Mortgage Strategy
20 September 2004

  • ...And meets with industry approval

    20 Sep 2004

    Bob Riach, proprietor at Riach Independent Financial Advisers, says: "I'm reluctant to place any business with Abbey. I will not be advising clients to take an Abbey deal until it has sorted itself out." Ray Boulger, senior technical adviser at Charcol, says: "An HBOS bid would have almost certainly been put to the competition authorities which would have meant that a significant amount of management time would have to betaken up with it." Simon Bucknell, business ...

  • 2004 boom year for membership, says NAEA

    21 Sep 2004

    The NAEA's membership now totals nearly 10,000 estate agents across the UK and shows that agents on the whole are committed to raising standards within the industry. The NAEA have had a significant year with the Office of Fair Trading's long-awaited report into estate agency, the continuing developments on the Housing Bill and the launch of the NAEA's Technical Award scheme marking major developments for the industry. The NAEA has also launched a high profile national ...

  • A View From The floor

    20 Sep 2004

    While the buy-to-let sector continues to grow rapidly, there are signs that purchases in some areas are starting to slow, a report issued by UCB Home Loans last week reveals. The report shows the market is still buoyant, as would be expected in a sector which is relatively young. But we are seeing signs that enthusiasm is waning a little in some areas as rising interest rates and increased house prices have a cooling effect. Rental returns of between 4% and 8% can be ...

  • A&L picks e.surv as chartered surveyor

    23 Sep 2004

    e.surv has been appointed as sole panel manager for the bank and will administer all valuations completed outside of the Alliance & Leicester staff valuer network, assuming responsibility for performance and quality in this crucial area of the lending process. e.surv will also be supplying technology and support services to Alliance & Leicester's inhouse staff valuer network. Alliance & Leicester will benefit from significant cost savings and efficiencies by streamlining its ...

  • ABI welcomes Inland Revenue plans for pre-owned assets

    22 Sep 2004

    As a result, gift and loan trusts will not be subject to an additional tax charge. Peter Vipond, head of financial regulation and taxation, says: "Following strong representations from the ABI, we are pleased that the Inland Revenue has confirmed that gift and loan trusts will not be subject to the pre-owned assets regime. This is good news for the holders of loan trusts. We have been working hard on behalf of policyholders to ensure that current arrangements continue, and they ...

  • Advantage receives minded to approve letter

    21 Sep 2004

    This means that Advantage can finally drop the label of packager and really justify its position of branded lender controlling distribution via network panels. Peter Bass, head of sales and marketing, says: "This authorisation sets us apart from our competition as it allows us to continue to have client contact after M-Day, ensuring faster offers, quicker completion times and improved cashflow for our network partners." Adel Belton, head of compliance, adds: "This move ...

  • Alliance & Leicester reduces arrangement fees

    24 Sep 2004

    The two-year fixed rate has a reduced arrangement fee and is available at 4.95%, fixed until December 30 2006. Customers can borrow up to 95% of the property value. The arrangement fee is £395, reduced from £595. A two-year discounted rate comes with a 2.40% discount off Alliance & Leicester's standard variable rate. Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, says: "Our mortgage deals are consistently competitive and these ...

  • ARLA slams buy-to-let abuses

    23 Sep 2004

    The ARLA panel of lenders, Birmingham Midshires, GMAC Residential Funding, NatWest Mortgage Services, Paragon Mortgages and The Mortgage Business, represent some 40% of all buy-to-let mortgage lending. ARLA represents 1,500 lettings and residential management offices. Speaking in London, Robert Jordan, president of ARLA, said that true buy-to-let is an example of private enterprise fulfilling a social need for choice in housing while also providing a fair return for the landlord. He ...

  • BDS Mortgage Group adds Northern Rock to direct panel

    21 Sep 2004

    This addition takes the total number of lenders and product providers available through BDS to 45. It is currently in discussions with many other lenders and will release information about additional relationships in the future. Procuration fees and submission details are available upon request. BDS has now received its full authorisation notification from the FSA, confirming itwill be an approved body post-October 31 for mortgages and insurance. It is offering a full range of ...

  • Blue Sky

    20 Sep 2004

    If the aim of marketing is to make selling superfluous then the aim of experiences is to make other forms of marketing superfluous. By creating marketing experiences - compelling and frequently offbeat physical or virtual places designed to attract new customers and rekindle the interest of customers - companies generate additional demand for core offerings. The experience may be poles apart from the company's core manufacturing or service business, but it becomes the entrée ...

  • BM Solutions to launch KFI on October 10

    22 Sep 2004

    From this date mortgage intermediaries will be able to access an accurate and guaranteed KFI directly from BM Solutions' website. After October 31, a KFI will continue to be produced in the same way but will then also contain the Key Facts logo and the appropriate regulatory wording. In a further move to help mortgage intermediaries, BM Solutions is launching a user guide. The guide will explain the circumstances that may arise in the run up to mortgage day and beyond, making ...

  • Branded for life

    22 Sep 2004

    As sponsors of West Bromwich Albion football club, the building society's logo appeared in photographs of the team's star player, Lee Hughes, accompanying stories of his court case and subsequent imprisonment for a fatal car crash.

  • Brokers could boycott unprepared lenders

    20 Sep 2004

    Brokers are threatening to boycott lenders who fail to meet mortgage regulation requirements. Lenders who are not prepared for Mortgage Day will be dumped by 75% of brokers and may not be used again, research from Marlborough Stirling reveals. Nearly half, 47%, of brokers say they are concerned about being unable to deal with lenders who opt to close their books while they re- engineer systems and processes to become FSA-compliant. And over two thirds of intermediaries, ...

  • Brokers threaten to boycott lenders not ready for M-Day

    21 Sep 2004

    In addition, nearly half, 47%, of mortgage intermediaries say they are concerned about being unable to deal with lenders who opt to close their books while they re-engineer systems and processes to become FSA compliant.   Indeed over two-thirds of advisers say that they would be worried about the level of service that these lenders could provide once they re-open to new business, further demonstrating the long-term ramifications of not being prepared for regulation.   Phil ...

  • Burns-Anderson reveals interim results

    24 Sep 2004

    Turnover from network operations has exceeded expectations and the company continues to remain profitable during difficult times both for other networks and the industry in general. The company, who generated its first post tax profits for six years in the year ending December 31 2003, attributes much of the strong performance this year to continued dedication to improving customer service and rationalising costs. Peter Coleman, finance director at Burns-Anderson's, ...

  • Can sourcing systems help brokers source equity release products?

    20 Sep 2004

    The sales of lifetime mortgages have declined in the first half of 2004 compared with the previous six months. You might think that this is something of an anomaly if you consider that the fundamental triggers for lifetime mortgages remain steadfast. Lenders appear to have played their part to broaden the market with the likes of Mortgage Express, Portman and Standard Life Bank among others offering lifetime mortgages. But despite a myriad of new product offerings, networks and ...

  • Can you have a pop to win this great

    20 Sep 2004

    Can you put the boot in to your nearest and dearest to win this amazing ipod courtesy of Kensington Mortgages? You could soon be dancing your socks off to this amazing music player by simply sending your suggested caption to Mortgage Strategy. Send in a witty caption to the photo above left and you will be automatically entered into our prize draw. Remember, the funnier it is, the more likely you are to be entered into the draw. So what are you waiting Mortgage Strategy ...

  • CD to help brokers pick deals

    20 Sep 2004

    Three brokers have joined forces to develop an easy to use CD program to help brokers quickly come up with the best mortgage option for a client. Mortgage Minder allows brokers to enter a client's details, track any changes to their client's mortgage and create a 'what if' scenario which will produce various models showing the effect any changes could make to how much the client pays. The system has been under development for the past 15 months by Rob Gill, ...

  • CETA launches general insurance compliance package

    22 Sep 2004

    The package, called 'I Comply', gives brokers access to CETA's software, product range and service support in an integrated, fully complaint package. 'I Comply' is free of charge - all brokers need do is register with CETA. There are no membership fees or ongoing charges for using CETA's services. CETA director Adrian Waters says: "I Comply is a must for all brokers, particularly directly authorised intermediaries who don't have the benefit of compliance ...

  • Commercial First appoints TBMC as master packager

    21 Sep 2004

    This enables it to pay generous commission of 1.5% to introducers on cases of any size, and unlike some other packagers, TBMC does not make any additional client charges for packaging the case. Other key features include no additional broker fees, up to 100% LTV with additional security and a repayment term up to 30 years. Mike Staight, head of commercial lending, says: "This is a product that really fills a gap in the commercial market. We also offer our brokers assistance ...

  • Compass Finance receives FSA authorisation

    21 Sep 2004

    It has been granted permission under Part IV of the Financial Services and Markets Act 2000. The notice confirming authorisation will be effective from October 31 2004. Chris Smith, chief executive of Compass Finance, says: "We are delighted to have received our scope of permission notice from the FSA. It is credit to everyone at Compass Finance who has worked hard over the course of the last year to prepare the business for regulation. "We are now looking forward to ...

  • CurriculumVitae - Steve Butler

    20 Sep 2004

    Name: Steve Butler Age: 47 Company: Mortgage 2000, part of moneysuper market.com Job title: National sales manager for Encore, the sourcing system from Mortgage 2000. Where do you live? Nottingham. Describe your Current Job: As national sales manager my job is to deliver a sourcing system called Encore that meets the expectations of its users in terms of functionality, e-trading capability ...

  • D&D Homecare appoints managing director

    20 Sep 2004

    Derek Green, founder and previous MD, has taken up the role of chairman of the board. This announcement follows the appointments earlier this year of David McGill to the position of head of sales and Glen Coultish to head of operations. McGill was previously head of business partnerships at Paymentshield and Coultish was previously operations and development manager for Standard Life. It is anticipated that both positions will join the board of D&D during 2005. Thompson ...

  • Dear Delia

    20 Sep 2004

    The parents will be living in the property and wish to gift the equity to their son. Unfortunately, Mr and Mrs Morris do not have a deposit so they need a 100% loan. The property value is £100,000 and the purchase price is £72,000. Whilst the applicants are able to prove their income, Mr Morris has £1500 unsatisfied CCJs from 2003 and a poor credit profile on a personal loan and credit cards. Intermediary response Trevor Youens is director of Flower ...

  • Derbyshire offers investors added protection

    23 Sep 2004

    The product provides added peace of mind for private landlords or anyone thinking of letting out their property to others. It offers cover choices for buildings only or buildings and contents, the latter providing cover for contents up to a value of £10,000. The policy, which compliments Derbyshire's existing household and income protection insurance products, also provides cover for up to £5,000 loss of rent, up to £5,000 re-letting costs and up ...

  • Electronic local searches to be taught on legal practice course

    21 Sep 2004

    The move follows a successful pilot of the use of OneSeach Direct's online search service on the College of Law's London course. Use of the same service will now be taught on the college's other courses in Birmingham, Chester, Guildford and York. Richard Megson, sales and marketing director of OneSearch Direct, says: "In the future all conveyancing, including the local search, will be completed online to save time, cost and hassle. It is therefore essential that ...

  • Enable forges links with three top mortgage clubs

    20 Sep 2004

    Enable mortgage and insurance network, part of Skipton Group, has agreed terms with three of the leading UK mortgage clubs - Legal & General, Premier Mortgage Services and Abbey's The Mortgage Alliance. The agreements are designed to build on Enable's commitment to deliver access to the whole market for its appointed representatives following regulation. Richard Verdin, sales and marketing director at Enable, says: "All three have reputations for innovation, ...

  • Exclusive Connections makes two appointments

    24 Sep 2004

    Lana Harris joins as mortgage systems administrator. She will be responsible for implementing and managing the in house packaging system, ECLipse. ECLipse forms the link between local offices and lenders. This state of the art system automatically checks the customers' application and circumstances against the lenders basic product and lending criteria. Brokers will continue to experience the same level of service and packaging standards through the network of local offices. Harris ...

  • Exclusive Connections MD resigns

    22 Sep 2004

    O'Hearne says: "Patrick has done a phenomenal job taking Exclusive Connections from 20 members and completions of £300m per annum to a nationwide organisation of 35 member packagers with completions exceeding £1.5bn. "Patrick has resigned for personal reasons, however, as a shareholder and board member, he will remain active within the Exclusive Connections organisation. Exclusive Connections has a number of exciting projects ahead and the existing management are ...

  • EXCLUSIVE: Stewart Wright steps down as MD of B&W Mortgages

    24 Sep 2004

    Wright will retire from the post he has held since April 2002 at the end of December. McCormack, currently managing director of Bank of Ireland Mortgages, will take up the reigns as head of the Bank of Ireland subsidiary, B&W Mortgages, from January 1. Wright has worked at Bank of Ireland and Bristol & West in a variety of different roles for 28 years. He will retire to focus on charity work and currently has no plans to re-emerge in the mortgage market. He ...

  • Financial Health

    20 Sep 2004

    While many people have benefited financially in the current housing market boom, there is a growing awareness that first-time buyers could be classified as an endangered species as they find it increasingly difficult to step onto the UK housing ladder. With the National Institute of Economic and Social Research reporting that housing price growth will slow to single digits, rather than suffer an early 1990s-style crash, and with rising interest rates and student debts, we have ...

  • FMO reveals transitional arrangements for late DA brokers

    20 Sep 2004

    Within the FMO Group, the mortgage network company - Your Mortgage Options - will allow mortgage brokers of any size to operate as authorised representatives on a rolling monthly contract until their authorisation is received from the FSA. YMO received its grant of permission Part IV of the Financial Services and Markets Act from the FSA on Monday September 14. This full authorisation enables YMO to conduct mortgage and general insurance business as a principal with effect from ...

  • Freedom Finance receives notification of full authorisation

    23 Sep 2004

    Stephen Atkins, group compliance director for Freedom Finance, says: "I'm delighted that the Freedom Finance Group has received its part IV permission notices - for mortgage broking, the sale of general insurances and mortgage lending - as everyone has worked really hard to prepare the whole business for regulation. We are now looking forward to November 1 with eager anticipation."

  • Friends Mortgage World to appoint Chelsea to its mortgage panel

    24 Sep 2004

    Details of the appointment will shortly be issued to all of FMW's mortgage brokers. Trevor Galvin, mortgage proposition manager at Friends Provident, says: "This appointment adds to the quality and range of providers across our panel. It follows a comprehensive review of the panel membership with our mortgage brokers. The key to such an appointment is making sure that a panel member can bring added value to our overall proposition and without doubt Chelsea has demonstrated ...

  • FSA job offer raises eyebrows in industry

    20 Sep 2004

    A recent Financial Services Authority job advertisement for a chairperson on its regulatory committee who can expect to earn £150,000 for just three days' work has raised eyebrows in the industry. One anonymous broker says: "Good work if you can get it.This is another insight into the FSA. It's good to know that our money is being invested wisely." The advert in the national press says: "It is seldom that opportunities arise to work at the forefront of financial ...

  • Genesis Three Valleys appoints managing director

    21 Sep 2004

    Connolly has worked in the mortgage industry since 1979 and has a detailed understanding of both the mortgage broking and packaging industries. He says: "I'm delighted to be appointed MD of Genesis Three Valleys. We can provide mortgage brokers in our surrounding area with a comprehensive packaging service and appointed representative proposition. We have access to market leading products and pay highly competitive procuration fees." John Lee, head of sales and ...

  • Hamptons targets SE Asia

    20 Sep 2004

    Hamptons International Mortgages has unveiled plans to launch into the South-East Asian expatriate market. The company has operated an estate agency office in Hong Kong for some years but is now developing a brokerage operation to complement its agency presence in the region which specialises in off-plan exhibitions to the HK investor market. It recently pre-sold over £20m worth of apartments at London's Arsenal FC stadium development. Rob Winfield , director ...

  • HM Customs rules against VAT on network fees

    22 Sep 2004

    There has been mounting confusion over exactly what the VAT treatment of services supplied by ARs operating under networks would be. But in a Business Brief released last week Customs defines networks as firms which appoints, trains and takes liability for ARs in accordance with FSA requirements and then subcontracts its functions to those ARs who interact directly with the client and the product providers on behalf of the network. Any network that comes under this ...

  • HML's Tim Fletcher quits to join Baseline

    20 Sep 2004

    Tim Fletcher has joined Skipton group's Baseline Capital in the newly-created role of sales and marketing director having held the same role at another Skipton subsidiary, Homeloan Management, for the past three years. Baseline Capital provides data and specialist services to help lenders prepare for the Basle II capital adequacy requirements. Richard Coates, Baseline managing director, says: "I'm glad to have Tim on board given his extensive contacts among lenders, ...

  • Icon Finance under fire for failing to pay fees on time

    20 Sep 2004

    Icon finance has come under fire for failing to pay fees on time. One broker claims the Hampshire-based packager has delayed paying out £25,000 in proc fees. Icon Finance was previously known as Non-Status Mortgage Company, based in Surrey, but changed its name in April this year. One broker, who wishes to remain anonymous, took out two sub-prime mortgages with the company in December 2003 when it was still known by its previous name and although the broker ...

  • Improve your skills and your bottom line

    20 Sep 2004

    Recent research from the Association of British Insurers reveals that employees are almost twice as likely to make financial decisions if they receive information and guidance via their employers. If people won't go to financial advisers and are not taking action themselves, the workplace is an ideal place for financial education to go to them. Financial education and financial literacy are both still too low a level among the general public. And too many people do not realise ...

  • Industry sources warn of blood on the carpet

    20 Sep 2004

    There is growing concern that many networks could be guilty of a regulatory breach unless they make sure any shortfalls in the number of ARs they have for Mortgage Day is communicated to the FSA. So if a network originally told the FSA that they were looking for some 300 ARs and they are now looking at list closer to 100 ARs, that is something that has to be explained. An anonymous source says: "People who have been approved could be in breach of the threshold conditions. ...

  • Infinity First to provide compliant online KFIs

    22 Sep 2004

    The KFI facility is being made available to brokers on September 30, via Infinet, the company's online application processing system. Infinet, which has been developed with technology support provided by Newbury-based edge IPK, also provides mortgage brokers with access to the following: An accurate library from which products can be sourced based on KFI input details, the ability to pre-populate online applications using previous inputs, an intelligent? and an application ...

  • Inter-Alliance Group in general insurance link up with Higos

    20 Sep 2004

    Higos will provide a fee-paying referral service for those within all Group Companies who do not want to advise on general insurance but still wish to provide this service to their clients. Higos, established in 1992, is a specialist general insurance broker covering a full range of both personal and commercial products. Helen Davis, distribution development director for Inter-Alliance, says: "We wanted to provide a way of giving all our intermediaries the ability to offer, ...

  • Intermediaries face inducements dilemma

    20 Sep 2004

    Problems will arise when lenders are forced to decide what is meant by an inducement come regulation. This could put a stop to hefty bonuses. One source tells Mortgage Strategy that cash bonuses of £200-£300 are being offered by some lenders to brokers for each case that is passed. Ray Boulger, technical manager at Charcol, says: "The main problem is in the sub-prime market. Some lenders offer brokers valuations in exchange for guaranteeing mortgage business. ...

  • Internet Insite

    20 Sep 2004

    One area that brokers must not neglect as they prepare themselves for regulation is their website. It will not be enough just to update their regulatory status, brokers must go through the whole of their website with a fine toothed comb to make sure there's nothing that oversteps the mark. For example, many broker websites talk about being 'independent' and yet offer 'free advice'. Under the new rules you can't call yourself independent unless you offer clients the option ...

  • Is there any need for another trade body?

    20 Sep 2004

    The Chartered Insurance Institute this month launched the Society of Mortgage Professionals and is looking to invest £2m in it to help brokers become better qualified and increase their professionalism. Richard Fox, currently compliance director at the MCCB, is to be SMP's chief executive from November 1, the date it will be up and running. The trade body will work alongside the Association of Mortgage Intermediaries rather than in competition with it and AMI ...

  • Islamic Bank of Britain opens first branch in UK

    21 Sep 2004

    It will be the first time that Britain's 1.8 million Muslims will have access to banking facilities from a British bank which is wholly operated in accordance with Islamic Sharia principles. Islamic Bank of Britain will be regulated by the FSA and will meet UK banking regulations and safeguards for the customer. While there are other banks in the UK which offer products that follow Islamic principles, Sharia, all have their origins within non-Sharia conventional banks. ...

  • Kensington appoints group finance director

    21 Sep 2004

    Steve Colsell was formerly at Zurich where he held a number of senior executive positions, including finance director of its UK and international life division. He has over 19 years of experience in the financial services industry, which includes roles with Allied Dunbar and Eagle Star. Peter Birch, chairman of Kensington, says: "We are delighted that Colsell is joining the board as group finance director. His extensive experience of working within regulated, specialist financial ...

  • Kensington backs new specialist lender in Ireland

    20 Sep 2004

    This business will offer first-charge mortgages to borrowers in Ireland that do not meet the lending criteria of traditional lenders. Kensington will be the majority shareholder in the business with the remainder of the equity being held by the management team. Kensington has the option to buy all of the remaining equity over the next five years. The Irish business will be led by Ivan Doherty, as chief executive, who has a successful track record in senior positions in ...

  • Knowing the market is key to buy-to-let success

    22 Sep 2004

    The findings say key requirements include a hard-headed business assessment of the local housing market, an intimate understanding of the requirements of tenants and thorough research into the amenities of an area.  Location is key for astute buy-to-let landlords.  Nearly three-quarters of buy-to-let properties are within 20 miles of the landlord's own home as this means that they can keep a good eye on their investments and can exploit their detailed local knowledge to make ...

  • L&G helps IFAs understand employers' issues

    20 Sep 2004

    Legal & General is helping IFAs understand how social and legislative issues are placing increased demands on employers. High rates of absence from work, stress management, rising employment costs, changes in pension provision, legislation such as the Disability Discrimination Act and health and safety rules mean employers are faced with an increasing range of challenges concerning their workforces. Legal & General has produced a guide for IFAs, Group income ...

  • Launch of financial services specialist creates 250 jobs

    22 Sep 2004

    Credit Centre is a specialist financial services organisation that caters for the specific needs of the 7.6 million people who are unable to obtain a mortgage or personal loan from a high street bank or building society. The organisation has launched the first phase of its recruitment campaign as it opens its head office in the heart of Birmingham. Up to 30 full-time posts have been created at the company's Caroline Street headquarters - with over 15 more coming online in ...

  • Legal & General Partnership receives full authorisation from FSA

    23 Sep 2004

    This confirms that the partnership will be fully authorised to trade under the regulatory regime which takes effect on October 31. Graham Newitt, Legal & General's managing director of intermediary solutions, says: "We are delighted to receive full authorisation from the FSA. The Legal & General team have worked extremely hard to develop and deliver a market-leading proposition, and the tremendous response from advisers has confirmed what we all believe internally - that ...

  • Lending slows in August

    20 Sep 2004

    This was 13% lower than in July and just 3% higher than in August 2003. This is in contrast to last month, when lending was 3% up on the previous month and 13% up on the previous year. In marked contrast to last month, when lending was driven by a new £14.6 billion monthly record for house purchase loans, house purchase lending in August fell back by 18% to £11.9 billion. This was exactly the same as in August last year, and was the first time since August ...

  • LIA calls for annual health statements from FSA and Ombudsman

    24 Sep 2004

    In a response to the FSA's CP 04/12 on the ombudsman service, the LIA has suggested that these annual reports could draw attention both to areas of concern and also to areas where industry performance is satisfactory or above average. John Ellis, the LIA's public affairs director, says: "In this way, a balanced view could be presented of each sector on an annual basis which would provide the opportunity for wider comment and leadership by those who wish to adopt a constructive ...

  • LIA members offered SMP membership

    21 Sep 2004

    The Chartered Insurance Institute has confirmed that the 1,000-plus eligible mortgage advisers who become part of the Personal Finance Society at launch will be exempt from paying the £30 fee, which applies to all other members of the CII who want to join the Society of Mortgage Professionals. So far, mortgage advisers are lining up to join the Society of Mortgage Professionals' ranks, with membership being open from mid November. SMP's purpose is to be a centre of ...

  • Lighthouse Group announces interim results

    24 Sep 2004

    The groups turnover is up by 36% to £12.9m and gross profit is up by 112% to £3.3m. Group operating loss - before exceptional item, depreciation and amortisation of goodwill - is £0.9m, up from £0.8m in 2003. Lighthouse has also recruited 34 advisers formerly authorised by Broadstone IFA. David Hickey, chairman of the Lighthouse Group, says: "These results demonstrate further progress by Lighthouse, with turnover and gross profit both showing ...

  • LIME announces roadshows

    24 Sep 2004

    The LIME hosted roadshows have been carefully engineered to help advisers establish a more informed and competitive position for Mortgage and GI regulation. Having recently received its full part IV FSA authorisation, LIME believes it is in the best position to support advisers successfully through the regulatory maze. Key industry figureheads Paul Smee, director general of AIFA, and Chris Cummings, director of AMI, will be guest speakers along with leading lenders and key personnel ...

  • Lords committee backs insurers on EU directive

    22 Sep 2004

    The Association of British Insurers has also welcomed the House of Lords EU Social and Consumer Affairs Sub-Committee's view that the European Commission should carry out a thorough impact analysis of its proposals before proceeding any further. Stephen Sklaroff, deputy director-general of the ABI, says: "The Committee's report supports the UK's existing and robust sex discrimination legislation which allows gender to be used as a factor in insurance when the data is ...

  • Manor Mortgages receives full authorisation

    22 Sep 2004

    The Manor Mortgages Network offers whole of market lender access, multi or single tie life options, point of sale compliance and will leave procuration fees earned by the introducer untouched. James Harries, sales and marketing director, says: "A good realtionship with the FSA is vital going forward. As far as we are concerned, it's embrace the future or be damned - it really is that simple. As a well established packager we receive business from a wide variety of sources. ...

  • Market Watch

    20 Sep 2004

    Swap rates closed slightly down last week. One-year money is down 0.03% to 5.16% Two-year money is down 0.04% to 5.16% Three-year money is down 0.04% at 5.21% Five-year money is down 0.07% to 5.25% Lambeth launched an excellent three-year fixed rate at 5.10%. This follows its market-leading two-year fix at 4.85% which was pulled recently. Lambeth is going to be busy. UCB tried a new tactic with its broker update which contained the headline: 'Buy-to ...

  • Marketing Brief

    20 Sep 2004

    Over the past few weeks I've been looking at commercial and short-term lenders and there are still one or two left on my list. But I promised to take a look at a couple of residential lenders based in Northern Ireland so here are First Trust Bank and the Progressive, both based in Belfast. First Trust Bank is a subsidiary of Allied Irish Bank distributing, amongst other products, a range of mortgages directly to consumers. Progressive has a wider distribution with a good chunk ...

  • MCCB announces post-Mortgage Day arrangements

    20 Sep 2004

    The changes will take effect on Mortgage Day when the FSA will assume statutory responsibility for regulating the mortgage industry. The Mortgage Code will no longer apply from this date, and MCCB will cease its activities. MCCB has, however, put in place various arrangements to provide assistance to registered firms and consumers after this date. The MCCB's helpline will close on October 31 2004. After this date the helpline will no longer be manned; all calls will be greeted ...

  • Members Mortgages receives authorisation

    20 Sep 2004

    Members Mortgages Network is guaranteeing that all aspiring appointed representatives applying to join the network before September 30, 2004 will have their application processed by M-Day. It has also stated that the first 60 taking up the offer will receive a minimum of 20 qualified mortgage leads per month. Managing director Clive Watkins says: "I am delighted that we are one of the first networks to receive our full FSA permissions. I have spoken to many mortgage ...

  • Moneynet suspends mortgage brokers

    24 Sep 2004

    The move comes as concern grows for thousands of home buyers who could lose out on their property transactions as the Mortgage Day deadline looms.   The initiative by Moneynet - which has itself won full FSA approval to arrange regulated mortgage contracts - reflects concerns that many UK brokers will not be compliant under the watchdog's strict regulations.   According to FSA sources, less than a third of all mortgage brokers are geared up to trade under the rules which ...

  • Mortgage 2000 announces final phase of roll out for Encore

    20 Sep 2004

    In light of forthcoming regulation, Encore - which already features full MTE integration - has undertaken a three-phase roll out programme to ensure it will be fully compliant under the regulatory regime come October 31.   Encore has already made available an 'Initial Disclosure Documents Wizard' within Encore, rather than terms of business, which is mandatory under regulation.   Encore has also enabled the user to formulate a dummy KFI using Encore's new feature ...

  • Mortgage Brain sees user numbers jump

    20 Sep 2004

    In addition to many thousands of small firms, major introducers, clubs and networks also benefit from using white label Mortgage Brain configurations. These include Bankhall/Point One, Bradford and Bingley Group, Connells, Friends Provident, LIME, Mortgage Intelligence, Mortgage Next, Norwich Union, Paymentshield, Personal Touch, Pink Home Loans, Sesame, St James's Place, The Exchange and Zurich. The steadily rising user numbers are testament to the confidence in ...

  • Mortgage Choice selected to join the Mortgage Alliance's packager panel

    24 Sep 2004

    Manchester-based Mortgage Choice is not a network, and will provide a packaging route to TMA for its 6,000 members that are already in a network and who prefer to use a non-network packaging facility, and also for general users. Steve Atkins, head of The Mortgage Alliance, says: "An important growth area for The Mortgage Alliance is providing white label mortgage club facilities for IFA and mortgage networks. We are delighted to welcome Mortgage Choice to our packager panel, ...

  • Mortgage cover needs clear-up

    20 Sep 2004

    Too many mortgage brokers are focussed, not surprisingly, on the mortgage loan itself and protection is seen as the poor relation or an add-on that often is not added on. And insurance companies market their products widely, also not surprisingly to the protection arena, without focussing on the specifics of the mortgage advice process. At the bottom of this chain is the client with enough to worry about financially, without worrying about how they are going to afford their mortgage ...

  • Mortgage Mole

    20 Sep 2004

    DAVROS COULDN'T MAKE IT The great and the just plain dumb of the industry gathered last week in Soho for the inaugural GE Home Lending quiz night. Unfortunately the only MS representatives in attendance were Martin, Thickett and Hall but still more than enough brain cells to take on some of our slower peers. Alas, as any experienced quiz player knows, winning is immaterial (we came second - thanks for the trophies). The true challenge is coming up with a clever name ...

  • Mortgage Next directors sued by Scarborough

    20 Sep 2004

    It seems that while the network was sold in Febuary to Freedom Finance, there had also been a rival bid from the Scarborough. A writ issued by the society's solicitors Addleshaw Goddard claims it spent £243,000 on external advisers and £102,000 internally as it prepared to buy the broker network. Mortgage Next declined to comment following legal advice. And the Scarborough is remaining similarly tight-lipped, with a spokeswoman stating that it's the ...

  • Mortgage Portfolio Services gets official authorisation

    20 Sep 2004

    This applies to regulated mortgage contracts from 31 October 2004 and non-investment insurance contracts from January 15 2005.   Simon Chalk, principle of Mortgage Portfolio Services, says: "I'm obviously chuffed to get permission in advance. It shows that if there's anyone out there who is wavering or concerned they should hang in there and not rush to the networks. It's also a case for having applied early."  

  • Mortgage Promotions in joint venture with Opus

    24 Sep 2004

    The joint venture will allow the 5,000 registered members of Mortgage Promotions access to the range of exclusive products which Opus are launching to the market, these include both prime and non-conforming products. Opus are providing members of Mortgage Promotions with a dedicated team committed to service excellence. Nick Baxter, managing director of Mortgage Promotions, says: "This was an important strategic decision. It will give our members an edge in a competitive ...

  • Mortgage Trust reduces mass market buy-to-let fixed rate to 5.95%

    24 Sep 2004

    Reduced from their previous fixed rate of 5.99%, the product also boasts a lower arrangement fee, 85% LTV and no MIG. With no early redemption charges applicable beyond the fixed rate duration, the latest product from Mortgage Trust is ideal for property investors looking for the certainty of a low rate for a set period. Not only is this rate extremely attractive but Mortgage Trust offers full flexibility on this product giving investors the opportunity to save for ...

  • Mortgageforce first franchised brokerage to receive authorisation

    20 Sep 2004

    It is the first firm of its kind, a national franchisor, to receive its grant of permission. Nic Lewis, sales and development director, says: "Whilst firms of our experience and scale had complete confidence in securing FSA authorisation, it is a highly significant moment when the FSA confirmation actually arrives. We are naturally delighted." Franchising remains the safest way to start and build your own business, as testified by the British Franchise Association's ...

  • Mortgageforce receives FSA grant of permission

    23 Sep 2004

    It is believed to be the first firm of its kind, a national franchisor, to receive its grant of permission. Nic Lewis, sales and development director, says: "While firms of our experience and scale had complete confidence in securing FSA authorisation, it is a highly significant moment when the FSA confirmation actually arrives. We are naturally delighted." Franchising remains the safest way to start and build your own business, as testified by the British Franchise Association's ...

  • Mortgages Direct awarded full authorisation

    21 Sep 2004

    Mortgages Direct, which provides mortgages and financial services for the Spicerhaart group, has been granted final authorisation, Part IV permission, to carry out mortgage and general insurance business by the Financial Services Authority. Peter Gladdy, director of Mortgages Direct, says: "Having invested significantly in compliance, we're pleased to have our full authorisation in place ahead of Mortgage Day. Direct authorisation gives us the control and assurance to continue ...

  • MPLC and Goldsmith Williams launch remortgage package

    20 Sep 2004

    The package, which will launch on September 20, will be available on all of MPLC's remortgage products in its standard and synergy ranges. The tailored package will ensure that brokers receive a range of benefits including a 10-day completion service from receipt of offer (including immediate processing from day one and access to immediate local searches), deed of gift indemnity and other defect insurance and no upfront or abortive costs. David Shortt, Goldsmith Williams' ...

  • N&P offers £5,000 prize for eco-friendly property

    21 Sep 2004

    An estimated 20,000 people self-build their own homes every year and many more dream about it. With the effects of global warming, such as increased flooding, being felt increasingly in the UK and around the world, the aim of green mortgage lender, N&P's competition is to raise awareness of how homes can be built in a more environmentally responsible way. N&P's competition is open to all home owners, not just N&P mortgage customers, who have undertaken a self-build ...

  • Nationwide charts show schools' effect on prices

    20 Sep 2004

    Nationwide has utilised the Primary School Performance Tables published by the government to compile charts which show schools' effect on local house prices. Alex Bannister, Nationwide's group economist, says: "In the past two weeks thousands of children have started their first year at primary school. "Traditionally, primary schooling is viewed as crucial in providing children with the basic building blocks of learning and thus parents put a great deal of effort ...

  • Nationwide launches lower fixed rate and tracker mortgages

    23 Sep 2004

    The two-year tracker is 0.04% lower than the existing product. These mortgages are available from September 23. The society is offering a two-year fixed rate at 4.95%, a three-year fixed rate available from 5.29% and a five-year fixed rate available from 5.49%. A two-year tracker is available from 4.75%, a three-year tracker is available from 4.89% and a five-year tracker available from 4.99%. All Nationwide fixed rate and tracker mortgages allow borrowers the ...

  • Network Data signs up 500 ARs

    22 Sep 2004

    The news delivers a blow to other mortgage networks still trying to break into three figures and sends out a strong message of support for Network Data's proposition. Richard Griffiths, managing director of Network Data, says: "We're more than happy with the number of new ARs that we have signed up to our proposition and are more than confident that we will reach 1,000 members by the time M-Day rolls around." The announcement comes on the back of Network Data receiving ...

  • Network frustration at A&L policy

    20 Sep 2004

    Discussions are underway at Alliance & Leicester after frustrated networks were told their members would be treated as individuals, rather than as part of a network. Ian McIver, managing director at The Whitechurch Network, was told that, come regulation, each member of the network would have to pass a certain number of cases a year to carry on doing business with A&L. McIver says: "I can understand this business model pre-regulation but once people have joined ...

  • Network stops advertising for new ARs

    20 Sep 2004

    Friends Mortgage World has suspended all adverts for its network until after Mortgage Day on the grounds that it would be irresponsible of it to encourage more firms to join. Mindful of the Financial Services Authority's timescale for authorising new firms, Friends Mortgage World says the FSA does not guarantee that it will process application forms in under three months and thus it would be wrong to encourage anyone else to join up. The network adds that it is already ...

  • NGM and networkone form strategic alliance with Nereus Infotek

    23 Sep 2004

    The relationship between the two companies enables NGM and its dedicated network arm for appointed representatives, networkone, to benefit immediately from the technology behind the Dashboard software system. With immediate effect, NGM's intermediary partners will be able to access a real time, web-based case tracking system, which will enable them to review the progress of a client's case 24 hours a day, seven days a week. Because the system is available via the worldwide ...

  • No housing market crash, says NAEA

    24 Sep 2004

    Peter Bolton King, chief executive of the NAEA, says: "For a number of good reasons we believe the IMF is needlessly flying a kite and scaring homeowners. They cite increasing interest rates as a reason for precipitating a crash. But opinion is that if rates go up at all it will be by just 0.25% in November and that will be the peak. "If the Bank of England puts rates up to 5% ? the same level that it was at in September 2001 ? it will not cause the roof to fall in on the housing ...

  • On the beat

    20 Sep 2004

    As we edge closer to Mortgage Day, I am concerned by some of the signs I am seeing. In June I suggested there was the potential for a major loss of practitioners. However, this close to Mortgage Day I did not expect the situation to be so acute. Last week's frank admission by a network that it had failed to get close to a critical mass of appointed representatives was a chilling sign of low application numbers. Back in May the numbers looked to signal a trend. The ...

  • Packagers must be authorised under the FSA

    20 Sep 2004

    Packagers will have to be authorised under the FSA regulatory regime. In a letter to the Council of Mortgage Lenders seen by Mortgage Strategy, Eleanor Linton, head of policy and technical standards at the FSA, explains that where third party administrators carry out any pre-sale activity it will be considered to be 'arranging' and an authorised activity. She writes: "We are aware that many third party administrators also carry on a range of pre-sale activities ...

  • Paymentshield appoints HBOS as underwriter for GI products

    23 Sep 2004

    The deal will see St Andrews take over the underwriting of Paymentshield's range of award winning products including buildings, contents and mortgage payment protection insurance and will make St Andrews a major underwriter of general insurance products in the mortgage intermediary channel throughout the UK. This move fits with the HBOS General Insurance strategy of gaining greater presence in the intermediated mortgage market, leading to a wider distribution for products underwritten ...

  • Personal Touch insurance reunites colleagues

    24 Sep 2004

    Many of the IFAs, mortgage and insurance brokers who now form the mainstay of financial services probably started their careers and gained their experience in the large direct sales forces which once dominated this industry. Times have changed, however. Many of the companies which ran sales forces have been taken over or have rationalised their operations, while their sales forces have largely been disbanded. As a result, colleagues who once thrived on camaraderie and shared ...

  • Pink Home Loans receives FSA authorisation

    23 Sep 2004

    Tony Jones, managing director at Pink, says: "We are pleased that we have received our FSA number. Pink has already invested over £1.5m in developing our compliance service for both appointed representatives and directly authorised intermediaries and we now aim to provide our customers with a market leading compliant service. This marks the beginning of our commitment to intermediaries under FSA regulation." Mark Howell, marketing manager, says: "Intermediaries who are still ...

  • Portman and The Mortgage Works choose xit2

    22 Sep 2004

    The Valuation Exchange developed by xit2 is able to streamline the valuation instruction process, which can halve the time taken to instruct the valuation. This time saving is sustained throughout the process and offers a tangible benefit to intermediaries who regularly receive pressure from clients on items affecting the speed of the mortgage offer, which are out of their control. Mandy Cusworth, group mortgage manager of The Portman Group, says: "By linking our panel and staff ...

  • Praise for the FSA where it's due

    20 Sep 2004

    Mortgage regulation must be a seriously thankless task for FSA officials. Appearances at industry events invariably include run-ins with disgruntled practitioners and if professional popularity is something they had hoped for in life, Canary Wharf was perhaps not the place to seek it. It may come as slight consolation then that the AMI helpdesk received dozens of calls last week praising the regulator and the authorisation process. Wondering what could possibly drive mortgage ...

  • Preferred Mortgages relaunches core range

    21 Sep 2004

    Key changes include the reduction of rates by up to 0.35% and an increase in discounts by up to 0.50%, on all products. The enhancements reflect Preferred's continued commitment to the needs of the market and reinforce their role as one of the leading lenders in the nonconforming sector. Other enhancements include a one-year discount extended until January 1 2006 on all products, a two-year discount extended until January 1 2007 on near prime enhanced and simplified credit ...

  • Preferred updates range

    20 Sep 2004

    Preferred Mortgages is relaunching its core range, with changes including a cut in rates by up to 0.35% and an increase in discounts by up to 0.50%. Other enhancements include a one-year discount extended until January 1 2006 on all products and a two-year discount extended until January 1 2007 on near-prime. It is also offering enhanced and simplified credit terms on light adverse which are available for borrowers with up to £4,000-worth of CCJs and two arrears ...

  • Premier Mortgage Management receives full authorisation

    22 Sep 2004

    It has now endorsed its independence in providing its mortgage management introducer service to the financial services and business to business market. Mark Mountney, managing director, says:"PMM recognises at the start of the regulatory process that a percentage, perhaps 10%, of Mortgage Code Compliance Board registered firms would not elect for authorisation and would be looking for an easier solution in providing access to mortgages for their clients. Introducing to PMM is easy."

  • Pressure grows to ease Stamp Duty burden on first-time buyers

    20 Sep 2004

    With recent provisional figures by the Inland Revenue showing proceeds from its Stamp Duty regime have risen threefold over the past seven years the debate over its impact on the housing market has once again moved it into the Westminster spotlight. Analysts have interpreted Tony Blair's early September vow to help those struggling to buy a home as the clearest signal yet that Stamp Duty may be cut. The question is - can the government afford to lose such a money-spinner? Stamp ...

  • Property prices fall for third month running

    20 Sep 2004

    The average property price fell for the third consecutive time last month, figures from the National Association of Estate Agents reveal. Over three quarters of estate agents confirmed they believe prices have reached their peak. Asking prices were on average 1.3% lower than the previous month and, further confirming the much-anticipated slowdown in the market, the annual increase in house prices was 8.5%, down from 10.3% the previous month. In addition, 79.6% ...

  • Purely becomes Interactive partner

    20 Sep 2004

    Purely Mortgages, which is to launch this month, has struck a deal with Interactive Investor, becoming its preferred mortgage partner. The broker says it has been selected ahead of other established brokers to provide fees-free mortgage solutions to Interactive Investor's database of over 1.4 million registered users. Purely says the partnership gives it greater access to the consumer mortgage market and provides Interactive Investor with an impartial, straightforward ...

  • Purely men raise money for gorilla fund

    20 Sep 2004

    Ian Giles and James Mayne, both representing Purely Mortgages, ran 7 km dressed as gorillas to raise money for the Dian Fossey Gorilla Fund. In total, there were 650 gorillas running in the City of London in full fake fur kit, representing the 650 highland gorillas still left in the world. Giles pledged to raise £400 and would be grateful if the industry could continue to support him in making this target. You can read more about the run and make your donations at www.gorillas.org

  • RICS records first house price fall in a year

    21 Sep 2004

    The decline follows a run of three interest rate rises in just four months over the spring and summer. RICS says prospective buyers have taken heed of rising borrowing costs and warnings from the Bank of England, though there are few signs that a significant market downturn is around the corner. With fewer people registering with estate agents, buyer enquiries fell for the fourth month in succession. In August 12% more chartered surveyor estate agents noticed a decline ...

  • Rising mortgage payments plunge three million Brits into the red

    23 Sep 2004

    Three million people in the UK have admitted they now struggle financially because of recent rises in their mortgage payments, with just over two million saying they may have to consider selling up if interest rates rise again. Despite interest rates remaining steady this month, the cumulative effect of five rises over the last year has led to millions of Brits facing financial hardship.    Just over half of those people now experiencing financial difficulties, one and a half million, ...

  • Sally Laker first to feature on personal finance radio programme

    20 Sep 2004

    The first programme will focus on remortgaging. Stations have three format options. They can take a fully pre-packaged programme from Llewellyn-Slade PR, they can pre-record an interview with the expert or interview them live. LBC, which broadcasts in the London and M25 region, and SAGA ,which broadcasts nationally, are expected to run the interview this week.

  • Santander front-runner for Abbey as HBOS pulls out...

    20 Sep 2004

    HBOS last week dropped its plans to make an offer for its biggest rival, Abbey, leaving the way clear for Spanish bank Banco Santander Central Hispano. HBOS' statement, issued to the stock exchange last Wednesday, says: "Notwithstanding the very substantial opportunity to create synergies, and a strong competition case with which to engage the regulators, HBOS has decided not to proceed with an offer for Abbey. "HBOS believes the shareholder value inherent in its existing ...

  • Savvy buy-to-let investors turn to commercial property

    22 Sep 2004

    The Mortgages for Business survey shows that 71% of buy-to-let investors already have an element of commercial property in their portfolio and 89% of those who currently do not invest in commercial property have plans to widen their portfolio to include commercial properties. The survey also shows that commercial property investors favour small offices and office developments and light industrial units. Only 13% of investors choose shops and retail units. However, for those ...

  • Scottish Provident gives clear regulatory direction on distance marketing

    23 Sep 2004

    From October 9, intermediaries selling protection will have to comply with the Distance Marketing Directive as part of FSA regulation for protection and general insurance. The DMD means that for all sales that take place in any form other than face to face, intermediaries should ensure clients have a copy of all the terms and conditions before the contract is signed. Scottish Provident is implementing DMD early, from September 19, aiming to minimise the hassle for intermediaries ...

  • Self-employed vs employed - the employer's perspective

    22 Sep 2004

    Contracts:Businesses must not assume that just because there is a contractor's agreement in place that the contractor is self-employed. Of course, if it is being alleged that a contractor is indeed self-employed, the existence of such a contract can only help. However, there are other considerations such as how the work is performed and the nature of the work being undertaken.

  • Sellers warned on non-FSA brokers

    20 Sep 2004

    UK Mortgage Compliance has warned house sellers to check their buyer's mortgage arrangements as two-thirds of brokers will not be authorised by Mortgage Day. UKMC says about two-thirds of mortgage brokers have not yet applied for the authorisation they will need come November 1. Time is running out for intermediaries who wish to be compliant by that date and the same is true for their clients, who may well find themselves without a mortgage broker part way through ...

  • Size matters when it comes to panels

    20 Sep 2004

    Over the next three weeks I will be looking at the values a network will need to survive and prosper over the longer term. Hopefully this will help brokers decide on which network to join before the October 31 deadline which is now looming over everything in the landscape ahead. The values I have in mind are choice, control, and continuity and this week I look at choice of mortgages and insurance products available on the network panel. Not surprisingly, your ...

  • Skipton revamps mortgage lending criteria

    20 Sep 2004

    Skipton has revamped its mortgage lending criteria to make them more objective and affordable. The changed criteria will look at a person's net disposable income and cross-reference this with their other bills such as credit cards and personal loans. Paul Darwin, development manager of intermediary sales at Skipton, says: "We want to be more objective and identify more quickly whether someone is in the right band. "We also want to look more closely at their ...

  • SmartNewHomes.com signs up Westbury

    21 Sep 2004

    This increases its market share to well over 70% of all new homes across the country totalling over 100,000 new homes every year. The partnership follows a strong period of growth for SmartNewHomes, during which it has clearly consolidated its position as one of the market leading new homes websites, with David Wilson, Laing Homes and Redrow signing up earlier this year. David Brexton, chief executive, says: "We are delighted to be working with such a forward-thinking ...

  • SPF recruits agricultural lending specialist

    22 Sep 2004

    His expertise includes the financing of estates, farms, food processors, equestrian centres, garden centres and rural diversification projects. Prior to joining, Ashbridge worked for four years at the Agribusiness unit of Clydesdale where he held a portfolio of rural clients in the South-East and his duties included targeting new customers and developing the business. He arranged finance for a variety of properties ranging from equestrian centres and fruit farms right up to ...

  • SPML appoints board directors

    24 Sep 2004

    Melanie Leask has been appointed as director of mortgage servicing, responsible for mortgage servicing, facilities, and management of SPML's mortgage system. Leask joined SPML in January 1998 and was promoted to executive manager mortgage servicing in April 2001, when she also managed the relocation of SPML's servicing function, customer services, collections and securities, from Kensington to High Wycombe. Prior to joining SPML, Leask was head of telemarketing ...

  • Standard answer to an online market

    20 Sep 2004

    Intermediaries are concerned about the accuracy of KFI data while networks and sourcing systems argue whether this data will come from them or from lenders' websites. Against this we have a backdrop of lenders and packagers facing difficulties in coping with the volume of applications. And amidst all this, the industry faces one of its toughest challenges in meeting FSA requirements. The general level of service to the consumer in the mortgage industry is still low and must improve ...

  • Step change

    20 Sep 2004

    Chris Cummings, director of the Association of Mortgage Intermediaries, has one word for the impact FSA regulation is likely to have on how broker firms recruit and retain staff: massive. It will change everything, from how they select new staff, how they train them, when they let them loose on customers and how they monitor their performance. Companies that fail to adjust to the new reality will pay the price in fines and other punishments. The FSA hasn't just been baring ...

  • TBMC launches Abbey commercial mortgage 80% exclusive

    24 Sep 2004

    Mike Staight, head of commercial lending at TBMC, says: "This scheme is only available through TBMC and one other broker in the UK and we are sure our distribution channels will welcome this opportunity to access this exclusive." "Traditionally this type of lending is restricted to 70-75% of the value. The scheme is available to many types of owner-occupied commercial sectors including retail outlets, light industrial, offices, factories and warehouses. Rates are competitive and ...

  • The devil in compliance goes further than detail

    20 Sep 2004

    Preparing for Mortgage Day should be the biggest item on the list of firms' current projects and two key questions need to preoccupy the minds of senior management while their troops are focussing on implementing the detail. First, why are we being regulated, and second, what impact will regulation have on our marketplace? The market is being regulated because the Treasury has decided that regulation will bring about changes in the market that it views as desirable. ...

  • The Money Centre joins forces with walkermorris OnLine

    24 Sep 2004

    The resource is geared up specifically with property investors in mind. Visitors to The Money Centre website will be able to take advantage of walkermorris OnLine's e-based, extended-hours conveyancing service, where communication is made via phone, e-mail, fax or post and your case progress can be tracked on walkermorris OnLine's website. Electronic management of information and dedicated case handlers mean that clients are given regular updates and quicker ...

  • The true meaning of independence

    20 Sep 2004

    Remember the good old days when you were either a tied adviser of a mortgage lender or you were an adviser who had the ability to look at all the mortgage deals available on the market. Pretty straightforward stuff. Well we are now moving to a new world where advisers can be independent, represent the whole of the market, be multi-tied... Confused? You are not alone. I have received quite a few communications from advisers looking for clarification and guidance in this area, particularly ...

  • TMB denies it plans to slash packager panel

    20 Sep 2004

    The Mortgage Business has denied rumours that it is to slash the number of packagers it uses. Since TMB's slow relaunch into the market at the beginning of the month the packaging community has been alive with rumours that a reduced packaging panel was a given, with many attempting to discover more details on the subject. But Mark Bergin, sales and marketing director, says that there is no truth in the rumours. He adds: "Packagers remain an important part ...

  • Trigold problem still not fixed

    20 Sep 2004

    Trigold has come under fire again over problems with its software in accessing Lloyds TSB quotations and printing Key Facts Illustrations. Trigold's spokesman Richard Hurst told Mortgage Strategy two weeks ago there was no problem with the Lloyds TSB KFI and that the issue merely related to the way the system mapped different fields of information. He added that this had been dealt with. But Campbell Robertson, broker at Scotland-based Campbell & Co, says ...

  • UNIPASS saves IFAs £288,000 per week

    22 Sep 2004

    The survey provides an opportunity for Origo to assess the impact the service is having on an IFA's working day, and the industry's long-term goal of driving down costs. The survey, which was completed by 2,332 users - almost three times the 833 users that took part in last year's survey, revealed some positive results. The survey shows that 60% of users stated that UNIPASS saves them up to one hour per week and 60% equate one hour of their time to over £40. With ...

  • Wake up and smell the coffee

    20 Sep 2004

    The success of the ING Direct initiative above provides food for thought for any business-to-consumer organisation. Lenders and intermediaries could gain from such an approach to their marketing activities. However, the final paragraph in the extract says that customers can't transact in the cafe but that it yielded $200m, that's confusing. Experience marketing, as the authors call it, is a good way to build a brand and ING Direct is also a great example of cross-selling, ...

  • We must focus on ability to repay

    20 Sep 2004

    Ever since the Monetary Policy Committee decided to make the first of five increases in the Bank of England base rate we have been bombarded with boom and bust stories. The pessimists have had their chance to blast the trumpets of doom and the optimists have been able to clash the cymbals of reason. Adding to all the confusion has been a plethora of indexes, surveys and opinions on the state and the fate of the housing market. One thing, however, is now clear ...

  • Website warns housing market hangs in balance

    20 Sep 2004

    Property website Rightmove's latest index warns that the housing market hangs in the balance as the usual autumn pick-up in prices has not materialised. The September issue of the Rightmove House Price Index shows house prices are static after a 2% fall in August and that a housing stalemate has been reached. It reveals prices are falling for lower value homes, particularly flats and terraced housing, and there are signs that the market is starting to readjust in order ...

  • Yorkshire launches two-year trackers with no tie-ins

    21 Sep 2004

    The deals offer homeowners a tracker rate set at 0.25% below the Bank of England base rate, currently 4.50%. Borrowers just moving their mortgage will pay Bank of England base rate for two-years. A third two-year tracker mortgage, without any fees and offering a contribution to legal and valuation costs, is also available at Bank of England base rate plus 0.55%. Ian Bullock, head of product development at Yorkshire, says: "All Yorkshire mortgages offer full flexibility with overpayments ...

  • Your future is in your own hands

    20 Sep 2004

    Five years ago the world was gripped with insecurity. What would the year 2000 bring? IT anoraks predicted computer chaos. The media was in a frenzy, suggesting that kettles wouldn't work, cars wouldn't start and planes would fall out of the sky. In short, the world as we knew it would end. In preparation, IT spend over the years 1999 through to 2001 increased by some 200%. But what happened? People, companies, whole countries went on with business as usual - kettles worked, ...

  • Zurich appoints CEO for Advice network in the UK

    21 Sep 2004

    ZAN is the forerunner of the directly authorised multi-tie retail distribution company Zurich intends to launch in the UK, to be operational in 2005. This appointment as well as the launch of the company are subject to regulatory approval. The intention to create a separate distribution company was announced on April 2 2004. It is based on a model for the life business, which entails the separation of the manufacturing and distribution functions in the UK. Paul van de ...

Poll

Should the Financial Conduct Authority be more intrusive than the Financial Services Authority?

Current Issue

Lending Zone
petitions
debate
Define Advice
Advanced search