Mortgage Strategy
18 July 2005

  • A great system for a quick decision and case tracking

    18 Jul 2005

    From Sharon Reid As with most other lenders who use a credit scoring system, the client may fit criteria but still fail the score. This is not a failure of the system but is a result of the applicant's failure to pass the credit score. Also, if the applicant does pass the credit score the only additional document required for most cases is a valuation report. This is not the case with most other lenders. The posd system is great for anyone looking for a quick decision and ...

  • A numbers game

    18 Jul 2005

    Remortgaging is an increasingly important source of business for brokers and this makes recommendations from existing clients vital, says Cath Hearnden

  • Abbey re-launches mortgage range

    18 Jul 2005

    Abbey has relaunched its mortgage range, with a six month flexible plus fixed rate reduced by 0.10%, now 4.29%, as well as a three and five year fixed rate increased by 0.10%.

  • ABI welcomes FSA changes on enforcement

    19 Jul 2005

    Peter Vipond, the Association of British Insurers director of financial regulation and taxation has welcomed the Financial Service Authoritys review into its enforcement process.

  • Advantage hit the road with sub-prime mortgage workshops

    20 Jul 2005

    Branded mortgage arranger Advantage Home Loans will be holding eight regional workshops around the country over the coming weeks to highlight and inform brokers of the opportunities available within the sub-prime arena.

  • AMI on the hunt for policy officer with working experience of the industry

    18 Jul 2005

    The Association of Mortgage Intermediaries is looking to recruit another policy officer to work with director Chris Cummings and alongside policy officer, Ben Stafford.The job description asks for a high level of technical and practical knowledge of the financial services, preferably gained through working in the sector. A sound knowledge and understanding of the regulatory framework is also desirable as the person will be dealing with government officials, regulators and other ...

  • Applications for consolidation loans on the rise

    18 Jul 2005

    PolarLoans has issued its latest Money Monitor survey, which gives a monthly insight into consumer activity in the loan marketplace. Statistics from loan site www.polarloans.co.uk show that in June, over half of all the loan applications received were for debt consolidation, an increase of 10% since May, with the average loan size for this type of product being 25,366. Up to 24% of applications were for home improvements, with householders looking to spend an average of ...

  • Assureweb changes ownership structure to create new portal force

    19 Jul 2005

    The five product providers that previously owned 40% of the Assureweb portal have agreed terms with Misys to take overall control of the business.

  • B&B launches exclusive with MEX

    18 Jul 2005

    Bradford & Bingley is offering borrowers a exclusive fees free three-year fixed rate mortgage, funded by Mortgage Express.

  • B2L brokers focus on price

    18 Jul 2005

    Research from Mortgage Trust shows 68% of intermediaries consider product pricing to be the most important factor when deciding with whom to place buy-to-let business. Pricing was followed by speed of processing, technology and ease of processing.

  • B2L extra

    18 Jul 2005

    The Mortgage Times Group has introduced a buy-to-let extra product fully funded by Platform. This product is offered at a market-leading rate with the additional benefit of free valuation.

  • B2L investors increase size of their portfolios

    18 Jul 2005

    Buy-to-let investors have been increasing the size of their portfolios and are saying they will not sell their investment properties should property prices fall.This was revealed in the latest quarterly Association of Residential Letting Agents Review and Index of Returns on Residential Investment.The average size of buy-to-let portfolios has risen from 4.9 to 5.7 properties compared with the previous quarter.This move continues the steady increase seen over the past ...

  • BDS says proc fee hike is a thank you to brokers

    18 Jul 2005

    BDS Mortgage Group has defended its decision to increase proc fees on a number of sub-prime deals, saying the increase is meant as a thank you to intermediaries.The enhanced proc fees apply to specific sub-prime cases submitted between July 1 and September 30 and have been timed to coincide with BDS celebrating 15 years in business.The packager says it has increased the proc fees with the permission of the lenders involved and that competitiveness of the deals has not been sacrificed ...

  • BMS launches One Specialist market survey

    18 Jul 2005

    BM Solutions has launched its One Specialist survey today, tracking attitudes and development in the market.

  • BMS offers 4.85% fixed self-cert deal

    19 Jul 2005

    BM Solutions is ofering a limited edition self-cert fixed rate product at 4.85%.

  • Branching software

    18 Jul 2005

    Plum has launched software that includes features such as branching and priority capabilities. Adviser networks and organisations with several branches can continue to access the same database, but can now tailor it according to their own identity and logo, plus their own set of clients and commissions management.

  • Bridgewater Equity Release appoints sales and marketing manager

    19 Jul 2005

    Bridgewater Equity Release, the home reversions subsidiary of the UK's largest quoted residential property investor, Grainger Trust plc, has appointed Andrew Dixon as marketing and sales manager.

  • Britannia reassures brokers backlog is being cleared

    18 Jul 2005

    Britannia is reassuring brokers that despite a backlog it is rapidly catching up with processing cases.Lise Bulloch, spokeswoman for Britannia, says it has been experiencing backlogs because of a regional press campaign it launched for one of its products.She says: "We have seen a particularly high level of interest in one of our products because of a regional press campaign in May."It was incredibly successful and we did not anticipate the level of demand we would get. ...

  • Britons take a relaxed view to inheritance

    19 Jul 2005

    Results of a survey of attitudes to inheritance, carried out for the Joseph Rowntree Foundation, show that people tend to take a relaxed view.

  • Brokers think London market will remain strong

    18 Jul 2005

    An overwhelming 83% of Mortgage Strategy readers say the London terror attacks will not have a negative impact on the capital's property market.Reinforcing business' refusal to be affected by the atrocities in the capital, this a clear sign London can bounce back as strong as ever.Just 17% think the attacks will have a negative impact, out of 4,800 votes polled last week.This week we ask whether overseas properties are suitable for a self- invested pension plan investment.Visit ...

  • Buy-to-let coming back

    21 Jul 2005

    A number of key indicators are signalling that the buy-to-let market has stabilised and is now ready to begin slow but steady growth again, reports property investment specialist Assetz.

  • Call for clarity on equity release

    18 Jul 2005

    A clearer definition of equity release is required to avoid confusion when talking about the size of the market, says Key Retirement Solutions.KRS, which specialises in this area, says the term equity release is often used both to describe elderly people taking equity from their homes to fund their retirement and people of any age taking equity out, such as by remortgaging.The potential problem of a lack of clear definitions came to prominence recently with the findings of research ...

  • Call me wet but I'm no natural sailor

    18 Jul 2005

    You might think three days of summer sailing along the coast of Britain is a pretty good skive but the intrepid MS news editor found the reality painfully different

  • Cammy Amaira resigns from MEX

    22 Jul 2005

    Cammy Amaira has resigned as head of sales at Mortgage Express to join GE Consumer Finance Home Lending.

  • Can rates on self-cert deals get any lower?

    18 Jul 2005

    Last week Mortgage Strategy reported that rates in the self-cert market are continuing to fall, with BM Solutions launching its latest self-cert range with fixes as low as 2.99%.The lender also launched a 5.25% deal fixed until January 2007, along with a 4.49% fix plus the 2.99% fix.Deals have been coming onto the market as competition increases and mainstream players offer fast-track rates. With self-cert rates slowly creeping down, lenders are fighting to maintain their ...

  • Chelsea reviews range

    18 Jul 2005

    Chelsea has reviewed its entire mortgage range as of July 11. The lender's range now includes a buy-to-let tracker and a more competitive range of fixed rates. It has also reduced rates on its sub-prime range.

  • CML disappointed by the European Commissions Green Paper Credit in EU

    20 Jul 2005

    The Council of Mortgage Lenders is disappointed by the European Commission's Green Paper Mortgage Credit in the EU.

  • CML figures encouraging says Bradford & Bingley

    20 Jul 2005

    Duncan Pownall, mortgage development manager for Bradford & Bingley, says the latest CML figures are encouraging.

  • Concern over SLB rate reducing deal

    18 Jul 2005

    Standard Life Bank's rate reducing Freestyle Flexible Mortgage has met with a frosty reception from the industry, with predictions that without a rate change the product "will bomb".The bank is looking to take the market by storm with the first mortgage that decreases four times over the first five years of the mortgage.It says the rate reducer feature of the Freestyle mortgage is expected to save borrowers on average 1,000 a year for the first 10 years and more than 35,000 ...

  • Creating a balance

    18 Jul 2005

    Conveyancing is an important part of the mortgage process. The client often sees the conveyancing process as an extension of the mortgage adviser's services.

  • Curriculum Vitae - Jon Pain

    18 Jul 2005

    "I was never able to balance my till - that's probably why I was promoted to do something else"

  • Decisioning system has saved our company time and money

    18 Jul 2005

    Craig Francis We as a company disagree with the comments made by Adrian Hollis as we feel the online system is one of the best around. We receive all decisions back within 60 seconds, and these are binding decisions, not agreements in principle. The system allows us to have four product attempts with only one credit search (i.e. footprint). The process is quick and simple. It allows us to instruct the valuation online and to case-track. We have no complaints about the ...

  • Em sees record offers in June

    18 Jul 2005

    em-financial says its figures for June show a record number of cases going to offer. Simon Mouncher, operations director at em, says: "Our business levels increase each month and June saw us register our highest ever number of offered cases."

  • Enterprise Finance appoints head of operations

    21 Jul 2005

    The London-based Enterprise Finance, specialists in providing second charge loans and part of the Enterprise Group, has appointed Danny Waters as its head of operations.

  • Estate agents' SIPP adverts are misleading the public

    18 Jul 2005

    Estate agents are publishing misleading advertisements telling people to put their offshore property in a self-invested pension plan and claiming they can offer advice in this area.From April 6 next year second homes, both overseas and in the UK, can be included in Sipps. But as estate agents do not fall within the remit of the Financial Services Authority's life and pensions' regime they are not regulated to advise on them.And experts are warning Sipps should be treated with ...

  • Ethical Mortgage Solutions to be voluntarily wound up

    19 Jul 2005

    Following a period of difficult trading, mortgage advisers Ethical Mortgage Solutions has begun proceedings to voluntarily wind up the business.

  • Exweb usability enhanced

    18 Jul 2005

    The Exchange has enhanced the usability of its new business service on Exweb. The changes were made following consultation with brokers and providers and include an improved search facility that simplifies and speeds up identifying and selecting quotes and applications. An administrator search facility now enables administration staff to search for an intermediary's quotes and applications.

  • Exwebs client database hits 100,000

    21 Jul 2005

    The Exchange, provider of portal services to intermediaries and part of the financial services division of Vertex, has added over 100,000 client records to its client database.

  • F&C says interest rate debate has reached critical point

    18 Jul 2005

    Steven Andrew, economist at F&C Asset management says we've reached a critical point in the UK interest rate debate.

  • First National appointment

    18 Jul 2005

    First National has appointed Judith White as national sales manager.White is responsible for managing the First National sales team and driving business.

  • First-time buyers returning to market

    21 Jul 2005

    The latest quarterly UK mortgage borrowing trends survey by My Mortgage Direct reveals a healthy increase in first-time buyers.

  • Free directory is good news for brokers

    18 Jul 2005

    Most of us pundits have huffed and puffed about spiralling costs since Mortgage Day so it's refreshing to learn of a freebie with real value. Stick with me, I'll get to the freebie in a minute.

  • Freedom Lending strengthens management team

    20 Jul 2005

    Freedom Lending, the specialist intermediary mortgage lending company, has strengthened its management team.

  • Friendship deals lack FTB-appeal

    18 Jul 2005

    A host of solutions have been proposed by the industry to stop the decline in first time-buyer numbers and inevitably some options are more popular than others.

  • FSA starts Handbook review

    18 Jul 2005

    The Financial Services Authority has set out the first phase of its programme to simplify itsHandbook and remove unnecessary rules and guidance. The review programme will focus on eliminating or changing requirements which are more restrictive than needed to achieve statutory objectives, those that do not deliver benefits to justify their costs, and those not consistent with the FSA's focus on senior management responsibility.

  • Gains and losses among networks

    18 Jul 2005

    Two deals on the network front in the past few days indicate the slow but steady consolidation taking place among the ranks of smaller mortgage networks, says Richard Griffiths

  • GMAC-RFC system's positive points far outweigh its flaws

    18 Jul 2005

    From Sarah Evans All systems have their downsides but this is one of the better ones. First, the decision is binding so there is no going back on a promise, as many lenders do. This is one of the main selling points for GMAC-RFC products. The POSD system is quick. There are just three small screens to complete before you submit your decision. I've been using the system for months and have never had a case referred because if it does not fit a product's criteria. You can re-place ...

  • HBOS named biggest mortgage lender

    19 Jul 2005

    HBOS has been named the biggest mortgage lender, in terms of gross mortgage lending and total balances outstanding by the Council of Mortgage Lenders in its magazine News and Views.

  • Heritable changes rental calculations

    18 Jul 2005

    Heritable Bank, the property finance specialist, has changed the rental cover calculations for its range of buy-to-let mortgages.Heritable Bank is reducing the notional rate of interest used to calculate rental cover from 6.50% to 6.25%. Alternatively, borrowers opting for a fixed rate with two years or more to run at the time of application can use this rate to calculate rental cover.

  • Home of Choice extremely satisfied after court verdict

    22 Jul 2005

    Home of Choice says it is extremely satisfied after a Court Order has confirmed that under an Openwork contract an adviser can also run a mortgage business.

  • Housing market confidence stable

    18 Jul 2005

    The housing market remains stable following an unprecedented three month period without a change in confidence says Woolwich.

  • IF reprices fixed rate range

    18 Jul 2005

    Intelligent Finance is capitalising on the trend of falling swap rates to reprice its fixed rate mortgage range. The bank's fixed rate mortgage range now starts from 4.49% for new customers. Brian Ewing, head of intermediary sales at Intelligent Finance, says: "This is because there has been a steady fall in swap rates in recent months."

  • Igroup refreshes first charge motgages

    20 Jul 2005

    igroup, a GE company, has launched a refreshed first charge mortgage product range.

  • Increase in new buyer activity

    19 Jul 2005

    The number of would-be homebuyers in Britain rose this month for the first time in six months, showing the largest increase since January 2004 says the Royal Institution of Chartered Surveyors' monthly housing market survey.

  • Indifferent brokers won't be roused by product advertising

    18 Jul 2005

    From CE Sheldon I cannot let Mr Brotherton's comments in his letter in the June 6 issue of Mortgage Strategy pass without a reply. It would be absurd to expect anyone to pass comment on a film, restaurant, book, holiday resort, product or company without any knowledge or experience of said item. I did not, do not, nor will I expect any comment on the repayment plan without people knowing details of it. As far as advertising is concerned, I would remind readers of Sir Alan Sugar's ...

  • Injunction against Home of Choice extended

    22 Jul 2005

    An urgent interim injunction made by Zurich and Openwork against Gerry O'Brien, Richard Coulson and Home of Choice has been extended until the case is heard in the High Court later this year.

  • Intermediaries happy to blow the whistle on non-complaint adverts

    19 Jul 2005

    Mortgages PLC and Mortgage Promotions joint MarketView June 2005 survey, shows 67% of intermediaries would whistle blow on non-compliant adverts being run by other intermediaries.

  • Internet Insight

    18 Jul 2005

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

  • John Charcol offers two-year fixed rate

    19 Jul 2005

    As the two year anniversary of the 3.24% two year deal from Britannia arrives, John Charcol says it will soften the blow with its 4.28% for two-year fix, now available 5.7% APR John Charcol says it has launched the market-leading two-year fixed rate to help borrowers compensate for this. On a 100,000 loan, the difference in monthly payments will now be just 57 whereas this figure would have been higher earlier this year. Ray Boulger, senior technical manager at John Charcol, ...

  • Kensington makes two top level appointments

    18 Jul 2005

    Kensington Mortgages has appointed Luis Marino as director of marketing and strategy and Ian Ferguson as chief operating officer.Marino joins Kensington from Nationwide where he was head of marketing for eight years, helping to double the lender's mortgage book and build Nationwide's product range.Marino says: "Kensington is a progressive company with huge potential. Helping strengthen its position in the market will be my focus."Ferguson, who has over 20 years' experience ...

  • Landlords waking up to SIPPS

    18 Jul 2005

    Landlords are becoming aware of the changes that will allow residential property to be held in Self Invested Personal Pension schemes, says a survey from Mortgage Trust.

  • Leadership built on human values

    18 Jul 2005

    Ernest Shackleton's finest achievement came in 1914-1916, when he secured the survival of his entire crew of 27 men after their ship, The Endurance, was crushed by Antarctic ice and sank.

  • Leeds & Holbeck launches offset mortgage range

    19 Jul 2005

    Leeds & Holbeck, which changes its name to Leeds on September 12, 2005, launches its first offset mortgage range today.

  • Lenders stand to benefit from Basle II amendments

    18 Jul 2005

    Lenders are set to benefit from amendments made to Basle II which mean those with mortgage insurance will be given a lower risk rating and offered capital relief.This should ultimately benefit consumers because lenders will feel more comfortable giving them a mortgage as the risk of lending will be lower.The Economic and Monetary Affairs Committee in the European Parliament last week made plans to extend to 24 months the period for which a mortgage insurer has to compensate ...

  • Lifelink offers members transfer option

    18 Jul 2005

    Lifelink is offering members a transfer to recently merged Thinc Destini after failing to gain the necessary scale to get the best market terms for its network.The management team at Lifelink has undertaken a comprehensive review of its business model and operating plan. As a result it is offering members a transfer to the Thinc Destini group under an exclusive agreement.Lifelink managing director Mike Gosnel says: "After considering a number of options we have come to the conclusion ...

  • Lobby boss for PMI

    18 Jul 2005

    Christian Pierotti has been appointed to the newly created post of manager of governmental affairs at PMI Mortgage Insurance. Pierotti will be responsible for developing regulatory affairs strategy and directing lobbying efforts at EU and national levels.

  • MAB signs up Lanes estate agency

    20 Jul 2005

    Mortgage Advice Bureau has signed up the Enfield-based estate agency chain Lanes to its branch network.

  • Market Watch

    18 Jul 2005

    Swaps plummeted before creeping slightly higher, but shorter term rates were still down at the end of last week.

  • MI launches equity fact-find

    18 Jul 2005

    Mortgage Intelligence has produced an equity release fact-find for brokers. It comes in response to the FSA's recent equity release investigation that revealed numerous failings, especially in relation to the standard of fact-finding.Sally Laker, managing director of MI, says: "We hope this will help smaller mortgage firms who find it difficult to put together specialist material."

  • Millfield names finance director

    18 Jul 2005

    The Millfield Group has appointed Arthur Milton as finance director. He takes over from Harry Roome, who has been the group's finance director since 2000. Milton is a chartered accountant and has extensive experience in the financial services sector, including roles as finance director at GE Capital and as finance director and CEO of Toplis and Harding.

  • Moneyfacts CEO receives university honour

    18 Jul 2005

    Moneyfacts chief executive John Woods is among a distinguished roll call of individuals including Sir David Attenborough and Lord Melvyn Bragg awarded honorary degrees by the University of East Anglia this summer. Woods received his Honorary Doctor of Civil Law at this year's congregation on Friday July 15 for his contribution to the financial industry.

  • Mortgage Express launches BTL deals

    19 Jul 2005

    Mortgage Express has launched a range of new deals on its buy-to-let non-status product.

  • Mortgages plc offers free legal fees via LMS

    21 Jul 2005

    Mortgages plc, the UK residential lender and wholly owned subsidiary of Merrill Lynch, has moved to strengthen its position in the heavy adverse market with the launch of a free legals initiative with Legal Marketing Services.

  • Most consumers dealing with shortfall problems

    18 Jul 2005

    The Financial Services Authority says most consumers facing a shortfall on an endowment policy linked to their mortgage have taken action to deal with it.Research commissioned by the FSA covering 2.2 million households, shows 82% of those that still have an endowment-linked mortgage have an average projected shortfall of 7,200 and the majority of those, some 69%, have taken action to address their situation. A further 14% intend to take action in the future.The Association of ...

  • MPLC cuts fixes

    18 Jul 2005

    Mortgages PLC has cut its two and three-year fixed rates. Peter Beaumont, sales and marketing director of MPLC, says: "Fixed rates have become popular in the non-conforming market as money market rates have fallen and borrowers seek certainty."

  • Mutual scores sponsorship goal

    18 Jul 2005

    The Derbyshire has netted a three-year sponsorship deal with Derby County FC that sees two of the region's big names working together. The sponsorship arrangement was announced last week at a launch party at Derby County's Pride Park ground to unveil the club's new home strip.The Derbyshire will fund the deal through its Derby Rams savings account, from which it will donate the equivalent of 1% of average balances in the account during the year to support the club's academy.Mark ...

  • Mutuals can still cut it in the regulated era

    18 Jul 2005

    The building society sector is thriving according to statistics released recently by the Financial Services Authority.

  • Negative equity risk to equity release providers

    19 Jul 2005

    A Defaqto report has highlighted pitfalls for lenders in the equity release boom.

  • Network Data boosts products

    18 Jul 2005

    Network Data has enhanced its panel of household products, giving its ARs and directly authorised brokers access to bedroom rated and sum insured products underwritten by AXA, Norwich Union and Wellington.

  • New offset lender joins Buildloan panel

    20 Jul 2005

    Buildstore has expanded its panel of lenders for BuildLoan, to include Accord Mortgages.

  • Nice idea, shame about the reality

    18 Jul 2005

    When it comes to differentiation you have to hand it to the NatWest/Royal Bank of Scotland group for effort.

  • Northern Rock reduces flexible fixed rates

    21 Jul 2005

    Northern Rock has reduced rates on the 85% and 90% LTV tiers on its two and three-year flexible fixed products.

  • Oh for a lender that simplifies its charging structure

    18 Jul 2005

    From Sue Read I thought I was alone in being surprised by the new charges on Northern Rock's lifetime mortgage deal until I read Ian Curtis' letter in last week's issue of Mortgage Strategy (July 11). I have two clients for whom I had received KFIs but who had not yet submitted applications. Imagine my joy last week when I saw Northern Rock's rates were coming down. It's rare to be able to give clients good news and I relished the prospect, even with the extra paperwork needed. ...

  • Open standards are key to the future

    18 Jul 2005

    With so many changes over the past nine months emanating from Canary Wharf, it is important the industry doesn't lose sight of the fact it is still master of its own destiny.

  • Open standards divide lenders

    18 Jul 2005

    Lenders are split over whether they would be willing to pay for Origo's plans to create open standards in the mortgage industry.Origo is owned by life, pensions and investment providers and aims to develop structure and direction within e-commerce for the financial services industry.Origo is currently owned by 16 providers who are known to be sponsors as well as non-sponsor product providers. These firms each pay 10,000 per year for using the open standards.Mehrdad Yousefi, ...

  • Pensions changes could boost buy-to-let by 5bn in 2006

    19 Jul 2005

    Nationwide subsidiary UCB Home Loans, believes that new rules which allow residential property to be included in personal pensions will provide a 15% boost to the buy-to-let sector next year.

  • Platform launches B2L and self-cert range

    20 Jul 2005

    Platform, the intermediary lender of Britannia, has launched a buy-to-let and self-certification products which follow its successful launch of clickdecision, the lenders new online decision facility.

  • POSD problems are rare and there is always help at hand

    18 Jul 2005

    From Keith Roskilly On the whole I get quick and binding decisions I can go back to my client with, in the knowledge that there will be no problems with requests for information that was not asked for at decision stage. Keith RoskillySeasense MortgagesBy Email

  • Preferred launches two-year fixes with no tie-ins

    18 Jul 2005

    Preferred has launched of a range of two-year fixed rate products with no extended tie-ins.It has also made its three-year fixed rates more competitive and extended the discounts on its core range.Fixed until September 1 2007, the products start from 6.19% verified and 6.44% self-cert on near prime, available up to 90% LTV on purchase, remortgage and self-cert, and 85% LTV on Right to Buy and buy-to-let products.The relaunched three-year fixed rates have no extended tie-in ...

  • Prescott calls for shake-up of planning system

    18 Jul 2005

    A shake-up of the planning system is needed to respond better to market demand for more homes, ensuring more first time buyers get the chance to afford homes of their own, says deputy prime minister John Prescott.

  • Prestbury enters the GI market

    18 Jul 2005

    Prestbury Holdings has entered the general insurance market, entering into an agreement with underwriting agency PlusOne to sell Norwich Union's general insurance products.

  • Principality chic

    18 Jul 2005

    David Emanuel, who designed Princess Diana's wedding dress, has turned his attention to Wales' largest building society, Principality. As part of its programme to launch a new brand identity, Principality set Emanuel the challenge of designing a uniform for branch staff.

  • Principality receives top business award for Wales and West

    18 Jul 2005

    Welsh business received a vote of confidence as Principality, Waless largest society, was awarded the coveted CMS Cameron McKenna Business of the Year at a gala ceremony in London on Thursday 14 July. Acknowledged by the chancellor of the exchequer as the UKs business Oscars, the National Business Awards sponsored by Orange recognise and reward excellence, innovation and success. They are open to companies of all sizes and from any sector. Judges for the Business of the ...

  • Property transactions up since May

    21 Jul 2005

    Figures released by the Inland Revenue today show that the number of property transactions were at a seasonally adjusted 123,000 in June, up 3,000 from May, and at their highest level since February.

  • PropertyFlow strengthens board of directors

    22 Jul 2005

    Rob Pimenta has been appointed to the board of directors at PropertyFlow, parent company of online conveyancing search provider, SearchFlow.

  • Pru boosts team

    18 Jul 2005

    Prudential has appointed three lifetime mortgage sales specialists to its support team from Norwich Union. This comes ahead of the anticipated launch this year of a Pru lifetime deal.

  • Qualifications added

    18 Jul 2005

    IFA Promotion has doubled the range of incremental qualifications available for selection on its Find an IFA online and hotline search service. It has achieved this by adding the full spectrum of product-specific papers for AFPC, as well as the Pensions Management Institute professional qualification.

  • Question weighing on industry's mind

    18 Jul 2005

    The Financial Ombudsman Service recently ruled against a life insurer that refused to pay a claim for someone who had underestimated their weight on the application form.

  • Rate rise fears fuel rush to long-term fixes

    18 Jul 2005

    Mortgages Direct says more borrowers are opting for long-term fixed rate deals, fearing the low interest rate environment will not last.The brokerage says it has seen a significant rise in the number of mortgage borrowers opting for longer-term fixed rate deals of five years or more, with only 39% of fixed rate borrowers choosing two-year deals.Peter Gladdy, director of Mortgages Direct, says: "Although there is a lot of speculation that the base rate will drop soon, more and ...

  • Record breaking month for Advantage Home Loans

    21 Jul 2005

    Advantage Home Loans has reported record levels of business for June since centralising all new mortgage enquiries to its broker support team.

  • Red tape could stifle rental sector

    18 Jul 2005

    The National Landlords Association fears excessive government red tape could discourage investment in the private rented sector.From October 2005, as part of wide ranging changes to regulation of the private rented sector under the Housing Act 2004, the government will introduce a new definition of houses in multiple occupation. At the same time a complex system of mandatory and selective licensing of HMOs will come into force.With this legislation the government aims to improve ...

  • Referral fees U-turn on the cards

    18 Jul 2005

    Solicitors may be forced to stop paying brokers referral fees for client business passed on to them.Last year a change in legislation meant brokers could be paid for referring clients to a certain solicitor. This has led to a number of professional alliances being formed.But the Master of the Rolls, the judge who is president of the civil division of the Court of Appeal, Lord Phillips of Worth Matravers, says it was a mistake to allow referral fees and wants them stopped.He ...

  • Rocketing response for sub-prime workshops

    21 Jul 2005

    Branded mortgage arranger, Advantage, has received overwhelming response to the launch of its sub-prime workshops, which will be taking place in August and September.

  • Scottish police probe mortgage ID fraud

    18 Jul 2005

    At least two cases of identity fraud allowing people to illegally obtain a mortgage are being investigated by police in Scotland.London & European says these have come to light with a single lender to which it provides insurance, but it is launching a real time ID verification system later this year which should help lenders prevent future cases occurring.The two cases the Central Scotland Police Force is investigating are thought to have happened in the Stirling and Perthshire ...

  • Second charge boom may threaten lending system

    18 Jul 2005

    The increase in the popularity of second charge lending could pose a risk to the financial strength of the mortgage banking system, a study by PMI Mortgage Insurance reveals.The research says these 'piggyback' loans - so called because a second mortgage is piggybacked onto a first to compensate for a smaller down payment - have become more common due to rising house prices.Charles Calhoun, an independent consultant and author of the report, says: "Borrowers are able to afford ...

  • Self-cert rate gap narrows

    18 Jul 2005

    Industry pundits are predicting self-cert rates could soon be as low as those for mainstream products as competition hots up.The increasing number of mainstream lenders offering fast-track rates has led to stiff competition in the self-cert market, with some predicting the two categories will merge.Rob Clifford, managing director of mortgageforce, says: "Lenders have a much clearer picture of the self-cert market than they did two or three years ago. I can picture margins being ...

  • Separate legal function to assist FSA on suspected regulatory breaches

    19 Jul 2005

    A review into the Financial Service Authoritys enforcement process recommends that a separate review by a legal division should happen before a decision is made on a case suspected of breaking regulatory requirements.

  • Simplifying the complex world of mortgage advising

    18 Jul 2005

    From Adrian Speed I have to challenge the recent comment that GMAC-RFC's POSD system "adversely affects the adviser's credibility with clients". The system is user-friendly and gives a binding decision based on the facts about the client. POSD allows one to re-source product without the need to perform a credit search. Once the case is accepted, submission and processing feels effortless compared with other lenders, resulting in a quick turnaround in surveys and mortgage ...

  • SmartNewHomes predicts rate decrease around the corner

    20 Jul 2005

    David Bexon, chief executive of SmartNewHomes.com, says a rate decrease is just around the corner, after the latest Monetary Policy Committee meeting results published today.

  • Stability continues in housing market says CML

    20 Jul 2005

    Total lending in June increased by 16% to 25.8bn from 22.3bn in May, the fifth consecutive monthly increase, the latest figures from the Council of Mortgage Lenders have revealed.

  • Standard Life becomes latest Tenet shareholder

    22 Jul 2005

    Tenet Group is delighted that Standard Life has become a significant minority shareholder, after a substantial capital investment in the Group.

  • Stroud & Swindon chief exec resigns

    19 Jul 2005

    John Parker will take planned retirement as chief executive of the Stroud & Swindon with effect from December 31.

  • T&C rules could benefit your firm

    18 Jul 2005

    Companies could see a return on their investment in meeting the FSA's training and competence requirements in terms of enhanced business performance, says Bill Warren

  • Taylor's Tour.....

    18 Jul 2005

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

  • TFC backs London with early office purchase

    18 Jul 2005

    The Finance Centre has brought forward its acquisition of premises in London to demonstrate support for the capital's defiant reaction to the terror attacks of July 7.The offices are a short distance from King's Cross station where a bomb exploded on a London Underground train heading towards Russell Square, killing 25 people.The Warrington-based packager was due to complete on the offices on Euston Road on August 1 but signed the contract on July 14 to confirm its intention ...

  • TFC Homeloans adopts a complete solution from L&E

    21 Jul 2005

    TFC Homeloans has appointed London & European to provide its complete web-based panel management solution to the TFC Homeloans branded portfolio.

  • The creative champion of brokers' rights

    18 Jul 2005

    When you think of Chris Cummings, screenplays may not be the first thing that springs to mind, but one of his hobbies - when not guiding mortgage brokers through the regulatory labyrinth - is creative writing.When not absorbed in consultation documents, Cummings, the director of the Association of Mortgage Intermediaries and now also director-general of the Association of Independent Financial Advisers, tries to set aside time each day to get his creative juices flowing. This self-discipline ...

  • The FSA means business

    18 Jul 2005

    The Fincancial Services Authority has flexed its muscles and given a warning to the mortgage industry.

  • The Mortgage Mole

    18 Jul 2005

    BRIGHT TIES Never one to miss out on a fantastic venue and sparkling company, the Mortgage Strategy team was out in force on Wednesday night to help Kensington Mortgages celebrate its 10th birthday at the Kensington Roof Gardens. But with the venue's resident flamingos having been shipped out for the night to safety and the rain casting a grey haze over the setting, it was down to David Copland's psychedelic tie to inject an air of theatricality.Deputy ed Rosie Gallagher ...

  • Timing is everything with drawdowns

    18 Jul 2005

    Having considered the issues that arise when comparing drawdown lifetime mortgages as against single lump sum schemes in a previous article, the conclusion was that the basis for comparison must be that a client knows when and how much they want to draw down in the future.

  • Tom Atkins joins Preferred in management role

    21 Jul 2005

    Tom Atkins has taken on the new role of head of associated new business at Preferred.

  • Tony Blair is right, it's high time to slay the FSA monster

    18 Jul 2005

    From Michael Norwood I have just checked with the FSA's online service to see if the details are correct and check the reporting schedule for us. I had checked with the FSA to get an idea when the first report would be made, bearing in mind our annual accounting date of December 31, and was told it would be in January

  • Two pints of lager and a mortgagetwo pints of lager and a mortgage

    18 Jul 2005

    Friends clubbing together to buy a home seems like a good solution to the first-time buyer drought but psychological barriers could be limiting uptake, says Harvey JonesFriends clubbing together to buy a home seems like a good solution to the first-time buyer drought but psychological barriers could be limiting uptake, says Harvey Jones

  • UBS poised to enter UK mortgage broking market

    18 Jul 2005

    Industry sources have revealed that global financial services company UBS is to enter the UK mortgage market.The group is setting up a mortgage broking desk as part of its wealth management division. This will initially focus on providing mortgages to existing UBS clients.After this period, UBS is expected to expand its offering, making it available to any client that fits its client profile.It is believed that the broking proposition will be launched in September this year, ...

  • VAT change could affect industry

    18 Jul 2005

    The Association of Mortgage Intermediaries is warning that a consultation document issued on VAT last week by Revenue and Customs could have massive implications for the mortgage market.Consultation on Changes to the VAT exemption for insurance-related services has been published in response to concerns on the UK VAT exemption for this sector raised by the case of Arthur Andersen & Co Accountants.In the Andersen case, the European Court of Justice ruled that back office ...

  • Watered down version of Trigold is format for problems

    18 Jul 2005

    From Lee Martin I'd like to know if other brokers are using such a version and if they are experiencing the same problems as me. Here's the scenario. I complete a fact-find for a client and do some business, completing the paper trail. Then 12 months later the client comes to me and his requirements have changed. He asks me to help. I now have to go back into his fact-find and edit it. But there is no saved version of the first fact-find so if the FSA asks for details of his ...

  • We must stop first-timers losing heart

    18 Jul 2005

    I was struck by the severity of the findings in Alliance & Leicester's recent moving and improving index.

  • What are the options for brokers in the overseas mortgage market?

    18 Jul 2005

    The growing overseas market can be lucrative but brokers must take care to protect their clients and their own reputations, say our experts

  • Woolwich sees fixed deals boom

    18 Jul 2005

    Figures from The Woolwich reveal that since June 2004 fixed rate mortgage sales have risen by 47% and now account for 60% of its new mortgage sales. The company says this reflects home owners' desire for stability in a confusing market and showsthat more owners are taking advantage of competitive deals.

  • You can help formulate an e-strategy

    18 Jul 2005

    E-commerce is key to controlling risks and costs in the industry but it's vital that a common strategy is formulated that takes into account the views of all stakeholders, says Frank Eve

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