Mortgage Strategy
20 June 2005

  • 80 valuation fee offer still on at SMS

    21 Jun 2005

    Solent Mortgage Services, the Fareham based branded mortgage arranger, is reminding brokers that its 80 valuation fee for all residential mortgages is still on offer for applications received before the end of June.

  • A View From The floor

    20 Jun 2005

    Alison Rolls, head of communications at Norwich and Peterborough, says we can all help cut carbon emissions by reducing the amount of energy we use in our homes

  • Abbey launches five-year capped rate at 4.99%

    24 Jun 2005

    Abbey has made a number of changes to its mortgage range including launching a five-year capped rate at 4.99%. Gary Hockey-Morley, Abbeys director of mortgages, says: "Our five-year capped rate mortgage offers borrowers longer-term security."Borrowers on this deal will never pay more than 4.99%, which means that their monthly payments will start low and stay low."

  • ABI appoints director of consumer strategy

    20 Jun 2005

    The Association of British Insurers has appointed George Hodgson to a new post of director of consumer strategy.

  • Advantage reports record levels of business for June

    21 Jun 2005

    Advantage Home Loans has reported record levels of business for June since centralising all mortgage enquiries to its dedicated broker support team.

  • Amber sells 64m of mortgage assets to Future Mortgages

    23 Jun 2005

    Amber Homeloans has sold a 64m mortgage portfolio to Future Mortgages, the mortgage business of CitiFinancial UK.

  • An alternative way to borrow money

    20 Jun 2005

    Lending money against property and charging the borrower interest is not confined to the mortgage industry. The ancient practice of pawnbroking whereby borrowers hand over a pledge to obtain a loan is alive and well and it has a growing presence on the high streets.

  • Applications boom goes on for TMC

    20 Jun 2005

    Buy-to-let specialist The Money Centre says business is going from strength to strength, with over 100m worth of applications processed in May.This is the third month in a row applications have been above the 100m mark. March and April set records for TMC with consultants processing 104m and 126m worth of buy-to-let deals respectively. May continued this trend with the company turning over in excess of 114m worth of applications.June is shaping up to be an equally good month ...

  • Association of HIP providers launches

    23 Jun 2005

    The key companies involved in the production and collation of Home Information Packs have formed a trade association to represent their interests. The Home Information Pack will be provided by the person marketing the property and will enable potential buyers to make an informed decision prior to making an offer. HIPs are designed to improve the house-buying process and reduce the number of house purchases that fall through. They will become compulsory in England and Wales in ...

  • Better news for first-time buyers, says Moneyfacts

    24 Jun 2005

    Research by the Moneyfacts' mortgage team has highlighted a trend of cheaper fixed rate deals for the first-time buyer from lenders including Clysedale bank, The Woolwich, Cheltenham & Gloucester and Yorkshire Bank.

  • Big two systems must get acts together

    20 Jun 2005

    Despite all the talk of electronic trading being the way forward and lenders doing what they can to encourage intermediaries to go online, there is still no true common trading platform for the industry.Mortgage Strategy decided to tackle this head-on and champion its readers' calls for there to be one platform that lets them transact with all lenders.As a result, last week we launched our campaign for the Mortgage Trading Exchange to be available for all brokers, not ...

  • BIS warns consumers over hidden conveyancing costs

    22 Jun 2005

    Banking-Insurance Services says it has tackled the problem of homebuyers being stung by local solicitors charging hidden fees for conveyancing work, by agreeing a fixed rate,with no completion and fee service.

  • Board reshuffle at HBOS

    23 Jun 2005

    There has been a reshuffle on the HBOS board following the reirement of George Mitchell, chief executive of corporate, and governor and treasurer of the Bank of Scotland.

  • British mortgage details offered to tabloid reporter

    23 Jun 2005

    Thousands of bank details have been sold to an undercover reporter for The Sun newspaper by an Indian call centre worker, who also offered details of British mortgages.

  • Brokers can't hide, says FSA

    21 Jun 2005

    The Financial Services Authority has stressed to Mortgage Strategy Online that brokers have nowhere to hide from the regulatory regime.

  • Brokers slam IFAP over website exclusivity

    20 Jun 2005

    Brokers have criticised Independent Financial Adviser Promotion for launching www.impartial.co.uk - a website to give consumers a guide to over 5,000 mortgage IFAs which excludes a number of brokers.IFAP has been promoting IFAs at www.unbiased.co.uk but this is the first time it has set up a service dedicated to mortgages.IFAs who are completely independent in all areas of the advice they give, including mortgages and related products, will be listed on the site. IFAP will verify ...

  • Brokers still need help with financial promotions

    20 Jun 2005

    Mortgages PLC and Mortgage Promotions has revealed the results of their joint MarketView May 2005 survey.

  • Brokers stung by online lead generation rip-off

    20 Jun 2005

    A number of brokers have been stung by a lead generation firm direct debiting their accounts for £300 without providing any leads.Jason Gardiner, an appointed representative of The Mortgage Times Group, stumbled across premierleads.co.uk on the internet, which offered leads for £20 each, saying it would not debit his card until the day after he had received each lead.He sent off the necessary documentation but heard nothing more from the company until he checked his online account ...

  • Call for Stamp Duty change to boost market

    20 Jun 2005

    Stamp Duty thresholds are back on the agenda as My Mortgage Direct warns that unless major changes are made, the property market will continue to slow.It says a big barrier to recovery in the property market is the 3% Stamp Duty on mortgages in the 250,000 to 500,000 bracket.Cath Hearnden, joint director at My Mortgage Direct, says: "We believe the way to free the market from this stranglehold is a straightforward tiered system similar to Income Tax thresholds."A duty of ...

  • Call to open Homebuy to all

    20 Jun 2005

    The Council of Mortgage Lenders is lobbying the government to allow all authorised lenders to participate in the government's Open Market Homebuy initiative.Current legislation means only banks or building societies can participate in the government-backed shared equity scheme, excluding a number of lenders such as GMAC-RFC.But the Council of Mortgage Lenders want all Financial Services Authority regulated lenders to be able to get involved in Open Market Homebuy. For that to ...

  • Cash continues to flow into societies

    20 Jun 2005

    Building society gross advances amounted to 3.5bn in May 2005, compared to 3.8bn in May 2004, says figures from The Building Societies Association.

  • Chosen few need good advice too

    20 Jun 2005

    Though government schemes will provide only a limited number of golden first rungs on the housing ladder, those FTBs who will benefit must be guaranteed good advice, says Ben Stafford

  • Claims flooding in as storms brew

    23 Jun 2005

    Homeowners were reminded of the importance of home insurance as they watched distraught residents of Yorkshire wading through the soggy results of afreak flood.

  • Clients have never been worse informed

    20 Jun 2005

    For today's consumers, the world of financial services is a complex and often confusing place. And it's this government's obsessive approach to legislation and regulation in the declared interest of consumer protection that has been the principal cause of the descent into this labyrinthine landscape.

  • CML examines property investment clubs

    20 Jun 2005

    The Council of Mortgage Lenders has been examining the interaction between PICs and the buy-to-let sector.

  • CML offers support to government homebuy equity loan scheme plan

    22 Jun 2005

    The Council of Mortgage Lenders says it supports the government's view that there is a good case for expanding affordable home-ownership.

  • Consumer sentiment too gloomy, says F&C

    20 Jun 2005

    It's been a busy period for consumer-related economic releases in the UK and the US.

  • Corporate ID fraud on the rise

    23 Jun 2005

    As the growing threat of corporate ID fraud hits the media headlines again, Equifax, provider of anti-fraud services and ID verification solutions, is urging businesses to implement some simple fraud protection measures. The Federation of Small Businesses says rising numbers of small firms are not protecting themselves against corporate ID fraud. As a result, the FSB has written to Companies House to prompt tougher action. The Metropolitan Police has also recently ...

  • Cost of SPASU is less than monthly payments, not double

    20 Jun 2005

    From Tim Lee Monty Burn may have been selling ASU for 40 years but understanding demonstrated in his article in the June 6 issue qualifies him for no more than a lesson in adequate research. Don't get me wrong, I agree with many of Monty's sentiments and personally fail to see any valid reason for recommending a client take a single premium ASU contract ahead of a monthly premium one. However, if a debate is to be opened it is best done from a platform of considered understanding, ...

  • Coulson case postponed until August

    20 Jun 2005

    The court case between Richard Coulson and former employer Zurich, which was due to be heard last Wednesday, has been postponed until August.Coulson had been due at the High Court of Justice in London on June 15 to dispute allegations that he was still in Zurich's employment while promoting his network, Home of Choice, which will launch on July 1.The network will be headed by Coulson as managing director. Keith Baldwin will take the role of chief executive and chairman and Gerry ...

  • Curriculum Vitae - Roger J Taylor

    20 Jun 2005

    "Let's just say that life begins at 44"

  • Dashboard Software continues to expand

    21 Jun 2005

    Dashboard Software has expanded its team by three and is moving to larger offices to accommodate further new starters in the coming months.

  • Dear Delia

    20 Jun 2005

    Dear Delia I am a 31 year old earning 19,380 and have a deposit of 5,000. I want to buy a two-bedroom terraced house valued at 140,000 but am currently having difficulty finding a mortgage, with a shortfall of around 50,000.

  • Debt is going out of fashion but lack of savings remain a worry

    20 Jun 2005

    IFA Promotion says debt seems to be out of fashion this year, with new borrowing figures down to their lowest level since 2001.The firm's latest Savings Brake report shows a 44% drop in new debt levels compared with this time last year, and credit card debt falling for the first time since 1994.But despite this sign of new-found financial restraint, there is no evidence of a rise in savings.IFAP says the amount saved nationally has plummeted since the last Savings ...

  • Delia response was based on new Right to Buy rules

    20 Jun 2005

    From John Rattigan It was with some surprise that I read a letter referring to my Dear Delia response (Mortgage Strategy May 23) from Richard Lowe, director of Mortgage Rescue Limited, in the June 6 issue of Mortgage Strategy. My surprise was not due to the fact that someone had read my response, but that the facts contained in my response were being disputed. I would like to point out that the facts laid out in my response are correct and he is, in fact, incorrect in all that ...

  • Derbyshire relaunches buy-to-let range

    23 Jun 2005

    Derbyshires intermediary support unit is relaunching its range of variable and tracker rate buy-to-let mortgages, with enhanced features and extended end dates from today.

  • Drive in France for charity

    20 Jun 2005

    From Keith Heron Calling all people with a sense of fun and direction - the Great Ormond Street Hospital Children's Charity annual Beaujolais Driving Challenge needs you to get in gear. Taking place from November 15 to 17 2005, competitors will drive during the night through the winding streets of France via mystery checkpoints, aiming to reach their objective in the lowest possible mileage. It's a test of cunning and skill, not speed. The entry fee per team (driver ...

  • Economic reform must be delivered in Europe, says CBI

    20 Jun 2005

    The Confederation of British Industry has supported the government's position and says that structural and economic reforms must be delivered if public confidence is to be restored.

  • E-Mex acquires 110m rooftop portfolio

    24 Jun 2005

    E-Mex Home Funding, The Cheshires specialist lending subsidiary, has acquired a mortgage portfolio from non-conforming lender Rooftop Mortgages.

  • Ensuring a compliant sales process

    20 Jun 2005

    Crystal Software Solutions' point-of-sale system Momentum is becoming increasingly popular as a result of the compliance checking facilities it incorporates, says Frank Eve

  • Enterprise expands its senior team

    23 Jun 2005

    The London-based Enterprise Group, has made several senior appointments as a result of the unprecedented growth in its operations.

  • Expansion on free debt advice for England and Wales

    24 Jun 2005

    A 45m fund to provide advice for those struggling with unmanageable debts has been welcomed by consumer minister Gerry Sutcliffe.

  • First-time buyer levels rise

    23 Jun 2005

    Mortgages Direct, mortgages and financial services provider, for the Spicerhaart group says that first-time buyer levels have increased as more and more borrowers believe that interest rates will fall in the near future. Findings from the May Mortgages Direct survey show mortgage borrowers show optimism of imminent decrease in interest rates with an 8% increase in tracker mortgages from last month. With fixed rate lending has decreased by 4% over the last month, with two-year fixed ...

  • FSA chairman to be knighted

    20 Jun 2005

    Callum McCarthy, chairman of the Financial Services Authority, is to be knighted for services to the finance sector.The Queen unveiled her intention to confer the honour of a knighthood on McCarthy in her Birthday Honours List.McCarthy joined the FSA in September 2003 from the Office of Gas and Electricity Markets where he was chairman and chief executive.He had previously held senior positions in Barclays Bank, BZW and Kleinwort Benson as well as the Department for Trade ...

  • FSA moves against three mortgage firms

    20 Jun 2005

    The Financial Services Authority has put three higher risk mortgage firms into enforcement for breaking its rules, the first time it has exercised this power in the mortgage market.The move comes after a review by the regulator involving visits to 51 small mortgage firms across the country to look at their selling practices and training and competence.The majority of firms visited were identified as higher risk based on information gained at authorisation, and the fact some ...

  • FSA moves against three mortgage firms

    20 Jun 2005

    The Financial Services Authority has put three higher risk mortgage firms into enforcement for breaking its rules, the first time it has exercised this power in the mortgage market.

  • FSA publishes money guide for young adults

    21 Jun 2005

    The Financial Services Authority has published a case study guide on how to help young adults aged between 16-25 to become more confident with money.

  • FSA starts to get tough with firms

    20 Jun 2005

    The Financial Services Authority has shown its teeth and put three higher risk small mortgage firms into enforcement for breaking its rules.

  • FSSC publishes exam standards

    20 Jun 2005

    The Financial Services Skills Council has published appropriate exam standards following the second phase of its review of appropriate examinations.

  • FTBs' attitudes are changing

    20 Jun 2005

    Lifestyles and attitudes to buying, as well as financial constraints, are limiting the number of first-time buyers, research from GMAC-RFC reveals.A report from research agency IPSOS, analysed by Professor David Miles and sponsored by GMAC-RFC, finds a fundamental shift in the way first-time buyers view property.The report finds that while raising a deposit is still the single biggest factor preventing first-time buyers entering the market, lifestyle factors are now important, ...

  • Future products to be listed on Trigold ENC

    20 Jun 2005

    Future Mortgages has signed up to Trigold's ENC and will have all its products listed and verified on the platform.Trigold's technical teams will work with Future to map its underwriting criteria into the ENC search engine.Steve Walton, head of strategy and development at Future Mortgages, says: "It's important our innovations are reflected on sourcing systems."ENC is raising the bar in terms of sophistication as advisers need accurate tools to make compliant recommendations. ...

  • Gap between the cost of renting and buying narrows, says Abbey

    20 Jun 2005

    Abbeys annual survey into the difference in cost between renting and buying shows that buyers still have the upper hand, but the gap is at its narrowest yet.

  • GE Life reduces lifetime mortgage rate to 6.25%

    21 Jun 2005

    GE Life has reduced its lifetime mortgage rate from 6.69% to 6.25% per annum.In addition to the new rate, GE Life is to continue its cash back facility, whereby all customers, irrespective of the size of the loan, or who their financial adviser is, will receive a 500 tax-free cashback on completion of their lifetime mortgage.The interest rate on the product is compounded annually, which the company says makes the product transparent and easy to understand.

  • Genesis directors buy back network from MPLC

    22 Jun 2005

    The directors of Genesis Home Loans have purchased the entire shareholding in the mortgage network, packager and branded lender back from Mortgages PLC.

  • Give with one hand take away with the other

    20 Jun 2005

    When is a 250 cashback mortgage offer not a 250 cashback mortgage offer? When the deal ends up costing you more than a normal mortgage without a cashback offer.

  • GMAC-RFC hails restructure

    20 Jun 2005

    GMAC-RFC UK says the formation by GMAC of the Residential Capital Corporation, or ResCap, as a holding company sitting above its two residential mortgage businesses was a positive step.GMAC transferred ownership of its Residential Funding Corporation - GMAC-RFC, the US and international business-to-business mortgage lender - and GMAC Mortgage Corporation - the US business-to-consumer mortgage lender - to ResCap. This was intended to give ResCap operational and financial flexibility.The ...

  • Half of all retail mortgages still processed manually

    22 Jun 2005

    A report by Mercer Oliver Wyman shows that almost half of all retail mortgages are still processed manually, destroying on average around 30% of their life time value and resulting in the rejection of large volumes of attractive business.

  • HBOS staff will get free shares in bonus package

    20 Jun 2005

    HBOS' 60,000 UK employees are to be awarded approximately 54m worth of free shares in August, bringing the total award package this year to 276m.The shares are worth 5% of colleagues' annual salary as of May 3 this year. For full-time staff the value of the free shares will range from 500 to the Inland Revenue's ceiling of 3,000.The shares are in addition to the annual bonus schemes in which staff at HBOS participate and replace a previous all-colleague share options scheme.HBOS ...

  • HBOS strikes back in Colleys controversy

    20 Jun 2005

    HBOS says its insistence that new-build surveys go through Colleys, its own valuation company, is standard practice in the industry.The group has been criticised for the policy, with industry commentators saying brokers and borrowers should have the right to choose which surveyor is used and that markets which lack competition are not as cheap and efficient as competitive ones.Some brokers even say they will no longer consider HBOS lenders as a result of the move.But Paul ...

  • Heritable Bank launches fixed rate range

    20 Jun 2005

    Heritable Bank has unveiled details of a range of fixed rate mortgages.

  • House insurance cost calculator launched

    20 Jun 2005

    The Royal Institution of Chartered Surveyors has launched an online service to allow people to calculate the cost of rebuilding their homes.The RICS Building Cost Information Service tells home owners how much it would cost to rebuild their house if it was destroyed by fire or a natural disaster. The site asks a few questions about the age, type and quality of the property. The only thing the owner may have to check is the external floor area within the external walls, excluding ...

  • Housing market continues strongly in Northern Ireland

    20 Jun 2005

    The Northern Irish housing market continues to go from strength to strength and is likely to fair better than the rest of the UK throughout 2005, says e.surv chartered surveyors.

  • Housing market stabilising, says CML

    20 Jun 2005

    Gross lending in May totalled 22.3bn, up by 3% on last month, according to the latest data from the Council of Mortgage Lenders.

  • I too have experienced poor A&L service and processing

    20 Jun 2005

    From Dave King I agree with Helen Pierson in her familiar tale of woe about Alliance & Leicester (Mortgage Strategy June 13). Without going into details, my company was recently at the wrong end of service and processing issues with A&L, about which I complained, specifically mentioning my client's case. A&L's head of intermediary mortgages Mehrdad Yousefi refuted our allegations but asked me to accept a goodwill payment of a little less than I had claimed. I accepted this, ...

  • IMLA counts cost of FSA regulation

    20 Jun 2005

    The chairman of the Intermediary Mortgage Lenders Association says the true cost of regulation is now "significantly" higher than it was under the Mortgage Code Compliance Board.Tim Dawson, chairman of IMLA and chief executive of Mortgage Express, estimates that the running costs of the MCCB were around 10m, a considerably lower figure than that of the Financial Services Authority. He says set-up costs alone for most lenders were between 150m and 200m, this coming on top of running ...

  • Industry needs policy on interest-only

    20 Jun 2005

    I was intrigued by the recent actions of Northern Rock in relation to its tough stance on interest-only mortgages. There is evidence a number of other lenders are reviewing their policies on this subject too.

  • Internet Insite

    20 Jun 2005

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

  • John Charcol and Hargreaves Lansdown form strategic alliance

    22 Jun 2005

    Hargreaves Lansdown has formed a strategic alliance with John Charcol, which enables both companies to introduce investment and pensions business to one another.

  • Kensington to start lending on non-standard construction properties

    21 Jun 2005

    Kensington Mortgages is to start lending on non-standard construction properties up to a maximum LTV of 65%.

  • King dampens hopes of rate cut

    20 Jun 2005

    Bank of England governor Mervyn King has dampened hopes of an interest rate cut by saying the danger of a consumer slowdown must be weighed against the inflation threat.With some commentators expecting rates to fall as early as August, King acknowledged in a speech at Salt's Mill in Bradford that the consumer slowdown could be longer than expected and the Bank must be wary of the risk of higher inflation.King highlighted three aspects of economic integration that are particularly ...

  • Making sure CII has a long-term future

    20 Jun 2005

    Critical illness insurance is recognised around the world as being a product that people have a real need for. In fact it is regularly referred to as the insurance product of the new millennium. This goes to show what a success it is and what a bright future it could have.

  • Market Watch

    20 Jun 2005

    Swaps increased sharply this week. They had been steadily creeping up but leapt following disappointing consumer price index figures.

  • Miles says owner occupation target is misguided

    20 Jun 2005

    Professor David Miles has accused the government of being misguided in setting a target for owner occupation.He says: "It is misguided for the government to have an owner occupation target. Higher owner occupation is not a measure of the market working better."He adds that he would not be surprised if house prices are lower in a year's time than they are now.Michael Coogan, director-general of the Council of Mortgage Lenders, is concerned that if home ownership is encouraged ...

  • Money Centre has record completions in May

    23 Jun 2005

    The Money Centre says it has record completions in the month of May, with over 50m worth of buy-to-let cases completed, the best month ever experienced at the company.

  • Moneynet launches monthly online newsletter

    24 Jun 2005

    Moneynet, has launched an online personal finance newsletter. The newsletter, will feature contributions from leading national personal finance writers and will be distributed to Moneynet's database of 80,000 plus online users.

  • Mortgage Strategy launches 2005 Technology Awards

    22 Jun 2005

    Mortgage Strategy and Frank Eve Consulting today launched the 2005 Benchmark Study on Lenders Intermediary Technology and the Mortgage Strategy Technology Awards.

  • MS open platform campaign heads for victory

    20 Jun 2005

    Mortgage Strategy's campaign for the industry to have a true open trading platform is heading for victory just a week after its launch.At present only Trigold users can deal electronically through the Electronic Trading Centre and they cannot access the Mortgage Trading Exchange, which is only open to Mortgage Brain and Mortgage 2000 users -a situation which is frustrating for both lenders and brokers.MS' campaign is calling on Mortgage Brain chief executive Mark ...

  • MTE now available for all

    24 Jun 2005

    The Mortgage Trading Exchange is the first and only common trading platform to be made available to all mortgage intermediaries.

  • N&P reduces fixed-rate mortgages

    21 Jun 2005

    Norwich and Peterborough is reducing rates on its five and 10-year fixed rate mortgages, with immediate effect. It now has a five-year rate fixed at 4.98% with a 90% LTV and APR of 6.1%, a five-year fix at 5.38% available up to 95% LTV with APR of 6.3% and a 5.34% five-year fix with 90% LTV and APR of 6.2%. In the 10-year range, there is a rate of 4.88% with an LTV of 90% and APR of 5.6%, a 5.13% rate with a 95% LTV and 5.8% APR and a rate of 4.98% at 90% LTV with 5.6% APR.

  • N&P ventures into sub-prime market

    21 Jun 2005

    Norwich and Peterborough is set to help homebuyers whose credit is impaired with the launch of two light adverse mortgage schemes.

  • NACFB members are not sullying reputation of B2L

    20 Jun 2005

    From Keith Heron Michael Bolton's call to lenders to only deal with regulated brokers seems to imply that brokers who are not FSA regulated are responsible for sullying the reputation of buy-to-let. As far as NACFB members are concerned, who collectively originate well over 2bn a year of new buy-to-let loans, this could not be further from the truth. Not only are they are required to comply with a robust buy-to-let code of practice, designed with IMLA's help, they also use the ...

  • Nationwide chief comes out in favour of Olympic bid

    20 Jun 2005

    Nationwide chief executive Philip Williamson has given his personal support to London's bid to host the 2012 Olympic games.Williamson says: "While I cannot speak on behalf of all Nationwide members, personally I think it would be marvellous if the Olympics came to the UK. It would not only be good for the economy but would also engender terrific excitement and support across the country."Williamson joins a host of names from mortgage lenders and intermediaries keen to see the ...

  • Nationwide reduces rates

    20 Jun 2005

    For the third time in three months, Nationwide has cut the cost of borrowing, reinforcing its position as one of the most competitive lenders on the high street.

  • Nationwide urges homeowners to take its mortgage challenge

    22 Jun 2005

    Nationwide is urging homeowners to take the Natiowide Mortgage Challenge, which could lower monthly repayments or 100 cash.

  • NatWest rejoins MT panel

    20 Jun 2005

    NatWest is back on The Mortgage Times Group's lender direct panel after pulling out of a pilot scheme with the group last year.In August 2004 the two organisations agreed it was in both their interests to discontinue the working relationship. Prior to this, Mortgage Times had offered Natwest's full range of products for a trial period.However, almost a year on NatWest is back on Mortgage Times' lender panel along with three other additions, Alliance & Leicester, The Lambeth ...

  • Nurses still can't afford to buy

    20 Jun 2005

    Nurses are being forced to change careers because their low salaries stop them getting onto the property ladder.Figures from the Royal College of Nursing reveal that the government's Key Worker Living Scheme is an unrealistic approach to solving the housing problem.Though the scheme has been helpful for a large number of nurses there are still many who do not meet the requirements for financial support.It is clear that budgets are tight and that there is not enough funding ...

  • ODPM figures are below expectations for April

    20 Jun 2005

    The house price index compiled by the Office for the Deputy Prime Minister came in below expectations in its April survey released last week.This series is not as timely as those produced by major lenders that have already reported May figures but has wider coverage.The drop of 0.8% in prices during the month must be seen in the context of the strong gain in March. The sharp rise of 2.2% shown in March appeared out of line with other reports covering the market that month.Averaging ...

  • OFT appoints senior competition directors appointed

    22 Jun 2005

    Simon Priddis and Ali Nikpay have been appointed as senior directors in the Office of Fair Tradings competition enforcement division.

  • Old techniques in new media

    20 Jun 2005

    It is striking that though the authors focus on commercial activities conducted largely over the internet, they reach conclusions about customer retention that draw on business practices that began long before the web became important.

  • Once-innovative IF is now a run of the mill offset lender

    20 Jun 2005

    From Ian James Intelligent Finance, which once launched an attractive, innovative product, has now watered down its offering to such an extent that it has become a run of the mill offset lender. At launch you could offset the mortgage, credit card and personal loan with deposit and current account balances. All we will be left with come July is offset between current, savings and mortgage accounts. IF says it is too expensive to launch a chip and pin credit card and has ...

  • Open Book and Hometrack team up to streamline homebuying

    24 Jun 2005

    Open Book, a commercial provider of Home Information Packs and Hometrack, a provider of automated valuation models, have joined together to streamline the homebuying process.

  • Opting for the comfort of fixed rates

    20 Jun 2005

    Fixed rates are currently more popular than discounts with customers because the recent spate of base rate rises still looms large in the memories of many, says Jon Haynes

  • Origo plans to set standards

    20 Jun 2005

    Origo last week unveiled plans to repeat its success in the life and pensions market and put in place common e-commerce standards for the mortgage industry.The Origo board, which consists of leading life and pensions companies, has given the go-ahead to develop an implementation plan in partnership with the mortgage industry.Frank Eve Consulting has been employed to drive the project, the aim of which is to put in place standards so that industry systems can work together. Origo ...

  • Paaleads.com slashes cost of its price plans

    20 Jun 2005

    With intermediaries increasing their use of online mortgage comparisons by 58%, Paaleads.com is slashing the cost of its price plans by 5.The discount is to encourage more brokers to use the leads generation firm, which says brokers are losing out on thousands of pounds a year in revenue by not maximising business opportunities from the internet.Paaleads.com says the 5 reduction on all standard price plans means an intermediary with a typical monthly cap of 20 leads could save ...

  • Patchy quality keeps brokers offline

    20 Jun 2005

    Variation in the quality of online services is one of the biggest factors affecting intermediaries' decisions to adopt e-commerce in their business.The Adviser E-Enquiry research project, carried out by 1st and backed by Prudential, Scottish Widows, Standard Life, Webline and IBM, surveyed over 400 firms in two studies conducted in April and May this year.The biggest deterrents to using online services are insufficient provider coverage, poor service reliability and difficulty ...

  • Paymentshield increases BM proc fees

    21 Jun 2005

    Paymentshield Mortgage Club has unveiled increased procuration fees with BM Solutions. The self-cert fee is increased to 0.46% and the sub-prime fee is now 0.87%.Mortgage advisers can secure their increased procuration fees by opting for Paymentshield Mortgage Club when applying online.

  • PMC increases BMS proc fees

    21 Jun 2005

    Paymentshield Mortgage Club has increased its procuration fees with BM solutions. Procuration fees on self-cert have been increased to 0.46%, and sub-prime (standard) is now 0.87%.Mortgage brokers can secure their increased procuration fees by opting for Paymentshield Mortgage Club when applying on-line.

  • POSD system could save brokers 35,000 per year

    23 Jun 2005

    GMAC RFC is urging intermediaries to embrace its POSD system or loose out on a potential 35,000 per annum.

  • Prescott's building plans come under fire

    20 Jun 2005

    The Environmental Audit Committee has slammed the government for failing to take into account the environmental impact of an increase in house building.MPs are particularly concerned at the impact this would have on Essex and Sussex.The EAC says there has been a failure to take into account environmental protection and that the building plans undermine the government's own policy on sustainable development.Deputy prime minister John Prescott plans to build an additional ...

  • Price crash not expected, says Bradford & Bingley

    20 Jun 2005

    Bradford & Bingley says it does not expect the property market to crash in the near future.

  • Prices fell in May, says RICS

    20 Jun 2005

    The Royal Institution of Chartered Surveyors has revealed that the decline in house prices is at its steepest since 1992, with over half its members reporting a fall in May.The upturn in buyers' activity at the beginning of the year has petered out against a backdrop of a slowing economy, though the jobs market remains secure.New buyer enquiries slipped in May after having stabilised over recent months. Completed sales for May were down 29% compared with last year. RICS says ...

  • Private initiative boosts affordable housing in Wandsworth

    24 Jun 2005

    Assettrust Housing has exchanged contracts with Berkeley Homes to buy 72 new one and two bedroom apartments to be built on a single site at Point Pleasant, in the London Borough of Wandsworth.

  • Private landlords to help tackle city's homeless crisis

    24 Jun 2005

    The City of Edinburgh Council has launched a partnership with private landlords to provide up to 1,500 homes to beat the City's homeless crisis.

  • Private landlords to help tackle city's homeless crisis

    23 Jun 2005

    The city of Edinburgh council has launched a new partnership with private landlords to provide up to 1,500 homes to beat the City’s homeless crisis.

  • Property exchange will open B2L market to all

    20 Jun 2005

    The UK's first property exchange has been launched to allow people to buy and sell shares in individual residential properties for a minimum investment of 1.Opromark provides all management services to the properties, which offer a proportionate yield to shareholders through rental income. Members can sell their shares at any time through the exchange, at a profit if the market has risen or at a loss if it has fallen.Opromark does not own the properties at any stage. Instead ...

  • Remortgage army descends online says Charolonline

    22 Jun 2005

    A half of all online mortgage applications are made by borrowers looking to remortgage their current home, says research from Charcolonline.

  • RICS publishes building design report

    20 Jun 2005

    A study by The Royal Institution of Chartered Surveyorsreveals what people want from housing as well as their dislikes.

  • RICS responds to Inland Revenue figures

    22 Jun 2005

    Figures released by the Inland Revenue show that the number of property transactions were a seasonally adjusted 117,000 for May, unchanged from April but down 7% from three months ago.

  • Scottish Provident publishes CI claims data

    20 Jun 2005

    Scottish Provident has published its latest critical illness claims data to encourage people to view the cover as essential.

  • Seaside property fuelling local housing revival

    21 Jun 2005

    Britains northern seaside resorts are undergoing a revival that is fuelling the local housing market, research carried out by the Property Investor and Homebuyer Show North has revealed.

  • Seaside revival boosts local housing markets

    21 Jun 2005

    Britains northern seaside resorts are undergoing a revival that is fuelling the local housing market, research carried out by the Property Investor and Homebuyer Show North reveals. The research, based on Land Registry figures, reveals that house prices in resorts such as Bridlington and Scarborough have seen growth almost double that of some southern towns over the last five years, with Brighton experiencing the slowest price growth.

  • Second homes legislation lacks definition, warns RICS

    22 Jun 2005

    The Royal Institution of Chartered Surveyors says the governments policy for second homeowners could be problematic because of its lack of definition over what is meant by a second home.

  • Selling the benefits of saving to clients

    20 Jun 2005

    One of the oldest and most commonly used ways of getting a remortgage appointment is to promise your potential client more disposable income.

  • Should the MTE system be available to all?

    20 Jun 2005

    Mortgage Strategy last week began its MTE For All campaign for the Mortgage Trading Exchange to be made available to the whole market, including Trigold users.

  • SLB becomes a partner of MTE

    20 Jun 2005

    Standard Life Bank has become the Mortgage Trading Exchange's latest lender partner.The bank is now accepting electronic mortgage applications and Key Facts Illustration requests via the MTE, the partnership forming a key part of SLB's offering to introducers via sourcing systems and trading platforms.Alan Dring, head of intermediary development at SLB, says: "Our partnership with Mortgage Brain's MTE will add yet more value for introducers. We are committed to developing a ...

  • SmartNewHomes.com hopes for base rate decrease

    22 Jun 2005

    SmartNewHomes.com has responsed to the minutes of the latest Monetary Policy Committee meeting, published today

  • Spending to pay off the mortgage

    20 Jun 2005

    Yorkshire is launching a credit card with a cashback feature that credits the mortgage accounts of all new borrowers.For the first 2,000 spent every year 1% cashback will be earned, followed by 0.5% on spending above that 2,000 figure.The cashback will go directly to the customer's mortgage account.Two versions of the card will be offered. One is a tracker at base rate for six months followed by base plus 5.5% for life. The other comes with 0% interest for the first six ...

  • Subdued lending picture in May, says BBA

    20 Jun 2005

    Figures from the Major British Banking Groups, for May 2005, show that total sterling lending to the UK private sector showed a net increase of 6bn to 1,100bn.

  • Sub-prime best buy tables should compare like with like

    20 Jun 2005

    From Georgina Maun I was interested to read the recent Mortgage Strategy supplement on sub-prime but have to say I found the best buys page disappointing. This page attempted to sum up the entire sub-prime market in a one-page table, listing just one product from each lender. As someone with responsibility for competitor analysis in the non- conforming market, I do not believe a best buy table can include such a cross-section of the market and be a useful comparison tool. For ...

  • Take care if advising on lifetime deals

    20 Jun 2005

    Lifetime mortgages are being hyped as a growth area but as they are also in the FSA's sights brokers must take steps to ensure they stay on the right side of the regulations, says Neal Smith

  • Taxman to target tennis racket

    20 Jun 2005

    The taxman is clamping down on Wimbledon residents who avoid tax on rental income they receive from letting their homes out to tennis stars and spectators.This year, those renting out rooms and apartments during the Wimbledon tournament must declare the extra income to the Inland Revenue. Failure to declare the extra earnings could result in a fine and a demand for back tax.John Whiting, tax partner at PricewaterhouseCoopers, says: "Renting out space in your house will create ...

  • Taylor's Tour.....

    20 Jun 2005

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

  • TBMC offers two-year discounted commercial rates

    23 Jun 2005

    The Business Mortgage Company is now offering a range of two-year discounted commercial mortgage rates, available with immediate effect.John Ford, head of commercial lending at TBMC, says: We are delighted to be able to make available these competitive discounted rates that further expand our commercial product range.The rates are available in both the owner occupied and investment property sector, but funds are limited.

  • The evolving face of FSA regulation

    20 Jun 2005

    Since regulation, brokers have felt the double-whammy of changing their own practices at the same time as watching lenders adapt to the new environment, says Richard Griffiths

  • The Mortgage Mole

    20 Jun 2005

    BIG FAN This shocking picture of Cartel's John Rattigan shows him in his true colours. The compliance officer at the Manchester-based brokerage is also a closet fan of Malcolm Glazer's boys in red - so far in the closet in fact that he's almost in Narnia. But now for the first time Mole can reveal Rattigan for what he really is, a poor old Manchester United supporter.Indeed, Mole has it on good authority that so ashamed is Rattigan of his sin - more so after the FA Cup final ...

  • The only monthly drawdown around

    20 Jun 2005

    Following last week's look at drawdown lifetime mortgages, this week I look at the Northern Rock drawdown scheme. Its Cash Plus scheme is the only monthly drawdown available.

  • The strain in spain

    20 Jun 2005

    Buying a property in Spain is a dream more and more Brits are fulfilling but there are worries that the market is becoming overheated, says Melanie Wright

  • This week

    20 Jun 2005

    simon whitedirector,Ashdown LyonsThe biggest property story of last week had to be that Monopoly moved into the 21st century. Goodbye Park Lane and Angel Islington. Hello Canary Wharf and the Hammersmith Apollo. Chance cards have also changed. Where your building loan once matured for 150, you now get 1m for winning the midweek lottery. This is an opportunity missed though. They could have gone further. How about Go to Jail being changed to doing time in a young offenders' institution? ...

  • This week

    20 Jun 2005

    Alliance & Leicester features in our flexible product pay rate table this week. Mark Harris, managing director of Savills Private Finance, says: "We use Alliance & Leicester quite a lot and it has a good online proposition. It is particularly strong on remortgaging. Where it falls down is on loans of a bigger size, but then that isn't its niche and you can't win them all." Source: Network Data Ltd's mortgageLink (01932 875 876)The Woolwich features in our flexible product ...

  • TMW reduces rates on most self-cert mortgages

    20 Jun 2005

    The Mortgage Works has reduced interest rates on the majority of its self-cert mortgages.The range includes a two-year fixed rate at 5.35% with 85% LTV which was launched last week. Among the improved rates are the two-year fixed rate with 75% LTV that has been reduced to 5.25% and the two-year fixed rate with 85% LTV that has been changed to 5.35%. TMW's five-year fixed rate self-cert product is now available at 5.25% up to 75% LTV.The two-year discount rate with 75% LTV is ...

  • UK Personal Finance appoints Assurant Solutions

    20 Jun 2005

    UK Personal Finance has appointed Assurant Solutions to provide a flexible range of mortgage and income protection products to its members.

  • West Brom employee makes list of UK's top performers

    21 Jun 2005

    Paul Turner, the West Broms general manager for people, has been named 12th in Personnel Todaymagazines list of UKs Top 40 Power Players.

  • What will the bank of england do with the base rate over the next few months?

    20 Jun 2005

    A cut is now more likely than a rise, say our experts, and this will be a good thing for the housing market, especially first-time buyers

  • Woolwich says mortgage affordability is better than many fear

    20 Jun 2005

    The Woolwich today launches its first monthly mortgage affordability research revealing the proportion of household income spent on monthly mortgage payments increased to 18.5% from 18.3% in April.

  • Yellow Pages approved ad that was not compliant

    20 Jun 2005

    From Brian Melling I have just finished my annual discussions on our advert with a Yellow Pages representative. He asked me lots of questions and arranged to revisit. On checking the contents of the proof presented to me, I was surprised to see: . No statutory warnings (Your home may be repossessed...) . No remortgage warning (Think carefully before securing...) . No mention of APRs . No mention we charge fees, despite being described as independent. ...

  • YES doubles turnover and increases staff

    24 Jun 2005

    YES Loans & Mortgages says that their turnover has doubled for the third successive year, while pre-tax profits have also hit an all-time high. YES saw turnover for the 12 months leading up to June 2005 to surpass 3m. YES directors and co-founders Matt Cottle and Barney Drake report the company enjoyed a record pre-tax profit approaching 800,000, which will help pave the way for the creation of almost 100 new jobs at YESs Cardiff bay offices in the next two years. YES ...

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