Mortgage Strategy
19 September 2005

  • 45m government funds for free debt advice

    20 Sep 2005

    As part of the governments strategy to tackle over-indebtedness, consumer minister Gerry Sutcliffe today opened new premises for National Debtline, and called on organisations to bid for a share of 45m to fund free debt advice.

  • 60days.com names and shames debtors

    19 Sep 2005

    Late payers face a weapon of exposure in their bid to keep creditors from their door - the internet and an audience of millions.

  • 73% Say lenders should relax income multiples

    19 Sep 2005

    An overwhelming 73% of readers last week voted that with first-time buyers struggling, it is time for lenders to relax income multiples.Economist John Wriglesworth urged lenders to increase income multiples in last week's magazine. He says in a period of strong economic growth, the risk of offering 6 x income is minimal and it is time for lenders to relax their criteria on fixed rates.This week MS asks: "Should the Financial Services Authority review MCOB as requested ...

  • A year of revolution

    19 Sep 2005

    Looking back at the past 12 months in the life of Mortgage Strategy, the most important development by far was the introduction of statutory regulation which has transformed the industry, says Mira Butterworth

  • A&L defends cautious B2L strategy

    19 Sep 2005

    Alliance & Leicester has hit back at claims that its entry into the buy-to-let market is belated and shows a lack of commitment to the sector.A&L revealed in early August that it plans to enter the sector next year after feedback from intermediaries suggested they do so, but has come under fire from HBOS for leaving it so long.Michael Bolton, managing director of HBOS Specialist Lending, says: "I'm surprised a lender of Alliance & Leicester's presence is only just noting the ...

  • A&L range features an intermediary special

    19 Sep 2005

    Alliance & Leicester is launching a range of mortgages including a two-year fixed remortgage deal designed solely for brokers.The intermediary special features a 4.38% fix until December 31 2007, then Bank of England base rate plus 0.75% for the life of the mortgage.Customers can also borrow up to 95% of the property value with a product fee of 495, free valuation and 250 cashback or free mortgage transfer service as well as an early repayment charge of 3% of the outstanding ...

  • Abbey launches two year fixed rate mortgage

    19 Sep 2005

    Abbey launches a new two-year fixed rate mortgage today, exclusively forintermediaries, at just 4.29%.

  • Advisers should still dress for success

    19 Sep 2005

    Interesting to see Barclays amending its dress code by pulling back from free-for-all largesse to a more structured business casual look. This mirrors the trend that has seen an increasing number of companies drifting back to a more formal dress code for staff at work.Over the years, the debate over dress code has occupied a disproportionate amount of boardroom time. It's probably been easier for directors to thrash out the details of a major acquisitions programme than it has been ...

  • Approval for planning title

    19 Sep 2005

    The Chartered Insurance Institute has received permission from the Privy Council to award the new title of chartered financial planner.This could be a milestone in the drive to raise the standing of financial services with the public.

  • Are there any benefits to interest rates being compounded monthly for lifetime mortgages?

    19 Sep 2005

    Monthly compound rates can be misleading and lenders should agree to a standard way of illustrating their calculations, say our experts

  • Ashdown Lyons moves office

    19 Sep 2005

    Ashdown Lyons is moving offices on September 19. As of today, its head office address will be: St Thomas House, 41 Alexanda Road, Wimbledon,London SW19 7JZ.

  • August sees remortgaging boost to lending figures

    20 Sep 2005

    The Council of Mortgage Lenders has revealed that lending continued to strengthen over the summer.

  • Aussie house price moves mirror UK

    19 Sep 2005

    The housing markets in Australia and the UK continue to slow, having both witnessed substantial house price booms over the past decade, the Royal Institution of Chartered Surveyors says. House prices have risen 122% in Australia and 170% in the UK since 1996 Q2. In the second quarter, house price inflation in Australia went negative for the first time since the first quarter of 1996. The slowdown has been abrupt. It was only 18 months ago that prices were rising at an annual rate of ...

  • Avail provides free pensions simplification report web-service

    21 Sep 2005

    Webline, the UKs largest and first online user of Origo standards, today announced that Avail, the specialist Suitability software provider which is now integrated with the portal, is providing a free pensions simplification report for users.

  • B&B remortgage deal for online customers

    19 Sep 2005

    Bradford & Bingley has launched a 72-hour remortgage offer through Norwich and Peterborough, exclusively for online customers.The initial rate is 4.5%, with the second year being at base rate plus 0.25% and the third, base plus 0.50%. It then reverts to base plus 0.75% for the remainder of the term. The deal includes free legals and valuation fees.Duncan Pownall, mortgage development manager at B&B says: "This is perfect for customers wanting to remortgage."It might not ...

  • Bank of Ireland completes sale

    21 Sep 2005

    Bank of Ireland announced this morning that it has completed the sale of its Bristol & West branch network and associated deposit book to Britannia Building Society for a price of £150m.

  • BM Solutions launch sub-prime range

    20 Sep 2005

    BM Solutions today launched a sub-prime generic range.

  • BM Solutions reinforce product success

    20 Sep 2005

    BM Solutions today continue to reinforce their strength in the sub-prime market with the launch of a new sub-prime generic range.

  • BM to chop branch network by 48

    19 Sep 2005

    Birmingham Midshires is poised to pull the plug on 48 of its 67 branches through a phased programme that is scheduled to conclude in March next year.Following the conclusion of the programme, existing BM branch-based customers will have the option of banking at their nearest Halifax branch. The majority of these are situated within 300 metres of BM branches.All BM's mortgage business is already conducted through direct and intermediary channels, with mortgages last being offered ...

  • Boldly going into a bright future

    19 Sep 2005

    It's been up and away for Savills Private Finance since its foundation and it is not lowering its sights yet, managing director Mark Harris tells Barney McCarthy

  • Bradford & Bingley challenge customers to save money

    19 Sep 2005

    Bradford & Bingley has revealed that the average UK borrower would only remortgage if they could save 93 a month.

  • Bradford & Bingley respond to CML figures

    20 Sep 2005

    In light of the latest CML lending figures, which show lending figures on the increase over the summer, Bradford & Bingley has commented that the mortgage flurry it predicted has now begun.

  • Britannia announce strong first half year performance

    22 Sep 2005

    Britannia Building Society announced a strong performance for the first half of the year as it confirmed the completion of its 150 million takeover of the Bristol & West savings business and branch network.

  • Brokers can help boost take-up of MPPI

    19 Sep 2005

    Having worked with the BBC over the past 18 months on a series of investigations into personal loan and associated payment protection insurance mis- selling allegations, I read Peter Mounty's article in Mortgage Strategy's August 1 issue with particular interest. My view is that the only way to remove temptation or abuse as the non-corporate world knows it is to regulate against associating PPI with loans at point of sale - you can sell loans, you can sell insurance, but ...

  • Brokers warned to guard against fraud

    19 Sep 2005

    Fraud investigator Haymarket Management Services is warning brokers to bolster their systems or risk being victims of organised crime.Top of the risk list is companies failing to properly dispose of confidential papers, which are often screwed up and thrown in the bin. With criminals regularly targeting firms and trawling through their garbage such lax disposal methods leave advisers open not only to breaching the Data Protection Act but also to reputational risk from subsequent ...

  • Buyers stick to what they know

    19 Sep 2005

    Research by the Post Office finds that nearly four in 10 home owners purchase their buildings or contents insurance through their mortgage provider despite the possibility of better deals elsewhere.Less than one in 10 change their home insurance provider annually, with 40% never changing and a further 28% rarely doing so.

  • Call for Right to Buy rethink

    19 Sep 2005

    The Scottish Federation of Housing Associations is urging the first minister to change the Right to Buy policy. The SFHA wants the Scottish Executive policy on Right to Buy changed to provide a boost to Scotland's dwindling supply of affordable rented housing.In a letter to the first minister Jack McConnell, the SFHA points out that by excluding the Right to Buy policy from new council and housing association tenancies, 200,000 houses could be removed from eligibility ...

  • Can we learn from FSA sub-prime probe?

    19 Sep 2005

    Figures released by the Financial Services Authority last week show a number of small mortgage brokers are not up to scratch when it comes to advising on sub-prime.The regulator says it has found too many cases in which firms are unable to show that they had followed the required procedures relating to suitability.It visited 31 small brokers active in the sub-prime market and looked in detail at 210 case files to assess whether advisers were taking reasonable steps to ensure ...

  • Change at the top for Sovereign

    19 Sep 2005

    Sovereign Reversions, a finance company specialising in equity release assets, revealed last week that chairman Robert Lo has stepped down.He has been succeeded by Paul Spencer as non-executive chairman of the company. Lo will remain as a non-executive director and will continue to chair the firm's audit and remuneration committees.Lo says: "Sovereign Reversions has had an encouraging start to 2005/6. We have seen an increase in the volume of home reversions offered by our 40.9% ...

  • Charcolonline warns against remortgage rut

    20 Sep 2005

    As many as 500,000 homeowners could have squandered as much as 369 each over the past three months alone, simply by delaying remortgaging from their lenders SVR to one of the many leading headline rates on the market.

  • Chess appoints MortgageStream

    22 Sep 2005

    Chess Financial Services Limited, an appointed representative of Pink Home Loans, has selected MortgageStream case management software to support its business processes. Following an exhaustive review of the various case management systems available in the market, Chess selected MortgageStream for its back office system, streamlining and simplifying the management of the entire sales process.

  • Classic selects The Exchange for portal services

    19 Sep 2005

    The Exchange, the leading supplier of portal services to IFAs and a key part of the Financial Services Division of Vertex, today announced that Classic Network Solutions Ltd has selected the Exweb Broker portal to support its mortgage advisers in the sale of protection products.

  • Club members to be miles better off

    19 Sep 2005

    Mortgage Next is to enhance its mortgage club proposition for directly authorised brokers with the launch of the Passport scheme on October 1.As well as access to exclusive products and free subscriptions to Mortgage Brain and Trigold, Passport offers an AirMiles loyalty scheme whereby points are received for every case that completes with Mortgage Next.Brokers will receive 145 AirMiles for each standard completion and 290 for each sub-prime and packaged case which completes ...

  • Conveyancer links with PFS

    19 Sep 2005

    Goldsmith Williams, the direct conveyancing firm, has teamed up with the Personal Finance Society, the professional body for financial advisers, to offer the latter's 25,000 members the opportunity to benefit from discounted legal services. As well as a remortgage rate of 325 inclusive of VAT and disbursements for completed remortgages, PFS members will be able to take advantage of competitively priced fixed fee purchase, sale and Right to Buy products.

  • Coventry boasts outstanding performance

    20 Sep 2005

    Coventry Building Society, the UKs fifth largest building society, has today announced results which reflect an outstanding performance for the first half of 2005. Coventry's assets exceed 10.5 bn - growth of 11.78% in the six months, 16.93% in the full year.

  • Curriculum Vitae - Nick Hale

    19 Sep 2005

    "An uncooked vegetable shot past Sir Brian's left ear"

  • Dashboard Solutions to run CHL systems

    20 Sep 2005

    Capital Home Loans has chosen Dashboard Software, the web based solution for mortgage intermediaries and packager, to run its systems for the recently launched sub-prime special division. The CHL specialist division has been set up to deliver quality products through a distribution agreement with Mortgages Plc, the software was chosen to ensure that high levels of service can be provided to the intermediary market place.

  • Dear Delia

    19 Sep 2005

    Dear Delia My client has recently divorced and needs to raise 40% of the equity of the marital home valued at 190,000 to buy out her husband. Her main job provides an income of 11.800 and she has a supplementary income of 2.600. She gets 3,600 a year in maintenance and tax credits of £7200 a year. The outstanding mortgage is 50,894 on an SVR of 6.5%. She wants to keep payments at the same level but will accept a longer term. She needs 110,137. What are her options?

  • Directors quit The Mortgage Business

    19 Sep 2005

    Managing director Bill Dudgeon and director of sales and marketing Mark Bergin have quit The Mortgage Business along with fellow directors David Parry and Paul Graham.

  • Edinburgh to lease B2L homes

    19 Sep 2005

    Some 1,500 buy-to-let properties are to made available to City of Edinburgh Council through an ambitious private sector leasing scheme.Under the plan, the authority leases the housing neededthrough a specialist provider who sources the properties from buy-to-let landlords.Property services group Orchard & Shipman has contracted with the Council to procure 1,500 properties over the next five years.

  • em-international to launch Spanish property service

    19 Sep 2005

    em-international is to launch a facility to assist brokers looking to help clients find the perfect property in Spains Costa Blanca region on September 27 at the em- Bristol roadshow.

  • Environmental due diligence: layman's guide to passing acid tests

    20 Sep 2005

    Compliance with regulation, product liability and contaminated land are complicated problems for businesses to solve.

  • Estate agent to cross Sahara for charity

    19 Sep 2005

    A Nottingham-based estate agent is taking up the challenge to cross the Sahara desert for charity.

  • Estate agents have no idea how to tackle HIPs

    19 Sep 2005

    Estate agents haven't got a clue what to do about Home Information Packs warns Caroline Havers, partner at legal firm Salans.She says that when the legislation is passed next year and final details are available as to what the packs will involve it is likely many estate agents, especially smaller ones, will be forced to outsource business to an HIP provider.She says: "Until the final details of HIPs are issued next year, estate agents haven't got a clue and don't know how they ...

  • Fast-track way to go out of business

    19 Sep 2005

    Specialist lending has developed to an amazing degree in recent years. Whatever a client's requirements and circumstances, the discerning broker is likely to know at least one lender who can help.Unfortunately, the specialist lending market can also be open to exploitation and it is sad that a small number of firms believe they can misbehave without consequence. They cannot.Among results of the Financial Services Authority's survey work on sub-prime announced earlier this month, ...

  • Fixed rate mortgages prove popular

    22 Sep 2005

    The latest figures from The Council of Mortgage Lenders show that fixed rate mortgages accounted for 54% of all loans in August, which is the highest proportion ever since monthly records began in 1998.

  • Free valuations set to continue

    22 Sep 2005

    em-homeloans has announced that its offer of free valuations across the entire sub-prime range is set to continue.

  • Friends Provident profits rocket

    19 Sep 2005

    Profits at Friends Provident for the half year rocketed by 46% to 233m, and profit before tax was up 221% to 334m. The company achieved underlying earnings per share growth of 11%, to 7.2p per share.

  • FSA appoints new directors

    23 Sep 2005

    The Financial Services Authority today appointed two new directors and announced some moves among existing directors.

  • FSA launches fresh probe into self-cert

    19 Sep 2005

    The Financial Services Authority has launched a far-reaching probe into the way self-cert mortgages are sold, sparking fears the regulator will clamp down on the sector even further.

  • FSA position on holding client money is clear as mud to me

    19 Sep 2005

    From Andrew Hughes I read with amusement the letter from Andrew Green (Mortgage Strategy September 5) regarding holding client money. I asked the same question to an FSA adviser at a recent FSA roadshow and the reply was along the lines of, "If a client gives you cash or a cheque payable to your company for payment of a valuation this is classed as holding client money and you will need the relevant permissions and capital requirements. "But if you pay for the valuation ...

  • GMAC-RFC sees self-cert applications double

    23 Sep 2005

    In less than two weeks since it launched its new self-cert range, GMAC-RFC has seen its self-cert applications double.

  • Government help for flood hit area

    20 Sep 2005

    Tynedale District Council is to be given help with meeting the costs of clearing up following severe storm and flood damage in the Council area in January 2005.

  • Government postpones council tax revaluation

    20 Sep 2005

    Plans for a revaluation of council tax in England have been postponed, the government announced today.

  • HIPs are a threat to intermediaries

    19 Sep 2005

    The advent of Home Information Packs poses a potential threat to mortgage brokers who do not have access to the information contained within them, says Frank Eve

  • HIPs are better than the buyers' lottery

    19 Sep 2005

    There is an old adage that goes "The first casualty of war is the truth". This may sound pretty grand in relation to Home Information Packs but is nonetheless apt.A common theme that has become accepted as the truth is that the phoney war about cost and effectiveness has been lost and the industry, along with the nation's home owners, will have to bear this particular cross with fortitude.Well, that's one point of view but it most certainly is not mine. My question has always ...

  • HML achieves CCA accreditation for Derry call centre

    22 Sep 2005

    Homeloan Management has achieved the Contact Centre Association Standard Framework for Best Practice accreditation for its Derry call centre.

  • Huntswood appoints Millhouse to spearhead Scottish expansion

    19 Sep 2005

    Huntswood, a leading provider of professional services to the retail financial services industry, with clients throughout the UK, Europe and USA, thas appointed Brian Millhouse as its managing director for Scotland.The appointment follows the opening of new offices for the firm in Strathclyde Business Park in November 2004.

  • I await next year's Summit with eager anticipation

    19 Sep 2005

    From Roger Morris I am writing to express my delight and offer thanks for the most well organised industry event I have had the pleasure of attending. The Mortgage Summit, held earlier this month in Jerez, Spain, added value for everyone who attended. From an em perspective, the myriad of rewards from attending have been greatly appreciated. We pride ourselves in being a forward thinking, innovate company and this opportunity to discuss out views and ideas with others in ...

  • If you don't like firms using 0870 numbers, don't call them

    19 Sep 2005

    From John Lukanik With reference to firms using 0870 numbers, there is a simple remedy - don't call them. Lenders, packagers and mortgage clubs will soon realise they can't bully you into parting with your hard earned money. Our company business criterion is this - we only email and do not call 0870 numbers. If we don't get a response we email again until someone realises that to get our business they have to call us back. We make a point of asking all callers if their company ...

  • Intermediaries heed diversification message

    19 Sep 2005

    Charterhouse Research, the specialist financial market research consultancy, today reveals that the outlook for mortgage-related general insurance sales looks positive.

  • Internet Insite

    19 Sep 2005

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

  • Jerez Mortgage Summit was enjoyable and enlightening

    19 Sep 2005

    From Andrew Montlake Thank you for an enlightening Mortgage Summit in Jerez earlier this month. Apart from being an enjoyable and well organised event, it provided me with some useful and important information on how the industry should move forward. You put on an event that provided the opportunity to discuss and shape the future of our industry. The importance of being given the chance to mix with mortgage luminaries and discuss issues we all face should not be underestimated. ...

  • JRF reveals neighbourhoods prosper with mixed tenure

    23 Sep 2005

    A planned mix of homes for ownership and rent on three estates built more than 20 years ago has helped them avoid many of the problems associated with large concentrations of social housing.

  • Just Wills launches broker will-writing scheme

    21 Sep 2005

    Just Wills, the UK’s largest will-writing and estate planning organisation, has launched a scheme to allow mortgage brokers to offer a will-writing service to their clients.With brokers increasingly deal with clients who are buying houses that are above the Inheritance Tax threshold, Just WIlls says having a will is imperative for many clients.

  • Lack of trust on the home front

    19 Sep 2005

    Research from Lloyds TSB Insurance reveals that only one in 10 of us trust our neighbours.As a result, the insurer is calling on home owners to ditch their traditional British reserve and make an effort to get to know their neighbours better.While 93% of home owners claim to know who their neighbours are, of the 7% who don't, 38% say this is because they value their privacy while 14% claim they are too busy to make the effort.For an unfortunate 14%, testy neighbourly relations ...

  • Late payers named and shamed

    19 Sep 2005

    The internet is being hailed as the latest weapon against late payers trying to keep creditors from their door.

  • Loanoptions.co.uk add Money Partners to panel

    21 Sep 2005

    Loanoptions.co.uk, the Cheshire based secured loan packager, has added specialist lender Money Partners to its panel of lenders.

  • Long live the 100% mortgage for FTBs

    19 Sep 2005

    With talk of an increase in repossessions, 100% mortgages and negative equity, how does a broker provide good service without being accused of irresponsibility?Here are a few things to consider. First, and without passing the buck, brokers can only sell products that have been developed, underwritten and made available by lenders. No matter what some journalists say about irresponsible lending, lenders are not in the high risk business. They are Steady Eddies who complete risk analyses ...

  • Majority of UK finance illiterate, reveals Mortgages Direct

    22 Sep 2005

    Nearly one in four people think that a tracker mortgage tracks your salary increase, a poll commissioned by Mortgages Direct has revealed.

  • Mansfield unveils no-ERC deal

    19 Sep 2005

    The Mansfield has launched a mortgage with no early repayment charge. The two-year discounted mortgage, available to customers in England and Wales, will be one of the few available that does not incur a charge if the customer wishes to repay the mortgage during the first two years of borrowing.The company says this could lead to substantial savings for customers.On a 150,000 mortgage, the absence of an ERC - usually 3% of the agreed advance - could equate to a saving of 4,500.

  • Market forces leave fringe regions stranded

    19 Sep 2005

    Market forces are leading to the creation of dominant regional cities with little economic benefit enjoyed outside of central metropolitan areas, says the Royal Institution of Chartered Surveyors.

  • Market Watch

    19 Sep 2005

    Swaps have increased fairly significantly which will prevent most lenders repricing downward unless they are hell bent on increasing market share at a loss.

  • McCarthy outlines challenges to the industry

    21 Sep 2005

    In his speech to bankers at Mansion House yesterday, Callum McCarthy reviewed the present position of the financial services industry, and outlined some of the challenges it currently faces.

  • MEX celebrates

    19 Sep 2005

    Mortgage Express last week celebrated its 10th anniversary as a niche lender at a rooftop venue in central London.Tim Dawson, managing director of MEX, says: "We have worked hard to forge relationships with business and media partners and delivered record volumes in August."

  • MI comes to broker's international rescue

    19 Sep 2005

    Mortgage Intelligence's appointed representative network Spirit has gone international with the addition of an adviser working on a British military base in Germany.Nigel Garside, proprietor of BFG Mortgages, has been in the mortgage and IFA business since 1988 and has clients in Germany, Cyprus, Hong Kong and Beijing.He is based at the main command centre for Germany, where a number of civil servants are posted.Nearly 30,000 UK military personnel are based in Germany, many ...

  • Money Partners appoints national sales manager

    22 Sep 2005

    Specialist lender Money Partners has appointed Jim Nash as national sales manager.

  • Mortgage Next launches passport scheme

    19 Sep 2005

    Mortgage Next, the mortgage distributors, is enhancing its mortgage club proposition for directly authorised brokers with the launch of its Passport scheme on October 1 2005.

  • Mortgage professionals must help reinvigorate the market

    23 Sep 2005

    The latest industry figures reveal the volume of mortgage transactions is currently at 80% of the levels this time last year, with the shortage of first-time buyers seen as particularly damaging.

  • N&P reduces fixed rates

    23 Sep 2005

    Norwich and Peterborough says it is reducing rates on its UK and Spanish fixed rate mortgages, with immediate effect.

  • N&Ps 5,000 reward for eco-builds

    19 Sep 2005

    Around 20,000 people self-build their own homes every year, and its estimated that one in every four detached homes built in the UK is a self-build.

  • Nags Rahman quits Mortgage Times

    20 Sep 2005

    One of the founding directors of The Mortgage Times Group, Nags Rahman, is leaving the Group to pursue his own personal business interests.

  • Natexis appointment

    19 Sep 2005

    The London branch of Natexis Banques Populaires has appointed Steve Day head of non-bank financial institution relationships, as part of the bank's international growth strategy. Day will develop corporate banking relationships with mortgage and asset finance providers.

  • No MCOB rethink yet, says FSA

    19 Sep 2005

    The Financial Services Authority says it has no plans to review the Mortgages Conduct of Business rules despite calls from the Intermediary Mortgage Lender's Association to do so.Speaking at the IMLA annual dinner last week, Tim Dawson, chairman of IMLA, called on the FSA and the industry to review MCOB in 2006.Dawson says: "The FSA, with the help of the industry, should take the opportunity in 2006 to undertake a review into the workings of MCOB, looking at ways the rules can ...

  • OFT urges Councils to provide more open property information

    21 Sep 2005

    The Office of Fair Trading says property information held by local authorities in England and Wales should be made more readily available to people buying and selling property and their agents.

  • Opting for xit2

    19 Sep 2005

    Saffron Walden Herts & Essex has turned to xit2 to provide the online system for its panel manager Legal Marketing Services to manage external valuations.

  • Optoma reshuffles team after Bright departure

    19 Sep 2005

    Optoma Broker Solutions has reshuffled its managerial team in a move that sees chairman and chief executive Andrew Seymour assume control of the business along with operations director Harpal Singh.The revelation comes after managing director Matthew Bright was let go.Bright says he is in the process of developing other projects which are at an embryonic stage.Optoma has also appointed three business development managers and opened an office in Newark in Nottinghamshire.Optoma ...

  • Pink appoints operations manager

    20 Sep 2005

    Pink Home Loans has appointed Janet Johnson as operations manager in its packaging department.

  • Pink reduces rates in First National branded range

    19 Sep 2005

    Pink Home Loans has improved the rates across its branded lending range funded by First National.

  • Pink reduces rates in First National branded range

    19 Sep 2005

    Pink Home Loans has improved the rates across its branded lending range funded by First National. Fixed rates are now 0.25% better than the old range, and discounts have been increased to 1.65% for 1 year and 1.15% for 2 year discounted products.

  • Poll reveals extend of public financial ignorance

    22 Sep 2005

    A poll released today reveals that nearly one in four people think that a tracker mortgage tracks your salary increase.

  • Portman reveals 2005 interim results

    23 Sep 2005

    Portman has issued its interim results, revealing a strong start to the year.

  • Preferred become 10th ENC lender

    19 Sep 2005

    Preferred were announced today as the 10th to join the ranks of lenders supporting the Enhanced Non Conforming sourcing module on Trigold.

  • Rees takes M2000 PR role

    19 Sep 2005

    Mortgage 2000 has appointed Lynne Rees as head of corporate communications.The role will involve PR for all areas of the Mortgage 2000 proposition. Rees has been with the company for over six years and will continue to report directly to managing director Sean Hornsby.

  • Revell appointed head of regulatory services

    19 Sep 2005

    Ross Revell has joined Virtual Net as the new head of regulatory services.

  • RICS reports new blood entering the market

    19 Sep 2005

    New buyer enquiries for August rose for a third consecutive month, at the fastest pace since early 2004 says the Royal Institution of Chartered Surveyors' monthly housing market survey released today.

  • Rightmove reports drop in house prices

    19 Sep 2005

    First-time buyers are encouraged by the drop in house prices according to the UKs leading property website, Rightmove.

  • Rooftop deal

    19 Sep 2005

    Rooftop Mortgages is launching a limited edition heavy adverse, self-cert mortgage up to 75% LTV. There has been a flurry of light adverse capped rate launches recently and the Rooftop product is tailored to meet the needs of the heavy adverse sector, including unlimited arrears and CCJs.

  • Sales of 1m homes drop

    19 Sep 2005

    Halifax says million pound property sales in the first half of 2005 were 26% lower than in the first six months of 2004.This decline follows a 36% rise between 2003 and 2004. Some 1,508 million pound properties were sold in Britain during the first six months of this year compared with 2,033 in the first half of 2004.Scotland bucked the trend with 40 million pound homes sold in the first half of 2005 compared with just 18 during the same period in 2004. There were also small ...

  • Secured lending set to slow

    19 Sep 2005

    Datamonitor says secured lending will calm over the next five years. From 2005 to 2009 it predicts gross advances will grow at an average of just 5.3% per year to reach £35.4bn in 2009. This compares with growth of 50% per year over the past five years.

  • Security top of homebuyers agenda

    23 Sep 2005

    Security is top of the homebuyers agenda says research by the Royal Institution of Chartered Surveyors.

  • Shopping around for better service

    19 Sep 2005

    It is important to treat the FSA's recent mystery shopping exercise looking at disclosure documents as an opportunity to learn from mistakes and correct them, says John Webster

  • Single person households on the rise

    19 Sep 2005

    A report published today by MINT predicts big changes to UK spending patterns over the next 20 years.

  • Small brokers should get this system to boost their admin

    19 Sep 2005

    From Lee Martin I would like to share a secret with the small brokers out there who struggle to keep up with admin. I use a case management system which not only allows me to monitor the source of my business and helps with the decisions about where I spend money, but also allows me track outstanding fees, commissions and provides all the lender information I need. I can now track valuations, the time taken from lead to completion, how many cases written and completed over ...

  • Soft landing

    19 Sep 2005

    Although they have weakened, the housing and mortgage markets are holding up better than was being predicted a year ago, says Peter Charles

  • Sourcing systems are good value

    19 Sep 2005

    Brokers continue to gripe but sourcing system data will always be imperfect unless operators start hugely racking up their subscription charges, says Richard Griffiths

  • SPML reduces two and three-year fixed rates

    20 Sep 2005

    Southern Pacific Mortgage Limited has made reductions to its two and three-year fixed rates across its entire 8 range.

  • Square Mile to leave Hamptons and become Cobalt Capital AR

    19 Sep 2005

    City broker Square Mile Mortgage Finance is to part company with principal Hamptons International Mortgages and switch its allegiance to Cobalt Capital - a move that has sent shockwaves across the London broker market.Square Mile, the reigning Mortgage Strategy Small Broker of the Year, will become an appointed representative of the new Cobalt group, arguably London's largest independent broker following its merger with Chelsea Mortgage Management earlier this year. The move ...

  • Stalemate for UK interest rates

    23 Sep 2005

    Paul Niven, head of strategy at F&C Asset Management has commented on interest rates:

  • Stop the roller coaster, I want to get off

    19 Sep 2005

    There must be a way of changing the system so we can introduce some calm into the anxiety-inducing roller coaster process of completing on a house move, says Sue Read

  • Sub-prime five-year fix from SPML

    19 Sep 2005

    Southern Pacific Mortgage Limited last week launched its first sub-prime five-year fix with a three-year early repayment charge.After three years of the fixed term, the ERC allows borrowers to decide whether to remain on the fixed rate, switch free of charge to an SPML LIBOR plus margin product or to refinance without penalty, with only one month's notice required.Rates start at 5.59%, with the product available in SPML's near prime range with a maximum of one CCJ for 500.The ...

  • SWB takes business inhouse

    19 Sep 2005

    Scottish Widows Bank is to end its association with Homeloan Management.The relationship between the two firms stretches back nearly 10 years. SWB will move its growth and transfers portfolios inhouse.Graeme Hartop, managing director of SWB, says: "This in no way reflects dissatisfaction with HML's service. Our strategy is to administer business inhouse when the time is right."

  • Taylor's Tour.....

    19 Sep 2005

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

  • TFC launches standalone legal package

    19 Sep 2005

    TFC Homeloans launches its first standalone legal package in association with London & European today, adding a complete web-based panel management solution to the TFC Homeloans branded portfolio.

  • The Exchange launches eConveyancer solution

    20 Sep 2005

    The Exchange, the leading provider of portal services to IFAs and a key part of the Financial Services Division of Vertex, has partnered with eConveyancer to provide a conveyancing referral service to brokers.

  • The Mortgage Mole

    19 Sep 2005

    WIND UPMole had to confront his fear of heights last week at Mortgage Express' 10th anniversary party. Held at the plush rooftop garden of Coq d'Argent on Poultry, the venue affords stunning views of the City and an, erm, different, climate according to MEX chairman Tim Dawson.During Dawson's speech at the Silver Chicken about the progress MEX has made over the past decade, he stopped to apologise for the wind. Now, Mole's assuming he was talking about the light breeze that ...

  • Thinc Destinis conference attracts 700 participants

    19 Sep 2005

    The financial services provider Thinc Destinis conference for staff and advisers attracted 700 participants last week. The event took place on Friday September 16 at the Celtic Manor Resort in Newport, Wales. The celebrity guest speaker was Jonathan Edwards CBE, the former triple jump world and Olympic record holder, BBC sports presenter and London 2012 ambassador. In addition to presentations from senior management and guests, product providers held workshops for ...

  • Three year sentence for money laundering

    19 Sep 2005

    Veysi Ertekin was today sentenced to three years imprisonment at Middlesex Guildhall Crown Court for money laundering the proceeds of drug dealing.

  • TMO cuts submission fees to 69

    19 Sep 2005

    The Mortgage Operation is slashing its submission fees for all sub-prime packaged mortgage applications from 199 to 69.This offer is available for sub-prime products across TMO's lender panel between now and the end of the year.Alex Forrester, managing director of TMO, says: "Our job is to help our clients make more money by offering the best service at a competitive price."As the market has been softening, we have continued to see our business growing. The trust placed ...

  • TMW cuts rate

    19 Sep 2005

    The Mortgage Works has reduced the pay rate on its three-year fixed rate buy-to-let mortgage from 4.69% to 4.55%.

  • Tricky question of who will pay for our future

    19 Sep 2005

    The debate about the declining birth rate and the effect this will have on future demographics is one that exercises policy makers.Last week pensions minister Alan Johnson, addressing delegates at the TUC conference, urged trade unions to face the facts on pensions provision, as changing demographics put pressure on the state.He said declining birth rates and people living longer meant government had to devise pension schemes capable of withstanding demographic changes.The ...

  • Wake up to Wales - it's a buzzing market and a visit might do you some good

    19 Sep 2005

    From Helen Thomas Where I live is not generally something to complain about. South and west Wales have some of the most beautiful countryside and seaside. I live 30 minutes away from the popular resort of Tenby and 30 minutes in the other direction from the thriving city of Swansea. You'd think this would be an ideal place to live and start a business, which I did in the first quarter of this year. Little did I know what a drawback it be. Whenever I read the trade press all I ever ...

  • We must balance fear and fact in sales

    19 Sep 2005

    It's been a busy year for critical illness insurance, what with the CI review being carried out by the ABI working party and the high levels of publicity it is generating about claims that have been declined.Consumer groups have a new stick to beat the industry with - namely the Financial Services Authority's Financial Promotions Mortgage and General Insurance Bulletin.The bulletin covers work the FSA carried out among 25 firms into how well they are meeting disclosure requirements ...

  • Well done C&G for two-week remortgage completion

    19 Sep 2005

    From Andrew Killingback I recently read of a broker who was impressed with a one-month remortgage completion in the pages of Mortgage Strategy. This is indeed pretty good going but, without wishing to appear guilty of oneupmanship, I would like to share this story with you in praise of our local Cheltenham & Gloucester branch in Dorchester and its free legals provider. We recently submitted a remortgage application to the aforementioned C&G branch, using its free remortgage ...

  • We're stuck with MCOB for now

    19 Sep 2005

    This is the 200th issue of your number one mortgage magazine so what better time to look back over the past 12 months? And what a 12 months it's been. Business sales, acquisitions, network closures, mergers, failures, sackings, resignations and the biggest news of all - regulation. You name it, Mortgage Strategy has covered it.

  • What a difference an ERC makes

    19 Sep 2005

    Following on from my article a couple of weeks ago regarding early repayment charges on lifetime mortgages, one aspect sometimes overlooked is the basis on which the charge is calculated.Lenders typically use one of two methods, irrespective of the period of the early repayment charge. These are to charge ERCs either against the original advance or against the original advance plus the accrued interest.Research must take this into account if early repayment is a priority.Taking ...

  • What the FSA is telling consumers

    19 Sep 2005

    An FSA consumer guide to financial advice gives some useful indications about the priorities of the regulator and intermediaries are well advised to get acquainted with it, says Bill Warren

  • Woolwich unveils retention scheme

    19 Sep 2005

    The Woolwich has launched its range of retention products to the intermediary market.Intermediaries will be paid a proc fee if they feel the best advice for a customer is to stay with their current lender. The Woolwich says it is the first high street lender to do this.The move will also stop intermediaries needlessly remortgaging clients onto new deals to secure a proc fee.The lender has been running a pilot scheme with Legal & General's app-ointed representatives since ...

  • Zest Home Loans launches limited edition product

    19 Sep 2005

    Zest Home Loans has launched its Harvest limited edition three year capped rate product.

  • Zurich freshens up mortgage network

    19 Sep 2005

    Zurich Intermediary Group has taken a fresh look at its popular mortgage network proposition to ensure that the panel, software and service on offer remains one step ahead of current client demands.

Poll

Should the Financial Conduct Authority be more intrusive than the Financial Services Authority?

Current Issue

Lending Zone
petitions
debate
Define Advice
Advanced search