Mortgage Strategy
2 October 2006

  • Lending rises 9.9bn in August

    2 Oct 2006

    The Bank of England's mortgage approval figures show a 9.9bn increase in total net lending to individuals in August, lower than the increase in July but in line with the previous six-month average.

  • 15-Year fixed mortgage from Stroud & Swindon

    2 Oct 2006

    Stroud & Swindon has launched a portable 15-year fixed mortgage at 4.99% until 2021.The product has a maximum LTV of 90% with a minimum loan of 16,000 for house purchase and 26,000 for remortgages.The maximum purchase loan is 1m and the maximum remortgage loan is 500,000. The product has a 6% early redemption charge in the first five years and a 5% charge in the following five years. It has a 695 completion fee. Consumers are able to pay off up to 25% of the original loan at ...

  • 70% of brokers back call for personal finance exam

    2 Oct 2006

    A whopping 70% of Mortgage Strategy Online readers voted last week that teenagers should sit a GCSE in personal finance. With UK debt at an all- time high, teaching teenagers how to manage store cards, take out a loan and start saving for a mortgage makes sense.This week Mortgage Strategy asks: "Would you advise first-time buyers to take out a government-backed HomeBuy scheme?"

  • 86% Don't trust estate agents

    2 Oct 2006

    HousePrices.co.uk has revealed that a staggering 86% of the public do not trust their estate agents. With house prices on the rise, buying, selling and evaluating properties has never been so stressful for the public and it would appear that one of the most stressful decisions involved is whether or not people can truly trust their estate agents to give them accurate figures, prices and advice. Dan Winchester, founder of Houseprices.co.uk, says: "With estate agents' fees traditionally ...

  • A&L launches prime range

    6 Oct 2006

    Alliance & Leicester has launched a new range of prime mortgages, including a two-year fixed rate at 4.64%.

  • Abbey Mortgages becomes Complete franchise

    2 Oct 2006

    Complete Mortgage & Loan Services has signed a franchise agreement with directly authorised mortgage broker firm Abbey Mortgages, making it Complete's eighth franchised partner.Abbey Mortgages has registered a new limited company that will trade under the name of Complete Mortgage Packaging. This will become its packaging arm. Initially, Complete Mortgage Packaging will package cases for Abbey Mortgages, with packaging for other broker firms phased in.John Evans, director at ...

  • Advantage boosts national presence

    2 Oct 2006

    Computer giant IBM says to transform the financial strength of the mortgage market lenders need sleeker operations that use technology to better service customers.In a new report, IBM Global Business Services considers how changes in the mortgage market will affect lenders.It states that narrowing margins have driven lenders to cut operating costs and that this is now seen as an inadequate response to "harsher market economics". Financial returns, it believes, can only be achieved ...

  • After POS-O, the next stop is POS-C

    2 Oct 2006

    The intermediary mortgage market has just seen a step change with the launch of instant point-of-sale offers.

  • AMI backs FSA paper on provider/distributor responsibility

    3 Oct 2006

    The Association of Mortgage Intermediaries has backed the Financial Service Authority’s decision to publish a discussion paper setting out its views on provider and distributor responsibilities for the fair treatment of customers. Rob Griffiths, Associate Director of AMI, says: “The message from the FSA is clear: lenders must look to work in co-operation with intermediaries, taking a more open and long term strategic view of the shared responsibilities that exist to serve the mortgage ...

  • ARLA and CML publishes buy-to-let guide

    5 Oct 2006

    The Association of Residential Letting Agents and Council of Mortgage Lenders have published a 2007 buy-to-let guide for consumers.

  • Association pilots shared ownership

    2 Oct 2006

    A Notting Hill housing association is piloting a shared ownership scheme that offers 10% equity shares to first-time buyers.The scheme, in association with societies Nationwide and Manchester, offers 10% shares in 10 homes on three schemes being developed in east and west London. This will allow people earning 16,000 a year to become shared owners. They will be able to staircase to 100% ownership over time.The scheme requires rent to be paid on the 90% of unsold equity and this ...

  • Bank of England holds interest rate 4.75%

    5 Oct 2006

    The Bank of England's Monetary Policy Committee has held rates at 4.75% for the second month in a row.

  • Bankhall in Berlin

    2 Oct 2006

    The annual Bankhall Business Conference will take place this week in Berlin. Speakers from across the industry will address delegates in presentations covering many hot industry topics. Peter Mann, at Bankhall, will address the following subjects such as value versus market share in his opening speech.

  • Base rate expected to rise, says Abbey

    6 Oct 2006

    Although the Bank of England decided to hold rates at 4.75%, Abbey says it is widely expected that rates are likely to rise next month when the next inflation report is due.

  • BDM of the week

    2 Oct 2006

    Kelly Worthington of GMAC-RFC is approachable and knowledgeable. She always returns calls, even out of hours, and is willing to help the recruits, says Mike Fitzgerald

  • Birthday exclusive for em- members

    2 Oct 2006

    Specialist lender Rooftop Mortgages is launching an exclusive deal for em-financial members to celebrate the packager's fifth birthday. The deal runs for a limited period from September 25 and sees em- members benefit from a 0.10% reduction on all of Rooftop's two-year fixed rate and remortgage medium and heavy adverse rates, which these will start from 6.10%.

  • BM Solutions and L&C win top Pink awards

    2 Oct 2006

    BM Solutions was crowned overall lender of the year and London & Country overall broker of the year at the 2006 Pink Home Loans Awards last week.Chris Cummings, director-general of the Association of Mortgage Intermediaries, was named industry personality of the year and Accord Mortgages was credited with the best business development team of the year.Andy Young, managing director at The Business Mortgage Company, won outstanding broker achievement and Savills Private Finance ...

  • Borrowers warned against extending mortgage terms

    2 Oct 2006

    Borrowers have been cautioned against extending their loan terms when they remortgage or they risk reaching retirement with their mortgages still to pay.Research from Moneysupermarket.com shows 73% of home owners who increase their mortgage term do so to cut monthly repayments. It is advising borrowers to stick to their original loan term as extending it could be a costly error.If someone extends the term of their home loan twice, Moneysupermarket.com says they can end up paying ...

  • Britannia named one of best workplaces for women

    2 Oct 2006

    Britannia has been listed as one of the best places for women to work in the UK. The Times' list showcases 50 of Britain's most progressive organisations, The society was perceived to be "particularly strong in the areas of equal pay, flexible working, employee satisfaction and its overall approach to diversity." The alphabetical list is based on ten categories including inspiring leaders, work-life balance, training and development and workforce diversity. Sarah ...

  • Brokers expect base rate hold

    2 Oct 2006

    Over half of all brokers expect the base rate to be held at 4.75% when the Monetary Policy Committee next meets, research by Mortgage Express reveals. Overall, 108 brokers were surveyed by Mortgage Express and asked for their views.

  • Call for more social housing

    2 Oct 2006

    Scottish politician Tommy Sheridan has called on the Scottish Executive to fund a massive social rented house building programme and desist with its "unsustainable" Right to Buy policy.The former Scottish Socialist Party leader, who recently launched a new party called Solidarity, has appealed to parliament to note the record level of mortgage debt in Scotland.He claims thousands of people are being priced out of buying houses and demands "a coordinated and massive social rented ...

  • Call for red tape to be slashed

    2 Oct 2006

    The Liberal Democrats have called on the government to cut red tape, which they say is strangling business. A recent Sage survey highlighted the damaging effect of red tape on business. Edward Davey, trade and industry secretary for the Lib Dems, says: "New Labour has created 592 criminal offences for businesses alone."

  • Cameron faces pressure over tax cuts

    2 Oct 2006

    David Cameron is facing mounting pressure over tax cuts and a possible grassroots revolt from party activists.

  • Claims firm criticises AMI

    2 Oct 2006

    Loancheck has criticised the Association of Mortgage Intermediaries for attacking claims firms instead of stam-ping down on lenders and brokers involved in mortgage mis-selling.In particular, it objects to AMI's involvement in the regulation of claims firms.John Whittaker, director at Loancheck, says: "Why does AMI want to be involved in regulating claims companies? Should it not rather spend its time making sure intermediaries don't incur claims in the first place?"But ...

  • Compensation for PPI mis-selling could exceed that for endowment miselling

    4 Oct 2006

    The mis-selling of payment protection insurance is likely result in bigger compensation than the endowment sales scandal warns Simon Burgess from www.britishinsurance.com.

  • Costs and benefits of righting wrongs

    2 Oct 2006

    I was asked the other day if I thought consumers had been well served by the increased costs of regulation. I must admit I asked for time to think about it. Such a seemingly simple question is a more complex issue once you start digging. However, let's try to put regulation in perspective.

  • Countrywide talks rumoured to have reached a standstill

    6 Oct 2006

    Talks between Countrywide the UK's largest chain of estate agents and 3i, Europe's biggest listed private equity firm, are believed to have stalled following a disagreement over price.3i Investments confirmed it was in discussions with the management team of Countrywide in September, regarding a possible offer for the company.The private equity firm was in talks with Harry Hill, managing director of Countrywide, and other members of the management team regarding the offer.

  • Countrywide to axe jobs

    2 Oct 2006

    Countrywide Financial Corporation, the largest independent residential lender and servicer in the US, says it will cut up to 10% of its general and administrative workforce in the coming months.A company spokesman confirmed the job cuts to Mortgage Strategy but could not confirm a figure.In a recent interview, CFC chairman and chief executive Angelo Mozilo described the US mortgage market as "tough", noting that the psychology of the home buying market in America has changed ...

  • Coventry enhances credit impaired range

    6 Oct 2006

    Coventry is enhancing its range of credit impaired products.

  • Curriculum Vitae

    2 Oct 2006

    Name: Alex Murray

  • Dear Delia

    2 Oct 2006

    Dear Delia: Darren and Wayne have found a flat for 162,000. It is on the 12th storey of a block, above a parade of shops and an estate agent. They recently moved to the area and have a combined income of 39,000 but Darren is still in his probation period so they would like a fixed rate mortgage. Wayne has outstanding County Court judgements totalling 6,200. They have a 35,000 deposit. What are their options?

  • Direct Mortgage Answers joins EC

    2 Oct 2006

    Direct Mortgage Answers has joined Exclusive Connections but will continue to trade under both its own brand and as Exclusive Connections Norwich.Trading since 1998, DMA says the combination of Exclusive Connections' lender panel, inhouse underwriters and online systems made joining up with it an attractive proposition.Neil McLennan, operations manager for DMA, says: "We've built up an excellent reputation with many regular broker customers. Becoming a member of EC means that ...

  • Do you think HBOS will have to up its game with the launch of edeus?

    2 Oct 2006

  • Don't write off packagers just yet

    2 Oct 2006

    Every year we have pundits forecasting the demise of mortgage packagers. First it was regulation and now it is technology that will be the death knell for packagers. Why? Will packagers be vulnerable to the direct-to-broker links being created by lenders for online AIPs and mortgage applications and online case tracking?

  • Dot sets up shop near Woking

    2 Oct 2006

    Dot Financial Services, the financial arm of Townends Group, has opened its first Dot Shop near Woking, Surrey. Previously, all Dot's team of 20 financial advisers were based in the estate agent offices of Townends and Regents. The new office houses the Dot Direct operation which handles the leads generated from its website and advertising as well as customers walking into the office.

  • Easier2move appoints account managers

    2 Oct 2006

    Easier2move has appointed Andy Stockwood and Jo Leonard as account managers.

  • E-commerce chief for Platform

    2 Oct 2006

    Platform has appointed Sean McDonnell to the position of head of e-commerce. McDonnell joins Platform after four years as head of web strategy with NEC Europe.

  • EConveyancer launches online footbal game

    3 Oct 2006

    EConveyancer has launched an online football game, which gives every broker the opportunity to win up to 5,000 per week throughout the forthcoming season.

  • Edeus fees spark debate

    2 Oct 2006

    Edeus' three-tier fee structure has sparked a debate over whether it is appropriate to charge consumers a premium for instant offers.The new entrant's fee structure is based on level of service. A physical valuation and point-of-sale offer will cost customers 460 and a desktop valuation using an automated valuation model and an instant offer will be 599.But if they want an AVM, POS-O and fee released within five days it will cost 875.In comparison, GMAC-RFC charges the same ...

  • Enterprise appoints director of e-commerce

    4 Oct 2006

    Enterprise Group has appointed Gordon Steyn as its director of e-commerce. Steyn was previously director of projects and e-commerce for Thinc Destini, where he led various projects including the launch of their M-day and I-Day propositions for DA brokers inside Thinc Destini.

  • EPC will tackle C02 emissions, says AHIPP

    6 Oct 2006

    The introduction of the Energy Performance Certificate will help to tackle the amount of C02 emissions from residential properties says the Association of Home Information Pack Providers.

  • ExCo launches exchange bonds into the UK market

    2 Oct 2006

    Specialist European general insurance company ExCo has launched an exchange bond designed to help home buyers find the cash needed at exchange to secure a property.Property investors can also benefit from the bond by using it as an alternative to making a cash payment, so allowing them to retain their funds between exch-ange and completion.The exchange bond is a new concept to the UK and works as a financial guarantee provided by Exchange In-surance to a seller on behalf of a buyer, ...

  • Financial acronyms still unclear to consumers

    3 Oct 2006

    BM Solutions has conducted research into how knowledgable the general public are about financial acronyms.

  • Financial advice helping to keep the nation happy

    4 Oct 2006

    Research into the well-being of the nation, from Standard Life Bank and the Centre for Future Studies, has found that 70% of people feel that a lack of financial security is the major stopping block to them being happy.

  • First Active application form makes credit card issue clear

    2 Oct 2006

    From Peter Sowerby

  • First-time buyers place protecting their property above protecting themselves

    4 Oct 2006

    The Mortgage Advice Centre latest research shows that many, and first time buyers in particular, favour protecting their property above themselves. Many questioned said they believed taking out added insurance and protection against loss of income, sickness or unemployment to be too costly. Ian Gibbons, managing director of TMAC, says: “We would encourage everyone, particularly first time buyers, to think seriously about taking out additional protection for themselves - ...

  • Five year rates double in popularity

    5 Oct 2006

    The number of borrowers choosing five year fixed rate loans has doubled since August, to 16% of all mortgages arranged, Mortgages Directs monthly survey reveals.

  • Five-year B2L deal from Leeds

    2 Oct 2006

    Leeds has launched a five-year buy-to-let mortgage range designed to meet the needs of landlords looking for a competitive fixed rate. The range offers flexibility including fee-free options for those seeking to remortgage their portfolios.

  • Flexible features on mortgages hit with borrowers, says UCB

    3 Oct 2006

    Research conducted among over 1,400 intermediaries by UCB Home Loans, reveals increasing numbers of borrowers are requesting mortgage products with flexible features.

  • Flexible fixed rates from NR

    2 Oct 2006

    Northern Rock has introduced two new flexible fixed rate products available from 4.39% with a 995 product fee or from 4.84% for a fee saver option.

  • FSA must stop the rogue advertisers

    2 Oct 2006

    It seems that brokers who follow the Financial Services Authorities' guidelines on financial promotions are at a disadvantage compared with those who don't. As shocking as it might sound, larger or more compliance-aware brokers appear to be losing business to unscrupulous firms that feel they can flout existing rules by using non-compliant advertising.

  • FSA says regime is working

    2 Oct 2006

    The Financial Services Authority has published research which it says proves regulation is working. It says consumers are shopping around for their mortgages and those who receive Key Facts documents say they understand the risks and features of the mortgages they take out. The findings are from the first stage of a review by the regulator into the effectiveness of its mortgage regime.

  • FSA to test resilience of market to pandemic

    2 Oct 2006

    The Financial Services Authority is holding a six-week exercise to test the resilience of UK financial institutions to a pandemic such as avian flu.Sir Callum McCarthy, chairman of the FSA, warns there hasn't been sufficient thought given to the likely effects a flu pandemic would have on the financial services industry.He notes that not only would an outbreak affect the availability of staff, internal processes and a company's services and systems, it would also have an impact ...

  • FSCS picks up pieces for clients

    2 Oct 2006

    Consumers can claim compensation of up to 48,000 if they have lost money as a result of their dealings with any one of 64 firms that the Financial Services Compensation Scheme has recently declared in default.FSCS is the UK's statutory fund of last resort for customers of regulated financial services firms and is free to consumers.Declaring a firm in default is the final part of a process whereby a regulated firm such as a financial adviser has been found by FSCS to be unable ...

  • Fusion offers owners a quick sale option

    2 Oct 2006

    Fusion Investment Property Services has launched a service that will buy properties from home owners needing a speedy sale of their properties.The service targets home owners who need to sell their property as soon as possible for any reason including the fact that they have fallen into mortgage arrears and risk getting repossessed, or they have just got divorced.Fusion says it is offering a completion time of between two and four weeks.Gregoire Godin, managing director ...

  • Giving self-build a boost

    2 Oct 2006

    BuildLoan is ramping up its technology and improving its service to try and educate brokers on the self-build market.The brokerage arm of BuildStore was launched four years ago by BuildStore founder and chief executive Raymond Connor. It is on track to arrange mortgages of more than 350m via intermediaries by the end of the next financial year.Stewart Cooper, director of financial Services at BuildStore, says BuildLoan is planning a number of enhancements and initiatives to ...

  • GMAC defends its binding decisions

    2 Oct 2006

    GMAC-RFC has dismissed accusations that borrowers are being penalised because of its agreement in principle system.Hamptons Mortgages has accused GMAC-RFC of leaving hard footprints on borrowers' credit files when it issues AIPs. The brokerage says some lenders have AIP systems that use soft footprints which do not have a negative effect on credit files. Other big lenders, including GMAC-RFC, have AIP systems that leave hard footprints. The brokerage claims consumers are not being ...

  • GMAC-RFC slips to 11th place in lending league

    2 Oct 2006

    GMAC-RFC has slipped to 11th place in the Council of Mortgage Lenders' gross mortgage lending table for 2005, knocking it from its number 10 spot.With an estimated market share of 2%, the lender did 6.9bn worth of gross mortgage lending in 2005 compared with Bristol & West in 10th position, which did 7.8bn of business. HBOS remained in top spot with 21% of the market and 60.5bn of gross mortgage lending.But Jeff Knight, director of marketing at GMAC-RFC, says the figures that ...

  • Good brokers look beyond the fee

    2 Oct 2006

    Mortgages that offer a low rate in exchange for a high fee are taking some flak at the moment but such deals can provide best value for certain clients, says Drew Wotherspoon

  • Good uptake of POS-O

    2 Oct 2006

    GMAC-RFC says it has had a good uptake for its point-of-sale offers. An estimated 10,000 brokers can now provide offers in a matter of minutes. GMAC-RFC became the first UK mortgage lender to launch POS-O using automated valuations on September 4 and it says the reaction from intermediaries and packagers has been overwhelmingly positive.

  • Government defends Council Tax policy

    2 Oct 2006

    The government has defended its Council Tax policy following claims that many households are struggling to pay Council Tax.

  • Government launches HomeBuy mortgage

    2 Oct 2006

    The government has launched its Open Market HomeBuy mortgage initiative in association with Nationwide, Advantage, Yorkshire and Bank of Scotland.

  • Halifax rebuts cold calling accusation

    2 Oct 2006

    Halifax has rebutted accusations it is effectively cold calling via a postal marketing campaign.One adviser contacted Mortgage Strategy to say he received a letter from Halifax claiming the bank could save him more than 107 a year on mortgage payments by switching to it.The source says: "There is ab-solutely no way we could get away with making that statement in an advert or letter so how on earth can Halifax?"If we make a claim about saving money we have to give ...

  • HBOS lenders launch deals

    2 Oct 2006

    HBOS is looking to shake up the mortgage market with BM Solutions and Bank of Scotland both revamping their product ranges.BM Solutions has launched products in its buy-to-let, self-cert and sub-prime ranges. These include a buy-to-let two-year tracker with no early redemption charges and a remortgage-only two-year tracker at base rate plus 0.26% for two years. BoS has launched a 3.99% two-year tracker remortgage at base rate minus 0.76% to January 31 2009 with a £1,499 arrangement ...

  • HBOS shuffles its management pack

    2 Oct 2006

    HBOS has reshuffled its management team, moving David Nicholson from director of mortgages to director of retail distribution.This leaves the group without a director of mortgages, although a replacement is expected to be ann-ounced soon. Nicholson takes over the position from Rob Devey, who is moving to HBOS' insurance and investment division.Peter Jackson, previously head of banking and saving, has become head of products with responsibility for all areas of the group. Phil ...

  • Help clients understand their REITs

    2 Oct 2006

    With the advent of REITs, brokers have a role to play in helping clients work out if they are more interested in paper investments or bricks and mortar, says Richard Coulson

  • Helping ease the burden on the NHS

    2 Oct 2006

    Patricia Hewitt, secretary of state for health, recently spoke about the future of the National Health Service at the Institute for Public Policy Research. She highlighted the need to make it a service for the 21st century. Her speech had a lot of parallels with the changing face of the need for protection and highlighted areas where protection could relieve the burden on the NHS.

  • Heritable launches product range

    4 Oct 2006

    Heritable Bank has launched a new range of mortgage products, which offer lower interest rates to those borrowing up to 80% LTV.

  • HIP battle will be won by technology

    2 Oct 2006

    The battle for HIP market share will be won or lost on the field of robust, scalable and reliable technology, which is where eConveyancer is hoping to take the lead, says Frank Eve

  • Homebuy scheme only scratches the surface, says Moneyfacts.

    4 Oct 2006

    With the Open Market Homebuy Scheme having just launched, Moneyfacts says although it welcomes any initiative and helps first-time buyers onto the property ladder this scheme seems to be a half-hearted approach to solving the much bigger problem of home ownership.

  • HomeBuy scheme too "small" says RICS

    2 Oct 2006

    The Royal Institution of Chartered Surveyors says the government’s HomeBuy mortgage scheme is so small that it will only help 20,000 buyers over five years.

  • House prices rise by 1% in September

    4 Oct 2006

    The Halifax house price index shows that house prices rose by 1% in September and are increasing at an annual rate of 8%.

  • Housing market was unseasonably warm in September

    2 Oct 2006

    Nationwide and Hometrack both reported unseasonably strong house price growth in September, at 1.3% and 0.4% respectively.Fionnuala Earley, group economist at Nationwide, says house prices rose by 1.3% during September, bringing the annual rate up to 8.2% - its highest since February 2005.She says: "Just like the weather, the housing market was unseasonably warm in September as August's interest rate hike did nothing to cool the rate of house price inflation."A weak patch ...

  • IFS unveils restructured Advanced CeMAP

    2 Oct 2006

    It seems you can do almost anything online, these days. This is certainly the case with mortgages, where computers often replace advisers. And with brokers increasingly using sourcing systems, credit scoring and automated valuation models to asses clients' cases, financial advisers risk becoming redundant.So, this week Mortgage Strategy asks

  • IFS unveils restructured Advanced CeMAP

    2 Oct 2006

    The Institute of Financial Services has restructured the Advanced Certificate in Mortgage Advice and Practice.Formerly the qualification consisted of two compulsory modules - regulated customer care and treating customers fairly.Advisers then selected a third module from a range of product-based options including lifetime mortgages, commercial mortgages and alterative residential lending.Now, advisers only need to complete one compulsory module, regulated customer care, ...

  • IMLA plans to work more closely with AMI

    2 Oct 2006

    The Intermediary Mortgage Lenders Association says it will work more closely with the Association of Mortgage intermediaries now it has a full-time executive.Peter Williams became IMLA's first executive director on September 30. Williams was previously deputy director-general at the Council of Mortgage Lenders.One of the criticisms aimed at IMLA by industry insiders has been that the association is "little more than an annual dinner". Now IMLA aims to become more involved with ...

  • Impact of EPCs could be far reaching

    2 Oct 2006

    The Department for Communities and Local Government has made further announcements regarding the implementation of Home Information Packs next June. These include the funding of the forthcoming trials to the tune of £4m.

  • Industry is bouncing back

    2 Oct 2006

    The mortgage industry is finally bouncing back after a slump, British Bankers Association figures show.The BBA reports that August's gross mortgage lending was a record £20.9bn - 9% higher than in July and a whopping 24% higher than the £16.8bn lent in August last year.The research shows there were 184,557 mortgage approvals in August, with an aggregate value of £19.1bn.The number of approvals was 5% lower than in August 2005 but their value was 4% higher. The average loan ...

  • Infinity expands into new offices

    2 Oct 2006

    Infinity Mortgages has moved into new offices called Infinity House, equipped with 7,500 square feet of space to support the lender's expansion plans. Matt Gilmour, chief executive officer of Infinity, says: "The constraints of our building have restricted our recruitment programme. That constraint is now firmly in the past. Infinity House gives us the opportunity to deliver the service that brokers expect from Infinity, and provides a platform for our expansion."

  • InterBay expands into Scotland and Northern Ireland

    3 Oct 2006

    Commercial lender InterBay is set to expand its business into both Scotland and Northern Ireland.

  • Johnson joins mortgageforce team

    2 Oct 2006

    Mortgageforce has appointed industry stalwart Stuart Johnson to its senior management team in the newly created role of head of distribution.Rob Clifford, chief executive at Mortgageforce, has increased his number of executives from two to five during the past year. Johnson will also take a leading role in the management of lender relationships.He joins with over 25 years' experience in the mortgage market, working at senior levels in intermediary distribution with lenders and ...

  • Join the battle for compulsory MPPI

    2 Oct 2006

    I need your sympathy this week as I'm beginning to feel like a lone voice in the compulsory mortgage payment protection insurance debate. The news that pundits frown on the possibility of compulsory MPPI sales has frankly left me nonplussed. I have consistently advocated this.

  • Just 4% enjoy call centre experience

    2 Oct 2006

    A YouGov survey shows only 4% of people have a favourable experience when dealing with a customer call centre, with 44% saying their biggest gripe is contacting a call centre based overseas.

  • Kensington appointment

    2 Oct 2006

    Kensington Mortgages has appointed Chay Collins as product development manager. He will work on the firm's core mortgage product proposition. Collins joins from Chesham where he was marketing manager for nearly three years.

  • Kensington launches AVM and e-IDs

    4 Oct 2006

    Kensington Mortgages has launched automated valuations and electronic identification for remortgages as part of its K-net eCommerce platform.

  • Knight Funding launches secured loans special deal

    2 Oct 2006

    Packager Knight Funding has launched a special promotion on secured loans.

  • Labour will see HIPs are a farce when the dry run flops

    2 Oct 2006

    From Trevor Kent Home Information Packs were invented in 1997 by Labour to cure ills in the house sales market. The politicians suggested three million home owners a year would be happy to pay for surveys, have searches collected, energy efficiency checked, title deeds inspected and all this data given to anyone who wanted it. Labour also thought these sellers would be happy to be fined 200 a day if they tried to nail a For Sale board up before they had bought their pack. Fat chance. ...

  • Lenders must deliver it all to win

    2 Oct 2006

    The online business model is provoking a battle among lenders as they seek to take the technological high ground but products and service will be important too, says Sally Laker

  • Lenders should help the military too

    2 Oct 2006

    I've always felt a bit uncomfortable about the expression 'key worker'. Obviously public servants such as teachers, nurses, fire fighters and police officers do jobs which are vital to our communities in this country. And historically they have not been particularly well paid for their services.

  • Lib Dems call for mortgage cover

    2 Oct 2006

    The Liberal Democrats say more responsible lending and insurance are essential to lower debt levels. Vince Cable, shadow chancellor for the Liberal Democrats, says: "By far the largest part of household debt is mortgage debt. It is alarming that there is no effective safety net for most borrowers."

  • Lime tried to use underhand tactics to recruit me as an appointed representative

    2 Oct 2006

    Star Letter

  • Marathon money

    2 Oct 2006

    Kevin Duffy of Hamptons Mortgages has assembled a crack squad of 12 marathoners to take on Newcastle in the ING New York City Marathon 2006. Barney McCarthy profiles the participants

  • Marketing Brief

    2 Oct 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

  • Marketwatch

    2 Oct 2006

    It was good to see swaps decrease last week, with longer term swaps falling sharply.

  • Me and my car

    2 Oct 2006

    My BMW M5 may be a 205mph mobile ozone depletion machine but it seats five passengers in comfort and features great gizmos like a head-up display, says Thomas Reeh

  • Merger success depends on innovation

    2 Oct 2006

    In the past two weeks, people have been queuing up to acclaim the Nationwide and Portman merger as great news for the industry. It will create an entity with a higher market share and, so the theory goes, therefore be able to compete better. But I remain unconvinced - people have not properly examined the difficulty of the merger or its downsides.

  • More flexible underwriting is needed

    2 Oct 2006

    Changes in employment structure continue apace. Gone are the days when people worked for a set time in one occupation for their life, earning a fixed salary each month.

  • Mortgage companies need IT-based compliance systems

    2 Oct 2006

    From Richard Angliss

  • Mortgage Express makes its move

    2 Oct 2006

    Following some movements in the equity release market it is a good time to review the shape of the sector.

  • Mortgage next invite ARs to summit

    2 Oct 2006

    Mortgage Next is inviting appointed representatives who are considering becoming members of the network to its annual conference at the Belfry on October 16.

  • Mortgage Talk appointments

    2 Oct 2006

    Mortgage Talk has made two appointments to its senior management team. Michelle Brook has been appointed to the role of sales director responsible for the company's national financial services franchise targeted at estate agents. Nick Shemeld has been made regional manager. He joined Mortgage Talk seven years ago as a financial adviser.

  • MSN appoints marketing manager

    3 Oct 2006

    Mortgage Support Network has appointed Tom Hold as marketing manager.

  • MT revamps its core range

    2 Oct 2006

    Following the launch of its MT Select product range Mortgage Trust has revamped its core product offering. Included in the buy-to-let core range are two fixed rate products, both with flat arrangement fees. Three base rate trackers have also been unveiled, a development that sees MT move away from its three-month LIBOR trackers.

  • Must do better

    2 Oct 2006

    One of the FSA's main areas of interest is financial promotions so Tamsin White decided to take a look at a representative selection of mortgage advertisements to check on their compliance and found that improvements are necessary

  • Mystery shops shape FSA's lifetime policy

    2 Oct 2006

    Take a glance at the Financial Services Authority's mystery shopping results on the sale of lifetime mortgages published last month. It shows how the regulator approaches such reviews and re-veals concerns as well as good practices.

  • Name change for property exchange

    2 Oct 2006

    Opromark, the property exchange company, has changed its name to The Property Investment Market.This move follows the appointment of new directors to the board and a fundraising of £1.8m. The organisation was founded to provide an internet-based exchange that allows investors to buy and sell shares in individual residential properties, much as they trade in companies. The objective of the is to open up a new financial services asset class.

  • Nationwide clarification

    2 Oct 2006

    In last week's cover story about the proposed merger between Nationwide and Portman, Mike Fitzgerald, sales director at Brentchase Financial Services, stated that Nationwide was closing its subsidiary UCB Home Loans and had reconsidered its move into light adverse. At this early stage, Nationwide wishes to make it clear that no decision has been made about the future of UCB Home Loans or any future product range

  • Nationwide clarifies its position over HIPs

    4 Oct 2006

    Nationwide has clarified its position over providing Home Information Packs to its existing remortgage clients and says this is not an anti-intermediary retention policy.

  • Nationwide launches fixed rate and tracker products

    2 Oct 2006

    Nationwide has launched two fixed rate and tracker products.

  • Nationwide launches low fee, high rate range

    2 Oct 2006

    Nationwide has entered the lower rate, higher fee mortgage sector with the launch of two products.The society says it is responding to borrower feedback and that the products will appeal to borrowers with larger mortgages.The two-year fixed rate product is available at 4.47% and the two-year tracker is 4.29%. The reservation fee on both deals is 1,499 and both are available as remortgage options.Steve Clode, divisional director at Nationwide, says: "These products are attractive ...

  • Nationwide launches Open Market Homebuy product

    2 Oct 2006

    Nationwide has launched its Open Market HomeBuy Scheme product.

  • Nine million Brits want to live abroad

    2 Oct 2006

    NatWest International has released the results of a survey revealing that a whopping nine million Brits intend to escape the UK permanently and pursue a life abroad.The survey also reveals that over five million Britons dislike their UK lifestyles and 55% of would-be buyers would consider a holiday home as part of their pension pot. Some 53% also hope to make money by renting out their holiday homes on a commercial basis.NatWest says one in three current and potential overseas ...

  • No wonder some councils are against the Right to Buy

    2 Oct 2006

    From David Castle I read Richard Hayes article 'Labour must do more to help tenants' (Mortgage Strategy August 21) with great interest. He is right in saying that councils view packagers such as Hadenglen, Regency and Council Homebuyers with trepidation. Some Right to Buy brokers are seen as predatory as they leaflet drop en masse, some employing canvassers to knock on doors asking questions such as "Would you like new doors and windows?" That may not be selling mortgages door ...

  • One in five university students living at home

    6 Oct 2006

    The 2006 NatWest Student Money Matters survey shows that more school leavers than ever are living at home during their university years.

  • Paaleads.com reports 600% uplift in new accounts

    3 Oct 2006

    Paaleads.com has seen a massive 600% uplift in new accounts since its eBay-style bidding system went live on Monday morning.

  • Paaleads.com unveils eBay-style system

    2 Oct 2006

    Paaleads.com is offering an eBay-style bidding system for brokers to buy mortgage leads from numerous sources in a move tipped by CEO Simon Nixon to generate more money in three years than parent Moneysupermarket.Nixon, number 138 in the Sunday Times Rich List with a personal wealth of £474m, believes the latest development for the group will "outstrip Moneysupermarket in revenues and profits in three years". Paaleads.com is the 'tradesman's entrance' to Moneysupermarket, ...

  • Packager expands into East Anglia

    2 Oct 2006

    Mortgage Match Limited, the Nottingham-based packager, has opened an office in Peterborough.The centre will service mortgage intermediaries in East Anglia with support services including residential mortgages, commercial mortgages and secured loans.To celebrate the opening, Mortgage Match Limited East has launched a free legals offer with seven of its sub-prime panel lenders.Joint directors Mary Kavanagh-Jones and David Gretton established Mortgage Match as packagers in ...

  • Paragon says landlord portfolios are expected to grow by 3.4%

    2 Oct 2006

    Paragon Mortgages latest Buy-to-let Trend Survey, reveals that average portfolio sizes are expected to grow by 3.4% over the next year, while yields are set to rise from 6.06% to 6.13%.

  • Pink to hold seminars for ARs

    6 Oct 2006

    Pink Home Loans is to hold a number of regional seminars across the UK to provide training and development for its appointed representatives.

  • PMPA raises £10,000 for charity

    2 Oct 2006

    The Professional Mortgage Packagers Alliance has raised more than £10,000 for the Motor Neurone Disease Association at its 2006 annual charity golf day.

  • Politicians think about who they should help

    2 Oct 2006

    The political conference season continued in Manchester last week, as Labour gathered for its annual shindig. It was Blair's last conference as leader.

  • Portman reduces rates and fees

    2 Oct 2006

    Portman has changed its fixed rate mortgage range, reducing many interest rates and arrangement fees with immediate effect.

  • Premier invests in new offices

    2 Oct 2006

    The Premier Group is moving offices from Shirley to Dickens Heath, Solihull. The financial planning company is making a big investment by moving. The group has sold its existing offices in Shirley and transferred all activities to premises at a canalside business, leisure and residential complex.

  • Report urges UK lenders to target European market

    2 Oct 2006

    Despite UK debt hitting 314bn in 2005, lenders need to look abroad for business opportunities because the UK market has reached saturation point.A report from independent market analyst Datamonitor reveals that the UK is responsible for a third of all unsecured debt in Western Europe.But it says the UK consumer credit market has grown at 2.7% per year over the past five years. That's in stark contrast to the Western European market which has grown around three times faster at ...

  • Scarborough unveils deals

    2 Oct 2006

    Scarborough has revealed the details of products for its Scarborough Specialist Mortgages arm.The range will focus on simplicity, flexibility and leading criteria with prime, near prime, light adverse, medium adverse and heavy adverse all represented up to 90% LTV.True self-cert is available on all ranges with 0.25% loading, 0.50% heavy adverse and 80% LTV. The products have no loadings for remortgages and Right to Buy, with buy-to-let up to 90% LTV with 120% rental calculation ...

  • Shepherds fills development role

    2 Oct 2006

    Shepherds Friendly is to grow its presence in the intermediary marketplace and has made an important appointment as it develops its growth plan. The society has appointed Lorna Taylor as business development consultant.Her function will be to establish Shepherds as the friendly society of choice for IFAs.

  • Societies suffer from low asset growth, says KPMG

    2 Oct 2006

    A number of societies are suffering from low asset growth and increasing costs, according to KPMG.Its analysis shows that eight out of 63 societies are suffering from low asset growth and there is a huge gap be-tween societies such as Nationwide and smaller more local ones.Smaller societies that are named as having low asset growth include Barnsley, Catholic, Chesham, Darlington, Earl Shilton, Ipswich, Marsden and Shepshed.Nationwide represents 43% of assets in this sector ...

  • Spectrum launches product range through em-financial

    5 Oct 2006

    Spectrum Lending will be launching its new product range exclusively through leading UK mortgage packager em- and two other distributors.

  • Spectrum unveils specialist deals

    2 Oct 2006

    Spectrum Lending, the super-branded lender distributed by em-financial, Solent Mortgages Services and The Finance Centre, will launch its portfolio of sub-prime and specialist mortgage products on October 2. The Spectrum brand is launching a range of exclusive fixed rate mortgages covering the spectrum of near prime, extra light, light, medium and heavy adverse credit deals, with new and extended adverse levels.

  • SPML launches online facility

    5 Oct 2006

    Southern Pacific Mortgage Limited has launched an online facility to enable Key Facts Illustration style illustrations to be produced for buy to let cases direct from its website.

  • Sub-prime boom for brokers

    2 Oct 2006

    A whopping 70% of brokers have seen a rise in sub-prime business during first six months of this year, research from Platform reveals.Platform's Clickthinking survey asks intermediaries about the types and volumes of business they are writing and it found that whilst 57% say sub-prime acc-ounts for a quarter of their volumes, almost 70% saw a rise in the sector in the first half of the year.Paul Hunt, head of marketing at Platform says: "The results of our latest survey are ...

  • Support for Origo despite MTE move

    2 Oct 2006

    Lenders have come out in support of Origo despite the Mortgage Trading Exchange opening up its standards to integrate with other trading platforms.The MTE revealed last week that the electronic trading standards it has developed can now be used to integrate with other trading platforms, offering lenders the chance to reuse their current systems.There are 26 lenders and two packagers that have systems capable of receiving and responding to Key Facts Illustration requests and ...

  • Swift doubles lending volumes

    5 Oct 2006

    Swift Group has doubled its lending volumes compared to the period from April to September last year.

  • Taking control of your own destiny

    2 Oct 2006

    Franchising is a halfway house between entrepreneurship and full-time employment, offering both independence and the safety net of support when it is needed, says Rob Clifford

  • Talking business

    2 Oct 2006

    Commercial mortgages can be lucrative and brokers can help themselves and their clients by referring such deals to specialists, says Henry Ejdelbaum

  • TBMC unveils 90% LTV B2L product

    2 Oct 2006

    The Business Mortgage Company has launched a discounted buy-to-let 90% LTV mortgage together with Property Investment Mortgages.The product has a pay rate of just 5.33% and a rental calculation set at a level of 100% coverage at a notional rate of 5%.John Olney, head of buy-to-let lending at TBMC, says: "This is a fantastic product and meets a real need in the market."Our brokers have been telling us they need a 90% LTV product with a low rental requirement. Now they have ...

  • The FSA cracks down on promotions

    2 Oct 2006

    The regulator recently fined a firm for failures in adhering to the financial promotions rules and the ruling it gave holds lessons for firms in the mortgage sector, says Bill Warren

  • The industry must do more for first-timers

    2 Oct 2006

    So your clients can now get instant mortgage decisions from GMAC-RFC, with other lenders set to follow. But is this focus on speed the best place for lenders to be concentrating their resources?

  • The John Lewis Partnership teams up with Friends Provident

    4 Oct 2006

    Friends Provident, the FTSE 100 financial services group, has been selected by The John Lewis Partnership’s new direct services company, Greenbee, to be a partner in a new major distribution agreement.

  • The Money Centre appoints Goldsmith Williams

    3 Oct 2006

    Goldsmith Williams has been appointed as the legal conveyancing firm for The Money Centre.

  • The Mortgage Mole

    2 Oct 2006

    Play to the galleryIt was the party to end all parties. Yes, Mortgage Strategy's fifth birthday extravaganza shook the mortgage world.Taking place last week at London's posh Serpentine Gallery in Hyde Park, the great and the not so good of the industry descended en masse for what one jolly reveller described as "the best mortgage market party ever."Naturally, Mole was on hand throughout the evening, shlurping as much of the fizzy stuff as he could handle.

  • The vision thing

    2 Oct 2006

    Nigel Payne has transformed the fortunes of The Mortgage Business having challenged virtually every aspect of its processes, and he seems well set to carry through with his bold vision for the lender, says Barney McCarthy

  • Three lenders unveil deals as part of HomeBuy scheme

    2 Oct 2006

    Nationwide, the Yorkshire and Advantage have launched products today as part of the government's shared equity HomeBuy scheme.The scheme, aimed at key workers, involves a regular mortgage combined with an equity loan of 12.5% alongside a government equity loan of up to 12.5% provided via HomeBuy agents - registered social landlords that market housing schemes for key workers.No charge or interest is levied on either of the equity loans for the first five years. The scheme is ...

  • Tony Corrigan joins MBS

    2 Oct 2006

    Tony Corrigan, ex-managing director of Classic Network Solutions, has joined Mortgage Broking Services, a wholly owned subsidiary of Manchester.The move follows the appointment of Ian Richardson, the Manchester's managing director, to the board of the society where he also holds the position of society secretary.

  • Training service

    2 Oct 2006

    1st has launched clientsfirst, a training and consultancy service available to users of its adviser office system.

  • Trigold renews 5m loan for another year

    2 Oct 2006

    Trigold has missed the deadline to pay back a 5m loan from its three major shareholders and has had to renew it for another year.The loan, which was taken out in September 2002, was due to be paid on September 25 this year. But Trigold has renewed the loan for another year while interest mounts.Trigold, the subject of media spe-culation over a possible buyout, has played down the fact that it has had to renew the loan.Abbey, Prudential-owned Egg and Earls Court Partners ...

  • UCB funds exclusive deals

    2 Oct 2006

    UCB Home Loans is funding the launch of a number of exclusive products with Openwork and Premier Mortgage Service. The first, a three-year flexible buy-to-let tracker launched with Openwork, is priced at 5.29% and tracks base rate for three years at plus 0.54%. The lender is also launching two self-cert two-year standard base rate trackers with Premier. One of these, at 5.24%, tracks base rate at plus 0.49% for two years and is available up to 75% LTV.

  • Unity expands support team Unity Homeloans has expanded its support team.

    2 Oct 2006

    Darren Shaw and Gemma Leary both join the lender as underwriters. Shaw joins from Southern Pacific Mortgage Limited while Leary joins from HFC Bank. Sharon Loughnane and Zoe Townsend also join as completions administrators. Loughnane also comes from HFC Bank, where she previously held a similar position. Townsend joins from GMAC-RFC.

  • Unity Homeloans appoints head of compliance

    3 Oct 2006

    Unity Homeloans has appointed Mike Davies as head of compliance.

  • Universal members approve merger with Newcastle

    6 Oct 2006

    Universal members have approved the merger of Universal and Newcastle at a special general meeting at the Gosforth Marriott Hotel, Newcastle upon Tyne. Subject to confirmation by the Financial Services Authority, the effective date for the merger is expected to be December 31, 2006.

  • Victoria unveils range of specialist products

    2 Oct 2006

    Victoria has launched a range of products for the near prime and light adverse markets.The lender says the range shows that it is making good its pledge to pass on to clients the savings made from its low cost base of being solely distributed via packagers.The near prime product range allows for 500 of unsatisfied County Court judgements and no missed mortgage payments. It includes 90% self-cert two and three-year fixed rates at 6.35%.The light adverse product range allows ...

  • We need help when we ask for it

    2 Oct 2006

    My Halifax BDM hasn't visited for three years and doesn't answer phone calls or emails. I wonder if the lender understands that when we ask for help, we need it, says Sue Read

  • We offer a GCSE equivalent qualification in finance

    2 Oct 2006

    From Gavin Shreeve

  • Webline teams up with first4cover

    5 Oct 2006

    Webline, part of the Capita Group plc will be providing buildings and contents insurance with first4cover.

  • Website adds new homes section

    2 Oct 2006

    Propertyfinder.com has added a new homes section to its site, to help buyers locate newly built homes from developers.

  • When the creatives run out of steam

    2 Oct 2006

    What on earth has happened to the creative genius responsible for setting the Halifax's advertising apart from the rest? Is it just me or has anyone else noticed how far below standard its most recent efforts have fallen? Its normally slick and imaginative advertisements appear to be running out of steam.

  • Would you prefer a computer or an adviser to choose your mortgage ?

    2 Oct 2006

    It seems that you can do almost anything online, these days. This is certainly the case with mortgages, where computers often replace advisers. And with brokers increasingly using sourcing systems, credit scoring and automated valuation models to asses clients' cases, financial advisers risk becoming redundant. So this week, Mortgage Strategy asks...

  • Yes celebrates its fifth birthday

    6 Oct 2006

    Cardiff –based brokerage, YES Loans & Mortgages celebrated its fifth anniversary this month.

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