefits and taxes will affect their equity release.

  • MANCHESTER MORTGAGE EXPO: FOS surprised at lack of complaints

    18 May 2005

    The Financial Ombudsman Service says it has been surprised by the lack of complaints post M Day and has only received 220 in the last six months.

  • MANCHESTER MORTGAGE EXPO: FSA calls on lenders to submit transaction data

    19 May 2005

    The Financial Services Authority is calling on all lenders to send through its transaction data enabling it to create credit risks files on firms.

  • MANCHESTER MORTGAGE EXPO:BM Solutions warns sub-prime could be banned

    19 May 2005

    BM Solutions has warned that lenders should ensure they are lending responsibly and not abuse the market to avoid the risk of the Financial Services Authority banning sub-prime.

  • MANCHESTER MORTGAGE EXPO:Mortgages PLC warns brokers to make sure websites compliant

    18 May 2005

    Mortgages PLC is urging brokers to make thorough checks to make sure their websites are Financial Services Authority approved.

  • Market Watch

    16 May 2005

    Swap rates fell sharply last week to pretty much their lowest levels for 12 months, so we should see some exciting fixed rates coming out over the coming weeks.

  • MarketView survey shows increase in intermediary activity

    18 May 2005

    Mortgages PLC and Mortgage Promotions have revealed the results of their joint MarketView survey for April.

  • Marlborough Stirling wins Victoria Mortgages contract

    19 May 2005

    Marlborough Stirling Mortgage Services has won a three-year contract to power Victoria Mortgages launch into the mortgage lending market.

  • MEX reinforces commitment to free call service

    18 May 2005

    Mortgage Express has reinforced its commitment to providing a free telephone number for intermediaries interested in doing business with the company.

  • Mixed response to call for FSA sub-prime rethink

    16 May 2005

    However, not everyone takes Bolton's view. Peter Beaumont, sales and marketing director at Mortgages plc, says; "The FSA will judge whether you are a responsible lender or not. If you are lending responsibly there is no reason why there should be higher risk with sub-prime than any other product."And Nigel Spencer, head of marketing at Norwich Union personal finance, says: "There is a big difference between someone in later life taking out equity release and someone in their ...

  • Mortgage borrowers stick with fixed-rate deals

    17 May 2005

    Mortgages Direct has revealed that borrowers are still fearful of imminent interest rate rises, with 84% of borrowers opting for fixed-rate deals.

  • Mortgage Next adds Buildstore to panel

    19 May 2005

    Mortgage Next has added specialist self-build broker Buildstore to its panel of product providers.

  • Mortgage Talk unveils Loan Talk brand

    17 May 2005

    Mortgage Talk has launched Loan Talk - a service aimed at offering both private customers andbusinesses a hassle-free way to arrange a secured or unsecured loan.

  • MT adds 4.99% three-year fix to MT Select range

    18 May 2005

    Mortgage Trust has added a 4.99% three-year fixed product to its MT Select range.

  • N&P offers B2L mortgages to first-time landlords

    17 May 2005

    Norwich & Peterborough is offering first-time landlords buy-to-let mortgages.

  • Nationwide predicts a shrinking market

    16 May 2005

    Nationwide predicts a shrinking housing market this year, leading to more intense competition in the market with less business to go round for lenders and brokers.

  • Network Data launches buy-to-let three-year fix

    16 May 2005

    Network Data has released details of its three-year fixed buy-to-let exclusive funded by Mortgage Express available for online applications only.

  • New addition brightens Pinks insurance panel

    17 May 2005

    Pink Home Loans has added insurance provider Bright Grey to its pure protection panel.

  • New financial services event planned for 2006

    18 May 2005

    Centaur, the specialist business publishing and information company and Clarion Events, the largest independent consumer and trade show exhibition organiser in the UK, have joined forces to stage a new show, Financial Services Scotland.

  • Nicks Notes

    16 May 2005

    Financial protection is something too few people realise they need. But by understanding why some people take out protection and others don't, you can identify opportunities for protection sales.

  • Northern Rock makes reductions across the board

    18 May 2005

    Northern Rock has made rate reductions of up to 0.94% across its mortgage range.

  • NR defends its Together mortgage

    16 May 2005

    Under the deal a client can borrow up to 125% of the property value. Up to 95% can be taken as secured debt while a further 30% can be taken as an unsecured loan.But critics fear the lack of checks on where the 30% goes could prove disastrous. There would be nothing to stop a client using the unsecured part of the loan to invest in at least one residential buy-to-let property, even with the same lender.A source tells Mortgage Strategy: "The minute we have a declining ...

  • NSPCC says thanks again to Skipton ISA savers

    16 May 2005

    Skipton customers have helped to raise 126,266 for the NSPCC, 11,126 of which was raised in Scotland for sister charity, CHILDREN 1ST.

  • Old Mutual in early talks about Skandia takeover

    16 May 2005

    A statement from Old Mutual says: "We are in preliminary discussions with Skandia concerning a potential transaction. Talks are at an early stage and may or may not lead to Old Mutual making an offer for Skandia."Bankhall says it's business as usual. Richard Howells, marketing manager at Bankhall, says: "These type of deals tend to be drawn out, with lots of twists and turns. Bankhall executives are aware of it but it's business as usual."With regard to rumours that Skandia ...

  • On the beat

    16 May 2005

    You will have seen quite a few column inches devoted to Treating Customers Fairly, recently but I have to admit I view the concept with a wry smile.

  • Packagers will continue to make a massive contribution

    16 May 2005

    I read with interest the letter from Wayne Smethurst (Mortgage Strategy April 25) regarding the important role played by packagers in the mortgage market and would echo many of his thoughts. However, he has if anything underplayed the value of packagers. Firstly, it is not only the non- conforming sector that we have a role to play. The Business Mortgage Company is a specialist packager in the buy-to-let and commercial markets and we contribute a great deal toward product ...

  • Planning for all contingencies

    16 May 2005

    The authors have hit on an issue that goes right to the heart of a key challenge faced in business - that change is inevitable and standing still inevitably equates to taking a step backward.

  • Pre-tax profits up 21% at Nationwide

    19 May 2005

    Nationwide has revealed that pre-tax profits for 2005 are up by 21% to 517.1m.

  • QS consumer credit bill top priority, says Which?

    17 May 2005

    Which? says it welcomes the return of the consumer credit bill, but urges the Government and Parliament to treat it as a priority and to tackle three key areas.

  • Rates & ladders

    16 May 2005

    If Oliver Hardy and Stan Laurel were alive today our financial services stage would give them a cornucopia of material on which to base their particular brand of slapstick humour and no doubt provide ample opportunity for Ollie to coin his famous catchphrase: “This is another fine mess you’ve gotten me into.”

  • RBS forces brokers to submit business online

    16 May 2005

    The facility to accept paper- based agreements in principle was withdrawn last Friday after a decline in demand, post-regulation. Most lenders are moving toward online processing.Michelle Smethurst, spokeswoman for RBS, says: "We have withdrawn our service for intermediaries after demand for the service significantly dropped following M-Day. Intermediaries can now submit agreements in principle via the Mortgage Trading Exchange or the RBS website."Intermediaries who do not ...

  • Record numbers for 2005 Mortgage Expo

    18 May 2005

    Record numbers are expected at this weeks Mortgage Business Expo at the G-MEX centre in Manchester.

  • Reducing the cost of a quick home move or remortgage

    19 May 2005

    The cost of moving home has always been a stumbling block for first-time buyers and home movers.

  • Rethink on repayment vehicles

    16 May 2005

    Brokers should be aware that following statutory regulation, lenders' policies on what are deemed suitable repayment vehicles for interest-only mortgages vary, says Neal Smith.

  • Royal Liver appoints em-financial as packaging partner

    17 May 2005

    Royal Liver Mortgage Services, part of the Liverpool-based Royal Liver Group, has appointed em-financial as its sole packaging partner.

  • SHIP welcomes equity release legislation

    17 May 2005

    Safe Home Income Plans has reacted to the developments concerning equity release legislation in the Queen's Speech.

  • Skipton insurance range reflects lifestyle changes

    19 May 2005

    An insurance range offered by Skipton in conjunction with Norwich Union aims to reflect lifestyle changes.

  • Skipton relaunches Stateside trackers

    17 May 2005

    Skipton has relaunched its Stateside tracker mortgages, giving brokers another chance to offer their customers a rate as low as 4.22%.

  • Small firms want involvement in HIPs test

    17 May 2005

    Small legal firms are upbeat about Home Information Packs with 67% keen to take part in the voluntary dry-run of packs, according to research undertaken by ConveyanceLink.

  • SPPL appoints BDM

    16 May 2005

    Southern Pacific Personal Loans - the sister company to Southern Pacific Mortgage Limited - has appointed Neil Molyneux as business development manager for the South and South Coast.

  • Straw Poll Results

    16 May 2005

    Q:Would you advise first-time buyers to take out an interest-only mortgage if it helps them onto the property ladder?

  • TBMC launch 4.89% 3-year fix without overhang

    17 May 2005

    Cardiff-based buy-to-let and commercial specialist processor The Business Mortgage Company has today added a further product to its expanding buy-to-let range of some 104 schemes.

  • The future of lending is transparent

    16 May 2005

    Welcome progress toward an open and honest relationship between borrowers and lenders in the home buying process is being made on a number of fronts, says Martin Thomas.

  • The many benefits of using packagers

    16 May 2005

    To some in our industry, the death knell for packagers has been sounding for some time now. With packagers having to justify their services to both brokers and the Financial Services Authority, this is the time to present an independent case for the species. My research took me to packager Oxygen Mortgages.

  • The Mortgage Mole

    16 May 2005

    Four teams, one made up of brokers, one from BM Solutions, one from Mortgage Express and one from Shelter battled it out last Monday, egged on by the infamous BM cheerleading squad. Following last year's football extravaganza at Molineux, Mole could only wonder whether the curse of BM would strike again. Last year Wolves were relegated from the Premiership after St Michael tainted the pitch with anti-packager bile. Has Crystal Palace suffered the same fate? Watch this space.penalty ...

  • TMW expects to do 50% more business this year

    16 May 2005

    Paul Howard, associate director at TMW, says despite the market declining, overall it is on course to meet this target, mainly through aggressive pricing.TMW recently withdrew its competitive 4.99% buy-to-let rate because of high demand as it did not want service to suffer.Howard says: "This corker of a rate closed two weeks ago as we had to slow business down to maintain service. Because we're part of Portman we could use its resources to help process applications. We're ...

  • Totally unbelievable, but they said it

    16 May 2005

    Brokers as a 'real threat' to building societies, the total extinction of mortgage networks and the joys of divorce were all hot topics at the recent BSA conference, says Richard Griffiths.

  • UCB lowers fixed rates by 20 basis points

    16 May 2005

    The lender has also expanded its remortgage offer to include all self-cert mortgages.Fixed rates on all self-cert and buy-to-let mortgages are being reduced from 5.69% to 5.49%.Keith Astill, managing director at UCB Home Loans, says: "The rate drop will save a borrower on a two-year fixed rate with a 150,000 mortgage around 432 during the benefit period. For those moving to us from another lender, there will be additional substantial savings as a result of the remortgage ...

  • UK landlords don't buy properties for capital gain

    18 May 2005

    Research from the National Landlords Association reveals that for a majority of landlords, their decision to invest in property is not based on past house price increases and the expectation of rises in the future.

  • Vote of confidence in interest-only

    16 May 2005

    Some in the industry thought the product was the next major mis-selling scandal in waiting. But judging by this week's straw poll an overwhelming majority of the industry disagrees, with 51% having no problem recommending the product to first-time buyers. Only 13% say they wouldn't advise first-time buyers to take out an interest-only product. However, some 36% say they would only offer it with a suitable repayment vehicle.To vote in this week's straw poll, visit www.mortgagestrategy.co.uk

  • Websites unused after 10pm

    16 May 2005

    Jeff Knight, head of marketing services at GMAC-RFC, says: "I have been saying for some time that the vast majority of intermediaries are not insomniacs and have no use for an online system at 2am."If they can't sleep I'm sure they would rather do something else. When we launched our online system, we did so having designed it based on the needs of our customers, intermediaries, rather than on a whim."It was as clear then as it is today that being available 24/7 is nothing ...

  • What are the advantages of mortgage advisers being independent rather than tied?

    16 May 2005

    Changes in the rules on depolarisation are a chance for advisers to rethink their business models, say our experts.

  • Xit2 supports HIP training

    16 May 2005

    To become a licensed home inspector, the association says applicantsmust have top quality training and support. ABE-Assess features online training tools and continuous professional development.David Gibson, chief executive of ABE, says: "Though HIPs will not be introduced until 2007 it is essential for the market that the training process is in full swing as early as possible."The industry will need upwards of 7,500 trained, licensed home inspectors to compile HCR reports ...

  • Yorkshire launches new mortgage range

    16 May 2005

    Yorkshire has unveiled a new mortgage range to be launched on May 18.

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