Mortgage Strategy
21 June 2004

  • 1,000 advisers switch to Trigold in May

    23 Jun 2004

    Trigold is celebrating a record month for new users with over 1,000 switching to Trigold software in May, bringing the total number of users of Prospector Plus to over 15,000. Prospector Plus subscribers will also receive free the new FSA software Prospector AAA to ensure that they are ready to tackle FSA regulation. Advisers can also add Compliance Shield. Trigold's compliance archiving, monitoring and oversight system for just £10 per month. Bill Safran, joint ...

  • 1st announces acquisition of iTrak

    24 Jun 2004

    1st, a supplier of integrated technology solutions for financial advisers and mortgage intermediaries, yesterday announced the acquisition of a 51% controlling stake in iTrak - providers of point-of-sale, wealth management software for financial advisers. For the past two years iTrak has been developing its products, which came to market in January 2004. Following the acquisition, the staff and directors of iTrak will join forces with the team at 1st. Rory Curran, executive ...

  • 1st announces launch of new Adviser Office

    24 Jun 2004

    1st, a provider of technology services and solutions to the retail financial advice market, yesterday announced the launch of its new Adviser Office version, Adviser Office:Intelligent Workflow, which contains a range of tools for mortgage intermediaries. The product will be showcased at the company's conference on Thursday, July 1 and released via a controlled roll-out thereafter. Key developments include applicant information consolidated within the mortgage component, ...

  • Abbey appoints Mark Russell as head of brand

    22 Jun 2004

    Abbey has appointed Mark Russell as head of brand.  He will be responsible for developing and communicating Abbey's brand strategy and its manifestation through all the channels as well as the completion of the re-branding process. Russell reports to Jeremy Davies, director of brand and communications and started at Abbey on June 14. Russell joins Abbey from J. Walter Thompson advertising agency where he was department head of The Knowledge Centre, responsible for providing ...

  • Abbey for Intermediaries produces pensions simplification pack for IFAs

    24 Jun 2004

    Abbey for Intermediaries has produced a pensions simplification pack for IFAs containing support material, which they can use with their clients in the run-up to April 6 2006 (A-Day). The pack will be available from July 2 2004 and contains a guide to maximising business opportunities in the run-up to A-Day, including sample approach letters to use with existing and new clients. Also included is a guide to the government's proposed simplification of the pensions tax ...

  • Abbey's Introducer Internet clicks into action for online insurance applications

    24 Jun 2004

    Abbey's system for online mortgage applications, Introducer Internet, has been boosted to include a general insurance application process. The move is part of a campaign to drive up insurance sales through the intermediary channel. The system enhancements mean it will be easier for advisers to place insurance business with Abbey when submitting a mortgage application. The Introducer Internet system can also be used when submitting stand-alone general insurance applications. ...

  • Accord launches US-style LIBOR tracker mortgage

    21 Jun 2004

    Accord Mortgages has become one of only three UK organisations to launch a US-style LIBOR tracker rate mortgage. The two lenders who have previously launched such a deal into the market in this country are Skipton and Charcol. During the tracker period of October 1 2004 to September 30 2009 the interest rate applicable to the Accord mortgage will be set according to where the US$ LIBOR rate stands every year on March 31, June 30, September 30 and December 31. The interest ...

  • Alliance & Leicester hikes mortgage rates

    25 Jun 2004

    Alliance & Leicester has announced a 0.30% increase in its basic variable mortgage rate. Alliance & Leicester's new basic variable rate is 6.59% (7.0% APR) with effect from June 24 2004 for new borrowers and July 2 2004 for existing borrowers. Alliance & Leicester mortgage products that track the Bank of England base rate are also subject to change. New borrower products increased by 0.25% from June 14 2004 and existing borrower products will be increased from July ...

  • Amber sells £150m mortgage portfolio to Redstone

    25 Jun 2004

    Amber Homeloans Limited has announced the sale of a residential mortgage portfolio with a value in excess of £150m to Redstone Mortgages PLC. This is the largest transaction undertaken by Amber in 2004 and takes the total value of assets traded through the £2bn barrier. The portfolio was made up of assets covering the full range of sub-prime lending and is the first acquisition made by Redstone, who will look to make further acquisitions in the near future. Amber ...

  • AMI chairman Gooding to step down

    23 Jun 2004

    The Association of Mortgage Intermediaries has announced that AMI chairman Charles Gooding will not seek re-election to the trade association's board. Gooding says: "It has been an honour and a privilege to work with the AMI board since its formation. I had decided to step down as chairman some time ago once I was confident that we had achieved certain objectives and had created a credible and reputable trade body. AMI's success over the last 12 months has been staggering, ...

  • AMI fears regulatory creep

    21 Jun 2004

    The Association of Mortgage Intermediaries has slammed the FSA for admitting it will take account of non-regulated practices by firms when it is assessing them post-Mortgage Day. Although the FSA denies that this is a sign of regulatory creep it says it will include activities like buy-to-let and second charge mortgages within its overall evaluation of firms after October 31. FSA spokesman Robin Gordon-Walker says: "We would have to take into account the whole firm and ...

  • AMI issues compliance factsheet

    23 Jun 2004

    The Association of Mortgage Intermediaries has issued a factsheet designed to help members make the leap from between MCCB and FSA compliance. The factsheet, entitled "A Tale of Two Regulators", provides practical assistance and guidance for mortgage intermediaries who want to identify what they need to do differently to comply with the FSA's regulations. In just 15 pages, the factsheet examines issues such as training and competence, the advice process, complaints handling ...

  • AMI pleased as FSA starts sending MTA letters to networks

    25 Jun 2004

    The Association of Mortgage Intermediaries annouced this week that it is pleased to note that the FSA has started the process of issuing minded to authorise letters to networks. Chris Cummings, AMI director, says: "The lead-up to regulation has created uncertainty in the market. One of the key questions facing any mortgage intermediary who has decided to become an appointed representative is: how do I select the right network for me? Rightly or wrongly many have delayed their ...

  • Are baby boomers relying on their homes to fund retirement in line for a nasty shock?

    21 Jun 2004

    Ali Crossley is director of equity release plans at Prudential Baby boomers were born in an era when they were told they had 'never had it so good' but as they near retirement, life could be turning sour for many. Those born within 10 years of the end of World War II are now between 50 and 60 years of age and the older ones are nearing retirement. The good news for them is that they have experienced significant price inflation on their properties. On average this ...

  • Aspiring homeowners say government not doing enough

    23 Jun 2004

    FirstRungNow Ltd has undertaken a survey to gauge the thoughts of potential first-time buyers stuck in the rental trap. Of those surveyed, 81% said they would prefer to be homeowners and 94% said they believed the government is not doing enough to help. There is a lack of optimism for the future too. When asked if they thought it would be easier or harder to buy in six months' time, 91% thought it would be harder or the same, despite recent statements to the contrary ...

  • Average UK house will be worth the same in 2007 as today, says cebr

    22 Jun 2004

    Latest forecasts for the housing market from the the Centre for Economic Business Research published today predicts that UK home owners will face a "soft landing". But at the same time the forecasts indicate that average UK house prices will be no higher in 2007 than in 2004. The forecasts are contained in the first issue of cebr Quarterly Housing Forecasts, updating the analysis contained in cebr's Housing Futures 2024, which was issued for the 34th year in April ...

  • AXA launches network for tied agents

    21 Jun 2004

    AXA has launched a mortgage and general insurance network for its tied agents. The network is the latest addition to AXA Mortgage Solutions which launched last year. The scheme already offers access to mortgage and protection sourcing software as well as support and packaging services. AXA spokesman Peter White says: "We have applied to the FSA for principal status. Our network will enhance our mortgage support offering for our current agents and positions us in the market ...

  • Bad management costing financial companies their reputation

    25 Jun 2004

    Research results released yesterday by Vignette, a provider of information management and delivery solutions, show that IFAs believe poor organisation and bad management of customer documents is costing financial service providers their reputation. The independent survey of IFAs revealed that almost one fifth (17%) of financial services companies regularly lose customer documentation, with 58% of respondents believing that providers are disorganized, negatively affecting their ...

  • Barker defends her findings

    21 Jun 2004

    Kate Barker last week defended her report on housing supply in the UK in the face of fierce criticism. Speaking at a Chartered Institute of Housing conference in Harrogate last Tuesday, Barker said the need for up to 23,000 extra affordable homes per year shows the scale of the task ahead. On the issue of the environmental implications of building more houses, Barker argues the priority is to build new homes for the existing population. She describes those who say better ...

  • Base rate increase bad news for borrowers, says Moneyfacts

    23 Jun 2004

    Over the past year base rate has increased from 3.75% to 4.50%, a change of 0.75%. This is bad news for borrowers, with mortgage rates on the up, says Moneyfacts.co.uk. The best buy charts on Moneyfacts.co.uk show a cross-section of some of the best products on the market and show a comparison of rates available in June 2003 (base rate at 3.75%) compared with June 2004 (base rate at 4.50%). Although base rate has only increased by 0.75%, the average best buy has increased by ...

  • BDS Mortgage Group launches conveyancing service with Homefast

    21 Jun 2004

    BDS Mortgage Group launched a conveyancing and remortgage service in conjunction with the newly renamed Homefast Property Lawyers, a division of Sherrards Solicitors. The service combines a competitive fixed fee cost structure with online case tracking and a 'no completion, no legal fee' agreement. All of the necessary information including the documentation required to initiate a case can be found on the BDS website. The service offers fixed fees, online case ...

  • Biggest does not always mean best

    21 Jun 2004

    This week I start looking at the importance of network size, financial stability and culture. In theory, the larger the network, the more economies of scale kick in and the stronger its negotiating power with mortgage lenders and insurance companies. In practice, however, economies of scale or productivity issues can turn out to be a bell-shaped rather than a straight line graph. Instead of ARs seeing decreasing charges per head the costs start to creep up - ask any DBS ...

  • Blue Sky

    21 Jun 2004

    Regardless of age, position and the business we happen to be in, all of us need to understand the importance of branding. We are CEOs of our own companies: Me Inc. To be in business today, our most important job is to be head marketer for the brand called You. The good news is that everyone has a chance to stand out. Everyone has a chance to learn, improve, and build up their skills. Everyone has a chance to be a brand worthy of remark. Nobody understands branding better ...

  • Bristol & West simplifies buy-to-let criteria

    23 Jun 2004

    Bristol & West has simplified buy-to-let criteria. Across all buy-to-let mortgages, irrespective of the portfolio size or loan value the rental cover requirement is now calculated on 125% of the loan repayment using a nominal rate or the payable rate for fixed rate products of three years or more, previously five years or more. To make borrowers' lives easier, clients can borrow for up to 10 properties and maximum total lending is now £1.5m. Individual loans ...

  • Brokers angered by illness cover mis-selling claims

    21 Jun 2004

    Brokers have reacted furiously to recent claims that critical illness insurance is being mis-sold. A Channel 4 investigation recently accused lenders of mis-selling the policies and came hard on the heels of a survey by the Consumers' Association published in Which? magazine accusing the financial services industry of being "rife with poor advice and questionable sale tactics". Alan Lakey, partner in Highclere Financial Services, dismisses the slurs as "nonsense". He ...

  • Brokers welcome Scottish mortgage club

    21 Jun 2004

    Scottish brokers have welcomed the dedicated mortgage club, Helix Mortgage Services, that has been launched by the Mortgage Intermediary Alliance Scotland. Brian Ewing, head of intermediary sales for Intelligent Finance, says: "MIAS has recognised that the needs of Scottish brokers differ from the rest of the UK." Steve Pollard, managing director of Moneyquest, says: "Scottish brokers will benefit from discounted funds and kitemark standards." AMI policy officer ...

  • BuildStore nominated for two major awards

    21 Jun 2004

    BuildStore has been shortlisted for two major awards at the National Business Awards for Scotland. BuildStore will make a presentation to the judges in July and the winners will be announced on September 9 at a gala ceremony at the Glasgow Hilton. Sponsors of the event include GNER, NTL Business and Scottish Power. Raymond Conner, founder and managing director of BuildStore, says: "The BuildStore team has shown commitment to making self-build accessible to intermediaries, ...

  • Buy-to-let incentives from Oxford firm

    23 Jun 2004

    The serious shortage of properties in Oxford to meet demands for student accommodation in September has led to the introduction of a new incentive scheme by a provider of student accommodation, Oxfordlet.com Currently buy-to-let returns in north Oxford are outperforming most other areas of the South- East. Business development manager Sally Franklin says: "We are now offering property investors and those who wish to purchase buy-to-let property a free rental assessment service ...

  • C&G unveils the greatest footy save of all time

    25 Jun 2004

    Mortgage and savings provider Cheltenham & Gloucester has conducted a poll of 2,500 football fans to find out the greatest save in the history of the game. Top place was taken by English legend Gordon Banks for his stunning stop from Pele's header made during the England v Brazil World Cup quarter final in 1970. Second place in the survey went to Colombian custodian Rene Higuita for his audacious 'scorpion' back-flip at Wembley in a friendly with England in 1996. And ...

  • Community focus brings a loyal customer base

    21 Jun 2004

    Q: How is The Hanley Economic structured? A: The Hanley Economic is proud of its mutual independent status and is committed to maintaining its role as a modern, customer-focussed organisation owned by its members. In addition to its four branch offices in North Staffordshire, the building society has a network of agents in this and neighbouring areas. The Hanley Economic has its own teams of mortgage advisers and IFAs who give one-to-one consultations with customers ...

  • Co-Op risks broker wrath over SVR hikes

    21 Jun 2004

    Brokers are waiting with baited breath, ready to pounce with criticism if the Co-Operative Bank hikes its rate yet again following the most recent Bank of England base rate rise. After May's base rate rise of 0.25%, the Co-Op raised its SVR by 0.45% - the highest rise made by a lender that month. Although its SVR currently stands at 5.79% compared with rates such as 6.50% from Abbey, 6.29% from Alliance & Leicester and 6.24% from GMAC-RFC, some brokers say the ...

  • County Group expands salesforce

    23 Jun 2004

    Branded lender and packager County Group has expanded its salesforce with the appointment of two sales personnel.   Michael Muir has been appointed as mortgage sales manager for the newly-created sales territory of the Midlands and West Country. He moves to County from his role as mortgage manager at The Property Centre in Worcester. Michael will service his clients from his office in Worcester.   Christian Rolfe has been promoted to mortgage sales manager at County from ...

  • County offers luxury golf break as incentive

    25 Jun 2004

    County Mortgages has launched a sales incentive - a luxury golf break to the golfing capital of Europe. Eight intermediaries are set to be drawn from a hat to win a four-day break to Spain.  All they have to do is submit eight sub-prime County Home Loans; applications between  June 1 and July 31, 2004 to be entered into the draw. For each additional sub-prime application that is received during this time, an extra draw entry is logged.    The package - offered in association ...

  • Curriculum Vitae - Alastair Pate

    21 Jun 2004

    Name: Alastair Pate Age: 40 Company: Kensington Mortgage Company Job title: Director of marketing and strategy Where do you live? Epping - the forest is only a hundred yards from my door. Visitors are regularly tested on their knowledge of trees Current Job: Concentrating on the commercial side of Kensington. On a typical day I will be looking at business volumes, product development, market conditions, advertising ...

  • Dear Delia

    21 Jun 2004

    Dear Delia Carpenter Bruce Dickinson has been self-employed for 15 months. He wants to enter the buy-to-let market and has found a property for £90,000. He wants to raise the 15% deposit by remortgaging his home from £60,000 to £73,500 on a property value of £105,000. But the expected rental return would only be 110% of the interest-only monthly repayment (at 5.24%). What are his options? Delia says: With buy-to-let still booming, borrowers ...

  • Delia joins the team

    21 Jun 2004

    Delia Lonsotrea has joined Mortgage Strategy to help you help your clients. Delia's a dab hand at cooking up solutions to your clients' problems and will serve up tasty recipes to set them on their way. Delia says: "I'm delighted to be joining Mortgage Strategy and can't wait to start helping brokers stuck with difficult cases." Mortgage Strategy is giving away a bottle of champagne to the first 10 brokers who email Delia with a client problem to consider. ...

  • eMoneyfacts launches 'daily selection' tool

    25 Jun 2004

    eMoneyfacts, the IFA web portal, has made product recommendations easier and more effective with its 'Daily Selections' feature. Using Moneyfacts' whole of market viewpoint and product databases, Daily Selections provide shortlists of the best products available - updated every day - across mortgages, savings, credit cards and loans. The intermediary makes the required selection from the menu, for example fixed rate mortgages, and eMoneyfacts automatically produces ...

  • Euro favourites set to score with property investors

    23 Jun 2004

    As the Euro 2004 football tournament kicked off last weekend with 16 nations competing for the title of best in Europe, research by the Property Investor Show shows that the favourites are also heading the list of destinations for British property investors. Current champions France head the top of the football list as the favourites for the title, a position reaffirmed after their last-minute victory over England on Sunday. However in the European property stakes, they are pipped ...

  • Experian launches national credit score for consumers

    25 Jun 2004

    Experian yesterday announced the launch of the National Credit Score. This service will provide UK consumers with access to their credit score and an at-a-glance summary of theircredit status based on information held on their full Experian creditreport. Consumers in the UK have an average of five active lines of credit and the national consumer debt has now surpassed the £1trillion mark so credit management and understanding has never been more important. Jill ...

  • Financial services employees most satisfied with their jobs

    23 Jun 2004

    Recent data from employee research specialist ORC International's report - Putting it in Perspective - has highlighted that 73% of employees working in the UK financial sector consider themselves to be satisfied with their working environment. This is six percentage points higher than the UK norm of 67% and is the most favourable score across all UK sectors. This is just one of the many findings contained within the annual report, which reviews trends in UK employee opinion ...

  • First Active welcomes its first customers

    21 Jun 2004

    First Active, the new mortgage provider from the RBS group which launched this month with two low rate mortgages in England, Scotland and Wales, has welcomed aboard its first customers. Sold exclusively through intermediaries, First Active offers a two-year discount mortgage and a five-year stepped mortgage with rates that start low and stay competitive in the long-term. Both mortgages are being sold exclusively through intermediaries. They track the Bank of England ...

  • First Property Investor Show North hailed as success

    25 Jun 2004

    The first ever Property Investor Show North on June 18-20 at Manchester G-MEX was attended by over 5,500 visitors from across the country. Over 135 exhibitors, from developers to mortgage companies, took part and a 30-strong team of speakers imparted their expertise in an extensive programme of seminars ranging from buying a house at auction to extending a property portfolio. The show covered both commercial and residential property investment opportunities across the ...

  • Freedom Finance and Redstone Mortgages sign up with HML

    24 Jun 2004

    Homeloan Management Limited has built upon its recent growth record by winning further new business. The two contracts are with Freedom Finance and Redstone Mortgages PLC for third party mortgage administration. Freedom Finance has contracted HML to administer its exciting range of lending products, recently launched in the intermediary mortgage market. Freedom's product range includes self-cert, buy-to-let, let-to-buy, full status and non-conforming products. The ...

  • FSA issues letters to network applicants

    23 Jun 2004

    The FSA has this week started issuing letters to applicants wishing to operate a network with a mortgage or general insurance permission - both new firms (where a minded to authorise letter is issued); and existing authorised firms (where the letter states that the FSA isminded to vary their permission). The timing of any letter depends on when a network applied; on the issues that the application raises; the complexity of the business proposition; and the speed with which the ...

  • Gay insurance expert invited to join industry working group on HIV

    22 Jun 2004

    Chris Morgan, editor of Pink finance.com, has been invited to join the Association of British Insurers' new working group focusing on HIV and self-responsibility as a consultant. Over the last 12 months Morgan has contributed heavily to the new best practice guidelines on HIV and Insurance,which are about to be applied to the industry. Morgan's suggestion of forming a working group on HIV and self-responsibility has been placedat the centre of the ABI 's future ...

  • Genesis adds Scottish Widows to direct lender panel

    25 Jun 2004

    Genesis has added another lender to the panel for its direct submissionservice - Genesis Direct - with the appointment of Scottish Widows Bank. Joining the direct lender panel with immediate effect, Scottish Widows Bank will offer its wide range of products to intermediaries via the direct submission route. Scottish Widows Bank offer a full range of products that include 110% professional mortgages, graduate mortgages, in addition to a full range of fixed rate and buy-to-let ...

  • Genesis appoints network services manager

    25 Jun 2004

    Genesis has appointed Anita Carthew as network services manager. Carthew will take direct responsibility for implementing and managing the services Genesis offers to its franchisees, licensees and appointed representatives. Carthew joins Genesis from Exclusive Connections where she managed the relationship with packagers and lenders. Carthew is FPC and CeMAP qualified and has nearly 20 years experience in financial services. John Lee, head of sales and marketing at Genesis, ...

  • GMAC-RFC enhances non-conforming mortgage range

    24 Jun 2004

    GMAC-RFC yesterday announced details of its enhanced non-conforming mortgage range. Rates start at just 5.24%, with a choice of competitive discounted and fixed rates that are available on a status or self cert basis. The range was designed after careful analysis of market data that showed that borrowers have a wide range of varying levels of adverse credit. Jeff Knight, head of marketing services at GMAC-RFC, says: "One thing that we found in our research was that the ...

  • High Fitch ratings for Homeloan Management

    21 Jun 2004

    International rating agency Fitch has awarded Homeloan Management residential loan servicer ratings of RPS2+(Prime)UK and RPS2+(Sub-Prime)UK, the highest it awards to any servicer in Europe. The review was conducted by Fitch following a period of remarkable growth and change at HML, which resulted in assets more than doubling from just over £11bn at the beginning of 2003 to £24bn today, and the acquisition of new business premises in Padiham, Lancashire and Londonderry, ...

  • HML signs deal with Heritable Bank

    24 Jun 2004

    Homeloan Management Limited has strengthen its savings administration activity by signing a three-year contract with Heritable Bank. The Heritable contract marks a key development for HML, being the fruits of its merger with Savings Management Ltd, whereby the company is able to provide third party administration services for savings products in addition to its established mortgage processing business. The account has the potential to bring in over £400m of retail ...

  • Homefast seeks partners

    21 Jun 2004

    Volume conveyancing and remortgaging service Homefast, a recently rebranded division of Sherrards Solicitors, says its priority this year is to form partnerships with a number of mortgage intermediaries and packagers. The division was renamed earlier this month with the aim of making it a national brand in the conveyancing business, building on the relationships it has established over the past three years with estate agency chains such as Countrywide, Your Move and Halifax. It ...

  • Homeloan Management appoints head of Irish operations

    25 Jun 2004

    Homeloan Management Limited has appointed Andrew Duff as director of Irish operations, based at the company's new offices on the Ulster Science and Technology Park in Derry. Duff was previously with Capita Group where he was responsible for the execution of business outsourcing contracts for a range of organisations such as BBC TV, Abbey National and Dixons. Steve Haggerty, managing director of HML, says: "Duff brings to HML a wealth of experience of outsourced business ...

  • Industry split on King's comments

    21 Jun 2004

    Bank of England governor Mervyn King's comments last week on the precarious state of the property market have split the mortgage industry. Though many brokers feel King's comments were a risky attempt to instigate a house price plateau, an increasing number welcome his opinions. Andrew Frankish, operations director at Mortgage Talk, heralds the remarks as "bringing some much needed realism into the market". Frankish echoes the sentiments of other brokers who feel ...

  • Internet Insite

    21 Jun 2004

    I had an email the other day from the web designer for The Black & White Group, saying he was an avid reader of Mortgage Strategy (so he should be), especially the Internet Insite page, and inviting me to review the recently overhauled Black & White website. I was interested in having a look as I reviewed an earlier version back in July last year. So this week I thought I'd take a trip to Staffordshire to look at Black & White in Rugeley and Midland Mortgages and Platinum ...

  • Is Gummer the right man to chair AMI?

    26 Jun 2004

    As well as his main role as Conservative MP for Suffolk Coastal, Gummer is chairman of the Association of IFAs, AMI's sister trade body. With the market in a state of flux, the AMI board chose an impartial chairman who wasn't from a network or a directly authorised firm. So, Mortgage Strategy asks: Do you agree with the choice of John Gummer as chairman of AMI and why? Andy Pratt, Alexander Hall It's a sound appointment. John Gummer ...

  • Is Stamp Duty a first class system?

    23 Jun 2004

    Stamp duty is a government land tax payable on the documents, which transfer ownership of an asset (e.g. on the sale of a house or disposal of shares). It is also payable on a grant of a lease. It was first invented in 1624 by the Dutch and levied in United Kingdom in 1694. It was found to be a very successful tool in raising income for the government, but at the same time most unpopular when collected, even when its imposition caused riots in the American colonies during 1765. ...

  • Kensington appoints sales development manager

    24 Jun 2004

    Kensington Mortgages has appointed Frank Bennett as sales development manager for the West Midlands and Mid Wales region.   Bennett joins Kensington from Mortgages PLC where he was an area sales manager. Bennett has worked in the mortgage sector since 1977 holding various positions within the industry, including with a number of building societies and specialist lenders.  

  • KFIs via lenders will keep you safe

    21 Jun 2004

    Not since the halcyon days of Ian McIver versus Richard Griffiths have I been more interested in watching a debate unfold, as Trigold and Mortgage Brain lock horns over who was the first sourcing provider to announce a launch date for FSA-compliant software. Mortgage 2000 has also entered the fray, expressing surprise at the various announcements regarding who was first. Having attended seminars run by both Trigold and Mortgage Brain I was encouraged by both companies' offerings ...

  • Lead generation tool launched

    21 Jun 2004

    Specialist financial services consultancy Llewellyn-Slade PR has launched a lead generation service for mortgage brokers and IFAs which it is marketing via networks and support service providers. The service offers a white label monthly magazine containing articles on topical consumer issues such as the benefits of remortgaging and can be issued to clients and prospects. Each issue comes with the intermediary's logo, photograph and contact details ready for onward ...

  • Lemon Squeezy launches guide on financial promotion regulation

    25 Jun 2004

    Lemon Squeezy Marketing Limited, a marketing consultancy firm specialising in the financial services industry, has recently launched a guide for advisers in the mortgage market detailing the forthcoming FSA regulations on financial promotions, including hints and tips for more effective marketing. With the introduction of legislation in October, mortgage brokers will be required to follow stringent rules when putting together any sort of promotional material, whether it be a press ...

  • Lenders accused of rush to reprice

    21 Jun 2004

    Chelsea Mortgage Management is accusing lenders of being too quick in repricing fixed rates, using swap rate movements as an excuse. Simon Bucknell, business development manager at Chelsea Mortgage Management, says: "Brokers are being put in an impossible situation at the moment because of the constant repricing of fixed rates. "A lender may buy £10m on the money market at a set cost but the fact that swaps have increased shouldn't have any bearing on the costs ...

  • Lenders' service is so poor it can affect a broker's business

    21 Jun 2004

    From Mike King I agree with comments in the June 7 issue of Mortgage Strategy that there should be an awards event for lenders based on service. And I was interested to read the comments in last week's letters page (Mortgage Strategy June 21) in relation to Northern Rock. I have five instances which replicate the comments made by John Stewart - and this from a lender which regularly comes out top in searches on Mortgage Brain. The service provided is an utter disgrace and ...

  • Lending down by £1bn in May, says CML

    21 Jun 2004

    Mortgage lending was £1bn lower in May than in April, data released last week by the Council of Mortgage Lenders shows. Gross lending amounted to £23.8bn in May, down from £24.8bn in April but still nearly 9% higher than in May last year. The drop in gross lending has been driven by a fall in lending for house purchase. This fell by £1.2bn - exactly the amount by which it rose from March to April. Lending for house purchase in fell back to 48% of ...

  • Lifeboat goes live with Momentum software system

    23 Jun 2004

    Lifeboat Financial Group has launched its advanced software system Momentum to its new mortgage network, Lifeboat Mortgage Solutions. All members of the network will use the Momentum Sales system provided to them by Crystal Software Solutions. The system supports the complete sales process including fact-finds, illustrations, recommendations, applications, electronic submission and case tracking. The system also allows compliance to review cases from anywhere. The system ...

  • London and South East landlords enjoy sustained rises in yields, says Paragon Mortgages

    22 Jun 2004

    Investor landlords in Greater London and the South East have seen rising yields on their rental properties for the third month in a row, the June edition of Paragon Mortgages' Buy-to-Let Index shows. Traditionally, the south-eastern corner of the country has offered lower yields on rental properties, as higher property prices are not matched by higher rents to the same extent, while the Midlands and North offer higher yields. However, so far this year yields in the ...

  • London and South-East landlords enjoy sustained rise in yields

    21 Jun 2004

    Investor landlords in Greater London and the South-East have seen rising yields on their rental properties for the third month in a row, the June edition of Paragon Mortgages' buy-to-let Index reveals. Traditionally, the south-eastern corner of the country has offered lower yields on rental properties, as higher property prices are not matched by higher rents to the same extent, while the Midlands and North offer higher yields. However, so far this year yields in ...

  • Major lenders verify Mortgage Brain data

    21 Jun 2004

    Mortgage Brain says that its mortgage product data is now verified for accuracy by three-quarters of the lending industry in the UK, Mortgage Brain delivered its product verification system, which enables lenders to proactively verify their product information on its mortgage sourcing system, in January 2003. The firm says since its launch introducers and lenders have recognised the benefits of product accuracy and the confidence this brings. The 26 lenders verifying ...

  • Majority of lenders verifying data on Mortgage Brain

    21 Jun 2004

    Lenders who account for over 75% of mortgages sold in the UK now verify their product details on Mortgage Brain. Mortgage Brain delivered its product verification system, which enables lenders to proactively verify their product information on its mortgage sourcing system in January 2003. Since its launch introducers and lenders have instantly recognised the benefits of greater product accuracy and the certainty and confidence this offers. Mark Lofthouse, chief exexcutive ...

  • Manufacturing recovery weakens slightly in June

    25 Jun 2004

    Manufacturers' orders weakened slightly in June but not enough to suggest a threat to the sector's recovery, says to the CBI's Monthly Industrial Trends survey published yesterday. Firms said total order books were marginally below normal in June, having returned to normal levels in May. However, June's result was not sufficiently weak to indicate a marked change in the improving trend reported over the previous eight months. Nearly a quarter of firms said order ...

  • Marketing Brief

    21 Jun 2004

    It never ceases to amaze me how many mortgage companies don't know what the definition of a mortgage is. This week it's Standard Life Bank's turn. In its jargon buster, Standard Life Bank describes a mortgage as "a loan for buying property". So can we nail this once and for all? A mortgage is not a loan. The home-buying public may see it as a loan and no doubt plenty of others see it as a loan as well. But in a glossary of terminology, which users expect to be accurate, we ought ...

  • Mixed views from Royal London on Sandler price cap announcement

    21 Jun 2004

    Royal London has welcomed the government's changes to the price cap for Sandler products as evidence that it has been listening to the concerns of the long-term savings industry. However, the company has serious concerns that the outcome is a missed opportunity to encourage the distribution of products more widely to the original target market ? the less well off. Royal London believes that the charge structure, with an annual management charge alone, will still ...

  • Moneyfacts name top 35 mortgage lenders

    23 Jun 2004

    Moneyfacts has carried out its half-yearly survey of mortgage interest charged by the Moneyfacts Top 35 mortgage Lenders. The Moneyfacts survey shows the total interest paid on a standard variable rate mortgage of £100,000 between July 1 2003 and June 31 2004. HSBC has knocked Egg off pole position, but the increases in Bank base rate have pushed the cost of borrowing up overall. Compared with last year, the amount of interest charged by HSBC on a mortgage of ...

  • More families moving to France but working in Britain, says Conti

    25 Jun 2004

    There is a increasing trend towards families buying together in France but living apart during the week, says overseas mortgage specialist Conti Financial Services. Conti's regional manager for France Ben Maher says: "We are seeing more couples with children making the lifestyle change to move to France in order to clear debts and start a new life. This, of course is not unusual, however we are seeing more situations where the husband or father or the family will continue to ...

  • Mortgage Next follows MI lead

    21 Jun 2004

    MORTGAGE Next has followed the lead of Mortgage Intelligence by offering intermediaries the opportunity to join for free until October 31 when FSA regulation starts. Mortgage Next, part of Freedom Finance, says it is waiving monthly fees for all intermediaries who submit a successful application to become an appointed representative. They can also trade under Mortgage Next's MCCB number and their PI policy until October 31. Mortgage Next marketing director Justine ...

  • Mortgage Talk signs up Thirwells as a franchise

    21 Jun 2004

    Mortgage Talk has signed up Middlesbrough-based Thirlwells Estate Agents as a franchise for its mortgage and financial services business. Originally established in 1977 by husband and wife team Keith and Margaret Thirlwell, the agency was sold to a corporate estate agency practice during the 1980s. Thirlwells was reestablished in 1991, and now boasts four offices in Middlesbrough, Marton, Nunthorpe and Billingham, each concentrating on residential property sales. The total number ...

  • MPLC stalls latest Von Daniken appeal bid

    21 Jun 2004

    Samantha Von Daniken, the homeless mother of three forced to live in her Mercedes 230 after the house she was living in was repossessed by Mortgages PLC, claims the sub-prime lender adjourned her appeal on the repossession last week without her knowledge. Her appeal was due to take place on Friday June 18 at Norwich County Court but it has now been adjourned until this Thursday. Von Daniken is now living in a bed and breakfast with two of her children but her solicitor, ...

  • Nationwide implements Experian's Consumer Indebtedness Index

    21 Jun 2004

    Nationwide has implemented the Consumer Indebtedness Index from Experian as an additional aid to help tackle consumer indebtedness. The CII has been developed as an aid to responsible lending and is being used by Nationwide to improve the quality of its credit granting decisions. It is designed to help identify individuals who may currently be able to fulfill their current repayment obligations but whose overall level of indebtedness means that they would struggle to keep up with ...

  • Nereus Infotek appoints BDM for South and West

    21 Jun 2004

    Nereus Infotek, the provider of D@shboard Software, last week announced the appointment of Samuel Clowsley as business development manager for the south and west of England. Clowsley has a wealth of experience in the mortgage market place having worked at Portman, Standard Life and Jim Whites Mortgage Solutions. Clowsley says: "Having used the Dashboard software at Jim Whites and experienced the actual benefits it has to offer, I am pleased to now be spreading the word and helping ...

  • Net lending up 39% at UCB Home Loans

    25 Jun 2004

    UCB Home Loans yesterday released figures for the financial year to March 31 2004. The year-end figures reveal that net advances increased by 39% to a record £718m. Gross mortgage lending reached a record £1.9bn, up 19%, total mortgage assets were up 17% to £4.8bn and pre-tax profit, at £50.9m, remained similar to last year. Arrears are at an all-time low of 3.73%. Out of a total of 48,400 borrowers, only eight properties are in possession. Buy-to-let ...

  • Newcastle keeps 10-year fixed rate mortgage at 5.99%

    23 Jun 2004

    Newcastle is offering a mortgage fixed at 5.99% until August 30 2014 with an annual penalty-free option to redeem. The recent interest rate rises have only increased speculation that they may continue to do so over the next year. This long-term fixed rate product provides people with security against potential rate rises while giving the option to move should circumstances change. The society's 10-year fixed rate mortgage offers borrowers an annual opportunity to redeem their ...

  • Northern Ireland price inflation is sustainable

    21 Jun 2004

    House prices in Northern Ireland are growing at a modest and sustainable rate, compared with the breakneck rises seen in the rest of the UK. Prices grew at a "steady but unspectacular" 8.6% in the 12 months to April according to the latest quarterly house price index from the University of Ulster, with the average property now costing £106,574. Alan Bridle, economist at the Bank of Ireland, which helps produce the report, believes the figures are good news for the ...

  • OFT's credit advertising review must bring real changes, say Lib Dems

    23 Jun 2004

    The Liberal Democrats have responded to the Office of Fair Trading's review of credit advertising. Malcolm Bruce MP, Liberal Democrat shadow DTI secretary, says: "Banks and credit companies have already milked the British cash cow. A 'wallet warning' that some credit deals could seriously damage your wealth should have been demanded by the government. "The OFT review is a good initiative, but it's years late. If action had been taken at the start of this ...

  • Over 50% of FTBs buy with their partners

    24 Jun 2004

    Over half of first-time buyers (57%) will be buying their first property with their partner, despite the fact that less than a quarter of them (22%) cite their reason for buying as being ableto live together. The findings, from Alliance & Leicester Mortgages' 'First-Time Buyer' research, show that with property prices becoming more difficult to afford for first-time buyers, young people are increasingly finding practical ways to join the property ladder. Less ...

  • Oxygen Home Loans launches into branded lending market

    25 Jun 2004

    A branded lender has announced its launch into the UK mortgage market in partnership with Mortgages PLC. Oxygen Home Loans is a new trading division of the Leicester-based Oxygen Mortgage Group (formerly Custom Made Mortgages). Oxygen Home Loans products will be focussed on specialist product areas such as sub-prime and self-certification. Building on the relationships already established by Custom Made Mortgages, Oxygen will work with several specialist lenders to negotiate ...

  • Pace of swap rate increase slows slightly

    21 Jun 2004

    Swaps continued their upward march last week but the increase seems to have slowed of late. • One-year money is up 0.07% to 5.38% • Two-year money is up 0.06% to 5.53% • Three-year money is up 0.06% to 5.61% • Five-year money is up 0.05% to 5.64% Portman increased its two and five-year fixed rates and The Mortgage Works launched a two, three or five-year fixed buy-to-let deal at the same rate of 5.99%. It also uses a sliding scale of LTV for ...

  • Paying for police and undertakers

    21 Jun 2004

    In March the FSA published CP04/4 outlining plans for funding the police and undertakers. Sorry if that caused you to spill the day's first cup of coffee - I do of course mean the Financial Ombudsman Service and the Financial Services Compensation Scheme. The Mortgage Code Arbitration Scheme has served as the complaints handling arm of the Mortgage Code since 1998 but from Mortgage Day both of the above will become obsolete. Instead the FOS and the FSCS will become the first ...

  • Pink launches self-cert product with Platform

    24 Jun 2004

    Pink Home Loans has launched a self-cert product with branded lending partner Platform. The product tracks the Bank of England base rate plus 1.14% for two years, offering an initial pay rate of 5.64% plus £500 cash back. The product is available to Pink Premier and mortgage club customers, and offers a broker commission of 0.60%. Key selling features include £500 cash back, broker commission of 0.6% and £100 off the application/valuation fee ...

  • PMN attracts 70 ARs in first eight weeks

    24 Jun 2004

    The Professional Mortgage Network has signed up 70 appointed representative members within the first eight weeks of its launch - and is in advanced negations with over 80 other organisations and individuals eager to sign up to its proposition for ARs. This means that Leicester-based PMN is now ahead of target in recruiting a membership of 400 ARs and principals by April 2005. In a dual marketing approach, the network will start the second phase of its membership recruitment ...

  • PMN proposition attracts 70 ARs

    21 Jun 2004

    The Professional Mortgage Network has signed up 70 appointed representative members within the first eight weeks of its launch. The Leicester-based network says it is now ahead of target in recruiting a membership of 400 ARs and principals by April 2005. It says this landmark is further testimony to how attractive prospective members are viewing PMN's added value proposition in the light of significant competition from fee-charging networks. Since April, when ...

  • Private rented sector in dialogue with government

    24 Jun 2004

    Representatives of the private rented sector have met Keith Hill, the minister of housing and planning. David Salusbury, chairman of the National Landlords Association and vice-chairman of the National Federation of Residential Landlords, and Richard Price, chief executive of the NFRL, had a wide-ranging discussion with the minister and his officials. While the meeting took place during the passage of the Housing Bill through Parliament the Bill itself did not dominate the discussions. S

  • Prospective ARs should hang tough

    21 Jun 2004

    Would you get married for £1,500? Mortgage Strategy can think of few who would but that's the average pricely sum that three networks reckon prospective appointed representatives are willing to tie the knot for. The move last week by Mortgage Intelligence, Mortgage Next and Pink Home Loans to scrap AR fees until Mortgage Day was brave. But was it necessary? There will be many who will argue that by jumping so soon they have done little more than undermine the value of ...

  • RAMP launches light adverse tracker with SPML

    23 Jun 2004

    Packager's alliance RAMP has joined with SPML to launch a light adverse tracker mortgage available from LIBOR plus 2.25%, which offers the same LIBOR plus loading for remortgage as for purchase.   The product - exclusive to RAMP members - ignores CCJs if they are for £150 or less, satisfied more than a year ago, or unsatisfied if registered more than two years ago. Income multiples are 3.5 x single income or 3 x joint income. The rate of LIBOR plus 2.25% is available for ...

  • RAMP unveils non-conforming tracker deal

    23 Jun 2004

    Packagers alliance RAMP has launched a non-conforming mortgage in conjunction with Preferred Mortgages. The exclusive tracker is available at LIBOR plus 2.25% for LTVs up to 75%, with a discount of 1.5% for 12 months from the date of completion. The product allows up to three months mortgage arrears (none in the last six months), bankrupts who have been discharged a minimum of 12 months, and those with well-conducted IVAs. John Rice, managing director of RAMP, says: "This ...

  • RICS seeks third way on insurance regulation

    21 Jun 2004

    The Royal Institute of Chartered Surveyors is seeking an alternative to Financial Services Authority regulation of all firms arranging insurance services in the property and construction sector. It is talking to the government about taking on the role of regulator for the thousands of chartered surveyors who provide insurance for their clients. RICS chief executive Louis Armstrong, who attended a meeting with Treasury officials to discuss the issue last week, says: "We ...

  • Saffron Walden Herts & Essex help bridge the gap

    25 Jun 2004

    Saffron Walden Herts & Essex has donated £10,000 towards the construction of a suspension bridge across the River Stort at Harlow Outdoors. It has been built especially for Active Works which organises outdoor activities for young people with disabilities. Malcolm Ferris Lay, chairman of Active Works, says: "The bridge has been designed to enable young people with a wide range of difficulties to cross the river. We are delighted with the result and are confident ...

  • Savings to be made for homeowners

    23 Jun 2004

    While millions of UK homeowners are reeling from two successive base rate rises adding around £30 a month to the typical monthly repayments, Moneynet (www.moneynet.co.uk) says the average homeowner can claw this back and more by fine-tuning key outgoings. Research out this week from the online financial supermarket has found that simply by switching life insurance, home cover and credit card provider, around 10 million mortgage holders could instantly save nearly £70 ...

  • Shed boom adds value to homes

    21 Jun 2004

    Over one fifth of UK homeowners have added a shed, workshop or garage to their property in the past five years, a new survey reveals. The poll, conducted by esure home insurance, shows that of the 2.2 million outhouses built in the past year, 1.5 million were sheds. This is thought to be the result of a surge in home improvement and signals a trend toward owners improving their properties rather than trading up. Matt Grayson, spokesman for BM Solutions says: ...

  • Steady progress

    21 Jun 2004

    The housing market might be shooting up at breakneck speed in Wales, Scotland and the north of England but growth in Northern Ireland appears more modest and sustainable. Prices grew at a "steady but unspectacular" 8.6% in the 12 months to April, reveals the latest quarterly house price index from the University of Ulster, with the average property now costing £106,574. Alan Bridle, economist at the Bank of Ireland which helps produce the report, hails the figures ...

  • Students face bill of £14bn on graduation day

    23 Jun 2004

    On the day the Higher Education Bill is expected to go through parliament, figures from the Liberal Democrats reveal that top-up fees could see students graduating in 2010 with a total debt of £14bn. Phil Willis MP, Liberal Democrat shadow education secretary, said: "This figure is shocking. Higher education should be about ability to learn, not ability to pay. Yesterday's decision on top-up fees will leave students graduating in 2010 with a debt twice the size of the ...

  • Tenet networks to get facelift

    25 Jun 2004

    Tenet's IFA networks M&E and Interdependence are having an image shake-up to reflect the different values of the two brands and encompass new developments within each. By reinforcing the values Tenet is acknowledging the individuality of the two networks, which appeal to different adviser groups, rather than following the industry wide trend of grouping companies under one umbrella. This coincides with an increased level of benefits to members which will be communicated ...

  • Tennis star serves an ace at Derbyshire-sponsored festival

    22 Jun 2004

    Rising British men's tennis star Jonathan Marray took time out from his busy schedule at the Nottingham Open last week to help coach youngsters at the Derbyshire Building Society-sponsored Festival of Tennis. The 23-year-old, who is ranked 4th in the UK, took part in a number of coaching sessions with children, aged 6-11 years, from across the East Midlands at the Nottingham Tennis Centre. The Festival of Tennis is an annual event which has run alongside the Nottingham ...

  • TEPs can help the property ladder climb, says Policy Portfolio

    24 Jun 2004

    With parents expecting to give their children almost £24,000 to help them get a foothold on the property ladder, traded endowment policy specialist Policy Portfolio is suggesting that parents consider investing in TEPs to be assured of a guaranteed minimum sum to assist their offspring. Brian Goldstein, managing director of Policy Portfolio, says: "With the average mortgage repayments predicted to rise this year to 20.8% of the average income in London and the South-East, ...

  • The fight for ARs is going to get messy

    21 Jun 2004

    The battle of the networks stepped up a gear last week when Mortgage Intelligence announced that it is offering brokers the chance to join its network free of membership fees until October 31 2004. MI managing director Sally Laker says the decision was taken for two reasons. Firstly, the financial costs for prospective ARs before Mortgage Day are substantial and could be acting as a deterrent, and secondly, by opening its doors now the firm stands a better chance of managing demand ...

  • The Money Centre offers electronic portfolio review system

    24 Jun 2004

    Specialist buy-to-let brokerage The Money Centre has teamed up with Property Intellect, the property investment software published by Wild Rabbit Software, to offer clients the opportunity to potentially save significant amounts of money on their borrowings. Property Intellect users are now able to review their entire borrowing and asset portfolio and send this information instantly to The Money Centre where it can be reviewed in the context of the client's overall borrowing ...

  • The Mortgage Mole

    21 Jun 2004

    What's the score? Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland 3 Switzerland 0 * Engerland ...

  • The professional and the person

    21 Jun 2004

    As any personnel manager would tell you, Tom Peters is right. We have all got to take responsibility for our own career development (and our private life for that matter). Building a 'brand called Me' not only benefits you, it also benefits your employer or your business. People will always judge us and form an opinion but it is our responsibility to manage that opinion. It's about reputation management. Whether we like it or not, that opinion will relate to our employer ...

  • These processing delays were avoidable

    21 Jun 2004

    The property boom is still in full swing and mortgage applications are as high as ever but this is not the only factor behind the delays in processing mortgages. Hardly a day goes by that I don't hear stressed, overworked brokers complaining that they can't keep up with the volume of work. The same applies to consumers regarding the time it is taking to complete. And a number of major mortgage players have admitted to me privately that they have been forced to stop ...

  • Three out of five people would design and build dream home

    23 Jun 2004

    More than three out of five people would consider designing, and building, their own home, says Norwich and Peterborough.  In a recent survey, the building society also found that many people may be put off because they don't think they could afford to do it. Of those who completed the survey, 61% would definitely like to design and build their own home.  When they were asked if anything would put them off, 49% said affordability ,19% said finding a plot and 16% said ...

  • Time for a debate on network fees

    21 Jun 2004

    Mortgage Intelligence's decision to offer free access to its network services is to be applauded. Why? Because sense is at last starting to prevail among the leading players of the fee-charging mortgage network world. Let us not underestimate just how important Mortgage Intelligence's strategic U-turn is. This is an act that will have far-reaching consequences for other fee-charging mortgage networks. At last their united front has been broken - and by one of the biggest ...

  • Tinkering with savings products will not reduce savings gap, says Chase de Vere

    21 Jun 2004

    Replacing TESSAs and PEPs with ISAs and TOISAs, adding the Childs Trust Fund, stakeholder pensions and now Sandler just adds to confusion and avoids the main issue - that people don't want to save for their future or are just unable to, says Chase de Vere Financial Solutions. Anna Bowes, investment manager, says: "The latest proposals, with a 1.5% cap, may entice more product providers into the market. But we are concerned as to whether they will entice more people to actually ...

  • TML set to open Whitely office

    22 Jun 2004

    TML Financial Solutions' new office in Whitely is receiving its finishing touches. The firm, a direct to consumer mortgage specialist, will relocate from Eastleigh to the new HQ on July 5. A VIP opening is being planned for July 14. Tim Kirby, managing director, says: "We are delighted with Forum 3. It will provide a fantastic working environment for our staff and the space and facilities are exactly what we need as we continue to expand.'' The new offices will ...

  • Total lending up £4.9bn in May, says BBA

    21 Jun 2004

    Latest figures from the major British banking groups published by the British Bankers' Association for May 2004 show that mortgage lending rose by £4.9bn during the period. Total sterling lending to the UK private sector showed an underlying net increases of £10.8bn to £996.6bn and overall lending to non-financial companies expanded by £3.8bn. David Dooks, BBA director of statistics, says: "After several months of buoyant mortagage lending, ...

  • UCB Home Loans to increase variable rate mortgages

    21 Jun 2004

    UCB Home Loans is increasing its variable rate mortgages by 0.25% from July 1 2004. This follows the recent increase in the Bank of England base rate. The variable rates now offered are a FlexiPlus variable rate at 6.79% (7.2% APR), an investment flexible variable rate of 6.79% (7.3% APR) and self-certification variable rate 7.39% (7.9% APR).

  • UK shows Europe the way to run a market

    21 Jun 2004

    Following the recent elections, the European Union is in the headlines again. And with 12 of the 15 EU countries adopting the euro, I could not resist the opportunity to look at whether the property and mortgage markets are showing any signs of integration. I start with owner-occupation rates, which have been climbing in recent years. Levels of home-ownership are essential to the health of mortgage markets and EU home-ownership has grown between 1990 and 2002 in nine of the 15 ...

  • Understanding the whole process

    21 Jun 2004

    Mortgage advisers have an important role to play in the housebuying process. However, the syllabuses of all the mortgage advice qualifications are not confined to the role of mortgage advisers but include the whole housebuying process. The process in Scotland is different from that in England and Wales and this week I concentrate on the situation in England and Wales. However, it should be noted that the study materials produced by the institutes that offer the mortgage qualifications ...

  • Urban property buyers search for rural trappings

    22 Jun 2004

    Green spaces, a rustic, homely environment, fresh air and a 'village' tag are the new must haves when buying a home, according to British homeowners. Urbanites keen not to trade in city living for a life in the country still want to enjoy the trappings of rural living. According to the latest biennial Cappuccino Test Report commissioned by The One account, a desire for parks, tree-lined streets and even the smallest of back gardens is now outstripping aspirations to live ...

  • What will be the impact of King's warning?

    21 Jun 2004

    Mervyn King, the governor of the Bank of England, warned last week that a sharp reverse could be on the way for house prices and that he fears a property slump. Coupled with rising interest rates, King said the instability of the housing market could pose a real threat to our economic future. So, Mortgage Strategy asks: What is the likely impact of the warning from Bank of England governor Mervyn King that house prices could fall? John Wriglesworth, Hometrack It ...

  • xit2 launches Home Energy Exchange

    21 Jun 2004

    xit2 has launched the Home Energy Exchange to support the work of National Energy Services in delivering energy efficiency initiatives. NES is a trading subsidiary of the National Energy Foundation, an independent charity set up in 1988 to promote energy conservation and provide help to improve energy efficiency in residential buildings. The Home Energy Exchange allows NES to efficiently manage the instruction process to their staff in the field and also provides a vital hub for ...

  • You don't have to see regulation as a threat - it can be an opportunity

    21 Jun 2004

    While none of us looks forward to increasing levels of regulation - and the accompanying paperwork - we cannot argue against the philosophy behind the Financial Services Authority's regulation of the mortgage market: to create a clear, orderly and efficient marketplace for mortgage products and to improve public understanding of that market. As Ruth Kelly, financial secretary to the Treasury, announced in October 2002: "Regulation will ensure that a high standard of advice ...

  • Zurich to hold roadshows in summer

    25 Jun 2004

    Throughout the summer, the Zurich Mortgage Network and Zurich Advice Network will be joining forces to hold a series of roadshows for members, designed to help advisers andintermediaries find out more about potential business opportunities inadvance of Mortgage Day. Topics covered will include regulation, distribution and the Zurich mortgage proposition. The national roadshows take place between June 28 and August 4 at locations from St Albans to Glasgow to Belfast. ...

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