Mortgage Strategy
21 March 2011
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Kensington's support for borrowers hikes 2010 six-month arrears book
21 March 2011
Increased forbearance measures resulted in almost 23% of Ken-sington Mortgages’ portfolio being 180 days or more in arrears in 2010, up from 16% in 2009 and 9% in 2008.
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William Pears' stake in Masthaven will help it expand
21 March 2011
Masthaven Bridging Finance has secured an eight-figure investment from William Pears Group.
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60 seconds with...David Blanchflower
21 March 2011
Former member, monetary policy committee
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A universal lending limit is needed in the mortgage industry
21 March 2011
Shelter last week argued that if the Mortgage Market Review rules had been in place prior to the downturn thousands of individuals would not have been repossessed.
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Abbey edges out Lloyds as top intermediary lender
21 March 2011
Abbey for Intermediaries is believed to have overtaken Lloyds Banking Group as the largest intermediary lender.
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Accord offers low-fee loans under £150,000
21 March 2011
Accord Mortgages has launched a range of semi-exclusive products with low fees for clients wishing to borrow less than £150,000.
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Applications up 40% at two brokerages last month
21 March 2011
Countrywide and Mortgage Advice Bureau both saw mortgage applications rise by 40% in February.
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Banks may outwit regulator on servicing
21 March 2011
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Best kinds of leads are word of mouth
21 March 2011
SIMON CHALK,LATER LIFE PLANNER,LATER LIVING
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Broader offering tempted Roger Morris to Precise
21 March 2011
Roger Morris, sales and marketing director at Affirmative Finance, is leaving the bridging lender to join Precise Mortgages.
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Brokers come under regulatory spotlight
21 March 2011
JAMES WATSON,SALES DIRECTOR, PAYMENTSHIELD
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Brokers introduce business to lenders then get dumped
21 March 2011
It was interesting to read last week that Cheltenham & Gloucester was pulling out of the broker market.
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Brokers lukewarm towards Lloyds' council scheme for first-time buyers
21 March 2011
A scheme launched by Lloyds TSB that allows local authorities to help first-time buyers get on the property ladder with a 5% deposit has rec-eived a tepid response from brokers.
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Buy-to-let RMBS market has better start to the year
21 March 2011
January saw an improved performance in the UK buy-to-let residential mortgage-backed securities market, the latest indices from Moody’s Investors Service show.
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CAN YOU HAVE A POP TO WIN THIS BOTTLE OF MIGHTY FINE CHAMPAGNE?
21 March 2011
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Cheval lowers rates and doubles proc fees
21 March 2011
Cheval has reduced interest rates and doubled broker proc fees across its bridging products. It now offers a first charge rate of 1.25% on residential securities and proc fees of 1%.
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CML rejects Shelter allegation that reckless lending led to repossessions
21 March 2011
The Council of Mortgage Lenders has hit out at Shelter’s claim that 17,000 repossessions could have been prevented if lenders had been more responsible.
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Conveyancing Alliance unveils broker product
21 March 2011
Conveyancing Alliance has launched a purchase conveyancing product Convey99. It is offered at a pre-referral fee price of £99, plus VAT and disbursements for all properties purchased up to £500,000. Brokers can also charge clients a fee of up to £200.
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Coreco goes down apprenticeship route for recruits
21 March 2011
London brokerage Coreco is setting up an apprenticeship scheme in June to attract fresh blood to the broker market.
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Cost of scrapping KFI could run into millions
21 March 2011
Replacing the Key Facts Illustration could cost the industry millions, Paul Broadhead, head of mortgage policy at the Building Societies Association, has warned.
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Data security is now a business process
21 March 2011
MARK BLACKWELL, MANAGING DIRECTOR, XIT2
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European rules need to benefit consumers
21 March 2011
PAUL BROADHEAD, HEAD OF MORTGAGE POLICY, BUILDING SOCIETIES ASSOCIATION
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Exclusive deals are helping to combat dual pricing issues
21 March 2011
Confidence in brokers is growing with lenders offering more exclusive products, especially in buy-to-let
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Exercise your way to long-term health
21 March 2011
GRAHAM HARVEY, MANAGING DIRECTOR, INDIVIDUAL FRIENDS PROVIDENT
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February rents 3.9% higher than last year
21 March 2011
Rents rose in February, according to the latest buy-to-let index from LSL Property Services. The average monthly rent went up by 0.2% to £684 - 3.9% higher than in February 2010.
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Five-year fixed product at 4.39% from Nationwide
21 March 2011
Nationwide has launched a five-year fixed rate at 4.39% up to 70% LTV. It is available for house purchase and remortgage and comes with a £900 product fee and £99 booking fee.
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FSA fine could make lenders the next target for claims firms
21 March 2011
A recent Financial Services Authority ruling must have sent a shiver down the spine of any lender offering interest-only or self-cert mortgages in the run-up to the economic meltdown.
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Funding boost for Portal enhances loan offering
21 March 2011
Secured loan provider Portal Portfolio has attracted more funding and now offers secured loans to all borrowers, having removed the pension element as a requirement.
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Good advice can top the best buy tables
21 March 2011
Borrowers need to know more than just the headline rate when choosing the right mortgage for their circumstances and this is where brokers’ expertise proves its worth against best buy tables
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Government defends house building activity
21 March 2011
The Department for Communities and Local Government has defen-ded its house building efforts follow-ing a report last week claiming England could face a housing short-fall of 750,000 by 2025.
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Greedy B2L investors are spoiling market for first-time buyers
21 March 2011
In response to Charles Haresnape’s blog on Mortgage Strategy Online, as a surveyor I don’t agree with his argument that cash buyers are more important than first-time buyers.
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Gross lending weak in February
21 March 2011
Gross mortgage lending in Feb-ruary was £9.5bn, marginally high-er than January’s £9.47bn, the latest figures from the Council of Mort-gage Lenders reveal.Last month’s figure is slightly greater than the £9.41bn lent in February 2010.
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Harsh questions now will help clients later
21 March 2011
SOPHIE HALL,DISTRIBUTION DIRECTOR, INTELLIFLO
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HML plans networking event for next month
21 March 2011
HML is hosting an industry networking event on April 7. The Connectability event will be held at The Imagination Gallery in central London where former The Apprentice judge Nick Hewer will be a guest speaker.
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Home owners and travel agents will feel Olympic effect
21 March 2011
The games will regenerate neglected parts of east London and could bring high returns for those renting out homes
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It is far too easy for consumers to alter bank statements
21 March 2011
Mortgage Strategy’s lead story last week revealed that fake payslips are still available in the market.
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Jobless total is the highest in 17 years at 2.53 million
21 March 2011
Unemployment in the UK increased by 27,000 in the three months to the end of January to 2.53 million, the highest figure since 1994, figures from the Office for National Statis-tics show.
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John Charcol sees surge in demand for fixed products
21 March 2011
The popularity of fixed rate mort-gages increased sharply at the beginning of 2011, according to John Charcol’s latest mortgage index.
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Keeping the market moving is not easy
21 March 2011
ALAN CLEARY, MANAGING DIRECTOR, PRECISE MORTGAGES
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Kitemark will weed out solicitor firms
21 March 2011
HARPAL SINGH, MANAGING DIRECTOR, CONVEYANCING ALLIANCE
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L&G share of intermediary market goes up to 15%
21 March 2011
Legal & General grabbed a bigger slice of the intermediary market in 2010 and intends to increase this further in 2011.
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LAST WEEK’S WINNER
21 March 2011
“Johnny Vagoaxx finally found the personalised number plate he had been seeking for years.”JOHN NICHOLLS, PREMIER CHOICE
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Leader: Bright ideas for recovery
21 March 2011
It looks doubtful that the government will introduce any measures to boost the housing and mortgage market in the Budget this Wednesday. This is a shame as the Council of Mortgage Lenders’ gross mortgage lending figures for February last week showed that the housing market is firmly stuck in the doldrums at just £9.5bn.
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Lending before 2008 allowed more people to keep their homes
21 March 2011
What Shelter’s report fails to recognise is that a large percentage of the 17,000 borrowers it says would never have been repossessed if the MMR had been in place before 2008 would probably have suffered repossession earlier.
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Lloyds has got its timing wrong for link with councils
21 March 2011
Lloyds Banking Group last week revealed it was allowing local authorities to help first-time buyers get on the housing ladder with a 5% deposit.
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Look to future with an interest rate rise
21 March 2011
AARON STRUTT, HEAD OF COMMUNICATIONS,TRINITY FINANCIAL SERVICES
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Marketwatch
21 March 2011
Swaps may have dived but it’s unlikely to affect fixed rates in the short term. And the Lloyds’ group deal involving local authorities is innovative but it is a risk for our impoverished councils
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Media Spotlight: Turnaround Leadership
21 March 2011
By Shaun O’Callaghan
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MMR launch will be a nightmare for existing borrowers
21 March 2011
We should do as Shelter is calling for and introduce the MMR, then see what happens to the economy in the short term.
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Mortgage Brain merger in doubt after OFT move
21 March 2011
Mortgage Brain is considering retracting its offer for rival sourc-ing system TrigoldCrystal because of the costs involved in pursuing the acquisition through the Com-petition Commission.
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Mortgageforce signs a referral deal in Scotland
21 March 2011
Mortgageforce has secured a referral agreement with Glasgow Solicitors Property Centre, which will operate through Mortgageforce Scotland. The property marketing firm sold some £750m worth of property in 2010 via its network of 200 member firms.
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Negative outlook for 2011 as January prices fall by 1.4%
21 March 2011
House prices dropped 1.4% in Jan-uary, the latest house price index by the Department for Communities and Local Government shows.
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No common sense in insurance ruling
21 March 2011
The European court’s ban on gender pricing will have far-reaching consequences and the only winners will be the insurers that will have to over-compensate within the remaining rating factors
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Northern Rock cuts rates across range of LTVs
21 March 2011
Northern Rock has reduced a number of residential tracker deals by up to 0.61%, selected 75% LTV residential fixes have dropped by up to 0.29% and some 70% LTV residential fixes have been cut by 0.24%.
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Openwork restructuring paves the way for growth
21 March 2011
Openwork’s shareholders have voted in favour of a restructuring deal with the network’s parent Zurich, which will see them receive 30% of preferential shares in the company.
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Reform of unfair property tax would benefit the market
21 March 2011
Stamp Duty unfairly distorts the property market. It is prohibitive to people looking for a step up the ladder and penalises people investing in buy-to-let portfolios.Indeed, I read in a recent market report that more than 80% of estate agents believe an announcement by the government to reform Stamp Duty completely would have a positive effect on the property market. I could not agree more.Michael White
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Reinventing the market
21 March 2011
Sharing risk between parents and offspring, tax relief on savings for a deposit, helping first-time sellers and a reworked MIG are just some of the innovations that could kickstart the market
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Savills financial arm was £1.9m in the red last year
21 March 2011
Savills made a £1.9m loss in its fin-ancial services division in 2010, its annual results show.
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Self-cert was designed to allow income to be fiddled
21 March 2011
*STAR LETTER*
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Service updates for brokers are a must
21 March 2011
BRAD FORDHAM, HEAD OF SALES,ABBEY FOR INTERMEDIARIES
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Stamp Duty revamp is nothing more than long-term aspiration
21 March 2011
The Council of Mortgage Lenders last week called for an overhaul of Stamp Duty, arguing that the introduction of a higher rate on residential property purchases of more than £1m in this week’s Budget may be seen as an innocuous tax on the rich.
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Strong competition for March awards
21 March 2011
The shortlist for March’s Top Of The League, in association with Woolwich mortgages from Barclays, has been unveiled.
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The makings of a two-tiered market
21 March 2011
JOHN PHILLIPS, FINANCIAL SERVICES DIRECTOR,KINLEIGH, FOLKARD &HAYWARD
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The Mortgage Mole
21 March 2011
DIGGING THE DIRT IN THE MORTGAGE WORLD…
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Thinking outside the box in leaner times
21 March 2011
PAUL BRETT,BUSINESS DEVELOPMENT DIRECTOR,BORRO
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Week in NUMBERS
21 March 2011
30 - The number of pints of Guinness consumed by the Mortgage Strategy team on St Patrick’s Day, courtesy of Brightstar’s managing director Rob Jupp.
