Mortgage Strategy
20 February 2006

  • 11 more walkouts at TMB

    24 Feb 2006

    The Mortgage Business has lost a further 11 members of staff to DB Mortgages, Mortgage Strategy can exclusively reveal, following the walk-out of the Fab Four last September.

  • 4% Council Tax hike predicted

    20 Feb 2006

    Council Tax will be hiked up by around 4%, predicts a survey by the Local Government Association.

  • 75% Think Labour will not implement HIPs

    20 Feb 2006

    An overwhelming 75% of Mortgage Strategy Online readers have little faith the government will stay the course on Home Information Packs and implement them.Two-thirds expect a similar U-turn to the one the government made on residential self invested pension plans.Just 25% are confident that HIPs will ever see the light of day.The government is yet to publish details of a timetable and final rules regarding HIPs.This week Mortgage Strategy asks: "Do lenders ...

  • A beached whale fighting for its life

    20 Feb 2006

    Strangely reminiscent of the whale that got stuck in the Thames recently, Berkeley Berry Birch is fast approaching a critical point in its battle for survival, says Richard Griffiths

  • A risky business but worth the effort

    20 Feb 2006

    We all know the grey mortgage market is high risk. Lifetime mortgages, home reversions - anything that comes close to any kind of equity release product is to be treated with great care. And that's without considering investment decisions on the equity that is released.

  • Abbey judgement is a boost for brokers

    20 Feb 2006

    In a financial services world where legislation and consumer protection taxes the ingenuity of banks and building societies in their quest for more profit, Abbey's recent courtroom defeat over what constitutes a reasonable charge for the cost of administration has created a wave of apprehension - or should have.

  • ABI denies asking for right to demand cancer tests

    20 Feb 2006

    The Association of British Insurers last week denied reports it had applied for the right to ask for breast and ovarian cancer tests for women taking out insurance policies. But it refused to rule out making such an application in the future.It was alleged that the ABI applied to the Genetics and Insurance Committee, an independent body that advises the government, for the right to ask women applying for policies whether they have been tested for inherited genetic mutations that ...

  • Advantage expands management team

    21 Feb 2006

    Advantage Home Loans has appointed two members to its management team.

  • AIFA helps members address equity release

    21 Feb 2006

    The Association of Independent Financial Advisers has revealed its plans to help members address the issue of equity release.

  • Allianz Cornhill to insure mid-high net worth properties

    24 Feb 2006

    Allianz Cornhill Personal Lines has extended its relationship with Home & Legacy, to insure properties of mid-high net worth.

  • Allow clients to walk softly on the net

    20 Feb 2006

    Online product selection and credit decisions can mean clients acquiring unnecessary hard footprints on their files and brokers should be aware of this, says Frank Eve

  • AMPD launches lender panel

    23 Feb 2006

    The newly formed Alliance of Mortgage Packagers and Distributors has launched its lender panel and range of exclusive products.

  • At least arrangement fees are upfront

    20 Feb 2006

    As the pressure to maintain cut-throat rates continues, lenders are increasingly looking for alternative income generators without prejudicing the headline rates of products.

  • Automated decision

    20 Feb 2006

    Stephen Knight, executive chairman of GMAC-RFC, says that it was a hard slog to convince those around him of the benefits of full automation. But once POSD was in place, he says the system saved GMAC-RFC 50,000 work hours in the first year, related solely to automated as against manual decisioning. Don't forget to collect four of the 2.50 coupons featured with each instalment in Mortgage Strategy to get 10 off the price of Knight's book.

  • B&B purchases 328m portfolio from GMAC-RFC

    24 Feb 2006

    Bradford & Bingley plc has purchased a mortgage loan portfolio from GMAC-RFC for a consideration of around 328m.

  • Bonus proc fee from Advantage

    20 Feb 2006

    Advantage is offering a bonus proc fee of 1% on sub-prime new secured loans during February. Mike Phelan, head of secured loans at Advantage, says: "We believe more brokers are turning to secured loans as they look to deliver the best financial solution and retain clients."

  • Branch arrest at Portman in connection with 50m armed raid

    24 Feb 2006

    The Portman has confirmed the arrest of an individual at its Bromley branch after attempting to deposit a large sum of cash.

  • Brokers are still recommending inappropriate ASU policies

    20 Feb 2006

    From Kathy Chapman The decision by the FSA to set the payment protection insurance industry a March 17 deadline for firms to get their house in order is welcome. Commitments Protection is aware that it is often the case that intermediaries are selling accident, sickness and unemployment cover to clients who want long-term mortgage payment protection. While an ASU policy is fine for borrowers who want short-term protection it is definitely not for those who require payment ...

  • Brokers will retain a prominent role

    20 Feb 2006

    Changes such as increased product complexity and more competition in the lending market mean brokers will continue to be important in the industry, says John Champion

  • Brokers worry about lender ID checks

    20 Feb 2006

    Brokers are concerned lenders are not doing enough to combat fraud after the government revealed that identity theft now totals 1.7bn.Concerns have been raised about lenders accepting verified identification from brokers without double checking it. This worry is shared by Jonathan Burridge, managing director of Quantum Mortgage Brokers.Burridge says: "It is worrying that lenders will simply accept identification passed on to them by a broker. I am concerned about it as most ...

  • Chelsea reports 2.2bn mortgage lending in 2005

    24 Feb 2006

    The Chelsea has reported its gross mortgage lending was 2.2bn in 2005.

  • Cheval joins MI panel

    20 Feb 2006

    Bridging finance lender Cheval has joined the Mortgage Intelligence panel. ARs and members will be able to access Cheval via phone and internet.

  • Citizens Advice answers 43% more calls

    20 Feb 2006

    Figures from Citizens Advice specialist support reveal it has been able to advise on 43% more calls to its telephone consultancy line in 2005, compared to 2004. GMAC-RFC has been funding specialist money and debt advisors for Citizens Advice since January 2005 to help those facing a financial crisis and more specifically to help prevent housing repossessions.

  • Clarification

    20 Feb 2006

    In last week's Mortgage Strategy, the answer to question three of the mortgage master or mortgage moron section was incorrect. The correct answer was B.The Institute of Financial Services, which supplies the information, says the correct answer can be found in section 3.1.5 of unit 5 in CeMAP 2, which reads, "It is notified if premiums are not being maintained, and before any action is taken to cancel the policy - in these circumstances the lender is likely to pay the outstanding ...

  • Compliance concerns boost long-term MPPI

    20 Feb 2006

    Commitments Protection claims brokers are increasingly fearful that mortgage payment protection products could fall foul of Financial Services Authority rules.It says the effect of this has been to drive up demand for whole of term mortgage cover which, for example, its Omega product offers. The company says this contrasts with products where full protection is limited to 12 or 24 months.Kathy Chapman, managing director of Commitments Protection, says: "Up to now, there has ...

  • Coulson says only five networks will see the year out

    20 Feb 2006

    Just five networks will remain by the end of the year. That's the startling prediction from Home of Choice boss Richard Coulsson.Coulson, who was promoted last week to CEO of the network, says that as Keith Baldwin steps up as chairman of Home of Choice he will be looking at acquisitions of other networks.Coulson says: "Keith will now be looking at larger acquisitions. I can see there only being five mortgage networks in the market by the end of this year. We will of course ...

  • Cover the additional costs of illness

    20 Feb 2006

    If you're a mortgage adviser discussing protection needs with your client it is likely you will be focussing on the need to protect the mortgage amount. But people should be thinking about more than this - especially when you consider the high levels of debt they are happy to take on these days.

  • Curriculum Vitae - Peter Couch

    20 Feb 2006

    "I had to sing solo at a team-building event. It wasn't pretty"

  • Czech Republic industrial towns marked as property hot spots

    20 Feb 2006

    Prague is fast becoming a property hot spot but savvy investors should also look further afield within the Czech Republic for equally buoyant returns, says Validus2.

  • Davenport Property Finance appoints regional managers

    24 Feb 2006

    Davenham Property Finance has appointed two regional directors in recognition expansion plans in Liverpool and Manchester.

  • Dear Delia

    20 Feb 2006

    Owen Smith is an IT contractor. His wife is expecting their first baby so they have moved to a bigger house. He has taken out a self-cert mortgage because his business is made up of fixed term contracts and consultancy, and he could borrow the amount he needed. His mortgage payment is 1,500 per month but his normal monthly outgoings are 2,300. What can he do to make sure his payments are protected in the event that he can't work?

  • DM Hall to attend em- Scottish roadshows

    21 Feb 2006

    DM Hall, the Scottish chartered surveying partnership, will be attending the two forthcoming em- roadshow events offering advice to brokers and present ways in which they can assist with all surveying requirements.

  • Don't miss out

    20 Feb 2006

    As brokers struggle to offset the cost of compliance with the FSA regime they should not disregard the unregulated and potentially lucrative commercial mortgage sector, says Barney McCarthy

  • Easier2move expands IT team

    20 Feb 2006

    Easier2move has appointed Kevin Dark and Philip Patchett as senior software developers.

  • E-marketing appointment

    20 Feb 2006

    Mortgages PLC has appointed Derek McGuire as e-marketing executive. This is MPLC's first full-time e-marketing appointment.

  • Estate agents are worst drivers

    20 Feb 2006

    Estate agents come top of the list of occupations with the worst motor accident records, closely followed by community nurses, chefs and doctors, reveals research by Churchill Car Insurance.

  • FMO adds another insurer to its panel

    24 Feb 2006

    First Mortgage Options has added another insurer to its panel.

  • FMO unveils analysis tool

    20 Feb 2006

    First Mortgage Options has launched a mortgage broker business analysis and risk assessment report service called profit and risk analyser. It produces reports that analyse areas of business practices that do not maximise profits, highlight areas where costs may be reduced and identifies practices that may be in breach of FSA regulations.

  • Focus on security will affect us all

    20 Feb 2006

    Gordon Brown's campaign to become Prime Minister has moved up a gear, shifting up from 'statesmanlike chancellor' to 'leader in waiting'.

  • Free training in protection

    20 Feb 2006

    Direct Life & Pension Services is to offer protection training for its advisers free of charge.The scheme, entitled Learn More, Earn More, is available to any directly authorised or appointed representative brokers. The course will look at how basic principles and products fit into the regulated process, how advisers and clients can make the most of the process, and provide an insight into the best and simplest practices.The talks will also offer a refresher on the use of trusts ...

  • FSA accused of backing out of March PPI deadline

    20 Feb 2006

    The Financial Services Authority has been accused of trying to backtrack on its March 17 deadline for the payment protection insurance industry to introduce measures to tackle issues facing the sector, after a memorandum was leaked to the press.The restricted Council of Mortgage Lenders memorandum details key messages impressed upon the industry by the FSA at a meeting on December 19 and in a subsequent letter on December 21.The CML states in the document that the regulator ...

  • FSA cancels insurance firm's permission to trade

    21 Feb 2006

    The Financial Services Authority has cancelled Xsavi Limited's permission to trade for failing to conduct its business in compliance with proper standards and for having inadequate financial resources.

  • FSA could be holding back equity release

    20 Feb 2006

    The Financial Services Authority may be deterring brokers from entering the equity release market.As Mortgage Strategy's Release it Right campaign gathers pace concerns are growing that no mortgage brokers will enter the market until after the FSA's mystery shopping exercise is over as broker confidence wanes. Peter Turley, director at New Life Mortgages, says: "Although there will be more brokers starting to sell equity release in the future, this will not ...

  • FSA expands website information

    23 Feb 2006

    The Financial Services Authority has expanded the information on its website for firms that wish to apply to vary their permissions.

  • FTBs queue for affordable homes

    20 Feb 2006

    First-time buyers eager to get a foot on the property ladder queued for eight hours to secure a property on an affordable housing estate that developers haven't even secured building permission on yet. Some 350 people waited patiently and paid a 50 holding fee for the opportunity to buy one of just 106 homes due to be built on a sports site in Filton, Bristol.The properties were priced between 60,000 and 130,000, and sold out in just 80 minutes.

  • FTBs warm to green homes

    20 Feb 2006

    One in three first-time buyers favour energy efficient homes, says Yorkshire Bank.Soaring domestic gas and electricity prices look likely to affect the housing market, with many buyers now only looking for houses that are energy efficient.Research by Yorkshire Bank finds that one in three first-time buyers and one in four existing home owners would give a property that was not energy efficient and lacked basics such as double-glazing and cavity wall insulation the cold shoulder.One ...

  • Give yourself a commercial break

    20 Feb 2006

    It's some 16 months since statutory mortgage regulation and most have had sufficient time to become familiar with the rules and processes implemented as part of the Financial Service Authority's control of the market.

  • GMAC enhances B2L range

    20 Feb 2006

    GMAC-RFC has enhanced its buy-to-let range. The lender's move to make its range of buy-to-let products available up to 89% LTV for purchases, or 85% LTV for remortgages is part of a wider shift to open up its criteria to an expanding market and meet increasing demand in the sector.

  • GMAC-RFC calls for ban of "oxymoron" terminology

    20 Feb 2006

    GMAC-RFC is calling for the end of terminology that dupes customers, and urges others to help ban oxymorons in the industry.

  • GMAF-RFC makes 350m portfolio sale to Oakwood Homeloans

    24 Feb 2006

    GMAC-RFC has made its first portfolio sale to Oakwood Homeloans.

  • Government can't pass the HIPs buck

    20 Feb 2006

    In last week's column I explained that concerns were being raised within the mortgage industry about the government's proposed timetable for the implementation of Home Information Packs.

  • Gross mortgage lending totals 23bn in January

    20 Feb 2006

    Gross mortgage lending totalled 23bn in January, the highest January lending figure on record, says the Council of Mortgage Lenders.

  • Half are targeted by scams

    20 Feb 2006

    Nearly half the population has been targeted by scams, with younger, more affluent consumers just as likely to be targeted as older consumers.

  • Hamptons reveals borrowers flocking to fixed deals

    20 Feb 2006

    The Hamptons Best Buy Mortgage Tracker index reveals that with a base rate cut looking less than likely, borrowers are flocking to remortgage and taking advantage of the latest two year fixed deals.

  • HBOS repo blamed for death

    20 Feb 2006

    A father of two killed himself last week after Halifax won a court order to repossess his family home.The family of Ian Beech, 47, says the case highlights the shocking effect that repossession is having on people.Beech is believed to have taken painkillers and drunk a bottle of whisky before walking into the sea.His family has been reported as saying he was a victim of a new tactic by loan firms to get tough on those who fall behind on payments.Beech left a note saying ...

  • Help clients sort their lease problems

    20 Feb 2006

    One of the consistent issues when it comes to arranging equity release on leasehold properties is not the content of the lease - which in itself can be an problem - but on a rather more simple level, the term of the lease.

  • HIP firms hit back at claims they won't be covered by PI

    20 Feb 2006

    Home Information Pack providers have slammed claims that they won't be properly protected by professional indemnity insurance in time for the implementation of the packs.It has been suggested recently that most HIP providers will not be covered by PI but this claim is denied by Dominic Toller, director of marketing and new business at LMS.He says: "We already have PI cover for providing HIPs and are working on the home inspector and Home Condition Report side of things. It is ...

  • HIPs will decrease broker's business levels, warns CETA

    20 Feb 2006

    CETA is warning intermediaries that the introduction of Home Information Packs in June 2007 could mark the start of a rapid decline in their business levels if they dont take action now to secure their future business sources.

  • HMO law could open doors for lenders

    20 Feb 2006

    Not enough consideration is being given to the impact legislation on houses in multiple occupation will have on the buy-to-let market.

  • Home Buyer Systems adds early warning facility to system

    20 Feb 2006

    Home Buyer Systems, the integrated mortgage and general insurance sales process and compliance management system, has added to its standard system a major enhancement that flags up potentially non-compliant cases at an early stage.

  • Home owners look to switch mortgage deals

    22 Feb 2006

    Increasing numbers of home owners plan to switch their mortgage to take advantage of better deals, research from The Homebuyer Show has revealed.

  • Housing Act 2004 enters second phase

    22 Feb 2006

    The government's drive to bring long-term empty homes back into use, improve landlord management of their properties through licensing, as well as increasing the health and safety of dwellings, has entered the next phase with the laying of statutory instruments in Parliament today.

  • IFS launches CD-based audio learning tool

    20 Feb 2006

    The Institute of Financial Services has developed a CD-based audio learning tool for its Certificate in Mortgage Advice and Practice qualification.

  • IMLA sets out its priorities for 2006

    20 Feb 2006

    The Intermediary Mortgage Lenders Association has identified several themes to concentrate on in 2006. These are Treating Customers Fairly, Home Information Packs, regulation and the review of MCOB/ICOB, and securing the intermediary mortgage market.

  • In the dark on personal finance

    20 Feb 2006

    Less than 50% of people know their financial worth and only 15% know where their savings are invested, reveals research by Standard Life.

  • Interest in property is rising

    20 Feb 2006

    Research from Propertyfinder.com reveals a sharp rise in interest in property. The number of people searching for property on the site hit 1.1 million in January, up 54% compared with the same period in 2005 when the property market was languishing in the doldrums.

  • Investors should look to regeneration areas, says Assetz

    22 Feb 2006

    UK investors are wising up to excellent returns in selected regeneration areas that far outstrip national house price growth, says Assetz, who recently launched a residential property funds specifically focusing on such zones.

  • Just 18% of first-time buyers visit an IFA

    20 Feb 2006

    The majority of first-time buyers dont put getting mortgage advice high on their list of priorities, reveals a study from IFA Promotion.

  • Kensington accredits Prestbury as its number one packager

    21 Feb 2006

    Prestbury has been accredited as Kensington Mortgages number one packager for percentage of day one offers achieved.

  • Kevin Friend leaves Money Partners

    20 Feb 2006

    Kevin Friend is leaving Money Partners to pursue fresh opportunities, Mortgage Strategy can exclusively reveal.Friend joined the lender towards the end of last year with a roving remit to boost Money Partners' distribution through packagers and with the intention of developing relationships that would catapult the lender into previously unexplored market territories.But for the time being, Money Partners has put those expansion plans on hold, deciding instead to concentrate ...

  • Key Retirement Solutions launches recruitment drive

    22 Feb 2006

    Key Retirement Solutions, the specialist IFA for the equity release market, has launched a drive to recruit 40 new members of staff.

  • King joins TFC in development role

    20 Feb 2006

    Jakie King has joined The Finance Centre as business development manager and will be covering London and the South-East. Having quickly worked her way up from being a cashier with Bristol & West to branch manager then area manager, King worked for six years as a BDM, developing sub-prime new business for the bank.

  • Landlords keen to invest more

    20 Feb 2006

    The latest survey from Mortgage Trust shows that landlords' appetite for property investment is reaching new heights. Confidence in the housing market plus stable interest rates have led to an increasing number of landlords expanding their portfolios.Some 30% of respondents - almost double the number 18 months ago - say they are currently buying more property.

  • Lenders who bump up fees to offer tempting rates must think we are naive

    20 Feb 2006

    From Brian Evans I note with concern the 3.99% two-year fixed rate on offer from Portman. The rate doesn't worry me but the 1.25% acceptance fee does - and it is 1.50% if the loan is over 500,000. This is tantamount to adding 0.625% per year onto the rate quoted, and 4.61% doesn't sound so attractive does it? Of course, the true rate is even higher because Portman gets the fee upfront on completion. It can of course be added to the loan, which means the client will effectively ...

  • Lenders will cull packager panels, warns Freehold

    21 Feb 2006

    Freehold, the association representing regional mortgage distributors, is warning packagers that lenders will continue to cull their panel appointments in order to deal only with those packagers that are providing significant volumes of business.

  • Let's recognise those trying to develop the PPI market

    20 Feb 2006

    From Sara-Ann Burgess Like a bunker in wartime, the payment protection insurance market has been under heavy fire recently. It has been criticised by consumer bodies, regulators, its own clients and even those who sell the products, yet little seems to be changing. I have not been shy about voicing my own concerns, but recognition should be given to those trying to effect the changes we desire. It is encouraging to see the Council of Mortgage Lenders continuing to strive ...

  • LIME appoints Oryen

    20 Feb 2006

    Mortgage packager Oryen has been appointed to the LIME network's approved panel.

  • London flat prices rise

    20 Feb 2006

    London estate agency Felicity J Lord says flat prices in Canary Wharf, Wapping and Bow rose by an average of 0.7% in January.

  • London prices rose in December

    20 Feb 2006

    Data from haart estate agents shows the average London house price rose by 2% to 238,305, up from 233,317 in December. East and south-east London saw the greatest price increases in January, with average property prices increasing by 6%, and also benefited from an increase in applicant levels, particularly first-time buyers.

  • Magnus Duke to join KGB

    20 Feb 2006

    Magnus Duke, currently new business manager at Mortgage Times, is to join packager KGB as a business partner. Duke will join managing director Rachel Bancroft at the end of February and become a partner and full shareholder in the KGB brand.

  • Marino takes senior post at Home Finance

    20 Feb 2006

    Former director of marketing at Kensington Mortgages Luis Marino has joined Barclays as mortgages commercial director for Home Finance.Marino became director of marketing and strategy at Kensington Mortgages last July but stayed in the job for only five months.He has had 20 years' experience in personal financial services, starting as head of product marketing and then head of marketing at Nationwide, where he led the design, pricing and management of the product range. He has ...

  • Market Watch

    20 Feb 2006

    Swaps saw a big drop last Tuesday but edged back up on Wednesday. Despite these moves it was a pretty quiet week on the rate front.

  • Marketing Brief

    20 Feb 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

  • MEX crowned number one in B2L

    20 Feb 2006

    Mortgage Express has been crowned number one for buy-to-let lending in the second half of 2005 by the Council of Mortgage Lenders, topping both new lending and balances outstanding.MEX edged ahead of arch-rival BM Solutions, which was top for new business in the first half of 2005.The CML's figures show the buy-to-let market in general continued to do well throughout 2005. The value of lending in the second half of 2005 hit a record high of 14.6bn, 47% higher than in the first ...

  • More consumers opt to pay fees, says AIFA

    20 Feb 2006

    The number of consumers opting to pay fees is on the up, research out from the Association of Independent Financial Advisers has revealed.

  • Mortgage Business Expo Scotland to atract 1,000

    23 Feb 2006

    Mortgage Business Expo Scotland, part of Financial Services Scotland, will be the largest show of its kind ever staged in Scotland when the mortgage industry gathered at the SECC on March 2.

  • Mortgage Direct honours top performing staff

    20 Feb 2006

    Mortgages Direct staff who had succeeded in 2005 were honoured at its annual awards and conference, with staff from throughout the Spicerhaart group, including Mortgages Direct's sister estate agency companies haart, Spicer McColl, Darlows and Felicity J Lord, receiving more than 1m in bonuses.

  • Mortgage Next appoints BDM for the North

    23 Feb 2006

    Mortgage Next Network has appointed Stuart Almond as business development manager for the Northern region.

  • MPLC adopts branded truck for trade shows

    20 Feb 2006

    Mortgages PLC, the UK lender and subsidiary of Merrill Lynch, is driving its marketing message home during 2006 via its very own branded truck.

  • MPLC offers cybercafe at 2006 trade shows

    20 Feb 2006

    Mortgages PLC, the UK lender and wholly owned subsidiary of Merrill Lynch, is offering a cybercafe in Mortgage Business Expo at Financial Services Scotland on March 2 in Glasgow and at The Manchester and London Expos in 2006.

  • MPLC on the road

    20 Feb 2006

    Mortgages PLC has bought it's own branded truck to get on the road and spread its message. Taking a leaf out of Knight Rider, the specialist lender has had the mobile exhibition stand specially built onto a branded trailer which will be driven to exhibitions and events. The trailer will be equipped with broadband internet access, eight laptop computers and four plasma screens.

  • MRI to market its overseas property portfolio through Townends

    20 Feb 2006

    MacAnthony Realty International has joined forces with The Townends Group to market its overseas property portfolio throughout the network of more than 40 Townends estate agents in London, Surrey, Middlesex, Berkshire and Hampshire.

  • MS website enhanced

    20 Feb 2006

    Mortgage Strategy is enhancing its comprehensive website with the addition of exclusive online weekly features.As well as bringing you all the news as it happens, www.mortgagestra- tegy.co.uk will now be keeping you abreast of legaldevelopments that might affect your business in the Legal Q&A section.In another exciting development we'll now be delivering all the burning issues that key players are talking about direct to you in our revamped Street Talk column.The ...

  • N&P reveals 7.2% rise in mortgage assets for 2005

    22 Feb 2006

    The Norwich and Peterborough revealed its total mortgage assets increased by 7.2% in 2005 to 2,645m with new mortgage advances of 677m.

  • Nationwide reveals intermediary roadshow dates

    20 Feb 2006

    Nationwide is holding a series of road shows for intermediaries to tell the society how it can deliver a better service to them.

  • New EU rules will bring changes to the UK

    22 Feb 2006

    The biggest regulatory challenge on the horizon is the Market in Financial Instruments Directive, which is due to come into force in November 2007. But you can’t blame the Financial Services Authority for this one because these new rules come directly from the European Union in Brussels.

  • New lenders must also be innovators

    20 Feb 2006

    The lending market is expecting some high profile entrants this year. The frenzy of new players is poised to reach the levels seen in the football transfer window last month.

  • One in five use equity release to help children

    24 Feb 2006

    Research from Scottish Widows Bank reveals one in five people in retirement plan to release equity from their home to help their children during their own lifetime.

  • Only conveyancers seem to think HIPs are a good idea

    20 Feb 2006

    From Tom Gardiner I love reading Alan Dring's columns on his favourite subject - the dreaded Home Information Packs. Last week's words of advice (Mortgage Strategy February 13) and no doubt wisdom were close to the mark, and industry concerns about whether HIPs will ever actually be introduced are well founded. I've been saying for a while now to my colleagues in residential sales that HIPs will not be introduced. They are well intentioned but ill conceived. Nobody I have ...

  • Optoma launches Amber adverse products

    20 Feb 2006

    Optoma Broker Solutions has launched a suite of Amber Homeloans adverse products with free valuations.

  • Origo gains backing from 13 lenders for mortgage standards

    23 Feb 2006

    Origo, the UK financial services industry standards body, today confirmed it has been successful in gaining significant funding from 13 lenders to establish a mortgage standards framework for the sector.

  • Packager must start their journey of change

    20 Feb 2006

    All businesses these days, no matter what their size, need durable and flexible business plans. These plans should change along with general market conditions and the wider economic environment.

  • Parents play postcode lottery

    24 Feb 2006

    UK parents are likely to spend an extra 18bn on their homes in order to guarantee their child a place at the country's top state schools, reveals research from ING Direct. The research shows today's mums and dads with children under the age of 15 are prepared to pay on average nearly 15,000 more for a home in the catchment area of a good school. And this trend is set to continue. The research shows that 39% of parents are planning a move to ensure their child is placed ...

  • Pink improves commercial loans facility

    20 Feb 2006

    Pink has made several improvements to its existing commercial loans facility in a bid to simplify the process of dealing with an enquiry for the intermediary.

  • Pink links with CHL to launch exclusive self-cert deal

    20 Feb 2006

    Pink Home Loans has joined forces with Capital Home Loans to offer an exclusive self-cert product.The product rate is Bank of England base rate plus 0.99% for the term of the loan and it is available to self-employed applicants only. There are no early repayment charges and it has a maximum loan to value of 90%.The product also has flexible features including overpayment, underpayment and payment holidays.Tony Jones, managing director of Pink, says: "Pink is dedicated to ...

  • Platform cuts rates on deals

    20 Feb 2006

    Platform has launched a range of reduced self-cert fixed rate products and reduced buy-to-let products. The self-cert range includes a two-year fixed rate at 5.25% and a three-year fixed rate at 5.15%. Both are available up to 90% LTV with no early repayment charge overhang.

  • Premier service from Ashdown

    20 Feb 2006

    Ashdown Lyons has created a Premier Valuation Division within its existing organisation. Under the leadership of senior managing surveyor Chris Key, the division should provide a bespoke service tailored to the needs of the company's high net worth clients. It is run from Ashdown Lyons' office in Mayfair.

  • Premium loaded products under fire

    20 Feb 2006

    Friends Provident and other networks selling premium loaded insurance products have been criticised for not complying with the Treating Customers Fairly initiative.Premium loaded products, commonly known as FAT products, are insurance products with a higher premium to allow increased commission to be paid to the network.Tony Corrigan, managing director of Classic Network Solutions, argues that although nobody would disagree with increased commission levels for higher volumes ...

  • Prices rise again

    20 Feb 2006

    House prices have risen for the third consecutive month, says the Royal Institution of Chartered Surveyors. Enquiries increased for the eighth consecutive month and completed sales are up by 15% compared with this time last year. But RICS says there are no signs that the market is returning to the boom times seen between 1997 and 2002.

  • Prices rose 2.9% in December

    20 Feb 2006

    Figures released by the Office of the Deputy Prime Minster reveal house prices rose 2.9% in December last year, compared with a revised figure of 2.2% in November.

  • Private education

    20 Feb 2006

    In this extract from Creator and Trader: A Vision for Growth in the UK Mortgage Market, Stephen Knight updates the learning curve of Private Label to 2001

  • Provident Financial could be KMC suitor

    20 Feb 2006

    Kensington Mortgages was in the spotlight last week as a potential takeover target for international credit provider Provident Financial.This comes on the back of upbeat yearly results for Kensington which show an 8% increase in profits in 2005. New business completions increased 53% to 3.5bn and net lending increased to 2.3bn during the year.Following the positive results, US broker Keefe, Bruyette & Woods was quoted in the The Times as suggesting an acquisition of Kensing- ...

  • Regulation is not to blame for MPPI woes

    20 Feb 2006

    Bad news continues to swirl around the payment protection insurance market like autumn leaves in a playground and the longer the storm lasts, the worse things get for brokers and providers.In the past six months there have been investigations by the Financial Services Authority, complaints from Citizen's Advice Bureau and an investigation into the market timetabled by the Office of Fair Trading.As I understand it, the FSA has set a deadline by which the PPI market must get its ...

  • Retail property investment hit by consumer spending slowdown

    21 Feb 2006

    Retail property investors will be the hardest hit by the current slowdown in consumer spending with returns falling as low as 6% in the next two years, says Experian.

  • Retirement planning top of consumers financial concerns

    22 Feb 2006

    Three quarters of advisers say retirement planning is top of their clients financial concerns, reveals a survey from Prudential.

  • RICS warns there may not be enough home inspectors

    20 Feb 2006

    The Royal Institution of Chartered Surveyors is not confident there will be enough home inspectors in time for the implementation of Home Information Packs.The Office of the Deputy Prime Minister has stated that 2,000 home inspectors have already been trained or have applied to train, with this number increasing continually.RICS is concerned there will not be enough inspectors to fulfil demand by June 1 2007. It estimates that 7,000 home inspectors will be needed and says that ...

  • Rightmove to float on stock market

    20 Feb 2006

    Online estate agent Rightmove.co.uk is to float on the stock market.Earlier this year Mortgage Strategy reported that Rightmove was planning to float with a value of up to 400m, but advisers now believe this was too optimistic and that a figure of 300m is more realistic.Earlier this month the company invited estate agents and developers to invest 3,000 per branch or development in the company.Miles Shipside, commercial director of Rightmove, says: "Rightmove wants ...

  • Rooftop limits access to deal but denies running on empty

    20 Feb 2006

    Rooftop Mortgages has had to limit the availability of one of its buy-to-let products due to high demand, amid rumours the specialist lender has run out of funds.Mortgage Strategy was told last week that brokers were storming the foyer of Rooftop's offices and that the lender had pulled its entire buy-to-let range.Rooftop has denied this, saying a fixed rate buy-to-let product was so popular that the tranche of funds bought in anticipation sold far quicker than it had ...

  • Scarborough cuts its ERC period

    20 Feb 2006

    Scarborough has cut the deal period on its credit repair range from five to three years in response to feedback suggesting brokers prefer shorter term early repayment charges.Simon Evans, relationship manager at Scarborough, says: "When we launched our credit repair products as five-year propositions brokers said they preferred a shorter option so we responded by tweaking our range. Our credit repair mortgages still offer rates as low as 5.79%, which were part of the original proposition."The ..

  • Select & Protect launches consumer campaign

    20 Feb 2006

    Select & Protect, a UK general insurance provider is launching a consumer awareness campaign following a 100% sales increase of its age-rated Mortgage Payment Protection Insurance product, Intego.

  • Smart marketing

    20 Feb 2006

    In the financial services sector, any smart marketing strategy must involve developing trust and confidence in a company's brand, says Andrew Golding

  • Society launches five-year tracker

    20 Feb 2006

    Market Harborough has launched a five-year 'cracker tracker' product at 0.25% above base rate, giving a pay rate of 4.75% or 6.1% APR.

  • Sorry for the email problems and thanks for being patient

    20 Feb 2006

    From Sarah Brewer Amber Homeloans would like to apologise for any inconvenience and trouble we may have caused because of an external computer bug, and say thank you to everyone for being so understanding and patient. It all started when I sent an email to our distribution list of around 120 packager contacts at 10.02am on Monday February 6. I wanted to ask them if they'd mind checking that any links on their website to the Amber website were going to the correct page. At ...

  • Standard Life launches e-commerced easy technology guide

    20 Feb 2006

    Standard Life has launched the sixth in a series of seven free adviser booklets entitled the easy technology guides.

  • Swift valuation system to boost broker service

    20 Feb 2006

    Swift Group is adopting an automated valuation system called Realtime to enhance its broker service.The Brentwood-based sub-prime lender's system gives an instant valuation of properties with a maximum value of 300,000 and where the LTV is 70% or less.Swift, which specialises in both the first and second charge sub-prime markets, has teamed up with Hometrack, the independent property research company, to provide the service.Brokers can log on to the Swift account on Hometrack's ...

  • Take no risks with this watchdog

    20 Feb 2006

    Two recent publications from the Financial Services Authority give an insight into the thinking of the regulator and have one theme in common - minimising risk, says Bill Warren

  • Tenet Group pays its respects to Sharon Bryant

    20 Feb 2006

    The Tenet Group has paid its respects to its group operations director Sharon Bryant, who was tragically killed in car accident while on holiday in South Africa last weekend February 18 and 19. Simon Hudson, group chief executive at the Tenet Group, says: Sharon worked at Tenet for over 15 years throughout this time she was a great support and was a major reason behind the on-going success of the company. She will be greatly missed by all who were lucky enough to know her.

  • TFC Secured Loans reports application increase

    23 Feb 2006

    TFC Secured Loans has reported a significant increase in enquiries and applications in comparison to last years figures. 75% more business has been registered in January 2006 via TFCs central office and website than January 2005, and interest remains high as secured loans come into their own post the heavy spending season.

  • The Money Centre thanks staff with Florida holiday

    20 Feb 2006

    The Money Centre has thanked its staff for all their hard work by issuing over 30 employee awards, including 12 holidays to Orlando in Florida.

  • The Mortgage Mole

    20 Feb 2006

    GeorgeousMole's always first with the real scoops in the mortgage world and here we are again. This time it's George Carroll of ICMG fame pictured below with a new addition to his golfing kit - collecting his birthday present from his friends at his joint birthday party (with his business partners Ray Bohringer and Chris Gardener) at Stock Brook Manor in Billericay. Now, Mole's always been one for detail and sure enough if you look closely enough at the Carroll's bag you'll ...

  • There are needier causes than HSBC

    20 Feb 2006

    If you find it hard to believe that HSBC, the UK's most profitable bank and the world's third largest, is in need of a little financial assistance you're not alone.

  • Tit for tat is a poor PR strategy for all

    20 Feb 2006

    Companies attacking each other in the letters pages of publications such as Mortgage Strategy achieves nothing but negative press for the industry as a whole, says Payam Azadi

  • TMB confirms roadshow dates

    22 Feb 2006

    The Mortgage Business has confirmed further dates in its series of regional roadshows, to highlight its 2006 business plans to brokers and packagers.

  • Trigold users can link to Equifax

    20 Feb 2006

    Trigold users now have access to a special link that allows them to obtain a credit report direct from Equifax.The link is available from Trigold's Prospector AAA system, or a link can be sent to clients via email for them to complete prior to meeting the adviser.Bill Safran, CEO of Trigold, says: "This will eliminate the situation whereby advisers recommend prime products only to discover their client's true credit situation and then have to restart the whole advice process."Also, ...

  • Truce called in packaging dispute

    20 Feb 2006

    The Mortgage and Loan Group has temporarily resolved its dispute with Rooftop Mortgages over access to shareholder information.Back in December, Mortgage Strategy reported that TMLG had filed an application in the High Court requesting that Rooftop disclose the percentage of profit share each packager member of the Mortgage Distribution Cooperative - which, like TMLG, is owned by Venturion Capital - is owed following the lender's first successful securitisation. The hearing ...

  • UCB Home Loans expands buy-to-let offering

    24 Feb 2006

    UCB Home Loans, Nationwides specialist lender, has revealed further steps in its expansion plans in the buy-to-let market, effective from February 28.

  • Vertex appoints PR consultancy Michell Moneypenny

    24 Feb 2006

    Vertex Financial Services, provider of outsourced services and technology solutions to the life, pensions, mortgages and investment industry, has appointed Mitchell Moneypenny, the adviser technology PR consultancy.

  • Violent loan shark jailed

    20 Feb 2006

    A loan shark who admitted nine counts of illegal activity, including blackmail and intimidation, has been sent to prison following his arrest by a government-funded team of loan shark hunters.

  • We have to consider more than rates

    20 Feb 2006

    Even if they come up with tempting deals lenders can't afford to let service levels slip as intermediaries don't only look at rates, and they have long memories, says Sue Read

  • West Brom appoints chairman

    22 Feb 2006

    West Bromwich has appointed Brian Woods-Scawen as its chairman.

  • Will Prestbury now pay the proc fees PMN still owes us?

    20 Feb 2006

    From Ian Foot I note that Dale Knight has joined Prestbury. Is it going to take on the responsibility for paying the proc fees owed by PMN, of which Knight was a director? We are still waiting for payment of fees dating from last October!

  • Will there be enough home inspectors in time for the introduction of hips?

    20 Feb 2006

    The government says 7,600 home inspectors will be needed but, with only 16 months to go, this target is under threat, say our experts

  • Would you use a broker to find a mortgage?

    20 Feb 2006

    It's the 1m question - do consumers prefer to go direct to a high street lender for mortgage advice or a broker? Mortgage Strategy took to the streets of London's Soho for this week's vox pop to see if consumers are aware of the services mortgage brokers have to offer.So, this week Mortgage Strategy asks...Greg Hart, 27, post-production editor - I have a mortgage but my mum, who I bought my house with, sorted it out and I have no idea if she went to a broker ...

  • You can't reason with naughty kids

    20 Feb 2006

    Forget about the St Patrick's Day deadline. The Financial Services Authority will soon be regulating the sale of payment protection insurance, no matter what happens between now and March 17.

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