Mortgage Strategy
18 April 2005

  • 39% Missing out on commercial deals

    18 Apr 2005

    Of the 1,180 people who took part in the straw poll at www.mortgagestrategy.co.uk, 61% advise on commercial mortgages excluding residential buy-to-let, but that leaves 39% who have not yet tapped into this income stream.This week's straw poll asks for your opinion on whether estate agents should be regulated by the Financial Services Authority. This comes on the back of complaints from brokers about estate agents being involved in practices such as cold calling and putting pressure ...

  • 86% Want estate agents regulated

    18 Apr 2005

    Of the 1,532 people who took part in the straw poll at www.mortgage- strategy.co.uk an overwhelming 86% want estate agents to come under the remit of the Financial Services Authority.

  • A smoother ride

    18 Apr 2005

    Lenders are trying hard to minimise service problems caused by the unpredictability of demand for certain deals, says Harvey Jones

  • A View From The floor

    18 Apr 2005

    Jennifer Holloway, head of media relations at Skipton, says that parents hoping to help their offspring along good career paths will be interested in equity release

  • A&L calls for Stamp Duty exemption for FTBs

    22 Apr 2005

    Alliance & Leicester has urged the three main political parties to make first-time buyers exempt from Stamp Duty taxation.

  • A&L should be punished for outrageous deeds release fee

    18 Apr 2005

    From Bob Adams I'm looking forward to hearing of Alliance & Leicester's surely imminent and unavoidable FSA punishment for its outrageous deeds release fee. As one of the highest charging in the first place, it should rightly be slammed for coming up with 295. Based on the quote from the FSA spokesman and your helpful Trigold sourced table of lenders' fees (Mortgage Strategy March 28), this is excessive. As for poor Sally Lauder, presumably a none-too-willing spokeswoman ...

  • A&L walks off with inaugural high street lender accolade

    18 Apr 2005

    A new category this year was Best High Street Lender and when it came down to it, Alliance & Leicester walked off with the spoils.Other lenders shortlisted in the category included Abbey, Halifax and Nationwide.Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, says its no-nonsense approach is probably what clinched the vote.He says: "We are delighted to be awarded Best High Street Lender by the readership of Mortgage Strategy. A&L is totally ...

  • Abbey 'no comment' on probe reports

    18 Apr 2005

    Abbey is refusing to comment on press reports that it is being investigated by the Financial Services Authority over its handling of endowment mortgage complaints.Reports say the FSA started investigations last November after placing an enforcement order on the bank.Christina Mills, spokeswoman for Abbey, says: "We have no comment. The FSA has announced it has written to companies to ask about handling of mortgage endowment complaints. We are speaking to it about a range of ...

  • Abbey revamps range

    18 Apr 2005

    Abbey has revamped several of its mortgage products.

  • Additions to m2 panel

    18 Apr 2005

    m2-mortgage club has added Coventry and Universal to its lender panel. This brings the number of panel lenders to 53.

  • Advisertech to hold conference at Money Marketing Live

    18 Apr 2005

    Advisertech will be holding a conference and exhibition taking place at Money Marketing Live on May 5 at Londons Olympia.

  • All Types of Mortgages expands

    18 Apr 2005

    All Types of Mortgages, the Horsham-based packaging specialist and branded lender, has moved to larger premises.

  • Average buy-to-let rental yields rise to 6.9%

    20 Apr 2005

    Average rental yields have risen from 6.8% to 6.9% since last month, the latest buy-to-let index from Paragon Mortgages has revealed.

  • Ayliff won't be replaced at MI

    18 Apr 2005

    Jane Ayliff, formerly head of business relations at Mortgage Intelligence, has left the company and will not be replaced.Sally Laker, managing director of MI, has taken on the responsibilities of the role and will be extending her work with lenders and brokers.However, one source suggests Ayliff's leaving is a result of the company failing to meet lending targets.The source says: "The rumour is that MI has not met its lending targets post-regulation. There will be a lot ...

  • B&W enters equity release

    18 Apr 2005

    The lender is also changing the criteria across its range of mortgages including standard, buy-to-let and self-cert, from Monday April 11.On the standard range, it has increased its joint income multiples from 2.75 to 3.25 for a minimum income of £20,000. The maximum loan amount at 95% LTV has increased to £250,000.On self-cert B&W has increased joint income multiples from 2.75 to 3.25; again the minimum income is £20,000. It has increased single income multiples ...

  • B2L deal for discount homes

    18 Apr 2005

    Newcastle Mortgage Services Limited, which provides a variety of outsourced services for 14 societies including IFA THINC, has branched out into offering niche mortgage products.The 100% buy-to-let deal for discounted properties called a Builders' Gifted Deposit mortgage will be available to any intermediary.NMSL says there is a huge market at the moment as developers bulk offload properties to hit sales targets and boost stock market results. Property clubs will take 10, 20 ...

  • Bankhall might get into specialist lending

    18 Apr 2005

    Managing director Peter Mann says it has scoped the idea and would consider securitising its own loans if they would fill a gap in the market and benefit members. Mann says: "We are looking at this as a long-term thing but what we've done so far is no more than scope it. It's a market in which it's difficult to make money and I'm not sure we would do it under the Bankhall name, which is a relatively silent brand. I'm not sure it could transport itself into the lending ...

  • Bankhall poised to expand into GI

    18 Apr 2005

    Bankhall is preparing to expand into the general insurance market with the launch of Bankhall UK GI next month.It has also pledged to revolutionise the financial services intermediary market by promoting a return to the composite model as a way of conducting business.The move by Bankhall into general insurance follows its purchase of the business of GI broker support company Total Broker Solutions.Shaun Godfrey, commercial development director at Bankhall, says: "We are ...

  • Barnetts signs up to titlesolv

    20 Apr 2005

    titlessolv.com has revealed that Barnetts Solicitors has signed up to its web-enabled service providing solicitors with instant quotes and cover.

  • BM Solutions

    21 Apr 2005

  • BM Solutions gives mini Alan an Exclusive

    18 Apr 2005

    BM Solutions has launched the first mini Alan exclusive product.

  • BMS scoops two awards

    18 Apr 2005

    The Awards, now in their fourth year, are the mortgage equivalent of the Oscars and took place at London's plush Royal Lancaster Hotel.BMS won the accolade for buy-to-let lender, stealing the mantle from Mortgage Express and fending off competition from Mortgage Trust and UCB Home Loans.BMS picked up the first place gong in the sub-prime category too, fighting off challenges from GMAC-RFC, GE Consumer Home Finance (igroup and First National) and Southern Pacific Mortgage Limited.Michael ...

  • BoI enhancements

    18 Apr 2005

    Bank of Ireland Mortgages has enhanced its lending criteria in a number of product areas. The improvements cover residential, buy-to-let, true self-certification and 1st Start for first-time buyers.

  • Bristol & West postpones lifetime mortgage launch

    21 Apr 2005

    Bristol & West has postponed its launch into the lifetime mortgage market until next month, so it can re-price the product.

  • Brokers' KFI preference

    18 Apr 2005

    Brokers are using more Key Facts Illustrations from sourcing systems than from lender websites. This finding comes from MarketView, the monthly intermediary research survey undertaken by Mortgages PLC and Mortgage Promotions.

  • Brokers must be bold and creative

    18 Apr 2005

    It might be over 6,000 miles away but Hong Kong is proving to be a lucrative niche market for UK-based lenders and brokers.While profit margins on traditional mortgage business in this country continue their steady decline some of the more entrepreneurial players in the market are looking to the Pacific Rim as a source of lucrative new business.Financial services and the provision of advice in Hong Kong has for years been a cottage industry. Whereas in the UK we have a number ...

  • BuildStore added to MP panel

    18 Apr 2005

    Mortgage Promotions has added BuildStore to its direct access lender panel to provide a range of self-build mortgages and home improvement loans for MP's registered users.

  • BuildStore appoints managing director

    18 Apr 2005

    BuildStore has appointed mortgage specialist Willie Donald as managing director of its expanding financial services division.

  • Business booming for leads websites

    18 Apr 2005

    Park Row Group says it has seen a record number of users on its lead generation website in 2005, which it puts down to the Financial Services Authority ban on cold calling.Kevin Paterson, sales director at Park Row, says lead generation websites have boomed since other companies have been forced to close due to the cold calling ban.He says: "We've had a record year so far, with leads up 55%. We're now getting up to 5,000 leads a month. Since the cold calling ban brokers are ...

  • Buy-to-let fix

    18 Apr 2005

    The Mortgage Works has launched a three-year fixed rate buy-to-let deal at 4.99%. It has no overhanging redemption penalties and the rental income calculation is based on 4.99%.

  • Celebrities out in force for em-financial golf day

    22 Apr 2005

    Football legend Ian Rush has confirmed his attendance at em-financials charity golf event.

  • Charcol leads pack in professional development

    18 Apr 2005

    The winner of this year's award for Best Mortgage Broker Professional Development was Charcol.Elliott Nathan, head of operations at Charcol, says: "Once again Mortgage Strategy has shown it is at the forefront of hosting events in the mortgage sector. This was reflected in its choice of host Jimmy Carr and awards categories."I'm proud to accept this award for professional development, which shows our strength in supporting and progressing the people within Charcol."Best ...

  • Cheaper cover Specialist broker Burgesses has launched a monthly loan protection policy that offers a level of cover comparable with established lenders but at lower cost.

    18 Apr 2005

    George Henderson, sole trader at Independent Mortgages & Financial Solutions, says he is appalled at some of the practices of estate agents and the time has come for the FSA to act.He says: "In the past few weeks I have been told by one estate agent that it will not put an offer to a vendor until the applicants are interviewed by the inhouse adviser to qualify them. It argues that it has to give an undertaking to its vendor to qualify any offer before it's made."Henderson ...

  • Chelsea opens up

    18 Apr 2005

    Chelsea is trying longer opening hours at four of its branches. The test will run for two months. Branches taking part in the trial are in Chelsea, Bristol, Cheltenham and Croydon.

  • CML adviser

    18 Apr 2005

    The Council of Mortgage Lenders has appointed Rob Thomas as a senior policy adviser, covering mortgage funding issues. This brings the number of CML policy advisers to six.

  • CML reports 20bn of lending in March

    20 Apr 2005

    Gross lending in March totalled 20.1bn, up 13% from 17.8bn in February, according to the latest data from the Council of Mortgage Lenders.

  • Comparing offsets

    18 Apr 2005

    moneysupermarket.com, the price comparison website, is encouraging consumers to use its offset mortgage comparison tool. Offsets enable consumers to cut their debt by offsetting credit in savings or current accounts against their mortgage.

  • Conservatives peldge to scrap Stamp Duty

    21 Apr 2005

    Michael Howard, leader of the Conservatives, has promised to abolish Stamp Duty for the average home in Britain if he gets into power.

  • Consumers expect rate rise

    18 Apr 2005

    The latest consumer barometer from Lloyds TSB shows most consumers believe interest rates have not yet peaked. And consumers are less confident about their employment prospects as they believe interest rates will head upward in the coming year.

  • Co-op's profits halved to 144m

    22 Apr 2005

    Profits for the Co-op supermarket and financial services group have halved to 144m.The organisation blames an increasingly competitive market place but also said its rapid rate of expansion had brought difficulties.Turnover for the group fell by 4.5% to 7.8bn and retail operating profits slumped from 122m to 74.5m.

  • Curriculum Vitae - Chris May

    18 Apr 2005

    "I enjoy serious pub crawling when I get the time"

  • Dangers of the FSCS funding system

    18 Apr 2005

    While it is right that mortgage brokers have been somewhat sheltered from the burden of FSCS funding, the dangers are clear from the experience of other sectors, says Ben Stafford

  • Dear Delia

    18 Apr 2005

    Dear Delia Duncan Murray is a 44 year old, self-employed property developer/manager in Wilmslow and earning about 350,000 a year.

  • Dear Delia

    18 Apr 2005

    Dear Delia I have been a mortgage broker for many years but am bored and want to change my profession. I've heard being a surveyor can be a varied and exciting job. Is this true and if so, can you tell me in what ways? Delia says: I understand it can be, in the same way accountancy is not boring and actuarial work is really sexy. But don't take my word for it. Consider these anecdotes from surveyor Simon White from Ashdown Lyons.Have you got a problem for Delia? Email mortgage.strategy@centaur.c

  • Demand for buy-to-let offsets set to rise

    19 Apr 2005

    Charles Cameron & Associates has teamed up with Clydesdale Bank to deliver an exclusive buy-to-let offset deal.

  • Elephant Loans expands sales and processing teams

    19 Apr 2005

    Elephant Loans has increased its head office team with the appointment of four members of staff to its sales and processing divisions.

  • ENC gives Trigold a sub-prime edge

    18 Apr 2005

    The ENC system will allow small intermediaries to search for non-conforming products without having to rely on packagers, giving Trigold an edge in this sector of the market, says Frank Eve

  • Exclusive BMS deal for fans of Mini Alan

    18 Apr 2005

    BM Solutions is offering an exclusive product to brokers who download the Mini Alan desktop messenger from BM World by Friday April 22.The company says the introduction of this exclusive product is to encourage even more brokers to download the desktop messenger and benefit from features such as regular product updates and general information from BM delivered direct to their PCs. BMS says it has already had positive feedback about the service.Alan Cleary, head of sales at BM ...

  • Fees could tempt more IFAs to sell equity deals

    18 Apr 2005

    Fees rather than commission could open up the equity release market to more IFAs and make it safer, reveals Prudential.The Pru says that while it predicts the market will expand significantly over the next 10 years, this can only come through the industry and IFAs adapting to meet increasingly diverse consumer needs.Along with more flexible and transparent products, changes to the way advisers are remunerated could also encourage more IFAs into the market.The changes could ...

  • Financial Health Matters

    18 Apr 2005

    As consumers we often find it hard to resist the urge to buy the things featured in clever advertising and have probably all been enticed by adverts into making unnecessary purchases.

  • First Title buys The Live Organisation

    18 Apr 2005

    First Title, provider of title insurance and mortgage processing services, has acquired The Live Organisation, a provider of legal services in the conveyancing sector.The Live Organisation was formed in 1996 and launched Conveyancing Live, its first no move, no fee service, which pioneered the use of online progress reports and SMS messaging and has since completed over 100,000 transactions.The acquisition comes only six months after First Title acquired Enact, the Leeds-based ...

  • FMW members to get sales system

    18 Apr 2005

    Appointed representatives of Friends Mortgage World will have access to an integrated point-of-sale system by the summer.The network of parent Friends Provident, FMW says the system is being designed to speed the sales process for members.FMW says that while some research indicates advice times have gone up by as much as half an hour since regulation, its own internal investigations, taking into account the sale of related protection and insurance products, show the extra time ...

  • Footie showdown plans gather pace

    18 Apr 2005

    Preparations for charity Shelter's football showdown at Selhurst Park on May 9 are gathering pace with brokers sending in their football CVs.One describes his style as: "Striker with lightning pace. Mainly play up front but versatile and often play midfield on wing due to pace."Another lists the teams he's played in from Everton School Boys to Savills FC & St. Johns Athletic, Middlesex League.But Mark Harris, managing director of Savills Private Finance, says he is still ...

  • Franchise operation takes best broker crown

    18 Apr 2005

    mortgageforce was crowned Best Mortgage Broker at this year's Mortgage Strategy Awards.Facing stiff competition from Bradford & Bingley, Park Row Associates and London & Country, the franchise operation was crowned the top UK brokerage. It has been an eventful year for the Derby-based firm. Only last month it announced it was being bought by West Bromwich.Rob Clifford, managing director at mortgageforce, says: "We are delighted to win the best accolade of the bunch, not least ...

  • Freedom comes fourth in profit growth index

    18 Apr 2005

    The table, compiled by independent research company Fast Track, ranks businesses according to annual profit growth over the past three financial years.Freedom Finance has expanded from pre-tax profits of 6m in 2003 to 11m in 2004 with a turnover of 36.6m. The organisation now employs more than 550 people from its headquarters in Wilmslow, Cheshire.Rupert Webb, chief executive at Freedom Finance, says: "It's a great achievement to be listed in the Profit Track 100, especially ...

  • FSA reveals retail risks and areas under review

    19 Apr 2005

    The Financial Services Authority has revealed how it assesses retail market and product risks and highlighted some of the issues it has recently had under review.

  • GE Home Lending appoints legal counsel

    19 Apr 2005

    GE Consumer Finance Home Lending has appointed David Carson as legal counsel.

  • Genesis Home Loans appoints The Exchange

    18 Apr 2005

    The Exchange has revealed that Genesis Home Loans has selected the Exweb Broker portal to support its arrangements for the sale of protection products.

  • GMAC blasts IT laggard rivals

    18 Apr 2005

    GMAC-RFC has accused rival lenders of wasting brokers' time with poor quality or non-existent online systems.It gives the examples of Platform which does not have an online application system and Abbey which has been suffering severe service problems over the past few months.And GMAC-RFC says while BM Solutions, Halifax and Alliance & Leicester have good sites, they do not offer online binding decisions.Jeff Knight, head of marketing services at GMAC-RFC, says: "It is ...

  • Great and good receive individual awards

    18 Apr 2005

    Mortgage Strategy's star columnist Jonathan Cornell was awarded Personality of the Year. Cornell's weekly column is a must-read for the mortgage industry, his regular heroes and villains slot keeping all lenders on their toes.Cornell was clearly taken aback on the night, thanking everyone who voted for him.He tells Mortgage Strategy: "I'm delighted to receive this award. It's a fantastic honour to be voted mortgage personality of the year by the leading mortgage ...

  • Haart praises Tory stance on Stamp Duty

    21 Apr 2005

    haart estate agents has welcomed the Conservative's latest pledge to wipe out Stamp Duty on the average home.

  • Halifax research links prices and politics

    18 Apr 2005

    Research from Halifax Estate Agents highlights the rise and fall of house prices under successive governments as well as looking at regional winners and losers.It finds that since 1970 the average house price has increased more than 35 times, from an average price of 4,874 in 1970 to 172,788 in 2004.The biggest winners since 1970 have been home owners in London who have seen the value of their homes rise over 40 times. Home owners in Scotland have seen the smallest rate of growth, ...

  • HIP plan will be scrapped if Tories win the election

    18 Apr 2005

    The pledge was made by John Hayes MP, shadow minister for housing and planning, at the National Association of Estate Agents' National Congress.Hayes told delegates: "A Conservative government would suspend this scheme immediately. We would cut red tape for people wanting to sell their homes and would put to rest once and for all the idea of Home Information Packs."Peter Bolton King, chief executive of the NAEA, says: "This promise will strike a chord with many estate agents."This ...

  • HM Customs & Excise and Inland Revenue merge

    19 Apr 2005

    HM Customs & Excise and Inland Revenue have become a new department called HM Revenue & Customs

  • Home and car premiums unchanged says AA

    19 Apr 2005

    Home and car insurance premiums continue to show little movement, reveals the latest figures from the AAs quarterly British Insurance Premium Index.

  • Homes at risk

    18 Apr 2005

    The AA is warning that half of Britain's householders are putting their homes and savings at risk as they don't have insurance to meet the value of the contents of their homes.

  • House prices rise

    18 Apr 2005

    Halifax's latest monthly index shows house prices increased by 0.5% in March.

  • House prices to rise by 2% this year

    19 Apr 2005

    The housing market is unequivocally balanced in favour of buyers and likely to remain so until well after the election, says County Homesearch.

  • ICMG's warning to packagers

    18 Apr 2005

    Smaller pure packagers will only survive if they add value to their propositions by becoming niche players, says ICMG.The Essex-based company was formerly a packager, but is now a distribution platform for Rooftop and Bear Stearns, the US investment giant that recently acquired ICMG.Chris Gardner, managing director of ICMG, says: "We believe this year will see the demise of many small and mid-sized packagers as well as many of the mortgage clubs that have sprung up in desperation ...

  • IF expands offset to capitalise on increasing awareness

    20 Apr 2005

    Intelligent Finance is launching a range of offset mortgages at a time when research reveals that awareness of offset has doubled in just two years.

  • IF will add to offset range later this month

    18 Apr 2005

    Intelligent Finance is to add to its offset range later this month, with brokers expecting this to include a fixed rate option.Since the internet and telephone bank was launched it has only had one product on a variable rate but it is now competing with the likes of Clydesdale Bank which offers a fixed rate offset option.London & Country mortgage specialist David Hollingworth says: "The offset market is moving toward more fixed rate options with the likes of Clydesdale Bank ...

  • IFAs ignore business leads at their peril

    20 Apr 2005

    A survey of consumers who used IFA Promotion's online and phone referral service last year reveals that the quality of IFA business leads obtained online is now almost as high as for telephone requests.The survey reveals that 44% of the 339,000 people who requested IFA details online via IFAP last year went on to visit an IFA, compared to 51% of those who phoned IFAP for details.

  • Importance of knowing your client

    18 Apr 2005

    The adequacy of fact-find documents and the assessment of customers' attitudes to risk are highlighted by a recent FOS statement that firms should apply 'ethical logic', says Neal Smith

  • Industry concern about payslip adverts

    18 Apr 2005

    The Blue Cheque Company sent details to The Whitechurch Network, offering its clients payslips and P60s to help them get a loan or mortgage. But the advert says: "We rely on what you tell us and don't insist upon demanding proof." The company, which is based in Maidenhead, Berkshire, offers a choice of three payslips. Six Standard Payslips cost £70 and include basic National Insurance and tax details. For £85 a borrower can purchase six Payslips Plus that ...

  • Internet Insite

    18 Apr 2005

    This week I'm thinking about the subject of impact as I look at three broker sites from Surrey. Questions you have to ask yourself when building and reviewing your website include: "What impression do I want to make when a prospective customer first sees my homepage?" I view many homepages that are drab and lifeless, or at the other end of the scale, over designed. Very few create real impact. But when it comes to impact, it's more than just the visual impression that counts. Impact is ...

  • Interview feedback is useful whether good or bad

    18 Apr 2005

    Mark Witcomb is senior consultant at Venatus Business Intelligence

  • Is using replacement payslips justified?

    18 Apr 2005

    The Blue Cheque Company, based in Berkshire, offers payslips and P60s and relies on information provided by the client.

  • John Charcol brand to return

    19 Apr 2005

    Charcol is to return to the John Charcol brand in mid-May following the return of John Garfield in December last year.

  • Landlords miss tax benefit

    18 Apr 2005

    A survey of 1,000 of its customers shows only 13% have a limited company to handle their property investments, with the remainder declaring their buy-to-let interests as part of their personal tax returns.The small proportion of landlords using limited companies suggests they are paying millions of pounds unnecessarily to the tax authorities each year.Tax advisers acknowledge that the more investment properties someone has the greater the tax benefit of putting them in a limited ...

  • Legal & General makes sales team appointment

    19 Apr 2005

    Legal & General has appointed Bobbie Turton to its general insurance business as northern regional sales manager.

  • Liquid Assets

    18 Apr 2005

    Over the past few years the increase in popularity of lifetime mortgages in the equity release market has hardly gone unnoticed.

  • London Scottish revamps mortgage range

    22 Apr 2005

    London Scottish Mortgages has revamped its mortgage range.

  • Market Watch

    18 Apr 2005

    It was a deathly quiet week for rates. Swaps are edging downward, making me wonder who will be the next lender to reprice down.

  • MBS man in GMAC Commercial talks

    18 Apr 2005

    Hammered by debt and stock downgrades, US automaker General Motors is negotiating to sell a majority stake in its commercial mortgage affiliate and speculation is growing regarding the future of its residential business.As Mortgage Strategy went to press GM stressed it is not contemplating selling Pennsylvania-based GMAC Residential, the seventh largest home lender in the US. In the UK GMAC-RFC is a top 12 mortgage lender.But industry sources tell MS that investors ...

  • MCCB unveils final closure arrangements

    22 Apr 2005

    The Mortgage Code Compliance Board has unveiled its final closure arrangements including the recipients of its estimated 1m surplus.

  • MG Rover workers will need our advice

    18 Apr 2005

    It depends whether you are cynical or not which of these sayings you live by - "ambulance chasing" or "from every negative a positive can be gained".

  • MoneyExpert to go direct to consumers

    18 Apr 2005

    MoneyExpert.com has launched an offline mortgage broking operation to sell direct to consumers as part of a strategic partnership with Optoma Broker Solutions.

  • Mortgage Choice to co-brand for SPML

    22 Apr 2005

    Mortgage Choice has become the latest packager to undertake co-branded mortgage arranging for Southern Pacific Mortgage Limited.

  • Mortgage Express increases maximum lifetime loan size

    20 Apr 2005

    Mortgage Express has increased its maximum lifetime mortgage loan size from 250,000 to 500,000. Since entering the lifetime mortgage market 18 months ago, Mortgage Express has enjoyed strong growth in this area, capturing 20% of the overall market and 30% of the intermediary market. Roger Hillier, product development manager at Mortgage Express, says that there has been a significant number of people wanting to borrow beyond the previous 250,000 lifetime mortgage limit. ...

  • Mortgage lending in line with recent months, says MBBG

    20 Apr 2005

    Figures from the Major British Banking Groups show that net mortgage lending rose by 4.5bn in March.

  • Mortgages PLC expands sales team

    20 Apr 2005

    Mortgages PLC has completed the expansion of its sales team with the recruitment of six sales managers in its northern, Midlands, and southern sales teams. In the northern team, Craig Clifton will now cover Yorkshire. Sarah-Jane Lloyd joins and takes responsibility for the North-West and Manchester.

  • Mortgages PLC to publish guide for intermediaries

    19 Apr 2005

    Mortgages PLC is to publish a Financial Promotions Guide for Intermediaries.

  • MPLC remains tight-lipped about Genesis sale

    18 Apr 2005

    Mortgages plc has refused to comment on speculation that it has put Genesis Home Loans up for sale.Genesis was bought by Mortgages PLC for at least 1.5m in February last year, after Mortgage Strategy exclusively revealed that Genesis was up for sale in June 2003.One source now tells MS that the company is back on the market.However, Josh Cooper, spokesman for Mortgages PLC does not deny this but simply says it is the policy of the company not to comment on ...

  • MS uncovers more firms selling replacement payslips

    18 Apr 2005

    Following revelations in last week's magazine about companies offering replacement payslips for mortgage applications, Mortgage Strategy has unearthed a further nine companies advertising similar services.The Financial Services Authority has already made it clear that anyone who falsifies a person's income is potentially committing a criminal offence.Despite this, the companies have placed advertisements in well known sales magazine Exchange & Mart.One advert ...

  • MT adds Islamic lenders to panel

    18 Apr 2005

    The Mortgage Times Group has added two Islamic mortgage lenders to its panel, Alburaq and Ahli United Bank.The group says Islamic mortgages are becoming more popular as lenders innovate in this market.The addition of Alburaq and Ahli United Bank increases Mortgage Times' panel of lenders to 60.Christopher May, director at The Mortgage Times Group, says: "The addition of these Islamic lenders to our panel will help us stay ahead of the market, ensuring we offer a diverse ...

  • MT main sponsor for MS Awards

    18 Apr 2005

    Mortgage Times is to be the main sponsor of the Mortgage Strategy Awards 2005, a glittering event being held at the Royal Lancaster this Thursday.Payam Azadi, head of marketing at Mortgage Times, says: "The Mortgage Strategy Awards are one of the highlights of the industry calendar. We are delighted to be the main sponsor of such a prestigious event. The past year has been an eventful one, we welcome the opportunity to celebrate what has been achieved during that time ...

  • NAEA says housing market steady

    18 Apr 2005

    The housing market remained steady last month according to data released today by the National Association of Estate Agents.

  • Nationwide launches lower fixed rate mortgages

    21 Apr 2005

    Nationwide has revealed details of its new fixed rate mortgages.

  • NatWest launches first offset to intermediaries

    19 Apr 2005

    NatWest is making its range of offset flexible mortgages available through intermediaries for the first time.

  • Natwest launches offset range through MTE

    18 Apr 2005

    NatWest has launched an offset flexible mortgages to the intermediary market through the Mortgage Trading Exchange.

  • Newcastle pilots open communications system

    18 Apr 2005

    Newcastle will be one of the first lenders in the UK to pilot a new computer language intended to speed up service and flexibility.The language is called XML and over the past two years it has been used by non-profit organisation PISCES which has been looking to devise an open standard form of communication for all participants in the housing industry.This would mean any firm using a piece of technology with the PISCES standard, be they a lender, lawyer or surveyor, would be ...

  • Nicks Notes

    18 Apr 2005

    The government has agreed an extension - until at least 2011 with a review in 2008 - to the Association of British Insurers' genetics moratorium known as the Concordat and Moratorium on Genetics and Insurance.

  • Nightmare tenants cause landlords sleepless nights

    22 Apr 2005

    Unreliable tenants cause landlords the most sleepless nights, reveals research by the National Landlords Association.

  • Odd man in

    18 Apr 2005

    Eccentric is a good word to describe the new managing director of Bankhall Investment Associates, Peter Mann, who is charged with steering the firm steadily through an exciting phase. Interview by Rosemary Gallagher

  • On the beat

    18 Apr 2005

    The mortgage industry has real clout when it comes to influencing change.

  • Online recruiters must regain their momentum

    18 Apr 2005

    Colin Lloyd is head of operations at Reed Insurance

  • Optoma Broker Solutions Limited: An apology

    18 Apr 2005

    In our issue of March 28, in an article entitled "BMS dumps Optoma amid FSA rule breach rumours", we stated that Optoma may be in breach of FSA Principles 6 and 9. We accept that Optoma Broker Solutions Limited has not breached any FSA Principles. We apologise to Optoma Broker Solutions Limited for our error.

  • Panel addition

    18 Apr 2005

    Advantage Home Loans has been appointed to the panel of Lifetime Insurance Mortgage Experts as a provider for sub-prime and non-conforming mortgages.

  • Park denies product plans

    18 Apr 2005

    Opal Finance, which was formed in 2004 under the trading name of Park Financial Services, already offers secured personal loans and brokerage services and one source says it is planning to expand its business into product development. Park Financial Services was incorporated as a business within Park Group on February 1, 1999.Mortgage Strategy has been told that in the past six months the group has approached two companies, but that no plans have yet been finalised.One ...

  • Paymentshield launches club

    18 Apr 2005

    Paymentshield is expanding its range of services by launching a mortgage club.The Paymentshield Mortgage Club targets directly authorised brokers and offers a selection of lenders and products, coupled with what it says are some of the best proc fees in the sector.There is a requirement for intermediaries to commit a level of their mortgage business to PMC in return for favourable terms but the level of commitment is low enough to allow an broker to continue to trade as independent ...

  • Pink Mutual panel launched

    18 Apr 2005

    The initiative, which launches today, sees Pink developing two exclusive two-year discounted products in association with Mutual One, available exclusively through lenders on the Pink Mutual panel.David Copland, sales and marketing director at Pink, says: "Pink will be designing further products with societies on this panel in the coming months."Our strategy is to develop leading products in the prime and residential markets and to cater for the increase in demand for remortgage ...

  • Pink named top distributor for second year running

    18 Apr 2005

    The award for Best Mortgage Distributor this year went to Pink Home Loans, ahead of the likes of Premier Mortgage Services, Mortgage Intelligence and Network Data.Dev Malle, associate director at Pink, says: "We are pleased to get this award for the second year on the trot - it's a tribute to the hard work of the great people at Pink and our relationships with intermediary and lender partners."In the category of Best Mortgage Packager the winner was Solent Mortgage Services, ...

  • Pink provides online KFI directory

    20 Apr 2005

    Pink has devised an online directory which gives all its brokers a single point of access to its panel lenders websites to obtain links for Key Facts Illustration production.

  • Pink teams up with GMAC-RFC for adverse menu product

    19 Apr 2005

    Pink Home Loans has teamed up with GMAC-RFC to develop an adverse branded product offering menu based pricing off the Bank base rate instead of LIBOR.

  • Platform bags specialist title

    18 Apr 2005

    Platform Home Loans took home the title of Specialist Lender of the Year for the second year running, beating GMAC-RFC, BM Solutions and The Mortgage Works.Guy Batchelor, sales and marketing director at Platform, a subsidiary of Britannia, says: "It is terrific to have won this award for the second year running. Our success is down not just to great products and service but also a fantastic effort by our staff."Mortgage Express bagged the prize for Best Lifetime Lender at the ...

  • Platform launches range

    18 Apr 2005

    The range comes hot on the heels of Platform's recent successful launch of its first three-year sub-prime LIBOR trackers and three-year fixed rates, also with no ERC overhangs. The fixed rates have now been repriced and include minor adverse. The three-year trackers and fixed rate products also benefit from a 500 cashback option. Introducer fees are 1% for all sub-prime products.A range of fixed rates has also been launched across Platform's self-cert and buy-to-let ranges, with ...

  • Popularity of fixed rates set to climb again

    18 Apr 2005

    Bradford & Bingley expects the popularity of fixed rates to climb again in the coming months.

  • Principality hits the small screen

    21 Apr 2005

    Principality is to embark on an advertising campaign later this month to support its push to appeal to a wider customer base.

  • Prudential reports 208m first-quarter sales

    22 Apr 2005

    Prudential has reported UK and Europe sales of 208m for the first quarter of 2005, a 12% increase on last year.

  • PTI defends payment delay to departing ARs

    18 Apr 2005

    Personal Touch Insurance says delays in payments to appointed representatives leaving it are the result of ensuring that departing intermediaries are accepting liability.Mike Allison, managing director of PTI, says if ARs leave a network, that network has a liability if cases go off the books.He says: "Life assurers will take it off our commissions if intermediaries leave our network and liability is not assumed by the individual or the network they are joining."All we are ...

  • Pundits make assertions based on hearsay, not proof

    18 Apr 2005

    From Alan Sargent It was interesting to read Monty Burn's response to my letter (Mortgage Strategy March 28). Perhaps I did not make my point well and will try to clarify. One of the problems we have in this profession - not 'industry' please - is making assertions based on hearsay rather than proof. What Monty Burn has done is exactly that. The fact that Pink Home Loans and B&W have made allegations is not proof they are true. If they are, our regulator will take action. ...

  • Rate rise could threaten health of UK economy

    20 Apr 2005

    With inflation at a seven-year high of 1.9% there are fears within the property industry that interest rates could rise in the next few months.

  • Rate tarts must move now or miss out

    18 Apr 2005

    The Remortgage Value Index suggests prospective remortgagers should act quickly to get the best savings as lenders could introduce less attractive deals in coming months, says Jon Round

  • Rates Ladders

    18 Apr 2005

    "Oh no they won't!" With the pantomime season now some way behind us, maybe this time-honoured audience rejoinder to provocative statements is less appropriate.

  • Rental yields up

    18 Apr 2005

    Quarterly rental yield figures from Landlord Mortgages show the cooling housing market led to rising yields across England and Scotland in the three months to March 2005. Scotland recorded the largest increase with yields growing from 6.88% in Q4 2004 to 7.37% in Q1 2005. London also showed growth from 5.96% to 6.08%. The rest of England grew from 6.03% to 6.08%.

  • Reputation affects the bottom line

    18 Apr 2005

    Genasi makes the crucial point that public relations is now a central function of the process of managing and leading a company.

  • Resignations

    18 Apr 2005

    John Wheeler, sales manager at Sheval Property Finance, and Sidney Cohen, business development manager, have both resigned. Neither has yet confirmed where they will be moving on to.

  • Reversions offer

    18 Apr 2005

    The board of Sovereign Reversions has made an offer for the shares of Capital Reversions it does not already own. Sovereign owns 29.5% of Capital Reversions, the specialist investment company, 25.7% on a fully diluted basis.

  • Rooftop Mortgages targets the North

    20 Apr 2005

    Rooftop Mortgages, sponsor of Mortgage Business Expo Manchester on 18 and 19 May, is set to double its new business volumes by the end of the year.

  • Savings with five-year deals

    18 Apr 2005

    The index has been designed to help intermediaries and customers track how much could be saved by switching mortgages.The £1,740 saving is based on a £100,000 mortgage, switching from a current average SVR of 6.59% to a best buy two-year discounted variable rate. On the same basis, switching to a best buy fixed rate could result in savings of £1,410.The index also highlights the fact that compared with a two or three-year fix switching to a five-year fix in the ...

  • Specialist subject: FSA web register

    18 Apr 2005

    Aficionados of the FSA's web register will find a wealth of useful, interesting and sometimes bizzare information if they can work out the search protocols, says Richard Griffiths

  • Stamp Duty change will have minimal impact

    18 Apr 2005

    The recent change to the Stamp Duty threshold announced by the chancellor in his pre-election budget has generated significant publicity.

  • Standardised proc fees would stifle innovation

    18 Apr 2005

    From Mark Cocking The argument goes that proc fees should be standardised to avoid selling based on return to the broker rather than benefit to the client. Some point out a high proc fee shifts shedloads of product. Others point out the OFT would not permit standardised fees as this would be anti-competitive. Imagine this: the client wants the option of remortgage in the short to medium-term so their primary concern is minimising costs over the first two years. Product ...

  • Straw Poll Results

    18 Apr 2005

    Q: Do you advise on commercial mortgages, not including residential buy-to-let?

  • Takeover boosts ICMG business

    18 Apr 2005

    ICMG Direct, the Southend-based packager recently acquired by New York investment giant Bear Stearns, owner of Rooftop, reports a massive surge in new business enquiries since the multimillion pound deal was announced.Chris Gardner, director at ICMG, says: "Brokers want to deal direct these days and the deal with Bear Stearns has shown the market that ICMG is the principal place to access Rooftop deals."With us you get the best of both worlds in that you can deal direct whilst ...

  • TCF guide

    18 Apr 2005

    Kensington Mortgages has launched a guide to Treating Customer Fairly. It is designed to help intermediaries interpret the FSA initiative.

  • The Money Centre teams to expand nationwide

    19 Apr 2005

    Norwich-based The Money Centre is on a nationwide recruitment drive after experiencing an increase in turnover in the first quarter of 2005.

  • The Mortgage Mole

    18 Apr 2005

    Digging the dirt in the mortgage world

  • The Mortgage Times teams up with The Mortgage Works

    21 Apr 2005

    The Mortgage Times Group has launched two semi- exclusive products from The Mortgage Works.

  • Three gongs for One account and First Active

    18 Apr 2005

    The One account won Best Lifestyle Lender award for an incredible third year in a row.The Norwich-based lender held on to the prized trophy after managing to scoop the lion's share of the votes in this category.Other lenders battling it out for the accolade included Accord Mortgages, Northern Rock and Intelligent Finance.Louis Kaszczak, head of national partnerships at The One account, says: "To win such a prestigious award three years in a row is a real achievement. ...

  • Time to change things for the better

    18 Apr 2005

    The right to vote is something most of us take for granted but it has been hard won, and politics remains the only way to change the things that really matter, says Rachel Blackmore

  • Tories could win the mortgage vote

    18 Apr 2005

    With only weeks to go before the general election on May 5, the Conservatives have come up with a proposal sure to win favour with many in the mortgage industry.

  • Trend for second homes in Europe rising, says RICS

    22 Apr 2005

    Buying a second home is becoming more popular amongst Europeans, reveals The Royal Institution of Chartered Surveyors' European Housing Review.

  • Trigold to launch MS Outlook link at May 18 Expo

    20 Apr 2005

    Trigold will use the Mortgage Business Expo in Manchester on the May 18 to launch a new integration between its Prospector AAA mortgage sourcing software and Microsoft Outlook.

  • Warning on insurance mis-selling

    18 Apr 2005

    General insurance network CETA says brokers must heed the Financial Services Authority's warnings about the mis-selling of payment protection insurance or face prosecution.In a speech to the British Insurance Brokers Association conference in Manchester earlier this month, Stephen Bland, director of the FSA's small firms division, spelt out the FSA's priorities.He told delegates: "High on the consumer agenda is the sale of payment protection insurance."The Financial Ombudsman ...

  • Was it a good idea for the pmpa to set up the intermediary payment protection plan?

    18 Apr 2005

    Some say the IPPP sends out the wrong signals about volatility in the market. Here, our experts discuss the merits of the initiative

  • Webline unveils agreement with WMS

    19 Apr 2005

    Webline has unveiled an agreement with Wealth Management Software, a supplier of desktop and back-office systems for adviser firms.

  • West Bromwich Mortgage Company celebrates a decade of growth

    22 Apr 2005

    The West Bromwich Mortgage Company, a wholly owned subsidiary of the West Bromwich, is celebrating ten years of growth.

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