Mortgage Strategy
21 February 2005

  • 336 pages to process a deal in the modern, paperless age

    21 Feb 2005

    From Brian Humphreys

  • A pink of milk, a sliced white loaf, and a mortgage please

    22 Feb 2005

    The launch of a new lifetime mortgage probably went unnoticed by many people recently, after all new products are rolled out virtually everyday. But what makes this one different is that it comes from the charity Age Concern.

  • A View From The floor

    21 Feb 2005

    Rob Hill, corporate communications manager at The Derbyshire, says research shows young people are leading the way in the savings stakes.

  • Abbey appoints executive director of finance

    23 Feb 2005

    Abbey has appointed Nathan Bostock as executive director of finance and markets with effect from February 22.Abbey has also confirmed that the appointment of Graham Hardie as executive director of sales and marketing will also be effective from February 22.

  • ABI calls for financial advice payment reform

    21 Feb 2005

    The Association of British Insurers has put forward innovative proposals to reform the way in which financial advice is paid for.

  • Alexander Hall increases share of first-time buyers

    22 Feb 2005

    Alexander Hall has increased the percentage of first-time buyers from 37% of its mortgage clients in the first quarter of 2004 to 45% so far in 2005.

  • Alliance & Leicester reveals pre-tax operating profit of 556m

    25 Feb 2005

    Alliance & Leicester has reported its full year results for 2004 and revealed that pre-tax operating profit rose 6% to 556m.

  • Amber sells 102m mortgage portfolio to Oakwood

    23 Feb 2005

    Amber Homeloans has revealed the sale of a mortgage portfolio with a value of 102m to Oakwood Homeloans.

  • Are high sub-prime fees justifiable under the FSA?

    21 Feb 2005

    Concern is mounting that the high procuration fees paid by some sub-prime lenders could be in breach of the Financial Services Authority's MCOB rules.

  • Arranged marriages the issues for mortgage brokers

    22 Feb 2005

    In March last year the Law Society urged solicitors not to shy away from the deeper issues surrounding arranged marriages. At that time it was believed that there were up to 500 marriages in Britain every year which were in fact forced and not arranged. It was also thought at the time that the underlying reason for this staggering figure was because of the requirements ancillary to immigration applications. Solicitors shying away from these facts was deemed to be a direct retreat from ...

  • AToM teams up with Mortgage Trust

    22 Feb 2005

    All Types of Mortgages has launched four semi-exclusive buy-to-let products with Mortgage Trust .

  • B&B results reveal 102.7m retained profit

    22 Feb 2005

    Bradford & Bingley has published its preliminary results for 2004 which reveal a retained profit of 102.7m for the group.

  • B&B's proposition is designed to meet customers' needs

    21 Feb 2005

    From David Bitner

  • Blue Sky

    21 Feb 2005

    When I was a boy I was taught that the men upstairs knew what they were doing. I was told: 'Peter, the more you know, the further you go.'

  • Budget set for March 16

    23 Feb 2005

    Chancellor Gordon Brown will deliver his Budget to the House of Commons on March 16, the Treasury has revealed.The annual event will see the chancellor outline the goverment's taxation and economic predictions and precedes the election which is expected on May 5.It is not known whether the chancellor plans to raise the minimum Stamp Duty threshold.

  • Burgesses highlights MPPI savings

    21 Feb 2005

    Research by Burgesses, provider of mortgage payment protection to the British Brokers Association, reveals that home owners could save a total of over 7bn on mortgage protection insurance.

  • C2-financial launches two-year fixed deal

    25 Feb 2005

    C2-financial has launched a buy-to-let mortgage fixed at 5.59% for two years. The product is available to individuals and limited companies, with student lets permitted.

  • CETA offers GI opportunities to brokers

    24 Feb 2005

    CETA has launched Premium Club to enable brokers to provide their clients with access to a range of general insurance products.

  • Charcol launches lifetime offset tracker

    23 Feb 2005

    Charcol has launched an exclusive lifetime tracker with a drop-lock facility, enabling borrowers to drop into a fixed rate at any point during the term of their loan.

  • Chelsea launches tracker mortgages

    21 Feb 2005

    Chelsea has launched its first range of tracker mortgages.

  • Competence is not the whole story

    21 Feb 2005

    Sally Laker, managing director of Mortgage Intelligence, says planning and creativity are as important as competence in determining whether a business venture is successful or not.

  • Complaint shows why many are leaving this industry

    21 Feb 2005

    From John Stewart

  • Conti launches mortgage scheme for Monaco

    23 Feb 2005

    Overseas mortgage specialist Conti Financial Services has launched a mortgage scheme for Monaco.

  • Coventry unveils gross lending figures of 2.2bn

    22 Feb 2005

    Coventry has unveiled its results for 2004 which show gross lending figures of 2.2bn.

  • Curriculum Vitae - Peter Gladdy

    21 Feb 2005

    "I found myself in a crowded corridor wearing only my underpants"

  • Dear Delia

    21 Feb 2005

    Dear Delia Colin and Hannah are first-time buyers looking at a new apartment which comes with the incentive of a 5% builder's deposit. Hannah has just given birth to a baby boy and will not be going back to work for at least six months so income is based on Colin's salary of £28,000. They are paying £115,000 for the apartment. Money is limited and they can just scrape together a 5% deposit. What are their options? Delia says: Despite being on a tight budget Colin and Hannah ...

  • Death and taxes

    21 Feb 2005

    As house prices rise, more and more clients are becoming liable for Inheritance Tax and mortgage brokers can help them plan for it, says Alison Steed.

  • Enterprise system lets brokers make informed decision

    21 Feb 2005

    From Michael Clapper

  • Finanical health matters

    21 Feb 2005

    This final instalment of a three-part series of articles looks at the provisions for minimising over-indebtedness and enforcement in the Consumer Credit Act, and areas that require further debate to ensure the changes are capable of driving real change in the credit market.

  • FSA cracks down on unauthorised brokers

    21 Feb 2005

    The Financial Services Authority last week launched a crackdown on unauthorised brokers who illegally arrange and advise on mortgages.

  • FSA cracks down on unauthorised mortgage brokers

    22 Feb 2005

    The FSA has revealed that it is keen to take action against brokers undertaking mortgage business without authorisation.

  • FSA launches reporting requirements

    25 Feb 2005

    From July 1 2005 many firms will have to start submitting returns to the FSA using a secure web-based system.

  • FSA must act on sub-prime fees

    21 Feb 2005

    As the debate rages on, support is gathering for Mortgage Strategy's stance that proc fees paid by some in the sub-prime mortgage market are simply too high - but still the Financial Services Authority fails to take action.

  • FSA outlines financial promotions as a priority

    21 Feb 2005

    The Financial Services Authority has outlined its priorities in the area of financial promotions in the coming period.

  • FSA should take tough decision

    21 Feb 2005

    From Nigel Pamment

  • FSA to disclose information on L&G mis-selling claims

    22 Feb 2005

    The Financial Services Authority has been ordered to reveal its information that led to the conclusion that Legal & General was guilty of widespread endowment mis-selling.

  • GE Consumer Finance unveils appointments

    24 Feb 2005

    GE Consumer Finance Home Lending has unveiled three appointments to its 1st mortgage sales team.

  • Get in the fast lane to self-monitoring

    21 Feb 2005

    The FSA's automated monitoring system for identifying offences will be akin to drivers having to report themselves even if the speed cameras have failed to catch them, says Ben Stafford.

  • GMAC-RFC reveals agreement with Amber

    21 Feb 2005

    GMAC-RFC has signed a contract with Amber Homeloans to purchase mortgage assets on a quarterly basis.

  • GMAC-RFC sees applications boom

    21 Feb 2005

    GMAC-RFC reports that within one week of launching its latest product range it saw applications double.

  • Gross mortgage lending declined by 17.9bn in January

    21 Feb 2005

    The latest survey from the Council of Mortgage Lenders shows that gross mortgage lending declined in January by 17.9bn.

  • Home reversion is not a home banker

    21 Feb 2005

    In most cases a lifetime mortgage will provide a better financial solution for the client than a home reversion plan unless we see an apocalyptic fall in house prices, says Richard Griffiths.

  • Homeowners could save 7bn on MPPI

    22 Feb 2005

    Research by Burgesses reveals that homeowners could save over 7bn on mortgage payment protection insurance.

  • Homeowners involve family in equity release decisions

    21 Feb 2005

    A survey by Key Retirement Solutions has revealed that 82% of homeowners who have taken out equity release plans involve their families in such decisions.

  • Housing policy must embrace reform

    21 Feb 2005

    The Office of the Deputy Prime Minister last week published a report evaluating 25 years of housing policies along with recommendations for future policy.

  • IF cuts arrangement fees in mortgage repricing

    24 Feb 2005

    Intelligent Finance is repricing its standalone fixed and tracker mortgage product range from March 1 with a reduction in arrangement fees on all its standalone mortgage products.

  • Intermediary response

    21 Feb 2005

    Gordon Covell is managing director of Bankhall IMDIt is common for builders to incorporate incentives into the sale, providing white goods or paying Stamp Duty. Most lenders' attitudes still rest on ability to pay and irrespective of the incentive our first consideration is affordability. Colin and Hannah's living costs will increase with a baby and childcare costs must be taken into account.Affordable housing for first-time buyers and young families is a hot topic and Stamp Duty ...

  • Internet insite

    21 Feb 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Jeff Sutherland-Kay checks out the websites of brokers, product providers, clubs, networks and packagers

  • Ipswich launches two-year tracker

    25 Feb 2005

    Ipswich has launched a tracker that matches the Bank of England's base rate for two years.The product will follow BBR - currently 4.75% - without any additional margin until May 31 2007 when it will revert to BBR plus 1%.

  • Knight Funding adds two lenders to its panel

    21 Feb 2005

    Knight Funding has signed packaging agreements with Capital Home Loans and Mortgage Trust.

  • L&G denies trying to limit self-cert business

    21 Feb 2005

    Legal & General Partnership has denied rumours it is trying to crack down on the amount of self-cert business its members are doing but says it checks a sample of such cases completed.

  • L&G fees split points the way ahead

    21 Feb 2005

    Despite the furore it caused in the trade press, Legal & General's decision to change the way proc and packaging fees are paid makes sense under the FSA regime, says Wayne Smethurst.

  • Leeds & Holbeck AIP integration with Trigold goes live

    25 Feb 2005

    Leeds & Holbeck has launched a full AIP integration with Trigold's Prospector AAA mortgage sourcing software.

  • Lender offers impaired credit deal

    21 Feb 2005

    Stroud & Swindon has launched its first mortgage product targeted at customers who have had financial difficulties in the past.

  • Lender rebrands after research

    21 Feb 2005

    Preferred has changed its brand identity, dropping Preferred Mortgages to become simply Preferred.

  • Lender response

    21 Feb 2005

    Nigel Parker is national accounts manager at The One account and First ActiveI am assuming that the apartment is low rise and that the builder is offering the benefit of National House Building Council or Zurich protection.Colin and Hannah have a 5% deposit and the builder is offering a 5% gifted deposit, so the couple's borrowing requirement will be £103,500.Provided the builder is NHBC-registered or offering the benefit of Zurich insurance protection we can accept the ...

  • Marketwatch

    21 Feb 2005

    Concerns over the likelihood of base rate increases helped push swap rates up last week.

  • Max 130 is no good for FTBs in debt, say brokers

    21 Feb 2005

    Nearly three-quarters of intermediaries would not recommend the Mortgage Express Max 130 product to a first-time buyer heavily in debt.

  • Mentoring service launched

    21 Feb 2005

    Frank Eve, managing director of Frank Eve Consulting, is looking to use his wealth of mortgage experience to mentor senior figures in the industry.

  • Mortgage Express posts stable 2004 results

    25 Feb 2005

    Mortgage Express results for 2004 show a period of steady activity, despite the demands made by mortgage regulation.

  • Mortgage Times sets up initiative with Rooftop Mortgages

    21 Feb 2005

    Mortgage Times Group has revealed that Classic Homeloans, in association with Rooftop Mortgages, has joined its branded lender panel.

  • Mortgage Trust unveils MT Select

    23 Feb 2005

    Mortgage Trust has launched a mortgage range called MT Select.

  • Mortgages Direct to expand following applications surge

    24 Feb 2005

    Mortgages Direct plans to expand by 50% following a surge in mortgage applications since the New Year.

  • Mortgages plc offers free valuations until end of 2005

    23 Feb 2005

    Mortgages plc has enhanced its product range with the addition of free valuations on all its products, except buy-to-let, until the end of 2005.

  • Mortgages PLC set for record growth

    24 Feb 2005

    Mortgages PLC says it's on target for a year of record growth following the launch of its product range earlier this month.

  • MPLC hits back at BMS over proc fee claim

    21 Feb 2005

    Mortgages plc has hit back at BM Solutions for misleading brokers over the level of proc fee MPLC pays out.MPLC says it does not pay proc fees of 2.5% or more and that its proc fees are 0.5% on near-prime plus and nearprime products - which it says is 0.25% lower than on BM Solutions' equivalent deals - and 1.25% on all other products.While it pays packagers a packaging fee which is dependent on service and quality, it says BM Solutions also does this.

  • MTE confounds critics as business volumes boom

    21 Feb 2005

    Mortgage Brain says it has seen a 58% rise in transaction volumes on the Mortgage Trading Exchange since December 2004, des-pite recent predictions that the MTE has had its day.

  • My Mortgage Direct warns of sub-prime trap

    23 Feb 2005

    My Mortgage Direct has warned that less scrupulous mortgage brokers are encouraging their clients to go for self-certification and sub-prime loans.

  • NAB strengthens mortgage intermediary market team

    21 Feb 2005

    The National Australia Bank Group has continued its expansion into the UK mortgage intermediary market with the recruitment of three managers.

  • Need for flexible hours in the modern industry

    21 Feb 2005

    Colin Lloyd is head of operations at Reed InsuranceAre we working longer hours?

  • Network Data lured me with promises that were not kept

    21 Feb 2005

    From George Henderson

  • Networks could be flouting rules on VAT

    21 Feb 2005

    Some networks are believed to be flouting HM Customs & Excise VAT rules and leaving mortgage clients without protection because of the way their members are being paid.

  • Newcastle launches variable offset mortgage range

    22 Feb 2005

    Newcastle has relaunched two offset mortgages offering a mix of features including no completion or legal fees and free valuation up to 410.

  • Nick's notes

    21 Feb 2005

    There is growing interest in the potential changes to some critical illness definitions. Although at first glance the changes may seem negative, they will help keep the critical illness market sustainable.

  • Nine out of 10 first-time buyers to pay Stamp Duty by 2008

    23 Feb 2005

    Around 90% of first-time buyers are likely to pay Stamp Duty on their homes by 2008, says Alliance & Leicester Mortgages.

  • NU publishes income protection claims report

    21 Feb 2005

    Norwich Union Healthcare has published its first income protection claims report.

  • On the beat

    21 Feb 2005

    The issue of proc fees in the sub-prime market has hit the headlines again. Last week saw the rather unfortunate spectacle of handbags at dawn between two leading sub-prime lenders and their interpretations of MCOB Principles 6 and 9 regarding the payment of proc fees.

  • Online commercial deals can pay off

    21 Feb 2005

    Intermediaries should not ignore the profitable income stream of the online commercial sector and Xbridge's online decision tools can help them tap into this market, says Frank Eve.

  • Optoma considers joint marketing

    21 Feb 2005

    Optoma Broker Solutions is discussing with its lender partners the development of a joint marketing platform to maximise market share, sales and brand visibility.

  • paaleads.com offers opportunities via conveyancing arm

    25 Feb 2005

    paaleads.com has unveiled a promotion that offers advisers the opportunity to receive free mortgage leads in exchange for referring clients to its conveyancing arm.The promotion enables mortgage advisers to earn a minimum of 90 for instructing a conveyancer from the panel, plus a free mortgage lead that may bring them more commission through the mortgage sale.One free mortgage lead will be offered for every five conveyancing instructions the advisor makes over the promotional ...

  • PFS slammed over service

    21 Feb 2005

    The Personal Finance Society has been slammed by one disgruntled member for offering mortgage brokers poor value for money.

  • Pink makes 34 redundant

    24 Feb 2005

    Pink Home Loans has told 34 members of staff that they are are being made redundant.

  • Pink to offer exclusive BMS sub-prime range

    21 Feb 2005

    Pink Home Loans is to offer an exclusive range of sub-prime products from BM Solutions which have no early redemption charges.

  • Platform appoints e-commerce manager

    21 Feb 2005

    Platform has appointed Jim Hunter as e-commerce manager to drive forward its future online initiatives.

  • Prepare for the big guns to fire on tax

    21 Feb 2005

    In the upcoming general election personal finance will be a battleground in a way not seen since 1992 and Gordon Brown's Budget could fire some opening salvos on tax, says Rachel Blackmore.

  • Prestbury to buy rival Blue Pearl

    21 Feb 2005

    Prestbury, parent of Solutions Network, is to buy rival mortgage and general insurance network Blue Pearl.

  • Proc fee analysis left no room for pricing in better service

    21 Feb 2005

    From Jeff Knight

  • Rental yields rise fractionally in January

    21 Feb 2005

    Rental yield figures released by Landlord Mortgages show that rental yields in England and Scotland rose fractionally in January.

  • Reversal of fortune for markets

    21 Feb 2005

    It had all seemed to be going so well. Just a couple of weeks ago, equity investors were basking in the remarkable performance of markets during the third quarter, bond investors were satisfied with tight credit spreads, and the prospect of reducing interest rates in the UK.

  • Scottish Provident reprices Self Assurance range

    25 Feb 2005

    Scottish Provident has adjusted premium rates on its death or earlier critical illness benefit with effect from February 28.

  • SHIP grants membership to Just Retirement

    24 Feb 2005

    Product provider Just Retirement has joined Safe Home Income Plans, the UK equity release industry body.

  • Solicitors check for buildings insurance before completion

    21 Feb 2005

    From Paul Brown

  • SPML moves its London HQ to the City

    21 Feb 2005

    Southern Pacific Mortgage Limited has moved its London headquarters from Kensington High Street to office premises in Broadgate.

  • Sumus' AIM debut sees issue fully subscribed

    21 Feb 2005

    Sumus, the holding company of IFA network Falcon and aggregating firm Financial Synergies, was admitted to the Alternative Investment Market on February 17.

  • Surplus could fund training

    21 Feb 2005

    Surplus funds in the region of 100,000 from the Mortgage Code Compliance Board may go to help educate intermediaries instead of directly to the Financial Services Authority, it is rumoured.

  • The compliance aspect of incentives

    21 Feb 2005

    Scarborough's deal which offers a plasma TV alongside some mortgage products is a good test case to review compliance issues of which all brokers should be aware, says Neal Smith.

  • The Derbyshire appointed to Freedom Finance panel

    21 Feb 2005

    The Derbyshire has been appointed onto Freedom Finance's panel of lenders.

  • The Mortgage Mole

    21 Feb 2005

    Mole was treated to a day out at Twickenham on February 12 to watch England play France in the Six Nations, courtesy of GE Life. It was, sadly, a case of zut alors, as England went down 18-17 after Charlie Hodgson missed three penalties and a drop goal. However, hackette Natalie was consoled to find herself sharing the post-match hospitality tent with glamorous royal socialite Zara Phillips and boyfriend Mike Tindall, giving her ample opportunity to put her notorious celebrity stalking ...

  • The right way to answer that tricky question

    21 Feb 2005

    IntelligenceYou have got to your interview on time, fully prepared and looking smart. Have you thought about what to say or what to take with you? Asks Mark Witcomb, senior consultant at Venatus Business.

  • Title insurance warning

    21 Feb 2005

    London & European has warned lenders to be aware that an increase in mortgage arrears and potential repossessions could mean they have to reconsider their title insurance.

  • UK obsession with property begins at a young age

    24 Feb 2005

    A survey by IFA Promotion has revealed that 95% of teenagers plan to be homeowners.

  • Use IT or lose it, says Bolton

    21 Feb 2005

    Michael Bolton has predicted that lenders which fail to embrace technology will not survive.

  • Venturion confirms it will set up sub-prime lender

    21 Feb 2005

    Venturion Capital, the US parent of The Mortgage Operation, confirmed last week it was looking to set up a sub-prime lender, though TMO will remain a packager.

  • What are lenders doing to help prevent borrowers falling into arrears?

    21 Feb 2005

    As the CML reports the first rise in mortgage arrears since 1998 some lenders are taking measures to help vulnerable borrowers, say our experts.

  • Whatever happened to the MCCB staff?

    21 Feb 2005

    Time marches on, but with almost four months having passed since Mortgage Day there is still great interest in the fate of Mortgage Code Compliance Board's staff. This reflects the high regard in which the MCCB was held in by most mortgage practitioners.

  • Worry over reversion sales

    21 Feb 2005

    Concern is growing that clients of unregulated IFAs selling home reversion plans could be vulnerable to cowboy tactics.

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