Mortgage Strategy
19 June 2006

  • JEREZ 2006: em- calls on lenders to outsource

    21 Jun 2006

    em-Financial has called on lenders to outsource more to packagers.

  • London is most profitable student investment option

    19 Jun 2006

    Research from Landlord Mortgages shows that parents who choose to buy a property for their child to live in while studying could make profit of almost 20,000 over the three-years of their child's degree

  • SMS offers secured loan service

    19 Jun 2006

    Solent Mortgage Services has launched a secured loan service in partnership with Prestige Finance, the specialist sub prime second charge lender.

  • 11% of estate agents still unaware of HIPS

    23 Jun 2006

    With just over a year to go until Home Information Packs become compulsory, 11% of estate agents still do not know what Home Information Packs are, figures have revealed.

  • A better way to help country people

    19 Jun 2006

    Proposals by the Rural Housing Commission to give local people a better chance of buying property in rural areas will have little effect and could have unintended negative consequences for those they seek to help.

  • A&L to launch specialist products with Lehman

    19 Jun 2006

    Alliance & Leicester last week confirmed plans to launch a set of specialist products through a tie-up with Lehman Brothers, adding that it may consider putting these on its own books in future.The lender says it will soon start to distribute buy-to-let, self-cert, near prime and sub-prime specialist mortgage products through brokers and the assets originated will be sold to Lehman Brothers.Mehrdad Yousefi, head of intermediary mortgages at A&L, says: "The products will hopefully ...

  • Accord is latest lender on MTE

    19 Jun 2006

    The lender will now accept electronic agreements in principle and full applications via the MTE.Iain Smith, sales director at Accord, says: "Brokers tell us they don't want to be restricted to only doing business with us via our website so we are delighted to be joining the MTE."Introducers submit over 25,000 mortgage transactions each month via the MTE to 23 lenders which together are responsible for about 70% of all mortgage business in the country.Mark Lofthouse, chief ...

  • Advantage unveils direct website

    19 Jun 2006

    Advantage has launched e:lect, its direct to lender website which gives brokers access to its recently launched product range funded by Morgan Stanley.The e:lect website will sit alongside e:valuate, the branded mortgage packager offering.Peter Bass, sales director at Advantage, says: "The vast majority of brokers like to deal direct with lenders and e:lect allows them to do that while still being able to use e:valuate."Bass says the products it launched in May have been ...

  • Adviser bought

    19 Jun 2006

    Compass Finance has bought debt advisory service The Debt Advisor.

  • Advisors offering help with equity release

    19 Jun 2006

    A report from research company Rayner Spencer Mills will provide adviserswith practical help when considering entry into the equity release market.

  • Affordability under scrutiny

    19 Jun 2006

    Affordability was once again in the spotlight last week after Fitch Ratings highlighted the lack of a market standard and the varied ways in which lenders calculate it.The credit rating agency under- took research into the increasingly sophisticated methods that lenders are adopting to assess borrowers' ability to meet their obligations in the sub-prime market.Fitch says many lenders have turned away from simple income multiples tow-ards more complicated calculations of monthly ...

  • Amaira to quit GE for sales role at Intelligent Finance

    19 Jun 2006

    Cammy Amaira is to quit as sales director at GE Money Home Lending to join Intelligent Finance.He will join IF in the role of director of sales.Amaira resigned as head of sales at Mortgage Express in July 2005, and it had been widely expected that he would only stay at GE until his non-compete clause with MEX ended.Tim Dawson, former managing director of MEX, wishes Amaira well in his new role.He says: "I'm sure he will be excellent in his new role. He is a people person ...

  • Appointments

    19 Jun 2006

    Connells Group has appointed two mortgage services development directors. Will Parfitt and Tim Townsend take on the roles as the firm looks to grow its mortgage business.

  • Arrangement fees warning

    19 Jun 2006

    Brokers have been warned that advising borrowers to pay arrangement fees upfront could put them at risk of hefty charges if they change their minds before completion.The problem was highlighted by a broker whose client opted to pay a 599 arrangement fee upfront for a fixed rate product from Abbey. But before this completed, the client changed her mind and decided to go for a tracker product instead, with a 699 arrangement fee that she also agreed to pay upfront.As it is Abbey's ...

  • Auto firms unveil finance deals

    19 Jun 2006

    BMW Financial Services and Money by Mini are launching several personal finance product ranges including house insurance.

  • B&B returns to market with FTB deal

    19 Jun 2006

    Bradford & Bingley returned to the lending market last week with a first-time buyer product that it plans to offer to brokers through Mortgage Express later in the year.The Professional First-Time Buyer mortgage is B&B's first in five years and is aimed at young professionals who are looking to buy their first home but are still under training contracts and studying to gain their professional qualifications.It is available to people training as solicitors, accountants and actuaries, ...

  • Bank of Scotland re-vamps self-cert range

    20 Jun 2006

    Bank of Scotland Mortgages is introducing new rates across its fixed, tracker and remortgage offerings.

  • Barclays scotches FT story on Woolwich plan

    19 Jun 2006

    An FT report last week stated that Barclays is considering giving The Woolwich a greater in-branch presence as well as reducing the number of processing centres it has in the UK to boost its offshore presence.The newspaper put these changes down to Deanna Oppenheimer, who was brought in from Washington Mutual and said the bank is poised to unveil the shake-up later this month.It reported that Barclays could move more of The Woolwich's operations into bank branches.But ...

  • Basle II rule could raise equity rates by 0.75%

    19 Jun 2006

    Equity release rates could rocket by as much as 0.75% if Financial Services Authority capital requirements go through, industry sources have warned.On the back of the Europe-wide implementation of the Basle II capital adequacy requirements, the issue concerns the classification of lifetime mortgages as investment assets rather than residential mortgages.Equity release providers had expected that the capital weighting - the amount of money placed in reserve by lenders in proportion ...

  • BDM for InterBay

    19 Jun 2006

    InterBay Funding has appointed another business development manager. Jamie Breathwick joins from the Royal Bank of Scotland Group where he was a BDM for four years.

  • BM Solutions updates sub-prime and self-cert sub-prime

    22 Jun 2006

    BM Solutions has launched a new selection of products across its sub-prime and self-cert sub-prime ranges.

  • Brits fail to realise retirement dreams

    19 Jun 2006

    One in two Britons plan to travel the world when they finish working, but research out from engage Mutual Assurance shows few pensioners ever fulfil their retirement aspirations.

  • Brokers can cash in on HMO rules

    19 Jun 2006

    The mandatory licensing of houses in multiple occupation which came into force on April 6 this year will soon move up a gear.

  • Brokers don't expect to pay World Cup penalty

    19 Jun 2006

    Over half of Mortgage Strategy Online readers last week voted that the World Cup would have no effect on their business. Just 43% thought it would. Whether hunting for mortgages and houses wins out over flat screen TVs and booze, only time will tell.This week Mortgage Strategy asks: "Do you feel confident about Home Information Packs now that the government has set the regulations in stone?"

  • Brokers must brace for B2L boom

    19 Jun 2006

    As clouds gather over the world's equity markets investors are turning to bricks and mortar once more, meaning a busy period for brokers on the buy-to-let front, says Sally Laker

  • Brokers should be just like Sven

    19 Jun 2006

    There are many similarities between the jobs of football manager and mortgage broker, and Sven Goran-Eriksson provides a good role model for us all, says Sue Read

  • Business as usual after Atkins move

    19 Jun 2006

    Abbey for Intermediaries says it is business as usual at The Mortgage Alliance following the departure of head Steve Atkins. Atkins confirmed last week that he was joining Premier Mortgage Service as a successor to John Malone.

  • CETA embraces equity release

    19 Jun 2006

    CETA has added equity release to the range of financial services available through its Premium Portal after agreeing a partnership with the Equity Release Advisory Service.

  • Cheap MPPI deal launched

    19 Jun 2006

    BritishInsurance. com, in conjunction with Assurant Solutions, has launched a direct to consumer age-banded MPPI product it claims provides the cheapest 12-month cover in the market.

  • Cheval bought by investment group

    19 Jun 2006

    Bridging finance lender Cheval was last week bought by a major shareholder in the UK Domino's Pizza chain.The buyer is investment partnership Credit Investments which is owned by Colin Halpern and Ellis Sher. Halpern is an experienced entrepreneur. In 1993 he and his brother Gerry bought the UK and Ireland franchise for Domino's Pizza.The brothers built up the Milton Keynes-based franchise operation Domino's Pizza Group which saw group sales of 81.7m in 2005/06, with operating ...

  • Commercial pass

    19 Jun 2006

    InterBay Funding's underwriting manager Tim Shutler has passed the Certificate of Commercial Mortgages.

  • Complete unveils World Cup draw

    19 Jun 2006

    Complete Mortgage & Loan Services has launched a World Cup draw to run from June 9 to July 9. Each case submitted by brokers during this period will qualify for a ticket in a prize draw with the chance to win one of five flat screen TVs.

  • Compulsory qualifications mark new era for ER, says IFS

    21 Jun 2006

    The Institute of Financial Services is supporting Safe Home Income Plans decision to no longer accept business from advisers who do not hold a 'suitable lifetime mortgages qualification'.

  • Conservatives stand firm against introduction of HIPs

    19 Jun 2006

    Publication of the regulations for Home Information Packs last week failed to persuade the Tories to back the initiative as they slammed HIPs as nothing more than a 110m VAT windfall for the government.Tory MP Michael Grove, shadow minister for housing and planning, vowed to continue the fight against "this expensive red tape in the housing market". The HIP regulations reveal that information on searches and surveys will be included in the packs. The packs will also contain Home ...

  • Consultancy launches guide of services for breakers

    22 Jun 2006

    Business consultancy Conchango is launching a site to guide mortgage practitioners through the solutions offered.

  • Consumer champion's view on HIPs made me laugh out loud

    19 Jun 2006

    From Nigel Pamment I read with interest the letters pages in the June 5 issue of Mortgage Strategy and especially the contributions from Louise Hanson of Which? and James Town of Mortgage Decisions, giving their differing views on Home Information Packs. I am not the most knowledgable person when it comes to HIPs but our conveyancer is offering them and we intend to take advantage of its service. I tend to agree with the views of Town and think the HIP implementation process ...

  • Consumers dance but must face the music

    19 Jun 2006

    "There may be trouble ahead," crooned Frank Sinatra, and in a less succinct way this was the song being sung by Mervyn King last week.

  • Consumers want online bargains

    19 Jun 2006

    Nearly twice as many people would be likely to apply for mortgages online if they were sure they were getting the cheapest deals available, research from Direct Line Mortgages reveals. The findings were unveiled last week as Direct Line launched its first online-only mortgage - a two-year tracker at 4.19% which reverts to a long-term tracker rate of 6%.

  • Conveyancing shake-up

    19 Jun 2006

    Banks could cash in on changes to the way the legal sector is regulated and buy conveyancing firms.The draft Legal Services Bill, published in May, proposes to reform the way legal services are regulated by establishing the Legal Services Board and put consumer interests at the heart of the regulatory framework.The draft also outlines arrangements to open up the legal profession and facilitate alternative business structures which would let non-lawyers run law firms for the ...

  • Council Tax collection rates show further improvement

    22 Jun 2006

    Council Tax and non-domestic rates collection have improved for the sixthsuccessive year, figures out from the Department for Communitiesand Local Government show.

  • Cover that gets to the heart of the matter

    19 Jun 2006

    In 1967, South African brothers Doctors Christiaan and Marius Barnard revolutionised medicine and caused the definition of death to be rewritten when they performed the world's first human to human heart transplant operation.

  • Curriculum Vitae - Peter Brennan

    19 Jun 2006

    "I had to climb through my car's sun roof after the central locking failed"

  • Dashboard adds sourcing option

    19 Jun 2006

    Dashboard has integrated with Place-Me, adding another option for mortgage brokers using its system when sourcing sub-prime, buy-to-let and second charge loans.

  • DB Mortgages increases sales team

    23 Jun 2006

    DB Mortgages has appointed a further two business development managers within the sales and marketing department.

  • Dear Delia

    19 Jun 2006

    Jo is a first-time buyer and is looking to purchase an ex-council flat that is on the top floor of a six-storey block. She has only been self-employed for the past nine months so does not have a full set of accounts. Jo's income is 22,000 and the flat is worth 90,000. She has raised a 10% deposit. What are her options?

  • Delivering value

    19 Jun 2006

    Packagers have emerged from regulation stronger than before and can continue to add value in the mortgage chain, says David Copland

  • Effect of HIPs will depend on the educational programme

    19 Jun 2006

    From Alan Dring In the wake of the Association of Mortgage Intermediaries chairman John Gummer's "load of rubbish" comment about HIPs I was encouraged by Stephen's Knight's letter in the May 29 issue of Mortgage Strategy.   Nobody has anything to gain from seeing HIPs fail. All that will result from that is confusion and yet more lack of confidence in the industry on the part of consumers. I can't speak for all HIP providers but I'm confident most would agree with Knight's ...

  • Empty homes to be seized by government

    19 Jun 2006

    Homes that are left empty for more than six months can be seized by councils and converted into social housing under new legislation due to come into force next month.

  • Ensure clients know insurance options

    19 Jun 2006

    The number of borrowers without adequate payment protection insurance is a cause for concern and something brokers should be tackling.

  • Equity release is not a last resort

    19 Jun 2006

    Equity release should not be seen as a last resort but considered as a possible solution to financing retirement, says a report from financial research company Defaqto.

  • Exchange rates of interest

    19 Jun 2006

    Investors buying property overseas should take heed of recent currency exchange rate swings in the US and Turkey and recognise the value of using overseas mortgages, warns Assetz.BDM for InterBay

  • First And Last

    19 Jun 2006

    Mehrdad Yousefi, head of intermediary mortgages, A&L

  • Focus on the facts and don't believe HIP hype

    19 Jun 2006

    It appears the marketing men are having a field day with Home Information Packs.

  • Foreign affairs

    19 Jun 2006

    The British obsession with buying property overseas shows no sign of cooling but advisers must make sure their clients are aware of the pitfalls involved, says Iain Yule

  • Fresh ways to generate business

    19 Jun 2006

    Forging links with introducers is a good way for brokers to generate business but developing existing client databases is likely to be more cost-efficient, says Richard Coulson

  • FSA confirms it won't look back

    19 Jun 2006

    The Financial Services Authority has confirmed it will continue to judge firms' standards of sales and advice by the standards at the time of sale and not retrospectively.

  • FSA denies it is planning cascade system probe

    19 Jun 2006

    The Financial Services Authority has denied it is planning to investigate cascade systems, but says it continues to watch all as-pects of the mortgage advice process.Speculation had been rising within the in- dustry that the regulator was looking closely at how lenders' cascade systems interact with its Treating Customers Fairly initiative.This follows concerns from all parts of the industry that cascade systems could be misused by lazy brokers.Michael Clapper, chief executive ...

  • FSA sets out GI review

    19 Jun 2006

    The Financial Services Authority has today set out further details of its post-implementation review into the effectiveness of its general insurance conduct of business regime.

  • FSA should crack down on jollies

    19 Jun 2006

    The regulator's rules on inducements are not prescriptive but it should crack down on examples of poor practice before World Cup overspend kicks in, says Simon Burgess

  • FSA tells lenders to review exit fees

    19 Jun 2006

    The Financial Services Authority has been accused of being a paper tiger for not taking a firm stance against lenders that charge unjustifiably high exit fees.

  • FTBs account for 40% of transactions

    19 Jun 2006

    Nationwide research reveals first-time buyers account for almost 40% of house purchase transactions.

  • FTBs get a helping hand from Chelsea

    19 Jun 2006

    Chelsea has launched a helping hand mortgage for first-time buyers exclusively through Openwork.First-time buyers can use the income of parents or close family members. Up to three incomes can be used and there can be up to four applicants. The term of the product is based on the child's age rather than the parent's.The helping hand fixed product has a rate of 5.19% fixed until September 30 2009. The helping hand tracker mortgage tracks Bank of England base rate plus 0.25%.Paul ...

  • Future waives completion fees

    19 Jun 2006

    Future Mortgages is waiving completion fees on all core products. The offer will save customers up to 650 on discounted mortgages and up to 850 on fixed rates, and is open until September 1.

  • GE appoints BDMs

    19 Jun 2006

    GE Money Home Lending has appointed two business development managers, Emma Maxwell and Karen Rodrigues.

  • GHL Group appoints head of IT development

    22 Jun 2006

    Guaranteed and Genesis Home Loans have appointed Jonathan Story as head of IT development.

  • GHL Group begins series of AR dinners

    19 Jun 2006

    Guaranteed and Genesis Home Loans have begun a series of appointed representative dinners which will run monthly over the remainder of the year at venues throughout the country.

  • Good start to 2006 for RBS

    19 Jun 2006

    The Royal Bank of Scotland says its first half results for 2006 are positive, with a boost in retail markets from consumers' move away from unsecured loans to savings and investments.

  • Guide helps advisers start their own business

    21 Jun 2006

    Burns-Anderson have published A Guide to Starting Your Own Business.

  • Halifax branch adviser takes top prize for poaching clients

    19 Jun 2006

    From John Sparks Having been in the financial services industry for nearly 30 years I have come across many advisers who have tried to persuade clients that the contract they offer is better than the one advised by us but I think the mortgage adviser in our local Halifax branch must take the top prize for poaching business. We recently arranged a new mortgage for a client who had a five-year fixed rate with Halifax with three years to run with a redemption penalty in excess ...

  • Has the financial services industry brought regulation upon itself?

    19 Jun 2006

    Our experts disagree, with one seeing regulation as inevitable and a good thing, and the other believing things were fine the way they were

  • HMO-friendly criteria from CHL

    19 Jun 2006

    CHL Mortgages has unveiled new lending criteria for houses of multiple occupancy. The buy-to-let specialist now has what it believes to be the most HMO-friendly lending rules of any UK lender.

  • Hometrack plans for Basle II

    19 Jun 2006

    Hometrack says updated technology and new management are key to its plans for helping lenders meet the credit risk management requirements of Basle II.The credit directive dictates that lenders must monitor and conduct regular reviews of property valuations, particularly if market conditions are changing rapidly.This will include data central to risk profiling on property valuations including factors such as supply, unemployment and interest rates.To meet this demand, Hometrack ...

  • House buyers prefer online conveyancing

    21 Jun 2006

    A survey carried out by one of the countrys top conveyancing firms has revealed that nearly two-thirds of people prefer not to see their solicitor when buying a house. Barnetts Solicitors surveyed nearly 1,700 people in a web poll and 64 per cent of the voters believed it was not an advantage to have a face to face meeting with a solicitor in order to complete their conveyancing. Tony Swift, partner at Barnetts Solicitors says: In a number of cases clients do not want to ...

  • Independence still key to societies, says Stafford Railway

    22 Jun 2006

    Despite a recent flurry of building society mergers, independence is key to the future, says Stafford Railway.

  • Industry needs a standard qualification for PPI sales

    19 Jun 2006

    From Sara-Ann Burgess There has been much debate over how the insurance industry, regulators and trade bodies should tackle the payment protection insurance issue, its anti-competitive practices and flawed sales processes. While I applaud initiatives to drive up standards I'm frustrated but not surprised that no tangible solutions are being put in place. As it is a non-advised general insurance product, those selling PPI only need to meet the regulator's training and competence ...

  • Industry's first aggregated new business tracking service goes live

    21 Jun 2006

    The business tracking service from the Exchange, owners of the Exweb adviser portal. is now live.

  • Infinity joins MI lender panel

    19 Jun 2006

    Infinity Mortgages has joined Mortgage Intelligence's direct to lender panel, giving members access to its range of specialist deals.

  • Integrated software offer

    19 Jun 2006

    Classic Network Solutions is offering a fully integrated version of MortgageStream case management software to its members.

  • Islamic boost

    19 Jun 2006

    Gordon Brown last week celebrated the "invaluable" contribution of Muslims and said he wanted to make Britain the global gateway to Islamic finance and trade.

  • Islamic services go nationwide

    19 Jun 2006

    Lloyds TSB has rolled out Islamic financial services across the country, following a pilot scheme.

  • JEREZ 2006: Affordability not going well warns FSA

    21 Jun 2006

    Speaking at the Mortgage Summit in Jerez today, Michael Lord, head of mortgage and credit unions at the FSA, says it is set to look at the issue of affordability, but already gets the impression that it is not going well.

  • JEREZ 2006: AMI to stop lenders withholding client information

    21 Jun 2006

    Speaking at the Mortgage Summit in Jerez today, Chris Cummings, director general of The Association of Mortgage Intermediaries, says it is issuing brokers with guidance on how to stop lenders withholding client information.

  • JEREZ 2006: Brokers encouraged to branch out

    21 Jun 2006

    Brokers were being encouraged to offer the whole of market and branch out into branded lending at the Jerez Mortgage Summit today.

  • JEREZ 2006: Brokers must embrace sub-prime says Platform

    22 Jun 2006

    The evolution of the sub-prime market over the last decade means this market has never been more accessible to brokers, says Platform.

  • JEREZ 2006: Brokers urged to prepare for HIPs

    21 Jun 2006

    Brokers have been warned that if they fail to prepare for Home Information Packs, then they must be prepared to fail once the legislation becomes mandatory in June 2007.

  • JEREZ 2006: Event off to a flying start

    21 Jun 2006

    The Jerez Mortgage Summit 2006 got off to a heated this week start with an opening debate between lenders and introducers on the future of the intermediary mortgage market.

  • JEREZ 2006: FSA admits TCF contradiction

    21 Jun 2006

    Speaking at the Mortgage Summit in Jerez today, Michael Lord, head of mortgage and credit unions at the Financial Services Authority, admitted that it is possible for a broker to comply with all its rules and still not be treating the customer fairly.

  • JEREZ 2006: FSA to investigate quality of advice

    21 Jun 2006

    Speaking at the Mortgage Summit in Jerez today, Michael Lord, head of mortgage and credit unions at the Financial Services Authority, says that the FSA will be carrying out mystery shopping exercises to 70 firms, to check the advice they are giving.

  • JEREZ 2006: HBOS admits TMB mistakes

    21 Jun 2006

    HBOS has held its hands up for the first time that subsidiary The Mortgage Business should have paid more attention to the packager market prior to temporary closing its doors to new business last year.

  • JEREZ 2006: HBOS tackled over dual pricing

    21 Jun 2006

    Brokers have tackled HBOS over its dual pricing strategy on proc fees.

  • JEREZ 2006: Interest rates hike is opportunity for brokers

    22 Jun 2006

    The predicted rise in interest rates offers challenges to borrowers but also opportunities for brokers, say lenders.

  • JEREZ 2006: Lenders accused of hiding behind regulation

    21 Jun 2006

    Brokers have accused lenders using regulation as an excuse not to raise proc fees.

  • JEREZ 2006: Lenders back packagers

    21 Jun 2006

    Lenders have got behind packagers and say there is still a role for them in the market.

  • JEREZ 2006: Lenders branded arrogant for thinking they own client

    21 Jun 2006

    Speaking at the Mortgage Summit today Kevin Patterson, sales director at Park Row, says it is not acceptable for lenders to think they own the client.

  • JEREZ 2006: Lenders criticised for not increasing proc fees despite cutting costs

    21 Jun 2006

    Lenders have been criticised for not increasing proc fees despite cutting costs through online technology.

  • JEREZ 2006: Lenders predict network consolidation

    21 Jun 2006

    Lenders have predicted increased consolidation in the network sector and competition hots up,

  • JEREZ 2006: Lenders to grab market from brokers

    21 Jun 2006

    Brokers were warned today at the Jerez Mortgage Summit that lenders will be looking to take away some of their market share.

  • JEREZ 2006: No decrease in fees says FSA

    21 Jun 2006

    Speaking at the Mortgage Summit in Jerez today, Michael Lord, head of mortgage and credit unions at the Financial Services Authority, says there will be no decrease in broker fees until its goals are met.

  • JEREZ 2006: Retention fees the way forward

    21 Jun 2006

    Speaking at todays Mortgage Summit in Jerez today lenders agreed that retention fees should be the way forward for lenders,

  • JEREZ 2006: Securitisation market not in peril, says Mortgages PLC

    22 Jun 2006

    Mortgages PLC has rubbished claims that there are currently difficulties in the securitisation market, and adds two divisions of securitisation lenders are emerging.

  • JEREZ 2006: Success of new entrants questioned

    21 Jun 2006

    Lenders have cast doubts on how successful the new lenders entering the market in 2006 will be.

  • JEREZ 2006: Toxic equity release market puts brokers off

    22 Jun 2006

    Concerns are mounting that brokers are shying away from offering equity release products due to their perceived perception from both the public and the regulator.

  • JEREZ 2006: US Banks Big swinging dick mentality

    22 Jun 2006

    The return of US lenders to the buoyant UK mortgage market is down to their big swinging dick mentality as they seek to ensure they play in the same growth markets as their key competitors.

  • Keeping the regulator off your case

    19 Jun 2006

    The Home Buyer System can protect networks and appointed representatives from falling foul of the FSA but can also be adapted for use by directly authorised brokers, says Frank Eve

  • KGB seeks satellite packagers

    19 Jun 2006

    KGB Packaging says it is seeking satellite packagers to package cases on its behalf.

  • Knight Funding extends 49 application fee offer for Platform deals

    22 Jun 2006

    Knight Funding is extending its flat rate 49 application fee and no valuation fee offer by three months to September 30 on all applications for Platform products excluding prime.

  • Launch DB Countdown

    19 Jun 2006

    Fresh faces join the sales team, a red face for an underwriter with an IT problem, Neil Loader attends yet more roadshows and I discover I have a personal shopper, says Bill Dudgeon

  • Leeds Building Society launch sub 5% 10-year fix

    19 Jun 2006

    Leeds Building Society has launched a 10-year fixed rate mortgage at only 4.99%.

  • Lime adds CHL mortgages to panel

    22 Jun 2006

    Mortgage and insurance network LIME has added CHL Mortgages, the buy-to-let and self-cert specialist, to its panel.

  • Linden respond to government report

    20 Jun 2006

    Philip Davies, chief executive of Linden Homes, says the Governmentmust take some blame for the growing prominence of buy to let investors. highlighted in the recently released report.

  • Lloyds TSB offer loan repayment holiday for UFOs

    19 Jun 2006

    Over half the UK population suffer unforeseen financial occurrences, yet research out from Lloyds TSB shows only 20% of people are able to use their savings to pay for UFOs.

  • Market backtracks following death of David Walton

    23 Jun 2006

    David Walton an external member of the Bank of England's Monetary Policy Committee died yesterday, aged 43, following a short illness.

  • Market strength not helping FTBs

    19 Jun 2006

    The failure of the widely predicted housing market downturn to materialise has served to spur more households to trade up to larger properties rather than encourage first-time buyers, according to the Royal Institution of Chartered Surveyors.

  • Market Watch

    19 Jun 2006

    Swaps continued to edge their way down last week.

  • Marketing Brief

    19 Jun 2006

    Support is critical in the mortgage industry. Kevin Paterson's A-Z review rates the marketing material that lenders issue to help brokers with sales and business development

  • May lending second highest on record, says CML

    20 Jun 2006

    Gross mortgage lending reached 28.7bn in May, figures out from the Council of Mortgage Lenders have revealed.

  • Me and My Car

    19 Jun 2006

    I've had a lot of problems with the Range Rover I bought in January but at least I've stopped my daughters installing pink furry dice on the rear view mirror, says Charles Haresnape

  • Millfield suspends trading

    23 Jun 2006

    Millfield Group has asked the Alternative Investment Market to suspend trading of its shares as of June 22 while it seeks to clarify the companies financial position.

  • Misys considers buyout proposal

    19 Jun 2006

    Misys has received a request from "certain members" of its senior management team to explore the possibility of making an offer for the business. An independent committee of the board has been established to consider the request.

  • Money Partners launches revamped mortgage range

    22 Jun 2006

    Money Partners has announced a number of enhancements to its range of Origin-branded mortgages.

  • Mortgage brokers are not living saints

    19 Jun 2006

    Mother Theresa's youthful ambition was to be a mortgage broker. She planned to devote her life to finding the right home loan deals for struggling clients, helping them sort out their other financial commitments along the way.

  • Move to cut out doorstep lenders

    19 Jun 2006

    Places for People, the property management and development organisation, is offering clients a range of financial products to prevent them relying on high interest doorstep lenders and help them onto the property ladder.

  • MPLC to sponsor golf event at Mortgage Summit

    19 Jun 2006

    Mortgages PLC is to sponsor the golf event on the final day of the Mortgage Summit in Jerez on June 23.The event will form part of the lender's 2006 PGA Challenge and will offer delegates the chance to qualify for the UK final at Brocket Hall on July 3, where they could win a trip to the Grand Final in Spain in October.More than 70 attendees are signed up to the Jerez golf event, making it the biggest field of the five qualifying events.Qualifiers have already taken place ...

  • New exam format increases success rate for Financial Advisers

    19 Jun 2006

    The Institute of Financial Services says financial advisers currently sitting their professional exams have a greater chance of passing now, thanks to a new exam format.

  • New financial fraud survey shows students at risk

    21 Jun 2006

    Students are putting themselves needlessly at risk of financial fraud, a survey by Moneyfacts and the University of East Anglia has revealed.

  • NR 18-month mortgage gets mixed reception

    19 Jun 2006

    Northern Rock's 18-month flexible fixed rate mortgage has received mixed reactions in the industry.Rates start at 4.49% and borrowers can choose between paying a lower rate with a product fee of 695 or a higher rate of 4.79% with no product fee. The range also offers LTVs of 75%, 85%, 90% and 95%.Andy Wilgoss, managing director at Square Mile Mortgage Finance, says: "This mortgage looks competitive. It is also well timed if speculation that the next interest rate movement will ...

  • NU raises rate on index-linked lifetime mortgage

    19 Jun 2006

    Norwich Union is raising the interest rates on its Index-linked lifetime mortgage plans from Monday June 19 2006. The annual interest rates on the index-linked lifetime mortgage will be a minimum of 4.69% (4.9% APR) and maximum of 9.93% (10.2% APR).

  • Online analysis

    19 Jun 2006

    Webline has introduced an online analysis engine for advisers.

  • Open source

    19 Jun 2006

    Mortgage 2000 is opening its sub-prime sourcing wizard to the whole market.

  • Owners are better off than renters

    19 Jun 2006

    Abbey's annual Rent vs Buy report shows that owners are still better off than renters by an average of 24,372 per year.

  • Paymentcare warns borrowers about payment holidays

    19 Jun 2006

    Paymentcare.co.uk is warning borrowers that taking a three month repayment holiday on loans could leave them in limbo should their personal circumstances change before they make their first repayment.

  • Pepper Homeloans completes A$400m securitization

    21 Jun 2006

    Pepper Homeloans, an Oakwood Group company, has completed a A$400m securitization of non-conforming domestic residential mortgage backed securities.

  • Perils of lenders regulating brokers

    19 Jun 2006

    To cut its burden the FSA is still considering making lenders reponsible for brokers' regulated activities but this could result in serious consumer detriment, says Bill Warren

  • Pink and Savills team up with overseas proposition

    20 Jun 2006

    Pink Home Loans has teamed up with Savills Private Finance to offer an overseas proposition to its customers.

  • Place air crew cases with top flight self-cert firms

    19 Jun 2006

    From Bill Armstrong Two letters in Mortgage Strategy (June 12) castigate Halifax for its poor handling of seemingly straightforward mortgage applications. Mary Lockyer had problems with British Airways staff's salary confirmations which Halifax could not get its head around no matter how she presented the evidence. Mary, I have done many airline staff mortgages and the last place I would go to with one is Halifax, with its lack of case ownership, click-mouse mentality and ...

  • PMPA exclusives

    19 Jun 2006

    Knight Funding is to offer deals from The Mortgage Business exclusively through members of the Professional Mortgage Packagers Alliance.

  • Politicians must stop kicking HIPs

    19 Jun 2006

    Politicians should concentrate on getting the Home Information Pack initiative up and running and stop using it to generate headlines for themselves, says Ian Giles

  • Practitioner panel begins second stage of FSA survey

    21 Jun 2006

    The Financial Services Practitioner Panel has launched the second stage of its FSA performance survey.

  • Predicting rates is a dangerous game

    19 Jun 2006

    As central banks around the world edge interest rates upwards and concern builds that the US Federal Reserve will follow suit, the consensus of opinion is that UK interest rates will finish the year higher than they are now.

  • Principia links with charity

    19 Jun 2006

    Broker Principia Mortgages is partnering with HIV and AIDS charity Crusaid, donating 10% of all business generated from the marketing of the partnership to the charity.The partnership with Principia, which specialises in offering financial advise to gay people, is Crusaid's first. The aim of the venture is to raise money for Crusaid while promoting a range of mortgages, pensions and insurances sourced for the growing number of homosexuals registering for civil partnerships following ...

  • Quay software launches automated commission tool

    23 Jun 2006

    Research shows that a third of IFAs identified automated commission reconciliation as a vital tool for their business

  • Regulator choice slated as lash-up

    19 Jun 2006

    The appointment of the Department of Constitutional Affairs as interim regulator for complaint management firms has been slated as a temporary 'lash-up'.As Mortgage Strategy's Stop the Rot campaign gathers pace, debate goes on as to who should regulate complaint management firms.The secretary of state will act as the chief regulator initially, with everyday responsibility being delegated to a civil servant.There will also be a non-statutory advisory committee made ...

  • Reynolds gets a World Cup grilling

    19 Jun 2006

    Martin Reynolds, former head of sales at BM Solutions, found himself on the wrong arm of the German law last week at the England vs Trinidad and Tobago game in Nuremberg.Instead of enjoying the second half of the match Reynolds was instead questioned by local police after being scammed into buying a stolen ticket for the game.Alan Cleary, director at MBAC Consulting, who was at the match with Reynolds, says he was relieved that Reynolds wasn't eating porridge for breakfast. ...

  • Rise in Demand for Deposit Dispute Resolution

    22 Jun 2006

    The Tenancy Deposit Scheme says it predicts a leap of 84% in the number of deposit disputes it will resolve this year.

  • Rooftop BDMs

    19 Jun 2006

    Sarah Jackson and Brendan Middleton have joined Rooftop Mortgages as business development managers.

  • Salt expands into 'direct to broker' market

    21 Jun 2006

    Derbyshires specialist lender Salt is expanding into the direct to broker market through Premier Mortgage Service and Mortgage Promotions.

  • Scottish system is best, say experts

    19 Jun 2006

    Implementing the Scottish house buying system in England could have a greater remedial effect on gazumping than Home Information Packs, say experts.Although HIPs are being championed by the government as a way to protect consumers from speculative sellers and cut the incidence of sales falling through, some in the industry believe overhauling the legal system in line with Scottish practices would be more effective.Unlike house buying under the English system, which is ruled ...

  • Second charge deal launched

    19 Jun 2006

    Blemain Finance has launched a product for second charge cases where consent has been declined by prime and sub-prime first charge lenders.

  • Secured option can benefit debtors

    19 Jun 2006

    The level of consumer debt in this country is a concern. The rate of growth and the level of average indebtedness are two good reasons to worry.

  • Sesame slashes packager panel

    23 Jun 2006

    Sesame has conducted a massive cull of its packager panel, cutting the panel from 53 to just 17.

  • SHIP says advisors must have lifetime qualification

    19 Jun 2006

    Safe Home Income Plans says from August 1 2007 its members will no longer accept business from advisers who do not hold a suitable lifetime mortgages qualification.

  • SHIP welcomes Retirement Plus

    19 Jun 2006

    Safe Home Income Plans has welcomed Retirement Plus into its fold. The equity release industry body granted it membership recently, taking the number of SHIP members to 20.

  • SPASU is sold via advisers happy to prey on ignorance

    19 Jun 2006

    From Simon Burgess It may be politically incorrect to enquire but is SPASU purchased by the physically and mentally impaired? Or is it just shoddy insurance sold to the poor and poorly advised through advisers happy to prey upon their vulnerability and ignorance? I would be most interested to know the views of my fellow readers. Simon BurgessManaging director Britishinsurance.com By email

  • SPML extends refund offer

    19 Jun 2006

    Southern Pacific Mortgage Limited has extended its offer by which new applicants can qualify for a refund of one month's mortgage payment.

  • Steady but not glorious period ahead

    19 Jun 2006

    It has been a great six months for the mortgage market. Monthly lending records have been tumbling after a surge in confidence early this year.

  • Strategy, risk and economics director appointed at Hometrack

    21 Jun 2006

    Hometrack have a appointed Gary Styles as strategy, risk and economics director.

  • Strong rise in house prices

    19 Jun 2006

    House prices have shown their strongest rise for two years, says the Royal Institution of Chartered Surveyors.

  • Sub-prime lenders rapped

    19 Jun 2006

    Sub-prime lenders have been criticised for not doing enough to get their clients back onto prime deals after putting them on credit repair products.Thomas Reeh, chief executive officer of blackandwhite.co.uk, says: "Lenders are not interested in credit repair as long as they have their customers on sub-prime deals. They rely on clients being lazy."Reeh says there is no reason why customers should not be able to move to prime deals.He says lenders' response to this criticism ...

  • Swift joins RAMP lender panel

    19 Jun 2006

    Swift, the Brentwood-based sub-prime lender, has joined the panel of the Regulatory Alliance of Mortgage Packagers.Swift was acquired by venture capital group Alchemy Partners in May 2004. The specialist lender operates in the first and second charge markets and recently posted a 70% increase in business in Q1 2006 compared with the same period last year.John Webster, chief executive officer of Swift, says: "RAMP is a proven professional and cooperative distribution channel. ...

  • TBMC joins two networks' panels

    19 Jun 2006

    The Business Mortgage Company, has joined the panels of Friends Orion and Park Row Associates as a pack-ager for buy-to-let mortgages and commercial loans.Andy Young, managing director of TBMC, says it is part of the firm's strategy to establish relationships with networks and IFAs.He says: "Buy-to-let and commercial mortgages present great opportunities for intermediaries and TBMC will be able to give them the support they need to operate in these markets."Trevor Galvin, ...

  • Test best practice advice against original rules

    19 Jun 2006

    It's easy to lose sight of the requirements of regulation in the equity release market.

  • TFC sub-prime exclusives funded by Platform

    19 Jun 2006

    TFC Homeloans has launched a range of exclusive sub-prime products funded by Platform.The products are three-year deals fixed until September 1 2009, and are 0.3% lower than Platform’s core range.Rates start from 5.50% and apply to all Platform’s sub-prime products from near prime to heavy adverse, including Right to Buy.Simon Snape, head of products and marketing at TFC Homeloans, says: “Platform’s product enhancements are welcome news for the industry. We are grateful to Platform ...

  • The Mortgage Mole

    19 Jun 2006

    Cup FeverMortgage Strategy got stuck into the World Cup spirit last week by decorating the office in red and white England flags and banners. Mole decided to ignore feedback from this week's Word on the Street that putting flags outside your property can lower its value and decided to show full support for the England team.

  • This year's Summit will be best ever

    19 Jun 2006

    The Mortgage Summit 2006 takes place this week at the exclusive Montecastillo hotel and golf resort in Jerez, Spain.

  • Transition period in HIP regulations

    19 Jun 2006

    Fears that the housing market will experience a surge of activity prior to the introduction of Home Information Packs in June 2007 were alleviated slightly with the inclusion of a transition period in regulations published last week.HIP regulations include a clause giving owners a five-month period of grace to sell their homes without packs if they go on the market before June 1.If the properties remain unsold by October 31, owners will have to provide HIPs or risk being fined.Peter ...

  • Unity Homeloans appoints head of sales

    22 Jun 2006

    Unity Homeloans, the lender created by intermediaries to serve the needs ofintermediaries and backed by Investec, has appointed Rob Field as head of sales.

  • Wannabe inspectors could lose out

    19 Jun 2006

    I received an email from Tory leader David Cameron last week. He says I'm right to be anti- Home Information Packs because they're pants. Well, I paraphrase on account of limited space. And it wasn't actually Cameron who wrote, it was his correspondence secretary.

  • Wealth checks reveal affluent are underinsured by millions

    21 Jun 2006

    Millions of UK homeowners could be under-valuing possessions by tens of thousands of pounds, figures out from Norwich Union have revealed.

  • World Cup fever could slow buying activity

    19 Jun 2006

    Hamptons Mortgages says home buying hit an annual high in May, but warns England's progress in the World Cup could slow buying activity.The number of new business cases almost doubled from 150 in May 2005 to over 300 in this May, and accounted for 50.68% of new business at Hamptons.But remortgages remain popular, with owners cashing in on the rise in house prices. Figures from the Department for Communities and Local Government show that house prices rose by 5.1% from 186,000 ...

  • Worry over lack of fresh blood entering industry

    19 Jun 2006

    Concern is being ex-pressed about the lack of investment being made to attract new advisers to the industry.David Mead, director at Flexible-mortgage.net, says since regulation most recruitment adverts seem to be asking for people who are CeMap qualified and have at least two years' experience, which means there is no fresh blood coming into the industry.Mead says: "This means firms are fishing for advisers in the same shrinking pool. Due to the high number of small IFA firms ...

  • Would a property with a flag put you off?

    19 Jun 2006

    Propertyfinder.com has warned that football fans should avoid hanging English flags outside their homes if they want to sell during the World Cup.

  • YBS reveals 2m donated in seven years

    19 Jun 2006

    Yorkshire Building Society Charitable Foundation has donated over 2m to more than 3,600 charities and local good causes in the last seven years

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