Mortgage Strategy
21 September 2009

  • 60 Seconds with.....Mike Lazenby

    21 Sep 2009

    Do building society chiefs and directors get paid too much - £481,000 in your case?The short answer is probably not. Some chief executives and directors work much longer and harder than others, and society members have an annual vote in deciding remuneration.

  • A new day will soon dawn for service levels

    21 Sep 2009

    I would like to take this opportunity to respond to a few of the concerns raised in recent issues of Mortgage Strategy, in particular where brokers have questioned our commitment to the market in light of our change in policy on mortgage applications.

  • Abbey and A&L open first super-site

    21 Sep 2009

    Abbey and Alliance & Leicester are ploughing ahead with the restructure of their intermediary businesses with the opening of their first super-site in Glasgow.

  • Abbey launches exclusive broker range

    25 Sep 2009

    Abbey for Intermediaries is launching a mortgage range solely for brokers offering free legal and valuation costs in the first such deal available to the broker market.

  • Aegon hosts personal protection workshops

    24 Sep 2009

    Aegon is running a series of personal protection workshops across the UK to show brokers how to develop their protection business by taking a longer-term view.

  • Aldermore names Steve Barry as risk director

    21 Sep 2009

    Aldermore has appointed Steve Barry as risk director, with responsibility for managing all aspects of risk at the bank including those surrounding credit, operations and business strategy.

  • Alliance & Leicester and Abbey cut rates

    21 Sep 2009

    Abbey for Intermediaries and Alliance & Leicester Intermediary Sales have cut rates on some of their three-year fixed rate and tracker deals. It launched a three-year fixed rate deal for remortgages at 4.88% at 70% LTV.

  • AMI calls for concerted campaign against NatWest MoneySense ads

    21 Sep 2009

    The Association of Mortgage Intermediaries is urging the industry to unite and fight against NatWest's MoneySense adverts if they appear again.

  • Arrears and repossessions figures both show quarterly falls in Q2

    21 Sep 2009

    Repossessions and arrears fell during Q2 2009.

  • August broker deals hit a seven-year low

    21 Sep 2009

    The availability of mortgage products continued its steady decline in August with the number of products available to brokers slumping to a seven-year low, according to the latest product index from TrigoldCrystal.

  • Bank wary of economic false dawns

    23 Sep 2009

    The Bank of England's Monetary Policy Committee is cautious that promising signs on the road to recovery may give rise to economic "false dawns."

  • Banks' cross-selling shenanigans should be exposed by FOS

    21 Sep 2009

    The Financial Ombudsman Service complaints data published recently makes no mention of the cross-selling activities banks are involved in.

  • Battling until the sun shines again

    21 Sep 2009

    The sun will come out tomorrow. Yes, it's a famous line from one of the songs in the heart-warming movie Annie, about a little red-haired orphan scrapper who battles through with her optimism intact.

  • BBC sparks tax inquiry into Lloyds Banking Group

    21 Sep 2009

    A BBC Panorama investigation has prompted a tax inquiry into Lloyds Banking Group over allegations that wealthy investors are being encouraged to avoid paying tax.

  • Brilliant says 200 are joining each month

    21 Sep 2009

    Brilliant Mortgages, the mortgage club that is part of Exclusive Connections, says it is signing up new members at the rate of 200 per month.

  • Brokers missing out on B&C add-ons

    21 Sep 2009

    Brokers are failing to sell additional covers with buildings and contents policies which could bring in extra income, says Assurant Intermediary.

  • Brokers not named in FOS complaints report

    21 Sep 2009

    Complaints made against mortgage brokers to the Financial Ombudsman Service are so low in number that brokers have avoided being named and shamed.

  • Buy-to-let business has fallen by 88%, says NACFB

    21 Sep 2009

    The National Association of Commercial Finance Brokers has revealed the results of a member survey that shows buy-to-let business among its members has fallen by almost 88%, from £4bn last June to £476m in the same month this year.

  • Buy-to-let deals elude landlords

    22 Sep 2009

    Landlords are finding it increasingly difficult to secure buy-to-let mortgages with product availability drying up, reveals research from Paragon Mortgages.

  • Call for equity release broker code

    21 Sep 2009

    A code of ethics for brokers advising on equity release has been mooted as a way of encouraging a high quality of advice across the sector.

  • Compliancy Services launches rent-back arm

    22 Sep 2009

    Financial services compliance specialists Compliancy Services has launched a sale-and-rent-back arm.

  • Connells teams up with Paradigm

    22 Sep 2009

    Paradigm Mortgage Services has appointed Connells Survey & Valuation as its valuation services manager.

  • Councils holding back recovery, says search firm

    21 Sep 2009

    Private property search company OneSearch Direct has attacked local authorities for taking to up to 44 days to deliver property searches.

  • Coventry's stance on booking fees is out of step with the industry and TCF

    21 Sep 2009

    I wonder if anybody has experienced a similar situation as me. I recently applied to Coventry Building Society online on behalf of a client. Prior to applying I had discussed the case in full several times with Coventry to ensure that the application was within its lending criteria.

  • Currency specialist unveils tracker

    21 Sep 2009

    3D Currency Management has unveiled a five-year year mortgage that tracks the Bank of England base rate plus 2%, with a cap on the base rate at 3.5%.

  • Debt management firm denied OFT credit licence

    24 Sep 2009

    The Consumer Credit Appeal Tribunal has upheld a decision by the Office of Fair Trading which denied a credit licence to a debt management firm.

  • Deep pockets and the retrospectively wronged syndrome

    22 Sep 2009

    With the Financial Services Authority’s discussion paper on mortgage regulation imminent I’m surprised that we haven’t seen the appointment of a FSA Fairer Mortgage Task Force to explore the possibility of creating a universal mortgage product that is fair to all. The concept of a FMTF would have dovetailed nicely into the ideas that FSA chairman Lord Turner ...

  • Direct bargain deal sparks a broker revival

    21 Sep 2009

    HSBC's 1.99% rate has caused quite a stir. Not since the day of the Northern Rock queues have I had so many invitations to comment from the BBC.

  • Diversifying brokers choose protection

    22 Sep 2009

    More mortgage brokers are choosing protection business over any other mortgage-related sector to supplement their income, research has revealed.

  • Don't follow in our footsteps, brokers tell offspring

    21 Sep 2009

    Only a minority of brokers would encourage their children to follow in their footsteps and pursue a career in financial advice, it has emerged.

  • Double take

    21 Sep 2009

    Mole heard of an imposter last week when a doppelganger wandered into the National Association of Commercial Finance Brokers' headquarters.

  • eMoneyfacts to offer free leads

    22 Sep 2009

    eMoneyfacts is offering free leads in conjunction with Gateway2Finance.

  • Entrants should be grilled by the FSA

    21 Sep 2009

    I was surprised to read recently about the sharp increase in the number of firms looking to start new banks in this country.

  • Firms fail to agree on consumer responsibilities

    23 Sep 2009

    The Financial Services Authority says feedback to its discussion paper on the responsibilities of consumers and firms when buying financial products has failed to reach a consensus.

  • Five years to recovery? We'll be lucky

    21 Sep 2009

    Despite the fact that property prices rose for the fourth month in a row in August, a recently published report from the influential Ernst & Young ITEM Club calls for caution and says we have yet to address problems in the market.

  • Flat out

    21 Sep 2009

    And on the subject of heels, Mole was interested to hear of a debate that took place at the recent Trades Union Congress meeting in Liverpool.

  • Four arrested in connection with £9m fraud

    21 Sep 2009

    The mortgage sector continues to be embroiled in fraudulent activity, with four arrests last week in connection with a £9m fraud and another mortgage broker banned.

  • FSA control may see brokers flee buy-to-let market

    21 Sep 2009

    The buy-to-let mortgage market remains tough for landlords who are finding it difficult to secure funding despite being keen to expand their portfolios.

  • FSA still open-minded on product regulation

    22 Sep 2009

    The Financial Services Authority says it is maintaining an open mind on product regulation in the future, ahead of the highly anticipated Mortgage Market Review.

  • FSA still open-minded on product regulation

    21 Sep 2009

    The Financial Services Authority says it is maintaining an open mind on product regulation in the future, ahead of the highly anticipated Mortgage Market Review.

  • Funders adapt as climate changes

    21 Sep 2009

    I'm sorry to see that Coventry Building Society's equity release brand Godiva has had to suspend lending.

  • Goldsmith Williams triples commission on fee-free deals

    21 Sep 2009

    Goldsmith Williams has increased the commission payable to brokers who instruct the direct conveyancing firm rather than use a lender’s fee-free scheme.

  • Goodbye to old certainties

    21 Sep 2009

    It's been a year since the collapse of Lehman Brothers, an event many regard as the most notable point of the credit crunch - the moment the proverbial really hit the fan.

  • Halifax comes last in Which? service survey

    23 Sep 2009

    Halifax has come out on bottom of a Which? customer satisfaction survey of mortgage lenders' service.

  • Help clients cut the cost of depression

    21 Sep 2009

    The World Health Organisation says that within 20 years more individuals will be affected by depression than any other health problem.

  • Helping brokers in good times and bad

    21 Sep 2009

    Last week marked the eighth anniversary of Mortgage Strategy entering the market.

  • I'd rather be a tortoise than a hare

    21 Sep 2009

    It's hard to believe that it's been more than a year since the collapse of Lehman Brothers and the day the world seemingly faced financial meltdown. Having to suffer the Northern Rock debacle was one thing but Lehmans was something else.

  • Ilford estate agent out of ombudsman scheme

    21 Sep 2009

    Ilford-based estate agency Foundations has been expelled from the Property Ombudsman Scheme after falsely claiming to be a member of various compensation schemes and trade bodies.

  • In my opinionTied in knots by councils

    21 Sep 2009

    An increasing number of would-be first-time buyers trying to take advantage of government-backed home owner help schemes are being denied mortgages by lenders unhappy about clauses written into leases by local authorities. This is effectively negating the government's flagship affordable housing schemes.

  • Industry stars to shine again in February event

    21 Sep 2009

    The Mortgage Strategy Awards, the highlight of the mortgage industry’s calendar, are rolling around for another year.

  • Inflation remains below target

    21 Sep 2009

    The annual rate of inflation fell to 1.6% in August, the lowest level in over four years.

  • It's steady as she goes as we steam towards recovery

    21 Sep 2009

    Official figures for Q2 2009 show that total net lending to businesses fell across all the main industrial sectors.

  • It's worth paying for decent service

    21 Sep 2009

    In these frugal times we are all committed to saving money. Nothing wrong with that of course - rip-off Britain almost became a self-fulfilling prophecy for a while and consumers should ensure they do not pay over the odds.

  • Just Retirement sold for £230m

    25 Sep 2009

    The board of directors at Just Retirement has agreed to recommend an offer by Avalon Acquistions, a company owned by private equity firm Permira Advisers, to acquire Just Retirement for £229.6m.

  • Keep self-cert for the self-employed, and cap at 75%

    21 Sep 2009

    I have just responded to Mortgage Strategy Online's straw poll question that asks whether employed self-cert mortgages should be killed off.

  • L&G club to provide large loans

    21 Sep 2009

    Legal & General Mortgage Club has launched a lending service allowing brokers to source funding for high net worth clients.

  • L&G welcomes smaller advisers into the AR fold

    21 Sep 2009

    Legal & General Partnership Services is throwing open its doors to smaller adviser firms. After Mortgage Day smaller brokers were encouraged to join some of L&G’s larger appointed representative companies such as Mortgage Talk.

  • Leadbay makes it into Tech Top 100

    21 Sep 2009

    Lead generation firm Leadbay has been named in the Sunday Times' ninth annual Microsoft Tech Track 100 listing.

  • Leeds launches trackers and fixed rate mortgages

    24 Sep 2009

    Leeds Building Society has launched a two-year base rate tracker mortgages from 3.20%, together with a two-year non locked in fixed rate mortgage at 4.60%.

  • Lenders earning high margins on 90% LTV deals

    22 Sep 2009

    The average rate for first-time buyers wanting to borrow at 90% LTV is priced at a 4.25% margin over the cost of funding, according to Moneyfacts.

  • Lenders' fleecing continues

    21 Sep 2009

    Lenders have been accused of profiteering by continually raising their rates this year even though the Bank of England base rate is at a record low and swap rates have continued to decline.

  • Lenders pledge £38bn in Q2 for new lending

    21 Sep 2009

    The mortgage market appears to be on the up, with lenders pledging £38bn for new loans and purchase lending increasing for the first time in two years.

  • Less than half of borrowers fixing

    23 Sep 2009

    The latest John Charcol Index, the monthly mortgage activity monitor from John Charcol shows less than half of borrowers - 41.9% chose a fixed rate in August, the lowest number since December last year.

  • Lib Dem tax would slash property values, claims CEBR

    21 Sep 2009

    The Centre for Economics and Business Research argues that the Liberal Democrats’ plans to tax homes worth over £1m would actually end up forcing property values down.

  • Lib Dem tax would slash property values, claims CEBR

    22 Sep 2009

    The Centre for Economics and Business Research argues that the Liberal Democrats' plans to tax homes worth over £1m would actually end up forcing property values down.

  • Lloyds Banking Group to issue RMBS deal

    22 Sep 2009

    Lloyds Banking Group is launching a residential mortgage-backed securities deal with mortgages from HBOS, the first such issuance in over a year.

  • Lloyds Banking Group to issue RMBS deal

    21 Sep 2009

    Lloyds Banking Group is launching a residential mortgage-backed securities deal with mortgages from HBOS, the first such issuance in over a year.

  • Lloyds prices and launches £4bn RMBS deal

    23 Sep 2009

    Lloyds Banking Group has reopened the European securitisation market for the first time in over a year with the issue of a mortgage-backed bond equivalent to £4bn.

  • Long live variety in the financial services sector

    21 Sep 2009

    Having read Whitechurch Network managing director Ian McIver’s response to my letter (Mortgage Strategy September 14) I am pleased to note that he eventually understood what I was trying to say.

  • Long, hard road to a Rock resolution

    21 Sep 2009

    In recent days I have spoken to Northern Rock about the possibility of penning a profile on the nationalised bank's chief executive Gary Hoffman, largely because I'm puzzled why anyone would have wanted to take on the role of head of a business like that.

  • Mansfield Building Society launches variable tracker

    25 Sep 2009

    The Mansfield Building Society has launched a variable tracker at Bank of England base rate plus 2.75% available both direct and via brokers.

  • Mansfield launches 100% LTV shared ownership deal

    22 Sep 2009

    Mansfield Building Society has launched a shared ownership deal offering first-time buyers up to 100% LTV on their share of the mortgage.

  • Mansfield launches 100% LTV shared ownership deal

    22 Sep 2009

    Mansfield Building Society has launched a shared ownership deal offering first-time buyers up to 100% LTV on their share of the mortgage.

  • Marketwatch 21/09/2009

    21 Sep 2009

    Swaps fell across the board last week. One and two-year swaps are the lowest they have ever been while two-year fixed rates are so far from their lowest point it's terrifying.

  • Media Spotlight: Cityboy - 50 Ways To Survive The Crunch By Geraint Anderson and Sophie N. Lodge

    21 Sep 2009

    There have been countless TV documentaries recounting and rehashing the lead-up to the collapse of Lehman Brothers, detailing the lessons learnt - or ignored - one year on from the crash.

  • Melton Mowbray forges self-build link for locals

    21 Sep 2009

    Melton Mowbray Building Society is joining forces with self-build and renovation specialist BuildStore to provide mortgages for local people.

  • Mortgage Promotions teams up with RPS

    21 Sep 2009

    Residential Property Solutions has been appointed by mortgage club Mortgage Promotions to provide sale-and-rent-back services to its members and their clients.

  • Mortgageforce franchise operation moves into new offices in Swindon

    21 Sep 2009

    Mortgageforce has continued its expansion, with Mortgage, Protection & Finance opening a new office in Swindon.

  • Networks should have to account for members' monies

    21 Sep 2009

    I read with interest David Copland’s recent 60 Seconds interview (Mortgage Strategy September 7) on the vulnerability of some networks, as well as Gary Watts’ star letter (Mortgage Strategy September 14), in which he introduced the term dinosaur in respect of some networks.

  • Newcastle to pull out of the equity release sctor

    21 Sep 2009

    Newcastle Building Society is to withdraw from the equity release sector with the closure of its equity release service by the end of the year. The decision comes just under a month after Coventry Building Society announced it too was suspending new lending on equity release.

  • No excuse

    21 Sep 2009

    The Building Societies Association last week published its Understanding Mortgage Arrears report, with one section entitled Factors Causing Mortgage Arrears detailing the various reasons consumers give for falling behind with payments.

  • No surprise B2L is riddled with fraud

    21 Sep 2009

    Some years ago we asked a top accountancy firm to review our lending procedures to identify potential weaknesses for fraud.

  • Northern Rock launches flexible mortgage range

    23 Sep 2009

    Northern Rock has launched a flexible mortgage range for residential purchase customers.

  • OFT bans estate agent for failing to join redress scheme

    23 Sep 2009

    The Office of Fair Trading has issued prohibition orders banning Wolfgang David Dunn, Sean Allen Wren and Astons GB, the Southampton estate agency they work for, from engaging in estate agency work.

  • OpenConvey expands referral scheme

    22 Sep 2009

    Online conveyancing portal OpenConvey has expanded its pilot scheme which allows mortgage brokers to recruit other mortgage brokers to its service.

  • Paying broker fees will benefit clients in the longer term

    21 Sep 2009

    Mortgage Strategy recently reported that more than 60% of brokers are already charging fees for advice.

  • Pensions referral service launches for brokers

    21 Sep 2009

    Brokers can now earn extra income by recommending clients who want to improve their pension provision to a specialist pensions referral service.

  • Positive Solutions adds to Masterbroker services

    21 Sep 2009

    Positive Solutions has expanded the services on offer through Masterbroker, the specialist referral service available through Positive Solutions’ mortgage club.

  • Preparing for the childbirth upturn

    21 Sep 2009

    Having children is an expensive business at the best of times but there's an irony in that the current economic climate is reportedly causing a baby boom.

  • Protection deals are as vital as bin bags

    21 Sep 2009

    Bin bags may have many uses but saving your life up a Scottish mountain is not usually one.

  • Purchase approvals soar 81% year-on-year

    23 Sep 2009

    The number of house purchase approvals from high street banks in August has soared 81% from the same time last year, figures from the British Bankers’ Association show.

  • RBS considering £3bn cash call, reports say

    21 Sep 2009

    Royal Bank of Scotland is reportedly considering a share issue of between £3bn and £4bn in order to reduce the government stake in the bank.

  • Rent-back deals being disguised as B2L

    24 Sep 2009

    Residential Property Solutions is warning lenders that they could be unknowingly holding sale-and-rent-back contracts on their books believing them to be buy-to-let mortgages.

  • Rent-back solution must not be ignored

    21 Sep 2009

    The Ministry of Justice has recently produced a video on the direct.gov.uk website which gives advice to home owners facing imminent repossession.

  • Second charge loans first

    21 Sep 2009

    Talk at the Intermediary Mortgage Lenders Association’s annual dinner last week was, believe it or not, largely to do with lending. Unfortunately, those of you hoping to see a new range of specialist purchase loans any time soon are going to be disappointed because the smart money is on the second charge market being the first to recover.

  • Sector must avoid a mutual muddle

    21 Sep 2009

    Launched with little fanfare and largely unnoticed over the summer outside the building society sector (see Mortgage Strategy July 1 2009) was the Financial Services Authority's CP 09/17: A Specialist Sourcebook for Building Societies.

  • Stepping up

    21 Sep 2009

    We may be in the throes of a recession and times may be harder than any of us have ever known but you can always count on women to keep abreast of the situation. While the world is cutting back on luxuries to make do during the economic crisis, fashion-conscious women are refusing to give up one luxury in particular.

  • Super-site to boost service levels at Abbey and A&L broker brands

    21 Sep 2009

    Abbey and Alliance & Leicester are ploughing ahead with the restructuring of their intermediary businesses with the opening of their first super-site in Glasgow.

  • Target Loan Servicing achieves S&P ranking

    22 Sep 2009

    Target Loan Servicing has become the only UK loan outsourcing company to be ranked by Standard & Poor’s for consumer finance, just three years after the firm was first set up.

  • TCF Debt Solutions offers secured loans

    21 Sep 2009

    TCF Debt Solutions has linked with specialist firm V Loans to offer its clients access to secured loans.

  • The FSA is run by bankers and in bankers' interests

    21 Sep 2009

    When will the FSA open its eyes?

  • Treasury appoints head for Asset Protection Agency

    25 Sep 2009

    Stephan Wilcke has been appointed chief executive of the Asset Protection Agency to replace the interim head of the scheme Jeremy Bennett.

  • Turner: Bigger isn't better for financial services

    23 Sep 2009

    Lord Adair Turner, chairman of the Financial Services Authority, has slammed critics who have suggested that the financial services sector needs to be large in order to be successful.

  • Unbiased.co.uk brings advisers together

    21 Sep 2009

    Unbiased.co.uk has launched a Professional Connections service allowing advisers to link up with other IFAs, brokers and solicitors both locally and across the country.

  • Vince Cable demonstrates his economic illiteracy

    22 Sep 2009

    Liberal Democrat shadow chancellor Vince Cable opened his speech at the party conference yesterday by saying "If there were ever a time for the Liberal Democrats, this is it."

  • Woolwich goes head-to-head with HSBC on 1.98% tracker mortage

    21 Sep 2009

    Woolwich has gone head-to-head with HSBC and launched a one-year tracker mortgage at 1.98% up to 60% LTV, available both direct and through brokers.

  • Yorkshire and Clydesdale launch discounted mortgages

    24 Sep 2009

    Clydesdale and Yorkshire Banks are launching a range of discounted variable mortgages on Friday.

Poll

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

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