Mortgage Strategy
21 August 2006

  • AFB launches PPI factsheet

    21 Aug 2006

    The Association of Finance Brokers has launched its first factsheet to help members with payment protection insurance sales procedures. The factsheet, entitled Payment protection insurance checklist, has been produced following issues raised about the PPI sector by the Financial Services Authority and the Office of Fair Trading. The FSA has urged firms to review their sales practices including checks on inappropriate sales, poor quality advice and lack of consumer clarity over ...

  • 66% Back the introduction of energy inspectors

    21 Aug 2006

    Some 66% of Mortgage Strategy Online readers back the government's decision to introduce energy inspectors. But trainee home inspectors still say the solution is a slap in the face after the time and money they invested in becoming full inspectors.This week Mortgage Strategy asks: "Is the Tory party's revamped Right to Buy scheme a vote winner?"

  • A&L unveils fast-track guarantee service

    21 Aug 2006

    Alliance & Leicester Mortgages has launched a fast-track guarantee service for its prime residential mortgage range.The system allows brokers to speed up the mortgage process, bypassing the need for additional paper income verification. It is available to prime residential second-time buyers and also to remortgage customers.To qualify for the fast-track system, clients must have an LTV of 75% LTV or below, pass a credit score, be employed and have a loan amount of less than ...

  • Abbey relaunches first-time buyer range

    25 Aug 2006

    Abbey is relaunching its range of mortgages for first-time buyers on August 30 with a host of new products and reduced rates on some existing products.

  • Access all inspectors

    21 Aug 2006

    Simply HIP and training and assessment centre SAVA are to offer the property industry access to the largest group of home inspectors and energy inspectors in England and Wales.

  • Advantage joins RAMP panel

    21 Aug 2006

    The Regulatory Alliance of Mortgage Packagers has appointed Advantage to its panel.

  • Advantage poaches star manager from Platform

    21 Aug 2006

    Advantage has recruited Platform's star key account manager Sara Green as its divisional packager manager in the South.Green is widely credited with bringing in 40% of Platform's packaged business and industry experts predict the firm will take some time to re- cover from her departure. She is also believed to have come at a great cost, with her salary at Platform rumoured to have been 45,000-plus, bumped up to over 100,000 in actual earnings with commission.Green was previously ...

  • African PC scam is no worry

    21 Aug 2006

    A BBC expos?as shown thousands of Britons' bank details being sold for less than 20 in West Africa but lenders insist the mortgage industry is not at risk.Last Monday, the BBC's Real Story revealed that fraudsters in Nigeria are able to find internet banking data stored on recycled computers sent from the UK to Africa.The information is contained on the hard drives of personal computers exported to Nigeria, along with other confidential material.Clare Mortimer, spokeswoman ...

  • Am I the only one who wasn't surprised at base rate rise?

    21 Aug 2006

    From Adam Chavins I recently took took a look through Mortgage Strategy and found that every other article seemed to be quoting people who were surprised about the base rate rise. Maybe I'm an exception but I wasn't. It's not that my degree in economics or my 10 years' experience in the mortgage industry helped - it's just that that the base rate always changes in August, and it wasn't going to go down. Adam Chavins Independent mortgage adviser Prospect Financial Services ...

  • Amber appoints three new development managers

    23 Aug 2006

    Amber Homeloans has appointed three new development managers.

  • AMI launches sub-prime financial promotions factsheet

    21 Aug 2006

    The Association of Mortgage Intermediaries has launched a factsheet on financial promotions for sub-prime mortgage products.

  • AMI says brokers must still prepare for HIPs

    21 Aug 2006

    The Association of Mortgage Intermediaries has warned that brokers must fully engage with the introduction of Home Information Packs despite the government's U-turn last month.AMI has just released a factsheet entitled Home Information Packs Update, as a follow-up to its November 2005 factsheet. It aims to provide members with information on the recent changes announced by the government, how these affect the delivery of HIPs and areas for members to consider as they develop ...

  • AMI to publish factsheet on sub-prime advertising

    21 Aug 2006

    The Association of Mortgage Intermediaries is publishing a factsheet on fin- ancial promotions for sub-prime products.The factsheet is intended to give an overview of the most common errors in sub-prime promotions and how these can be avoided to help create compliant financial advertisements.AMI says that now the Financial Services Authority has made its intentions clear, it's time for firms to use the information available to ensure they are aware of the rules and remain compliant ...

  • AMI won't join other trade bodies in Mifid lobby group

    21 Aug 2006

    The Association of Mortgage Intermediaries will not join other trade associations in working to influence the Financial Services Authority's decision on the European Markets in Financial Instruments Directive.Some 11 bodies have banded to-gether including the Association of British Insurers and the British Ban-kers' Association.But Rob Griffiths, associate director at AMI, says it does not want to be part of the group because it is still unclear whether the directive will have ...

  • APMM says now is time to sell endowment

    21 Aug 2006

    There has never been a better time to sell an endowment, the latest figures from the Association of Policy Market Makers reveal.

  • Are two-hour mortgage completions a good thing for the industry?

    21 Aug 2006

    Paul Hunt is head of marketing at Platform

  • Average house price rose in June

    21 Aug 2006

    The mix-adjusted average house price in June 2006 stood at 190,883, up from 190,065 in May 2006, reveals the Department of Communities and Local Government.

  • B&B purchases 599m portfolio

    25 Aug 2006

    Bradford & Bingley has purchased a mortgage loan portfolio from GMAC-RFC for 599m.

  • B2L boom shows rental market is in good health

    21 Aug 2006

    The Council of Mortgage Lenders says the 17% boom in buy-to-let in the first half of 2006 is a sign of a buoyant rental market.The trade body last week rel- eased figures for the first half of this year showing lenders advancing 152,500 buy-to-let loans worth 17.5bn - an increase of 17% by volume and 20% by value compared with the second half of 2005.Michael Coogan, director-general of the CML, says: "Investors have shown that they are quick to adjust to changing market conditions ...

  • Bank of Scotland Mortgages wins awards

    25 Aug 2006

    Bank of Scotland Mortgages has won three awards at the MoneyQuest Awards.

  • BBB Network declared in default by FSCS

    23 Aug 2006

    The Financial Services Compensation Scheme has declared BBB Network - formerly Berkeley Independent Advisors - in default, paving the way forconsumers to receive compensation from the scheme.

  • Beer, crisps, HIPs and uncertainty

    21 Aug 2006

    Having returned from a week in the sun, I have been reminded several times about fulfilling my promise to buy everyone in the mortgage industry a pint of beer and a packet of crisps.

  • Blemain Finance joins FISA

    21 Aug 2006

    Blemain Finance has joined the Finance Industry Standards Association. Director Marc Goldberg will take a position on the board and have input into the direction and evolution of the association.

  • BM Solutions comes top in B2L

    21 Aug 2006

    The Council of Mortgage Lenders has named BM Solutions as the top buy-to-let lender for the first half of 2006, measured by gross advances. BM Solutions beat Mortgage Express and the Paragon Group into second and third places respectively. Tim Hague, director at BM Solutions, says: "Our securing the top buy-to-let lending position is not only down to the fact that we provide market-leading products but also because we back them up with top quality service."

  • BM Solutions' fundraising goal

    21 Aug 2006

    BM Solutions could smash its fundraising record for Shelter after expanding its annual football tournament to include 16 teams. Since 2004 the BM Solutions soccer bash has raised over 100,000.

  • Brokers forum launched

    22 Aug 2006

    A new chat room and forum facility called 1BigTable has been launched, where brokers and IFA's can share their views.

  • Brokers say DB puts them at risk

    21 Aug 2006

    Introducers have slammed DB Mortgages for not providing Key Facts Illustrations on its system and leaving them at risk of regulatory action.When a broker sources a KFI from a lender the responsibility for the accuracy of the information falls squarely on the shoulders of the lender.But when a broker can only source a KFI from a sourcing system, if there's a mistake and the customer complains the broker is held responsible for the information in the KFI.One source says the ...

  • Bulgarian dream

    21 Aug 2006

    As the UK buy-to-let market goes through uncertain times, investors are broadening their horizons and setting their sights on more exotic locations. Overseas markets have always been popular for property buyers but Bulgaria is currently in the unique position of offering investors a triple whammy of low prices, good growth on investment and a thriving holiday rental market.

  • Buy-to-let market remains stable says Paragon

    24 Aug 2006

    New data from Paragon Mortgages Buy-to-Let Index shows that rental yields remain stable as confident landlords continue to invest in additional properties.

  • C&G broker-only deals throw down the gauntlet

    21 Aug 2006

    Brokers have praised Cheltenham & Gloucester's range of intermediary-only fixed rate products as throwing down the gauntlet to other lenders.The products, available from tomorrow, are up to 90% LTV for house purchases and remortgages. There are two, three and five-year fixed rate mortgages for loans ranging in size from 100,000 to 1.5m. Brokers will also receive an additional five basis points on the proc fee.Jon Pain, managing director at C&G, says: "These deals respond to ...

  • Callcredit to host credit conference

    24 Aug 2006

    Credit reference agency Callcredit is to host a one-day conference for credit industry leaders addressing the future of the UK economy, the consumer lending industry and consumer behaviour.

  • Cape Verde and Portugal still popular, says HIFX

    25 Aug 2006

    HIFX, the currency specialist, has released its fifth Global Property Hot Spots into trends for Brits buying property abroad which reveals Cape Verde and Portugal soar in popularity.

  • Cascade systems slammed

    21 Aug 2006

    A small packager has slam-med lenders' cascade systems for offering no incentive to packagers looking to place prime business.Paul Suchet, director of Alexander Finance Services, says he's fed up with losing business when sub-prime cases are cascaded up-wards to prime because the client's case is referred back to the broker who then app-roaches the lender direct.He says: "As packagers, why are we allowed to package sub-prime but not prime with the same lender? Surely the qualities ...

  • Clients are at the heart of innovation

    21 Aug 2006

    Innovation is one of the big business buzz words. It is held in the highest regard - every company attempts to claim to be innovative. But while the UK mortgage market as a whole is one of the most innovative in the world, some companies advance quicker than others. What is it that drives innovation in these firms?

  • Commercial First appoints training managers

    22 Aug 2006

    Commercial First has appointed two national training managers in newly created roles.

  • Comparing the benefits of networks

    21 Aug 2006

    Recent months have seen the failure of some high profile networks that served the independent financial adviser sector. The two biggest to implode have been Berkeley Berry Birch and Millfield. This has suggested to some commentators that the model is flawed and that the demise of all networks is nigh.

  • Consumers need skill to guard themselves against scams

    21 Aug 2006

    From Simon Burgess It is becoming increasingly important to raise the bar of financial literacy and acumen, not only to help British consumers make the best of the financial markets but also to prevent them falling foul of the worst of them. Financial scams are nothing new but the internet now allows con artists to cast their nets further without any extra effort. In many cases the scams are not sophisticated and the fraudsters rely on the grapeshot technique, hoping that if they ...

  • Cooperation will benefit all players

    21 Aug 2006

    The idea of competitive advantage through cooperation is a new one to mortgage lenders as they have always tended to keep their technology to themselves for fear they might give too much away. But the environment is changing.

  • Cost of becoming a homeowner worst for over two decades

    25 Aug 2006

    The cost of becoming a home purchaser and the ongoing cost of owning a home is almost the worst for over two decades and will get worse, says the Royal Institute of Chartered Surveyors.

  • Coventry legal offer expanded

    21 Aug 2006

    For the first time, Coventry is offering free or discounted legal packages on remortgages in Scotland. The incentive has been an important feature of the society's remortgage products in the rest of the UK for some time but due to the different legal system in Scotland this has not been an option for potential Coventry customers north of the border until now.

  • Coventry loans rise by 385m

    21 Aug 2006

    Coventry increased its mortgages and other loans by 385m, its interim results for the first half of 2006 reveal.Other highlights of the results include a growth of 4.3% in assets for the six months, which now exceed 11.5m.

  • Curriculum Vitae

    21 Aug 2006

    Name: David Edwards

  • Dear Delia

    21 Aug 2006

    My clients bought their property with a sub-prime lender due to their credit history under the Right to Buy Scheme in December 2005. The property is valued at 100,000 and they owe 46,000 on their mortgage. They incurred a County Court judgement of 4,500 in February 2006, which they satisfied in June. They wish to raise 29,000 to consolidate debts and make home improvements. What are their options?

  • Derbyshire's expatriate mortgage rate increases

    25 Aug 2006

    Rates on Derbyshires range of expatriate mortgages have risen by 0.25% and less, following the last rise in UK base rate rise. Expatriates looking for a buy-to-let mortgage can take advantage of The Derbyshires three year fixed rate of 5.50% until November 30 2009.

  • Destiny Business Services launches Endowment Fighters

    21 Aug 2006

    Manchester-based Destiny Business Services has launched Endowment Fighters, a business that aims to re-shape the claims management and endowment market. Combating the widely publicised endowment mortgage mis-selling of the 1980s and 1990s, Endowment Fighters serves to fight the corner of the consumer. Mark Smith, chief executive of Destiny Business Services, believes Endowment Fighters is different from the competition in a number of ways.

  • Don't make the same old mistakes

    21 Aug 2006

    Baby boomers had it all, didn't they? They benefited from exponential house price inflation the like of which my generation is unlikely to see and now they are all retiring early, taking the gap years they never had, exploring the world, returning to long afternoons on the golf course.

  • Edeus joins Hamptons' panel

    21 Aug 2006

    Edeus has been appointed to the panel of Hamptons Mortgages. Kevin Duffy, managing director of Hamptons, says: "The excitement over this entrant to the market is unprecedented and we are delighted to appoint edeus to our panel."

  • edeus signs up 5,000th intermediary

    22 Aug 2006

    edeus, the mortgage lender created by Michael Bolton and Alan Cleary has signed up its 5,000th intermediary.

  • Em- revamps its sales structure

    21 Aug 2006

    Em-financial says it won't re-place director of sales Guy Garrard, who quit the company in July for personal reasons.Instead, managing dir-ector Roger Morris will expand his responsibilities to include sales, with business development manager Paul Edwards taking over the everyday running of the function as head of the sales department.The North-West-based packager is revamping its business strategy and sales process by investing heavily in technology and fo-cussing on its distribution ...

  • Enterprise Group expands senior management team

    24 Aug 2006

    Enterprise Group has made four key appointments to its senior management team, all designed to enhance the service that brokers receive when using its packaging services.

  • Fighting for customers

    21 Aug 2006

    Whether it's Michael Bolton airing his views on packagers or lenders responding to claims about unreasonable exit fees, the mortgage industry prides itself on being a dynamic community that enjoys a healthy debate about the future of the housing market.

  • Finding chinks in big banks' armour

    21 Aug 2006

    Where do you get your inspiration? Some of us find it in Dragon's Den, others seek parallels with sporting triumphs. Books, newspapers and even song lyrics provide it for others. As a former teacher I am happy to take inspiration and soak up knowledge from a variety of sources and recently I've found it in the big four banks.

  • First 4 Brokers ARs face ruin due to unpaid fees

    21 Aug 2006

    Appointed representatives of failed network First 4 Brokers could face financial ruin because of unpaid fees.The network went into administration on August 11 leaving 30 ARs unable to trade and hundreds of support staff redundant.Robert Ambrose, a broker at In-Sight Finance, has attacked the Financial Services Authority for failing to protect ARs and control the network.He says: "The FSA audited First 4 Brokers less than six months ago. It allowed them to carry on trading. ...

  • First-time buyers at risk when unemployment knocks

    21 Aug 2006

    Nearly half of first-time buyers would be able to meet their mortgage repayments for only six months if they lost their regular income tomorrow, reveals research by Post Office Financial Services.

  • First-time buyers expect parental assistance

    23 Aug 2006

    First-time buyers take it for granted that they will get parental assistance in order to get onto the property ladder, reveals research from Abbey.

  • Flat rate income protection deal

    21 Aug 2006

    Safetyfirst.co.uk has launched a flat rate income protection product. Standard policyholders can be charged different premiums according to factors such as their age, occupation, smoking habits and gender. They can also have to wait several weeks for the underwriting process to be completed before cover starts. But the Safetyfirst.co.uk product charges everyone the same flat rate of 5 a month per 100 of monthly cover.

  • FSA consults on depolarisation

    22 Aug 2006

    The Financial Services Authority will be consulting on the impact on depolarisation and its disclosure documents in October.

  • FSA denies pushing for standardisation

    21 Aug 2006

    The Financial Services Authority has defended itself against accusations that it is tightening regulation to ease its workload and has instead laid the blame at the door of companies.Technology experts claim that the FSA is looking to tighten regulations to lead to a standardisation of pro-cesses. They say IT services would then take over, making the regulator's job easier.Alan Birch, sales director for FiServ Europe Russia and South Africa, says: "The FSA wants to make sure ...

  • FSA fines friendly society

    25 Aug 2006

    The Financial Services Authority has fined The Ancient Order of Foresters Friendly Society 55,000 for financial promotions failings, including substandard television advertisements and direct offer packs which targeted elderly consumers.

  • FSA will focus on dodgy promotions

    21 Aug 2006

    One of the more emotive areas of mortgage regulation is financial promotions and the rules that surround them. There is a widespread perception that the Financial Services Authority has done little to police promotions and that nearly two years after Mortgage Day a significant number of firms continue to flout the rules.

  • Fun Stuff

    21 Aug 2006

    What's your favourite restaurant?Curry Corner is the restaurant that gets most of my custom. But restaurants I would most like to return to include Ripples Café at the Sydney Olympic swimming pool from which the views are stunning, Quay 4 in Cape Town where the fish is superb and The Brew House in Whistler where, quite frankly, anything would taste good after a hard day's skiing.What's the most you've ever spent on dinner for two?More than £400 at La Pergola restaurant ...

  • GE partners get improved deals

    21 Aug 2006

    GE Money Home Lending is to offer its key partners improved products on its First National semi-exclusive range, including a 500 reduction on completion fees.As part of the deal, partners will benefit from lower initial rates plus improved reversionary rates and early repayment charges. The lender is also offering 500 off completion fees which are now just 99 on First National products with LTVs up to 85%. This offer will be available for a limited time and excludes First National's ...

  • Genesis Sherwood recruits own ARs

    25 Aug 2006

    Nottingham-based Genesis Sherwood, recently appointed by Genesis and Guaranteed Home Loans as one of five key account packager partners, has reported success in recruiting its own appointed representatives.

  • George Osborne champions small businesses

    23 Aug 2006

    The shadow chancellor George Osborne has launched a series of new policy proposals specifically designed to help smaller businesses succeed. ?Osborne says: "Small businesses are the lifeblood of our economy.

  • Glasnost is needed among lenders

    21 Aug 2006

    I have been following the unfolding story of len-ders supplying brokers with mortgage account information with growing interest.

  • Greenbank launches products with TMB and Swift

    22 Aug 2006

    GreenBank Mortgage Services, has launched exclusive products with The Mortgage Business and Swift 1st Ltd.The TMB products consist of a self certification tracker with 500 cashback and a refund of valuation fee, and a Buy to Let House 2 House tracker.The Swift products allow unlimited adverse with discounted rates from 6.33% up to 80% LTV.The products are available throughout the UK and Northern Ireland.

  • Group launched to spread the word on REIT opportunities

    21 Aug 2006

    Thirty firms from the commercial property and financial services industries have joined the Real Estate Investment Trusts and Quoted Property Group to boost awareness of REITs and quoted property investments.To achieve the group's aims, an internet portal called Reita has been created as an impartial source of information on quoted property investment, REITs and the funds that will invest in them. There will also be a supporting publicity campaignThe 30 firms involved include The ...

  • Guide to buying in Bulgaria

    21 Aug 2006

    Westhill Investments has issued a buyers' guide for potential investors in the Bulgarian property market.This follows Westhill coming across a number of disappointed property buyers who made fundamental purchasing errors.Dominic Hicks, director at Westhill, says: "It's in nobody's interest to have disappointed customers. We want people spreading the word that Bulgaria is a great country to visit and invest in."

  • Halifax says APRs won't die

    21 Aug 2006

    Halifax has denied claims that the restructuring of retention fees will make annual percentage rates redundant.Jonathon Cornell, technical director at Hamptons Mortgages, says APRs are the white elephant of the mortgage market, and retention schemes, such as the one Halifax recently launched, will spell the end for them.Cornell says: "In a bid to retain customers after an introductory rate period, lenders are starting to offer more attractive rates."At the same time intermediaries ...

  • Highest July lending on record

    21 Aug 2006

    Gross mortgage lending reached 30.4bn in July - the highest figure ever recorded for the month. The figure was also the second highest on record, says the Council of Mortgage Lenders. Lending in July was 6% below the 32.4bn figure for June, but 19% higher than the 25.5bn seen in the same month last year. But Michael Coogan, director-general of the CML, says: "With the financial markets suggesting at least one more rate rise before the end of the year we expect to see more subdued lending ...

  • HIPs will mend broker chains, says AHIPP

    25 Aug 2006

    Home Information Packs will be pivotal in helping broken chains to get back on track, giving let down sellers confidence that a new buyer will progress quickly using the information provided, says the Association of Home Information Pack Providers.

  • HML appoints managing director

    23 Aug 2006

    HML has appointed Mark Smith as managing director.

  • HMRC to take bullish approach, warns Grant Thornton

    23 Aug 2006

    Her Majesty's Revenue & Customs is looking to change both its civil and criminal powers, as it continues to take a more bullish approach to dealing with individuals and businesses, says business and financial advisers Grant Thornton.

  • HoC hints that it is on the acquisition trail

    21 Aug 2006

    Home of Choice has hinted that it might make an acquisition in about three months' time.HoC is advertising for business quality managers for training and compliance. It says this is part of gearing up for increased numbers when an acquisition takes place.Sophie Hall, director of network operations, says the jobs have nothing to do with more Financial Services Authority probes into networks.She says: "We have to recruit now for the future. The people we need for the jobs ...

  • Holiday homes boom will benefit brokers

    21 Aug 2006

    Halifax Estate Agents recently issued figures to highlight how many Britons are buying holiday homes

  • Home credit needs more competition

    21 Aug 2006

    The Competition Commission says lack of competition in the home credit market is the reason that consumers pay high prices for their loans.

  • Housing could win votes for Cameron

    21 Aug 2006

    The housing market has always been a vote winner. You only have to think back to the days of MIRAS, the introduction of Right to Buy and Dame Shirley Porter to know how true that is. Little wonder then that Tory leader David Cameron wants to reinvent the Right to Buy market.

  • HSBC opens first 'mega-store' in Swansea

    25 Aug 2006

    HSBC has launched the first of 80 new commercial banking centres. Dyfrig John, chief executive officer of HSBC Bank plc, has opened the 80-strong, 58.5m commercial centre network in Swansea, dedicated to business customers and due to be completed over the next 18 months.

  • IFS unveils TCF masterclass

    21 Aug 2006

    The final part of the Institute of Financial Services' Treating Customers Fairly masterclass programme is on delivering customer-focussed change. It has been developed to look at the issues surrounding the delivery of the TCF initiative and the changes in culture and behaviour that this demands.

  • In which country would you buy a holiday home and why?

    21 Aug 2006

    Halifax Estate Agency says the number of holiday homes could double in the next five years. It also says the UK is the most popular country in which to have holiday homes. Almost 28% of Brits have their second properties in this country, with Spain being the second most popular location.So this week Mortgage Strategy asks...

  • Inheritance Tax could become election issue

    21 Aug 2006

    Inheritance Tax is being pumped as an important election issue which could see Labour win or lose a string of marginal seats in constituencies where the average house price is higher that the 285,000 threshold.

  • Inheritance Tax still an issue, says ACCA

    21 Aug 2006

    Rocketing house prices and the need for financial security means that Inheritance Tax is still a key issue for most people despite the increase in the thresholds in April 2006, says the Association of Chartered Certified Accountants.

  • Intelligent Finance changes rates

    24 Aug 2006

    Following the decision by the Monetary Policy Committee to increase the base rate by 0.25%, Intelligent Finance is increasing its offset mortgage rate.

  • InterBay appoints loan manager

    21 Aug 2006

    InterBay has taken on Anna Lewis from Purely Mortgages as a loan manager.Lewis follows in the footsteps of Colin Bell, operations director at InterBay, who was one of the founding members of Purely but left in November 2005 to join InterBay.

  • Interest-only trap could snare FTBs

    21 Aug 2006

    I'm on holiday enjoying the remote beauty of the Exmoor National Park. One of the perks, but also the pains, of a holiday in the wilds is that it is difficult to get service on your mobile phone or internet connection. Which is why the initial impulse to move out of the urban sprawl and relocate to the peace and quiet of the countryside has quickly worn off.

  • Investors urged to look further than holiday lets

    21 Aug 2006

    Most British investors are missing a trick by focusing solely on holiday lets when buying overseas, reveals Assetz.

  • IRS to appoint 20 advisers

    21 Aug 2006

    In Retirement Services is to appoint 20 advisers after the Financial Services Authority's equity release mystery shopping exercise highlighted the need for specialist knowledge.

  • Kent increases mortgage business by 8%

    21 Aug 2006

    Kent Reliance has taken more than 10 times its natural share of new savings and mortgage market business in the six months to 30 June 2006. Comparisons with the results of other building societies and banks for the first half of 2006, show that the societys mortgage balances have grown by over 8%, comfortably outstripping the growth rates achieved by former societies Abbey, Alliance & Leicester, Barclays and HBOS. The comparison with the performance of the remaining building societies ...

  • Kent Reliance to revamp IT system

    21 Aug 2006

    Kent Reliance has appointed s2s to transform its IT and network infrastructure.The aim is to grow the company's outsourced operations in India and allow it to increase the range of hosted network services it can offer.

  • KRS partners with Intrinsic

    23 Aug 2006

    Key Retirement Solutions has formed a strategic partnership with Intrinsic Financial Services that will see Intrinsic refer all equity release business from its 300 plus advisers to KRSs equity release referral service, Key Partnerships.

  • Labour hand-outs boost debt advice

    21 Aug 2006

    The government last week revealed that it has given 120m to fund financial inclusion initiatives and 45m to fund more free face-to-face debt advice.With UK debt at an all-time high, the government has issued a report - the third of its kind - outlining what government actions and industry initiatives have been launched to help solve the problem.Moves that have been or will be implemented include the Consumer Credit Act 2006, along with new laws to boost responsible lending and ...

  • Labour must do more to help tenants

    21 Aug 2006

    Some 26 years on, the Right to Buy scheme is a legacy of Margaret Thatcher's tenure as Prime Minister, encouraging private home ownership among the public.

  • Landlord B&C cover up 88%

    21 Aug 2006

    There has been an 88% increase in the number of landlords building and contents insurance policies taken out over the last 12 months, figures from Paymentshield reveal.

  • Lead generation pilot scheme

    21 Aug 2006

    Openwork is running a lead generation pilot with Nethouseprices. com, the UK's largest free listing sales and house valuation website.All links from the website for financial advice on mortgages and protection link to Openwork and the leads are then distributed among advisers taking part in the pilot.

  • Leeds appoints non-executive director

    23 Aug 2006

    Leeds has appointed John Anderson CBE as a non-executive director.

  • Lenders must show rates like for like

    21 Aug 2006

    How does the old poem go about keeping your head when all around you are losing theirs? Despite the rise in the base rate the equity release market stands apart from the mainstream and provides more great news for advisers after the recent rate cut by GE Life which saw its rate fall to 5.95% annual. Not bad for a rate fixed for life when the base rate is at 4.75%.

  • Lenders not held responsible for ID theft

    21 Aug 2006

    Britons do not hold lenders or the police responsible for protecting people against ID theft, reveals research from online credit report service MyCallcredit.

  • Lenders urged to improve value of graduate deals

    21 Aug 2006

    Lenders are being urged to make their graduate and professional mortgages more innovative and market them through the intermediary cha-nnel to spur development in the sector.Although the graduate and professional mortgage market remains small, with gross advances of just 3.6bn in 2005, Datamonitor says that given the increasing number of young people going into higher education and the difficulties encountered by first-time buyers, it has great potential for growth.But it warns ...

  • LMS partners with Islamic home finance specialist

    23 Aug 2006

    LMS has partnered with Alburaq, a Shariah compliant financial services provider, to offer specialist advice on Islamic home finance schemes. Alburaq launched home and buy-to-let finance for the UK's two million Muslims last year but some customers have experienced delays with their conveyancing as many law firms are unfamiliar with the requirements of Islamic financial schemes.

  • LMS signs up Personal Touch Packaging

    25 Aug 2006

    Personal Touch Packaging has become the first firm to sign up for LMS remortgaging service designed for packagers.

  • Marathon Money

    21 Aug 2006

    Duffy's Dirty DozenName: Mark BlackwellAge: 41Job title & company: Marketing director, Derbyshirecurrent weight: 12st 13lbproposed running weight: 12st 7lbprevious marathon experience: Flora London Marathon 2004.MARATHOn personal best time: 4:56.expected NYC Time: 4:30.dietary changes: No cake. Drinking less. Pasta for breakfast, lunch and dinner.target fundraising amount: 10,000.why am i doing this? Isn't there a party on the Sunday night? ...

  • Market Watch

    21 Aug 2006

    Swaps edged up for a few days before dropping back slightly. They are now at two-year highs.One-year money is down 0.01%at 5.24%Two-year money is down 0.01% at 5.26%Three-year money is unchanged at 5.27%Five-year money is unchanged at 5.22%

  • Marketing Brief

    21 Aug 2006

    Scope: 3/5Content: 3/5Usability: 3/5 Appearance: 3/5 Overall: 3/5 The website is clean and crisp but there is not much by way of functionality. Information is made available through lengthy screen dumps with little available to print off. This makes the website a little tedious and because you are directed to a call centre for more information or to apply, it won't take you long to get round the whole website. It's no surprise that ...

  • MBBG reveals July gross mortgage lending up 19%

    25 Aug 2006

    Further lending figures from Major British Banking Groups just released show Julys gross mortgage lending was 19.1bn, some 7% below the record figure of 20.5bn in June, though 19% higher than the 16.0bn in July last year.

  • MDA signs three HIP deals

    22 Aug 2006

    MacDonald, Dettwiler and Associates, a provider of essential information solutions, has signed three exclusive five-year contracts with Home Information Pack providers in England and Wales.

  • Me and my car

    21 Aug 2006

    I'll admit my Honda CRV may not attract too much attention when parked alongside some of the exotic motors that have appeared in this column but it suits me down to the ground.It manages to provide me with a comfortable means of transport to and from my many business meetings. I reckon I do in the region of 30,000 business miles a year and the Honda gives me a great platform for my family and my hobby. I have a retired thoroughbred who requires lots of attention and space in my car ...

  • MEX launches new self cert deals

    22 Aug 2006

    Mortgage Express has launched a range of two-year fixed rate deals on self-certification mortgages.

  • MEX stays cool about new lenders

    21 Aug 2006

    New entrants in the buy-to-let market will not have a big impact and are not regarded as competitors, says Mortgage Express.Gus Park, head of buy-to-let and equity release at MEX, says: "Entrants may make a big noise at first but in reality most of our competition comes from the usual suspects - firms that have been in the industry for years."Figures from Moneyfacts.co.uk show eight intermediary lenders and several direct lenders - most recently Alliance & Leicester - have entered ...

  • More jobs should mean housing market stability

    21 Aug 2006

    The housing market looks set to remain stable as employment hits an all-time high, say economists.Figures from the Office of National Statistics show employment is up 240,000 this year at 28.94 million. But the number of people out of work has also risen to 1.68 million, the highest level in six years.Housing economist John Wrigles-worth says: "It's good news for the housing industry if employment is up. Even though there are high levels of unemployment there are still more ...

  • More must be done to boost broker confidence in MPPI

    21 Aug 2006

    From Thomas Reeh Mortgage Strategy's editor starts his leader in the August 7 issue by saying, "Dubious selling practices and overpriced products have triggered a collapse of consumer confidence in income protection." He should have added that mortgage brokers have also suffered a collapse in confidence because of inflammatory and frightening media coverage. As insurance products are sold not bought, is it not broker confidence that's the key issue here? There have been umpteen ...

  • Mortgage Choice launches next technology phase

    21 Aug 2006

    Packager Mortgage Choice has launched the next phase of its enhanced technology programme by offering intermediaries access to online applications from it 10 lenders.

  • Mortgage Next launches buy-to-let range

    25 Aug 2006

    Mortgage Next has launched two three-year buy-to-let mortgages available exclusively via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.

  • MS can help us fight the battle for better servicing

    21 Aug 2006

    From Toni Moss Regarding Mike Culhane's column in the July 31 issue of Mortgage Strategy I'd like to thank him for highlighting the importance of servicing and the need for improved performance. Repositioning the servicing sector, whether it relates to inhouse servicing, prime or sub-prime lending, is an uphill battle - and one that I have been fighting in Europe for the past nine years. Thankfully, servicing is finally getting the attention it deserves. The need for innovation ...

  • Multiples are a scandal-in-waiting

    21 Aug 2006

    The papers are full of concern over the huge amount of outstanding unsecured personal debt in the UK. The base rate has edged up 0.25% and the Monetary Policy Committee is widely acknowledged to be ready to recommend raising the rate further. Property possessions are on the up and more people are failing to meet their financial liabilities.

  • N&P appointment

    21 Aug 2006

    Norwich and Peterborough has appointed Alan Butterworth as its Spanish development manager in the UK.

  • Nationwide denies fiddling figures

    21 Aug 2006

    Nationwide has rebutted accusations that it is falsely advertising its products in an attempt to gain customers.Nationwide reportedly asked sourcing system Trigold to change the Bank of England base rate back to 4.5% on its system despite the recent 0.25% increase.A source at Trigold says: "Nationwide called and asked us to lower the base rate to 4.5%. Since then we have been trying to contact it to tell it that this must be changed back again as we have received several complaints. ...

  • NatWest offers new buy-to-let deals

    21 Aug 2006

    NatWest is marking 10 years of buy-to-let with a range of direct-to-consumer deals that include a 4.94% three-year tracker.

  • Network takeovers are bad for ARs

    21 Aug 2006

    When I started to write this column I had no intention of criticising the appointed representative model two weeks in a row but I must remain topical and I notice that one network is in the process of negotiating the takeover of four smaller ones.

  • No substitute for the personal touch

    21 Aug 2006

    IBM launched the first personal computer 25 years ago this month. At a cost of $1,565 per computer, sales were predicted to be 250,000 within five years - in fact, four years later, one million had been sold.

  • Online service launched by Co-Owenership Housing Association

    24 Aug 2006

    Northern Ireland Co-Ownership Housing is now making it easier for potential first-time buyers, vendors and estate agents to access information on co-ownership through the launch of a range of new online information services.

  • Packagers must give more information about their financial positions

    22 Aug 2006

    From David Wylie

  • Pink to launch 12th survey

    25 Aug 2006

    Pink Home Loans 12th Pink 1000 Index Survey will be launched on Tuesday September 29.

  • Platform to sponsor em- birthday celebrations

    24 Aug 2006

    em- has revealed Platform will be the title sponsor of its upcoming birthday celebrations.

  • PMS sees strong half-year results

    24 Aug 2006

    Following on from a successful first quarter, Premier Mortgage Service saw 22.8bn in applications and 16.7bn in completions in the first half of 2006.

  • Praxis scoops GMAC Partners award

    21 Aug 2006

    GMAC-RFC awarded Praxis Mortgage Solutions the top prize at its inaugural quarterly Partners marketing awards.The judging panel was made up of Jeff Knight, director of marketing at GMAC-RFC, Roger Brown, director of GMAC-RFC Partners and Robert Thickett, news editor at Mortgage Strategy. The panel chose Praxis as the winner for its online marketing campaign which featured detailed information about GMAC-RFC Partners. BDS Mortgages and C2-Financial were also short listed ...

  • Prepare for the era of enforcement

    21 Aug 2006

    At the end of July we saw the first example of the Financial Services Authority disciplining a senior manager of a mortgage and general insurance firm for failing to carry out his duties as a director. Having experienced the initial period of grace during which the FSA allowed mortgage and general insurance firms some leeway to get themselves in order, this enforcement action against a director is a sign that a tougher stance is to be taken from now on.

  • Principles-based regime could spur consolidation

    21 Aug 2006

    Nearly half of all intermediaries believe the move to principles-based regulation will lead to consolidation in the broker market.In the latest census from the Association of Mortgage Intermediaries, 44% of members say they think principles-based regulation will lead to consolidation, with more firms moving into networks and more advisers joining larger firms.In contrast, 19% of members feel this will not happen and some 36% don't know.Rob Griffiths, associate director of ...

  • Pros and cons of HMO regulation

    21 Aug 2006

    In last week's Mortgage Strategy (August 14), it was reported that parents are being warned to do their homework on prospective buy-to-let investments for their children going to university. This is undeniably true but it also should apply to brokers, especially with regard to the recently introduced houses in multiple occupation rules. With the legislation more than a month old, it is worth making sure you are up-to-speed on its implications.

  • PT mortgages up

    21 Aug 2006

    Personal Touch Financial Services has released its six-monthly trading figures which show mortgages up 111% on H1 2005.They also show group turnover at 35m, 36% up on H1 2005.The network says it is on target to exceed 90m this year.

  • Rate rise brings B2L opportunities

    21 Aug 2006

    The recent rise in the base rate to 4.75% wrong-footed pundits in the financial sector. And it must have come as a disappointment to those who had bet their money on the autumn for a rise in rates.

  • Rumbold joins Affirmative Finance

    21 Aug 2006

    Paul Rumbold has been appointed as marketing and sales director with Affirmative Finance.

  • Rumbold resigns from Cheval

    21 Aug 2006

    Paul Rumbold has resigned as sales and operations director at Cheval Property Finance for personal reasons.Ellis Sher, managing director of Cheval, says: "We wish Paul all the best for the future. We understand his desire to be closer to his family in Manchester and while we are sorry to see him go, we are in a tremendous position to move the company forward.Rumbold says: "I am sorry to be leaving Cheval at such an exciting time in its development and I wish it every success. ...

  • Scottish Widows reports record profit

    22 Aug 2006

    Scottish Widows Bank has reported record financial performance for the first half of 2006.

  • Shut up about interest-only 'problem'

    21 Aug 2006

    If you talk an issue up enough it can eventually become a problem and that's what I fear is going to happen to interest-only mortgages. For at least three years I've heard people describing them as a mis-selling scandal waiting to happen.

  • Single cover platform for IFAs

    21 Aug 2006

    Risk Placement Services has acquired the assets of rival Special Risks Bureau to create a single specialist insurance platform for IFAs.

  • Skipton launches 10-year fixed mortgage

    23 Aug 2006

    Skipton has launched a 10-year fixed rate mortgage at 5.29% for loans up to 75% LTV and 5.39% for loans up to 95% LTV.

  • SMS voted packager of the year

    21 Aug 2006

    Solent Mortgage Services, the national branded mortgage arranger has just been named packager of the year by lending partner Preferred.

  • Spoilers could greet edeus

    21 Aug 2006

    KENSINGTON Mortgages and GMAC-RFC are both believed to be planning spoilers for edeus' September launch.

  • Standard Life appoints sales and marketing director

    21 Aug 2006

    Standard Life has appointed Allison Crawford as sales and marketing director.

  • Swift not to pass on base rate increase

    21 Aug 2006

    The Swift Group has revealed it will not pass on the increase in the bank base rate to new borrowers applying for its range of secured loans, and will instead absorb the costs.

  • Taking advantage of Flexishare

    21 Aug 2006

    The introduction of Advantage's Flexishare product could be a ground-breaking development. Although a number of lenders have redefined their affordability models in recent months, increasing the levels they are prepared to advance, most high street brands will not lend above 5 x income.

  • TBMC sees applications rise by 50%

    21 Aug 2006

    The Business Mortgage Company has reported a 50% increase in applications in the first half of 2006.For the first six months to June 2006, the buy-to-let and commercial mortgage specialist received applications totalling 864m - 50% up on the same period last year.Andy Young, managing director of TBMC, says: "The increase has been mainly driven by developing relationships with more networks and delivering more focussed sales and marketing."We've been appointed to a number ...

  • The Mortgage Mole

    21 Aug 2006

    Pin upMole was left slack-jawed in unexpected admiration of Mortgage Strategy news editor Robert Thickett last week.The man is re-nowned for his lack of coordination in the simplest of tasks. Sometimes he struggles to walk in a straight line when sober, so hopes weren't high for his performance in the bowling alley at GE Life's bowling event last week.But it was a full moon on Monday and, like Moses parting the waters, pins collapsed left, right and centre in ...

  • This government is venal and inept but the choice is poor

    21 Aug 2006

    From Harry Katz In view of the contents of his letter - all of which are valid - I'm amazed that Jim Gillespie was so polite (Mortgage Strategy August 7). Not only has Gordon Brown messed up pensions and final salary plans but unlike the rest of us, his government has also brazenly repudiated the Ombudsman's findings. Does this mean we are now free to do the same? As far as the new energy inspectors are concerned, who is going to be daft enough to sign up for a course? Is this ...

  • threesixty stages protection seminars

    24 Aug 2006

    threesixty, the provider of support services to independent financial advisers, is staging a series of seminars over the next month on protection issues.

  • TMB revamps product range

    21 Aug 2006

    The Mortgage Business has revamped its self-cert, house to house and multi buy-to-let products. Managing director Nigel Payne says: "This is the result of packagers telling us what they need to provide an edge for their customers."

  • TMP appoints in-house mortgage consultant

    24 Aug 2006

    The Mortgage Partnership has appointed an in-house mortgage consultant.

  • Tories launch campaign to protect neighbourhoods

    21 Aug 2006

    The Conservative Party is launching a national campaign to prioritise building family homes over one-bedroom flats and protect England's gardens and suburban neighbourhoods from being concreted over and over-developed.

  • Tories plot a revolution in Right to Buy

    22 Aug 2006

    Tory Leader David Cameron plans to revolutionise the Right to Buy market by allowing every council tenant the right to have their rent payments converted into mortgage repayments.Should the Conservatives be elected and implement this proposal it would give a considerable boost to the already buoyant Right to Buy market.Cameron says: "Right to Buy wasn't just about individual aspirations to own property, it was about creating mixed communities. It made Britain more socially ...

  • UCB to increase variable rates

    21 Aug 2006

    UCB Home Loans is to raise variable rates by 0.25% for new and existing borrowers from September 1, following the recent rise in the base rate.

  • West coast seaside towns more expensive than East

    24 Aug 2006

    Research from Halifax Estate Agents shows that seaside towns on the West coast have seen stronger house price growth over the past five years with 14 of the top 20 located on the West coast against six on the East coast.

  • Woolwich relaunches lifetime tracker mortgage

    21 Aug 2006

    Woolwich has relaunched its lifetime tracker mortgage, guaranteed to stay at 0.19% above the Bank of England base rate with no arrangement and no redemption penalties.

  • Woolwich retention strategy seems to want it both ways

    21 Aug 2006

    From Nigel Pamment I've recently started using the services of the Woolwich retention team on clients with Woolwich mortgages when they are due for review. It's good that lenders are starting to pay retention fees as brokers should be rewarded for keeping them in business. But Woolwich is trying to keep its business with clients on the one hand and cut out brokers on the other. It is sending letters to clients about two or three months before their rates come to an end asking ...

  • You can't afford to ignore sub-prime

    21 Aug 2006

    The sub-prime sector is now recognised as a legitimate and thriving part of the mortgage market. And social trends such as rising consumer credit and more divorces mean that the potential for this market is enormous.

Poll

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

Current Issue

Lending Zone
petitions
debate
Define Advice
Advanced search