Mortgage Strategy
16 October 2006

  • Haart rejects gazumping claim

    16 Oct 2006

    Haart has rejected the Royal Institution of Chartered Surveyors' claim that gazumping is a problem for first-time house hunters. The RICS survey suggests the market is suffering from gazumping thanks to high earners in the City using their wealth to ensure purchases. But Paul Smith, chief executive of the estate agent, says: "The high salaries and bonuses in the City are having an impact on the housing market in the most prestigious areas of London but our agents believe the rate of ...

  • 67% Of brokers expect a base rate rise in November

    16 Oct 2006

    Some 67% of Mortgage Strategy Online readers last week voted that they thought the Monetary Policy Committee would increase interest rates in November.With Council of Mortgage Lenders figures continuing to show record lending, it's odds on that the Bank of England will slam on the brakes with a rate rise sooner rather than later.This week, Mortgage Strategy asks: "Can lenders justify business development managers' salaries as lenders' websites become more sophisticated?"

  • 98% of brokers believe they should be paid for retention

    16 Oct 2006

    BM Solutions has released the results of its independent One Specialist Survey which questioned over 200 brokers around the UK on their thoughts about being rewarded for retention.

  • A refreshing approach to mortgages

    16 Oct 2006

    These days it seems lenders aren't content with simply harvesting a two and a half times return on what they lent - roughly what a borrower will repay over a 25-year term. They're increasingly intent on wringing out the last drop of revenue even as they cut borrowers free.

  • Accidental landlords

    16 Oct 2006

    Research shows that a large minority of landlords did not buy their first rental property with the intention of letting it out, according to the National Landlords Association. While 56.6% bought to let, a surprising 42.6% came to the letting market almost by chance.

  • Accord revamps its self-cert range

    18 Oct 2006

    Accord has launched new self-cert products and a procuration fee bonus for its intermediaries.

  • Advantage appoints head of broker support

    20 Oct 2006

    Advantage, a Morgan Stanley Group company, has appointed Claire Tomlinson as head of broker support, reporting to sales director Pete Bass.

  • Advantage appoints head of product development

    17 Oct 2006

    Advantage, a Morgan Stanley Group company has appointed David Connolly as its new head of product development.

  • AMI "disappointed" over proposed MPPI referral

    20 Oct 2006

    The Association of Mortgage Intermediaries says it is disappointed that mortgage payment protection insurance has been included in the Office of Fair Trading’s proposed referral to the Competition Commission.

  • Automatic drive

    16 Oct 2006

    It is widely acknowledged that the use of automated valuation models is set to soar as lenders increasingly look to these products to enhance their businesses.

  • Autumn could herald end of booming house prices

    16 Oct 2006

    Economist John Wrig-lesworth has warned that the housing market has hit its peak and that the boom in prices is coming to an end.Last week the Department for Communities and Local Government released its figures on house price movements in August which showed a 1.6% increase. This pushes the annual rate of house price inflation up from 6% to 7.7%.The cost of the average property in the country now stands at 197,631, with the average first-time buyer paying 152,172 - 6% more ...

  • Average Joe could be hit by IHT in eight years' time

    16 Oct 2006

    HOUSE PRICE increases could make every average UK home owner liable for Inheritance Tax in just eight years time, research from Stroud & Swindon has revealed.This problem will hit Greater London first and could affect home owners there in just one year. The South-East will be hit in four years and East Anglia in six if house prices continue to increase at their present rate.Stroud & Swindon also says that if the average annual growth in the IHT threshold continues at 3%, even ...

  • Bank of Ireland Mortgages enhances lending criteria

    19 Oct 2006

    Bank of Ireland Mortgages has made a number of lending criteria enhancements across its full product range, with improvements to buy-to-let, standard and self-cert mortgages, effective from today.

  • BDM of the Week

    16 Oct 2006

    Name: Jim BakerAge: 34Company: Rooftop MortgagesAREa: North-WestNominated by: Roger Morris, managing director, em-reasons for nomination: With our varied panel of lenders, emis lucky to deal with a wide variety of BDMs on an almost hourly basis, but after our fifth birthday celebration we felt we had to nominate all singing, all dancing Jim Baker from Rooftop.Jim has always been willing to go the extra mile for us whether it's popping into the office to go through ...

  • Boosting confidence in equity release

    16 Oct 2006

    With people facing a gap in their retirement provision, equity release could provide an answer. But many children are worried about their parents going down this route. Research by Nationwide shows that offspring would rather help their parents out financially than see them take out an equity release product.

  • Borrowers must brace for a big hit

    16 Oct 2006

    The vote at July's Bank of England Monetary Policy Committee meeting was nine to zero in favour of leaving interest rates unchanged and the minutes revealed nothing to suggest that a rate rise may be imminent. Indeed, the subject of increasing the base rate was not even discussed.

  • Bristol & West Mortgages improves its criteria

    19 Oct 2006

    Bristol & West Mortgages is improving its lending criteria in its standard, first start, buy-to-let and self-certification ranges.

  • Britannia launches two new products

    19 Oct 2006

    Britannia has released two new fixed rate mortgages. The new two-year fixed rate offers market value of 4.64%, a reduction of 40 basis points from the previous rate of 5.04%. In addition, the society is launching a two-year fixed rate remortgage package with a rate of 4.94%. The remortgage package is completely fee free, offering a saving of more than £800. Tim Franklin, managing director of member business at Britannia, says: "Both deals give borrowers the ...

  • Britney Spears and I are so similar

    16 Oct 2006

    Apart from our striking physical resemblance, one of the things Britney Spears and I have in common is that we are prepared to own up when we've made a mistake. Oops, I did it again is a phrase I find myself using regularly - and I'm prepared to use it again now.

  • Brits spend 22 million hours window shopping for homes abroad

    18 Oct 2006

    British holidaymakers have spent almost 22 million hours in the past two summers gazing into foreign estate agent windows in search of the perfect property, new research shows.

  • Building societies gross advances up 900 on last year

    19 Oct 2006

    The Building Societys Association has released figures showing that building society gross advances amounted to 5,047m in September 2006, compared to 4,147m in September 2005.

  • Buy-to-let jumps in popularity, says Standard Life

    20 Oct 2006

    Standard Lifes savings and investment index has revealed buy-to-let property has jumped in popularity as an investment vehicle by 23% in the last three months.

  • Capita Advisory Services expands team

    19 Oct 2006

    Capita Advisory Services has strengthened its private sector team with some key appointments after increasing demand for its services across the private sector.

  • CETA welcomes referral of PPI market to commission

    19 Oct 2006

    CETA has responded to the OFT’s decision to refer the UK payment protection insurance market to the Competition Commission.

  • Changing work patterns fuel growth of self-cert

    16 Oct 2006

    An increasing number of workers are being forced to consider self-cert mortgages as they trade their nine to five jobs for self-employment and short-term contract working, according to My Mortgage Direct.Paul Hearnden, managing director at My Mortgage Direct, says: "Over the past year we have seen a steady rise in enquiries from people who, while earning enough to pay their mortgages, are dismissed by mainstream len-ders because they can't prove their income with payslips."But ...

  • Charity benefit

    16 Oct 2006

    MoneyQuest raised 10,585 for Cancer Research UK at its recent awards dinner in Glasgow.

  • Clients understand equity products

    16 Oct 2006

    Just Retirement says a new study reveals that most clients believe they have a sound understanding of the features of the equity release products they have bought.

  • Comment

    16 Oct 2006

    Dear Delia: My client wants to buy a property for 170,000. He has a deposit of 8,500 (5%) and will comfortably be able to afford the repayments as his salary works out at an average of 45,000 a year. But he is self-employed and would therefore prefer to maintain cash flow as much as possible. He also has a County Court judgement against him from two years ago for 500. What are his options? Delia says: This client should not have any problems buying the property he wants as there are a ...

  • Commercial First reaches £1bn in securitised assets

    19 Oct 2006

    Commercial First completed a £300m securitisation this week bringing its total securitised assets to over £1bn.

  • Complete signs franchise partner

    16 Oct 2006

    Complete Mortgage & Loan Services has signed Complete Packaging Services Elmswood.eu as its latest franchise partner. Complete Packaging Services Elmswood.eu has been set up by mortgage consultancy Elmswood Private Finance to package mortgage applications generated by its consultants from its target market of medium to high net worth individuals.

  • Conkering heroes

    16 Oct 2006

    Recruitment firm Venatus Business Intelligence recently took part in a Guinness world record challenge for the highest number of conker matches played at one time.Proceeds from the attempt on October 5 went to children's charity NSPCC, as the previous record of 143 was well and truly conkered.England rugby players Leon Lloyd and Lewis Moody kicked off the night, and consultants Sharon Coles, Leanne Nettleship and Mark Witcomb represented Venatus.The Guinness world record ...

  • Conservatives pledge to scrap Inheritance Tax

    19 Oct 2006

    A report from the Conservative Party’s Tax Reform Commission proposes scrapping Inheritance Tax and replacing it with a short-term capital gains on death.

  • Contract law change will affect advisers

    16 Oct 2006

    We're all rather fed up with seeing cases of nondisclosure being reported in the media. But you'll be relieved to hear that the Law Commission has just stepped in with a massive injection of confidence for consumers. Its recently published review of insurance contract law is likely to have far-reaching effects for consumers, advisers and insurers. There are four main areas we must be aware of and be clear as to what the possible implications are.

  • Curriculum Vitae

    16 Oct 2006

    Name: Paul SuchetAge: 63Company: Alexander Finance Services.Job title: Managing director.Where do you live?Beckenham, Kent.Describe your current job: I am trying extremely hard to build up a new type of packaging company because as a broker I became disenchanted with voicemails and call centres. We are trying to focus on personal service whereby we answer intermediaries' queries immediately. If someone has a complicated question we have a 34-minute response club. ...

  • Day of reckoning looms for deeds release fees

    16 Oct 2006

    From Danny Lovey Having started my campaign against deeds release fees back in February 2005, it is now clear that the day of reckoning looms for lenders that charge disproportionate deeds release and administration fees relative to the costs involved. The Financial Services Authority is due to report shortly on its findings on deeds release fees after hearing len-ders' apparent justifications for recent huge rises in these fees which they claim are cost-driven rather than penalties ...

  • db mortgages links with Homebuyers sourcing system

    17 Oct 2006

    db mortgages has linked to the Homebuyers system to source db mortgage products. Homebuyers has been established for 12 years and has a distribution of approximately 800 firms.Mark Bergin, director of sales and marketing at db, says: “We now have our products registered on Mortgage Brain, Trigold, Mortgage 2000, Place Me and Homebuyers, allowing intermediaries access to self-certification, buy-to-let and sub-prime products.”

  • DCLG publishes housing statistics

    18 Oct 2006

    Statistics released by the government reveal that in 2004-05 there were 14.6 million owner-occupying households, 3.7 million social renters and 2.4m private renters.

  • Does origo have anything to offer the industry now the mte has opened up its standards?

    16 Oct 2006

    Richard Davis is IT director at Money Partners

  • Does the financial services sector use too many acronyms?

    16 Oct 2006

    Andrew Stylanou, 32, hairdresser Financial language could be made much simpler. I hategoing into banks and thats partly because they make everything so complicated. I think they try to scareconsumers with all their complicated language. It should be put in laymans terms. Banks pay too many managers to come up with too many fancy ideas instead of focussing on making things easier for customers.

  • Don't be scared of advising on MPPI

    16 Oct 2006

    It's hard not to start this column without referring to Scotland's shock victory over France. Somehow the Scottish football team, containing few famous names, managed to beat the surrender monkeys 1-0. But I won't go on about it too much as by the time you read this Scotland may have been thrashed by Ukraine and we will be back to reality.

  • Easier2Move chosen as supplier for Whitechurch network

    16 Oct 2006

    Easier2move has forged a new working relationship with the Whitechurch Network.

  • Economic stablilty comes before tax cuts says Osborne

    19 Oct 2006

    Shadow chancellor George Osborne has welcomed the Tax Reform Commission’s report but says economic stability comes first. Osborne, who set up the Commission last year, describes the report as the “most comprehensive analysis of what’s wrong with our tax system ever undertaken by an opposition party”.

  • Edea is more than just a pretty face

    16 Oct 2006

    Edeus last week officially launched its website to brokers with full product listings and - most importantly for those with time on their hands - interactive Edea.The artificial intelligence messenger, as well as being downloadable to brokers' desktops, can be accessed via the website.From when she was born, how she was recruited, her favourite film and even what she thinks of rival BM Solutions' products, the beautiful Edea has an answer for everything.And the more out-rageous ...

  • edeus battle bus parks up for the last time

    16 Oct 2006

    The edeus battle bus has finally completed its mammoth 3,200 mile New Era Tour, having made 24 stops across England, Scotland, Northern Ireland and Wales.

  • Edeus gives L&C exclusive show

    16 Oct 2006

    Edeus' battle-bus rode into Bath last week for a single roadshow at national brokerage London & Country.David Hollingworth, mortgage expert at London & Country, says: "Due to the size of L&C edeus brought its battle-bus to our office to see all our guys and discuss its range in one hit. Essentially this was a roadshow just for L&C."It would be impossible for all our advisers to be out of the office for an afternoon attending a roadshow so this arrangement worked well as it meant ...

  • edeus products go live on Mortgage Brain

    17 Oct 2006

    Mortgage Brain has become the industry’s first sourcing system to host and verify all edeus’ products.

  • Edeus reports positive feedback to launch

    17 Oct 2006

    Edeus has reported positive feedback from intermediaries on its service and product proposition, a week after it went live to the whole UK intermediary market.

  • Exotic deals whip up media excitement

    16 Oct 2006

    Over the past three months the financial press here in the US has had a fine old time writing about the growing popularity of exotic mortgages.What is an exotic mortgage? I'm sorry to inform you that it has nothing to do with scantily clad women in faraway places.Exotic is a phrase that describes two popular loan types - the payment option adjustable rate mortgage and the interest-only mortgage.The phrase exotic mortgage was coined by Federal Reserve chairman Alan Greenspan ...

  • Experian speaks out against rising insolvencies

    16 Oct 2006

    Richard Fiddis, managing director, UK, Ireland and Northern Europe at global information solutions company Experian, has spoken out against the rising tide of insolvencies and, in particular, Individual Voluntary Arrangements.

  • Final chance to apply for Mortgage PLC’s grand prize draw

    16 Oct 2006

    Intermediaries have a final opportunity to qualify for Mortgages PLC grand prize draw to win a £10,000 shopping spree at Harrods.

  • First And Last

    16 Oct 2006

    Pete Thomson, sales director, Mortgages PLC

  • FMO launch car sales and car finance website

    17 Oct 2006

    First Mortgage Options has launched www.firstautooptions.com, a new car discount and car finance website that allows brokers and their clients to order new vehicles at discounts of up to 30%. The new website will source discounts for all car makers from Aston Martin to Volvo and can be used to configure the chosen vehicle with every option available from each manufacturer, obtain an on-line finance quote to suit the buyers requirements, and arrange a part exchange quotation if required.

  • FMO offer free valuations on six lender's products

    16 Oct 2006

    First Mortgage Option is offering free valuations on GMAC-RFC Partners, SPML, Rooftop, GE (First National), Mortgages PLC and Kensington mortgages.

  • FMO unveils life panel

    16 Oct 2006

    First Mortgage Options has launched a life assurance panel comprising five providers that together cover about 80% of the life assurance and critical illness market. The FMO life assurance panel includes L&G, Norwich Union, Scottish Provident, Friends Provident and Bright Grey.

  • Freedom Lending recruits new head of credit

    19 Oct 2006

    Freedom Lending has promoted Chris Stanyer to head of credit. Stanyer will be responsible for building and managing a team of credit specialists.

  • Friends Provident buys into Home of Choice

    16 Oct 2006

    Just three weeks after pulling the plug on its network Friends Orion, Friends Provident bought a substantial stake in mortgage network Home of Choice last Friday.Neither company would comment on the size of the investment but Richard Coulson, chief executive officer at HoC, describes it as "substantial" and says that both companies are looking forward to a profitable working relationship.Despite becoming a minority shareholder Friends Provident will not be sitting on the network's ...

  • FSA pledges to help people manage their finances better

    18 Oct 2006

    Young people, families, university students and workers are all being targeted by the Financial Services Authority's National Strategy for Financial Capability to help them to manage their finances better.

  • FSA will crack down on bad ads

    16 Oct 2006

    The Financial Services Authority has pledged to crack down on lenders that don't adhere to its marketing guidelines after repeated complaints from brokers.A broker has written to Mortgage Strategy describing how they made repeated complaints to the FSA against a number of lenders flaunting its advertising guidelines. The letter details the broker's disgust about lenders failing to state that free services may not be so complimentary.The anonymous broker says: "We are ...

  • Fuel Investments strikes deal with Football Village

    18 Oct 2006

    Fuel Investments has become the banking partner of luxury Spanish property agent Football Village.

  • GDP rises 0.7% in Q3

    20 Oct 2006

    Gross Domestic Product rose by 0.7% in Q3 2006, its fastest rate for two years.

  • GE Money cuts over 140 igroup rates

    20 Oct 2006

    GE Money Home Lending is making over 140 rate reductions within its igroup product range.

  • GHL appoints case administration manager

    17 Oct 2006

    GHL Group has promoted Claire Wright to case administration manager.

  • Government approves first home inspector certificate

    16 Oct 2006

    SAVA has received approval from the government to run the countrys first home inspector certification scheme, a major part of the consumer protection measures surrounding next year's introduction of Home Information Packs. Only home inspectors who are members of a certification scheme will be able to participate in next months regional pilots of HIPs and the national roll out which starts on June 1, 2007.

  • Government launches social housing refurbishment drive

    18 Oct 2006

    The government has given 38 English councils the go-ahead to transfer more than 94,000 homes during the next two years as part of its social housing refurbishment drive.

  • Greedy banks using PPI as cash-cow, says Lib Dems

    20 Oct 2006

    Greedy banks have turned Payment Protection Insurance into a cash-cow, says the Liberal Democrat Party.

  • Halifax reveals Northern Ireland as UK’s top property hotspot

    20 Oct 2006

    The latest Halifax House Price Index has revealed Newry and Antrim in Northern Ireland are the UK's top property hotspots with both recording a 46% rise in prices over the past year.

  • HBOS customers left out of pocket by "technical error"

    19 Oct 2006

    HBOS has blamed a “technical error” after it withdrew home loan repayments from thousands of homeowners current accounts.

  • High-tech lenders will put squeeze on the rest

    16 Oct 2006

    Last week I wrote about the growing separation between lenders in the specialist market.

  • Home of Choice enters into agreement with SJP

    17 Oct 2006

    Home of Choice has enetered into an agreement with St. James's Place.

  • HomeBuy scheme poses a problem for advisers

    16 Oct 2006

    An expert on affordable housing is warning that the Open Market HomeBuy scheme is beset with problems that could come back to haunt advisers.Although Richard Stone, director of SPF Sherwins, has been involved with the government initiative for over a year and welcomes its launch, he admits the products available are far from competitive.He says: "The four lenders involved have had to cost in the fact that they aren't getting any interest on their 12.5% equity share for the first ...

  • Hot summer may increase subsidence, warns BIBA

    20 Oct 2006

    The British Insurance Brokers’ Association has warned homeowners that the number of properties that suffer from subsidence and heave may dramatically increase this year thanks to the recording breaking hot summer.

  • How you can make money out of HIPs

    16 Oct 2006

    Last week I spent three days speaking about Home Information Packs at conferences around the country. Conferences and roadshows are a great opportunity to get feedback about issues in the industry and I asked the collective audience of more than 160 brokers how much preparation they had made for the introduction of HIPs next June.Having been in this industry for more years than I care to remember I have learned to be a realist. To expect most brokers to be ready would be silly but ...

  • IFS runs masterclass for sucessful high flyers

    19 Oct 2006

    The IFS are to hold a masterclass on November 1 2006 on How to be successful without ruining your life.

  • ING offers mortgages with no hidden fees

    16 Oct 2006

    ING Direct stormed into the UK mortgage market last week with a 'no hidden fees' policy and using Hometrack's automated valuation model.The bank has launched two mortgages, one flexible and one fixed. The flexible product has a variable rate of 5.14% which is 0.39% above the Bank of England base rate. ING has pledged to keep the rate less than 0.9% above the base rate.The fixed mortgage has a rate of 4.95% for two years and then changes to a flexible rate for the remaining term. ...

  • ING's deals aren't so great after all

    16 Oct 2006

    So ING Direct, the Dutch bank with the rubber ring and incredibly catchy jingle, has launched into the already crowded world of mortgages with a fixed rate and a variable rate. The deals were launched in a blaze of PR glory, but when you scratch the surface all is not so rosy.Looking first at the variable deal, while the initial rate of 5.14% is a good SVR, the product is not a tracker and this is of fundamental importance when considering ING Direct's record on its once market-beating ...

  • Insurance likely to boost 100% deals

    16 Oct 2006

    Genworth has launched a mortgage insurance product for lenders, aimed at encouraging growth in the 100% LTV market.The insurance company says its product will help lenders get round the considerable risk associated with 100% LTV mortgage lending.The aim is to open up the high LTV market to young professionals and graduate first-time buyers in the 21 to 40 year old age group who are unable to fund deposits.Tammy Richardson, UK and Ireland managing director for mortgage insurance ...

  • Intermediaries can win in the race for business

    16 Oct 2006

    Walk down any high street nowadays and you can see the fierce competition for borrowers' attention. Banks, building societies and brokers are all trying to make themselves stand out as the first place to go when looking for mortgages.

  • Jigsaw links up with Exclusive Connections

    16 Oct 2006

    Essex-based packager Jigsaw has joined national packaging association Exclusive Connections.Peter Hatton, sales and marketing director at Jigsaw, says: "It has been clear for some time that being good at what we do is not enough to maintain parity with our larger competitors when it comes to products and service."Exclusive Connections gives us access to more exclusive products, while we can maintain our excellent personal service."Jigsaw is building a network of smaller ...

  • John Charcol launches two-year fix for remortgages

    17 Oct 2006

    John Charcol has launched a two-year fixed rate for remortgagers, offering to borrowers who wish to borrow between £100,000 and £1.5m.

  • Jon Stewart is Wolton MD - again

    16 Oct 2006

    Wolton Chartered Surveyors has reappointed its first managing director, Jon Stewart, to oversee the next phase of its development a decade after he set up the company.Stewart left the company two years ago to launch Network Surveyors, oversee its flotation and work on the development of the Network Dataowned Home Information Pack provider, Hipstar.

  • Kensington produces first fast track mortgage

    18 Oct 2006

    Kensington has produced its first fast track mortgage through Primrose and issued an unconditional offer in less than 12 working hours.

  • KPMG and Reita publish REIT guide

    20 Oct 2006

    KPMG and Reita have published the first guide covering the tax treatment of Real Estate Investment Trusts – the new form of listed property investment which will be introduced into the UK in January 2007.

  • Landlords avoid HMO legislation

    16 Oct 2006

    The multiple share market could have lost as much as 75,000 properties as landlords downsize to avoid houses in multiple occupation legislation.The Association of Residential Letting Agents' quarterly index shows that the proportion of houses with multiple occupants in the rental sector has fallen from 9% to 6%. This means the multiple share market may have lost as many as 75,000 properties.HMO legislation demands landlords register with local authorities. Many are moving away ...

  • Landlords look at return on capital

    16 Oct 2006

    Every few weeks we see the media comment on the fallibility of buy-to-let investments or a prediction of doom for small private landlords because the bubble is bound to burst. The belief is we are heading for an oversupply of property in the rental sector and rents will fall.

  • Late payments hit small firms

    16 Oct 2006

    Business Moneyfacts says unauthorised borrowing charges and the issue of late payment represents an increasingly expensive and in many cases unnecessary overhead for small to medium-sized businesses.The British Bankers Association says small firms increased their overdraft borrowing by 10% to 8.8bn in 2005.Research from BM Solutions shows that a worryingly high number of consumers do not understand the meaning of financial acronyms such as LTV and KFI. Some 50% have no idea what LTV ...

  • Leaseguard offers advice to landlords

    19 Oct 2006

    Leaseguard is reminding landlords that tenant referencing is vital in combating tenants who dont pay up.

  • Leeds adds buy-to-let to its online facility

    18 Oct 2006

    Leeds has expanded its online facility and case tracking functionality to include buy-to-let mortgages, giving introducers 24-hour access to instant mortgage decisions, Key Facts Illustrations and real time updates on their applications.

  • Lenders battle to grab their slice of the cake

    16 Oct 2006

    There has been plenty of interest in the new lender entrants to the mortgage marketplace this year and the trend seems set to continue with a seemingly never-ending stream of players looking to carve out competitive positions for themselves.

  • Lenders must work with brokers

    16 Oct 2006

    Here's a thought - not all mortgage markets are the same. Obvious, you might think, but especially so when you explain the way the market works in the UK to someone not familiar with it. AMI recently outlined this to some of our European cousins who were researching our market in a European context.

  • Lenders should ensure their solicitors facilitate the payment of broker fees

    16 Oct 2006

    From Andrew Botte

  • Lending a hand

    16 Oct 2006

    ncreasing numbers of in-termediaries are using lenders' websites as their primary point of contact. In view of this trend, lenders have had to reassess how best to sell their brands to mortgage brokers.Historically, business development managers were their frontline sales force but is this still the case?With operating costs increasingly squeezed, are lenders only able to afford to deploy BDMs in certain geographic locations or dedicate BDMs only to larger mortgage brokerages ...

  • Let clients choose how they repay their loans

    16 Oct 2006

    It's interesting how the media paints a negative picture about almost any story. The current scare is the never-ending mortgage.

  • Lib Dems slam Tories for share Stamp Duty cuts

    18 Oct 2006

    The Liberal Democrats have attacked the Conservative Party for proposing to abolish Stamp Duty on shares rather than on property.

  • Lib Dems slam Tory tax cuts

    19 Oct 2006

    The Liberal Democrat Party has labeled the Conservatives Tax Commission report as confused and incoherent.

  • Linden experiences record sales in September

    19 Oct 2006

    Linden Homes says it experienced a record numbers of visitors to its developments during September and had its best ever month for sales.

  • Linden Homes accelerates up Top Track 250

    18 Oct 2006

    Linden Homes advanced 50 places in the Top Track 250 annual league table of the largest privately owned companies published this week, from position 95 in 2005 to 45 in 2006.

  • London prices leap 7% in Q3

    16 Oct 2006

    Nationwide's latest quarterly house price index shows prices in London have rocketed by 7%. As well as a recovery in the capital there were massive rises in Northern Ireland, Scotland and the North-East. Only Wales and the North-West saw slumps, but Nationwide says these areas have still risen over the past 12 months. The strong performance is due to strong economic conditions and high levels of immigration.Prices in the capital have risen by 7.3% in the past year compared with ...

  • Marathon Money

    16 Oct 2006

    Duffy's Dirty Dozen

  • Marketing Brief

    16 Oct 2006

    Swanseawww.swansea-bs.co.ukScope:2/5Usability:2/5Appearance:2/5Overall:2/5

  • Marketwatch

    16 Oct 2006

    Swaps continued to edge north last week. Strangely enough we have not seen any fixed rate increases, although I guess this is more to do with competition than the cost of funding. I don't think we will see anyone cutting their rates in the near future and the more swaps increase the less I would delay submitting fixed rate applications. we will see anyone cutting their rates in the near future and the more swaps increase the less I would delay submitting fixed rate applications.

  • Me and my car

    16 Oct 2006

    I don't particularly like cars. I drive about 30,000 miles every year and have done for 15 years so my ideal car should do this quietly, comfortably and quickly.I shy away from cars with large exhausts, sports suspension and - as my ego is perfectly proportioned - anything that might pass for a male ego extension. Having read the way some writers on this page eulogise about their cars makes me want to scream. It's only a car for heaven's sake. A car has a job to do - to get you where ...

  • MI unveils BM Solutions' B2L deal

    16 Oct 2006

    Mortgage Intelligence has teamed up with BM Solutions to launch an exclusive buy-to-let tracker product with a rate of 4.89%.The deal is available for both purchases and remortgages. It offers a refund of valuation to a maximum of 490 and 250 cashback which is payable on completion.It also includes an arrangement fee of 699 which can be added to the loan and an early redemption charge of 5% for two years. The rental calculation is 125% at base rate plus 0.50%.Sally Laker. ...

  • moneyfacts predict PPI misery will continue

    19 Oct 2006

    Regarding today's announcement on the PPI market by the OFT, Andrew Hagger, head of news and press at moneyfacts says changes will not happen overnight.

  • Mortgage 1 adds Mortgages PLC to panel

    17 Oct 2006

    Mortgage-1 has added Mortgages PLC to its panel of 17 lenders, with products available across the whole sub-prime and specialist ranges and several prime lenders.

  • Mortgage interest from distant lands

    16 Oct 2006

    The Financial Services Authority's recent paper, Treating Customers Fairly, should not cause any professional broker, network, lender or packager to break out in a cold sweat. In this industry, we welcome products that are well designed and consumer-friendly, and by that I mean built around consumers.

  • Mortgage Talk wins Rotherham Chamber Business award

    18 Oct 2006

    Yorkshire-based broker Mortgage Talk was voted Professional Firm of the Year at the 2006 Rotherham Chamber Business Awards, as 500 guests gathered at the huge Magna centre for the occasion.

  • Mortgage Trust launches new buy-to-let retail landlord survey

    16 Oct 2006

    Mortgage Trust has launched a new buy-to-let survey focusing exclusively on small scale or retail buy-to-let landlords who own three or less residential rental properties.

  • Mortgageangels sets out aggressive growth plan

    16 Oct 2006

    Lead generation firm Mortgageangels.co.uk says it has aggressive growth plans, with an acquisition of an unnamed rival leads firm on the cards.Mortgageangels.co.uk says it is in talks with a rival firm over a potential buyout and believes the move could give the company a wider spread within the lead generation market.Nat Daniels, managing director of Mortgageangels.co.uk and its parent group Estateangels.co.uk, says: "As well as the possible buyout, we've just signed a distribution ...

  • Mortgages PLC retains GHL Group golf title

    19 Oct 2006

    Mortgages PLC has retained the annual GHL Group Open golf tournament at the Forest of Arden golf course in Warwickshire.

  • MP calls for housing campaign in Southampton

    17 Oct 2006

    Labour MP John Denham is to call for a campaign to tackle housing problems in Southampton.

  • MPLC launches direct arm

    16 Oct 2006

    Merrill Lynch has gone direct to consumer via its Mortgages PLC brand with the launch of the Mortgage Magic website.The website, which launched last Monday, offers remortgages, self-cert, buy-to-let, Right to Buy and sub-prime products.The direct to consumer move has attracted criticism from some in the industry. One source tells Mortgage Strategy that this move looks like an attempt to compete against brokers, providing direct to consumer ...

  • MT appoints head of sales for north of England

    16 Oct 2006

    The Mortgage Times Group has appointed David Hitchmough as head of sales for the north of England. The role will involve managing and recruiting a sales force of advisers from the north of England and from Scotland.Hitchmough will also take responsibility for developing the regional sales strategy, delivering sales objectives and managing the rapidly ex-panding sales team in the area.Hitchmough was previously reg-ional sales manager north for Mortgage Times and prior to ...

  • MTE to charge for standards

    16 Oct 2006

    The Mortgage Trading Exchange has admitted it will be charging lenders to use its standards, but insists adopting them will still be cheaper than using rival Origo's.Origo is planning to offer its mortgage standards free when it has developed them.Mark Lofthouse, chief executive officer of the MTE, is in talks with lenders about how much standards will cost but insists brokers will not be charged. He adds that despite the charge lenders will incur, it will still save the industry ...

  • Murdo McHardy joins Intelligent Finance

    18 Oct 2006

    Murdo McHardy has joined Intelligent Finance in the newly created role of head of mortgages.

  • No admin fees on Enterprise deals

    16 Oct 2006

    Enterprise Home Loans says that for the rest of 2006, whenever brokers use its EDGE system to source sub-prime products all applications will be minus administration fees.

  • NR benefits from clear product focus

    16 Oct 2006

    Bearing in mind the theme of product analysis that I touched on a couple of weeks ago, I thought it would be fitting to feature in my column this week a provider that has a clear product focus and has always maintained a strong market position as a result.

  • OFM Group appoints managing director

    18 Oct 2006

    The OFM Group has appointed Andy Sewell as managing director.

  • OFT proposes to refer PPI to Competition Commission

    19 Oct 2006

    The OFT has today signalled its intention to refer the UK payment protection insurance market to the Competition Commission and has published its analysis of the market for consultation prior to a decision early next year.

  • OneMove launches online super portal

    20 Oct 2006

    OneMove has launched a property portal for homebuyers looking for property in England and Wales.

  • Optoma temporarily shuts down phone lines

    16 Oct 2006

    Optoma broker solutions has closed down its phone lines to incoming calls until Wednesday morning.

  • Packagers help brokers with TCF

    16 Oct 2006

    Opal Home Loans says intermediaries who use packagers as a key part of their sub-prime mortgage work should be able to show they have implemented the Treating Customers Fairly initiative.The specialist mortgage packager says brokers should see their packagers as partners in the mortgage process.Glen Smith, managing director of Opal Home Loans, says: "We encourage intermediaries to look on us as partners in the process and most other good packagers try to do the same."To ...

  • Partnership Assurance appoints head of finance

    20 Oct 2006

    Partnership Assurance, the leading specialist insurer of financial products for people with medical conditions, has appointed Chris Rhodes as its head of finance.

  • Pay attention to financial education

    16 Oct 2006

    In his speech at the Financial Service Authority's 2006 annual public meeting, John Tiner, chief executive of the FSA, outlined the development of its strategy to improve the financial capability of citizens.

  • Pink helps ARs plan their time

    16 Oct 2006

    Pink Home Loans has launched an online calendar to help its appointed representatives. It can be found on Pink's intermediary website and provides information on courses and industry events, and also lists sporting events.

  • Pink launches online proc fee directory

    17 Oct 2006

    Pink Home Loans has launched an online proc fee directory.

  • Platform appoints interim replacement for Batchelor

    19 Oct 2006

    Platform has appointed Jon Athawes as its interim sales and marketing director.

  • PMS roadshow set for Belfast

    16 Oct 2006

    Premier Mortgage Service will be holding a roadshow in Belfast on October 19, along with 16 lenders committed to the mortgage market in Northern Ireland. The event will be held at The Culloden Hotel, Bangor Road, Holywood, Belfast.Lenders represented include Abbey, Accord Mortgages, Advantage, Alliance & Leicester, BM Solutions, Cheltenham & Gloucester, edeus, Halifax, Intelligent Finance, Mortgage Express, Mortgages PLC, Nationwide, Northern Rock, Platform, Scottish Widows Bank ...

  • Pop-up reminders for busy brokers

    16 Oct 2006

    MortgageStream has added pop-up messages to its client management system to remind brokers of their everyday tasks and provide client information.The system plugs into brokers' computers and telephone systems, allowing client files to pop up immediately when a customer rings. The module will enable users to receive standard re-minders or define customised tasks for crucial stages in the sales and application tracking process.Paul Holden, sales director at MortgageStream, says: ...

  • PPI failings could force homeowners into B&Bs

    20 Oct 2006

    Homeowners could be forced into bed and breakfast accommodation this Christmas if the payment protection policies meant to protect them continue to fail. Britishinsurance.com says that although both the Office of Fair Trading and the Financial Services Authority have formally stated there are systematic and deep-running problems in the design, sale and post sale service offered by the PPI industry, no changes have been introduced to stop the rot. Last Christmas, the FSA ...

  • PPI sellers still not treating customers fairly, says FSA

    19 Oct 2006

    Some firms selling payment protection insurance are still failing to treat their customers fairly, an FSA has concluded.

  • Praxis to take instant mortgage to Scotland

    18 Oct 2006

    Praxis is targeting expansion north of the border after strengthening its Scottish team, offering it’s new instant mortgage to Scottish customers.

  • Prepare for rule changes in 2007

    16 Oct 2006

    The Financial Services Authority is urging firms to use its online handbooks to prepare for regulatory changes in 2007. The FSA recently launched tailored online handbooks that are designed to ensure rules relevant to firms are easy for them to find. The regulator says using its online handbooks should enable the industry to prepare more efficiently for changes including the Capital Requirements and Markets in Financial Instruments Directives.

  • Promise unveils online HIP system for brokers

    16 Oct 2006

    Promise Finance has launched a Home Information Pack called a Promise Homepack, and the firm's HIP system will allow brokers to order, track and view HIPs online.There will be a remuneration package for each HIP ordered through Promise. The firm will offer free online ordering, tracking and viewing of HIPs, a choice of payment options and free training for retailers on the integration of HIPs.Steve Walker, managing director of Promise, says: "We have been pleasantly surprised ...

  • Property investors look to North and East of UK

    17 Oct 2006

    Investors are looking to the North and East of the UK to find the safest commercial property returns, reveals an analysis of over 220 UK property markets by Experian, the global information solutions, economic and property forecasting group.

  • Pru slammed for flood risk advice

    16 Oct 2006

    Prudential has been criticised as living in cloud cuckoo land over its warning to home owners living on flood planes to get home insurance.Predictions of bad weather in the next few months prompted the Pru's home insurance arm to warn vulnerable owners to take out the cover.A spokesman for the Pru says: "The recent threat from Hurricane Gordon and the fact that we are approaching the flood season should be enough to encourage owners, especially in areas of heightened flood risk, ...

  • Records are the key to beating FOS complaints

    16 Oct 2006

    Since regulation, complaints have taken on a different complexion. That does not mean that complaints were not being handled satisfactorily before regulation, it's just that the outcome can now be different if the complainant is not satisfied with the response.

  • Rip-off merchants run out of luck

    16 Oct 2006

    I'd like to wish you luck. You are going to need it now that an interloper has set the mortgage cat among the rip-off fee pigeons. With the launch of ING Direct's first mortgage products, selling a pup to the public will be tougher.

  • Roadshow dates set for KRS' equity advice arm

    16 Oct 2006

    Key Retirement Solutions will be hosting a series of roadshows for its new venture Lifetime Advisory Services from October 25 to November 1.LAS provides support to intermediaries by providing high quality equity release advice.Dean Mirfin, business development director for KRS and LAS, says: "The response to LAS has been overwhelming and we have decided to launch a series of roadshows across the UK to give IFAs and brokers the opportunity to review the service in person and ...

  • Savvy landlords move fast but stay near home

    17 Oct 2006

    A new report into landlord behaviour commissioned by John Charcol reveals that investors don’t hesitate when it comes to purchasing decisions, with more than a third (38%) making an offer on the last property they purchased within a few hours of viewing.

  • Securityfirst.co.uk launches age related PPI products

    16 Oct 2006

    Securityfirst.co.uk has brought out a new range of age-related payment protection insurance products. The majority of mortgage, loan or income protection policies charge the same flat-rate irrespective of age, resulting in those least likely to claim having to subsidise those who do.

  • Select & Protect gets star rating Household insurer Select & Protect has been awarded Defaqto's rating of five stars for its Ultima and Ultima New Home contents

    16 Oct 2006

    It is being hotly tipped that a price war is about to break out between Northern Rock and HBOS.Last Wednesday night, over dinner at the Dorchester in London, a select audience from the intermediary market was briefed about HBOS launching a rival to NR's Together mortgage but at a significantly lower rate .HBOS bigwigs in attendance at the dinner included chief executive of retail Benny Higgins, managing director of intermediary distribution Philip Grant and intermediaries managing ...

  • September lending hits 29.5bn

    19 Oct 2006

    Gross mortgage lending hit a new September record of 29.5bn, reveals the latest data from the Council of Mortgage Lenders.

  • Skipton expands fixed rate range

    16 Oct 2006

    Skipton has expanded its range of fixed rate products with a seven-year fixed rate deal.There are two options with this mortgage - the first offers a rate of 4.99% with a completion fee of 799 and the second offers a rate of 5.14% and a completion fee of 499. Both options have no application fees and are available for loans up to 75% LTV.

  • Smile launches two new mortgage products

    17 Oct 2006

    The Internet bank Smile has launched two new fixed rate and tracker rate mortgage products.

  • Solent wins award for Porthole technology

    16 Oct 2006

    Solent Mortgage Services has scooped the SORCE Software intranet-extranet award in recognition of its Porthole technology.SMS' extranet The Porthole was voted the best use of extranet technology at a recent SORCE conference.SORCE technology was used to develop The Porthole which allows online agreements in principle. The system also lets brokers watch AIPs cascade through SMS' database.John Nicklin, sales and marketing director at SORCE, says: "The Porthole shows how effective ...

  • South-East housing crisis

    16 Oct 2006

    Despite the lack of affordable housing in the South-East, houses are only being built at three-quarters of the rate required, says the National Housing Federation.A joint report from the NHF and the Chartered Institute of Housing shows that lettings of affordable rented homes have dropped nearly 30% since 2000, mainly due to lack of supply and residents exercising their Right to Buy.But the population of the South-East is expected to grow by over 900,000 in the next 20 years ...

  • SSM receives warm reception

    19 Oct 2006

    Scarborough has had a positive response from intermediaries following the launch of its new specialist lending subsidiary, Scarborough Specialist Mortgages.

  • Stamp Duty burden to grow

    16 Oct 2006

    Some 17% of England's home owners will soon be liable to pay Stamp Duty of more than £7,500, due to rising house prices.Halifax, which collected the data, forecasts that if house prices rise by 5% for the next five years 5.4 million people - 35% of home owners - will be liable for the tax.The lender also estimates that the amount of Stamp Duty collected by the government has risen from £1.2bn in 2000/01 to £3.4bn in 2005/06 - a rise of 175%.Melanie Bien, associate director ...

  • Standard Life launches ISA to mortgage customers

    20 Oct 2006

    Standard Life Bank has launched a preferential select freestyle ISA offer for new mortgage customers, offering an ISA rate of 5.5% AER variable and a savings bonus of £100.

  • Swift selects Sterling Insurance as MPPI provider

    17 Oct 2006

    The Sterling Insurance Group has been selected to be the sole MPPI provider for the Swift Group. Sterling will provide Swift with payment protection benefits across its full range of products including life, accident or sickness and involuntary unemployment. The scheme launches on the November 1 2006. John Blundell, managing director of the Sterling Insurance Group, says: “We are delighted to have been selected by the Swift Group. We feel that our commitment to providing ...

  • Swiss Re snaps up GE Life group for 465m

    16 Oct 2006

    Late last Friday Swiss Re bought the insurance arm of General Electric for 465m. The transaction will provide further scale and infrastructure for Swiss Re's Admin Re business in the UK, and is Swiss Re's largest Admin Re deal to date.Swiss Re will acquire around 400,000 policies with total assets of approximately 8bn. The portfolio is composed primarily of savings and income retirement planning products.GE Life will continue to write new business through financial advisers ...

  • Taking on the high-tech innovators

    16 Oct 2006

    No sooner had the ink dried on my article about GMAC-RFC and its point-of-sale instant offer than edeus announced the launch of similar functionality.

  • TDS finds landlords unprepared for legislative changes

    19 Oct 2006

    A recent survey conducted for the Tenancy Deposit Scheme, has shownevidence of a split between professionals in the lettings industry and most private landlords when it comes to imminent legislation changes.

  • Technology award winners named

    16 Oct 2006

    The results are finally in for the Mortgage Strategy Technology Service Awards 2006, to be held at the Mortgage Business Expo on Nov-ember 15 in London.The awards are based on the Mortgage Lender Intermediary Technology - Benchmark Study compiled by Frank Eve Consulting. This study gives the industry's most detailed view of mortgage lenders' online technology.The aim of the research is to help lenders validate, reposition and upgrade their distribution technologies, prioritise ...

  • The Exchange reaches 1bn quotations

    19 Oct 2006

    The Exchange has now completed one billion electronic quotations on behalf of financial advisers using its portal solutions. The Exchange has dealt with one billion online quotations since 1991, performed by advisers using Exweb and its predecessors, the Common Trading Platform and Videotext.

  • The Mortgage Mole

    16 Oct 2006

    BARRED...Mortgage Strategy editor Robyn Hall was getting into the spirit of things last week at the London Bierfest, courtesy of those nice people at Alliance & Leicester.However, news editor Robert Thickett was keeping quiet amid rumours that he was barred from this year's fest after turning up in his treasured lederhosen.Regular readers of the Mole page will remember Thickett's lederhosen escapades two years ago in Munich, when he decided to turn up at the airport ...

  • The WAY Group launches Inheritance Tax plan

    20 Oct 2006

    The WAY Group has launched an Inheritance Tax planning product for high earning professionals, top sports men and women, and celebrities/entertainers.

  • This Week's Dilemna

    16 Oct 2006

    Ive been in the mortgage business for more than 20 years and although I dont consider myself a technophobe,there are buzzwords that Im unsure about. I realise that technology is there to make the sales process quickerand easier and Im fairly comfortable with most of the systems were using for sourcing, compliance and onlineapplications . But I realise that there is a rising generation of mortgage professionals who are more comfortablewith technology so how do I ensure I ...

  • Tory tax cuts unaffordable says Labour

    19 Oct 2006

    The Labour Party has slammed Tory “savage” tax cuts as unaffordable.

  • Trust must win in the branding game

    16 Oct 2006

    Should Portman and Nationwide keep both brands in the marketplace or merge and become one? Did Royal Bank of Scotland and HBOS do the right thing, brand-wise? Can edeus become a powerhouse brand? And do all these moves in the lender market matter to consumers anyway?

  • UK position under threat in Euro growth league table

    20 Oct 2006

    The latest Europe 500 listing for fast growing companies had revealed no UK company has made the top 10 highlighting the growing challenge to the UK and other mature economies from Central and Eastern Europe.

  • Veritape to launch Big Brother solution at Expo

    18 Oct 2006

    Big Brother is coming to the mortgage industry in the form of brand new product from telephone recording software specialists Veritape due to be exclusively unveiled at next months Mortgage Business Expo, November 15-16 at Earls Court 2.

  • Vote now for the mortgage stars

    16 Oct 2006

    As legendary performer Liza Minnelli once sang, "Everybody loves a winner", and for those operating in the mortgage market it's no different.

  • Win a trip Down Under to see an Ashes clash

    16 Oct 2006

    Brokers have defended lenders in the long-running argument between the two camps surrounding postcompletion client relationships.Last week Mortgage Strategy re-ported that the Association of Mortgage Intermediaries wants to work with the Council of Mortgage Lenders to resolve the issue.The topic came up at the Bankhall conference in Berlin recently when a broker claimed she had been treated with disrespect by one lender's post-completion team.But some brokers say ...

  • Woolwich helps City slickers

    16 Oct 2006

    Woolwich last week un-veiled its City Bonus mortgage for people expecting a big bonus in the new year but wanting to buy a house now.The mortgage targets people who wish to borrow more than £500,000 and has a fee of £1,499. The loan is flexible and has no early repayment charges. It offers drawdown facilities and can be offset against current and savings accounts.Andy Gray, head of mortgages for Woolwich, says: "The key to this mortgage is that it has offset facilities ...

  • Woolwich links with Trigold ETC

    16 Oct 2006

    Woolwich has linked up with Trigold to allow its mortgage applications to be received through its Prospector AAA sourcing system and E-Trading Centre.Woolwich has become the 57th lender to sign up to the ETC, which is available free to all Trigold users.Bill Safran, chief executive officer of Trigold, welcomes Woolwich as the latest ETC lender.He says: "This is another example of the significant move towards end-to-end mortgage processing for brokers. Intermediaries no longer ...

  • Yorkshire deal for sole traders

    16 Oct 2006

    Yorkshire Bank has launched a mortgage that allows sole traders to offset their business' credit balances against their residential home loan. They can use business current accounts and savings balances as well as money in their personal accounts to cut the interest they pay on their mortgage.

  • Yorkshire launches Christmas Bonus mortgage

    17 Oct 2006

    Yorkshire has launched a new range of fixed rate mortgages with a Christmas Bonus applicable on the two and three year products, for borrowers who move their mortgage before Christmas.

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