Mortgage Strategy
17 October 2005

  • 77% Not interested in equity release

    17 Oct 2005

    A survey by moneyfacts.co.uk shows 77% of consumers would not consider an equity release mortgage, despite figures released by the Bank of England last week suggesting otherwise.The moneyfacts.co.uk survey was conducted online and anyone who visited the website could take part. Of those who did, only 9% were over the age of 60.Dean Mirfin, business development director of Key Retirement Solutions, says: "We usually find the response is positive with over 60 year olds. If this ...

  • Advantage offers free valuations

    17 Oct 2005

    Advantage Home Loans is to give free valuations and cashback deals on all G200 box products funded by GMAC-RFC. This ensures brokers and their clients get the same deal by going to Advantage as they would going direct to the lender.Commission should be flexible Scottish Life has released figures that indicate a growing demand for more transparent and flexible commission structures from IFAs and their clients.

  • Affordability approach to ease mortgage worries

    17 Oct 2005

    Borrowing to buy a house based solely on your salary will be a thing of the past a report by Alliance & Leicester predicts.

  • Are headline-grabbers the best deals?

    17 Oct 2005

    BM Solutions recently launched a batch of mainstream products starting at 3.75% in what was considered by some as a move to stave off negative publicity after the departure of key staff.Though the headline rates grabbed the attention of brokers, the fee of 1,499 led some to comment that the deals would only be of use for larger applications.Bank of Scotland also recently launched a large loans tracker product at base less 0.61% for two years, but with an even higher fee of 2,500 ...

  • Are lenders doing enough to ensure their bdms operate within mcob rules?

    17 Oct 2005

    Remaining vigilant and supporting the sales team with training should ensure BDMs stay on the straight and narrow, say our experts

  • Asking prices rise

    17 Oct 2005

    A degree of optimism has returned to the housing market as the Rightmove.co.uk house price index shows a rise in asking prices. Over 100,000 sellers entering the market have pushed up the average asking price by 941. Asking prices had fallen in the previous three months by 3,235, tempting buyers back. There are also fewer unsold properties per estate agency branch.

  • B&B warn over home security

    17 Oct 2005

    Bradford & Bingley is recommending that home owners change their locks as soon as they move into a new property as this is the only way to be 100% sure of knowing how many keys there are to the property.

  • B&W to consolidate its processing

    17 Oct 2005

    Bristol & West is to consolidate its mortgage processing into two centres in Bristol and Solihull.The move will involve the closure of the lender's distributed mortgage processing units during 2006.B&W says the announcement is being made well in advance of the change in order to ensure a smooth transition for brokers.The move will enable B&W to develop its capacity in line with current strong growth and take advantage of economies of scale to deliver a flexible and responsive ...

  • B2L confounds the sceptics

    17 Oct 2005

    Despite doom mongers predicting an imminent bust in buy-to-let, research reveals the sector is continuing to do well and confidence is booming.Mortgage Trust says increasing lender competition is helping to fuel the buy-to-let market.Its October buy-to-let intermediary forecast reveals that 50% of buy-to-let intermediaries cite the increased availability of more innovative and competitive mortgage products as a key factor in the generation of business volumes.For the first ...

  • Barclays and Woolwich launch fixed rate deals

    17 Oct 2005

    Barclays and Woolwich have launched a range of new mortgage deals with competitive rates.

  • Barclays and Woolwich launch mortgage range

    18 Oct 2005

    Barclays and Woolwich have launched a range of mortgage deals, which include a highly competitive two-year fixed rate with no application fee at 4.89%, and a five-year fixed rate at 4.99%.

  • Barnetts responds to government White Paper

    20 Oct 2005

    Richard Barnett, senior partner of Barnetts Solicitors, has welcomed the legal reforms set out by the Lord Chancellor in the White Paper published on the October 17 2005. Barnet, who is an advocate of change within the profession, says the reforms will pave the way for the industry to become more efficient and create a host of opportunities.

  • BoS reveals plans to target the rich

    17 Oct 2005

    Bank of Scotland says it will target the growing number of high net worth borrowers in the UK.Research collated by market analyst Datamonitor reveals there are over 916,000 people in this country with assets of more than 200,000, and that number is expected to rise.The high net worth population rose by 12% during 2004 alone.BoS says this trend may cause private banking providers to rethink the products and services they offer, especially with the growing demand among consumers ...

  • Brand new homes mean less stress for movers

    21 Oct 2005

    Moving house can be one of the most stressful experiences of peoples lives, but buying a new home rather than an older property can help to cut the stress levels according to SmartNewHomes.com, the UKs leading new homes website.

  • Britannia launches 10-year fixed rate mortgage

    21 Oct 2005

    Britannia has today launched a ten-year fixed rate mortgage at 4.89% with up to 95% LTV. The product will involve a 399 arrangement fee, and an administration fee of 100 will also apply.

  • Britannia launches anti-racism campaign

    20 Oct 2005

    Britannia has teamed up with Stoke City FC to raise awareness of racism that still exists in the sport.

  • Brokers say business levels are on the up

    19 Oct 2005

    Results from BM Solutions' latest 'One Specialist' survey give encouraging findings for the industry, as brokers forecast growing business levels.

  • CACI offers online mortgage data

    20 Oct 2005

    From today, CACI is offering financial services institutions the chance to access vital intelligence on mortgages, savings and current accounts via theInternet.

  • Cash bonanza for c2 customers

    17 Oct 2005

    c2 financial is to hand a large proportion of its income back to consumers across most of its sub-prime range.In addition to the proc fees paid to intermediaries, c2 will also pay 0.75% to the consumer in the form of cashbacks and free valuations.David Wylie, managing director of c2, says: "Costs are firmly under control here and we are operating more efficiently than ever. This has allowed us to look at the value we can add for brokers and their customers."With cashbacks ...

  • Chelsea extend links with L&G

    20 Oct 2005

    Chelsea is the first building society or bank to adopt Legal & Generals expanded single point of sale system, Online Protection.

  • Chelsea introduces two year fixed rate mortgage

    20 Oct 2005

    Chelsea has announced the introduction of a two year fixed rate mortgage, available from October 19 2005.

  • Citizens' Advice backs FSA insurance review

    18 Oct 2005

    Following the Citizens Advice Bureaus recent report on the selling of payment protection insurance, Select & Protect has backed the Financial Services Authoritys review of PPI and its bid to improve standards. Bruce Reid, managing director of Select & Protect, says: Payment protection insurance is sold to borrowers to offer peace of mind and reassurance that repayments will be covered if they fall on hard times.

  • CML figures show 4.3% increase in mortgage lending

    20 Oct 2005

    Gross mortgage lending increased by 4.3% to an estimated 28.1bn in September, up from 26.9bn in August, according to the latest data from the Council of Mortgage Lenders.

  • Commercial loan terms extended

    17 Oct 2005

    State Securities is extending the maximum terms of its commercial mortgage range as part of its continued growth strategy.The extension means commercial mortgages will be available over a term of up to 25 years, giving borrowers the option to reduce their monthly repayments by spreading them over a longer loan term.

  • Confidence in housing falls

    17 Oct 2005

    Confidence in the housing market has fallen for the first time in eight months despite recent increased activity, research from The Woolwich reveals. Confidence was static for four months but fell by 1% in September with 48% of home owners expecting their property to rise in value over the next 12 months.

  • Council Tax Bill

    17 Oct 2005

    The Council Tax Bill has been published by the Office of the Deputy Prime Minister. This follows the announcement on September 20 that the government had extended Sir Michael Lyons' inquiry into local government funding.

  • Coventry appointment

    17 Oct 2005

    Coventry has appointed Richard Field as head of communications. Field previously worked at Barclays for 10 years, taking a number of senior internal communications roles within its retail, small business and premier business units.

  • Coventry revamps broker website

    17 Oct 2005

    Coventry has revamped its intermediary website and introduced a facility that allows brokers to track their own procuration fees.The improved website is designed to offer introducers easy access to the society's lending policy and products and also features a secure area offering the facility for them to obtain a credit scored application in principle for their client, complete the Key Facts Illustration and make the mortgage application online.Personal case tracking is available ...

  • Curriculum Vitae - Roger Brown

    17 Oct 2005

    "I support Oxford United - and there is no cure"

  • Danger of housing shortfall

    17 Oct 2005

    Only three in 10 of today's 10 year olds will be able to afford their own homes unless house building increases, says the Office of the Deputy Prime Minister.By 2026 the proportion of 30-something couples able to afford to buy is set to fall to about one-third compared with a half today and two-thirds in the late 1980s, if the country carries on at the current building rate.ODPM figures show that unless more new homes are built, tomorrow's 30 year olds will be denied the opportunity ...

  • David Ford joins board of xit2

    17 Oct 2005

    xit2 has appointed David Ford to the board of the Conveyancing Portal, an automated database linking lenders and conveyancing solicitors. Data is distributed in real time ensuring all parties have synchronised information.Prior to joining xit2 in April last year as senior manager, Ford worked for the Bank of Ireland Group for eight years holding a number of positions including product development manager, marketing manager and national account manager for Bank of Ireland Mortgages.

  • Dear Delia

    17 Oct 2005

    My client is employed in his family gardening business on a basic salary of £25000 but he has recently gone part-time to build his own garden design business. He now only gets £15000 from the family business but he has made £20000 from his own business which was set up 12 months ago. He would like to buy his first property and has a £30000 inheritance he wants to put toward a £145000 flat he has found. What are his options?

  • e.surv reports rise in market activity

    17 Oct 2005

    e.surv has reported that September saw the highest volumes of instructions for the last 12 months.

  • Easier to use form for consumer credit licences

    18 Oct 2005

    The Office of Fair Trading has launched an easier to use form for businesses applying for, renewing, varying or notifying changes to their consumer credit licences.

  • em- roadshow heads North

    18 Oct 2005

    em- is taking its roadshow to Newcastle upon Tyne and Leeds.

  • Endowment policy holders missing out

    18 Oct 2005

    The Association of Policy Market Makers is today cautioning that endowment policyholders are missing out every single day by cashing in their policies with life offices.

  • Equifax sponsors UK Identity Fraud Summit

    19 Oct 2005

    Equifax, a leading provider of fraud prevention solutions, is sponsoring the UK Identity Fraud Summit 2005 together with Business Forums International.

  • Fees slashed

    17 Oct 2005

    Nationwide has slashed the reservation fee on its five and 10-year fixed rate mortgages. The fees dropped from 389 to 199 to encourage home owners to fix their payments for longer.

  • Fewer networks serve the same ARs

    17 Oct 2005

    Though the number of ARs has remained pretty static the FSA web register shows the number of networks is falling - a trend that seems likely to continue, says Richard Griffiths

  • Flood defences

    17 Oct 2005

    The Environment Agency says millions of UK homes are at risk of flooding. The Royal Institution of Chartered Surveyors supports the idea of encouraging home owners to minimise damage in the event of a flood. Tight resources mean proper maintenance of flood defences by the Agency are under threat. RICS believes there should be an overarching body for water management.

  • Football a turn-off for buyers

    17 Oct 2005

    Football may be the national game but it's a big turn-off for home buyers, a survey by Propertyfinder. com reveals.For the best valuations, cricket and tennis venues are the best. Famous cricket grounds are estimated to add 3.3% to property prices nearby. A property close to Lords cricket ground in London could be worth 2.8%, or 14,500 above the average 520,025 property in Westminster.And being within two miles of Wimbledon adds about 20,000 to the 293,238 average property price ...

  • Forms upgraded

    17 Oct 2005

    Over 100 full mortgage and AIP application forms on Trigold have been upgraded to next generation forms using Focus Business Solutions' XML toolkit, goal:technology.

  • Friend quits Opus to move closer to home

    17 Oct 2005

    Kevin Friend, formerly director of sales at Scotland-based Opus, has left to pursue other opportunities.He joined the firm as sales director at the beginning of 2004, having helped set up The Mortgage Intermediaries' Alliance Scotland with Colin McCallum. Opus was part of MIAS.Friend cut his teeth in the financial services industry at The Mortgage Operation, which he helped set up with Frank Butler and Mortgage PLC's Trevor Pothecary in 1993. In 1999 he helped set up emfinance.com ...

  • FSA approved persons proposals are flawed says CII

    21 Oct 2005

    The Chartered Insurance Institute has opposed Financial Services Authority proposals to remove customer controlled functions from the regulatory regime.

  • FSA reforms its enforcement process

    20 Oct 2005

    The policy aimed at making the Financial Services Authority's enforcement process more transparent and fair takes effect today.

  • FTBs only have to wait for prices to fall

    17 Oct 2005

    Over recent weeks it's been interesting to watch the debate in respect of the stuttering housing market and specifically the paucity of first-time buyers.

  • Fund will focus on Olympic sites

    17 Oct 2005

    Rugby Estates is planning to set up an Olympic property fund for land and properties in London's East End.Over the next three years the property and asset management group plans to acquire up to 200m of industrial, commercial and residential assets throughout east London into Essex and south Suffolk for development in time for the 2012 games.Since London secured the Olympic bid in July, estate agents have reported a significant rise of applicants expressing an interest in buying ...

  • GE Money Home Lending expands second mortgage team

    21 Oct 2005

    GE Money Home Lending has significantly expanded its second mortgage sales force.

  • GE Money introduces refinance facility for members

    18 Oct 2005

    GE Money Home Lending, has introduced a new refinance facility exclusively for its existing igroup mortgage customers.

  • Get-rich-quick property clubs could be regulated

    17 Oct 2005

    The Financial Services Authority has proposed plans to tighten regulations involving property investment clubs.Some clubs have come under fire recently for holding get-rich-quick seminars that attract inexperienced investors and can cost them thousands of pounds.The proposed regulations would mean clubs that do not exercise day to day control over the management of properties could fall under the FSA's remit. They would be classed as collective investment schemes and therefore ...

  • Getting ready to meet the HIP challenge

    17 Oct 2005

    With so much regulatory change to deal with, managers should not forget an equally significant area of government intervention - Home Information Packs.

  • GM considers GMAC sale

    18 Oct 2005

    Shares in General Motors have risen by 11% after the company revealed it is considering selling a controlling stake in its financing, mortgage and insurance business, General Motors Acceptance Corp.

  • GMAC-CM appoints real estate vice president

    20 Oct 2005

    GMAC Commercial Mortgage Europe has appointed Steve Machin as vice president of the UK real estate finance team, based in Norfolk House, St. James Square.

  • GMAC-RFC launches cascade service

    17 Oct 2005

    GMAC-RFC has launched a cascade service covering mortgages in the mainstream, self-cert, buy-to-let and sub-prime sectors.Research by the lender suggests some 15% of mainstream deals and 20% of self-cert mortgage applications are initially declined. A quarter of mainstream declines and one-third of self-cert declines are due to adverse credit, highlighting the need for a product range midway between mainstream and sub-prime.This means brokers and therefore consumers have a wider ...

  • GMAC-RFC reports biggest week of 2005

    21 Oct 2005

    GMAC-RFC reports its biggest week of 2005, with a record number of weekly applications.

  • Government failing to protect consumers over credit

    21 Oct 2005

    The Government is failing to protect consumers fully with its Consumer Credit Bill, which begins its second reading in the House of Lords on Monday 24 October, credit information expert checkmyfile.com has warned.

  • Government tax proposal 'flawed' say RICS

    17 Oct 2005

    The Government's proposals on land tax reform are 'seriously flawed' says a Royal Institute of Chartered Surveyors report.

  • Haresnape to leave RBS

    19 Oct 2005

    Charles Haresnape is to leave the Royal Bank of Scotland this Friday as director of NatWest Mortgages.

  • HBOS unveils plans for charm offensive

    17 Oct 2005

    HBOS is planning a major charm offensive over the next 12 months that will see BM Solutions pay advisers for further advances, TMB attack the packaging market through new products and better proc fees and Bank of Scotland concentrate on the high net worth lending market.

  • Health check

    17 Oct 2005

    The FSA has already found fractures in the critical illness sector and radical treatment will be needed to restore it to good health, says Simon Burgess

  • HIPs could increase risk says Fitch Ratings

    18 Oct 2005

    Fitch Ratings warned today that government's plans for the introduction of Home Information Packs could result in increased risk in the housing market for buyers and lenders, as well as investors in residential mortgage backed securities.

  • HIPs heat up energy debate

    18 Oct 2005

    National Energy Saving Week, which starts on October 24, is set to fuel discussion about how consumers can cope with oil and gas price increases. The Energy Saving Trust estimates that households can already slash bills by 250 a year by adopting energy saving measures such as efficient installation, but potential savings could soon explode as our energy supplies become ever more depleted. The UK is due to become a net importer of gas next year, and of oil by the end of ...

  • Home buyers ready for factory built homes

    18 Oct 2005

    Over one third, 38%, of home buyers would consider buying a factory built home according to research carried out by SmartNewHomes.com.

  • House prices fell again last month

    17 Oct 2005

    After several months looking as if a recovery was on the way, the property market is suffering again with average house prices down, data from SmartNewHomes.com reveals.The average price of a new home in September was 255,916, down 5.3% since the same month last year. This is the sixth consecutive month of negative annual price inflation and represents a sharp decrease on last month's average price, down 2.3%. Prices are also down an average 2.1% as compared with the last quarter ...

  • House prices rise at slow pace

    17 Oct 2005

    The Office of the Deputy Prime Minister says August house prices rose 2.8% over a year ago, compared with a rise of 4% in July. This pace of house price inflation is the slowest in over nine years since a rise of 1.1% was seen in Q2 1996.

  • ING mortgage to launch next year

    17 Oct 2005

    ING Direct has confirmed it is considering launching a mortgage product in 2006.For over a year there have been a number of rumours circulating that the Dutch-owned organisation was setting up a mortgage arm. The company has finally confirmed that while several products are up for consideration, the front runner is now a mortgage.A spokeswoman for ING Direct says: "Before launching a mortgage we will consult customers as we want to offer a product that shares the open, honest ...

  • Insurance companies not FSA complient with disclosure documents

    18 Oct 2005

    A survey by the Financial Services Authority has found that many insurance companies are not yet fully complying with FSA rules on the provision of disclosure documents to customers. The work involved reviewing the content and format of more than 100 policy summaries and Key Facts documents for motor, household, critical illness, income protection and other types of general insurance. A key focus of the review was on the appropriateness, prominence and clarity of significant ...

  • Intermediaries split in views about mortgage market

    19 Oct 2005

    Mortgages plc and Mortgage Promotions have announced the results of their joint MarketView September 2005 survey, which shows that mortgage intermediaries are evenly split in their views about the health of the mortgage market.

  • Internet Insite

    17 Oct 2005

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

  • It's time sourcing systems were made accountable

    17 Oct 2005

    From Simon Mouncher We are now firmly into the world of regulation whereby the FSA makes sure customers are treated fairly. em-financial has embraced this and we recently offered free valuations on our sub-prime branded products.One of the knock-on effects was that it made every one of these products an exclusive on Trigold and we saw our bill exceed 5,000 per month. For 5,000 per month surely we'd get excellent service and support? Wrong- we have to do all the work.Not ...

  • Kensington's online facility commended by brokers

    21 Oct 2005

    Kensingtons online facility has been commended by intermediaries for its innovative ways of producing applications, decision in principals and key facts illustrations.

  • L&C launches offset deal

    19 Oct 2005

    London & Country, the leading no-fee mortgage broker, is launching an offset deal with an initial rate of just 4.69%.

  • Landlords united

    17 Oct 2005

    The National Landlords Association and the Dorset Residential Landlords Association have come together in a step towards providing a more coherent and unified voice for the private rented sector.

  • Last chance to win 250 of vouchers

    18 Oct 2005

    Mortgage intermediaries have only two days left to be entered into Pink Home Loans prize draw to win 250 worth of vouchers.

  • Learning to love complaints handling

    17 Oct 2005

    We live in an increasingly consumer orientated society and our customers have more information than ever before at their fingertips. Mortgage information can be sourced via websites, listings magazines and financial pages in the daily press. But as I have alluded to in this column before, this does not necessarily mean more educated customers - more likely more confused consumers.

  • Leeds launches its first Euro mortgage

    18 Oct 2005

    In response to the increasing demand for Spanish holiday or second homes for retirement or permanent residence, Leeds has launched its first ever Euro mortgage.

  • Leeds organise varsity day

    19 Oct 2005

    Leeds society has helped to organise a varsity day for students from Leeds Metropolitan University and the University of Leeds where the students displayed their talents to the full.

  • Lender KFIs are brokers' bugbear

    17 Oct 2005

    The Association of Mortgage Intermediaries' September Mortgage Intermediary Census reveals that obtaining Key Facts Illustrations from lenders is the most significant problem facing brokers. Respondents also highlight the cost of compliance as a threat to business.

  • Lenders target women with adverts

    17 Oct 2005

    Lenders are starting to target the female market through advertising, say industry figureheads.With 23% of all mortgage applications being made by women, lenders are starting to home in on what is seen as a largely untapped market.Judith White, sales manager at First National, says 20 years ago it was not seen as a woman's role to seek advice on financial matters and a wife's income was virtually ignored.But nowadays many women outshine men in terms of salary and are starting ...

  • Lending Solutions acquires estate agent

    17 Oct 2005

    Lending Solutions, the owner of Your Move estate agents and e.surv chartered surveyors, has bought Reeds Rains Estate Agents for a reputed 22m.The acquisition by the residential property services group is the latest move in the consolidation process taking place in the house buying industry in preparation for the introduction of Home Information Packs in 2007.From January 2007 sellers will have to provide property valuation and structural surveys to buyers, and estate agents ...

  • Lending Strategy to be launched next year

    17 Oct 2005

    Centaur Communications, publisher of Mortgage Strategy, is delighted to announce the appointment of John Murray as editor of a new publication for the lending industry.Lending Strategy is a monthly publication launching in the new year. Publisher Patrick Ponsford says: "It is vital with any launch to appoint an editor with credibility and respect in the marketplace and John Murray has this in spades."His experience in the lending industry and as editor of Mortgage ...

  • Limited interest in SIPPs

    17 Oct 2005

    Investing in residential property through a self invested personal pension will only be of interest to few people, Landlord Mortgages claims. Managing director Lee Grandin says: "It is too costly for most people so I don't think SIPPs will have the monumental effect on the property market some are predicting."

  • Loanoptions.co.uk appoints sales director

    20 Oct 2005

    Loanoptions.co.uk, the Cheshire based secured loan specialist, has announced the appointment of Trevor Tait as sales director.

  • M2-mortgage club launches product with N&P

    17 Oct 2005

    m2-mortgage club and Norwich and Peterborough have joined together to launch a competitive fixed rate product.

  • Market Watch

    17 Oct 2005

    It was a mixed week for swap rates. Initially they fell significantly but then edged back up.One-year money is down 0.04% at 4.50% Two-year money is down 0.01% at 4.48% Three-year money is up 0.01% at 4.53% Five-year money is up 0.01% at 4.57%Last week was a busy one for rate changes, though I don't think recent moves in swaps were behind this. I reckon the changes were driven by lenders trying to preserve service levels coming under ...

  • Met launches initiative to crack down on fraud

    17 Oct 2005

    The Metropolitan Police Service and money transfer provider Western Union have joined forces to launch an initiative to crack down on high volume fraud.The initiative, which is supported by the Association of Chief Police Officers, aims to cut down on the 1bn lost every year through fraud.Operating under the umbrella of Operation Sterling, the MPS' economic and specialist crime directorate has identified a growing threat to the British public. High volume fraud is the generic ...

  • MEX announces appointment of head of mortage distribution

    20 Oct 2005

    Mortgage Express today announced the internal appointment of Tim Sturley as head of mortgage distribution.

  • MI B2L exclusive

    17 Oct 2005

    Mortgage Intelligence has secured a buy-to-let exclusive with a 4.5% fixed rate for three years and no arrangement fee. At the end of three years, the rate reverts to base rate plus 1.5% for a further two years. At the end of the fix there is a two-year redemption with a discount, so it reverts to a standard base rate plus 1.5%.

  • M-Next looks to recruit more staff

    17 Oct 2005

    Mortgage Next has appointed a number of key figures and is looking to add more staff as a result of a recent strategic review. The group conducted a review with a packaging company to ensure it delivers good service to appointed representatives and brokers via both Mortgage Next Network and Mortgage Next Limited.

  • Money Partners joins AMI

    19 Oct 2005

    Specialist lender Money Partners has announced it has joined the Association of Mortgage Intermediaries as an associate member.

  • Moneyfacts responds to increased mortgage competition

    18 Oct 2005

    Moneyfacts has responded to the launch of Barclays fee free fixed rate deals.

  • More cover

    17 Oct 2005

    Paymentshield has added home emergency cover and legal expenses cover to its building and contents insurance products. Both additions are free to new policy holders for 12 months from the policy start date.

  • Mortgage Club appoints Beech Introducers to its panel

    20 Oct 2005

    Mortgage Club APS Europe has appointed Beech Introducers to its panel to give intermediaries access to its range of secured loans.

  • Mortgage for Business offers two buy-to-let products

    20 Oct 2005

    Mortgages for Business is offering a 4.69% five year fixed rate buy-to-let mortgage.

  • Mortgages plc lending activity 92% up

    19 Oct 2005

    Mortgages plc, the UK residential lender and wholly owned subsidiary of Merrill Lynch, has increased the volume of lending written via the Regulatory Alliance of Mortgage Packagers by 92% over the past 12 months.

  • MT appoints business development manager

    18 Oct 2005

    Mortgage Trust, the specialist buy-to-let lender has appointed Julian Miller as business development manager with immediate effect.

  • Mutuals get in on the online game

    17 Oct 2005

    The Electra online system from Norwich and Peterborough is available to other societies, meaning even the smallest mutuals can now provide e-commerce functionality, says Frank Eve

  • N&P trackers

    17 Oct 2005

    Norwich and Peterborough has launched two tracker mortgages and made a number of improvements to its existing mortgage range available in the UK and Gibraltar.Most of N&P's fixed rates will be cut by between 0.10% and 0.20%.

  • Nationwide raises MPPI premiums

    17 Oct 2005

    Nationwide has increased the premiums on its mortgage payment protection insurance. For 12 months' cover, accident, sickness and unemployment has increased from 5.39 to 5.89, accident and sickness has increased from 2.79 to 3.29, and unemployment has gone up from 3.66 to 4.19 per 100 insured.For 24 months' cover, accident sickness and unemployment has gone up from 6.47 to 6.99, accident and sickness has risen from 3.57 to 4.09, and unemployment has increased from 4.54 to 4.99 per ...

  • Nearly half of population would consider lifetime mortgage

    17 Oct 2005

    Prudential opens its Prudential Property Value Release Plan today, as research reveals that customer confidence in lifetime mortgages is high

  • Nervous times

    17 Oct 2005

    With just one week to go until the annual MBA convention and expo, the largest gathering of mortgage bankers in the US, Paul Muolo says the good time for the US mortgage market could soon come to an end following the impact of Hurricane Katrina

  • Nick Robinson tipped for the top

    17 Oct 2005

    Nick Robinson, managing director of Intelligent Finance has been tipped to be one of the UKs top industry leaders in 2015.

  • Non-compliant advertising on the rise

    20 Oct 2005

    Research undertaken by Mortgages PLC has revealed an increase in the level of non-compliant mortgage advertising taking place this year.

  • Not enough homes insured against the elements

    19 Oct 2005

    As the nights are drawing in and the weather gets colder, HSBC Bank is warning householders to ensure they have adequate home protection ahead of what is predicted to be one of the coldest winters for ten years. As an incentive, HSBC is offering a 12.5% discount on new applications received prior to December 30 2005.

  • Offset market could double

    17 Oct 2005

    The offset market has the potential to double in size in the next 10 years if it is not overlooked, says Intelligent Finance.Offset products only represent 10% of the market at the moment but Nick Robinson, managing director of Intelligent Finance, says there is scope for that to double, potentially saving borrowers 370 a year.Robinson says that one in four households looking for a mortgage would be better off on an offset and that this could result in nationwide savings of ...

  • Online chat room for brokers to be set up

    17 Oct 2005

    Brokers will soon be able to share their experiences of lenders with other intermediaries in an online chat facility.Jason Hegarty, a sole broker and mortgage adviser at Leiston Mortgage Centre, has founded 1BigTable.co.uk to provide a research facility and online community for mortgage intermediaries.Hegarty is hoping the site's facilities will help raise standards within the industry,He says: "There's nothing like this at the moment."Advisers tend to get into a comfort ...

  • Optoma extends range through Trigold

    17 Oct 2005

    Optoma Broker Solutions has extended its service offered through the Trigold system, by offering key features documentation on all of its exclusive products, available for download.Optoma currently has more than 650 exclusive products listed on Trigold, including the Kensington 1,000 cashback products. Andrew Seymour, chairman of Optpma, says: Our range of exclusives has never been stronger and it is essential that we get them out to the entire market.

  • Outsourcing contracts shrink says TPI

    18 Oct 2005

    Technology Partnerships International says that many companies are awarding smaller outsourcing contracts because of increased use of offshore locations.

  • Over 650,000 homes empty in UK

    17 Oct 2005

    Research by Halifax, using data from the Office of the Deputy Prime Minister, shows that there were 689,675 empty homes in England during 2004/05, 3.2% of the total English dwelling stock.

  • Paaleads is proud of forming long-term relationships

    17 Oct 2005

    From Vanessa Blount I'd like to take this opportunity to respond to Christopher Platt's letter in the October 3 edition of Mortgage Strategy. Paaleads.com prides itself on forming lasting business relationships with its members based on honesty and communication from the initial call through the lifecycle of the leads account. Part of this culture is that every member receives a call from our post-sales team as we understand internet generated leads are different from ...

  • Pay the regulator a site visit soon

    17 Oct 2005

    Familiarise yourself with the complicated layout and menus of the FSA website early on and you could save yourself time and frustration in the long run, says Bill Warren

  • Pensioners claiming Council Tax benefits to get help

    20 Oct 2005

    A three-page form to help pensioners claiming help with Council Tax has been launched by James Plaskitt, minister for benefits, today.

  • Pensions seminars

    17 Oct 2005

    From October to December the Personal Finance Society will hold a series of half-day technical seminars on pensions planning pre and post-A-Day. The courses will look at opportunities in advising clients in the run-up to April 6 2006 and afterwards. Tutor Mike Morrison, pensions strategy manager at Winterthur, will lead advisers through investment opportunities, retirement planning, business opportunities and transitional arrangements.

  • PFS introduces affinity benefits package

    20 Oct 2005

    The Personal Finance Society has introduced an affinity benefits package designed to provide enhanced access and exclusive discounts to a range of lifestyle and business services for its members.

  • Phone group poised to enter industry

    17 Oct 2005

    The Caudwell Group, owner of phone retailer Phones 4 U, is gearing up to launch into the mortgage market.The group has appointed a group director of mortgages who will soon start work on developing existing lifestyle products.David Ginivan, spokesman for the Caudwell Group, says: "Nothing has been decided yet. We do have a director of mortgages starting but it's not known when. They will help develop the group's existing lifestyle products. We are not ruling anything out but ...

  • Pink exclusive

    17 Oct 2005

    Pink Home Loans has launched a shared exclusive buy-to-let lifetime tracker product funded by BM Solutions. The product offers a rate of 4.89% for the life of the mortgage and rental payment is calculated on an interest-only basis.

  • PISCES holds HIP forum to support ODPM plans

    21 Oct 2005

    An urgent conference to help the residential sector plan for the launch of Home Information Packs is to be hosted on November 8 by the Property Information Systems Common Exchange Standard.The event - entitled "Taking the Pain out of HIPs" - is designed to highlight the need for a single data standard as the HIPs deadline approaches.Speakers at the event will include Cathy Cant, HIP programme manager at the Office of the Deputy Prime Minister; Nigel Payne, managing director ...

  • Platform adds online ID facility

    17 Oct 2005

    Platform has added an electronic identification facility to its online tool clickdecision.Clickdecision will now automatically check the identity of mortgage applicants rather than relying on the cumbersome gathering of paper documentation by the intermediary or solicitor.The Britannia subsidiary says this will put to an end lengthy documentary evidence procedures for brokers and their clients.On an approved decision, if the ID is verified, no further information will be ...

  • Platform unveils fixed rates on specialist deals

    17 Oct 2005

    Platform has launched a range of fixed rates across its self-cert, buy-to-let and sub-prime products.The Britannia subsidiary's move follows the launch of a product range in July with clickdecision.The online decision facility has seen Platform double its new business volumes and receive over 40,000 decisions online, of which over 80% have been approved.It has also launched a two-year fixed rate self-cert special available to 85% LTV at 4.95% with no early repayment charge.Guy ...

  • Post regulation, business costs are up says research

    20 Oct 2005

    Mortgage intermediaries in the UK are facing increased costs as a result of FSA regulation, with the majority looking to adopt new technology and business process solutions as a result, research from Marlborough Stirling and Trigold reveals.

  • Preferred launches two and three-year fixed rates

    21 Oct 2005

    Preferred has launched two and three-year fixed rates offering sub-prime customers the security of a competitive rate, with no extended tie in.

  • Pressure pays as lenders cut times to completion

    17 Oct 2005

    It's time once again to again to look at the performance standards of the main lifetime mortgage providers.

  • Prices rise

    17 Oct 2005

    The Halifax House Price Index highlights an increase in house prices in September but a house price inflation rate lower than the same time last year. Martin Ellis, chief economist at Halifax, says: "House prices rose 1.2% in September and 1.8% in the third quarter."

  • Promotions group to work with FSA

    17 Oct 2005

    The Financial Promotions Action Group intends to work with the FSA towards a market-based solution to the regulation of product marketing.FPAG held its inaugural meeting recently, attended by firms from a cross-section of financial services. Chris Atkinson, manager of strategy and communications in the financial promotions department at the FSA, says the FSA's "doors are open" to representations.

  • Protecting your home from the winter elements

    21 Oct 2005

    The Royal Institution of Chartered Surveyors is advising people to prepare their homes for winter and stop the predicted harsh weather from taking its toll on their property, heating and maintenance bills.

  • Pru letter does not invite remortgaging with Halifax

    17 Oct 2005

    From Steve Colton I read with interest the letter from Dave King of ASK Financial Management (Mortgage Strategy October 10) headlined 'Endowment letter from Pru refers clients to Halifax' and the related news article, 'Pru accused of non- compliance'. We believe these misrepresent our position in that they infer Prudential is 'inviting' policyholders to remortgage with the Halifax, which is not the case. We are writing to those customers projected to be most at risk of an ...

  • PYV negotiates improved rates for MIs

    19 Oct 2005

    PYV, the professional indemnity insurance broker for mortgage intermediaries, has negotiated new improved rates for mortgage intermediaries with St. Paul Travelers.

  • RAMP adds to compliance team

    20 Oct 2005

    RAMP has appointed Alan Lee to its compliance team.

  • Readers prefer BM Solutions deal to BoS tracker

    17 Oct 2005

    Most Mortgage Strategy Online readers say they would rather use BM Solutions' 3.75% two-year rate product than Bank of Scotland's large loan tracker, with 62% voting in favour of the BM Solutions product.BM Solutions launched a batch of mainstream products last week in the wake of the departure of a number of key figures from the group.Just 38% of readers say they would continue to use the deal offered by Bank of Scotland.This week Mortgage Strategy asks: Is ...

  • Regulation should extend to others in the protection chain

    17 Oct 2005

    From Steve Newman The FSA has the regulation of the mortgage and life industries nicely tied up - or does it? Regulation is in place to ensure we exercise a duty of care when advising customers about the risks of taking on a mortgage commitment. Best advice is to ensure that life and critical illness policies are recommended where appropriate. Demands and needs documents are issued to explain to the customer why we recommend they protect themselves and their families. A ...

  • RICS predicts rise in house prices

    18 Oct 2005

    Chartered surveyors are predicting a rise in house prices for the first time in 18 months.

  • Royal London adds to board

    17 Oct 2005

    Royal London has appointed Trevor Bish-Jones, chief executive of Woolworths Group, to its board as a non-executive director

  • Same sex couples not discriminated by Paymentcare PPI

    18 Oct 2005

    Paymentcare has ended the inequality suffered by same sex couples by offering an addition to its Payment Protection Insurance policies that pay out for carer cover when a partner requires full time care due to illness. All Paymentcares policies offer carer cover and hospitalisation as an extra benefit at no extra cost for couples that live together. Shane Craig, managing director of Paymentcare, says: Until now, same sex couples have been discriminated against by insurers, ...

  • Scarborough announces senior appointments

    19 Oct 2005

    Scarborough has made a number of senior appointments as part of its period of development and growth.

  • Second homes boom predicted

    17 Oct 2005

    Research by financial marketing specialist Teamspirit shows the self invested personal pension provision is likely to cause an increase in the number of people purchasing second homes.

  • Second rate insurance cover for renters a thing of the past

    19 Oct 2005

    Despite the recent slump in house growth prices, more and more people, typically 20 and 30-something professionals, are now living in rented accommodation as they try to get their first step on the property ladder.

  • Self-cert offer from Capital

    17 Oct 2005

    Capital Home Loans is offering free valuation on its 90% LTV self-certification tracker mortgage.The base rate plus 0.74% tracker allows borrowers to save up to 465 on valuation costs and gives borrowers a 0.5% discount until December 31 2007.Mike Healy, head of sales at CHL, says: "This must be one of the top self-cert trackers on the market. The free valuation up to 500,000 will be the clinching factor for many borrowers given that there aren't any other products that offer ...

  • Sharman appointed BDM at Southern Pacific

    17 Oct 2005

    Southern Pacific Mortgage has appointed Carla Sharman as business development manager for the South of England, including Surrey, Sussex and Kent reporting to regional manager, Andy Williams.

  • Spare time: how do you spend yours?

    19 Oct 2005

    GMAC-RFC reports that its online system POSD is helping intermediaries spend more time making their businesses more efficient.

  • Specialist lending module launched

    17 Oct 2005

    The Institute of Financial Services has opened registration for its Alternative Residential Lending module.The ARL module forms part of the recently launched Advanced CeMAP qualification and gives candidates greater flexibility in their specialist area. The module covers the advice process for a range of alternative lending products such as sub-prime, Right to Buy, self-build, equity release, borrowing to buy foreign property, buy-to-let and buying property as an investment in a ...

  • SPML appoints Midlands BDM

    17 Oct 2005

    Southern Pacific Mortgage Limited has appointed Iain Vaughan as business development manager for the Midlands region.Vaughan joins from Your Move in Birmingham.

  • Sub-prime scandal warning

    17 Oct 2005

    Cartel managing director Carl Wright is warning the sub-prime market is in crisis and runs the risk of becoming the next big mis-selling scandal.He says the recently announced Financial Service Authority investigation into the market will discover that a significant number of brokers are wrongly advising clients to take out sub-prime mortgages when 50% of them could take out a near prime mortgage.Wright says: "A significant number of intermediaries are putting customers onto ...

  • Sunday Times sponsor OPPLive 05

    18 Oct 2005

    OPPLive 05, the first business to business exhibition for the overseas property industry, is pleased to announce the involvement of the Sunday Times. The newspaper is joining OPPLive as sponsors of the exhibition, alongside Travelex, which will take place on the 8th and 9th December 2005 at Alexandra Palace, London.

  • Tailors to take Mortgage Expo by storm

    20 Oct 2005

    Mortgage Business Expo has teamed up with image consultants Dress2kill for the London Expo on November 16 and 17 2005.

  • Taylor's Tour.....

    17 Oct 2005

    Henry Taylor's day job is running a mortgage broking business in Eastbourne on the south coast of England, when not taking part in the Seat Cupra Championship

  • The ambulance chasers will soon switch their attention to brokers

    17 Oct 2005

    From Dave Rogers I met some friends a few days ago for a bite to eat and some mortgage advice. I would describe them both as of average intelligence (or highly intelligent if they read this) and had an idea. Having produced the usual report to the best of my ability I set my friends the task of sourcing their own mortgage from the internet prior to handing the report over to them. The good news is that I managed to save them 10 per month and about 100 in fees. The bad news though ...

  • The Famous Five will have to do their homework

    17 Oct 2005

    The famous Five who quit HBOS will have to undertake meticulous research and preparation if their new lender is to launch successfully, Money Partners CEO Colin Sanders says.Earlier this month HBOS head of specialist lending Michael Bolton spearheaded a walkout from the group followed by Alan Cleary, sales director at Halifax Intermediaries, John Nixon, director of operations at BM Solutions and The Mortgage Business, and Rob Williams and Mark Smith, head of underwriting and head ...

  • The latest scapegoat for boozing Brits

    17 Oct 2005

    High house prices have been blamed for many things - non-entry into the euro, declining birth rates, slowing social mobility - but apparently it's also why young people are knocking back the Barcardi Breezers.

  • The Mortgage Mole

    17 Oct 2005

    HEAVE TWO Mole was fed to the fishes last Monday as Mortgage Strategy played host to our annual fishing trip. Now in its third year, the Loan Shark reunion proved to be popular, well, at least to those who managed not to be sick. Mole wouldn't have blamed Iain Williamson and Dave Horsman from BM Solutions for feeling a little green around the gills considering all that's been happening in their neck of the woods recently. But it was the choppy waters rather than work ...

  • The vital statistics of breast cancer

    17 Oct 2005

    This is Breast Cancer Awareness month, which aims to raise awareness of the risk of suffering from breast cancer. It also aims to raise awareness of the disease among health professionals and to raise funds for research.

  • True online binding decisions make for better service

    17 Oct 2005

    From Jeff Knight Reading about other lenders' service problems shocks me. Given the technology that exists, intermediaries should not be subjected to lenders' blowing up and giving poor levels of service. It's not good for intermediaries or their clients. But if more lenders offered true online binding decisions this would not happen. For example, over the past two years we have doubled our business without any disruption to service because of the efficiencies of our online ...

  • Uncovering the property trap

    17 Oct 2005

    The Joseph Rowntree Foundation says over 1.25 million younger households in England, Scotland and Wales have incomes too high to qualify for Housing Benefit if living in social rented accommodation but too low to afford a mortgage on even the cheapest homes for in their areas.

  • Us little guys need good BDMs too

    17 Oct 2005

    Online systems can't replace talking to good business development managers but lenders seem to be spreading them so thinly that smaller broker firms are missing out, says Sue Read

  • Welcome to sub-prime, but beware

    17 Oct 2005

    New entrants in the sub-prime sector must understand the complexities involved, but the increased competition should be welcomed by brokers and customers, says John Webster

  • Wesleyan picks MTE as sourcing system

    17 Oct 2005

    Wesleyan Financial Services has selected Mortgage Brain and the Mortgage Trading Exchange as its exclusive mortgage sourcing, point-of-sale and electronic trading solutions provider.The partnership sees Wesleyan exclusively using Mortgage Brain and the MTE to support its 233 financial consultants.Sam Porter, head of sales operations at Wesleyan, says: "We are pleased to have selected Mortgage Brain and the MTE as our partner for providing mortgage sourcing and electronic trading ...

  • What a difference a year makes

    17 Oct 2005

    The Association of Mortgage Intermediaries has come out with some depressing statistics that, if true, show despite regulation having been around for almost a year, both lenders and brokers are still stumbling over the basics.

  • Why it's right to charge a broker fee

    17 Oct 2005

    As if we didn't know, mortgage processing now takes longer and therefore costs more per application than pre-Mortgage Day. The figures from Marlborough Stirling suggest lenders' costs for processing an application have risen by 69%, from 89.67 to 146.49, over the past 12 months.

  • Yorkshire announces appointment of non-executive director

    20 Oct 2005

    Yorkshire has announced the appointment of Simon Turner as nonexecutive director.

  • Yorkshire appointment

    17 Oct 2005

    Yorkshire has appointed Richard Davey as non-executive director.Davey was head of investment banking at Rothschild & Sons for 10 years until his retirement in 1999. He has extensive experience of the financial services sector having run Rothschild's Financial Services Group, working with a number of high street banks and insurers. Davey previously served as a non-executive director on the boards of Freeserve and Scottish Widows Life Assurance.

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