Mortgage Strategy
19 January 2009
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£50bn Bank of England fund to get banks lending
19 Jan 2009
The chancellor Alistair Darling has announced today that he has set up a £50bn Bank of England fund to try and get banks lending again.
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A New Year - and I started this one in unfamiliar territory
21 Jan 2009
Last June my daughter presented me with a grand-daughter which whilst doing little for my image, has made me rather proud and reflect on things slightly differently.
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Abbey unveils tracker range
22 Jan 2009
Abbey is introducing a new range of three-year mortgage trackers with rates starting at 3.99%.
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Abolish HIPs and ban Stamp Duty
19 Jan 2009
As the Bank of England plunges investors even deeper into penury, the government seems more deeply entrenched than ever in its reluctance to take measures that will improve the housing market.
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Alexander Hall quashes rumours
19 Jan 2009
Alexander Hall has quashed speculation over its future as its parent Foxtons tries to renegotiate lending agreements with its banks.
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AMI supports new asset backed securities scheme
20 Jan 2009
The Association of Mortgage Intermediaries is crossing its fingers that the latest government bailout package will restore much needed confidence to the market.
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Anger over Northern Rock bonuses
22 Jan 2009
Northern Rock has been slammed by Vince Cable, shadow chancellor for the Lib Dems for deciding to pay staff up to £9m in bonuses.
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Anglo Irish Bank is nationalised
19 Jan 2009
The Anglo Irish Bank has been bailed out by the Irish government and nationalised.
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Another cunning plan to boost mortgage lending?
22 Jan 2009
After accusations that I have been losing the plot last week, you know who you are, I thought I better concentrate on things closer to home than ancient civilisations.
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Another example of Woolwich's anti-TCF stance
19 Jan 2009
Brokers are constantly frustrated with Barclays - or Woolwich, that is - but its recent behaviour is just not in keeping with treating customers fairly.
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Bad bank is only solution to crisis
19 Jan 2009
Calls for a bad bank have been increasing over the last few weeks as it becomes clear that the government's strategy for avoiding the worst ravages of a recession are failing.
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Bank of America gets $20bn relief package
19 Jan 2009
The US Treasury has invested $20bn in Bank of America from its Troubled Asset Relief Programme.
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Bank of England needs to get a grip
19 Jan 2009
The Monetary Policy Committee has now taken us into sub-2% interest rate territory, a low not seen before in the Bank of England's 314-year history.
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Banks get protection against losses
19 Jan 2009
Government says it will protect the assets of those banks worst hit by the credit crunch.
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Blue monday
19 Jan 2009
If you are feeling like slitting your wrists today, you're not alone. Mole was intrigued to read that Monday January 19 has been dubbed the most miserable day of the year.
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Britannia and Co-operative Financial Services to merge
21 Jan 2009
Britannia and Co-operative Financial Services are set to merge to create a super-mutual.
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Britannia and Co-operative merge
21 Jan 2009
Britannia and Co-operative Financial Services are set to merge to create a super-mutual.
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Brokers get commission for Link Loans business
19 Jan 2009
Link Lending is offering commission to brokers who successfully introduce business to its secured loans arm Link Loans.
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Brokers grab majority of business as clients' faith in providers dives
19 Jan 2009
Brokers are scooping the lion's share of the equity release market as an increasing number of consumers lose faith in direct providers.
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Brokers' market share could drop below 50% warns AMI
23 Jan 2009
The Association of Mortgage Intermediaries has warned that net mortgage lending will decline further in 2009 and brokers market share will be squeezed further.
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Bunton is AMI deputy chairman
19 Jan 2009
Patrick Bunton, director of compliance and operations at London & Country, is taking over as deputy chairman of the Association of Mortgage Intermediaries.
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Call for tax-free savings accounts to be launched
19 Jan 2009
Industry bosses are urging the government to introduce tax-free savings accounts to improve the deposits held with banks.
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Cartel Client Review ad deemed misleading
19 Jan 2009
The Advertising Standards Authority has judged an advert produced by compensation-chasing company Cartel Client Review to be misleading.
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Cashing in
19 Jan 2009
Many people are having a hard time maximising their savings with interest rates plummeting to virtually zero. Do they invest in stocks and shares or is now the time to plump once again for a property? All these sound like risky bets to be honest.
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Checkmate Mortgage signs deal with DPR
20 Jan 2009
Checkmate Mortgages has selected DPR, a mortgage processing solutions provider to support its new lending operations.
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Checkmate Mortgages sign up to DPR
19 Jan 2009
Checkmate Mortgages has selected DPR, a mortgage processing solutions provider to support its new lending operations.
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Clean up your act networks
19 Jan 2009
Networks have increasingly been treading a fine line as the credit crunch starts to bite even harder. The late payment of fees to appointed representatives always raises an eyebrow at Mortgage Strategy but excuses regarding why this is occurring are becoming more laughable by the day and the anger felt towards these shoddy networks continues to rise.
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ClearDebt snaps up the Debt Advice Portal
19 Jan 2009
Debt management group ClearDebt has bought the Debt Advice Portal from Plinthtec for £146,000.
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CML awaits detail of government rescue package
19 Jan 2009
The Council of Mortgage Lenders has welcomed the broad thrust of the package of announcements by the government today designed to support lending in the economy, but warns the devil may be in the detail.
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Countrywide seeking two regional managers
19 Jan 2009
Countrywide is still on the lookout for two corporate account managers to cover the northern and southern regions of the UK.
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Curriculumvitae: Richard Roberts
19 Jan 2009
Describe your current job I oversee the property division of The Route, a City wealth club, which advises members on all aspects of building and maintaining their property portfolios. As all our members are high net worth individuals, this encompasses a wide range of activity spanning core lending advice all the way through to more esoteric investment structures and tax planning.
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DA dilemma
19 Jan 2009
They say safety in numbers is best but then they also say too many cooks spoil the broth. It's a confusing time for brokers. Last week we looked at the arguments for and against joining a network in these turbulent times.
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Deposit scheme keeps protection for all agents
22 Jan 2009
Mydeposits.co.uk, the deposit scheme part-owned by the National Landlords Association, will still be offering insurance protection to unregulated letting agents.
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Don't give up on MPPI warns Assurant Solutions Intermediary
23 Jan 2009
Assurant Solutions Intermediary is warning brokers not to give up on mortgage payment protection insurance despite recent news of product withdrawals.
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E-conveyancing will give market a boost
19 Jan 2009
The government is determined not to give the housing market a happy new year.
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Email Mortgages launches estate agent affinity proposition
22 Jan 2009
Online advice service Email Mortgages has launched a proposition exclusively for estate agents looking to provide their clients with mortgage advice.
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EXCLUSIVE: GHL to merge ARs into Openwork
20 Jan 2009
The GHL Group is to become an appointed representative of Openwork and migrate its ARs into the Openwork fold.
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Exclusive: Reynolds joins PMS full time
20 Jan 2009
Premier Mortgage Service has signed up Martin Reynolds to the full time position of development director after a brief stint as corporate manager.
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FOS hikes fee but keeps free cases at three
19 Jan 2009
The Financial Ombudsman Service has warned of a whopping 78% rise in mortgage disputes next year as it looks to hike its case fee.
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FOS needs to tackle the problem, not add to it
19 Jan 2009
There was little joy from the Financial Ombudsman Service last week when it declared it would not be offering anymore free cases to brokers but instead increasing its fee to £500 per case.
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FSA bans and fines broker £101,106 for mortgage fraud
19 Jan 2009
The Financial Services Authority has banned an East London-based mortgage broker and fined him £101,106 for mortgage fraud.
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FSA calls for overhaul of banking system
22 Jan 2009
Lord Adair Turner, chairman of the Financial Services Authority, has called for far-reaching reforms of the banking system to stave off another financial crisis.
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FSA figures show £41bn decline in mortgage lending
22 Jan 2009
The Financial Services Authority says the UK mortgage market saw a £41bnyear-on-year fall for new lending in Q3 2008
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Fuel Investments in management buyout
21 Jan 2009
Scott Winskell, senior sales manager at Fuel Investments has bought a majority stake in the firm and will become managing director.
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Give protection a new year sales push
19 Jan 2009
As the high street continues to be gripped by sales fever with shops offering discounts of up to 75%, one sector where we are not seeing discounts and marketing initiatives is from mortgage providers.
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Giving brokers a helping hand
19 Jan 2009
It seems likely that the pressure on house prices will continue in 2009 and that constraints on household income and spending power will exert further downward pressure on the housing market. It seems inevitable that this year will be another challenging one but even in a challenging environment opportunities exist and we will strive to continue to do everything we can to support the broker market.
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Goldsmith Williams welcomes ruling on referral fees
19 Jan 2009
Goldsmith Williams, the direct conveyancing firm, says the Solicitors Regulatory Authority’s recent decision not to ban referral fees is good news for brokers, but they still need to be careful not to kill goose that lays the golden egg.
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Government injects £50bn to get banks lending
19 Jan 2009
The chancellor Alistair Darling has set up a £50bn Bank of England fund to try and get banks lending again.
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Government just as guilty as banks over credit squeeze
19 Jan 2009
I am writing in response to your story headlined 'Only one lender offering 95% LTV, reveals Mform.co.uk' (Mortgage Strategy Online January 13).
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Government told to come clean about bailout cost
23 Jan 2009
The Treasury Sub-Committee has called on the government to come clean about how much the taxpayer has paid to bail out the banks.
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Home & Capital to grow business
19 Jan 2009
Home & Capital Advisers says it is looking to expand its share of the equity release broker market from 2% to between 4% and 5% in 2009.
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Hometrack launches product to counter risk of overvaluation
19 Jan 2009
A product which aims to protect lenders from the risk of property overvaluations has been launched by Hometrack today.
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How Right to Buy transformed our view of property
19 Jan 2009
Now and again a piece of legislation comes along which changes the face of property. One such law was the 1875 Public Health Act which legislated that from thence forth all new housing had to have a supply of fresh water and a connected sanitation system.
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How right to buy transformed our view of property
19 Jan 2009
The Right to Buy legislation ushered in Thatcherism and turned us into a nation of property owners Now and again a piece of legislation comes along which changes theface of property.One such law was the 1875 Public Health Act which legislated that from thence forth all new housing had to have a supply of fresh water and a connected sanitation system.
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I was on receiving end of Experian's sharp practice
19 Jan 2009
Regarding your story headlined 'Upheld advert complaint against Experian' (Mortgage Strategy Online January 7) the problem goes beyond the company's radio advertisements.
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Inflation falls to 3.1%
20 Jan 2009
Consumer price inflation fell in December to an annual rate of 3.1% compared to November's figure of 4.1%.A cut in VAT from 17.5% to 15% was one of the biggest factors in the fall, figures from the Office for National Statistics show.
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Inheritance concerns put off equity release customers
20 Jan 2009
Clients considering equity release are being put off by concerns over their inheritance, research from Retirement Plus reveals.
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INITIAL REACTION: Big banks may be the only ones to benefit
19 Jan 2009
The latest government rescue package runs the risk of only helping banks that have already been bailed out, claims Tony Ward, chief executive of Home Funding.
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Insolvency Service to get tough with phoenix firms and directors
19 Jan 2009
The Insolvency Service is to clamp down on phoenix firms and has warned that unfit directors face being banned from running a firm again for up to 15 years.
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Insurers make it tough for clients to claim on cover
19 Jan 2009
A broker has warned that customers are being left out in the cold as insurers make it difficult to claim for unemployment cover.
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Invent Software upgrades technology
22 Jan 2009
Back office system provider Invent Software has added a range features to its free- to-use i-map X mortgage processing technology that are designed to ensure users are 100% TCF compliant.
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It's Evalution
19 Jan 2009
For the last decade sourcing mortgages in the UK has been dominated by a handful of brands, the most well known being Mortgage 2000, Mortgage Brain and Trigold.
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Jobless could hit 3.25 million by the end of 2010
19 Jan 2009
The Ernst & Young ITEM Club has warned today that unemployment in the UK could hit 3.25 million by the end of 2010.
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Kent Reliance offers title insurance through London & European
19 Jan 2009
Kent Reliance has appointed London & European as title insurance provider for its remortgage book.
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Kent Reliance teams up with London & European for title insurance
19 Jan 2009
Kent Reliance has appointed London & European as title insurance provider for its remortgage book.
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Lady in red
19 Jan 2009
Dominic Toller, managing director of Property Earth and formerly of LMS and Bristol & West, went all Chris de Burgh last week.
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Land Data appoints new chief executive officer
21 Jan 2009
Jan Boothroyd, deputy chief executive of Land Data is to become chief executive officer of Land Data, after Alex Fraser announced plans to step down.
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Landlords need to find at least 20% deposit
19 Jan 2009
Landlords unable to find at least a 20% deposit won't be able to get a new deal says Moneyfacts.co.uk, after the Post Office became the last lender to withdraw 85% LTV deals. u Call for tax-free savings accounts to be launched
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Leadbay to offer critical illness leads
19 Jan 2009
Leadbay has launched critical illness leads as it looks to broaden its offering to mortgage brokers.
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Legendary
19 Jan 2009
PR guru John Wriglesworth has been strutting about town in his new Belstaff coat which is the same design as the jacket sported by Will Smith in blockbuster I am Legend.
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Lender warns networks to pay brokers on time
19 Jan 2009
A top six lender has warned networks that if they don't start paying brokers on time they will pay them direct.
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Lenders protected from overvaluation
19 Jan 2009
Hometrack has launched a product which aims to protect lenders from the risk of property overvaluations.
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Lloyds Banking Group is born
19 Jan 2009
Lloyds Banking Group has successfully completed its purchase of HBOS this morning.
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Loanmakers suspends shares from AIM
19 Jan 2009
Secured loan master broker Loanmakers had its shares suspended from the Alternative Investment Market last Friday as it tries to find funding.
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Marketwatch 19/01/09
19 Jan 2009
Swaps continued their downward journey though without necessarily bringing down fixed rates by anything like what we would have historically expected.1-year money is down 0.21% at 1.71%2-year money is down 0.22% at 2.26%3-year money is down 0.18% at 2.59%5-year money is down 0.16% at 2.99%
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Mortgage Express' decision to remove ERCs branded stupid
19 Jan 2009
Mortgage Express' decision to waive early repayment charges to encourage borrowers to remortgage elsewhere has been branded "crass stupidity".
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Mortgage lending falls to six-year low
21 Jan 2009
Mortgage lending totalled £256.4bn over 2008, down 30% on £363.7bn in 2007 and the lowest annual figure since 2002, show figures from the Council of Mortgage Lenders.
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Mortgageforce chooses MortgageStream for compliance
22 Jan 2009
National mortgage franchisee network Mortgageforce is to provide all of their franchisees with MortgageStream back office software and will be utilising the new centralised system called ComplianceStream at its head office.
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NAEA calls for effective market reform
20 Jan 2009
Following the publication of the government's research paper - Review of Regulation and Redress in the UK Housing Market, the National Association of Estate Agents is calling for mandatory regulation of estate agents.
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Network Data thought to have received acquisition approach
19 Jan 2009
Network Data is believed to have received at least one acquisition offer thought to be worth about £5m.
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New NLA chapter for Scottish landlords
20 Jan 2009
The National Landlords Association has merged with the Scottish trade body South of Scotland Private Landlords Association.
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Northern Rock to end rapid reduction of mortgage book
19 Jan 2009
The government has revealed that Northern Rock will no longer pursue a policy of rapidly reducing its mortgage book.
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Northern Rock to stop rapidly reducing mortgage book
19 Jan 2009
The government has revealed that Northern Rock will no longer pursue a policy of rapidly reducing its mortgage book.
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Nothing will surely come of nothing
19 Jan 2009
The first time I heard the phrase zero banking being deployed was back in 1995 when it was being used in a derogatory way by a Canadian economist to describe post-Iron Curtain banking in Russia.
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Optima Legal embarks on recruitment drive
21 Jan 2009
Optima Legal is countering the current economic gloom in the finance and property markets and says it has secured major new investment and client wins and is looking to recruit.
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Paradigm teams up with Assureweb and The Exchange
19 Jan 2009
Paradigm Mortgage Services is joining forces with Assureweb and The Exchange's Exweb to offer its members comparative quote services.
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Paymentshield and HoC in exclusive deal
19 Jan 2009
Paymentshield has become the sole supplier of buildings and contents insurance and mortgage payment protection insurance to Home of Choice.
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Paymentshield ups cost of MPPI by 20%
21 Jan 2009
Paymentshield has increased the cost of its mortgage payment protection insurance cover by 20% and is now only available when bought with a mortgage or remortgage.
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Perspective outlines acquisition strategy
21 Jan 2009
Perspective Financial Group, the consolidation vehicle for IFA firms, has outlined its business ambitions for the forthcoming 12 months.
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Philip Hellawell named chairman of NACFB
19 Jan 2009
The National Association of Commercial Finance Brokers has appointed Philip Hellawell as its chairman for 2009/10.
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Pink Home Loans urges brokers to budget
19 Jan 2009
Pink Home Loans is stressing to brokers the importance of budgeting and managing their cash flows effectively, given the uncertainties in the market.
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PMS unveils A&L remortgage fix
19 Jan 2009
PMS is offering an exclusive two-year fixed rate remortgage deal with Alliance & Leicester at 3.49%.
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Positive Lending overhauls commission structure
22 Jan 2009
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Prestige back on Promise panel
20 Jan 2009
Prestige Finance has rejoined Promise Solution's secured loan lender panel.
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Prestige Finance rejoins Promise panel
21 Jan 2009
Prestige Finance has rejoined Promise Solution's secured loan lender panel.
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Property portal to help B2L investors
19 Jan 2009
Dominic Toller, former director of marketing and new business at LMS, has unveiled a business venture targeting buy-to-let investors.
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RBS' share price plunges to 24p
19 Jan 2009
Royal Bank of Scotland's share price has plunged 28% this morning from around 34p to just 24p per share.
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RBS' share price rises 15% to 13p
20 Jan 2009
Royal Bank of Scotland's share price increased marginally this morning following yesterday’s disastrous share performance.
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Record losses for RBS as government increases stake
19 Jan 2009
The Royal Bank of Scotland has today revealed huge losses for 2008 of between £7bn and £8bn and that the government will increase its stake in the firm from 58% to 70%.
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Remortgaging dilemma
19 Jan 2009
Recently I have been busy advising clients on what to do at the end of their mortgage deals, invariably recommending they stay on their lenders' SVR for the moment.
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RICS claims bailout will help securitisation market
19 Jan 2009
The latest government measures to spur lending should help revive the ailing securitisation market, claims the Royal Institution of Chartered Surveyors.
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Royal Bank of Scotland reveals losses of up to £8bn
19 Jan 2009
The Royal Bank of Scotland has today revealed huge losses for 2008 of between £7bn and £8bn as the government looks to in increase its stake in the bank from 58% to 70%.
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S&P predicts further cash injection for Northern Rock
19 Jan 2009
Northern Rock is likely to need more capital as its slows down the reduction of its mortgage book, claims Standard & Poor’s.
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Sesame develops online mortgage tranche system
21 Jan 2009
Sesame is launching an online mortgage tranche management system to help lenders control funding.
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Sesame unveils general insurance panel
23 Jan 2009
Sesame has launched a new general insurance panel following a review of the market.
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Smoke alarm
19 Jan 2009
Mole could only feel inspired after watching the BDO darts final earlier in the month.
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Stephen Spooner becomes PISCES executive chairman
21 Jan 2009
Stephen Spooner has been appointed executive chairman of PISCES, the property industry's data standards body following Nigel Payne’s resignation as a result of him joining Assurant Solutions Intermediary.
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Still Kicking
21 Jan 2009
For anyone who has been asleep for the past eighteen months and blissfully unaware of the changing times, it will be a rude shock to wake up to the realisation that the lending market has imploded.
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The multi-billion pound pantomime
20 Jan 2009
The pantomime season isn’t quite over, or if it is the news hasn’t quite reached Gordon Brown and Eyebrows (Alistair Darling) as they played out a cliché ridden performance at their Downing Street press conference on Monday.
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Time to get to know your clients better
19 Jan 2009
The press has been full of year-end surveys telling us how the population will be reacting to the financial challenges of 2009.
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TMA backs secured loan education programme
19 Jan 2009
The Mortgage Alliance has become the first affiliate distribution partner to offer Promise Solutions series of secured loans training and induction modules to its members.
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TMW launches buy-to-let products from 4.79%
20 Jan 2009
The Mortgage Works has launched several fixed rate buy-to-let products with deals starting from 4.79%.
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TMW revises buy-to-let fixed rate products
19 Jan 2009
The Mortgage Works has launched a two-year fixed rate buy-to-let product. It has also reduced rates on its its five-year fixed buy-to-let deals.
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Top banks to stop selling single premium PPI
20 Jan 2009
Some of the UK's largest banks have agreed to stop selling single premium Payment Protection Insurance with unsecured personal loans by the end of January 2009.
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Trigold polls brokers on direct product listings
19 Jan 2009
Trigold is quizzing its broker users over whether direct products should be listed on its sourcing system in future.
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UK officially in recession
23 Jan 2009
The UK has now officially slid into recession for the first time since 1991.
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UK's biggest banks agree to axe single premium PPI
20 Jan 2009
The FSA has revealed that Alliance & Leicester, Barclays, Lloyds Banking Group, Royal Bank of Scotland and the Co-operative Bank will all no longer sell single premium PPI.
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Use management information to your advantage
19 Jan 2009
There's nothing like implementing new software to pull together the ideas of different parts of the business.
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Use management information to your advantage
19 Jan 2009
Chances are you could be sitting on a mine of useful information which would help bring in new business.
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Warning on sub-prime borrowers
19 Jan 2009
Citizens Advice has issued a stark warning over the number of sub-prime borrowers coming off fixed rates with no lender to turn to.
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We need people like Malone in the industry
19 Jan 2009
The official big day may have been in December but John Malone, managing director of Premier Mortgage Service, will continue to try to dispel the gloom created by the bitter winter weather and the credit crunch by celebrating his 65th birthday in style later this month.
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We should work together, not hold back on broker fees
19 Jan 2009
As a directly authorised broker I use a packager to collect my fees. I find it easier and quicker to key the application myself and deal directly with lenders.
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West Brom could return late 2009
19 Jan 2009
West Bromwich says it could re-enter the broker market towards the end of 2009 if market conditions improve.
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Why it's time to bring back high LTV products
19 Jan 2009
I met a former colleague last week and he reminded me about a rant I had sent to Mortgage Strategy a few years ago bemoaning the fact that the press had jumped on higher income multiples from banks.
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Writing may be on the wall for old-style brokers
19 Jan 2009
While 2008 was a worrying year, I continued to believe that everything would be all right in the end.
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Wyles appointed distribution director of Nationwide
19 Jan 2009
Matthew Wyles, non-retail director at Nationwide is to become group distribution director of the society.
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Wyles appointed group distribution director of Nationwide
19 Jan 2009
Matthew Wyles, non-retail director of Nationwide, is to become group distribution director of the mutual.
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Y3S launches financial services brand
22 Jan 2009
The y3s Group in Cardiff has launched its latest operation, y3s Financial Services.
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You've been papped
19 Jan 2009
Mortgage Strategy hackettes Christine Toner and Natalie Holt got a taste if what it was like to be snapped by the paparazzi last week after attending an industry party at the Groucho Club.
