Mortgage Strategy
22 June 2009
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15% of prime loans in negative equity
23 Jun 2009
A report from Fitch Ratings has revealed that 15% of prime UK mortgages are in negative equity, with a possibility this figure could climb to 34%.
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60 seconds with.....Alison Beech
22 Jun 2009
You’ve flipped from one side of the market to another - How’s life as an intermediary?I’ve spent most of my financial services career on the provider side - general insurance , protection, pensions and mortgages - so it’s been energising to move into the intermediary world.
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Abbey and The State – 50 years on
23 Jun 2009
Now that we have a fistful of state banks it's worth recounting the fate of the State Building Society (yes, we really did have one of that name) which fell from grace back in 1959 as a result of a major scandal and ended up being subsumed into the Abbey National Building Society. I came across the story while researching the Abbey for a feature in the July issue of Lending Strategy ...
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Abbey draws up tougher packaging terms
23 Jun 2009
Abbey for Intermediaries is taking a tougher line on brokers who do not comply with the lender’s guidance on how to best package their cases.
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Adam Posen to fill Tim Besley's shoes at MPC
22 Jun 2009
Adam Posen has been appointed to succeed Tim Besley as an external member on the Monetary Policy Committee.
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Almost 90% of borrowers fixing
23 Jun 2009
Legal & General’s sixth report in the Mortgage Purchase Index shows that 87% of residential borrowers through L&G's mortgage club chose a fixed rate in Q2 compared to 71% in Q1.
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AMI to set up working group on regulation
22 Jun 2009
The Association of Mortgage Intermediaries received 80 responses to its consultation paper on the future of mortgage regulation and plans to launch a working group to tackle issues raised.
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Another claims ad complaint upheld
24 Jun 2009
Claim management UK has become the second claims firm within a week to have a complaint upheld against it by the Advertising Standards Authority.
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Arrears levels climb 33% in one year
22 Jun 2009
The number of loans in arrears has shot up by over a third in the space of a year to hit 399,000 in Q1, data from the Financial Services Authority reveals.
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Arrears levels up by over a third
23 Jun 2009
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Asking prices fall after four months
22 Jun 2009
New sellers dropped their asking prices in June after increasing them for four months in a row.
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B2L cap may not be right fit
22 Jun 2009
The news that the Financial Services Authority could potentially place rental calculation limits on buy-to-let products for societies will send a chill down the spines of many in the industry.
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Banking hero
22 Jun 2009
While she didn't manage to mingle with any celebrities Holt was fortunate enough to be in the presence of a real-life action hero on her journey to work last week.
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Beware diversifying into claims management
22 Jun 2009
It seems that over the past couple of years diversification has been the watchword for brokers. With increasing numbers of them faced with the prospect of a stagnating market they have been forced to diversify or go out of business.
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Broker deals fall as direct rise
23 Jun 2009
The June TrigoldCrystal Product Index shows the average number of live mortgage products available to mortgage brokers in May fell by 6.45% from April to 2,673, but direct deals were up.
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Brokers are still tops for mortgages
22 Jun 2009
Looking at the share of lending undertaken by brokers in Q1 2009 versus the same period in 2008, we have unsurprisingly witnessed a large erosion in the percentage of business written.
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Brokers favour price increase over dual pricing
24 Jun 2009
Members of the Legal & General mortgage club have voted overwhelmingly against the use of dual pricing by lenders.
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Buy-to-let solution that works for both brokers and clients
22 Jun 2009
I have read with interest the exchange between eMoneyfacts and The Business Mortgage Company on the merits or otherwise of their respective buy-to-let mortgage sourcing systems in Mortgage Strategy's Letters pages.
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C&G's value was destroyed long ago
22 Jun 2009
Cheltenham & Gloucester's branch network is set to follow into oblivion the Santander stable of former building society brands.
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Call for Brown to help specialists
22 Jun 2009
Alan Cleary, managing director of Exact, has written to Prime Minister Gordon Brown and Conservative Party leader David Cameron urging them to take urgent action to kick-start the specialist lending market.
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Chain free property site PropertyEarth launches
22 Jun 2009
Dominic Toller, former director of marketing and new business at LMS has launched PropertyEarth.net, a website that offers consumers access to ‘chain free’ properties.
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CHL reports vast improvement in arrears levels
24 Jun 2009
Specialist lender CHL Mortgages says its has seen a vast improvement in the level of arrears occurring across its buy-to-let and residential book.
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CML drops repossession forecast by 10,000
22 Jun 2009
The Council of Mortgage Lenders has today reduced its forecast for repossessions for the year by 10,000, from 75,000 to 65,000.
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CML lowers repossession forecast by 10,000
23 Jun 2009
The Council of Mortgage Lenders has today reduced its forecast for repossessions for the year by 10,000, from 75,000 to 65,000.
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Consumer panel urges FSA to focus on products
22 Jun 2009
The Financial Services Consumer Panel is urging the Financial Services Authority to abandon its unrealistic attempts to articulate consumer responsibilities in financial services.
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Conveyancing Alliance appoints sales manager
24 Jun 2009
Conveyancing Alliance, the online conveyancing distributor, has appointed Justin White as sales manager.
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Countrywide and Rightmove win Prudential contract
24 Jun 2009
Countrywide Surveyors and Rightmove AVM have been chosen as joint valuation providers for Prudential Lifetime Mortgages.
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Crisis is just pants
22 Jun 2009
Every economist in the UK seems to have a method for predicting the next move in the credit crunch, whether it's comparing swaps or finding similarities between the 1990s recession and the 1920s crash.
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Disappearing remortgage business will obstruct recovery of market
22 Jun 2009
Brokers are being warned not to read too much into the increase in purchase activity as the dearth of remortgage business is likely to hinder any imminent mortgage market recovery.
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Divorcing couples need sound advice
22 Jun 2009
The recession is affecting people in ways we wouldn't ordinarily think of. With falling house prices, matrimonial solicitors say that an increasing number of couples are finding it uneconomical to divorce or separate.
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Downvaluing confidence
22 Jun 2009
A recent research report by law firm McGrigors suggests that surveyors may be at risk of stifling any recovery in house prices as they frequently downvalue properties by up to 20% of the agreed sale price.
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Drug bust
22 Jun 2009
Mole was amused to hear of a buy-to-let case with a twist last week. A broker friend told him of a client who was about to turf out his tenants because they weren't paying rent. But he was saved the hassle when the police raided the property because the tenants were running a cannabis farm from the front room.
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Dual Pricing Turkeys
25 Jun 2009
One story in particular that caught my eye this week in the industry press was the report that members of Legal & Generals Mortgage Club have “voted overwhelmingly against the use of dual pricing by lenders.”
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e.surv appointed panel manager for West Brom
23 Jun 2009
e.surv Chartered Surveyors has been appointed by the West Bromwich to manage its valuation requirements, such as new originations and portfolio review.
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Enforcement action cost FSA £35.8m
24 Jun 2009
The Financial Services Authority enforcement action during 2008/2009 cost the regulator £35.8m, but it received more than £28m in penalties, up from £4.5m the previous year.
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Equity release alliance launches
26 Jun 2009
Equity release advisers have joined forces to launch the Independent Equity Release Adviser Alliance.
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Follow the numbers game
22 Jun 2009
My economic forecasting prowess knows no bounds and I was recently asked how I come up with such accurate predictions. It's all to do with maths. I've listed 10 possible outcomes over the next 18 months and by following my guidelines you will be able to pick the one that's 99% likely to be true.
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FSA bans Chase UK director
26 Jun 2009
The Financial Services Authority has prohibited Simon Robins, compliance director of Chase UK Corporation Limited, for failing to adequately supervise the operations of the firm.
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FSA could redefine independent mortgage advice
25 Jun 2009
The Association of Mortgage Intermediaries says the Financial Services Authority could redefine what is classified as independent advice for the mortgage market.
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FSA probes four firms on arrears management
22 Jun 2009
The Financial Services Authority has found continued weaknesses in the way specialist lending firms and third party administrators are handling mortgage arrears and repossessions.
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FSA proposes 130% rental cover minimum for mutuals
22 Jun 2009
Some building societies may face tough curbs on their lending and buy-to-let business under Financial Services Authority proposals.
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FSA refers four firms to enforcement over mortgage servicing
23 Jun 2009
The Financial Services Authority has found continued weaknesses in the way specialist lending firms and third party administrators are handling mortgage arrears and repossessions.
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FSA refutes 'racist culture' claims
22 Jun 2009
The Financial Services Authority has staunchly defended itself against a report in The Observer which alleges an inherent ‘a culture of racism’ exists at the regulator.
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FSA urged not to focus on consumer responsibility
23 Jun 2009
The Financial Services Consumer Panel is urging the Financial Services Authority to abandon its unrealistic attempts to articulate consumer responsibilities in financial services.
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Government should help specialist firms
22 Jun 2009
I was pleased to see that West Bromwich found a way to maintain its independence and it is certain other societies will follow the same model in the near future.
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Gummer hit nail on the head regarding FSA role
22 Jun 2009
I couldn't agree more with John Gummer's comments at the recent Association of Mortgage Intermediaries dinner about the Financial Services Authority (Mortgage Strategy June 6).
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Heartfelt gesture
22 Jun 2009
In these hard times it's always nice to hear about a good soul who puts other people's needs first. Step forward Sir Fred the Shred. The kind hearted gent has offered to cut his pension by £200,000, leaving the poor sod with just £342,500 a year to live on.
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Hitting easy targets fails to hide FSA's shameful mistakes
22 Jun 2009
How can we possibly regain the trust of the public with the Financial Services Authority focussing its attention on the easy targets who were actually victims of the lack of regulation in the first place?
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Holiday homes tax will threaten rural economies
22 Jun 2009
A year ago the chancellor announced the abolition of taper relief on Capital Gains Tax that threatened to impose an 80% tax rise for many small businesses.
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Holiday homes tax will threaten rural economies
22 Jun 2009
A year ago the chancellor announced the abolition of taper relief on Capital Gains Tax that threatened to impose an 80% tax rise for many small businesses.
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Home-makers must not be forgotten
22 Jun 2009
The Association of British Insurers says 13% of families have cancelled their life insurance this year despite the fact that fear of being unable to cope with an unexpected illness or death is reported to be one of the biggest concerns in a recession.
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Housing recovery not on Labour's list
22 Jun 2009
Having decided to put into writing my thoughts about the impact of the European and local council elections on our hopes for a regeneration of the housing market, I stumbled upon a rather ironic situation.
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IMLA defends specialist lenders and servicers
22 Jun 2009
The Intermediary Mortgage Lenders Association has spoken out in support of specialist lenders and servicers, following the Financial Services Authority's decision to probe four firms over their handling of mortgages in arrears.
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It's the specialists' turn for support now
22 Jun 2009
We all knew something was happening and happen it did. I'm talking about West Bromwich of course and the amazing deal it managed to pull out of the woodwork with the help of the Financial Services Authority and no doubt thousands of Whitehall pen pushers and hundreds of other Treasury advisers.
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Keep millionaires happy
22 Jun 2009
No-one likes to hear news about firms going under and redundancies but like it or not, in some cases it makes sense.
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Ken Hogg takes on FSA insurance sector role
22 Jun 2009
The Financial Services Authority has appointed Ken Hogg as insurance sector director. Currently interim chief financial officer at MGM Assurance, he starts at the FSA on July 6. Hogg will report to Jon Pain, managing director retail markets of the FSA.
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King pushes for action on banks too big to fail
24 Jun 2009
The governor of the Bank of England has warned that unless regulatory reform tackles banks that are too big to fail the impact of financial crises will only get worse.
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Knight to set up consultancy firm
22 Jun 2009
Jeff Knight is gearing up to launch his own marketing consultancy firm after being made redundant from his role as director of marketing at GMAC-RFC.
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L&G system upgrade improves processing capability
22 Jun 2009
Legal & General says it is processing more protection applications at point-of-sale without the need for medical evidence, following the launch of its OLP Connect system.
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Leading question
22 Jun 2009
Brokers have been warned about the pitfalls of lead generation time and again. Recently one Mortgage Strategy columnist claimed that the reason lead generation firms had come into prominence over recent years was because brokers do not do enough to retain clients.
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Lenders rejecting almost quarter of all applications
22 Jun 2009
Lenders are saying no to almost 25% of all mortgage applications, figures from the Bank of England show.
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Linear adapts its business model to train brokers to become IFAs
22 Jun 2009
Linear Financial Solutions has revamped its business from being a specialist mortgage brokerage to training brokers which allows them to move into protection, general insurance, and pensions.
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Linear adapts its business model to train brokers to become IFAs
22 Jun 2009
Linear Financial Solutions has revamped its business from being a specialist mortgage brokerage to training brokers which allows them to move into protection, general insurance, and pensions.
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Loan Options closes its doors
26 Jun 2009
Secured loan packager Loan Options is closing down, with all commissions on all pipeline business being paid by V Loans.
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London broker banned as regulator makes fraud crackdown a priority
22 Jun 2009
The Financial Services Authority banned another broker for using bogus details to get a loan last week and warned that combating mortgage fraud was one of its top priorities.
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Marketwatch 22/06/2009
22 Jun 2009
Swaps actually crept down last week. Before we get carried away and start dancing around expecting fixed rates to fall I doubt this will happen.
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Missing lenny
22 Jun 2009
Mortgage Strategy's acting editor Robert Thickett and superstar senior reporter Natalie Holt were mingling with the glamorous class last week at TrigoldCrystal's merger party at The Groucho Club.
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Moody's downgrades financial strength of Lloyds TSB
23 Jun 2009
Moody’s Investors Service has downgraded the financial strength rating of Lloyds TSB by one notch from C+ to C and has placed the bank on a negative outlook.
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Mortgage servicing not up to scratch, claims Phoebus
22 Jun 2009
The majority of mortgage servicing in the UK is outdated and no longer up to scratch, claims Phoebus Software.
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NACFB braces itself for £5bn drop in business
22 Jun 2009
The National Association of Commercial Finance Brokers is preparing for a £5bn drop in overall member business as it embarks on its yearly member survey.
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Net lending shows weak growth
23 Jun 2009
Net mortgage lending from the main high street banks grew by just £2.3bn during May, despite an increase in mortgage approvals.
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Never mind the location, it's sex that sells homes
22 Jun 2009
We all know that sex sells and in property it's as true as in any other walk of life.
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Northern Rock proposes to split in two
26 Jun 2009
Northern Rock will split itself into two divisions as part of its restructure.
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Openwork appoints new chairman
26 Jun 2009
Openwork has appointed Martin Davis as non-executive chairman of Openwork Holdings.
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Outlook is brighter for bridging firms
22 Jun 2009
Having recently rejoined the mortgage market after what can only be described as an unplanned sabbatical - I used to work at Rooftop Mortgages - every day I am reading more reports and opinion polls on the property market and with each one the waters seem to get more muddied.
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Paradigm to offer debt management
25 Jun 2009
Paradigm Mortgage Services has teamed up with Baines & Ernst, part of the Paymex Group to offer debt management.
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Phoebus calls for improved servicing standards
23 Jun 2009
The majority of mortgage servicing in the UK is outdated and no longer up to scratch, claims Phoebus Software.
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Property Spotlight
22 Jun 2009
The areaUlverston is a market town in the South Lakeland district of Cumbria. Historically part of Lancashire, the town is located in the Furness area, close to the Lake District and just north of Morecambe Bay.
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Protection leads top 30,000 at LeadPoint
22 Jun 2009
LeadPoint has provided more than 30,000 protection leads since the start of the year, with buyers reporting conversion rates of between 20% and 30%.
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PruProtect claims protection business has become smoother
22 Jun 2009
PruProtect says that one in three protection cases submitted to it are processed in 24 hours, contrary to the popular belief that such cases are time-consuming.
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Rates hiked for borrowers and savers
25 Jun 2009
Lenders are offering ever-increasing rates for savers but also pushing up the cost of borrowing, data from Moneyfacts reveals.
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Reality check will promote protection
22 Jun 2009
Today's teenagers could be heading for senility in the prime of their lives if studies on mobile phone use are to be believed.
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Rent-back regulation storm brewing, warns law firm
22 Jun 2009
Wright & Wright Solicitors, has issued a warning to lenders, asset managers, Law of Property Act receivers and lettings agents that they may be unwittingly walking into a rent-back regulation storm post 1 July.
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Rent-back sector will have to play by the FSA's rules
22 Jun 2009
Mortgage brokers may have raised an eyebrow at the growth in recent years of the unregulated sale-and-rent-back sector.
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RPS launches ethical rent-back charter
22 Jun 2009
Residential Property Solutions has launched an ethical sale-and-rent-back charter to raise standards within the sector and stamp out rogue operators.
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Select & Protect to offer MPPI
25 Jun 2009
Select & Protect, is set to launch a Mortgage Payment Protection Insurance product.
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Self-preservation is behind all the broker bashing
22 Jun 2009
Congratulations to all those who were prepared to stand up and defend the excellent work of brokers in the wake of criticisms dished out at the Financial Services Authority's recent mortgage conference.
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Sesame offers advisers technology training
23 Jun 2009
Sesame is running free seminars to help mortgage advisers embed technology into their business and ensure they maximise the benefits of its preferred point of sale system, Mortgage Brain’s The Key.
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Sharpe takes edge off society crisis
22 Jun 2009
Until news broke that West Bromwich had agreed a deal with its bondholders to convert £182.5m of subordinated debt into Profit Participating Deferred Shares, I had feared the worst for the society.
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Surveyors report drop in rents for Q1
22 Jun 2009
More surveyors are reporting a fall in rents than at any other time in the last ten years, shows research from the Royal Institution of Chartered Surveyors.
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The Earl Shilton launches 90% LTV
26 Jun 2009
Leicestershire building society The Earl Shilton Building Society has launched a first-time buyer 90% LTV mortgage.
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The FSA's vetting procedure does not seem to check out
22 Jun 2009
I was intrigued to read that the Financial Services Authority has banned another broker (Mortgage Strategy Online). Talk about locking the stable door after the horse has bolted. Here is one quote from the FSA on the banning of an adviser.
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Themortgagemole
22 Jun 2009
l crisis is just pants Every economist in the UK seems to have a method for predicting the next move in the credit crunch, whether it's comparing swaps or finding similarities between the 1990s recession and the 1920s crash.
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Think outside the box to gain clients
22 Jun 2009
One of the questions I have repeatedly been asked about equity release is how we get to clients as they don't seem to be easy to find. It's a fair point.
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TMW pulls B2L range with one hour's notice
25 Jun 2009
The Mortgage Works has pulled its buy-to-let range, giving brokers one hour's notice to get their DIPs in.
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Tony Batchelder joins Knight Frank Finance
23 Jun 2009
After 39 years as senior business development manager at Halifax Intermediaries, Tony Batchelder has joined Knight Frank Finance as business planning manager.
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Tracker business on the up at Mortgageforce
25 Jun 2009
Brokerage Mortgageforce is seeing the number of borrowers taking out fixed rates slowly declining, as more start to opt for trackers.
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Tread carefully with equity release value
22 Jun 2009
While there is increasing credence to the view that the worst may be over for the property market, in 2007 and 2008 one sector of the market actually grew in importance as a source of business for the industry.
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Treasury appoints valuer for B&B investors
24 Jun 2009
The Treasury has appointed an independent valuer to act on behalf of Bradford & Bingley shareholders.
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Trust me - you can train to gain more business
22 Jun 2009
Although supposedly on holiday last week I was of course working too. Not having any administration support means I am always on call but that's a way of life for most mortgage brokers and it's generally not too onerous.
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U Property ombudsman expels two estate agents
22 Jun 2009
Two estate agents, Brooklands in Merseyside and DP Estates in London, have been expelled by The Property Ombudsman Service after failing to pay out for upheld complaints.
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West Brom appoints e.surv as panel manager
23 Jun 2009
West Bromwich has appointed e.surv chartered surveyors to distribute, monitor and audit all valuations for the building society.
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Why HomeBuy is attractive to FTBs
22 Jun 2009
I have been talking about the government's shared equity schemes for a while now and looking at what they are, how they work, the bodies involved and the profile of those they are designed for.
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Woolwich's direct approach does not lead to lost business
22 Jun 2009
I must take up Malcolm Dunn's assertion in the June 8 issue of Mortgage Strategy that Woolwich is trying to muscle out brokers.
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Woolwich's direct approach does not lead to lost business
22 Jun 2009
I must take up Malcolm Dunn's assertion in the June 8 issue of Mortgage Strategy that Woolwich is trying to muscle out brokers.
