Mortgage Strategy
20 March 2006

  • Alexander Hall considering legal action after BBC expose

    22 Mar 2006

    Alexander Hall says it is considering its position regarding legal action after the BBC documentary Whistleblower last night accused it of disclosing personal client information.

  • Abacus Permanent appoints office manager

    22 Mar 2006

    Abacus Permanent has appointed Clare Osunjimi as office manager.

  • Abbey launches new-build range

    20 Mar 2006

    Abbey has launched a product range designedfor buyers of new-build propertiesand has enhanced its fixed andflexible offerings. The products include a two-year tracker at 4.69%and a two-yearfixed at 4.69%.The lender has also launched a 10-year fixed rate deal at 4.99%, and a flexible plus rate of 5.09%.

  • Advisers can help tackle the debt crisis

    20 Mar 2006

    Tackling high debt levels in this country is something we all know can't be ignored, but many people wonder how we will achieve it. Recent moves by the government prove there are steps it can take to curb irresponsible lending and excessive spending. One such move stems from the review of store cards the Competition Commission has just completed.

  • AIFA supports FSA review of funding of compensation scheme

    21 Mar 2006

    Chris Cummings, director general of the Association of Independent Financial Advisers says it is very pleased with the FSA's discussion paper, outlining proposals to reform the way in which the Financial Services Compensation Scheme is funded. Cummings says: We are very pleased that the FSA is proposing radical reform of the funding of the compensation scheme, and, in particular, that the regulator has not included the status quo in its four options. This is good news for the ...

  • AIFA welcomes FSA Compensation Scheme review

    21 Mar 2006

    Chris Cummings, director general of the Association of Independent Financial Advisers has welcomed the FSAs discussion paper, published today, which outlines proposals to reform the way in which the Financial Services Compensation Scheme is funded. Cummings says: We are very pleased that the FSA is proposing radical reform of the funding of the Compensation Scheme, and, in particular, that the regulator has not included the status quo in its four options.

  • AMI publishes factsheet on FSA visits

    22 Mar 2006

    The Association of Mortgage Intermediaries has published a factsheet for its members giving information on what to expect when the Financial Service Authority visits their firm.

  • Assetz launches commercial property syndicates

    20 Mar 2006

    Assetz has launched a series of new commercial property syndicates aimed at generating high rental income from commercial property, as part of its drive to create more solutions for investors seeking to boost their retirement income.

  • Australian banks thought to be eyeing IFAs in UK

    20 Mar 2006

    At least two Australian banks are allegedly primed to enter the European mortgage market with a UK acquisition, with Thinc Destini rumoured to be top of their wish lists.The Commonwealth Bank of Australia is one of Australia's leading financial institutions and already has a London office offering Britons mortgages for properties in Australia.But Australian sources say it is extremely interested in entering the UK market and is positioned for a UK launch with one or more acquisitions ...

  • Automated valuations are proving their value

    20 Mar 2006

    Automated valuation models can now provide property valuations online at the click of a button. At some point in the future they could make the physical inspection of many houses unnecessary in the valuation process.

  • Average London homebuyer pays more than 7,500 in Stamp Duty

    20 Mar 2006

    For the first time, at 257,120, the average price of a residential property in London is now above the 250,000 threshold at which Stamp Duty is paid at 3%, says the Halifax.

  • Balloon bonanza at MS awards

    20 Mar 2006

    Mortgages PLC is sponsoring a special balloon bonanza at this year's Mortgage Strategy awards.Guests at the ceremony will find MPLC balloons tied to their chairs. A 50 note will be placed in 50 of the balloons. Although the remaining guests will be left empty handed on the night, in their balloons they will find details about how to win 10,000. Julian Wells, head of marketing at MPLC, says: "I can't think of a better way to draw attention to the MPLC brand than by asking ...

  • Bath gives students a housing boost

    20 Mar 2006

    Students could be getting a helping hand onto the property ladder thanks to a 100% mortgage by Bath designed to cater for the needs of university students.The society has launched a deal that will allow students to get a 100% mortgage of up to 250,000, guaranteed by their parents.The idea is that students will live in a house and rent out spare rooms to classmates to cover the cost of mortgage repayments.Fahim Antoniades, mortgage adviser at Quantum Mortgage Brokers, says ...

  • BBC to expose dodgy estate agency practices

    21 Mar 2006

    On the day that the Office of Fair Trading launches the Ombudsman for Estate Agents approved code of conduct, a damning BBC documentary tonight will lift the lid on the unlawful activities of estate agents.

  • BDS appointment

    20 Mar 2006

    BDS Mortgage Group has appointed Enrico Tedesco as corporate development manager, with responsibility for managing satellite packager partnerships.

  • Be ready to cash in on public interest in HIPs

    20 Mar 2006

    If you're an avid watcher of current affairs TV programmes, you may have tuned into the Tonight with Trevor McDonald programme on ITV a few weeks ago.

  • Beacon unveils fixed rate deal

    20 Mar 2006

    Beacon Homeloans has launched a limited fixed rate product range with a maximum LTV of 80% and rates starting at 5.4% for a near prime two-year fix.

  • Bradford & Bingley welcomes CML lending figures

    20 Mar 2006

    Commenting on the lastest CML lending figures, Duncan Pownall, mortgage development manager for Bradford & Bingley, says: Despite a slight dip on last month, February's figures show that both the lending and housing market continue to gain strength.

  • Brokers report boom in sub-prime business

    20 Mar 2006

    Figures from IFA Promotion show the number of brokers that class sub-prime as one of their top seven business areas has almost doubled in the past year.IFAP has 5,621 mortgage brokers registered on its site. It questions them each month on their top areas of business.In March 2005 only 678 brokers cited sub-prime business as one of their top areas but in February 2006 1,139 intermediaries named it.Matt Grayson, spokesman for BM Solutions, says he is not surprised by the ...

  • BSA defends mutuality following hostile report

    20 Mar 2006

    The Building Societies Association has defended the benefits of mutuality following a report for moneysupermarket.com that claims the benefits are a myth.The report by research agency Perspecta on behalf of moneysupermarket.com, finds that for savings accounts, banks often offer the best deals. The average rate of the top five banks is 8.2% compared with 6.05% for the top five societies.However, although the research argues societies are weaker all round, it states they often ...

  • BUDGET 2006 LATEST

    22 Mar 2006

    Gordon Brown will present his 10th Budget today at 12.30pm.

  • BUDGET 2006: £5k Stamp Duty rise not enough, says A&L

    22 Mar 2006

    Alliance & Leicester says the decision in today's Budget to raise Stamp Duty threshold to £125,000 is not enough.

  • BUDGET 2006: £970m for shared equity scheme

    22 Mar 2006

    Gordon Brown has revealed that £970m will be made available via the Office of the Deputy Prime Minister to help 35,000 into new homes.Since Labour took power in 1997 he says that there are now an additional two million new homeowners, with a further 160,000 properties built.

  • BUDGET 2006: B&B slams Brown's Budget

    22 Mar 2006

    Bradford & Bingley has slammed Gordon Brown’s Budget for failing to support for housing market.

  • BUDGET 2006: Brown opts to tinker, says Heritable Bank

    22 Mar 2006

    First-time buyers will still suffer despite Brown raising the Stamp Duty threshold, says the Heritable Bank.

  • BUDGET 2006: BSA responds to Budget issues

    22 Mar 2006

    The Building Society Association has responded to issues raised in todays Budget.

  • BUDGET 2006: Calls for abolition of Stamp Duty for first-time buyers

    22 Mar 2006

    The Mortgage Advice Bureau says that the chancellor’s increase in Stamp Duty threshold will make no difference to first-time buyers.

  • BUDGET 2006: CML calls for Stamp Duty reform

    22 Mar 2006

    The Council of Mortgage Lenders says house price rises last year accounted for around 56,000 households becoming liable for Stamp Duty.

  • BUDGET 2006: Fuel duty frozen until September 2006

    22 Mar 2006

    Fuel duty has been frozen until September 2006. Duty on champagne, sparkling white wine and cider duty will also be frozen.Brown also revealed that there will be no VAT on children's clothes, including shoes and flip flops, a veiled dig at Tory leader David Cameron who has been accused of flip flopping around issues in the past.

  • BUDGET 2006: Golden rule met with margin of £16bn

    22 Mar 2006

    Gordon Brown kicked off his 10th Budget today at 12.31pm to a packed House of Commons.

  • BUDGET 2006: IHT rise "paltry" says Just Wills

    22 Mar 2006

    Inheritance Tax is voluntary and simple planning could eradicate the bulk of the chancellor’s IHT revenue, claims Just Wills.

  • BUDGET 2006: IHT rise too late, says Halifax

    22 Mar 2006

    Halifax has slammed Gordon Brown for failing to immediately raise the Inheritance Tax threshold further than £325,000 in 2009/10, and believes an opportunity has been missed to lift many ordinary people out of reach of this outdated levy.

  • BUDGET 2006: Inheritance Tax threshold increased to £325,000

    22 Mar 2006

    Inheritance tax exemption has been increased from £275,00 to £325,000 over the next four years.

  • BUDGET 2006: Linden Homes welcomes shared equity schemes

    23 Mar 2006

    Linden Homes has welcomed the government’s increased commitment to tackling the affordability crisis through shared ownership schemes, announced in this week’s budget.

  • BUDGET 2006: Nationwide "disappointed" in Brown

    22 Mar 2006

    Nationwide has welcomed the chancellor's announcements in today's Budget on Child Trust Fund and Stamp Duty.

  • BUDGET 2006: Negative effect of Stamp Duty overrated, says GMAC-RFC

    22 Mar 2006

    Stamp Duty alone does not dictate first-time buyer behaviour, says GMAC-RFC. Gordon Brown has been hit with criticisms after raising the Stamp Duty level from £120,000 to £125,000. However GMAC-RFC’s research 'First-time buyers: Understanding new trends’ reveals that stamp duty may not be as instrumental to first-time buyer levels as believed. The research reveals that it is the attitudes as much as the finances of first-time buyers deterring them from taking that first step on ...

  • BUDGET 2006: REITs legislation welcome but disappointment

    22 Mar 2006

    Morley Fund management has responded to real estate investment trust legislation in today's Budget.

  • BUDGET 2006: REITs to go ahead

    22 Mar 2006

    The government is workinng on legislation for real estate investment trusts similar to those in America.It will go ahead with a pilot scheme where local communities will retain more of the planning gains from developments.

  • BUDGET 2006: Shared equity schemes expose house price risk

    23 Mar 2006

    Genworth Financial has questioned whether the government’s decision in yesterday’s Budget to allocate £970m for shared equity schemes goes far enough to address the real issues faced by first-time buyers.

  • BUDGET 2006: Stamp Duty threshold increased to 125,000

    22 Mar 2006

    The Stamp Duty threshold has been increased from 120,000 to 125,000, to help make a further 400,000 homebuyers exempt from Stamp Duty.

  • Builders told to innovate

    20 Mar 2006

    House builders must embrace innovation to meet demand, says Premier Guarantee.The number of households in England will rise by 209,000 per year until 2026. Robin Plaster, managing director of Premier , says builders can help avert a housing shortage.

  • C2 to launch in Ireland with Start Mortgages

    20 Mar 2006

    c2 financial is to launch into the Irish mortgage market through an arrangement with Start Mortgages, a majority owned subsidiary of Kensington Group.The Fareham-based packager will use Start as its specialist lending partner and the Irish operation will be run by a local management team with experience in both Irish and international financial services markets.Start was established following approval by the Financial Regulator - the Irish equivalent of the UK's Financial Services ...

  • Call for DA brokers to unite in fight for higher proc fees

    20 Mar 2006

    Brokermosaic.com has called for directly authorised firms to club together to secure better proc fee deals from lenders.Alan Howle, spokesman for brokermosaic.com, believes DA firms are getting a raw deal compared with appointed representatives, and is urging them to make a stand as one to ensure there is a level playing field when it comes to the payment of proc fees.He says: "Some lenders are subsidising networks by the way they pay proc fees. Directly authorised brokers are ...

  • CBI predicts growth in 2006

    20 Mar 2006

    In the run-up to the Budget on Wednesday, the Confederation of British Industry forecasts marginally faster growth in 2006 but says consumer spending continues to be constrained by subdued wage growth as well as high utility and Council Tax bills. Ian McCafferty, chief economist at the CBI, says: "The resilience of the world economy will help support growth over the next two years. But much also depends on the Bank of England's decisions on interest rates."

  • Clarification needed about answer to IFS question

    20 Mar 2006

    From Christian Kaye I'd like some clarification on the answer to question 3 in the 'Mortgage master or moron' section on page 59 of the March 6 issue. The question read: "Which of the following statements is correct in respect of a five-year fixed rate mortgage offered by Eastern bank?" A. The rate charged will be lower than the bank's standard variable rate B. It cannot be redeemed during the five-year fixed rate period C. The bank is likely to charge an arrangement ...

  • Close Brothers gets permission to set up lender

    20 Mar 2006

    Close Brothers has been given permission by the Financial Services Authority to set up a lender, rumoured to be called Close Mortgages.Close Brothers, owner of network Mortgage Intelligence, announced it was considering setting up a lender at the end of last year.The news created concern over whether this would create a conflict of interest with both a network and a lender in the same group.Bob Golden, director of Close Brothers and a non-executive director of Mortgage Intelligence, ...

  • CML refunds dinner guests

    20 Mar 2006

    The Council of Mortgage Lenders has refunded its members 10% of the price they paid for tables at its annual 2005 dinner following complaints about the evening.The event, which was held on December 6 at the Novotel in Hammersmith, attracted a number of complaints about the food, service and overcrowded conditions.The CML has agreed compensation with the hotel of a 10% refund of the cost per table or individual booking, as well as an offer from the hotel for a complimentary night's ...

  • Columnists get it together

    20 Mar 2006

    Last week Mortgage Strategy held its inaugural contributors' lunch for its esteemed columnists.Representing the cream of the industry the lunch was sponsored by BM Solutions, with Tim Hague, director of BM Solutions, giving a well received speech at the beginning about the state of the market outlook for the next 12 months.Hague says: "Mortgage Strategy's columnists provide informative analysis on a weekly basis and having them all in one room at the same time ...

  • Commercial First to double its marketing team

    20 Mar 2006

    Commercial First is to double the size of its marketing team by appointing 12 members of staff. This will be followed by expansion of its underwriting and systems development teams.The lender is looking to hire eight business development managers to support its regional sales managers, two national training managers to provide training and processing support for Commercial First's intermediaries, and two marketing executives for project managed marketing solutions.Stephen Johnson, ...

  • Covernet UK launches customised version of MortgageStream

    22 Mar 2006

    Covernet UK, the broker support services provider, has launched a customised version of the MortgageStream case management system.

  • Curriculum Vitae - Judith White

    20 Mar 2006

    "At 21 I was told I was too noisy to work in a building society"

  • DB Mortgages' technology link

    20 Mar 2006

    Deutsche Bank and Vertex Financial Services have formed a partnership to help launch DB Mortgages into the intermediary market. The partnership will be based on a combination of Vertex's Omiga and Optimus software and outsourcing capabilities.The service is purpose-built for Deutsche Bank and is Vertex's largest mortgage outsourcing contract to date.

  • Dear Delia

    20 Mar 2006

    Intermediary ResponseBrian Murphy is lending manager at Mprtgage Advice BureauIt is not yet possible to complete a full Home Information Pack as the details of Home Condition Reports and the role of home inspectors have not yet been formalised. Only the legal aspects of the pack can be compiled today though trial HIPs with a normal property valuation are available. As it is not yet possible to produce a HCR, a valuation may seem to fill this gap. But a valuation only ...

  • Distribution is key as customer numbers grow

    22 Mar 2006

    Mortgage completions are on the up and the housing market is showing strong signs of growth again after a couple of quiet years. Lenders and brokers are reporting a steady stream of business from remortgage customers, and there’s even a good smattering of first-time buyers.

  • Do you trust your bank manager or your mortgage broker?

    20 Mar 2006

    Taking out a mortgage is the biggest financial commitment an individual can make, so trusting a broker to provide a good deal is important to consumers. With recommendations still a valuable lead source for many firms, creating an impression of trust makes good business sense.So, this weeks Mortgage Strategy asks...

  • e.surv operations centre celebrates tenth anniversary

    20 Mar 2006

    e.surv Chartered Surveyors a UK distributor of valuations, held its tenth birthday celebrations with head office staff at Kettering last week.

  • em- adds Victoria Mortgages to it lending panel

    22 Mar 2006

    em- has further extended its offer of free valuations and no application fees on the entire sub-prime range with the appointment of Victoria Mortgages on the em-homeloans branded lending panel.

  • em- appoints additional underwriter

    23 Mar 2006

    em- has appointed an additional member of staff in its Chester based underwriting office.Becca Falvey joins as underwriter and brings with her a wealth of experience in mortgage underwriting.Roger Morris, managing director at em-, says: We are consistently enjoying a month on month increase in business volumes thanks to our unique em- homeloans free valuations, no application fee offer on all sub-prime ranges. It is with pleasure that we welcome Becca to our underwriting department.

  • Estate agents in the dark on HIPs

    20 Mar 2006

    Conveyancer Easier2move has revealed the results of its first Home Information Pack awareness index, which shows 17% of estate agents do not know what one is.

  • EXCLUSIVE: LMC sale to Lehman Brothers delayed

    21 Mar 2006

    Mortgage Strategy has learned that Lehman Brothers was due to complete its buy-out deal of the London Mortgage Company on Friday March 24, but this has been delayed due to credit issues.

  • Exit fees warning

    20 Mar 2006

    The number of providers charging exit fees is growing at an alarming rate, warns Moneyfacts. It says a consumer in 1996 might have purchased a mortgage with an exit fee of 50 but if they want to review their mortgage provider 10 years later, this 50 fee could have risen to over 250.

  • Friends Provident signs exclusive MPP deal with West Bromwich

    21 Mar 2006

    Friends Provident has signed an exclusive mortgage payment protection products agreement with the West Bromwich.

  • FSA and OFT plan to work together

    22 Mar 2006

    The Financial Services Authority and the Office of Fair Trading are to produce an action plan, published by the end of April, setting out how they believe they can deliver benefits to consumers and firms by working together on several issue.

  • FSA outlines future funding options for FSCS

    21 Mar 2006

    The Financial Services Authority has outlined four possible options for the future funding of the Financial Services Compensation Scheme.

  • FSA to discuss PPI consultation

    20 Mar 2006

    The Financial Services Authority will soon meet trade associations to weigh up the response of the industry to its PPI consultation. The closing date for submissions from the industry was last Friday.

  • FTBs on the rise

    20 Mar 2006

    Mortgages Direct says first-time buyers are continuing to return to the market with first-time buyer levels at 46% in February, up from 45% in January.But buyers are feeling the squeeze with 32% opting for interest-only mortgages in February, up from 25% in January.

  • Gap between B2L fixed and variable rates narrows

    22 Mar 2006

    Long term fixed rates no longer dominate the field in the latest survey of the buy-to-let market by Business Moneyfacts.

  • GE expands its broker sales support operation

    20 Mar 2006

    GE Money Home Lending has expanded its sales support team to provide support for brokers across the igroup and First National brands.Eight professional advisers will be on call to handle enquiries. The team will be available to help on issues including criteria questions, decisions in principle, case referrals, payment and commission queries, accreditation calls, online queries, product guidelines and case discrepancies.Brokers will also have dedicated First National and igroup ...

  • Get information from the horse's mouth

    20 Mar 2006

    Most people outside the mortgage world would be surprised how dynamic it is. New firms spring up, lenders launch and consolidate and products pass by, sometimes with the longevity of dragonflies.

  • Get the tenants who are right for you

    20 Mar 2006

    In today's buy-to-let market it is essential that investors carefully research the type of tenant they expect to occupy their property. It is also beneficial for investors to pay particular attention to the area they wish to invest in as the location will affect the rental value and the propensity of tenants to pay.

  • GHL links up with Trigold

    24 Mar 2006

    Guaranteed and Genesis Home Loans have linked with Trigold to provide navigation between the sourcing system and their recently launched online insurance proposition.

  • Give clients a simple guide to TCF

    20 Mar 2006

    It is useful to provide customers with a brief guide to show them how the Treating Customers Fairly initiative will affect their dealings with your company, says Bill Warren

  • GMAC-RFC still on acquisition trail

    20 Mar 2006

    GMAC-RFC says it has not ruled out further acquisitions following its placing of an advertisement for a director of strategic marketing and investments with experience in acquisitions.The advert, in the Sunday Times, stated that the candidate would need to "identify a flow of investment/ acquisition opportunities, drive and coordinate all negotiations relating to potential new investments, and ensure that all governance requirements are met in relation to new investments ...

  • Google raps finance firms for missing online trick

    20 Mar 2006

    Online search engine giant Google has slammed financial firms for failing to embrace the marketing opportunities offered by the internet.This is despite research showing the web is now the primary source for consumers to research mortgages and other financial products.A pan-European study of chief marketing officers of major consumer finance companies by PricewaterhouseCoopers on behalf of Google reveals a large gap between the distribution of advertising and known media consumption ...

  • Government could still delay HIPs launch

    20 Mar 2006

    Industry sources say the government could delay the launch of Home Information Packs, set for June 1 2007, despite its pledge to stick to that date in the timeline it finally published last week.Milestones in the timeline include the release of draft regulations in June this year, the approval of the first certification schemes to oversee the work of home inspectors in September and the official launch of HIPs on June 1 2007.Peter Bruning, chief executive of the Home Information ...

  • Gross mortgage lending totals 21.8bn in February

    20 Mar 2006

    The latest data from the Council of Mortgage Lenders shows that gross mortgage lending totalled 21.8bn in February.

  • HIPs slammed as plot to tackle EU law

    20 Mar 2006

    Home Information Packs have been slammed as a back door way of implementing a European environmental directive on housing energy certificates.Despite the directive insisting on the implementation of energy certificates from January 2006, it has been revealed that many homes in this country do not have them.This has prompted speculation that HIPs are being brought in as an easy way to tackle the problem.Frank Lowe, estate agency director at mortgage network Home of Choice, ...

  • HIPs timeline boost to industry

    20 Mar 2006

    The government's timeline on the implementation of Home Information Packs is a well needed boost for the industry says Chancellors Associates.

  • HIPs to cost sellers 1bn a year

    21 Mar 2006

    The introduction of Home Information Packs will cost British house sellers approximately 1bn plus per year as HIP providers gear up for their introduction in 2007. However, legal experts believe the cost to the public could be reduced if solicitors were appointed as their HIP providers. Richard Barnett, senior partner of Barnetts Solicitors and a member of the Law Society HIPS Task Force and PISCES representative on the Office of Deputy Prime Ministers HIPs Implementation ...

  • HIPs will deliver more hype than help

    20 Mar 2006

    When it comes to Home Information Packs I think the public and industry positions are far less polarised than we are being encouraged to believe.

  • HoC unveils loans service

    20 Mar 2006

    Home of Choice has launched a second charge and bridging packaging service called Loans of Choice with a panel of 10 lenders providing loan solutions.Taking out a mortgage is the biggest financial commitment an individual can make, so trusting a broker or lender to provide a good deal is important to consumers. With recommendations still a valuable lead source for many firms, creating an impression of trust makes good business sense.So, this week Mortgage Strategy asksâ?¦

  • Home Office welcomes parliamentary inquiry into ID fraud

    21 Mar 2006

    The Home Office has welcomed the launch of the first parliamentary inquiry into identity fraud.

  • Home owners need representation, says Ground Level Properties

    23 Mar 2006

    Unethical practices by certain high street estate agencies have highlighted house hunters real need for trustworthy representation, says specialist property search company Ground Level Properties. Revelations made by BBC Whistleblower programme have shown that buyers using high street agents may be at risk of falling victim to scandalous malpractice, which could cost them dearly. The BBCs findings showed that certain agents and mortgage brokers swap confidential client ...

  • HSBC to pilot equity release

    22 Mar 2006

    HSBC this month will pilot a brand new service, the HSBC Equity Advance Service, in conjunction with a specialist provider, In Retirement Service.

  • In fine form

    20 Mar 2006

    Strong and sustainable growth characterises Ireland's housing market and lenders are catering to an increasing demand for more flexible products, says Barney McCarthyStrong and sustainable growth characterises Ireland's housing market and lenders are catering to an increasing demand for more flexible products, says Barney McCarthy

  • Industry calls on government to better regulate estate agents after BBC investigation

    22 Mar 2006

    The industry is calling on the government to better regulate estate agents following the BBC's investigation last night on dodgy dealings in the sector.

  • Infinity Mortgages acquires 100m of mortgage assets from Amber Homeloans

    20 Mar 2006

    Infinity has completed its first mortgage portfolio purchase, acquiring 100m of mortgage assets from the specialist lender Amber Homeloans.

  • Inflations rises for first time in five months from 1.9% to 2%

    21 Mar 2006

    An increase in sales of computer games and books has lead to a rise in inflation for the first time in five months, the Office of National Statistics has revealed.

  • Insight to float residential property fund

    21 Mar 2006

    Insight, the fund management division of HBOS is planning to float a fund of residential property on the stock exchange this year.

  • Intelligent Finance launches non-offet tracker with no ERCs

    23 Mar 2006

    Intelligent Finance is launching a non-offset tracker mortgage with no early repayment charges from March 31, after research revealed 27% of borrowers failed to take into account the impact of ERCs when buying a mortgage.

  • Interbay defends high proc fee

    20 Mar 2006

    Commercial finance start-up Interbay has rebuffed industry concerns that its 2% proc fee for brokers could attract the cowboy fringe of the market.The US firm set out its stall last week as a commercial finance lender, outlining the types of products and service it will offer brokers when it officially launches in May.Along with credit scoring and a common sense underwriting approach, it will be offering brokers a 2% proc fee which Ronald H. White, managing director of Interbay ...

  • Investors have confidence in B2L

    20 Mar 2006

    Over 81% of investors believe the buy-to-let market will provide good returns, reveals research commissioned by The Homebuyer Show.The poll, which surveyed more than 1,000 property investors, also shows that 68.2% of investors are relying on buy-to-let for their future wealth, and 71.9% are planning on buying more investment properties in the next 12 months.

  • It ill behoves politicians to waffle on the question of responsible lending

    20 Mar 2006

    From Colin Snowdon I was disappointed to read Vincent Cable's article in the Daily Telegraph on March 7 entitled 'Forget prudence, we're drowning in debt'. Disappointed because Cable is a politician I respect. An oil economist by background, his is usually a considered, reflective approach - far from the yah-boo school of politics. Unfortunately, he shows limited understanding of how the mortgage industry works in a regulated environment. He starts with a general critique of ...

  • John Charcol feature should have told both sides of story

    20 Mar 2006

    Name and address supplied 'Back to the future' was a good headline for the John Charcol article (Mortgage Strategy March 6). While the John Charcol theme made for interesting reading, it only gave one side of the story and didn't answer many of the questions people in the industry are asking about the company. If I recall correctly, the main characters in the film of the same name were a mad professor, his young sidekick, a bunch of people from the distant past and a bizarre ...

  • Just 17% of brokers say HIPs will affect FTBs

    20 Mar 2006

    Just 17% of Mortgage Strategy Online readers think Home Information Packs would have a negative impact on first-time buyers. Most think they would have no impact. Sellers will be the first to be hit by HIPs and the industry is bracing for a fall in people speculatively placing properties on the market. Whether first-time buyers will be reluctant to step onto the property ladder when faced with the mountain of information in a HIP remains to be seen.This week Mortgage Strategy ...

  • Kensington launches 90% LTV B2L

    23 Mar 2006

    Kensington Mortgages, the specialist mortgage lender, has launched a pioneering flexible buy-to-let mortgage as part of its new Kensington Choices product range.

  • King & Shaxson to launch fund for societies' liquid asset portfolios

    20 Mar 2006

    King & Shaxson Asset Management Limited is to launch a new fund for societies in the spring.

  • Launch DB Countdown

    20 Mar 2006

    It's good to see that Deutsche Bank is placed number 16 in the Sunday Times Top 100 companies to work for as the topic of recruitment is on the agenda, says Bill Dudgeon

  • Lenders feel debt pinch

    20 Mar 2006

    The average debt per adult in this country was 4,021 at the end of 2005, reveals a report from independent market analyst Datamonitor.Lenders are now feeling the strain of increasing unsecured debts and many have had to increase their bad debt provisions as consumers struggle to meet their debt commitments.

  • Let's all drink to the Irish housing boom

    20 Mar 2006

    St Patrick's Day has always been a time for celebration. On that day we can all take a sip of the black stuff and take pride in being, well, a little bit Irish. What better time to take a close look at our industry friends across the Irish Sea?

  • Let's help clients who need us most

    20 Mar 2006

    A two-tier commission structure for equity release business might encourage more clients who need advice to take advantage of the services of intermediaries, says Sue Read

  • Let's work with the FSA to shape future of the market

    20 Mar 2006

    From Judith White I read with great interest the news article about the FSA investigating the role of packagers (Mortgage Strategy February 27). Packagers are a crucial part of the market and will continue to be so, so it is good to see the FSA is looking into their role. But I hope negative speculation will not result from the announcement. The FSA is carrying out its remit of ensuring we maintain the professional image of this market and operate in a compliant matter, upholding ...

  • m2i will hold a workshop in Cardiff again this year

    20 Mar 2006

    From Steve Butler Having a business in Ewloe near the Welsh border, it was with a wry smile that I read Julia DeBattista's letter (Mortgage Strategy March 6). As head of Mortgage 2000 Intermediary Network (m2i) I, along with my compliance team, have just put together a number of Treating Customer Fairly workshops around the country for our members. The biggest headache was deciding on the location of the venues. Last year when we ran similar workshops the locations were ...

  • Majority of first-time buyers still getting hit by Stamp Duty

    20 Mar 2006

    In spite of Gordon Brown increasing the threshold for Stamp Duty from £60,000 to £120,000 in last year's Budget, a survey by Bradford & Bingley reveals that 55% of first-time buyers are still getting caught by this tax.

  • Many claimants are storing up trouble

    20 Mar 2006

    My father is seeking compensation for being mis-sold an endowment but he is doing it through a claims handler. Why?

  • Market Watch

    20 Mar 2006

    Swaps increased slightly last week.

  • Marketing Brief

    20 Mar 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

  • Measuring market cleanliness

    20 Mar 2006

    The Financial Services Authority is to publish a method of measuring the cleanliness of UK financial markets.It measures cleanliness by looking at the extent to which share prices move ahead of the regulatory announcements companies are required to make.

  • Mixed response to sourcing system total cost question

    20 Mar 2006

    From Paul Ormerod I had interesting responses to my letter in the March 6 issue of Mortgage Strategy. This started with a call from Trigold telling me it did include a total cost column. The caller was of course talking about the cost over 25 years, a figure which is of no use to anyone unless they happen to have a lifetime tracker. When I pointed this out he hurriedly said he'd only rung up to explain this feature and would call me back in half an hour. I've heard nothing since. ...

  • More objectivity is needed in the industry debate on SPASU

    20 Mar 2006

    From Thomas Reeh I have been following with interest the debate around SPASU which has now reached witch hunt proportions. It is odd that people who have limited experience in the mortgage market - and specifically in the sub-prime sector - pontificate about the evils of SPASU. The industry should assess the risks and benefits (yes benefits) of SPASU with calm heads. Sub-prime clients cancel their monthly ASU policies. Some major insurers have even withdrawn the product because ...

  • Mortgage 2000 appoints office manager

    21 Mar 2006

    Mortgage 2000 has appointed Stephanie Ayres as office manager for its packaging arm, m2-d&p and its online processing system, casemaster.

  • Mortgage Brain increases customer base following Openwork agreement

    21 Mar 2006

    Mortgage Brain has increased its customer base following Openwork's decision to exclusively rely on Mortgage Brain and Mortgage Trading Exchange for its sourcing and electronic trading needs.

  • Mortgage deal for bankrupts

    20 Mar 2006

    Bankruptcy specialist Capital Link has launched the first mortgage deal in the UK that does not require a client to be discharged from bankruptcy.The product, exclusive to Capital Link and its brokers, has been developed in association with Brentwood sub-prime lender Swift Group.As bankrupts cannot acquire an asset while bankrupt without giving it to the trustee in bankruptcy, until now lenders have not been prepared to advance funds to an undischarged bankrupt to reacquire ...

  • Mortgage Trust reduces rates on discount and trackers

    20 Mar 2006

    Following the March 3 LIBOR reset, Mortgage Trust has reduced the rates on all of its discount and tracker products across both its core and MT Select ranges.

  • MPLC moves HQ

    22 Mar 2006

    Mortgages PLC, the UK lender and subsidiary of Merrill Lynch, is moving its headquarters to a riverside office complex in the City of London.

  • Mr Potatoe Head promotes UCB

    21 Mar 2006

    Classic toy Mr Potato Head is leading a new advertising campaign this month for UCB Home Loans, the specialist lender of Nationwide.

  • Oakwood buys Aussie mortgage lender Pepper Homeloans

    21 Mar 2006

    Oakwood Group has today revealed that it has expanded its growing portfolio of wholly owned companies with the acquisition of Pepper Homeloans, a leading specialist residential mortgage lender in Australia.

  • Oakwood Group starts recruiting for UK mortgage business

    20 Mar 2006

    The Oakwood Group is now recruiting for its new specialist lending UK mortgage business.

  • OFT launches OEA code of practice

    21 Mar 2006

    The Ombudsman for Estate Agents Company Limited's approved code of practice was launched to consumers today by the Office of Fair Trading.

  • Online forum generates interest before launch

    20 Mar 2006

    Online mortgage forum 1BigTable says it has already received between 60 and 70 pre-registrations for its site.Jason Hegarty, founder of 1BigTable, says it already has GMAC-RFC on board as a sponsor and hopes to have another lender involved soon.Hegarty, who has been giving mortgage advice for the past five years, has been developing the idea of a forum on the subject for at least two years.He says he wants to create a portal that allows advisers to speak to other advisers ...

  • Partnerships appointment

    20 Mar 2006

    Mortgage 2000 has appointed Nikki Haworth as its corporate partnerships manager.

  • Paymentshield launches offline landlord quotation facility

    20 Mar 2006

    In response to the growing demand for buy-to-let property, Paymentshield has launch its BestQuote landlords buildings and contents insurance onto Inertia, its quotation service.

  • Paymentshield launches offline landlord quotation system

    20 Mar 2006

    In response to the growing demand for buy-to-let property, Paymentshield has today launched its BestQuote Landlords Buildings & Contents insurance onto its quotation service Inertia.

  • Pink unveils first deal in near prime range

    20 Mar 2006

    Pink Home Loans has launched an exclusive near prime product with Amber Homeloans - the first in its feather adverse range.The deal offers an initial pay rate of 4.75% discounted until April 30 2009 with no overhang. It is available to both full status and self-cert applications.Tony Jones, managing director of Pink Home Loans, says: "This is a fantastic deal that offers a rate from 4.75%, and is a good example of the way companies within the Skipton group work together to provide ...

  • Pinks reports 80% increase in application levels

    21 Mar 2006

    Pink says its campaign turning the adverse world upside down has been extremely successful with a substantial number of calls received to its mortgage helpdesk and an increase in application levels of over 80%.

  • Platform sees 20% completions increase in 2005

    21 Mar 2006

    Platform, the intermediary lender of Britannia, has seen a 20% increase in completion volumes in 2005 compared to 2004, which resulted in over 3bn of completions.

  • Preferred launches stepped deals

    20 Mar 2006

    Preferred has launched a three- year stepped fixed rate product range with rates starting at 4.99%.The range has been designed in response to broker feedback showing a demand for this type of product in the sub-prime market.Rates are fixed until July 1 2009 with no extended tie-ins, no remortgage loading and Right to Buy rates from 5.19%. The Select range allows two months' arrears in the past three months, with only the last three months' contractual payments required when ...

  • Preferred launches stepped fixed range

    21 Mar 2006

    Preferred has launched a three year stepped fixed rate product range, with rates starting at 4.99%.

  • Principality welcomes HIPs timeline

    20 Mar 2006

    Principality has welcomed the government's timeline for the implementation of Home Information Packs.

  • Private Finance appoints head of sales and marketing

    21 Mar 2006

    Mortgage brokers Private Finance has taken on Iain Dickson to head up sales management and business development. Dickson joins from Bank of Scotland Mortgages, where he was head of external sales

  • Proc fee squabble divides packagers

    20 Mar 2006

    Squabbles over proc fees last week left the packager community divided, with many industry experts predicting further showdowns with lenders ahead.The dispute was sparked two weeks ago when the Regulatory Alliance of Mortgage Packagers and the Professional Mortgage Packagers Alliance complained to Kensington Mortgages that the proc fees on its new range, Kensington Choices, made it unprofitable for packagers to distribute.Although Kensington has responded positively to pressure ...

  • Purely takes on Pitocco to boost sub-prime

    20 Mar 2006

    Purely Mortgages has brought in former Preferred chief executive Dennis Pitocco as a non-executive director to help the expansion of its sub-prime business.Purely has recently seen a surge in levels of sub-prime business, partly encouraged by its fixed fees for adverse credit cases. The broker expects this business to continue increasing throughout 2006 and has drafted in Pitocco in anticipation of this.Pitocco helped establish Preferred in 1996 and prior to his retirement in ...

  • Rates are not the whole story when recommending lenders

    20 Mar 2006

    From Andrew Hughes When will lenders learn that offering good products and market-leading rates is not enough to justify us recommending them to our clients? A good broker will ask many questions during a fact-find to understand the client's needs. Two points regularly raised by almost all my clients are 1) Find me the cheapest deal - the cheapest deal is not always the lender with the lowest rate, and 2) How long will it take? These comments eliminate many lenders from ...

  • Rightmove shares have volatile week

    20 Mar 2006

    Rightmove.co.uk had a volatile first week on the stock market, which saw its shares shoot up to a high of 414p and then make a dramatic drop.The website which is owned by Countrywide, Connells, HBOS and Royal & SunAlliance, is the ninth most visited site in Britain and tipped to be a major player in the Home Information Packs market.But as Mortgage Strategy went to press, the share price had fallen to 380p. The property website floated on March 10 at 335p, and experienced ...

  • Rip-off 08700 lenders should be named and shamed

    20 Mar 2006

    From Adrian Hook Can Alliance & Leicester explain why its broker phone lines are all 0870 numbers? A call to A&L costs me 6.7p per minute just to be held in a queue. Most other lenders I deal with use 0845 numbers at 3.3p per minute. I'd like A&L and other lenders that make money out of people giving them business to be named and shamed. A&L uses a 0845 number for direct business so why not for brokers? This has particularly annoyed me in the past few weeks as A&L's ...

  • Rising reposessions and increasing consumer debt leaves homeowners vulnerable

    20 Mar 2006

    Property owners are leaving themselves vulnerable by eschewing mortgage payment protection policies despite evidence of increasing repossessions, warns Paymentcare.

  • Should the industry be taking the threat of corporate fraud more seriously?

    20 Mar 2006

    The industry should work together on this issue and also make better use of specialists in combating corporate fraud, say our experts

  • Single premium MPPI option must be explained to clients

    20 Mar 2006

    From Paul Violet I was interested to read Chris Shelton's response (Mortgage Strategy March 6) to my recent letter. I'm sorry he misunderstands my scenario and also fails to understand the principles of MPPI. Single premium MPPI certainly can be cancelled and the premium refunded and any compliant adviser will make sure that the option of cancellation is clearly stated, both verbally and in writing. The fact that the premium added to the loan will attract long-term interest ...

  • SLB makes movies for consumers

    20 Mar 2006

    Standard Life Bank has created 25 short online movies to explain mortgages to consumers after research found 64% found the process confusing.Titled Freestyle+, the films cover topics ranging from how much you can borrow and what a variable rate mortgage is to what's on a Key Facts Illustration.Andrew Boddie, head of marketing at Standard Life Bank, says: "The property buying process can be daunting so we developed Freestyle+ to guide people through what is the ...

  • SPASU ban could lead to higher APRs

    20 Mar 2006

    The banning of single premium payment protection insurance could result in loan interest rates rocketing, with a knock-on effect on the economy.Mortgage Strategy recently relaunched its campaign to rid the industry of single premium accident, sickness and unemployment cover on the back of the Office of Fair Trading's probe into the multibillion pound payment protection insurance industry.But Steven Atkins, managing director of Freedom Finance, warns that the problems ...

  • SPASU is sold for commission and for no other reason

    20 Mar 2006

    Name and address supplied I'm amazed there is any debate about SPASU as the only reason it is sold is for commission. A couple of years ago I worked for a remortgage broker and the company policy revolved around SPASU and a 1,995 broker fee. Nobody was offered monthly cover. The average customer unfortunate enough to remortgage would see their mortgage balance increase by about 10,000. This would be made up of a 1,995 broker fee, 6,000 typical SPASU plus solicitors, valuation, ...

  • Stay close to clients in changing times

    20 Mar 2006

    Big changes to the way brokers operate in the mortgage market are on the way and the key to being strong enough to meet these challenges is client retention, says Payam Azadi

  • Surveyors are downbeat

    20 Mar 2006

    Nearly 90% of Royal Institute of Chartered Surveyors members interviewed by National Homebuyers say the market is at best static and at worst slow, contradicting recent reports of improvements.

  • Talk technology

    20 Mar 2006

    There is a need for more discussion among all parties in the mortgage sector about e-commerce services and standards, says Paul Pettitt

  • Technology will continue to change our industry

    20 Mar 2006

    Hardly a week goes by without news of the launch of yet another online mortgage system designed to assist with sourcing, the application process or back office processing.

  • Teens have high financial hopes

    20 Mar 2006

    Over half of all 16 to 21 year olds would like to be self-employed when they are older, and almost a third think they will become millionaires.

  • Tenet launches LIME Direct

    24 Mar 2006

    Tenet has launched LIME Direct, a service tailored for directly authorised advisers offering direct access to the LIME whole of market mortgage, life and insurance panels.

  • The Derbyshire teams up with Friends Provident

    24 Mar 2006

    The Derbyshire has selected Friends Provident as its partner in a distribution agreement.

  • The Lagoon Group launches bridging finance business

    22 Mar 2006

    The Lagoon Group has launched its bridging finance business, Lagoon Bridging Loans & Finance.

  • The Mortgage Mole

    20 Mar 2006

    CUT IT OUTHackette Reb-ecca Atkinson was suffering from a sore head on Wednesday after a big day out at Cheltenham, courtesy of Cheltenham & Gloucester.After a greasy bacon butty and several cups of tea she confessed to Mole that not only had she lost all her money on the horses but had also wrecked her favourite top.After the zip of her body warmer became stuck early on in the day she had no choice but to cut herself out of the offending garment.Mole was tempted ...

  • The next step is online integration

    20 Mar 2006

    The next step for online decision systems such as On Demand from Mortgages PLC is to be integrated into broker systems to provide decisions at point-of-sale, says Frank Eve

  • The offset explanation puzzle is solved at last

    20 Mar 2006

    I spent much of last week trying to rebuild a cube puzzle which arrived along with some research from Intelligent Finance.

  • The price is wrong and TMW is right

    20 Mar 2006

    The problem of off-contract pricing will eventually be resolved but until then The Mortgage Works is right to steer clear of lending on new-build buy-to-let properties, says Matthew Wyles

  • There is a total to pay feature on Trigold if you look for it

    20 Mar 2006

    From Rob Roberts Further to Paul Ormerod's letter on March 6 regarding the lack of a total cost column on Trigold, he should read his user guide properly. Following initial sourcing and sorting the products into rate order as he explains, he should then select 'Total to pay' from the Tools menu at the top of the screen. He can then select an option to view the total the client will pay over a period to be specified by the adviser instead of the monthly payments. For ...

  • Time to consider repayment options

    20 Mar 2006

    There's not long to go if your clients want to take advantage of tax-free savings through Individual Savings Accounts this year. The deadline is April 5 but it's best not to leave this until the last minute.

  • Top slicing proc fees is out of order

    20 Mar 2006

    The practice of networks top slicing procuration fees is inherently unfair to hard working members and there is a strong business case for scrapping it, says Paul Tebbutt

  • Treasury, Bank of England and FSA come together over financial stability

    22 Mar 2006

    HM Treasury, the Bank of England and the Financial Services Authority have today collectively published an updated Memorandum of Understanding for Financial Stability.

  • Trigold teams up with Focus Business Solutions

    23 Mar 2006

    Trigold has selected technology from Focus Business Solutions to provide a new service to brokers.

  • UK leads in gazumping

    20 Mar 2006

    The UK has the highest incidence of gazumping in Europe, a study by Scottish Widows Banks reveals. Some 37% of Brits are gazumped compared with 18% of Germans, 25% of Spaniards and 29% of French people.

  • We are still scoring great own goals

    20 Mar 2006

    The mortgage industry has to avoid the odd grenade thrown at it by consumer groups and journalists. But over the past 12 months there has been a shift in how the industry is perceived. Much of this has been positive but there are still a few negatives.

  • Why did HoC take on Harp in violation of FSA regulations?

    20 Mar 2006

    From Richard Griffiths After Brian Rossiter's Star Letter in your January 23 issue, I note Richard Coulson of Home of Choice won the Star Letter in the March 6 issue, both at my expense. This is becoming annoying, especially when I don't win the PlayStation Portable prize. I am almost tempted to accept Coulson's offer of a drink to drown my sorrows. But enough of the moaning. Coulson starts off with a few cheap shots, saying my views in my February 27 article are half-baked ...

  • Women head for financial cover

    20 Mar 2006

    For the first time more women are buying financial protection financial kind than men, research from LifeSearch reveals. The company says that in Q1 of 2006 51% of its customers were women.

  • Work together for a confident future

    20 Mar 2006

    If the equity release market is to move forward with confidence we must heed the cries for a common message and common guidance on the subject.

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