Mortgage Strategy
17 March 2008

  • CRM system is launched

    17 Mar 2008

    The Exchange is launching a customer relationship management system based on its back office programme, Officeweb. The system, developed in partnership will Callmedia, is aimed at call centres and can be tailored to meet the demands of a variety of firms.

  • UK growth forecast lowered

    17 Mar 2008

    Chancellor Alistair Darling opened the 2008 Budget proclaiming that the economy is stable as a result of strong fundamentals and high consumer confidence. Nevertheless, he reduced the UK's growth forecast to between 1.75% and 2.25% from the 2% to 2.25% he predicted in October's pre-Budget report.

  • A welcome move towards equilibrium

    17 Mar 2008

    A rare outbreak of rationality has been detected in the housing market but unfortunately it seems like small beer compared with the excesses seen in the boom times.

  • Agents quick to sign on to OEA code of practice

    18 Mar 2008

    The Ombudsman for Estate Agents has reported a strong response to its code of practice scheme with agents signing up at faster rates than inquiries can be lodged or cases investigated.

  • AMI to clarify client responsibilities

    17 Mar 2008

    The Association of Mortgage Intermediaries is in the process of launching a paper to help clarify consumers' responsibility for their finances.

  • Annual rests are still unfair to clients

    17 Mar 2008

    I was horrified to see that one in five lenders still charge interest on an annual rest basis.

  • Arrears shoot up by 35% in first two months of 2008

    18 Mar 2008

    Citizens Advice Bureaux says mortgage arrears have shot up by 35% in the first two months of 2008 compared to the same period in 2007.

  • AToM launches combined remortgage fees deal

    17 Mar 2008

    All Types of Mortgages is launching the Remo Package a deal that combines valuation and legal costs in one heavily discounted application fee.

  • AToM offers combined fees

    17 Mar 2008

    All Types of Mortgages is launching the Remo Package, a new offering combining both valuation and legal costs in one heavily discounted combination application fee.

  • Barnetts Solicitors hires Julian Wells from Mortgages PLC

    17 Mar 2008

    Barnetts Solicitors has hired Julian Wells from Mortgages PLC to head up its brand and marketing strategy.

  • BDS looking to expand satellite packagers

    17 Mar 2008

    BDS Mortgage Group is looking to have 60 satellite packagers on board by the end of the year.

  • Bear Stearns accepts emergency funding

    17 Mar 2008

    US banking giant Bear Stearns has received emergency funding from JP Morgan Chase and the US Federal Reserve.

  • Benefit from the remortgaging trend

    17 Mar 2008

    Many predict that 2008 will be an excellent year for remortgages and the sector has already got off to an encouraging start.

  • Bids reach £23.6bn for BoE's £5bn offer

    17 Mar 2008

    The Bank of England has seen bids totalling £23.6bn today for its offer of £5bn three-day funding to banks.

  • Big five banks to meet with BoE

    20 Mar 2008

    Senior executives of the big five UK banks expected to meet with governor of the Bank of England, today to discuss aid for financial markets.HSBC, Lloyds TSB, HBOS, Barclays and Royal Bank of Scotland are meeting with Mervyn King to discuss the provision of additional financial help to reassure markets.Speculation suggests the banks want King to guarantee funding from the BoE if a bank suffers a cash shortage.

  • Blemain introduces CCA compliant plans

    18 Mar 2008

    Blemain Group has released Consumer Credit Act compliant plans in anticipation of the regulations coming into effect on April 6.To provide an additional level of support Blemain’s underwriters will be completing unregulated, accurate, full packs on April 5 until 1pm. This will allow our brokers as much time as possible to submit their cases.Other key changes include reduced rates for CCA regulated loans and commissions and residential secured loans over £50,000.

  • BM blows out the birthday candles

    18 Mar 2008

    BM Solutions is celebrating the third anniversary of its Premier Desk.

  • BM Solutions scraps self-cert adverse deals

    17 Mar 2008

    BM Solutions has withdrawn its self-cert sub-prime product range to cut its business volumes.

  • BoE pledges £15bn to short-term markets

    20 Mar 2008

    The Bank of England has pledged £15bn to adress liquidity issues in the short-term money markets.The injections will come at a rate of £5bn each week until April 9 and will be lent at a rate of 5.35% on three-day offer.The BoE made £5bn of liquidity this Monday, to be repaid today, in and effort to stave off further market insecurity as a result of diminished confidence and hesitance of banks to lend among themselves.

  • Borrowers are overstretched and unlikely to get remortgage

    18 Mar 2008

    Moneynet.co.uk says vast numbers of UK borrowers have borrowed themselves into a position of vulnerability in order to buy property and are not in a position to remortgage.

  • Brokers advised to tap bridging loans demand

    17 Mar 2008

    Brokers can help bolster the buoyant buy-to-let market with bridging loans, claims Blemain Finance.

  • Brokers urged to cash in on EPCs

    17 Mar 2008

    FastTrack is urging brokers to take advantage of the opportunities offered by the full rollout of Energy Performance Certificates.

  • Brokers warned technology may fall short of TCF guidelines

    17 Mar 2008

    Data management firm iiCon has warned that a high number of brokers still don’t have systems capable of testing Treating Customers Fairly.

  • Brokers wash hands of borrowers

    17 Mar 2008

    Some 38% of brokers polled by the Intermediary Mortgage Lenders Association claim it is not their job to support borrowers in financial difficulties.

  • Budget brings sod all for the market

    17 Mar 2008

    Last week, I sat in a Las Palmas bar and watched the Scottish rugby union team mug 14 Englishmen and a Tongan. It wasn't a pleasant experience - even the beer was warm.

  • Buy-to-let thrives on crisis

    17 Mar 2008

    Buy-to-let landlords are well positioned to benefit from the liquidity crisis, says Your Move.

  • Buy-to-let to last

    17 Mar 2008

    At the end of last week I was fortunate to spend a couple of very educational days at the buy-to-let Summit.

  • CAB sees 35% increase in mortgage arrear problems

    18 Mar 2008

    Figures released today by the Citizens Advice Bureaux shows that problems with mortgage arrears have shot up by 35% in the first two months of 2008 compared to the same period in 2007.

  • Central banks try to ease the pain

    17 Mar 2008

    The world's central banks have reiterated their commitment to injecting liquidity into the markets. Meanwhile, the Bank of England is to offer its three-month open market options against a wider range of high-quality collateral until April 15.

  • CHL to make 50 redundant

    20 Mar 2008

    CHL Mortgages has revealed 50 redundancies as part of plans to slash mortgage business in the coming months.

  • Clients brace for 35% payment hike

    17 Mar 2008

    Borrowers coming off five-year fixed rates could see their repayments rise by as much as 35%, claims analyst Mortgage Monitor.It estimates that this could cost the 340,000 affected borrowers a staggering £1bn extra in repayments.The survey found that 23% of clients are anxious about higher repayments while 5% admit they have no idea how they will foot the bill.

  • Clive Briault to exit FSA

    19 Mar 2008

    Clive Briault, managing director of the retail business unit at the Financial Services Authority is to step down from his post at the end of April.

  • CMD offers help to brokers affected by Commercial First

    19 Mar 2008

    Commercial Mortgage Desk has developed a hotline for intermediaries requiring immediate help replacing pipeline cases following Commercial First’s decision to accept no new business.

  • CML Figures

    20 Mar 2008

    The Council of Mortgage Lenders' gross lending figures for February, showing a decline of 7% on January to around £24bn, weren't as bad as some had expected but are a good reflection of what's happening in the mortgage market at present.

  • CMS offers commercial brokers helping hand

    19 Mar 2008

    Hampshire based specialist commercial packager Commercial Mortgage Solutions is reassuring customers that there are alternative sources of funds for a number of Commercial Firsts products, following its withdrawel from the market.

  • Cold comfort

    17 Mar 2008

    It was a case of blood on the piste last week for GHL Group. Forget about damaging your wealth. Mole has it on good authority that bring an appointed representative of GHL Group could seriously damage your health.

  • Commercial 1 appointed exclusive provider to CMG

    20 Mar 2008

    Specialist brokerage Commercial 1 has been appointed exclusive provider of a raft of loans and mortgages to Connect Mortgage Group's brokers.

  • Commercial First ceases new lending

    19 Mar 2008

    Commercial First is suspending all new commercial lending with immediate effect.

  • Crisis will leave UK brokers £625m worse off

    20 Mar 2008

    Edeus' managing director Alan Cleary has warned that the ongoing liquidity crisis could wipe £625m off the total income potential for advisers in the UK mortgage market.

  • Crunch puts the squeeze on innovation

    17 Mar 2008

    Judging by the number of people I meet who are asking this question, you may be wondering whether the equity release market has felt any fallout from the liquidity crisis.

  • CurriculumVitae: Andy Coles

    17 Mar 2008

    "Reviewing yourself on video for the first time is never pretty"

  • Darling fails to slay Stamp Duty beast

    17 Mar 2008

    Every year as the chancellor dusts off the red box we face the same question - how do you solve a problem like Stamp Duty?

  • Darling pledges £60m to help small firms

    17 Mar 2008

    Chancellor Alistair Darling has pledged to inject £60m into the Small Firms Loan Guarantee scheme.

  • Days of the middle man's middle man are numbered

    17 Mar 2008

    I'm writing with regards to my prediction that packagers will not survive the prevailing market turmoil.

  • Dear Delia...

    17 Mar 2008

    Dear Delia, Jason wants to buy a property valued at £300,000 and has a mortgage arranged for £120,000. But with exchange and completion just two weeks away the buyer for his existing property pulled out. Jason has a £70,000 mortgage on his existing property, which is worth £250,000, and was using the equity from the sale as a deposit for the new purchase. He earns £65,000 a year as a management consultant. He wants to buy the house so how should he proceed?

  • Demand forces SWB to close phone lines

    17 Mar 2008

    Scottish Widows Bank was forced to close its telephone support service last Tuesday due to a deluge of business. The bank is planning to reopen the service today.

  • Don't follow dead end Darling to ruin

    17 Mar 2008

    Alistair Darling's maiden Budget was another nail in the coffin of his political career. At a time when the economy is in dire need of a shot in the arm, all the chancellor did was fiddle with taxation on booze and cars while pining once again after long-term fixed rate mortgages.

  • Dunfermline appoints Ferguson to board of directors

    17 Mar 2008

    Dunfermline has appointed finance director Patrick Ferguson to its board of directors.

  • Easier2move sales appointments

    17 Mar 2008

    Easier2move has appointed two regional sales directors. Lisa Newey and Charlotte Etheridge have been promoted to the positions, with Newey covering the South and Etheridge overseeing central and northern England.

  • Ecology's green lending doubles

    17 Mar 2008

    Ecology has reported its green mortgage lending doubled in 2007 compared to 2006.

  • EConveyancer offers voucher

    17 Mar 2008

    EConveyancer is offering a £200 Red Letter Day voucher to the broker who generates the most conveyancing instructions during March. All brokers who submit business to the firm this month will be automatically included in a prize draw and the winner will be notified in April.

  • Elephant Loans & Mortgages becomes part of FT Partners

    20 Mar 2008

    Elephant Loans & Mortgages has decided that all its regulated mortgage activity will be operated by its group company, Elephant Loans Direct and that Elephant Loans will join the FT Partners network. Elephant Loans Direct will become an Appointed Representative for FTP's subsidiary, FT Compliance Services Limited.

  • em- launches direct processing links with Future

    19 Mar 2008

    em- has become the first packager to link its processing systems direct with Future mortgages.

  • Ex-Egg boss buys MoneyQuest

    17 Mar 2008

    MoneyQuest has been snap-ped up for an undisclosed sum by a consortium led by former Egg chief executive officer Paul Gratton.

  • Flexible drawdown plan welcomed

    17 Mar 2008

    Equity release provider Stonehaven has launched a 5.79% flexible drawdown plan.

  • FOS says consumers will be compensated if proven misadvised

    17 Mar 2008

    The Financial Ombudsman Service says lenders and brokers should redress where it is proven that consumers have been misadvised.

  • Friends Provident's profits nosedive by 97%

    17 Mar 2008

    Ailing insurer Friends Provident has revealed pre-tax profits of £16m for 2007 - a whopping 97% reduction compared with 2006's figures.

  • FSA and CIB close illegal land-banking scheme

    19 Mar 2008

    A company marketing plots of land as an investment opportunity has been wound-up by the High Court in Manchester following investigations by both the Companies Investigation Branch of the Insolvency Service and the Financial Services Authority.

  • FSA calls for commercial insurance brokers to be more transparent

    20 Mar 2008

    The Financial Services Authority has published a discussion paper which calls for mandatory automatic disclosure of fees in the commercial insurance market. In December 2007 the FSA published an independent report that considered whether disclosure of commission earned by commercial insurance intermediaries should be made mandatory. The report found that intermediary disclosure by itself was not justified on cost benefit grounds. The report, however, raised wider concerns about ...

  • FSA reads traders the riot act over HBOS rumours

    19 Mar 2008

    The Financial Services Authority has launched an investigation into recent UK share trading, after rumours that HBOS had asked the Bank of England for emergency funding.

  • FSA warns on money laundering

    17 Mar 2008

    The Financial Services Authority is calling on small firms to do more to tackle money laundering. The call came as the regulator published the findings of its first review of how well financial services firms are managing the risks of money laundering.The review reveals that smaller companies need to do more in terms of staff training and regular risk assessments.

  • FSA website seems set up to make life hard for brokers

    17 Mar 2008

    I agree with the anonymous letter about the Financial Services Authority's website, www. moneymadeclear. fsa.gov.uk (Mortgage Strategy March 10).

  • FTB enquiries continue to fall

    17 Mar 2008

    Some 37% more surveyors reported a fall in new buyer en-quiries last month, providing further evidence of a shrinking first-time buyer market.

  • GEHML hails nimble brokers

    17 Mar 2008

    GE Money Home Lending has praised brokers for modifying their business models to capitalise on prevailing market conditions. Anthony Radford, sales director at the lender, says: "Brokers' alertness to changes in the industry will ensure they are prepared to navigate changing conditions over the next six months."

  • GMAC-RFC to clarify mortgage technology

    17 Mar 2008

    GMAC-RFC has teamed up with IT providers to help clarify newly available mortgage processing systems to brokers and packagers. GMAC-RFC Partners has joined up with E-paths, Evaluate, Oppono and Trigold to set up a dedicated facility on the ‘Partners’ media section which enables the audience to view a short, informative demonstration video.

  • Great British dream goes to the dogs

    17 Mar 2008

    When the liquidity crisis began to bite, Lending Strategy ran a cartoon showing a graph with interest rates going up alongside a steep rise in repossessions. The graph was being interpreted by a politician at a briefing and his message was simple.

  • Griffiths sounds warning

    17 Mar 2008

    Network Data's third annual conference kicked off in Birmingham last week with Richard Griffiths, chief executive of Network Data Holdings, admitting that the company had faced big challenges in 2007.

  • Gross lending falls £1.9bn in February

    20 Mar 2008

    Gross mortgage lending fell £1.9bn from £25.9bn in January to an estimated £24bn in February, says the Council of Mortgage Lenders.

  • Halifax appoints head of sales

    17 Mar 2008

    Ian Wilson has been promoted to head of sales at Halifax Intermediaries.

  • HBOS Support Group

    20 Mar 2008

    We all know that we are going through crazy times, what we do not need are idiots who decide to post unsubstantiated rumours about certain companies in trouble to make a quick buck.

  • High LTV lender numbers plummet

    17 Mar 2008

    The number of lenders offering 100% LTV mortgages has slumped by 60% in just six months, according to research from Mform.co.uk.

  • Home Truths From America

    18 Mar 2008

    Towards the end of play on March 14 – the day Bear Stearns’ shares tumbled by 50% – Morris Reid, erstwhile aide to former US President Bill Clinton and now a media pundit and managing director of a public affairs firm in Washington DC, dropped by for a chat.

  • Hoodies

    17 Mar 2008

    In this age of celebrity and excess, some people will do anything to get in the newspapers.

  • House building may fall 150,000 below government target

    18 Mar 2008

    The number of new houses being built this year could come in at 150,000 below government targets, Assetz has claimed.

  • House building set to plunge

    17 Mar 2008

    House building will plummet over the next five years, Hometrack predicts.

  • House building target is under threat

    17 Mar 2008

    With the chancellor's proposal about graded mortgage assets still ringing in my ears, I hear house builder Bovis Homes has reported falling volumes. With the company recording a 6% drop in profits and home completions, it has obviously felt the power of the liquidity crisis.

  • House prices may plunge 20%

    18 Mar 2008

    Property prices could plummet by 20% during the next two years, claims one of the UK’s top economists.

  • I won't forget offhand way Abbey pulled its products

    17 Mar 2008

    I'm sure I'm not alone in being fed up with lenders' rate and product changes but the latest one from Abbey really takes the proverbial.

  • i-Map system from I-nvent Software Limited

    17 Mar 2008

    The number of suppliers of mortgage packaging and transaction systems continues to grow making this one of the few expanding areas in the mortgage market. Packagers and brokers looking for new IT systems to help them control and transact mortgage business are now faced with a multitude of solutions

  • Industry slams Stamp Duty inertia

    17 Mar 2008

    Chancellor Alistair Darling has come under fire from industry pundits for failing to overhaul Stamp Duty to help first-time buyers.

  • Inflation rises to 2.5% in February

    18 Mar 2008

    The latest figures out from the Bank of England show consumer price inflation rose 0.3% to 2.5% in February.

  • Investors still believe in securitisation

    17 Mar 2008

    A whopping 75% of investors believe securitisation still has a role to play in funding consumer lending, a survey published last week reveals.

  • Jobsworth brokers must think again

    17 Mar 2008

    If you are one of the 108 brokers who told a survey by the Intermediary Mortgage Lenders Association that supporting borrowers who get into financial trouble isn't part of your job description, shame on you.

  • John Malone to stay at PMS

    20 Mar 2008

    John Malone, managing director at Premier Mortgage Service has committed to staying with the firm for at least another 18 months.

  • JP Morgan buys Bear Stearns

    17 Mar 2008

    Rooftop Mortgages' owner Bear Stearns has been bought by JP Morgan Chase for the knock-down price of $2 per share.

  • L&G probes broker confidence

    17 Mar 2008

    Legal & General has launched a confidence index to measure brokers' expectations of business levels and protection sales.

  • Leadbay adds IVA and trust leads to service

    17 Mar 2008

    Leadbay has expanded its service to include leads for individual voluntary arrangements, Scottish Trust Deeds and individuals in need of debt management services.

  • LeadPoint reveals debt lead demand rise

    17 Mar 2008

    LeadPoint has revealed it is now trading 200 debt leads every day.

  • Lehmans may close SPML

    17 Mar 2008

    Rumours were rife last week that Lehman Brothers is planning to pursue a single-brand strategy.

  • Lender's poor service makes using it a waste of time

    17 Mar 2008

    This is a warning to other brokers regarding First Active's poor service.

  • Lenders pull deals and increase rates en masse

    18 Mar 2008

    UK lenders have been withdrawing products and increasing rates en masse over the last two days to combat a massive increase in business volumes.

  • Let's talk about clients' responsibilities

    17 Mar 2008

    I recently found myself sitting in a pub watching a football match. Those who know me know that football doesn't rank high on my interestometer so as I supped my pint, my mind wandered to the increasingly vociferous and potentially drunk crowd surrounding me.

  • Let's work together to help clients

    17 Mar 2008

    The liquidity crisis means it's more important than ever for lenders and brokers to share information that could prevent borrowers getting into difficulties, says Brian Murphy

  • Limits raised on ISA contributions

    17 Mar 2008

    Contribution limits on individual savings accounts have been increased to £7,200 and the limit on cash ISAs has been raised to £3,600.

  • Link Lending lowers rates and raises LTVs

    20 Mar 2008

    Bridging and short term lender, Link Lending has lowered its rates in line with the recent reductions in LIBOR and BoE base rates, as well as upping its LTVs.

  • Loanoptions.co.uk launches secured loan guide

    17 Mar 2008

    Loanoptions.co.uk has added a guide to its website to help brokers get to grips with secured loans.

  • Losers

    17 Mar 2008

    Disaster for eConveyancer’s Vanessa Blount last week.

  • Maddin says layoffs are a necessary evil

    17 Mar 2008

    Mike Maddin, chief executive officer of the Lexicon Group, has branded the redundancies of Mark Glithero and Kevin Duffy a necessary evil.

  • Malone speaks out about PMS decision

    20 Mar 2008

    John Malone, managing director at PMS has spoken out about why he decided to stay with the mortgage club, citing current market conditions as his main reason for staying. Malone says: “I thought things would be pretty awful this year, but even I didn’t expect the seriousness of the situation. It was felt because I had been through this situation on a number of occasions it would be more preferable at this time for the current management team to stay on, rather then try to bring ...

  • Market Watch 17 March 2008

    17 Mar 2008

    Early last week, swaps fell but then they shot back up to higher levels.

  • Me and my iPod - 17 March 2008

    17 Mar 2008

    My iPod playlist reflects what many would call my terrible taste in music. While some of the tunes motivate me at the gym, others raise questions about my lifestyle, says Jim Moulton

  • MEX dumps 100%-plus deals

    17 Mar 2008

    Mortgage Express has withdrawn its 100%-plus products.

  • mform.co.uk predicts interest-only mortgage rush

    19 Mar 2008

    Independent online mortgage research site mform.co.uk is predicting that more mortgage customers will switch to interest-only loans in a bid to avoid the worst effects of the credit crunch payment shock.

  • Mistakes will haunt sloppy brokers

    17 Mar 2008

    Brokers who have little credibility will struggle to survive in the new industry environment in which lenders can cherry-pick who they deal with, says Sue Read

  • Money Partners to axe jobs

    17 Mar 2008

    Money Partners is locked in negotiations over the number of jobs it will have to axe due to harsh market conditions.

  • Mortgage Intelligence enters GI market

    17 Mar 2008

    Mortgage Intelligence has launched general insurance in association with Halifax General Insurance.

  • Mosaic adds Chelsea to panel

    17 Mar 2008

    Mosaic Mortgage Club has added Chelsea to its lender panel. The move increases its panel to 40 members, including those available through the club's exclusive packager c2-Financial.

  • MPLC withdraws from prime B2L

    18 Mar 2008

    Mortgages PLC has withdrawn from the prime buy-to-let market with immediate effect.

  • MT offers free valuations with Bristol & West

    20 Mar 2008

    Mortgage Times is offering free valuations on all buy-to-let and self-cert products from Bristol and West’s new range.

  • MT to offer free valuations on B&W B2L

    20 Mar 2008

    Mortgage Times will be offering free valuation on all buy-to-let and self-cert products from Bristol and West’s new range, which is available from the early part of next week.

  • Mutual ponders overhaul of fees

    17 Mar 2008

    Nationwide is mulling over changes to its fees structure in a bid to align it with the business volumes brokers generate for the society.

  • Mutual urges owners to shelter from storms

    17 Mar 2008

    The Cheshire is urging home owners to check their insurance cover is comprehensive in light of the storms hitting the UK.

  • N4 hires client consultant

    17 Mar 2008

    N4 Solutions has appointed Henry Woodcock as client solutions consultant. He will be responsible for evolving the firm's services and products. He joins from TietoEnator, the IT solutions provider formerly known as AttentiV.

  • NACFB bolsters member support

    20 Mar 2008

    The National Association of Commercial Finance Brokers has bolstered its support to members following Commercial First's decision to cease new business trading.

  • Names reveal our capital's history

    17 Mar 2008

    The history of London is kept alive in quirky place names that survive in local usage and help to make the metropolis such a fascinating place, says Simon White

  • Network Data agrees refinance deal

    17 Mar 2008

    Network Data Holdings has secured new banking facilities with Bank of Scotland Corporate.

  • Network Data expects business drop in 2008

    17 Mar 2008

    Network data's chief executive says its sub-prime business is ex-pected to fall by 30% and prime volume by 10% this year.

  • New home for edeus

    17 Mar 2008

    Specialist lender edeus has moved up the property ladder into new offices dubbed edeus house.

  • New products deserve a fair hearing

    17 Mar 2008

    We must resist the temptation to criticise the new mortgage products that lenders are already working on to meet consumers' needs in the prevailing market conditions, says Sally Laker

  • Non-dom residents taxed

    17 Mar 2008

    A £30,000 tax levy has been created for non-domiciled residents who have lived in the UK for seven out of the past 10 years.

  • NR to axe up to 2,000 jobs

    18 Mar 2008

    Up to 2,000 jobs will be axed at Northern Rock during the next three years as the bank undergoes a major downsizing process.

  • NU updates approach to non-disclosure

    17 Mar 2008

    Norwich Union has overhauled its approach to insurance claims hampered by non- disclosure in light of fresh in-dustry guidelines.

  • Opportunity Lost

    17 Mar 2008

    Alistair Darling missed the chance to raise his stock among housing professionals when he delivered a dreary Budget that did little more than tinker with important issues such as Stamp Duty, says Christine Toner

  • Optoma boss reveals £2m personal loss from crisis

    18 Mar 2008

    Andrew Seymour, chief executive of Optoma Mortgage Services, has revealed he has lost £2m to the business as a result of the recent liquidity crisis.

  • Optoma to make redundancies

    18 Mar 2008

    Optoma Broker Solutions will be making a number of redundancies as a result of efforts to consolidate offices.

  • Orbiter is flexible on applications

    17 Mar 2008

    Orbiter, the new company comprising Oppono, TFC Homeloans, TFC Commercial, Home Estate Agency, QPAC and Mortgage Branding, has pledged to offer brokers the chance to submit applications either directly or via packagers.

  • Our city market man Rob Gill has the following update for us

    17 Mar 2008

    The US suffered two Northern Rock style crises last week.

  • Over 20% of sub-prime cases can't be placed says RAMP

    18 Mar 2008

    John Rice, managing director of the Regulatory Alliance of Mortgage Packagers says it is unable to place around 20-25% of sub-prime cases, as lenders struggle to stay in the market.

  • Packagers aren't the only ones hit by the crunch

    17 Mar 2008

    I'm not alone in finding Chris Gardner's assertion that most packagers are financially unfit and unwanted by lenders and brokers to be unhelpful in light of the difficulties the industry faces (Mortgage Strategy March 3).

  • Pinnacle Mortgage Funding launches online case tracking

    19 Mar 2008

    Mortgage packager Pinnacle Mortgage Funding has launched a web based online case tracking system giving brokers a 24/7 facility to track the progress of their cases.

  • PNG launches introducer service

    17 Mar 2008

    Mortgage network and distributor Premier Network Group has launched an introducer service for intermediaries across a range of financial product sectors.

  • PNG launches introducer service for brokers

    17 Mar 2008

    Premier Network Group has launched an introducer service for brokers across a range of financial product sectors.

  • Police £700m fraud claim doesn't stack up

    18 Mar 2008

    The Council of Mortgage Lenders has slammed a recent Police report for failing to make the case that UK mortgage fraud is now worth £700m.

  • Police should focus on criminals and leave regulation to the FSA

    17 Mar 2008

    On two occasions I have been the victim of fraudulent transactions. In the first instance my deceased mother's name was used to arrange a £10,000 loan via Lloyds TSB. In the second case my credit card details were used to obtain goods worth thousands of pounds.

  • Positive response from Commercial Mortgage Packager’s seminar

    19 Mar 2008

    Commercial Mortgage Packager, the Essex based commercial mortgage packager has reported a good turnout for its first commercial mortgage seminar of 2008.

  • Praxis joins PMPA

    17 Mar 2008

    Specialist packager Praxis has joined the Professional Mortgage Packagers Alliance. Vic Jannels, chairman of PMPA, says: "We look forward to the growth it will bring to the alliance."

  • Pressure to axe ERCs for long-term deals

    17 Mar 2008

    The government is urging lenders to consider alternatives to early repayment charges to encourage the take-up of long-term fixed rate deals.

  • Primrose offers sourcing access

    17 Mar 2008

    Primrose Premier is offering brokers access to Evaluate's sourcing software. It covers sub-prime products and includes multiple lender options.

  • Quest unveils anti-fraud system

    17 Mar 2008

    Quest has launched an anti-fraud tool designed to spot suspiciously high valuations. Launched after trials and discussions with key industry figures, Q-Price Alert will work alongside Quest's existing fraud detection software to allow surveyors and lenders to identify surveys or mortgage applications with valuation figures that seem too high.It works by using Land Registry data to flag instructions where purchase prices exceed estimated values by 15%.

  • Rabbitt quits Nationwide

    20 Mar 2008

    Nationwide's head of corporate intermediary relations, Joe Rabbitt, has quit.He left on March 17 citing family reasons.A spokesperson for the mutual says that Ian Andrew, head of sales at Nationwide, will fill the role until a successor is found.

  • Readers evenly split on compulsory MPPI plan

    17 Mar 2008

    Mortgage Strategy Online readers were divided over proposals for an industry-funded compulsory insurance plan to help clients avoid repossession, with 51% against and 49% for the plan.

  • Reconsider the role of non-execs

    17 Mar 2008

    With the emphasis on senior management in delivering the FSA's Treating Customers Fairly objectives, the role of non-executive directors is increasingly important, says Bill Warren

  • Record breaking applications at Pink and LifeQuote

    17 Mar 2008

    Pink Home Loans received a record 37.3% increase in applications for life insurance provider LifeQuote as compared to January 2007.

  • Record Levels of Debt

    18 Mar 2008

    It does not come as a particular surprise to anyone, but news from the Citizens Advice service shows that record levels of people are worried and looking for help with rising debt levels.

  • Recruitment to financial services down 22%, says CII

    20 Mar 2008

    Results from a recent survey by the CII Group have found that recruitment levels are down in the financial services sector with 22% of employers saying UK candidates lacked the right qualifications.

  • Redundancies at Optoma

    18 Mar 2008

    Optoma Broker Solutions is to make a number of redundancies after closing its Leatherhead office.

  • RICS guide to home damages

    17 Mar 2008

    The Royal Institution of Chartered Surveyors has released a guide to help calculate the cost of damage to property. The Property makeover price guide is designed to prepare home owners for what they will have to pay in the event of over 1,300 different types of work to their homes, according to their location.

  • S&P lowers A&L credit rating

    17 Mar 2008

    Standard & Poor's has lowered Alliance & Leicester's long-term credit rating from A+ to A. But the credit rating agency insists that recent changes to the bank's funding mix mean its outlook remains stable. S&P has removed the bank from its CreditWatch, where its long-term rating had been placed with negative implications on January 31.

  • Savills unveils strong 2007 results

    17 Mar 2008

    Savills Private Finance has revealed a 16% increase in pre-tax profit in 2007. The brokerage also announced its revenue increased by 11% to £29.8m last year despite the market downturn. Mark Harris, managing director of SPF, says: "We continue to expand our business and now operate from 25 locations, including offices in Cardiff and Windsor."

  • Savings Gateway expanded

    17 Mar 2008

    The Savings Gateway scheme, the savings account for low income groups, has been extended across the country.

  • Scarborough revamps website

    18 Mar 2008

    Scarborough has revamped its website to make researching mortgage and savings products more straight forward.

  • Scottish Widows axes two and three-year fixes

    17 Mar 2008

    Scottish Widows Bank is withdrawing its two and three-year fixed rate deals from 5pm tonight.

  • Sesame overhauls packager panel

    19 Mar 2008

    Sesame has cut its packager panel after reviewing the market and introducing a new facility that guarantees advisers’ commission in the event of a packager failure.

  • Should the monetary policy committee have cut the base rate this month?

    17 Mar 2008

    Our experts think that while the MPC's decision to hold the base rate will help to control inflation, borrowers would benefit from a cut

  • Six in the City - 17 March 2008

    17 Mar 2008

    Clare Bettelley is forsaking the world of brokers to become editor of a magazine for estate agents

  • Smokers and drinkers pay more

    17 Mar 2008

    Tax on cigarettes has been increased by 11p a packet while cigars are 4p dearer. Tax on alcohol will rise by 2% above inflation over the next four years. Tax on beer is up 4p a pint, on bottles of wine by 14p and spirits by 55p.

  • SMS system offers independent product searches

    17 Mar 2008

    Solent Mortgage Services has unveiled a new product aimed at helping brokers undertake independent product research.

  • Sourcing system adopts Platform

    17 Mar 2008

    Platform has been added to the Lendersonline specialist sourcing system. Lenders-online says use of its system, which offers integrated Equifax credit searches and provides instant credit-searched quotes, has jumped since the liquidity crisis began.

  • Stock Picker

    17 Mar 2008

    Banking shares endured another torrid week. The US Federal Reserve took further steps to deliver financial stability by unveiling plans to lend up to $200bn on the bond markets in exchange for mortgage-backed securities as collateral.

  • TCF deadlines loom, warns Ifs School of Finance

    20 Mar 2008

    The Ifs School of Finance is calling on brokers to ensure they are prepared for the Financial Services Authority's Treating Customers Fairly deadline.

  • Technology will save the industry

    17 Mar 2008

    In this new regular column, Julian Wells takes a look at some of the most pressing issues facing the mortgage industry and the professionals who work in it

  • TFC Homeloans offers Sesame free legals

    20 Mar 2008

    TFC Homeloans is offering Sesame members a £99 application fee and free legals on all remortgage applications submitted online and below £1m.

  • The perils of cut-price conveyancing

    17 Mar 2008

    A recent press statement issued by law firm MTA Solicitors highlights the perils of some of the more enticing cut-price conveyancing deals being touted around at the moment.

  • Thousands enjoy benefits of current account mortgages

    17 Mar 2008

    Peter Stokes' letter about offset and current account mortgages (Mortgage Strategy February 25) acknowledged that for some clients these sorts of products are appropriate.

  • Three-card trick for brokers' business

    17 Mar 2008

    It's clear that a lack of liquidity, slowing house prices and tightening criteria will be defining characteristics of the market this year.

  • Too many dubious automated underwriting approvals

    17 Mar 2008

    I was interested to read the ongoing debate between Colin Snowdon of Wave and Stephen Knight of Checkmate Mortgages.

  • Top economists do not predict recession

    18 Mar 2008

    Four of the nation’s top economists and research analysts say they do not predict a recession for the UK economy.

  • Trust me, I'm a qualified cash doctor

    17 Mar 2008

    The Thoresen review's proposal to set up a national money guidance service could be missing the point. After all, it would be better for clients to take advice from experts, says Katie Tucker

  • Two MPC members voted for interest rate cut

    19 Mar 2008

    Two members of the Monetary Policy Committee voted for a cut in interest rates of 0.25%, the MPC minutes reveal.

  • UK banks' share prices plunge

    17 Mar 2008

    Several major UK banks have seen their share prices dip this morning, on the back of the crisis that engulfed Bear Stearns.

  • UK RMBS can tough out market downturn, says Fitch

    17 Mar 2008

    Fitch Ratings says it's confident most investment-grade UK sub-prime residential mortgage backed securities ratings can withstand significant stress.

  • Unity is strength

    17 Mar 2008

    If approached in a positive way, European proposals for a unified mortgage market could mean big opportunities for the UK industry, says Richard Farr

  • Up to 65 jobs at risk at Money Partners

    17 Mar 2008

    Money Partners has confirmed it is to enter into consultation with employees regarding 65 possible job losses.

  • Wave axes all 85% LTV products

    18 Mar 2008

    Wave will cut 85% LTV from its product range from close of business today.If a decision in principle is submitted by this evening than applications will be received by March 20. Packaged applications with a DIP will be accepted will be accepted until March 21 however those without DIPs will only be accepted until March 20.

  • We must work together to wipe out mortgage fraud

    17 Mar 2008

    The Association of Chief Police Officers' report on mortgage fraud is a wake-up call for the industry.

  • Wesleyan launches academy for consultants

    17 Mar 2008

    Wesleyan Assurance is launching a training academy to help expand its sales force by 50%.

  • What would you like to have heard in last week's Budget speech?

    17 Mar 2008

    Chancellor Alistair Darling's first Budget speech last week was delivered amid rising criticism of his handling of the Northern Rock fiasco, Capital Gains Tax reforms and tax breaks for non-domiciles. His pledge to focus on long-term fixed rate mortgages has done little to reassure his critics. So, this week Mortgage Strategy asks…

  • Why my firm won't be using dinosaur lender in future

    17 Mar 2008

    The strapline for Halifax's TV advertising campaign is 'Halifax gives you extra'. I have to say this isn't my experience as a broker.

  • Woolwich launches 10-year fixed deal

    20 Mar 2008

    Woolwich has launched a 10-year fixed rate to help boost the long term mortgage market.

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