Mortgage Strategy
18 September 2006

  • E-DIP on stream

    18 Sep 2006

    Pink Home Loans' online decision-in-principle facility, e-DIP, is now available to both appointed representatives and directly authorised intermediaries.The facility searches all adverse lenders on Pink's packaged panel to provide the intermediary with a list of lenders that will consider their client's application.

  • New faces at DB mortgages

    18 Sep 2006

    DB mortgages has appointed two new business development managers.Gary Daws has been appointed BDM for Kent and joins from Accord Mortgages.Susan Frost is BDM for the Northern division, looking after east Lancashire, Greater Manchester, and north and east Cheshire. She previously held a similar position with Bristol & West.

  • 38% of businesses email systems in complete chaos

    18 Sep 2006

    Over a third of large organisations across the UK have admitted their email management systems are in complete chaos.

  • Advantage signs distribution agreement with Mortgages Direct

    21 Sep 2006

    Advantage, a Morgan Stanley Group company, has signed a distribution agreement with Mortgages Direct, the financial subsidiary of SpicerHaart.

  • Advisers should explain products clearly and end flavour of the month syndrome

    18 Sep 2006

    From Michael Nicholls I had to smile when I read the cover story on interest-only mortgages. It never ceases to amaze me how, as an industry, we seem constantly to seek out negativity one minute, only to suddenly change our minds a few months later and turn bad news into good. No wonder clients get confused when we can't seem to make up our minds whether to recommend something or not. Just a few months ago, the headlines were proclaiming that interest-only mortgages were the ...

  • AFB officially launches

    19 Sep 2006

    The Association of Finance Brokers, the new trade body for secured loan brokers was officially launched last night, at a reception held at the House of Commons. The Rt Hon John Gummer MP, chairman of the AFB, says: The industry is going through a period of unprecedented change. With new pressures emanating from UK regulators and the European Commission, secured loan brokers need a trade body with extensive experience in effectively lobbying policy makers. As part of ...

  • Arc develops insurance package for Hamilton Fraser

    21 Sep 2006

    Arc Legal Assistance, the legal costs insurance provider, has developed a tailored package of landlord legal cover for brokers, Hamilton Fraser, specifically for their clients including the National Landlords Association.

  • Artemis invests in mform

    18 Sep 2006

    Online mortgage company mform has secured a multi-million pound investment from fund management company Artemis. The Edinburgh-based company, which launches this autumn, says it intends to shake up the mortgage industry with its online service that enables people to search for the best mortgage to meet their individual needs. The service will be free, easy to use and is based on data provided by financial product research company Moneyfacts. People will be able to choose a mortgage ...

  • B2L remains strong despite scare stories

    18 Sep 2006

    The success of the buy-to-let market continues apace. Almost daily we hear reports of activity scaling new heights.

  • B2L with free fee offer launched

    18 Sep 2006

    Mortgage Trust and Premier Mortgage Service have launched a 5.19% buy-to-let fixed product with free valuation or administration fee.

  • Barclays Private Equity Acquires £113.5m stake in Blemain Group

    18 Sep 2006

    Barclays Private Equity has acquired a £113.5m minority stake in The Blemain Group, a secured lender to the residential and commercial sectors.

  • Big boys team up and football lives

    18 Sep 2006

    So two of the big boys in the mutual sector have got together - the biggest, Nationwide, and the third largest, Portman - to create a force to be reckoned with.Despite this merger (or is it more of a takeover by Nationwide, which is about six times the size of Portman?), HBOS still remains the powerful force in the mortgage market. It has assets worth 570bn under management compared with the new group which will have about 150bn in total.

  • Boldly going

    18 Sep 2006

    Conveyancing firm MyHomeMove is offering mortgage brokers the chance to win the family holiday of a lifetime to the Kennedy Space Centre in Florida.The trip coincides with the launch of the Discovery shuttle's mission to the International Space Station on December 13. The competition winner will have the opportunity the watch the launch and lunch with an astronaut while in Florida.

  • Cheval extends maximum loan

    18 Sep 2006

    Cheval, the specialist bridging finance company, has increased its maximum loan amount to 10m.The newly increased limit ranks among the highest available in the UK, and is a direct result of the recapitalisation that followed Cheval's recent acquisition by Credit Investments.Ellis Sher, managing director at Cheval, says: "The new maximum bridging facility is part of an ongoing strategy of deepening our product range. The increase is in response to demand from our institutional ...

  • Cheval unveils flexible bridging loan criteria

    22 Sep 2006

    Cheval, the specialist bridging finance house, has unveiled what it believes is the industrys most flexible bridging loan criteria. The new flexibility will mean that while LTV remains a key part of assessing applications, it will be viewed in a broader context.

  • CHL's unveils fixed rate buy-to-let

    18 Sep 2006

    CHL Mortgages has launched a two-year fixed rate buy-to-let mortgage, available only through packagers.CHL says it has launched the product to tap into rising landlord demand for mortgage payment certainty.The mortgage is fixed at 5.35% until October 31, 2008 and comes with a 695 flat rate completion fee. It also includes no personal minimum income requirement, no income checks, and lending of up to 85%loan-to-value on new-build flats.It also allows lending on up to 25% ...

  • Choose commercial partners with care

    18 Sep 2006

    The rising profile of commercial mortgages and the commissions available are encouraging more intermediaries to dip their toes into the water.

  • CIF launches swift proc fee payment service

    18 Sep 2006

    Close Invoice Finance has launched a service for brokers allowing them to claim up to 85% of their proc fee the moment a mortgage completes.A subsidiary of Close Brothers - which owns Mortgage Intelligence and Close Mortgages - CIF's IDeal is a web-based invoice-discounting product designed to pay brokers immediately, providing them with instant cash flow.Peter Flynn, director of sales and marketing at CIF, says the upfront money can be used to fund debts, for start-ups and ...

  • Citizens Advice signals missed payment crisis

    18 Sep 2006

    Citizens Advice reports that 770,000 home owners risk losing their property due to crippling debt.The charity also reveals that out of those surveyed, 13% of 21-24-year-olds have missed one or more mortgage payments in the past year.David Harker, chief executive of Citizens Advice, says: "Local Citizens Advice Bureaux helped people to deal with 1.25 million debt problems last year. We are very concerned about the numbers of people who are missing payments. There is a clear need ...

  • Clydesdale scoops Financial Services Forum award

    20 Sep 2006

    Clydesdale Bank scooped the spoils at last nights Financial Services Forum awards, picking up the award for most effective sponsorship.

  • CML rejects DTI's representation action proposal

    20 Sep 2006

    The Council of Mortgage Lenders has stated that the Department of Trade and Industrys proposed representative actions in consumer protection legislation should not be applied to the financial services industry.

  • CML veteran Williams takes top IMLA role

    18 Sep 2006

    The Intermediary Mortgage Lenders Association has appointed Peter Williams, currently deputy director general of the Council of Mortgage Lenders, as its first ever executive director.Starting on October 1, he'll work on a part-time consultancy basis after he leaves the CML on September 30. He will be in charge of coordinating the IMLA and progress initiatives agreed by members.Guy Batchelor, chairman of IMLA, says: "Peter's outstanding pedigree at the CML, where he has worked ...

  • CML welcomes Cooper's call for greener mortgages

    21 Sep 2006

    The Council of Mortgage Lenders has welcomed housing minister Yvette Coopers call for greener mortgages.

  • Coffield named as new head of TMA

    21 Sep 2006

    Abbey for Intermediaries has revealed John Coffield is the new head of The Mortgage Alliance with immediate effect.

  • Commercial First tailors products

    18 Sep 2006

    Commercial First has unveiled major product innovations designed to extend its appeal to a wider range of business borrowers. The product suite has been split to provide a tailored solution to owner-occupied commercial properties and investment properties.

  • Complete's sub-prime round table

    18 Sep 2006

    Complete Mortgage & Loan Services is hosting a sub-prime round-table event at St Mary's football stadium in Southampton on September 19. It is open to all mortgage brokers pre-registered on the newly updated Complete website.

  • Complusory MPPI "unfair" says Centrepoint

    22 Sep 2006

    Forcing home-buyers to take out mortgage payment protection insurance would leave many people paying for policies from which they did not stand to benefit, warns Centrepoint Insurance Services. The company says compulsory MPPI runs counter to the spirit of the Financial Services Authoritys principles of Treating Customers Fairly, which the mortgage industry is obliged to follow. Its comments come amid mounting speculation that the government is planning to force mortgage ...

  • Compulsory MPPI would be disaster, says Moneynet

    19 Sep 2006

    Making MPPI compulsory would be disastrous for consumers, says Moneynet.

  • Consumer confidence dives to lowest ever level

    18 Sep 2006

    Nationwide's Consumer Confidence Index shows confidence is at its lowest ever level.The society says people's confidence about the future state of the economy and employment situation has dropped by 11 points to 83, the largest ever fall.The Index is now 17% lower than 12 months ago and is well below its 12-month average which has been falling steadily since the start of 2006. Nationwide says confidence was severely knocked during the hostilities between Israel and Hezbollah, ...

  • Curriculum Vitae

    18 Sep 2006

    Name: Karen BabingtonAge: It's rude to ask a lady her ageCompany: Easier2move Conveyancing.Job title: Sales and marketing director.Where do you live?I've just moved back to Shropshire.Describe your current job: My job has evolved considerably as Easier2Move has grown. Currently my role includes directing and managing our account management teams across the country, attending regular review meetings with key accounts, tendering for new business, developing our Home ...

  • DB Mortgages appoints two BDMs

    18 Sep 2006

    DB Mortgages has appointed two business development managers.

  • DB Mortgages changes criteria

    21 Sep 2006

    DB Mortgages is to change its criteria for the calculation of rental yield on its self-financing buy-to-let product.

  • Dear Delia

    18 Sep 2006

    Dear Delia: Mike and Sarah are looking to buy a two-bedroom apartment with a budget of 180,000. Mike already has a mortgage and has found a buyer for his property. Sarah is a first-time buyer and 12 months ago settled a County Court judgement of 497. Mike had a default of 4,000 registered. Both are employed with incomes of 34,000 and 19,000 respectively. What are their options? Delia says: Mike and Sarah could use a lender that does not credit score their applications but individually ...

  • Do you think half the homes in the uk will be buy-to-let or second homes by 2026?

    18 Sep 2006

    Buying a home remains a rite of passage so our experts are sceptical about consultant David Lawrenson's prediction of a B2L explosion

  • Don't let clients buy a share of misery

    18 Sep 2006

    Another week, another solution for the beleaguered first-time buyer. But this time it comes from none other than Britain's biggest bank. HSBC has joined the small group of lenders targeting aspiring first-time buyers, offering deals that allow up to four borrowers - including strangers who have met over the internet - to club together and arrange mortgages.

  • Earnings on rise

    18 Sep 2006

    Average earnings excluding bonuses or regular pay rose by 3.7% in the first two quarters of 2006, down from 3.8% in June.

  • Easier2move appoints two BDMs

    19 Sep 2006

    Easier2move has promoted two account managers to become business development managers.

  • Edea and Edeo icons offer something for everyone

    18 Sep 2006

    Female brokers have welcomed edeus's new personal messenger characters, the feisty female Edea and the muscular male Edeo.The new entrant revealed the two Roman-themed cartoons on giant holographic screens at its launch party at the Odeon Leicester Square last week.Alan Cleary, managing director at edeus, says: "We recognise that a percentage of the industry is female and, as our whole proposition is about choice, we want to offer a male or female version for brokers."Rachel ...

  • Edeus battle bus spreads the word

    18 Sep 2006

    The edeus team is hitting the streets this week in a customised five-bed battle bus to spread the word about the firm to brokers.The customised bus will transport the edeus sales team almost 3,200 miles across the UK. It will make 24 stops in England, Scotland, Wales and Northern Ireland. The first stage of the journey will see the battle bus roll into action in the south of England, stopping at Maidstone, Guildford, Milton Keynes, London and Croydon.The second leg will see ...

  • Edeus reveals product details

    21 Sep 2006

    Edeus finally revealed details of its products last night to a packed room of brokers at the Savoy in London as part of its UK wide launch roadshow.

  • Em-financial launches remortgage option

    18 Sep 2006

    em-financial in partnership with Goldsmith Williams Solicitors has launched a em-fasttrack remortgage fees free legal plus option.

  • 'Ferrari Kings' fight back

    18 Sep 2006

    Sub-prime brokers have hit back at accusations in the national press that they are "Ferrari Kings", living a lavish lifestyle at the expense of their vulnerable clients.The article, which appeared in the The Mirror on September 13, claimed thousands of hard-up families are being ripped off by "ruthless mortgage brokers", dubbed the Ferrari Kings because of their love for Italian cars.In the article, Mark Chilton, chief executive of Purely Mortgages, warns buyers to beware of ...

  • FI appointment

    18 Sep 2006

    Fuel Investments last week appointed Latif Sayani as its first MD. He joins from Aon Risk Services where he had been CFO of Aon's retail group and latterly deputy chairman of Aon Managed Solutions.

  • Firms in court over free house competition

    22 Sep 2006

    Two companies which promoted a competition in which the prize was a house valued at £315,000 have wound up in the High Court following an investigation by the Companies Investigation Branch of the Insolvency Service.

  • Fitzgerald moves to seek destiny

    18 Sep 2006

    Hamptons Mortgages has confirmed that its sales director Ian Fitzgerald has resigned and is leaving the firm on September 15.After two and a half years at Hamptons as a director, Fitzgerald is now believed to be joining Thinc Destini, the network currently being considered for acquisition by AXA.Industry pundits say Fitzgerald's departure will be a blow to Hamptons as he has played a significant part in its growth during his time there.But Kevin Duffy, managing director ...

  • Five years on - here's to the future

    18 Sep 2006

    Mortgage Strategy today celebrates its fifth birthday, and what an exciting five years it has been.

  • FOS' balanced view on disputes

    18 Sep 2006

    Looking back at the topics I have covered in this column since June 2005 I was amazed to see that I have never written anything on the Financial Ombudsman Service. The time has come to put that omission right.

  • Friends Prov to axe network

    21 Sep 2006

    UK insurance giant Friends Provident is believed to be on the verge of announcing it has axed its mortgage and insurance network Friends Orion.

  • Friends Provident confirms axing of network

    21 Sep 2006

    UK insurance giant Friends Provident has confirmed it has axed its mortgage network Friends Orion and mortgage club.

  • FSA backs campaign for national mortgage day

    18 Sep 2006

    The Financial Services Authority has backed Mortgage Strategy's campaign for a National Mortgage Day to educate the general public about mortgages.Last week Mortgage Strategy and The Mortgage Business asked the industry to support the launch of a National Mortgage Day which will give consumers - in particular first-time-buyers - the chance to learn about the mortgage deal that best suits them.Robin Gordon Walker, spokesman for the FSA, says: "We will encourage ...

  • FSA fines former CEO of BBNIB

    22 Sep 2006

    The Financial Services Authority has fined Paul Harrison, former chief executive of insurance broker Berry Birch & Noble Insurance Brokers £17,500 for failing to implement proper systems and controls to ensure that customers' money held by the firm was adequately protected.

  • FSA launches disclosure documents tool

    18 Sep 2006

    The Financial Services Authority has launched a "build your own disclosure documents" tool to help mortgage firms comply with its disclosure rules.

  • FSA publishes details on home reversion authorisation

    22 Sep 2006

    The Financial Services Authority has published details of the authorisation process for firms that need to apply to be regulated for the new home finance activities.

  • GE launches 100% LTV on First National range

    18 Sep 2006

    GE Money Home Lending has launched 100% LTV on its First National product range. Intermediaries will be able to offer eligible customers 100% lending on GEMHLs First National first-time buyer plus and near prime ranges. In addition to offering 100% LTV products to first-time buyers and existing homeowners, intermediaries will also be able to offer an improved LTV to customers of First Nationals self-certification product range and up to 95% on near prime plus products.

  • GMAC-RFC completes third securitisation this year

    21 Sep 2006

    GMAC-RFC has completed its third securitisation for 2006, valued at 750m through its RMAC Securities Plc No.1 shelf.

  • Government to put 4m behind HIPs

    21 Sep 2006

    The government has revealed plans to pump 4m of funding into the six area trials for Home Information Packs.

  • Griffiths confirms Network Data float

    19 Sep 2006

    Richard Griffiths has confirmed Network Data Holdings will float on the Alternative Investment Market this Thursday, with the company valued at 11.24m.

  • Gross mortgage lending reaches 32.7bn

    20 Sep 2006

    Gross mortgage lending hit a new record in August, reaching 32.7bn, reveals the latest data from the Council of Mortgage Lenders.

  • Half of old people forced to sell their homes to fund care

    20 Sep 2006

    Two thirds of baby boomers, now aged between 45 and 65 face sacrificing their homes to pay for their future care needs.

  • Halifax launches home improvement website

    21 Sep 2006

    Halifax has launched a website which provides information to DIY enthusiasts to help them plan their projects more effectively and efficiently, however big or small.

  • HBOS' £300m cost saving will involve job losses

    22 Sep 2006

    HBOS’s plan to save £300m a year by 2010 will involve natural job losses but won’t change the material structure of the group, says Nigel Stockton.

  • HBOS tipped to raise stakes

    18 Sep 2006

    Speculation is rife that HBOS will up its game considerably following the launch of edeus. Michael Bolton and Alan Cleary's lender launched last week and rumours are circulating about what HBOS will do next. At edeus' launch, CEO Bolton told guests "We're here to lift the market and to serve. Let this new dawn herald a new era for the industry." One source says: "I think Halifax will risk losing a lot of money if it means beating the competition and putting edeus out of business."

  • Heart of the matter of donating vital organs

    18 Sep 2006

    Picture the scene - you need a new kidney but nobody in your family is a blood or tissue match. You're put on the waiting list along with about 5,500 others. You're also aware that around 400 of those on the list will die waiting.

  • High price to pay for peace of mind

    18 Sep 2006

    They say that it's an ill wind that blows nobody some good and with speculation rife that November will see a further 0.25% rise in the Bank of England base rate, lenders and borrowers seem set on taking full advantage of this wind of change. So much so that we are even seeing a renaissance of the 10-year fixed rate mortgage.

  • HIP trial "hijacked" by commercial interests

    22 Sep 2006

    The Home Information Pack trial appears to be being hijacked by an unregulated group of commercial interests, the Law Society claims.

  • Huge merger opens way

    18 Sep 2006

    Until now the mutual sector has been a bit like a dormant volcano - radical restructuring has been on the agenda for a number of years as competition for mortgage business and the cost of regulation have taken their toll.There has been an odd tremor as some of the smaller societies gave up the struggle and threw in their lot with larger mutuals, but the process hasn't been that volatile; a sustained bull mortgage market has inevitably cushioned the impact of change and the building ...

  • IFAs want Chartered status to fill credibility gap

    18 Sep 2006

    An industry study has found two-thirds of independent financial advisers want the industry to have Chartered status.The Sesame IFA Barometer found 66% of those polled agreed that the industry needs Chartered status to bring financial advisers in line with lawyers and accountants in the public's eyes. Just 16% disagreed. 18% were undecided.Patrick Gale, CEO at Sesame, says: "It's important that advice from financial advisers is seen to have the same value as that given by lawyers, ...

  • IFS to launch complaints handling qualification

    21 Sep 2006

    IFS School of Finance is working on a new qualification that will focus on the regulated complaints handling procedure. The Certificate in Regulated Complaints Handling is currently being developed by the IFS School of Finance in close consultation with Huntswood, an outsourcing company who specialise in complaints handling. The learning outcomes will include, recent major issues in complaints handling, customer segmentation and possible causes for complaint, the regulatory ...

  • Implementing TCF across the board

    18 Sep 2006

    The Financial Services Authority has recently released further guidance on the principle of Treating Customers Fairly. Every company, intermediary and lender will have to interpret this principle in their own way within the context of their culture and client base.

  • Improve offers to get more business not cheat system

    18 Sep 2006

    From Rob Roberts

  • Industry currents

    18 Sep 2006

    Most five-year-olds are starting school this month, but not the five-year-old Mortgage Strategy. No weeping and mewling unwillingly to school for us. We know everything we need to know, mainly due to fine-nosed investigative reporting obviously, but also thanks hugely to all the brokers, lenders and industry pundits who have fed us with news, comment and analysis on the market over the past year.

  • Intelliflo hires

    18 Sep 2006

    IntelliFlo has expanded its senior management team.Andrew Margerison joins as chief technology officer, Gary Shepherd as senior sales consultant and Kieran McGee as business development manager.

  • InterBay picks CMM as partner

    18 Sep 2006

    InterBay, the commercial mortgage lender, has appointed Crown Mortgage Management as its servicing partner. CMM will work as an extension of the InterBay team. All Crown employees working on the contract will receive full InterBay staff training.

  • January date for Hometrack AVM

    18 Sep 2006

    Hometrack hopes to launch a buy-to-let rental assessment Automated Valuation Model into the market by January 2007.The technology needed to assess a property's rental potential is not currently available to lenders. This means those using AVMs have to either do physical valuations on buy-to-lets or work on a low LTV, self-cert basis.However, David Catt, commercial director at Hometrack, says it has already developed the technology to make rental assessments using AVMs.He ...

  • Jobless ranks swell to 1.7m

    18 Sep 2006

    The number of unemployed people in the UK increased by 93,000 in Q3 2006 and by 280,000 over the year, to reach 1.7 million.

  • John Charcol seeks chief

    18 Sep 2006

    John Charcol has confirmed it is headhunting for a new chief executive officer to replace John Garfield.Once a replacement has been found, the entrepreneur will move away from the day-to-day running of the company to take a back-seat role as executive chairman.Garfield co-founded John Charcol in 1974, and retired in 1998 when he sold the company to Warburg Pincus, the US buyout firm. The deal made him and Ian Darby, group commercial director at John Charcol, multi-millionaires. ...

  • Just 55% would recommend AVM lenders

    18 Sep 2006

    ASKED whether they would advise clients to use a lender that used AVMs over one that didn't, just 55% of Mortgage Strategy Online readers last week voted in the affirmative. For the remaining 45%, products and proc fees were just as important.The Mortgage Business last week put its weight behind Mortgage Strategy's bid to set up a National Mortgage Day on November 1.This week, we ask readers: "Should November 1 officially be made National Mortgage Day?"

  • Karle to take over as CEO at West Brom

    21 Sep 2006

    Stephen Karle, currently chief executive designate at the West Brom, takes over the reigns from the retiring chief executive Andrew Messenger on Sunday October 1.

  • Kensington e-tool offers packagers direct KFIs link

    18 Sep 2006

    Kensington Mortgages has launched an ecommerce tool for packagers called K-Link which allows them to get binding decisions and Key Facts Illustrations direct from the lender.While lenders in the industry have advanced their own direct ecommerce websites, packagers have lagged behind. K-Link offers a direct link to Kensington's systems for their packaging partners to directly access products online.Solent Mortgage Services and Primrose are the first to get the new system, and ...

  • Key benefits of IT

    18 Sep 2006

    There have been a number of developments in the past year that have moved the market closer to the ideal of quicker and easier mortgage applications, nowhere more so than in the sub-prime sector. This is due to a combination of improved sub-prime sourcing and widespread support from lenders for online trading.

  • Kuala Lumpur tipped for top

    18 Sep 2006

    Kuala Lumpur is being strongly tipped to become the next overseas property investment hotspot, says overseas specialist Emerging Market of Property Investment.EMPI, a company that offers advice on overseas property, expects the right off-plan properties within Kuala Lumpur to grow by 90% within five years. High-quality off-plan apartments in the centre of Kuala Lumpur start at around 68,000 for a one-bedroom apartment and 115,000 for a two-bedroom. It says Malaysia has prospects ...

  • L&E to provide edeus's panel management solution

    19 Sep 2006

    Edeus has chosen London & European as its sole provider of title insurance and panel management services.

  • Land Registry prepares to e-volve

    18 Sep 2006

    In last week's column I took a detour from my usual subject of Home Information Packs to give an overview of the changes being made by the Land Registry to the conveyancing process in England and Wales.

  • Landlord Mortgages to host workshops

    19 Sep 2006

    Landlord Mortgages is to launch a national programme of Virtual Property Development workshops.

  • Leeds to sponsor Rhinos

    21 Sep 2006

    Leeds is to become the main club sponsors of the Leeds Rhinos after signing a three year deal.

  • Lenders' growth ambitions unrealistic, says Fitch

    19 Sep 2006

    Lenders expectations of market share growth are unrealistic, says Fitch Ratings.

  • Lending surge no suprise, says RICS

    20 Sep 2006

    The surge in lending last month is not suprising, says RICS.

  • Less restrictive rental coverage would boost market

    18 Sep 2006

    From Alison Beech The results of Mortgage Trust's recent survey of broker opinion posted on Mortgage Strategy Online on September 4 struck a real chord. The survey apparently revealed that just under half of brokers say 50% or more of their buy-to-let clients are looking for products with a rental income requirement of less than 125%. The feedback we've been getting from our own packagers and brokers backs this up. There is a growing demand among experienced buy-to-let investors ...

  • Link Lending moves headquarters

    21 Sep 2006

    Bridging lender Link Lending has moved into new headquarters in St Albans from its former offices sited within Commercial Firsts premises in Brentwood.

  • London Expo to showcast international Pavillion

    21 Sep 2006

    This year’s Mortgage Business Expo London will showcase a brand new feature, The International Property Investment Pavilion sponsored by Moneycorp Commercial Foreign Exchange.

  • M4Y takes Hart for expansion

    18 Sep 2006

    Mortgages 4 You has just appointed Brian Hart as its development manager. He will assist the M4Y group's next growth phase.

  • Marathon Money

    18 Sep 2006

    Duffy's Dirty Dozen

  • Market Watch

    18 Sep 2006

    Swaps increased quite sharply last Tuesday. They had remained pretty constant over the previous two weeks, so it was a shame to see them rise so much.One-year money is up 0.06% at 5.29%l Two-year money is up 0.08% at 5.24%Three-year money is up 0.08% at 5.22%Five-year money is up 0.08% at 5.15%

  • Market will take next rate rise in its stride

    18 Sep 2006

    The mortgage market seems to have shrugged off any ill effects it might have suffered from last month's base rate rise.

  • Marketing Brief

    18 Sep 2006

    Rooftop Mortgageshttp://www.rooftopmortgages.co.uk

  • Me and My Car

    18 Sep 2006

    Josh Cooper, director, Cooper Consultants

  • Millions suffer mortgage delays

    18 Sep 2006

    Almost two million home buyers suffer delays on mortgage offers, GMAC-RFC research shows. These delays cause 1.4 million people unnecessary stress, and 255,000 people reveal they have lost money in the process. To combat the problem, GMAC-RFC has enhanced its online mortgage system so that it can provide instant mortgage offers.

  • Money Partners cuts mortgage rates

    20 Sep 2006

    Money Partners has made a number of price and criteria enhancements to itsorigin-branded range of mortgages.

  • MOREgage relaunched

    18 Sep 2006

    Coventry is relaunching its MOREgage portfolio, with a range of three and five-year products. MOREgage is a combined mortgage and unsecured personal loan that gives first-time buyers the ability to not only purchase their house, but also the capacity to cover additional associated costs.Unity freezes rates Unity Homeloans has frozen its fixed rates. The decision was made due to the high quality of remortgages that brokers are providing across all product ranges.

  • Morgage Trust launches new product range

    19 Sep 2006

    Mortgage Trust has launched a new range of products under its MT Select banner. 

  • Mortgage Brain's latest edition

    18 Sep 2006

    Premier Edition, the latest edition of Mortgage Brain, was officially launched last week. Available either as a download from its website or a CD on request, Premier Edition will be released to all users.

  • Mortgage Bureau launches fees-assisted range

    18 Sep 2006

    Mortgage Bureau has launched a range of fees-assisted remortgages for Infinity Mortgages' near-prime and light products.The incentive is available on all two-year fixed and two-year discounted deals across the range, and Mortgage Bureau will pay both valuation and legal fees.Richard Nutbrown, director at Mortgage Bureau, says: "We are delighted to be launching this new initiative with Infinity Mortgages, which has proved to be a very flexible, forward-thinking lender and has ...

  • Mortgage club VAT mystery deepens

    18 Sep 2006

    The issue of whether networks need to pay Value Added Tax on the mortgage club side of their business was last week shrouded in mystery.Mortgage Strategy has been told that although networks are exempt, the mortgage club side is not. If true, it would result in firms having to pay thousands of pounds in unpaid tax.One mortgage club told Mortgage Strategy that clubs must pay VAT on their share of the proc fee.It says: "A network is exempt for its appointed representatives ...

  • Mortgage community could be sat on ticking timebomb

    18 Sep 2006

    From Simon Burgess

  • Mortgage Next provides disturbance allowance

    18 Sep 2006

    Mortgage Next is providing ARs with a disturbance allowance to help overcome the financial strain of severing contracts with existing network principles.

  • Mortgage Times adds more roadshow dates

    18 Sep 2006

    The Mortgage Times Group has added 10 more dates to its national roadshows over the next three months.The free roadshow events will feature key figures from the Mortgage Times Group's compliance department which will be offering expert advice on the benefits that networks can offer to appointed representatives.The group has also revealed it processed more than 400 packaged mortgage applications with Platform last month and originated 62.7m through its growing network service.The ...

  • Mortgages PLC reveals August winners

    18 Sep 2006

    Five intermediaries have each won £100 worth of Harrods gift vouchersand have qualified to enter Mortgages PLC’s grand prize draw for a £10,000 shopping spree at the store, which takes place in November.

  • MPC voted unamimously to hold rates

    20 Sep 2006

    The Monetary Policy Committee voted unanimously in favour of maintaining the Bank rate at 4.75% at its last meeting on September 6/7.

  • Multiples hit high

    18 Sep 2006

    First-time buyer income multiples hit their highest level ever in July at 3.24x the average income, CML data shows. It was 3.21x in June, and 3.06x in the same month last year.

  • New lenders face tough times as market hots up

    18 Sep 2006

    Industry experts predict tough times ahead for smaller lenders and new entrants in the market.2006 has seen a number of new market entrants, with recent reports claiming that the Financial Services Authority has received 28 applications for new lenders in this year alone.But experienced lenders have warned that as increased competition forces firms to lower their rates, the small ones will lose out.Paul Hunt, head of marketing at Platform, says: "Extra competition means lower ...

  • NHER scheme calls for more EPC incentives

    22 Sep 2006

    The National Home Energy Rating scheme for energy assessors is calling for stronger financial incentives to back up the introduction of Energy Performance Certificates next June.

  • Niche Mortgage joins edeus panel

    18 Sep 2006

    Niche Mortgage Solutions has become the latest edition to edeus's panel of packagers. Niche Mortgage Solutions is part of the Lifelink Group, and was one of the first mortgage packagers to cater for the non-standard and the niche prime, near-prime and BTL markets.

  • Norwich Union plays down job loss impact

    18 Sep 2006

    The axing of 4,000 jobs at Norwich Union, the UK's largest insurer, will not impact upon its equity release business, the company says.Norwich Union plans to offshore 1,000 staff to India, and around 500 IT roles will be outsourced to third-party suppliers.However, David Gwyer, spokesman at Norwich Union, says: "It will have no effect on the equity release business. The job losses are in the other areas of the business, such as IT."Norwich Union says the review was undertaken ...

  • OFT bans Essex estate agent

    22 Sep 2006

    The Office of Fair Trading has made a prohibition order against an Essex estate agent banning him from estate agency work.

  • Pearl eases path to Spanish homes

    18 Sep 2006

    Premier Mortgage Service and Barclays have joined forces with Facilisimo.com to help ease the pain of buying Spanish properties.Pearl Overseas will go live on November 15, but PMS members can sign up immediately to the portal service, which will allow them to source new build properties in Spain from developers heavily pre-vetted by Barclays.It will launch with 150 developments from 70 property developers, which means that over 1,000 individual properties will be listed.Independent ...

  • Platform reports significant increase in mortgage sales

    21 Sep 2006

    Britannia has reported a record performance for the first half of the year with Platform seeing significant increases in mortgage sales.

  • Private rentals fuel staff growth

    18 Sep 2006

    The Association of Residential Letting Agents says the steady growth of the private rented sector is reflected in the rise in lettings staff employed in the offices of its member firms. In just two years total lettings staff has jumped by nearly a quarter, up from 7,884 to 9,593.

  • Property Hawk launches online landlord tool

    18 Sep 2006

    Website Propertyhawk has launched a free online property management application for buy-to-let landlords.

  • Quick Bridge launches propostion for intermediaries

    18 Sep 2006

    London based lender Quick Bridge, has launched a bridging loans proposition aimed solely at mortgage intermediaries.

  • Rapid completions are the next step

    18 Sep 2006

    We recently saw a major landmark for the mortgage industry - the first lender to use automated valuation model technology to generate an instant offer. This was a big achievement for the industry and testament to how quickly the market is advancing.

  • Rate rise needed to tackle spiralling consumer debt

    18 Sep 2006

    From Thomas Reeh

  • Retirement Plus to hold equity release seminar

    20 Sep 2006

    Retirement Plus is to hold an equity release seminar for advisers based in the South-West of England.

  • RICs warns against government's land tax plans

    19 Sep 2006

    The government will risk driving small developers out of the market and fail to reach its yearly target of 200,000 new homes if it goes ahead with the proposed planning-gain supplement, says research by Royal Institution of Chartered Surveyors.

  • Rightmove sells 25% stake in TMG

    22 Sep 2006

    Rightmove has disposed of its 25% stake in TMG Holdings.

  • Running man

    18 Sep 2006

    Lord Sebastian Coe will give a free lecture at Leeds Town Hall today.The Prestige Lecture was organised by charity IFS School of Finance, and is supported by LloydsTSB.

  • Saffron Walden Herts & Essex rebrands

    19 Sep 2006

    The Saffron Walden Herts & Essex has rebranded to become Saffron.

  • Scarborough's specialist website

    18 Sep 2006

    Scarborough has launched a dedicated website for its new specialist lending brand, Scarborough Specialist Mortgages. The site, which is accessible via Scarborough's existing broker site, provides an opportunity for intermediaries to log their details to receive the latest news on the new brand.

  • SMP membership on the rise

    18 Sep 2006

    Membership of the CIIs Society of Mortgage Professionals has passed the 3,000 mark to exceed budget expectations for the year, it has been reported.

  • Societies still a force to reckon with

    18 Sep 2006

    The announcement that Nationwide and Portman are to merge has set off a predictable flurry of speculation about the building society sector. Can it survive? Who will be next? Where should you put your 100 to scoop up on the next merger?

  • Society gross advances reach 5,582m in August

    20 Sep 2006

    The Building Societies Association sayssociety gross advances amounted to 5,582m in August 2006 compared to 4,397m in August 2005.

  • Stay cool as OFT turns up the heat on PPI sales

    18 Sep 2006

    If the intermediary sector was in any doubt about the Financial Services Authority's intentions and ability to act when a firm breaks the rules, this should be dispelled by the fine the regulator issued to a mortgage intermediary firm this month for failures relating to its sale of mortgage-related payment protection insurance in the sub-prime market.

  • Strengthening links in the product value chain

    18 Sep 2006

    Some people are quick to predict the early demise of distribution models in the mortgage market.In recent months, we have heard commentators suggesting the end of mortgage clubs, networks and packagers. But at the same time lenders are showing record amounts of business introduced by brokers, and in particular by the organisations mentioned above.

  • Super society has £150bn in assets

    18 Sep 2006

    Nationwide and Portman last week merged to form a super society with net group assets of £150bn.Although the deal reportedly took around three months to negotiate, the news came as a genuine shock to the financial services industry, renowned for its inability to keep big deals under wraps.As for the future of Portman and The Mortgage Works, Stuart Bernau, executive director of Nationwide, says: "We'll be looking at the best way to integrate the two companies. No decisions have ...

  • Technology fraud warning

    18 Sep 2006

    The Council of Mortgage Lenders and the Financial Services Authority are warning the industry to watch out for mortgage fraud as technology advances.In this month's CML News & Views, the CML says: "Firms across all areas of activity are involved in a sort of technological arms race with organised criminals as they seek to outwit each other. As the FSA points out, technology favours attack rather than defence."The CML has been working with the FSA to combat fraud in which intermediaries ...

  • The implications of a covert merger

    18 Sep 2006

    Hats off to Nationwide. The UK's - sorry, the world's - biggest building society has pulled off a merger without a whisper of the deal emerging in advance of the announcement.

  • The Mortgage Mole

    18 Sep 2006

    Cultured actMole was treated to a night of culture last week at Shakespeare's Globe theatre, courtesy of Portman. Its press officers were able to sit back and relax after a stressful day, following its announcement that it is to merge with Nationwide.However, some members of the Strategy team became a bit too relaxed, and could have been mistaken for appearing to be asleep during the three-hour production of Anthony and Cleopatra. Deputy news editor Natalie Martin insisted ...

  • Time for a GCSE in financial planning

    18 Sep 2006

    A warning from technology services and solutions firm Unisys recently claimed that there is an alarming level of ignorance among consumers about the basics of mortgage lending despite the high proportion of mortgages placed through brokers.

  • Too close to unfairness for comfort

    18 Sep 2006

    After all these years in the business it takes a lot to surprise me. In fact, what surprises me most is that there are still things that surprise me. It's great when a surprise is positive but lately I've had a few nasty ones. I wonder if any of you have come across these, too.

  • Unfounded claims smear equity release

    18 Sep 2006

    Yet again equity release gets a caning from an aged view without balance which will have done nothing to help consumers make educated decisions. I refer, as did Sue Read in last week's edition, to the appearance of Martin Lewis on The One Show.

  • Valued staff will give your firm a buzz

    18 Sep 2006

    When I watch BBC2's Dragons' Den, I am amazed at the number of company leaders who allow the "dragons" to punch holes in their business plan.

  • Victoria says firms comparison is fair

    18 Sep 2006

    Victoria Mortgages has rebutted accusations that it is using distorted figures by "comparing incomparable companies".In a recent press release, Victoria compared its operating costs with those of Kensington Mortgages and Paragon in an attempt to demonstrate its cost-efficiency. However, both Kensington and Paragon claim the figures are an inaccurate way of comparing the three companies.Alex Hammond, spokesman for Kensington, says: "Kensington runs at a cost/income ratio of less ...

  • We must bring fresh blood into broking

    18 Sep 2006

    As the size of the intermediary market grows and we experience another busy year for the lending industry, the topic of recruitment comes up with increasing frequency. It is becoming a problem for brokers looking to capitalise on increased demand by taking on additional personnel to write bigger volumes.

  • We must ensure consumers trust our insurance products

    18 Sep 2006

    From Adrian Fowler The Financial Services Authority's move to fine Regency Mortgage Corporation for failures relating to its sale of mortgage payment protection insurance serves as a stark reminder that our industry needs to remain focused on driving further improvements, not only in the products we provide, but also in the processes we employ to sell them to consumers. Distributors of MPPI products - whether lenders or intermediaries - cannot afford to pay lip service to the ...

  • Web could weave its magic for PPI

    18 Sep 2006

    Just over 20% of payment protection insurance sales are completed online, which is a remarkably low proportion when you consider the huge drive financial institutions have undertaken to sell their wares over the internet in recent years. So why are so few PPI policies sold electronically and who are the winners and losers in this climate? The Office of Fair Trading's recent report into the market offers some clues.

  • WestLB makes key appointment

    22 Sep 2006

    German investment bank WestLB has appointed Maurice Wren as head of the retail banks structured products UK team. Wren joined WestLB earlier this year from his position as sales director at Allianz Global Investors.

  • What do you think of the super merger?

    18 Sep 2006

    Last week the financial services community took a double take after hearing the unexpected news that Nationwide and Portman are to merge.The union will see Nationwide become a super society, headed by Nationwide's finance director Graham Beale.The new society will become the UK's second-biggest mortgage lender, with assets of about 150bn.So, Mortgage Strategy asks: "What do you think of the merger of Nationwide and Platform?

  • Woolwich enhances BTL policy

    18 Sep 2006

    Woolwich is to enhance its buy-to-let lending policy to provide a more competitive approach to rental calculation.

  • Would you pay extra to get a point-of-sale mortgage offer?

    18 Sep 2006

    GMAC-RFC completed its first online instant mortgage offer last week, using its point-of-sale offer system.Although GMAC-RFC doesn't charge any extra for this service, other lenders are working on their systems and may decide to pass on the cost to customers.So, this week Mortgage Strategy asks...

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