Mortgage Strategy
17 September 2007

  • TFC Homeloans appointment

    17 Sep 2007

    TFC Homeloans has appointed Colin McLaren as head of sales. McLaren has more than 30 years of experience in the mortgage market, having previously held senior executive positions at Hipstar, Halifax, Bank of Scotland and Future Mortgages.

  • £50bn could be wiped off mortgage market

    18 Sep 2007

    Around £50bn could be wiped off the mortgage market as the credit crunch starts to morph from a liquidity crisis to a banking crisis. With funding ever harder to secure, and mortgage debt more difficult to sell on, resources are tight and forcing some lenders to up their rates and tighten criteria. Non-balance sheet lenders like GMAC-RFC, edeus and Mortgages PLC are likely to be already noticing a drop in application numbers, while high street bank Northern Rock has admitted ...

  • 0.5% cut by Fed prompts calls for UK base rate fall

    19 Sep 2007

    The Federal Reserves' decision to cut interest rates by 0.5% - the first in four years - has lead to calls for a similar cut in the UK.

  • 3Mc unveils sub-prime range

    17 Sep 2007

    3mc has launched a range of twoyear sub-prime products with options including cashbacks. Available on both fixed and tracker rates the semi-exclusive deals, in partnership with Scarborough Specialist Mortgages, are available from an initial rate of 5.79%.

  • 52 weeks later

    17 Sep 2007

    What a 12 months it’s been. Technology, regulation and Home Information Packs have been contentious, mergers, acquisitions and staff moves have been plentiful, and then there was the credit crunch, says Leah Milner

  • 95% of Mortgage Times clients would return to the network

    20 Sep 2007

    The Mortgage Times Group says 95% of customers who have used the network’s services in the past 12 months would use it again in the future.

  • A&L to increase variable tracker rates

    19 Sep 2007

    Alliance & Leicester is increasing rates across its variable tracker range.

  • Abbey cuts rates on two-year fixes

    17 Sep 2007

    Abbey is cutting rates on a selection of its two-year fixed rate products by between 0.05% and 0.21% from tomorrow. Nici Audhlam-Gardiner, head of mortgages at Abbey, says: "We change our rates in response to the market."

  • Abbey launches 100% plus mortgage

    19 Sep 2007

    Abbey has launched a new mortgage product that offers borrowers 100% LTV plus a £25,000 secured loan.

  • Advantage overhauls its ranges

    17 Sep 2007

    Advantage has revealed a dramatic raft of rate and criteria changes across its sub-prime, buy-to-let and self-cert ranges as the credit crunch continues to take its toll.

  • Adverse torpedo damage needs fixing

    17 Sep 2007

    The second charge market has been shaken by the withdrawal of Southern Pacific Personal Loans and Kensington Secured Loans. As Kensington admits, there's no appetite for these assets in the capital markets right now.

  • Appointment at technology firm

    17 Sep 2007

    1st, part of the Vertex group and a supplier of integrated technology solutions for brokers, has appointed Gary Williams as its new business development consultant.

  • AVM use on the rise, reveals Hometrack

    19 Sep 2007

    Lenders and investors are increasing their use of automated valuation models as the market tightens its attitude to risk, says Hometrack.

  • B2L specialist plans expansion

    17 Sep 2007

    Bradford-based buy-to-let specialist Housetwo plans to open more that 100 franchise offices across the UK in the next two years to help inexperienced investors make money from property.

  • Basinghall links up with Cobalt

    17 Sep 2007

    Basinghall Finance has unveiled details of a distribution partnership with Cobalt Capital.

  • BBA finds net mortgage lending rose £6.1bn

    20 Sep 2007

    The British Banking Association has released its August 2007 figures that reveal net mortgage lending has risen by an underlying £6.1bn

  • BDS sales appointments

    17 Sep 2007

    BDS Mortgage Group has appointed Jackie Jeffrey and Charles Whitby to its sales team as business development consultants.

  • Bear Stearns reports 61% fall in net income

    20 Sep 2007

    The Bear Stearns Companies has a 61% fall in net income and a 38% fall in net revenues for Q3 2007.

  • Big banks not in peril, says S&P

    18 Sep 2007

    Bradford & Bingley, Alliance & Leicester and Standard life Bank should not be tarred with the same brush as Northern Rock, says Standard & Poors.

  • Blemain adjusts LTVs

    17 Sep 2007

    The Blemain Group is updating a number of products.

  • Blue-sky integration just around the corner

    17 Sep 2007

    Broker demand for slick integrated systems has never been greater.

  • BM Solutions to withdraw 50 products

    21 Sep 2007

    BM Solutions is withdrawing 50 products from its mainstream, buy-to-let, sub-prime, self-cert sub-prime and Mortgage Plus ranges.

  • BoE data shows rising costs

    17 Sep 2007

    The costs of two-year fixed rate deals at 95% LTV rose by 21% from July to August, whereas those at 75% LTV climbed by only 5%, data from the Bank of England shows. Melanie Bien, director of Savills Private Finance, warns: "Lenders can't allow this gap to get much bigger."

  • BoE sets aside 4.4bn for cash-strapped banks

    18 Sep 2007

    The Bank of England has put aside 4.4bn of reserves for cash-strapped financial institutions struggling with short-term liquidity problems.Reports suggest the offer has already been fully taken up by banks, with bids totalling 25.4bn.Only 17.3% of this was allotted. The BoE says this action is being taken to help to offset the disturbance to conditions in the short-term money markets following the announcement of lender of last resort assistance to Northern Rock last Friday morning.

  • BoE to inject £10bn into money markets

    19 Sep 2007

    The Bank of England is to inject £10bn into the money markets in order to bring down three-month LIBOR rates.

  • Borrowers distrust banks due to complexity, says Zopa

    18 Sep 2007

    Zopa cites the droves of customers ignoring reassurance and withdrawing from Northern Rock as an example of how borrowers are more likely to distrust banks because of their opaque and complex nature.

  • BRE accredits 1,000th assessor

    18 Sep 2007

    BRE Certification has accredited the 1,000th member to its scheme for energy assessors and home inspectors.

  • Bridgingloans.com hits 1,000 registrations

    17 Sep 2007

    Bridgingloans.com says 1,000 brokers have registered online since its website launched three months ago.

  • Brits losing out on exchange rates

    17 Sep 2007

    Brits looking to invest overseas could stand to lose over 5,500 euros (£3,735), experts at the Property Investor Show claim.

  • Brokers are weathering credit storm, says Paragon

    20 Sep 2007

    Paragon Mortgages say that intermediaries are handling the highest amount of mortgages in eight years.

  • Brokers can make an extra £16k this year

    18 Sep 2007

    Mortgage brokers need only be creative to boost profitablilty by up to £16,000 in the year ahead, says eConveyancer.

  • Brokers know what's best for clients

    18 Sep 2007

    Networks should leave their appointed representatives to deal with customers the way they see fit because the success of all parties depends on the broker-client relationship, says Sally Laker

  • Brokers need to be kept in the loop

    17 Sep 2007

    If you regularly read the headlines in the mortgage trade press, I suspect you're experiencing a sense of deja vu at the moment. This is because there are only so many ways you can signify that changes are happening at breakneck speed.

  • Brokers quids in from growing commercial sector

    17 Sep 2007

    Commercial mortgage brokers have seen a 43% increase in business compared with last year to £19bn, a members' survey by the National Association of Commercial Finance Brokers has shown.

  • BSA report reveals robust confidence in property market

    18 Sep 2007

    Property investors and home owners would not withdraw from ownership if house prices fell, says a report for the Building Societies Association.

  • BSA reveals drop in gross advances

    20 Sep 2007

    The Building Societies Association reveals gross advances amounted to £4,341m in August compared to £5,582m in August 2006, a significant drop of £1,241m.

  • C&G launch exclusive fixed rates

    20 Sep 2007

    Cheltenham & Gloucester is launching a new range of exclusive fixed mortgage rates available only for applications submitted via its online intermediary service Caseflow.

  • C&G seeks sales director as Champion quits

    17 Sep 2007

    Cheltenham & Gloucester is on the hunt for an intermediary sales director after John Champion stepped down after 20 years' service last week.

  • C&G's management is letting down its excellent staff

    17 Sep 2007

    Heartfelt thanks to the management at Cheltenham & Gloucester for creating such ill-feeling and disillusion in the ranks of the society's staff.

  • Cable points finger of blame at gov and NR fat cats

    17 Sep 2007

    Vince Cable MP has damned the near collapse of Northern Rock as a product of greedy and reckless fat cats and a government caught napping.

  • Carby appointed CEO of Openwork

    17 Sep 2007

    Openwork has appointed Keith Carby as its new chief executive officer.

  • Cartel Marketing faces winding-up petition

    17 Sep 2007

    Cartel Marketing has been issued with a winding-up petition for unpaid debts by Davenham Trade Finance.

  • Cheshire finance director to leave

    18 Sep 2007

    The Cheshire has confirmed that its finance director Andy Russell will be leaving the society next year.Russell will continue in his current role and will be working with the chief executive officer to appoint his successor. This appointment is expected to be made by around 2008.

  • Clients will now ask hard HIP questions

    17 Sep 2007

    The second phase of Home Information Packs' implementation has arrived. On September 10, the loophole that enabled four-bedroom properties to be marketed as three-bedroom houses plus playroom/box room/study was closed.

  • CML reports 6% drop in gross lending

    20 Sep 2007

    The Council of Mortgage Lenders reports a 6% drop in gross lending in August from July.

  • Coming clean on data deficiencies

    17 Sep 2007

    Sourcing systems have been one of the great innovations of recent times in the mortgage industry and it's hard now to envisage life without them.

  • Concordia puts its lender plans on hold

    17 Sep 2007

    Concordia has temporarily shelved plans to launch its own lender as a result of the turmoil in the money markets.

  • Consumer Direct pilots cash advice

    17 Sep 2007

    The Thoresen Review has announced that Consumer Direct will pilot a generic financial advice service in London, the North-West, Staffordshire and South Yorkshire in partnership with Citizens Advice, Cumbria County Council, Agilisys and A4e. The pilots will focus on advice across a range of areas, including tax and benefits, saving and retirement planning.

  • Consumers are losing confidence

    17 Sep 2007

    A survey by Propertyfinder.com has identified a significant drop in consumer confidence. Those polled now expect house prices to rise by just 3.9% over the next 12 months.

  • Conveyancing risk revealed

    17 Sep 2007

    More than a quarter of all negligence claims against solicitors relate to conveyancing, statistics from profession-al indemnity insurance broker Lockton reveal.

  • Councils given cash to build

    17 Sep 2007

    Councils in England will be given a £500m cash injection to help them build more houses. The government has unveiled plans to share the money between councils that build enough homes to a pre-determined timescale. The grants also depend on councils building a prescribed mix of housing types.

  • Countrywide says it has adequate liquidity

    17 Sep 2007

    Angelo Mozilo, the chairman and chief executive of Countrywide Financial Corporation, has told Mortgage Strategy that his company has "plenty of liquidity".

  • Credit crunch claims first Spanish victim

    21 Sep 2007

    Llanera, a Valencian real estate group, was the first victim of the credit crunch in Spain.

  • Curriculum Vitae: David Burrows

    18 Sep 2007

    "I’m a big James Bond fan and admire his approach to regulation."

  • Darling promises NR savers their money is safe

    17 Sep 2007

    Alistair Darling has promised savers that their money deposited with Northern Rock is safe.

  • Darling refuses to endorse BoE's King

    18 Sep 2007

    Chancellor Alistair Darling has refused to say whether Mervyn King will stay on as governor of the Bank of England.

  • DB Mortgages withdraws high arrangement fee options

    17 Sep 2007

    DB Mortgages will be withdrawing the high arrangement fee option from many of its products.

  • Dear Delia

    18 Sep 2007

    Dear Delia, my client has recently gone through a difficult divorce and is looking to buy a three-bedroom property in need of renovation. While going through his divorce, he defaulted on a number of repayments and was issued with a County Court judgement of £800, so this may cause problems. He is keen to make a fresh start and is considering the possibility of getting into buy-to-let. What are his options?

  • Debt advice calls to charity hit record high

    17 Sep 2007

    Citizens Advice Bureau re-ceived 1.7 million calls in England and Wales for debt counselling last year, with enquir-ies relating to mortgage and secured loan debt up by 11%.

  • Deep pockets needed to ride out this storm

    17 Sep 2007

    Much is usually made in the media of the setting of the Bank of England base rate by the Monetary Policy Committee each month.

  • Deregulation would destroy public confidence in brokers

    17 Sep 2007

    Forgive my champagne socialist leanings but I recently read with a mixture of mirth and concern that the great thinkers who constitute a Conservative Party think tank have come up with a proposal to deregulate the mortgage industry.

  • Deutsche cuts NR stake to under 3%

    19 Sep 2007

    Deutsche Bank has sold shares in Northern Rock bringing its stake to "below 3%".Earlier today, Deutsche purchased 15.3 million shares in the troubled mortgage lender giving it a 3.64% stake. However, it has now sold some or all of these shares. At the time of the purchase, NR's share price was around the 284.750p mark - at the time of sale they were around 257p.

  • Deutsche takes 3.64% stake in Northern Rock

    19 Sep 2007

    Deutsche Bank has taken a 3.64% stake in Northern Rock. The German bank today purchased 15.3 million shares in the troubled mortgage lender.However, Scottish fund manager firm Baillie Gifford says it has reduced its stake from 5.98% to below 5%. And reports claim the fund manager has actually sold its entire share in the lender.Northern Rocks share price is currently 284.750p down 6.94% since last night's close of 306p.

  • Deutsche's Q3 results will be hit by credit crunch

    20 Sep 2007

    Deutsche Bank's chief executive Josef Ackermann admits that the bank has made mistakes in the current credit markets crisis and expects its Q3 results to be negatively affected by the turbulence.

  • Do you support Tory plans to reward good tenants with equity shares?

    17 Sep 2007

    Last week, the Conservative Public Services Group proposed rewarding social housing residents with a 10% equity share in their homes if they are good tenants for at least five years. The group believes the equity share would encourage tenants to take greater care of their neighbourhoods. So, this week Mortgage Strategy asks… Do you support Tory plans to reward good tenants with equity shares?

  • E2M and Mortgage Brain pair up

    17 Sep 2007

    Easier2Move has integrated with sourcing system Mortgage Brain to offer its members conveyancing services.

  • EConveyancer on club panel

    17 Sep 2007

    Paradigm Mortgage Services has added eConveyancer to its conveyancing panel.

  • Edeus best lender at Capital Fortune awards

    17 Sep 2007

    Capital Fortune has recognised edeus as its lender of the year at its inaugural awards ceremony, held in West Hampstead on September 3.

  • Egg launches new fixed deals

    20 Sep 2007

    Egg has launched a two and a three year fixed-rate mortgage with a rate of 5.89%.

  • Eight in 10 calls to reinvest cash, says NR

    18 Sep 2007

    Northern Rock says eight out of 10 calls it is currently receiving are to reinvest money in the bank.

  • Energy certificates can benefit home owners

    17 Sep 2007

    Many views have been expressed in this magazine about Home Information Packs and it seems those who support them and those who are against are not going to budge.

  • Enter our survey and win bubbly

    17 Sep 2007

    Mortgage Strategy's online survey on lender technology is now up and running on the homepage of the website www.mortgage.strategy.co.uk

  • Enterprise appoints four underwriters

    19 Sep 2007

    Enterprise Broker Services, the packaging arm of Enterprise Group, has appointed four underwriters to join the new business team.

  • Equifax sounds credit warning

    17 Sep 2007

    Equifax has warned consumers that something as small as a missed mobile phone payment can have long-term effects on their credit ratings. Neil Munroe, external affairs director at the credit rating agency, says: "Lenders are looking deeper into clients' credit histories. They are looking for early warning signs of consumers getting into trouble."

  • Equity Advice launches club

    21 Sep 2007

    Equity Advice has launched an equity release club.

  • Exit fees prompt inflation drop to 1.8%

    18 Sep 2007

    The government's measure of inflation has dropped to 1.8% in August, 0.2% under its target.

  • Financial education will benefit us all

    17 Sep 2007

    I am delighted that the government is to spend £11.5m on a programme of personal finance education in schools.

  • Firms unprotected against debt risk

    17 Sep 2007

    PCS Credit Management is warning that although more than 20% of UK companies say bad debt is a serious problem, 75% don't protect themselves against the threat by commissioning credit reports.

  • First year home costs at 30% of income, says GEMHL

    19 Sep 2007

    GE Money Home Lending says home buyers spend 30% of their income on costs in their first year in the new home.

  • Fitch downgrades NR default rating

    18 Sep 2007

    Fitch Ratings has downgraded Northern Rock's long-term issuer default rating to 'A-' from 'A'.

  • FOS to cull staff

    21 Sep 2007

    A fall in the number of mortgage endowment complaints has caused the Financial Ombudsman Service to reassess its staffing needs likely resulting in a cull of 25% of its staff.

  • Four-bed homes fail energy test

    17 Sep 2007

    The average four-bedroom home only qualifies for an E energy rating on a scale of A to G, a government survey has revealed. The government says this shows home owners have a long way to go to reduce their carbon emissions.

  • FSA and BoE to face questions over NR crisis

    17 Sep 2007

    The Financial Services Authority and the Bank of England are set to face tough questions from the Treasury Select Committee over the Northern Rock crisis.

  • FSA must look at fees charged by information-only brokers

    17 Sep 2007

    I had a mortgage applicant in my office recently and as part of the usual process I did a fact-find. Of course, I needed to know details of the client's existing mortgage and if there was an early repayment charge.

  • FSA urges firms to reveal sub-prime exposure

    21 Sep 2007

    The chairman of the Financial Services Authority has urged firms to disclose any exposure to the US sub-prime downturn.

  • FTB foothold in market slipped in July

    17 Sep 2007

    But Pratt now says the group is no longer actively considering this option.

  • GE Money Home Lending revises secured loan range

    20 Sep 2007

    GE Money Home Lending has made changes to its First National and igroup secured loan ranges in response to market conditions.

  • Get a grip on the facts and figures

    18 Sep 2007

    A grounding in economic theory would be useful in brokers' education and could help us explain the complexities of market movements to clients, says Sue Read

  • GMAC-RFC to cap self-cert at 75%

    19 Sep 2007

    GMAC-RFC is capping its both its self-cert and new build ranges at 75% LTV.

  • Gordon Brown says gov doing all it can

    18 Sep 2007

    Prime minister Gordon Brown has reassured the country that his government is doing all it can to sustain economic stability and growth in light of the crisis at Northern Rock. He told AFX newswire: "Everything that can be done, will be done, is being done in order to ensure the stability of the economy."

  • Government cracks down on loan sharks and illegal lending

    19 Sep 2007

    A £3m nationwide crackdown on illegal lending and loan sharks has been launched today by business secretary John Hutton.

  • Guidance sets out TCF responsibilities

    18 Sep 2007

    The FSA's latest guidance offer clear definitions of providers and distributors plus their responsibilities to treat customers faily under a guidance-led regime, says Bill Warren

  • Haart CEO calls for interest rate drop

    19 Sep 2007

    Paul Smith, chief executive officer, of haart has called for the Bank of England to reduce the interest rate rise to calm the masses.

  • Here's to the past six years, and the next

    17 Sep 2007

    Today, you hold in your hands the 300th issue of Mortgage Strategy. After six years, it's a terrific achievement. When we launched on September 17 2001 the international markets were reeling from the fallout after the destruction of the World Trade Centre in New York on September 11.

  • Heritable joins with TMBC

    17 Sep 2007

    Heritable Bank has announced its first ever packager relationship, highlighting the provider’s drive to broaden its underwriting expertise.

  • High Street Home Loans caps self-cert LTVs

    20 Sep 2007

    High Street Home Loans has capped new build and self-cert offerings at 75% LTV.The lender attributes the alteration to changes in the mortgage market and has given two weeks for broker to submit applications.The changes will be effective September 24. If brokers have business in the pipeline funds for 76% to 90% LTV must be reserved by September 21. Such projects must be fully packaged by October 5.

  • HIPs cause property slump

    17 Sep 2007

    Predictions that Home In-formation Packs would confuse and disrupt the housing market have been given substance in Rightmove's latest house price index.

  • Hipstar gets new chief executive

    17 Sep 2007

    Tim Jones, a former board member at First Title, has joined Hipstar as chief executive. He has been working with the Home Information Pack provider as a consultant for the past six months, during which time he has doubled its field-based sales team to 16 and created a marketing pack to help Hipstar agents win more instructions.

  • Home & Capital buys equity firm

    17 Sep 2007

    Home & Capital last week bought Hinton & Wild from Ecclesiastical Life. H&C bought the equity release arm in anticipation of the retirement onslaught that will hit as the baby boom generation begins to retire and pensions prove inadequate. H&C insists it will continue to nurture H&W's established brand and place in the market as the first specialist equity release provider in England.

  • HSBC Finance axes wholesale lender

    21 Sep 2007

    HSBC Finance, the US arm of HSBC Holdings, will close its wholesale mortgage lender Decision One Mortgage.

  • HSHL recruits to take the strain

    17 Sep 2007

    High Street Home Loans has recruited six processors and moved three remote underwriters back to head office to ensure the surge in applications caused by the credit crisis does not affect service.

  • Hungarian cities best for B2L

    17 Sep 2007

    Buy-to-let investors in Hungary should opt for city centre new-builds rather than holiday resorts, say experts at the Property Investor Show, which will be held at London's ExCel Centre from September 21 to 23. They say investors should opt for urban developments because of the concentration of wealth in Hungary's metropolitan areas.

  • IMS launches in Morrocco

    18 Sep 2007

    International Mortgage Solutions has added Morocco to its non-resident mortgage portfolio.

  • Independent thinking on advisers' status

    17 Sep 2007

    I would like to highlight the Association of Independent Financial Advisers' good work regarding the Retail Distribution Review.

  • Information flood affects service

    17 Sep 2007

    The recent turmoil in the sub-prime market is testing service levels to the limit among the majority of packagers.

  • Investec predicts lower than expected profits from Kensington

    20 Sep 2007

    Investec says it is expecting lower profitability from its initial projections for Kensington, until market conditions improve.

  • Kensington reprices prime and sub-prime

    21 Sep 2007

    Kensington has launched its repriced prime and sub-prime ranges effective September 24.

  • Kensington to focus on prime following adverse LTV cap

    18 Sep 2007

    Kensington Mortgages, the original sub-prime lender, has revealed that it will focus its resources on prime rather than sub-prime while market volatility continues.

  • King says BoE hamstrung by law

    20 Sep 2007

    Bank of England's governor Mervyn King says the central bank was hamstrung by legislation that limited its ability to prevent the run on Northern Rock.

  • L&G launches ad campaign

    21 Sep 2007

    Legal & General is to launch a press and online advertising campaign for directly authorised advisers, networks and IFAs to promote the benefits of using the its mortgage club.

  • Ladbrokes offers NR odds

    18 Sep 2007

    Ladbrokes has put 11/8 odds that Northern Rock’s shares fall below the 200p mark at the close of business on Friday.

  • Launches buck trend of secured loans retreat

    17 Sep 2007

    BDS Mortgage Group and MD Loans have come together to launch a secured loans service called BDS Secured Loans.

  • Lehman Brothers reports 3% drop in net income

    18 Sep 2007

    Lehman Brothers has reported net income of $887m for Q3 - a decrease of 3% from $912m achieved in the same period in 2006.

  • Lenders must offer paperless solutions

    17 Sep 2007

    With another lender recently announcing that it will no longer accept paper-based applications, it's obvious that an increasing number of pro-viders are waking up to the fact that offering an end-to-end online proposition is the way forward for the industry.

  • Lenders under FSA spotlight

    17 Sep 2007

    The Financial Services Authority has put the spotlight on lenders in light of the Northern Rock crisis.

  • Lib Dem Party propose tax reforms

    18 Sep 2007

    The Liberal Democrat Party has proposed reforming Stamp Duty and Inheritance Tax, and abolishing Council Tax.

  • LIBOR forces Abbey and Halifax to hike trackers

    17 Sep 2007

    Increasing three-month LIBOR rates last week for-ced Abbey and Halifax to take the unusual step of rai-sing their tracker rates.

  • Link Lending wins Deutsche cash

    17 Sep 2007

    Short-term and bridging lender Link Lending has secured a £50m warehouse facility arranged by Deutsche Bank. This adds to its existing funding arrangements with Barclays.

  • LoanOne considers broker move

    20 Sep 2007

    The Funding Corporation says it is considering turning its failing lender, LoanOne intermediaries, into a brokerage.

  • Loanoptions has best ever year

    17 Sep 2007

    Loanoptions.co.uk has recorded its best year of trading in 2006/07, with a turnover of £9m and profits of £1.2m.

  • Loans etc releases post credit crunch ADV2 criteria

    20 Sep 2007

    Loans etc, the Watford based master broker has released details of its ‘post credit crunch’ criteria for its fee based secured loans available through its Morgan Stanley funded range with ADV2. Loans of £150,000 are still available up to 75% LTV, with £100,000 up to 85%LTV, with self-certification for the self employed still available on all plans.

  • London Scottish streamlines plans

    17 Sep 2007

    London Scottish has streamlined its secured product plans in response to a surge in demand. It has also temporarily suspended the registration of introducers.

  • MAB reports rising estate agency numbers

    17 Sep 2007

    Mortgage Advice Bureau has seen its number of estate agency partners soar in the first half of 2007, with a further 15 major estate agency groups signing up to operate a Mortgage Advice Bureau franchise.

  • Mainstream clients could suffer too

    17 Sep 2007

    It was inevitable that the UK would suffer at least one casualty of the US sub-prime crisis, but the timing seemed to surprise many people.

  • Market recovery some way off, Peter Williams warns

    21 Sep 2007

    It will be some time before the industry passes through the current difficulties, IMLA’s Peter Williams has warned.

  • Marketwatch

    17 Sep 2007

    Swaps fell significantly last week. Two, three and five-year swaps fell more in a week than I can remember since I've been writing this column and are now pretty much at three-month lows. The anxiety over short-term lending means that one-year swaps have fallen too, but not as much as others.

  • Me & My Car

    18 Sep 2007

    I’m no Clarkson and wanted an economical, comfortable and understated ride ideal for long hours on the road with work and family, and the Audi A8 delivers in spades, says Clive Boulton

  • mform.co.uk urges lenders to dump unnecessary fees

    19 Sep 2007

    mform.co.uk is urging lenders to make deals clearer to customers by dumping unnecessary fees so people can more easily understand how much they can afford.

  • Mixed prospects for B2L sector

    17 Sep 2007

    The credit crunch will push up rates on buy-to-let deals but landlords will benefit from higher rental demand, pundits have predicted.

  • Money named as top stress by CAB

    18 Sep 2007

    The Citizens Advice Bureau says money, family and health are the biggest worries of people today.

  • Moneysupermarket.com reports 63% revenue increase

    19 Sep 2007

    Moneysupermarket.com has reported a projected 63% increase in revenues from £48.2m to £78.5m for the six months to June 30.

  • Morgan Stanley issues Q3 financial results

    20 Sep 2007

    Morgan Stanley has reported a 7% drop in income from continuing operations in Q3 to $1,474m from $1,588m in the same period in 2006.

  • Mortgage Brain's 21st bash

    17 Sep 2007

    Mortgage Brain is planning a birthday bash to celebrate the firm reaching the grand old age of 21.

  • Mortgage Next launches self-cert at 90% LTV

    21 Sep 2007

    Mortgage Next has launched a self-cert mortgage available to 90% LTV which offers a choice of either a two year fixed rate at 5.99% or a variable rate of 5.79%.

  • Mortgage Next offers protection scheme

    17 Sep 2007

    Mortgage Next Network is offering its brokers a new scheme called Next Protection.

  • Mortgage Times forums to focus on brand building

    17 Sep 2007

    The Mortgage Times Group has revealed its business development forum schedule for the autumn.

  • MP demands government answers on deposit protection

    18 Sep 2007

    Vince Cable has urged the government to reveal whether it will protect other banks’ deposits.

  • MPC minutes reveal unanimous verdict

    19 Sep 2007

    The minutes of last month’s monetary policy committee have been published, revealing the panel took a unanimous decision to maintain interest rates at 5.75%.

  • MPLC suspends heavy and unlimited heavy products

    21 Sep 2007

    Mortgages PLC has suspended all of its heavy and unlimited adverse products.

  • MT and Century 21 open new offices

    18 Sep 2007

    The Mortgage Times Group and Century 21 have announced an additional four franchised estate agency offices in the UK.

  • My Home Move speeds up conveyancing

    18 Sep 2007

    Conveyancing provider My Home Move says it is operating a month faster than the industry average time for completing a property transaction.

  • N4 Solutions on awards shortlist

    17 Sep 2007

    N4 Solutions has been selected as a finalist for the Citizen & Gloucestershire Echo Business of the Year Award, which recognises the success of local firms during the past 12 months.

  • ND's share price plunges 15% after posting £500,000 loss

    20 Sep 2007

    Network Data Holdings's share price plunged 11% in early morning trading after reporting a £515,000 loss.

  • New business sales up 127% at Just Retirement

    19 Sep 2007

    Just Retirement says new business sales are up 127% to £628m in its preliminary results today.

  • New Deal Finance business hits high

    17 Sep 2007

    New Deal Finance says it is set to achieve its highest levels of business on the back of a record-breaking August. It also reports 100% growth in business since 2006. Sales director Andrew Hood says: "Brokers are turning to us and are confident that we will help them."

  • Non-refundable fees warning

    17 Sep 2007

    Mform.co.uk has warned borrowers to watch out for non-refundable fees which can apply if mortgage applications are not approved. It says customers could lose as much as £750 on a £150,000 application. It also says these fees are being increasingly used as lenders strive to maintain revenue to compensate for the loss of exit fees.

  • NR contagion to mortgage market unlikely, says Fitch

    19 Sep 2007

    Fitch Ratings says funding contagion from Northern Rock to the UK mortgage sector is unlikely.

  • NR denies buyout discussions

    18 Sep 2007

    Northern Rock has denied being in buyout discussions following intense speculation that another bank will soon snap it up.

  • NR to use emergency loan facility, reports claim

    19 Sep 2007

    Northern Rock is rumoured to be planning to dip into its emergency loan facility by the end of the week.

  • NR's share price down 21% to 201p

    20 Sep 2007

    Northern Rock's share price has plummeted 21% to 201p, latest London Stock Exchange figures show.

  • OEA heads to Belfast

    18 Sep 2007

    Christopher Hamer, the Ombudsman for Estate Agents, plans to meet trading standards officers and estate agent when he visits Northern Ireland at the end of October.

  • OFT cracks down on estate agents

    17 Sep 2007

    A Haart estate agent has been bann-ed by the Office of Fair Trading for dishonestly obtaining £13,800 from clients.

  • Online deals grow in popularity

    17 Sep 2007

    The proportion of mortgage applications made online has grown from 24% in Q1 2007 to 35% in Q3, research from The Mortgage Business reveals. The research also shows that 17% of firms now package more than half their applications online.

  • Online HIP directory launched

    17 Sep 2007

    A Home Information Pack directory has been launched to offer pack providers online marketing opportunities. Hipcentral.co.uk allows subscribers to create mini-websites to promote their businesses.

  • Optoma in recruitment drive

    17 Sep 2007

    Optoma Broker Solutions has recruited six members of staff as part of its ongoing expansion.2005: Hamptons Mortgages outsources its equity release business to Key Retirement Solutions2004: The Chartered Insurance Institute launches the Society of Mortgage Professionals2003: HBOS snubs brokers by launching sub-prime deals directly through its retail branch network2002: Platform and Verso merge in an attempt to provide brokers with a one-stop shop2001: Mortgage Strategy is launched ...

  • Packager Power

    18 Sep 2007

    Conservative Party think tank the Economic Competitiveness Policy Group has called for mortgage regulation to be scrapped, saying it would save an enormous amount of money. Would there be benefits to dropping regulation?

  • Packagers are your new best friends

    17 Sep 2007

    It seems that barely a day goes by without an-other lender pulling out of the secured loans or adverse credit markets, or even closing down.

  • Packagers best placed to meet crisis

    17 Sep 2007

    With the recent news that Victoria Mortgages has gone into receivership, lenders may be licking their wounds and feeling justifiably unsettled by this period of turmoil. But they're not the only ones, because all industry stakeholders are suffering the effects of the credit crunch.

  • Paradigm confirms conveyancing panel

    20 Sep 2007

    Paradigm Mortgage Services, the new mortgage partnership proposition, has confirmed the first three companies that will feature on its conveyancing panel.

  • Paragon reveals 9% share of B2L market

    18 Sep 2007

    Paragon Mortgages share of the buy-to-let market rose to 9.1% during the first half of the year, its trading update reveals.

  • Platform appoints two new BDMs

    18 Sep 2007

    Platform has appointed Andrew Hepworth and Stephen Challis as BDMs within the its sales department.

  • Platform to withdraw ranges for reprice

    21 Sep 2007

    Platform will withdraw its prime, self-cert, House Plus and buy-to-let rates with effect from Tuesday September 25.

  • Platform's technological development shows a pattern of steady progress

    17 Sep 2007

    Having read Mike Culhane's column entitled 'Advanced firms leave the pack behind' (Mortgage Strategy August 27) I would like to respond to some of the comments he makes.

  • Positive Solutions outlines incentive scheme

    19 Sep 2007

    Positive Solution is offering its advisers more details about the potential financial rewards on offer through its partnership incentive scheme.

  • PTFS sets sights on equity release

    17 Sep 2007

    Personal Touch Financial Services has recruited Kevin Stelfox as its equity release development manager.

  • PTP Northern Counties launches in Runcorn

    18 Sep 2007

    Personal Touch Packaging is launching a Northern branch at the Heath Business and Technical Park in Runcorn.

  • Pundits soothe fears after NR drama

    17 Sep 2007

    Pundits have allayed fears of a market meltdown amid the fallout surrounding Northern Rock's plight.

  • Readers see no end in sight for market volatility

    17 Sep 2007

    The US credit crunch hit UK shores some weeks ago and brokers aren't hopeful that its effects will end any time soon. Some 62% of Mortgage Strategy Online readers don't think the volatility it has caused in the market will be resolved before the end of the year, compared with a 38% minority who remain optimistic.

  • Red Ken proposes 50,000 affordable homes

    19 Sep 2007

    Mayor of London Ken Livingstone has launched a plan to see 50,000 more affordable homes delivered in London during the next three years.

  • Redundancies at E-Loan

    21 Sep 2007

    E-Loan, the Essex based master broker, and part of the Vantage Group has been forced to cut some staff on its sub-prime second-charge desks in response to current market conditions.

  • RICS to launch eTendering service

    21 Sep 2007

    The Royal Institution of Chartered Surveyors has introduced a more streamlined way for the UK Construction industry to manage the procurement process to be launched October 18.

  • Rightmove's figures echo house price deflation warning

    17 Sep 2007

    Predictions that Home Information Packs would confuse and disrupt the market have found substance in the latest figures from Rightmove’s house price index.

  • Rumours rife of NR buyout

    17 Sep 2007

    Lloyds TSB and HSBC are tipped as the most likely bidders to offer a helping hand to Northern Rock.

  • Secured loans can be better than remortgages for clients

    17 Sep 2007

    I applaud the comments made by Dave Rogers in his recent letter entitled 'Brokers should think about offering clients secured loans' (Mortgage Strategy September 3) .

  • Seminar to tackle sub-prime crisis

    17 Sep 2007

    Lenders will brief brokers on the emerging sub-prime environment at a seminar by Trustguard Credit Services at Wembley Stadium on November 8.

  • Set up meetings via Expo website

    17 Sep 2007

    Clarion Events, the organiser of the Mortgage Business Expo events, has launched a revamped website that allows visitors to schedule meetings online.

  • Shares in top 10 lenders take a dive

    17 Sep 2007

    With Northern Rock's share price once again in freefall most of the top 10 mortgage lenders have also seen a decline during morning trading.

  • Skipton relaunches fixed products

    18 Sep 2007

    Skipton has relaunched its range of fixed rate mortgages, which start at 5.49%.

  • Small firms may feel crunch early

    17 Sep 2007

    Small businesses could feel the effect of the credit crunch first as they pay higher interest rates on loans, the Federation of Small Businesses warns. A spokesman adds that small firms could be in trouble if the credit crunch gets worse.

  • Sourcing systems are in for a treat

    18 Sep 2007

    The next stage of the Origo standards initiative that allows lenders to electronically send product updates is likely to be a godsend for sourcing systems, says Katie Tucker

  • SPF sees first half revenue rise to £13.3m

    17 Sep 2007

    Savills Private Finance has seen an increase in revenue from £12.1m in the first six months of 2006 to £13.3m in the same period this year.

  • Stamp Duty rises 807% says Zoomf.com

    21 Sep 2007

    Property search engine Zoomf.com says first-time buyers in London face a crippling Stamp Tax bill of £7,898 on average, an increase of 807% since 1997.

  • Standard Life launches free offsetting

    17 Sep 2007

    Standard Life is offering its existing customers free offsetting to help them pay off their mortgages quicker.

  • Stop complaining and cash in on HIPs

    17 Sep 2007

    Danny Lovey summed up many people's views on Home Information Packs in his star letter in the September 3 issue of Mortgage Strategy. He accused the government of not listening, the Association of Home Information Pack Pro-viders of being arrogant and the inititative of being ill-conceived.

  • Sub-prime clients are the real victims

    17 Sep 2007

    Only a year ago, many firms in the mortgage industry were talking about making a fast buck in the sub-prime sector and pundits speculated about how many others would join them. Now they're caught in the middle of a global credit crunch and their assets are being squeezed.

  • Sub-prime crisis' casualty rates rise

    17 Sep 2007

    The problems in the capital markets rumble on and continue to impose changes on the industry. Lehman Brothers withdrew from the secured loans market by closing London Mortgage Company and Victoria Mortgages lost its fight for survival and went into administration.

  • SVRs costs borrowers £5.9bn, warns Moneysupermarket.com

    17 Sep 2007

    Mortgage borrowers' inertia costs them £5.9bn each year as they languish on SVRs, says Moneysupermarket.com.

  • TBMC ditches 0870 numbers

    18 Sep 2007

    The Business Mortgage Company has axed its 0870 numbers.

  • TBMC launches buy-to-let sourcing system

    21 Sep 2007

    The Business Mortgage Company has launched a buy-to-let sourcing and quotation system.

  • The Amazing Broker-man

    17 Sep 2007

    A mortgage broker dressed as Spider-man came to the rescue of a shopkeeper and customers who were under attack from a drunken yob.

  • The market must remain on red alert

    17 Sep 2007

    "Victoria Mortgages has today been placed in administration." As just another update from the Financial Services Authority, it seemed innocuous enough when it emerged in an email last Monday afternoon.

  • The Mortgage Mole

    18 Sep 2007

    Digging the dirt in the mortgage world...

  • The only thing we have to fear is fear itself

    17 Sep 2007

    Earlier this year, The Guardian ran a series called 'Great speeches of the 20th century'. One speech in particular stood out. Little did I realise how strongly it would resonate during late summer.

  • There's no money in building affordable homes for locals

    17 Sep 2007

    In recent years, I have watched what is generally considered to be the best part of my local town of Exmouth being systematically destroyed.

  • TMB unveils record-breaking results for August

    17 Sep 2007

    The Mortgage Business has reported record-breaking results for August as it netted nearly £1bn in new business.

  • TMW unveils POS-O system

    17 Sep 2007

    The Mortgage Works has launched an online point-of-sale offer facility for a selection of its remortgage buy-tolet products.

  • Top economists forecast ailing house price growth

    17 Sep 2007

    Two top economists have warned of a reversal of fortunes for Britain’s house price growth.

  • Tories call for Stamp Duty eco-rebate

    17 Sep 2007

    John Gummer, chairman of the Ass-ociation of Mortgage Intermediaries, and socialite environmentalist Zac Goldsmith have produced an eco-report for the Conservative Party that calls for partial Stamp Duty rebates.

  • Torquil Clark launches recruitment drive

    18 Sep 2007

    Torquil Clark Mortgages has launched a recruitment drive to add self-employed advisers to its team.

  • Training days

    18 Sep 2007

    Mortgage Strategy follows the career of graduate Tim Jones as he sets out on his mission to qualify as a London broker

  • Tread carefully with buy and rent back

    17 Sep 2007

    Concerns are growing about buy and rent back schemes. Following the long awaited arrival of home reversion regulation, it's worrying that we're seeing dramatic growth in this unregulated sector of the market.

  • Treasury reveals extent of NR guarantee

    20 Sep 2007

    The Treasury says the guarantee arrangements for existing deposits in Northern Rock will cover all accounts existing at midnight on Wednesday September 19.

  • Trigold launches MPPI facility

    20 Sep 2007

    Trigold has unveiled a mortgage insurance integration system with the inclusion of Cardif Pinnacle, a provider of mortgage payment protection insurance.

  • Trustguard raises proc fees and drops application charges

    20 Sep 2007

    Procuration fees have been boosted and application charges cut on a range of mortgages at Trustguard.

  • Tweedy says lenders will fall

    17 Sep 2007

    David Tweedy, managing director of Platform, has predicted a challenging time for specialist lenders in the future, with more firms being forced to withdraw from the sector.

  • Understanding problem borrowers

    18 Sep 2007

    With the number of problem borrowers set to rise, lenders must better understand the behaviour patterns of borrowers in arrears if they want to maintain their efficiency, says Frank Eve

  • Underwriters at risk as Lehmans downsizes

    17 Sep 2007

    Lehman Brothers has revealed that its underwriting teams are at risk of redundancy in the ongoing cull of its UK workforce.

  • US media seeks credit chaos culprits

    17 Sep 2007

    So the credit crunch is here. We've already had the sub-prime mortgage meltdown so it's the right time for another beautifully alliterated financial crisis.

  • Vertex appoints two new members to board

    17 Sep 2007

    Vertex has appointed two divisional directors to sit on its main operating board as part of the company’s focus on growth within the financial services sector.

  • Victoria falls to the credit crunch

    17 Sep 2007

    The credit crunch claimed its first domestic scalp last week after Victoria Mortgages was forced into administration as its funding lines dried up.

  • Visits to PI broker website increase

    17 Sep 2007

    Professional indemnity broker PYV says the number of visitors to its website has almost trebled since last year. The website received 14,639 visitors in August compared with 5,781 in the same month in 2006.

  • Wave appoints director of risk

    17 Sep 2007

    Wave has appointed Max Griffiths as divisional director of risk. He will report to Richard Spinks, director of product and credit development, and take responsibility for developing the company's lending and compliance policies.

  • Wave ups rates and arrangement fees

    18 Sep 2007

    Wave has increased its rates by up to 0.86% across its product range in reaction to global illiquidity.

  • We're still open for business, says Northern Rock

    17 Sep 2007

    Northern Rock has told brokers that its doors are still open for business.

  • What effects will the US sub-prime crisis have on the packaging sector?

    17 Sep 2007

    Packagers are going to have to cope with UK lenders repricing and withdrawing product ranges with increasing frequency, says our experts

  • Woolwich cuts 0.5% off fixed rate mortgages

    21 Sep 2007

    Woolwich is launching a raft of lower fixed rate mortgages at rates of 5.59% for two and five year deals.

  • Woolwich unveils 10-year fixed rate

    17 Sep 2007

    Woolwich has launched a 10-year fixed rate mortgage deal at 5.59%. The product reverts to a tracker at 0.95% above the base rate when the fixed rate period end and is available up to 80% LTV, or at 5.99% for LTVs up to 95%. Borrowers can overpay up to 5% a year without charges throughout the 10-year period.

  • Xit2 sees rush on EPC system

    17 Sep 2007

    Xit2 has had a rush of registrations from energy assessors for its Energy Performance Certificate exchange system. The system distributes instructions for the production of EPCs.

  • Yes has big plans for secured loans

    17 Sep 2007

    Yes Group has revealed plans to corner 55% of the secured loans market within six months, following the acquisition of No Worries Loans. It says it can now handle applications worth £15m a day, giving it about 35% of the unsecured non-standard loans sector.

  • Zen Finance launches into secured loan market

    18 Sep 2007

    Stockport-based motor finance specialist DSG Financial Services Ltd is to move into the secured loans market with the launch of Zen Finance.

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