Mortgage Strategy
2 February 2009

  • A fit and proper snowman

    3 Feb 2009

    I was very impressed by the quality and inventiveness ofCobalt's fine staff in the snowman competition we ran on Monday.

  • A lesson in evolution

    2 Feb 2009

    The mortgage market experienced a minor earthquake last week. You may not have felt it and it certainly won't have registered on the Richter scale but PMS' decision to change what the trading style stands for, from Premier Mortgage Service to Protection, Mortgages & Savings, was seismic in its way.

  • Abbey believed to be looking at networks' books

    2 Feb 2009

    Abbey is believed to be asking to see networks' accounts as part of a review of its mortgage distributors.

  • Andy Wilgoss is made redundant

    2 Feb 2009

    Andy Wilgoss, managing director of Square Mile Mortgage Finance, has been made redundant after eight years at the helm of the brokerage.

  • Anne Gunther steps down as CEO of Standard Life Bank

    6 Feb 2009

    Standard Life Bank’s chief executive Anne Gunther has stepped down after almost seven years heading up the insurance giant’s lending division.

  • B&B appoints firms to handle waiver business

    2 Feb 2009

    Bradford & Bingley has appointed The Mortgage Business and The Buy to Let Business to handle borrowers who take up its waiver on early repayment charges and redeem their mortgages.

  • B&B initiative is good for clients as well as taxpayers

    2 Feb 2009

    I was interested to read Alan Cleary's comments (Mortgage Strategy January 19) about Mortgage Express' amnesty on early repayment charges and would like to respond.

  • Bank of England cuts rates to 1%

    5 Feb 2009

    The Bank of England has cut bank base rate for the fifth consecutive month to an all-time low of 1%.

  • Bankrupt borrowers risk being 'unmortgageable'

    5 Feb 2009

    Many borrowers face the prospect of being ‘unmortgageable’ by declaring themselves bankrupt this year, warns solicitors Moore Blatch.

  • Banks could be forced by law to focus on deposits

    2 Feb 2009

    Banks could be forced to concentrate on deposits as a prerequisite for lending, claims HSBC’s chief executive.

  • Barclays puts 200 retail mortgage staff in consultation

    3 Feb 2009

    Barclays have placed 300 staff into consultation with some 200 affected employees from its retail mortgage sales division.

  • BDS adds Halifax GI to panel

    4 Feb 2009

    Hampshire based packager and network, BDS Mortgage Group has appointedHalifax GI to its general insurance panel.

  • Be honest with staff in these tough times

    2 Feb 2009

    I received a human resources bulletin last week and some of the statistics in it were remarkable.

  • BM Solutions and BoS desert specialist sector

    2 Feb 2009

    Competition in the mortgage mar-ket was dealt another body blow last week as BM Solutions and Bank of Scotland announced their with-drawal from the self-cert and sub-prime sectors.

  • Boom Time

    2 Feb 2009

    Mole was left ducking for cover last week after lunching with Paradigm Mortgage Service boss Bob Hunt after the mortgage club guru revealed that his granddad was in the famous Dambusters squadron. Not only is Paradigm flying high but it seems the military is in Hunt's blood.

  • Borrowers holding out for fixed rates below 4%

    4 Feb 2009

    Many borrowers are holding out for fixed rate deals of below 4% before fixing their mortgage, research from Unbiased.co.uk reveals.

  • Bottoms up

    2 Feb 2009

    Mole was intrigued to read last week that a beer named after US President Barack Obama is going down a storm in Kenya.

  • Brokers defy Big Freeze

    2 Feb 2009

    Brokers are showing their survival spirit by continuing to work despite being snowed in.

  • Brokers offer advice on gas and electricity

    2 Feb 2009

    Mortgage brokers are branching out and starting to offer advice on gas and electricity supplies along-side mortgages, a study by Data-monitor has revealed.

  • Brokers warned to tread carefully with claims management firms

    4 Feb 2009

    Claims management firm Credit Issues is urging brokers to complete thorough due diligence checks on claims management companies before entering into any agreement.

  • Building societies' mortgage lending drops £1.27bn

    2 Feb 2009

    Gross mortgage lending by building societies fell by £1.27bn during the course of 2008, the latest statistics from the Building Societies Association reveal.

  • Call for reform of audit system that lets failing lenders slip through net

    2 Feb 2009

    The financial crisis has exposed a flawed auditing model which allows banks to be given a clean bill of health just days before collapse.

  • Cattles asks for government aid

    2 Feb 2009

    Troubled lender Cattles pleaded with the government last week to include secured lenders in its loan guarantee scheme to help kick-start its lending operation.

  • CC slammed for tarring MPPI sales with same brush as PPI

    2 Feb 2009

    The Competition Commission has been slated for banning mortgage payment protection insurance at point-of-sale and putting it in the same camp as general PPI.

  • CEBR warns of 40% fall in house prices

    2 Feb 2009

    House prices may be set to suffer the largest drop in one year if lending conditions do not improve, warns the Centre for Economics and Business Research.

  • Charlbury Group signs deal with GMAC-RFC

    2 Feb 2009

    GMAC-RFC has selected The Charlbury Group to provide its arrears management system.

  • Charlbury Group wins GMAC-RFC contract

    2 Feb 2009

    GMAC-RFC has selected The Charlbury Group to provide its arrears management system.

  • Concern over "significant losses" at Barclays

    2 Feb 2009

    Moody’s has cut its long-term ratings on Barclays amid fears of “significant further losses” and forecasts that the bank will be forced to accept government support.

  • Council mortgages move one step closer

    2 Feb 2009

    Councils could start offering mortgages again under government proposals unveiled today.

  • Curriculumvitae: Eddie Hooker

    2 Feb 2009

    Describe your current job

  • Don't just complain about fees - change your network

    2 Feb 2009

    The late payment of fees, as highlighted in last week's issue of Mortgage Strategy, is a problem for brokers struggling with cash flow due to the credit crunch.

  • EasyMoney.com selects Edge sourcing system

    2 Feb 2009

    Enterprise Group's mortgage sourcing software Edge will be used in easyJet founder Stelios' consumer venture easyMoney.com.

  • eMoneyfacts partners with Gateway2Finance on personal loans

    5 Feb 2009

    eMoneyfacts and Gateway2Finance has launched a new personal loan application system for brokers.

  • Equity release lawyers get professional body

    2 Feb 2009

    The Equity Release Solicitors' Alliance has been launched. It aims to ensure that all equity release clients have access to independent legal advice.

  • Evalaute recruiting for senior sales management roles

    4 Feb 2009

    Evaluate Technologies is looking to recruit two senior sales managers to boost its sales division.

  • First-timers seek low LTV deals

    2 Feb 2009

    Leadbay says first-time buyers are adapting to the low-LTV mortgage environment after noting a rise in the number of borrowers looking for deals with LTVs between 70% and 90% in the past six months.

  • Fixed rate deals are becoming attractive

    2 Feb 2009

    With borrowers holding out for news that the base rate has hit rock bottom and longer term swap rates low, we are inching towards that mythical time when a five or 10-year fixed rate could suit both parties in the mortgage transaction.

  • FSA bans adviser and shuts down firm

    2 Feb 2009

    The Financial Services Authority has banned John David Cook from giving financial advice and stopped his Liverpool-based firm, Stone Financial Management Limited, from conducting business.

  • FSA exposes bogus calls from broker

    4 Feb 2009

    The Financial Services Authority has stopped an insurance and mortgage broker advising on regulated products after the firm posed as HBOS to convince customers to take out new policies.

  • FSA to regulate sale-and-rent back

    6 Feb 2009

    The Financial Services Authority has published a consultation paper setting out proposals for the regulation of sale-and-rent back schemes.

  • Get clients to think of financial security

    2 Feb 2009

    I'm writing this on what has been labelled the most depressing day of the year, and all the doom and gloom in the world markets makes me think that the day is not going to get any better.

  • Get to know what FTBs really want

    2 Feb 2009

    First-time buyers are a hot topic at the moment, with much talk of how we can encourage them into the market. So it's interesting to look at just who are first-time buyers, what do they want and how has this changed over the last six months.

  • Goodwill gesture to distressed investors from Zurich

    5 Feb 2009

    Zurich has returned all premiums paid by borrowers that took out its Zurich Property Deposit Guarantee Bond with a buy-to-let firm that went into administration.

  • Guarantee scheme details will be key to its success

    2 Feb 2009

    Another year, another bank bailout. But will this one be successful in doing what the previous one has failed to do and kick-start lending in the mortgage market?

  • Halifax pulls ASU cover for brokers

    6 Feb 2009

    Halifax Intermediaries General Insurance has withdrawn all of its accident and sickness and unemployment cover through mortgage brokers.

  • Hamptons Mortgages shuts up shop

    5 Feb 2009

    Estate agency group Hamptons International is closing its mortgage division, fronted by managing director Jonathan Cornell.

  • High LTV loans may re-energise market

    2 Feb 2009

    It's official - the UK is in recession. The news came in a week that began with the Prime Minister and chancellor holding a joint press conference to announce the latest fiscal stimulus to increase lending to consumers and business.

  • Hot and bothered

    3 Feb 2009

    And still on the subject of our hapless government, Mole was tickled by the following joke he heard last week.

  • House prices fell 16.6% year-on-year in January

    2 Feb 2009

    Year-on-year house prices fell 16.6% in January against a backdrop of low mortgage approvals, Nationwide reveals.

  • House prices rise

    5 Feb 2009

    Here is an interesting little piece of news. Halifax have released figures that show that house prices actually rose in January - now that's a turn up for the books.

  • House prices up 1.9% in January

    5 Feb 2009

    House prices increased by 1.9% in January, reversing December's 1.6% fall, shows the latest House Price Index from Halifax.

  • HSBC lowers fixed rate mortgages

    5 Feb 2009

    HSBC has introduced a 2.99% two-year fixed mortgage, with a maximum LTV of 60% and cut its standard fixed mortgages by up to 0.4%.

  • IFAs expecting surge in equity release says Hodge Lifetime

    4 Feb 2009

    Hodge Lifetime's Equity Release IFA Confidence Index shows that 73% of IFAs expect to see interest for equity release increase by at least 5% in the next three months, and 60% predict at least a 5% increase in completed applications.

  • IN MY OPINION: Tony Ward, chief executive, Home Funding

    6 Feb 2009

    As governments around the world do what they can to galvanize the banking system, what now for ratings agencies?

  • It's time to crack down on rogue estate agents

    2 Feb 2009

    As an estate agent, I welcome any initiative that brings forward the regulation of the industry. Far too many unscrupulous operators are flouting guidelines - and even the law in some instances - and this must be stamped out.

  • John Charcol scraps fees-free arm

    2 Feb 2009

    John Charcol is scrapping its fees-free telephone service Charcol and is merging the business under the single John Charcol brand.

  • Just Retirement sees 8.6% decline in sales

    6 Feb 2009

    Just Retirement has reported a 8.6% decline in sales for the six months ended December 2008, despite seeing a 10.7% increase in equity release mortgage advances.

  • Kevin Ronaldson appointed deputy chairman of Intrinsic

    5 Feb 2009

    Kevin Ronaldson, chief executive of Intrinsic Financial Services, has taken on the role of deputy chairman of the IFA network, with chairman Sandy Leitch promoted to the position of executive chairman.

  • KPMG predicts dramatic rise in corporate insolvencies

    6 Feb 2009

    KPMG Restructuring predicts that corporate insolvencies, administrations and receiverships will rise dramatically in 2009 reaching 5,000 by the end of the year.

  • Lenders must fuel first-timer activity

    2 Feb 2009

    While the mortgage market slowed rapidly in 2008, it was by no means uniform across all market segments.

  • Licence plan to weed out clueless landlords

    2 Feb 2009

    A leading private rental expert is calling for the introduction of licences for residential landlords to cut out clueless and criminal property investors.

  • Link Loans added to Direct Financial Services panel

    5 Feb 2009

    Direct Financial Services the Yorkshire based mortgage and secured loan distributor has added Link Loans to its lender panel.

  • Loanmakers calls in administrators

    4 Feb 2009

    Troubled secured loan master broker Loanmakers has appointed administrators.

  • Loanmakers finds buyer

    5 Feb 2009

    Creditflex Loans and Mortgages Limited, a company which is wholly-owned by former Loanmakers chief executive Ges Ratcliffe has acquired the business, assets and goodwill of Loanmakers from the administrators.

  • Low interest rates may be detrimental

    2 Feb 2009

    For the last few months I have felt like I was marching to my own time rather than in step with the rest of the regiment, at least on the issue of interest rates.

  • Mark Harrison departs GE Money

    3 Feb 2009

    Mark Harrison, sales director at GE Money Home Lending, has left the lender by mutual consent.

  • Marketwatch 02/02/09

    2 Feb 2009

    Swaps rose for the first week in months and last Wednesday three-month LIBOR edged up from 2.16% to 2.17%. This is the first increase in LIBOR for a long time. Whether these are signs that fixed rates are about to increase or not I don't know, but I think there's still potential for fixed deals to be reduced.

  • Matthew Wyles appointed CML chairman

    2 Feb 2009

    Matthew Wyles, group distribution director of Nationwide has been appointed chairman of the Council of Mortgage Lenders for 2009.

  • MIG scheme will encourage lenders

    2 Feb 2009

    Whatever your political persuasion on how to maintain stability in our financial markets, the government has tried to stay ahead of the crisis with a wide range of initiatives.

  • Money Partners stops lending

    3 Feb 2009

    Goldman Sachs owned Money Partners has suspended new lending due to low demand for its mortgage products.

  • MoneyQuest places 20 staff into consultation

    2 Feb 2009

    MoneyQuest Mortgage Brokers has placed more than 20 staff into consultation as part of a review of the business.

  • Mortgage club in online deal

    2 Feb 2009

    Mortgage Promotions last week signed an exclusive deal to distribute Mortgages.co.uk's Premier Profile online broker listings to its members.

  • Mortgage fraud reaches £36m in 2008

    2 Feb 2009

    The value of mortgage fraud increased by almost ten-fold last year to hit £36m, the latest data from KPMG reveals.

  • MPPI constraints harmful claims Assurant Solutions Intermediary

    2 Feb 2009

    Nigel Payne, managing director of Assurant Solutions Intermediary has hit out at the Competition Commission for banning mortgage payment protection insurance at the point of sale.

  • MS should name the networks that are withholding fees

    2 Feb 2009

    Mortgage Strategy was uncharacteristically coy in its leader (Clean up your act networks) and lead news story (Lender warns networks to pay brokers on time) by not naming the networks accused of holding onto brokers' fees (Mortgage Strategy January 12).

  • Newtomorow warns brokers against rogue debt advisers

    5 Feb 2009

    Newtomorrow Broker Services is warning that some debt solutions businesses could damage the brokers’ businesses by ruining relationships with their clients.

  • Northern Rock back in business

    3 Feb 2009

    Nationalised lender Northern Rock has returned to the mortgage market with fixed rate deals marked down 1% from two weeks ago, figures from mform.co.uk reveal.

  • Nottingham firm fined for self-cert mis-selling

    2 Feb 2009

    The FSA last week fined Nottingham-based Gillen Farrelly Independent Advisers £17,500 for self-certmis-selling.

  • Omega and Commercial Mortgage Solutions team up

    5 Feb 2009

    Omega Commercial Solutions of Welwyn Garden City and Commercial Mortgage Solutions of Fordingbridge, Hampshire have formed a strategic alliance.

  • Only 19% of brokers want direct deals on Trigold

    4 Feb 2009

    Only 19% of brokers polled by Trigold say they want to see direct deals displayed with broker products on the sourcing system.

  • Open House

    2 Feb 2009

    Openwork, the brainchild of Zurich, came into being in 2005 as part of the post-mortgage regulation network boom. Some three years later its life story is still in its early chapters while other networks are writing their last.

  • Openwork adds Halifax and Uinsure to GI panel

    4 Feb 2009

    Openwork partners are now able to access Halifax general insurance and Uinsure, alongside the existing propositions from Cardif Pinnacle, Paymentshield and Zurich.

  • Orbiter helps brokers switch to advice based model

    2 Feb 2009

    Online sourcing and compliance service Orbiter is helping advisers move the focus of their mortgage income from a procuration to an advice-based fee model.

  • Overseas owners remortgage to cut sterling debt

    2 Feb 2009

    International Private Finance says the number of owners remortgaging their overseas properties to cut their UK debt doubled between April and December 2008.

  • Paragon will curb secured loan business if it fails to get funding

    2 Feb 2009

    Paragon Group has until April to find new funding or it will be forced to limit its secured loan lending to existing customers.

  • Paymentshield joins Sesame's premier panel

    2 Feb 2009

    Paymentshield has secured a place as one of the chosen three providers of general insurance on the Sesame premier panel.

  • Pink hosts marketing workshops

    3 Feb 2009

    Pink Home Loans is hosting two full day marketing workshops for its appointed representatives.

  • PMS ditches mortgage-only-brand

    2 Feb 2009

    PMS has dropped Premier Mortgage Service as its main trading style and revamped its website.

  • PMS rebrands to reflect broader business model

    2 Feb 2009

    PMS has ditched Premier Mortgage Service as its trading style.

  • Praxis joins AMPD

    2 Feb 2009

    Praxis, a wholly owned subsidiary of the Melton Mowbray group has joined the Association of Mortgage Packagers and Distributors.

  • Promise Solutions offers Loanmakers brokers helping hand

    4 Feb 2009

    Following the announcement that Loanmakers has entered administration, Promise Solutions is offering its introducers free and instant access to Promise Quote, it’s sourcing engine.

  • Prust firm could launch this year

    2 Feb 2009

    John Prust, former director and founder of Southern Pacific Mortgage Limited, says he hopes to launch a secured loans operation this year if the market improves.

  • Put a stop to these obscene bonuses

    2 Feb 2009

    It does seem more than a little incongruous that at a time when British taxpayers are being asked to underwrite the losses of banks' mismanagement, offenders such as Northern Rock are poised to hand staff millions in bonuses.

  • Quality is much more than a name

    2 Feb 2009

    Recent months have shown clients that big-brand household names are also susceptible to the effects of an economic downturn.

  • Raising interest rates may be our final salvation

    2 Feb 2009

    We had friends over last week for drinks and a good chat. It was a nice evening, lots of laughter and some informative asides from Dave, an engineering lecturer.

  • RBS chairman steps down three months ahead of plan

    3 Feb 2009

    Royal Bank of Scotland’s chairman Tom McKillop has stepped down three months ahead of time.

  • RBS to retain RBS Insurance

    5 Feb 2009

    RBS has decided to retain its RBS Insurance division and is no longer in discussions with interested parties regarding a possible disposal of the business.

  • RBSIP joins HomeBuy Direct scheme

    2 Feb 2009

    RBS Intermediary Partners has joined the government's HomeBuy Direct scheme through its Royal Bank of Scotland purchasebrand.

  • Regulator allowed lenders to get us into this mess

    2 Feb 2009

    I have been a member of a big network for the past 10 years and during that time have worked hard to pass internal exams as well as meet increasing compliance and form filling requirements while trying to earn a living.

  • Ride the secured loans wave of change

    2 Feb 2009

    Whether they know it or not, mortgage brokers stand on the brink of an enormous opportunity that could revolutionise the way secured loans are sold.

  • Santander reveals UK profit of £991m

    5 Feb 2009

    Santander has reported an annual UK profit of £991m for 2008, an increase of 21% from 2007 levels.

  • Seven non-executive directors step down at RBS

    6 Feb 2009

    Seven non-executive directors have retired from the Royal Bank of Scotland, as the group looks to downsize its board.

  • Shadow MPC

    2 Feb 2009

    This month's decision: -0.5%

  • SHIP's membership falls to 17

    2 Feb 2009

    Safe Home Income Plans has lost five providers, taking the equity release trade body's membership from 22 to 17.

  • Smoothie

    2 Feb 2009

    Mole hears that a member of the mortgage industry was picked out at the end of Derren Brown's recent show. Brown told the chap in question he could guess what he was thinking.

  • Societies' lending slump laid bare

    2 Feb 2009

    Net lending by mutuals totalled just £324m in December 2008 - a huge drop from the £1.01bn recorded in December 2007.

  • Specialist lenders left out in the cold

    2 Feb 2009

    We know that arrears and repossessions are going to climb in 2009 and the government has been trying to reduce the impact of a lack of credit to households and businesses. But this government intervention is ignoring millions of borrowers.

  • Stop rate cuts, argues BSA

    2 Feb 2009

    The Building Societies Association is calling on the Bank of England not to cut rates until the impact of the latest rate reductions can be assessed.

  • Takeover interest boosts Network Data shares

    2 Feb 2009

    Network Data's share price rocketed by 45% last week following confirmation it had received a preliminary approach regarding a buyout.

  • The return of the FTB?

    6 Feb 2009

    I am snowed in at home again today, but at least another rate cut means my mortgage, like many others out there, has gone down by another £185 per month. This is nice, but how long can this continue?

  • The Waiting Game

    2 Feb 2009

    As the recession continues to bite, brokers and lenders in the secured loan market appear to be hanging on for dear life, but as one person put it to me last week: “It just takes one to make a move and the rest will follow.”

  • Three kids and you’re out

    3 Feb 2009

    What goes around comes back around, though sometimes it can take time.

  • TMA launches DA survey

    3 Feb 2009

    The Mortgage Alliance has launched an online survey aimed at directly authorised brokers, offering them the chance to win a pair of tickets for the British Grand Prix.

  • Top wrestler pleads guilty to mortgage fraud

    3 Feb 2009

    HM Revenue & Customs has pinned down UK cage fighting champion Ian 'The Machine' Freeman over tax evasion and mortgage fraud.

  • True cost of keeping lending wheels oiled

    2 Feb 2009

    The Bank of England's base rate cut to just 1.5% is a clear indication that the economy is running out of options.

  • UK predicted to be worst affected by recession

    2 Feb 2009

    The IMF has predicted that the UK's recession is on track to be the worst of the G8 economies, with growth plunging to -2.8% in 2009.

  • Unbiased.co.uk links adviser searches

    2 Feb 2009

    Unbiased.co.uk has brought its 'Find an IFA' and 'Find a mortgage adviser' online searches onto a single portal. It will soon offer solicitor searches as well.

  • Unsound bite

    2 Feb 2009

    No blushes were spared at the British Property Federation's residential conference in London last week. Mark Loveday from Hammersmith and Fulham Council took his seat at a pre-conference dinner and while tucking in, was asked by the guest on his right what he thought of landlord licensing, a concept advocated by keynote speaker Dr Julie Rugg.

  • Vertex calls on lenders to get involved in arrears study

    3 Feb 2009

    Vertex is calling on lenders to get involved in an arrears bench marking study it's running to help the industry measure collections performance.

  • We may as well let Nick Leeson hand out bailout cash

    2 Feb 2009

    I am aware that readers might be getting fed up of me raving on about the lack of direction some banks are receiving from their new owner UK plc, but I hope they will forgive me for mentioning the following incident.

  • Woolwich unveils lowest fixed rate

    2 Feb 2009

    Woolwich has launched its lowest fixed rate mortgage at 2.29%.

  • YouGov launches the Recession Tracker

    4 Feb 2009

    YouGov, the international research company, has launched the Recession Tracker, an online portal updated daily to provide insight into how consumers are really responding to the volatile economic conditions.

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