Mortgage Strategy
22 May 2006

  • Estate Agents Guild prefers Linear

    24 May 2006

    The Guild of Professional Estate Agents has appointed Linear Mortgage Network exclusively as its preferred provider of mortgage and financial services advice.

  • Spectrum unveils deals for bankrupts

    22 May 2006

    Spectrum Lending has launched a range of specialist mortgages designed to help people subject to bankruptcy orders.The products, which cover the spectrum from light to heavy adverse, include a choice of two and three-year fixed rates starting from 5.89%. All product pricing is based on Bank of England base rate and mortgages are available up to 90% LTV on both full status and self-cert bases.

  • 75% Of brokers say no to celebrity advertising

    22 May 2006

    A whopping 75% of Mortgage Strategy Online readers last week voted that celebrities should not advertise financial products.This followed consumer and industry backlash against Carol Vorderman advertising unsecured loans for FirstPlus. Just 25% thought celebrities should advertise financial products, mirroring the feedback we received from this week's Word on the Street.This week Mortgage Strategy asks: "Should paper-based mortgage applications be consigned to ...

  • A question of repayment vehicles

    22 May 2006

    Rather than rely on advisers to confirm repayment vehicles it would be a better idea if clients were asked to do this with an extra question on mortgage offer papers, says Sue Read

  • Affordable housing crisis worsens by 165 homes per day

    24 May 2006

    The affordable housing crisis is worsening by 165 homes per day, a new analysis of the housebuilding sector by home warranty provider Premier Guarantee has revealed.

  • Affordable mortgages and stable rates top priority for Torys

    23 May 2006

    Affordable mortgages, a competitive economy and low rates are the Torys' top economic priority - not tax cuts - says shadow chancellor George Osborne.

  • AHIPP defends HIPs

    22 May 2006

    The Association of Home Information Pack Providers has responded to a 10 Minute Rule Bill from David Liddell-Grainger MP in the House of Commons concerning forthcoming HIPs.

  • AHL appoints head of broker support

    22 May 2006

    Advantage Home Loans has appointed Claire Tomlinson as head of broker support, reporting to sales director, Pete Bass.

  • AHL focuses on technology

    22 May 2006

    Advantage Home Loans has confirmed brokers will now only be able to submit new business enquiries via e:valuate, its online sub-prime solution, rather than using traditional methods such as the fax and e-dip facilities previously available.

  • Alternative energy project in Woking

    22 May 2006

    Linden Homes is embarking on 12 months of research to explore a fresh approach to tackling the renewable energy challenge as part of an agreement with Woking Borough Council. It aims to generate at least 10% of the energy needs at its Fusion development in Woking through onsite renewable energy.

  • AMI launches buying abroad factsheet

    25 May 2006

    The Association of Mortgage Intermediaries has launched its latest factsheet entitled 'advising clients thinking of buying abroad'.

  • AMI says broker fees represent an opportunity

    22 May 2006

    Broker fees represent one of the biggest opportunities for intermediaries, says the Association of Mortgage Intermediaries.Speaking at the Mortgage Business Expo Manchester, Chris Cummings, director-general of AMI, believes fees represent "an essential plank of good business for the future".Cummings says he welcomes evidence that more firms are introducing fees for their advice, and those that already charge fees are increasing them.He says: "As long as the fees are transparent ...

  • April gross mortgage lending up 10%

    26 May 2006

    Gross mortgage lending was up 10% to 15.5bn in April, 10% more than April last year but 4% lower than April two years ago, reveal figures from the Major British Banking Groups.

  • ARLA and the CML publish buy-to-let guide

    25 May 2006

    The Association of Residential Letting Agents and the Council of Mortgage Lenders are this autumn publishing a guide for buy-to-let investors to mark 10 years of buy-to-let investment in the private rented sector.

  • Base rate could rise soon

    22 May 2006

    The Office for National Statistics says consumer prices rose by 0.6% last month, the highest monthly rise in nearly five years taking annual inflation up to 2% - in line with analysts' expectations and the BoE's target.Earlier this month the BoE indicated in its quarterly inflation and growth projections that it might have to raise the interest rate to stop inflation rising above 2%. The figures have sparked expectations of an imminent rise in interest rates.John Malone, managing ...

  • Blackburn owners are fastest payers

    22 May 2006

    Residents of Blackburn are closest to paying off their mortgages, says the Royal Bank of Scotland.

  • Book says HIPs will save consumers money

    26 May 2006

    Not only are Home Information Packs going to make buying property easier and quicker, they're also going to save consumers money, says a Which? book, called Buy, Sell and Move House.

  • Bradleys joins Movewithus

    24 May 2006

    Movewithus, the estate agency network, has added Bradleys 44 offices into its network in order to strengthen its presence in the South West.

  • Britannia celebrates its 150th Birthday

    26 May 2006

    Britannia willl be celebrating its 150th Birthday on Tuesday May 30.

  • British Land says net asset value per share is up by 32%

    24 May 2006

    British Land, the property company, has revealed that the net asset value per share is up by 32%, the total return is 35% and valuation is up 13.5%.

  • Brokers can cash in on confidence

    22 May 2006

    Confidence in the property market provides a great opportunity for brokers to help their clients make the most of the equity in their properties, says Richard Coulson

  • Brokers can compete against free HIPs

    22 May 2006

    Those of you who have been wondering at what price Home Information Packs will be sold when they become compulsory next June have finally been given the answer - nothing.

  • Business failures soar in Q1

    22 May 2006

    The number of business failures in Britain is soaring, with 4,800 firms going bust in Q1 2006 - 15% up on the same period last year. Credit ratings agency Experian says in London alone 2,300 companies failed in Q1.

  • Buyers and sellers will give ASDA a chance

    22 May 2006

    The news that ASDA is planning a foray into the world of estate agency has had a mixed reception. Some feel or fear it will revolutionise home buying and selling while others respond with a 'so what' shrug.

  • Buy-to-let investor presence is strong, says Linden Homes

    23 May 2006

    Investors are showing no signs of stalling their confident return to the housing market in the first half of 2006, despite the increasing likelihood of interest rates hikes over the summer, says Linden Homes.

  • Buy-to-let starts 2006 on an upward trend, says UCB

    23 May 2006

    A report issued by UCB Home Loans has found that the buy-to-let sector is a favourable market for landlords, with rising rents, yields, increasing numbers of tenants and gradually rising house prices.

  • C&G affordability model doesn't seem affordable

    22 May 2006

    From Andrew Hughes I recently received an email from Cheltenham & Gloucester which outlines how and why the society is using an affordability model rather than rigid income multipliers. This is being done to help those whose circumstances require more flexibility when it comes to underwriting their ability to repay. An admirable move you may think, and one most lenders will surely make in time. But C&G has allocated a special product to these types of clients and the rate ...

  • C&G defends affordability policy

    22 May 2006

    Cheltenham & Gloucester has defended its decision to charge an extra 0.5% on its Fixed Rate Plus products which are based on affordability rather than income multiples.Andrew Hughes, founder of AMH Mortgage Consultants, says he welcomes C&G using affordability to help customers whose circumstances require more flexibility when it comes to underwriting their ability to repay.But he has also criticised the lender for charging a higher rate for what it terms 'special products' ...

  • c2 launches secured loan webcasts

    23 May 2006

    Following a three month series of webcasts focussing on the sub-prime mortgage market, c2 secured is releasing three secured loan webcasts.

  • c2 withdraws C55 range

    23 May 2006

    c2 financial has withdrawn the C55 range of products following a six week long trial.

  • Call to embrace outsourcing

    22 May 2006

    Mike Lazenby, chief executive of Kent Reliance, has warned that unless societies start to change the way they operate, many will not be around in 10 years' time. Speaking at the Building Societies Association's annual conference in Manchester Lazenby says societies should not be too quick to dismiss outsourcing.

  • Change at money laundering group

    22 May 2006

    The Joint Money Laundering Steering Group has appointed Martin Hall, director-general of the Financial and Leasing Association, as chairman, replacing Ian Mullen.

  • Cheap homes plan slated

    22 May 2006

    The government's latest plan to solve the affordable housing problem by building homes for 60,000 has been slammed as being nothing more than a "politician's dream".Communities and local government secretary Ruth Kelly is calling on local authorities and house builders to use the 60,000 homes to boost affordable housing in communities.The houses, which can have rooms added to them if the occupant needs more space or extends their family, are being hailed as the answer to the ...

  • CHL unveils criteria changes

    25 May 2006

    Capital Home Loans Mortgages. has unveiled a range of criteria changes, include no personal income checks across its buy-to-let range.

  • CML has serious concerns about HIP implementation

    22 May 2006

    The Council of Mortgage Lenders says it is a "critical friend" of Home Information Packs, and warns it has serious concerns about their implementation in June 2007, especially with regard to Home Condition Reports. Speaking at the Mortgage Business Expo Manchester last week, Jackie Bennett, head of policy at the CML, affirmed its position as not anti-HIP.But she says it wants to work with the Department for Communities and Local Government to improve the efficiency of the ...

  • Commercial First launches farm products

    25 May 2006

    Commercial First has launched two mortgage products specifically designed for farming properties.

  • Complete strengthens sales team

    22 May 2006

    Complete Mortgage and Loan Services has strengthened its sales team with two new appointments, both reporting to head of sales and marketing, Tristan Pile.

  • Confidence hits two-year high

    22 May 2006

    Confidence among home buyers and sellers has reached a two-year high, with buyers' confidence exceeding that of sellers for the first time in more than two years,research by Propertyfinder.com shows.

  • Credit Agricole confirms interest in A&L

    22 May 2006

    French bank Credit Agricole has confirmed it is considering making a takeover bid for Alliance & Leicester.

  • Curriculum Vitae

    22 May 2006

    Name: John CarrierAge: 58Company: Scarborough.Job title: Chief executive.Where do you live?In a village north of Scarborough.Describe your current job: I am responsible for Scarborough and its subsidiary companies SMS Mortgage Services and North Yorkshire Mortgages.What was your first job? I joined Leeds Permanent at its head office as a management trainee. After 20 years in a range of management roles I left ...

  • Czech Republic: Building interest

    22 May 2006

    After two 1-0 play-off wins over Norway, Karel Bruckner's team has booked its place at Germany 2006 - the first time this relatively new country will be taking part in the biggest sporting event on the planet.The interest in the Czech residential property market, particularly in Prague, has hit new heights. Factors including EU membership, lack of quality housing supply relative to demand, low interest rates and the increasing availability of mortgage financing have contributed ...

  • Dasboard in leads tie-up

    22 May 2006

    Dashboard has teamed up with Mortgage Angels to launch a lead management service.

  • db mortgages increases sales team

    26 May 2006

    db mortgages has appointed Peter Kouset and Eddie Kelly as sales managers within the db mortgages franchise.

  • DB Mortgages launches two-year fixed rates

    23 May 2006

    DB Mortgages, the specialist mortgage lender of Deutsche Bank, has launched a series of two-year fixed rates over the spectrum of products in the pilot stage.

  • Dear Delia

    22 May 2006

    Dear Delia A long-standing client of mine has asked if I can help their son to buy his first home. The son does not earn enough to service a mortgage on his own. Would one of the recently introduced schemes whereby parents can back mortgages financially be suitable? Delia says: Affordability is the main problem that faces aspiring first-time buyers and some lenders now offer guarantor mortgages. Mike Fitzgerald of Brentchase Financial Services and Gary Lacey of Norwich and Peterborough ...

  • Don't help clients get themselves in too deep

    22 May 2006

    I have been enjoying the debate that has been taking place in the pages of Mortgage Strategy recently between my fellow columnists Peter Mounty and Sue Read regarding the merits or otherwise of self-cert mortgages.

  • Easier2move offers holiday vouchers

    22 May 2006

    Online conveyancer Easier2move is offering brokers and estate agent introducers the chance to win 2,000 worth of holiday vouchers.With everyone who provides work to E2M automatically entered into the draw, weekly emails will be sent out to the top 20 introducers to keep those in the running informed of how they are placed in the race to scoop the vouchers.

  • Easier2Move teams up with Trigold

    22 May 2006

    Easier2Move will be synchronising with mortgage sourcing system Trigold to offer conveyancing services.

  • EBay home sales will still need HIPs

    22 May 2006

    Homes marketed on auction websites will still have to have Home Information Packs next year, says eConveyancer.The rising popularity of online auction sites being used to sell properties became clear last week after Elvis Presley's first home was sold on eBay for £480,000. A consortium of bidders including spoon bender Uri Geller picked up the Memphis property, outbidding Bee Gee Barry Gibb.A spokesman for eBay says: "Although there are more legal requirements to be observed ...

  • Equity firm offers protected share

    22 May 2006

    Retirement Plus has added a protected share option to its property plan. This allows customers to retain a share of their home.

  • Ex-pats can still be good buy-to let clients

    22 May 2006

    As far as buy-to-let is concerned, ex-pats need not be ex-clients.

  • Find out what the regulator is up to

    22 May 2006

    Information that answers some frequently asked questions about how the FSA undertakes its work in the market is now available on its website, says Bill Warren

  • First property bought through Social HomeBuy Scheme

    23 May 2006

    Notting Hill Housing says one of its tenants has become the first ever to buy their home through the governments new Social HomeBuy scheme.

  • FMO complete two property purchases

    26 May 2006

    First Mortgage Options has completed two commercial office property purchases which it says will guarantee expansion of its businesses in Northwich. These acquisitions have enabled FMO to re-locate Your Mortgage Options FMOs mortgage network to separate office premises which are linked to First House via a 100Mega Byte laser link for voice and data, and the second property which adjoins First house will provide accommodation for up to 100 additional staff when re-developed.

  • Free valuations on B2L tracker

    22 May 2006

    Capital Home Loans is offering free valuations with its buy-to-let tracker.The offer is available for purchases and remortgages and could save borrowers up to 465.It applies to properties with a maximum value of 500,000 and is avail- able on CHL's buy-to-let three-year tracker at Bank of England base rate plus 0.49%.Mike Healy, head of sales at CHL, says: "The deal comes with an unlimited standard 0.5% proc fee based on the sum advanced, an 85% LTV limit and no accounts ...

  • Freedom promotion

    22 May 2006

    Robert Barnard has been promoted to the role of national sales manager for Freedom Lending.

  • FSA conference for retail brokers

    22 May 2006

    The Financial Services Authority has released the programme for the second Retail Intermediaries Sector Conference - the future of advisers in the retail market. The conference will be held at the National Motorcycle Museum in Birmingham on June 14 and will focus on the future for advisers in the retail market and relevant issues.

  • FSA to focus on networks' control over ARs

    22 May 2006

    The Financial Services Authority says that ensuring proper controls are in place for appointed representatives is one of its priorities for this year and next.Speaking at the Mortgage Business Expo which took place at the GMEX centre in Manchester on May 17 and 18, Michael Lord, head of mortgages and credit unions at the FSA, assured delegates the regulator was concerned that a number of networks springing up in the market may not have adequate controls over their members.He ...

  • FTBs warned off long-term deals

    22 May 2006

    Moneysupermarket.com is urging first-time buyers to avoid arranging their mortgages over longer terms.

  • GE Money appoints chief risk officer

    24 May 2006

    GE Money Home Lending has appointed Rick Hunkin as chief risk officer.

  • GE Money revamps product range

    22 May 2006

    GE Money Home Lending has revamped its igroup branded GEM product portfolio, with new enhancements including significant price reductions and criteria changes.

  • Gear up to HIPs or risk being left behind, warns housing minister

    24 May 2006

    Housing minister Yvette Cooper has warned that estate agents and other property professionals were in danger of being left behind unless they got behind the new Home Information Packs legislation.

  • Genworth and Charcol launch MPPI product

    23 May 2006

    Genworth Financial, provider of payment protection insurance and John Charcol have launched a market-leading mortgage payment protection insurance product.

  • Half of second-time buyers cant afford to move

    22 May 2006

    Abbey research shows that second-time buyers are struggling in the property market.

  • Hargreaves Lansdown appoints HBOS as sole provider of home insurance

    26 May 2006

    Hargreaves Lansdown has appointed HBOS General Insurance as its sole provider of home insurance, replacing its existing panel arrangement.

  • Harnessing the power of celebrity

    22 May 2006

    Celebrities pervade our every waking hour, whether their images stare out at us from the front pages of glossies on newsstands or peer down at us from billboards. And with the World Cup just around the corner the number of celebrity endorsements has reached fever pitch.

  • Has the quality of equity release advice improved since the fsa's last mystery shop?

    22 May 2006

    Intermediaries seem to be more determined to maintain high standards in sales and advice practices, say our experts

  • Hearn to take over at AToM

    22 May 2006

    All Types of Mortgages has appointed Richard Hearn as managing director. Hearn will take over from founder Vic Jannels who is to become executive chairman of the AToMGroup.

  • High cost of selling revealed

    22 May 2006

    National Homebuyers has revealed that the hidden costs of selling a property can amount to a whopping 44,000 - 22% of the value of the average house.Research by the property firm shows the costs of selling a property through the traditional chain model - including estate agents' and solicitors' fees - are much higher than commonly thought.NH says one in three chain sales falls through, resulting in house prices being revised to speed up sales.Based on the price of an average ...

  • High value of automated valuations

    22 May 2006

    Automated valuations mean instant offers and the technology that underpins them is likely to expand beyond the secured loan market to remortgages soon, says Frank Eve

  • Higher multiples can help FTBs

    22 May 2006

    Recent increases in income multiples designed to help first-time buyer couples make a lot of sense and might even escape a savaging in the media, says Drew Wotherspoon

  • Highest April lending on record

    22 May 2006

    Gross mortgage lending totalled 25.1bn in April, the highest April lending figure on record, data from the Council of Mortgage Lenders reveals. Lending was 16% higher than in April last year and marks six months of record lending. But it was 12% lower than the 28.4bn lent in March, probably due to the effect of the Easter break.

  • HIP newsletter launched

    22 May 2006

    LMS is to launch an online Home Information Pack newsletter to broadcast the latest developments in the HIP world.Dominic Toller, director of marketing and new business at LMS, says he hopes the service, due to be launched early next month, will highlight the prominent position HIPs still have on the government's agenda.This follows responsibility for HIPs shifting from the Office of the Deputy Prime Minister to the Department for Communities and Local Government headed by Ruth ...

  • HIP providers are working to provide solutions for all

    22 May 2006

    From Alan Dring My old friend Stephen Knight's article in the May 8 edition of Mortgage Strategy raises some interesting points and as a Home Information Pack provider I am taking up his invitation to respond to some of the concerns he expressed. I agree with a lot of Knight's views on the cost implications and certainly agree that it will be hard to evaluate the impact on vendors and indeed the market in general if the dry run arrangements remain unchanged. What I want ...

  • HIP providers say packs should not be voluntary

    22 May 2006

    LMC and eConveyancer say concerns about Home Information Packs having a negative impact on the housing market are unwarranted and making them voluntary would be impractical.The Building Societies Association has released the results of a poll showing that 84% of building society chief executives believe HIPs will have a negative impact on the housing market and consequently are calling for them to be made voluntary.The society bosses made comments such as "HIPs will add costs ...

  • HIPs could hit people already in arrears

    22 May 2006

    Concerns have been raised that the introduction of Home Information Packs could increase the debts of people already heavily in arrears or facing repossession.Speaking at the Building Societies Association annual conference, Alex Solomon, head of business services at Rightmove, says problems could arise if people who face repossession or are forced to downsize cannot find the funds to pay for the packs.He says: "There will be people whose only choice is to sell their property, ...

  • HIPs must not limit mortgage choice

    22 May 2006

    HIPs must make clear that the provision of the pack has no bearing on the purchase of the mortgage or clients' freedom to choose could be restricted, says James Cotton

  • Holiday homes SIPPs loophole

    22 May 2006

    Solicitor Sykes Anderson says it has found a loophole for investors wishing to buy holiday homes within their pensions, despite the chancellor's U-turn on self-invested personal pensions last year. It claims investors can get around the rules by buying tourist apartments under a French leaseback scheme which classes such properties as commercial, hence qualifying for SIPPs.

  • House prices rise for sixth month

    22 May 2006

    House prices have risen for the sixth consecutive month, with larger properties outperforming flats, says the Royal Institution of Chartered Surveyors in its latest housing market survey.

  • IFS Certificate in Commercial Mortgages reaches 300 registrations

    23 May 2006

    The Institute of Financial Services is celebrating the news that 300 advisers have now registered for the recently launched certificate in commercial mortgages.

  • Income calculations are a calculated risk

    22 May 2006

    Some of the vital issues surrounding income calculations are not getting the exposure they deserve. In a nutshell, income multiples or affordability calculations - which way is best?

  • Industry rapped over unsafe products

    22 May 2006

    Paul Lewis, presenter of the BBC's radio programme Moneybox, has criticised the financial services industry for offering unsafe products, and says it is to blame for the growing need to educate consumers financially.Speaking at the Building Societies Association's annual conference, Lewis says that if the products the financial industry sold were safe and did what they were meant to there would be no need for the government to educate consumers.He also says that one of ...

  • Industry says celebrity adverts are acceptable

    22 May 2006

    The industry has defended secured loans companies using celebrities in their advertising and says consumers should shoulder some responsibility.Carol Vorderman recently came under fire for endorsing secured loan firm FirstPlus after the BBC's Real Story claimed it would lend into negative equity.Vorderman was criticised for fronting ads for the company because she is seen by the public as a trustworthy mathematician.This prompted money expert Martin Lewis to start ...

  • Industry told to multi-channel

    22 May 2006

    Tammo Van Leeuwen, head of product development at Business Architects International, has warned that the industry must start to multi- channel. Speaking at the Building Societies Associations annual conference in Manchester, he says firms will have the chance for significant growth by multi-channelling, but stresses that they must do this now.

  • Industry's health causes concern

    22 May 2006

    Chris Cummings, director-general of the Association of Mortgage Intermediaries, has outlined his concerns about the long-term health of the mortgage market, including the effect of European directives.Speaking at the Mortgage Business Expo Manchester, Cummings warned brokers that over-regulation was still as big a concern today as it was prior to Mortgage Day.He says: "Too much regulation kills the market. It drives out competition and entrepreneurial spirit."Cummings, who ...

  • Infinity sees surge in buy-to-let applications

    22 May 2006

    Infinity has reported a 45% surge in buy-to-let applications and a 26% rise in all other applications.It puts the increase down to competitive rates on its near prime products and its policy which allows brokers to use landlords' unencumbered income where rental income does not cover the revert rate.Simon Biddle, head of marketing and communications at Infinity, says: "Our latest range has made a significant impact. We have been recruiting processing staff for three months in ...

  • Jowell home on sale for 950,000

    22 May 2006

    If you've got 1m to spare, you might want to consider grabbing a slice of political history and purchasing Tessa Jowell's north London home which has just gone on the market for 950,000. The property was at the centre of an international political scandal after allegations that the culture secretary's husband David Mills used a 344,000 bribe from ex-Italian premier Silvio Berlusconi to pay off its mortgage - a claim the city lawyer denies.Although Jowell co-signed a mortgage on ...

  • Julian Hodge Bank sells motor finance business

    23 May 2006

    Julian Hodge Bank, the Cardiff-based financial services group including Hodge Equity Release, has confirmed the sale of its motor and asset finance businesses.

  • Lambeth members vote for Portman merger

    26 May 2006

    The Lambeths savers and borrowers have approved the merger of the Lambeth and Portman at the society's Annual General Meeting at the Royal National Hotel, Bedford Way, London on May 25.

  • Latvia: Private moves

    22 May 2006

    Having gained independence from the Soviet Union in 1991, we joined FIFA in 1992 and in the same year took our first stab at qualifying for a World Cup. Although we failed to win a match we managed to record two remarkable draws against heavyweights Spain and Denmark.Remarkable is also a word that could be used to describe the Latvian property market over the past year.In Latvia, home ownership is high at 85%. And the mortgage market is booming too. There is much activity not ...

  • Launch DB Countdown

    22 May 2006

    A narrow escape for a duck, positive feedback from the Mortgage Business Expo in Manchester and the office sweepstake for the first completion hots up, says Bill Dudgeon

  • Lead generation will remain vital to brokers

    22 May 2006

    Lead generation looks set to remain a vital part of the broking market with the launch of two companies and an endorsement from the Association of Mortgage Intermediaries.LeadPoint is an American lead generation firm, founded by Marc Diana and Per Pettersen, which has been providing US lenders with leads since its launch last summer. The firm has set its sights on the UK market and is looking to launch in the next six weeks with managing director Nick Chapman at the helm.Diana ...

  • Lenders must not treat customers as numbers

    22 May 2006

    I was intrigued to learn recently that there is more to Blackburn than Condoleezza Rice saw when ex-foreign secretary Jack Straw was showing her round his constituency.

  • Lenders outpace FSA rules

    22 May 2006

    John Malone, managing director of Premier Mortgage Services, has warned that as lenders process cases quicker, the Financial Services Authority has no guidelines in place to protect consumers.Speaking at the Building Societies Association's annual conference, Malone says lenders are increasingly able to process cases more quickly. He says a broker will soon be able to submit a remortgage case on a Monday and the customer will be able to take money from the remortgage on Wednesday, ...

  • Lenders shold help brokers by being more upfront about service problems

    22 May 2006

    From Prabjit Singh Isn't it about time lenders came clean about their service standards and highlighted major backlog issues before taking our business and ending up with jammed phone and fax lines, leaving us in the dark? Even their online tracking systems go into meltdown. Many intermediaries are experiencing poor service from lenders. Mortgage Express staff inform me that it has a six-day backlog, Halifax and Bank of Scotland are in a similar situation with backlogs and if ...

  • Lenders should state their repossession policies on KFIs

    22 May 2006

    From Paul Ormerod I was interested to read last week's lead story on repossessions (Mortgage Strategy May 15). I have been lucky enough to work for a lender but I am writing to make some points on the subject in my capacity as an IFA. Repossessions should never happen. There's no excuse for them and they are bad for everyone. The client loses their home, their debt will have snowballed and, should they try and get a loan in the next 10 years, they face refusal or exorbitant ...

  • Lenders vie for top sales staff

    22 May 2006

    Financial services recruitment firm Venatus Business Intelligence says it has seen a 40% rise in recruitment fees in Q1 2006 compared with the same period in 2005, largely due to new lenders recruiting staff.Peter Gwilliam, director at Venatus, says: "New lender entrants to the market are trying to acquire intellectual capability from existing lenders, creating vacancies in their businesses. This is causing a recruitment spiral - demand for certain skill sets is outstripping supply ...

  • Marketing Brief

    22 May 2006

    Support is critical in the mortgage industry. Kevin Paterson's A-Z review rates the marketing material that lenders issue to help brokers with sales and business development

  • Marketwatch

    22 May 2006

    Swaps were up and down like a yo-yo last week. Some of the daily swings were bigger than the movements we would see in a typical week.

  • McCarthy says FSA wants mortgage market to flourish

    26 May 2006

    Sir Callum McCarthy, the chairman of the Financial Services Authority, says the FSA is identifying the actions that encourage the mortgage market to flourish as a competitive, efficient and fair market.

  • Me and my car

    22 May 2006

    The Lexus SC430 is by far the prettiest of the hard top convertibles on the market and streets ahead of the Mercedes C class I used to have, says Rachel Bancroft

  • MEX rejoins ARLA panel

    22 May 2006

    Mortgage Express, a founder member of the Association of Residential Letting Agents' panel of lenders when buy-to-let was launched as a product in 1996, has rejoined the panel. Other panel members are BM Solutions, GMAC-RFC, NatWest, Paragon Mortgages and The Mortgage Business.

  • M-Next incentive to attract ARs

    22 May 2006

    Mortgage Next is offering an incentive of 1,000 to its appointed representatives if they help recruit another firm of three or more advisers to the network.

  • Moneycorp says overseas homebuyers are losing 500 each year

    23 May 2006

    Moneycorp says overseas home buyers are throwing away 500 each a year thanks to excessive High Street bank transfer charges on foreign currency mortgages.

  • More MPPI claims must be paid out to boost uptake

    22 May 2006

    From Simon Burgess The bleating has started in the mortgage and insurance industries about the fall in sales of mortgage payment protection insurance - down to just 25% of mortgages in 2005 compared with 35% in 2002. The reason for this is that most MPPI policies represent poor value for money with most of the premiums being used to pay commissions rather than claims. In fact, the vast majority of MPPI policies, with their 60-day excess periods, are designed to avoid paying ...

  • Mortgage Express reduces rental cover

    25 May 2006

    Mortgage Express, the specialist lending brand of Bradford & Bingley, is reducing the required rental cover on its range of buy-to-let products.

  • Mortgage Mole

    22 May 2006

    Bill Hooked Mortgage Strategy would like to congratulate Trigold's Bill Safran on his wedding last Saturday. The former bachelor boy was spotted walking around the Mortgage Business Expo in Manchester just a few days before the big day, looking relaxed and calm. Mole hopes Safran's bride made it to the church on time, after learning that she was flying back from a business trip to New York on the morning of the wedding. In true Posh and Becks style the location of the ...

  • Mortgage Next launches MEX products

    22 May 2006

    Mortgage Next has launched two buy-to-let products funded by Mortgage Express, available exclusively via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.

  • Mortgage Next launches two-year tracker

    26 May 2006

    Mortgage Next is launching a two-year flexible self-cert tracker mortgage, available via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.

  • Mortgage problems can hit anyone

    22 May 2006

    It's easy to fall into the trap of thinking that protection, whether it be life cover, critical illness cover or income protection, is primarily for people with family responsibilities - those who bring in the monthly wage to provide for their loved ones. We're used to hearing about the debt of this generation and perhaps wrongly assume that these people are the only ones who need to be protected.

  • Mortgage Trust appoints BDM

    24 May 2006

    Mortgage Trust has appointed John Strickland as business development manager.

  • Mortgagestream offers data back-up facility

    22 May 2006

    With Treating Customers Fairly being one of the core precepts of regulation, MortgageStream says storing and backing up data is more important than ever for brokers.MortgageStream users who subscribe to the DepositIT deal can back up data such as sourcing information, documents and personnel files.Paul Holden, sales director at MortgageStream, says: "DepositIT works in the background, uploading data from computers to a secure storage facility. After a disaster, data can be downloaded ...

  • MPLC expands sales team

    22 May 2006

    Mortgages PLC is to restructure and expand its sales team following the promotion of Pete Thomson to sales director.

  • MPLC to launch consumer lending division this year

    22 May 2006

    Mortgages PLC has confirmed that it will launch a direct-to-consumer lending arm at the end of the year.The new business will be a separate operation run from premises in the south of England. MPLC is in the process of recruiting a specialist team and is also talking to potential suppliers and marketing partners.Peter Beaumont, deputy chief executive at MPLC, says: "Ours is an intermediary-focussed business and we intend for it to continue that way."But Merrill Lynch ...

  • Mutuals lent 3,512m in April

    22 May 2006

    The Building Societies Association says gross advances in the mutual sector amounted to 3,512m in April 2006 - up from 3,409m in the same month last year.

  • MyHousePrice.com launches mobile phone service

    22 May 2006

    Online property price reporting website, MyHousePrice.com has launched a mobile phone service covering over seven million property transactions in England, Scotland and Wales.

  • Networks must be open about their fees and costs

    22 May 2006

    From Justine Tomlinson In the news story 'Mortgage Next defends network cost comparison as valid' (Mortgage Strategy May 15) Richard Griffiths condemns Mortgage Next's online network cost comparison calculator on the basis that compliance fees are only part of the cost equation for brokers. He points out that proc fees also need to be taken into consideration. I agree. In fact I'd go further. Networks should be transparent with all fees and costs - network charges, proc fees, ...

  • Networks will slim down

    22 May 2006

    Paul Shearman, mortgage proposition director at Openwork, predicts that networks will eventually narrow down their packager panels to just one or two firms.Speaking at the Mortgage Business Expo Manchester on May 18, Shearman says most networks will try to impose control on the sub-prime business they write by allowing advisers access to only one or two trusted packagers.Openwork has taken a cautious view of the sub-prime market since regulation in 2004, and until June 2005 ...

  • Nigel Green Property Sales & Rentals to expand

    26 May 2006

    Nigel Green Property Sales & Rentals has confirmed it is opening a sixth sales office in Paignton in July.

  • Norway: Coming in from the cold

    22 May 2006

    Norway does not exactly spring to mind when one considers the greats of international football, but it can point to a decent record in recent times. We qualified for the 1994 World Cup but fell in the first round by the narrowest of margins. Four years later at France 1998, Norway chalked up a sensational victory over eventual finalist Brazil.Norway is a big country, roughly twice the size of Great Britain, with a small population of just over four and a half million. In general, ...

  • Online MPPI product unveiled

    22 May 2006

    Compass Underwriting and Assurant Solutions have launched Mortgage Rewards, a web-based mortgage payment protection insurance product.

  • Origo to work with PISCES

    22 May 2006

    Origo, the standards body for e-commerce in the UK financial services industry, is to collaborate with international property standards organisation PISCES. The organisations will work together to ensure inter-operability of e-commerce activities for their respective user communities.

  • Paragon releases interim results

    23 May 2006

    The Paragon Group of Companies, the UK independent specialist lender offering buy-to-let mortgages and consumer finance, has released its interim results for the six months ended March 31 2006, which show loan advances increased by 86.5% to 1,525m from 817.9m in 2005.

  • Park Row opens Midlands branch

    22 May 2006

    Park Row has signed a team of five for a new branch in an affluent part of the Midlands.

  • Partnership joins SHIP

    22 May 2006

    Partnership Home Loans has joined Safe Home Income Plans. This brings the number of SHIP members to 19.

  • Paymentshield says its club gives good value

    22 May 2006

    Paymentshield has responded to concerns from the likes of Broker Mosaic that directly authorised brokers are not getting a fair deal from mortgage clubs.The supplier of mortgage related insurance products to brokers launched its mortgage club last year and says it now has 2,000 members, all of whom are DA brokers.Ben Thompson, head of lending and protection at Paymentshield, says the club offers a solution for DA firms because there are no membership costs and it retains little ...

  • Personal Touch appoints general insurance manager

    22 May 2006

    Personal Touch Financial Services has appointed Robin Dowling as its general insurance manager. Dowling's role will straddle the twin product areas of general insurance and healthcare. Dowling has a wide range of financial services experience and joins from Legal & General Healthcare where he was national sales manager responsible for meeting sales targets and new business projects.

  • Pink recruits BDM for Scotland and Northern Ireland

    22 May 2006

    Pink Home Loans has recruited Stuart Gordon as business development manager for Scotland and Northern Ireland.

  • Pink says GMAC-RFC business has increased by 45%

    25 May 2006

    Since the launch of their new partners proposition, Pink has seen its packaged GMAC-RFC business increase by 45% and this trend looks set to continue.

  • Pink sees business with GMAC rise 45%

    22 May 2006

    Pink Home Loans says that following the launch of GMAC-RFC's partners packager scheme, packaged business with the lender has hit a record high.Since the launch of the exclusive range, sales of GMAC-RFC's packager products at Pink have shot up by 45%.The sub-prime range features a level one near prime deal which is a two-year fixed rate from 5.69% on full status products, and a two-year fixed rate from 5.89% on self-cert products. Pink has also waived its 90 administration fee.David ...

  • PMPA launches TMB products

    22 May 2006

    The Professional Mortgage Packagers Alliance has launched three exclusives from The Mortgage Business that will be available only through PMPA member packagers, all with a maximum LTV of 85%.

  • PMS launches N&P products

    22 May 2006

    Members of Premier Mortgage Service now have access to a portfolio of online products from the Norwich and Peterborough, offering a choice of purchase, remortgage and first-time buyer specific deals.

  • Preferred sets World Cup challenge

    22 May 2006

    Five giant, inflatable England-branded chairs, complete with in-arm drinks holders, are up for grabs as part of Preferred's World Cup promotion, The Challenge.Along with a World Cup wall planner (inserted in this week's Mortgage Strategy), there is also an online game whereby brokers can predict goal scorers in World Cup matches as well as winners of other sporting events being held in June. For every correct prediction brokers will gain points on an online leader board.Registrations ...

  • Prescott's key worker scheme dropped

    22 May 2006

    John Prescotts flagship scheme to provide key workers with affordable housing has been dropped following criticisms from the very people it was aiming to help and the revelation that over half the houses build for sale remain empty.

  • Prescott's legacy will be preserved

    22 May 2006

    What did we write about before Home Information Packs? They might not have found favour with the National Association of Estate Agents and SPLINTA - Sellers Pack Law Is Not The Answer - but they've certainly got journalists off the hook in terms of subject matter.

  • Purely Mortgages partners up with Humberts Estate Agency

    24 May 2006

    Purely Mortgages has agreed a partnership with Humberts Estate Agency.

  • RBS signs up to Origo initiative

    25 May 2006

    Royal Bank of Scotland Intermediary Partners is the latest lender to sign up to the Origo, the standards body for ecommerce in the financial services industry, mortgage e-standards initiative.

  • Real time policy valuations go live

    22 May 2006

    Real time policy valuations from Scottish Equitable are now live on Exweb Gold, The Exchange's premium portal service that launched in January 2005. Scottish Equitable is the sixth provider to support the valuations service on Exweb Gold, joining Norwich Union, Legal & General, Friends Provident, Prudential and Standard Life.

  • Retail banks warned to introduce biometrics or be left behind

    22 May 2006

    LogicaCMG has warned European retail banks to assess the competitive advantage of introducing biometrics or risk being left behind.

  • RICS to update guidance on new build valuations

    26 May 2006

    The Royal Institution of Chartered Surveyors is to clarify the guidance it provides to its members on the valuation of new build residential properties.

  • Roads cover more UK land housing

    26 May 2006

    Propertyfinder.com has revealed that road builders and not house builders are blighting the English countryside.

  • Rooftop adds Oxygen to packager panel

    22 May 2006

    Specialist lender Rooftop Mortgages has added Oxygen Mortgage Processing to its growing packager network.

  • Rooftop funds Mortgage Next RTB product

    25 May 2006

    Rooftop Mortgages is funding a two year fixed rate Right to Buy mortgage for borrowers with minor adverse credit records from Mortgage Next.

  • Sales additions

    22 May 2006

    Goldsmith Williams has added to its sales and marketing teams. Simon Wade becomes head of marketing while Michaela Hickson and Laura Ward join as marketing executives.

  • Scarborough deals start from 4.69%

    22 May 2006

    Scarborough has launched a mortgage range with rates starting from 4.69% that includes buy-to-let, holiday let and student let options.The range includes two-year and lifetime tracker rates from 4.69%, a 'switch to fix' facility on trackers and two, five and 10-year fixed rates from 4.99%.It also features credit repair and self-cert options, enhanced flexible overpayment thresholds and fee-assisted options.Tony Burdin, head of group marketing at Scarborough, says: "The credit ...

  • Scottish prices on the rise

    22 May 2006

    Lloyds TSB Scotland's house price monitor shows that prices in the country are still rising. In the three months to April 30 this year, the price index for Scotland rose by 4% to give an average house price of 133,968.

  • SMS to host seminar series at MTE roadshows

    22 May 2006

    Solent Mortgage Services will host seminars at the Mortgage Trading Exchange's upcoming series of industry roadshows .Starting on May 23 in Cardiff and ending on June 22 at Upton Park in London, the roadshows will feature presentations on the role of packagers in sub-prime lending and a demonstration of SMS' online application and case tracking system.SMS went live on the MTE last week, meaning it can now accept and process mortgage business electronically through its panel ...

  • Society bosses are upbeat about 2006

    22 May 2006

    In advance of the Building Societies Association's recent conference, society bosses were asked for their opinions on the mortgage market in the next 12 months.

  • Society bosses plan to develop direct channels

    22 May 2006

    A survey of society bosses by the Building Societies Association reveals that 41% are looking to develop sales through direct channels and only 18% via intermediaries - down from 32% last year.But the BSA's chief executive opinion survey shows that a further 41% are happy with the status quo in terms of distribution and want to maintain their current split between direct and broker channels.Niche areas such as equity release and buy-to-let will be key for more societies over ...

  • Spectrum Lending launches bankruptcy annulment products

    22 May 2006

    Spectrum Lending has launched a range of specialist mortgages aimed at individuals who are subject to bankruptcy orders.

  • Speculation builds over GHL's future

    22 May 2006

    The odds on US lending giant Countrywide Financial Corporation setting up shop in the UK were slashed last week as speculation mounted that its processing house Global Home Loans is going to go out of business.Countrywide bought the remaining 30% stake in GHL, a joint venture between itself and The Woolwich, from Barclays last November, with Barclays planning to bring its processing operations inhouse when the outsourcing contract expired last month.But industry sources say ...

  • Sweden: Recovering

    22 May 2006

    Despite having only won 15 of our 42 World Cup matches, the Swedish team is eighth in the all-time World Cup rankings. And this year, even though we are not one of the favourites, we are considered as one of the potential dark horses. With players such as Freddie Ljungberg, Henrik Larsson and Zlatan Ibrahimovic we have enough attacking talent to damage any backline.The Swedish property market is also showing its fair share of potential, although recent talk has revolved around recovery ...

  • TBMC joins Openwork panel

    22 May 2006

    The Business Mortgage Company has been appointed to Openwork's lender panel.TBMC has operated in the buy-to-let market since 1989 and will be offering its specialist services to Openwork's 2,350 ARs.

  • TFC sales appointment

    22 May 2006

    The Finance Centre has appointed Gareth Rigden, formerly training manager, to the role of head of field sales.

  • TFC says 86% of all cases use Track

    24 May 2006

    TFC Homeloans has seen a dramatic rise in the use of Track, an online mortgage processing and management information system, with 86% of all cases now received electronically.

  • Threesixty hosts mortgage seminars for IFAs

    24 May 2006

    Threesixty, the fee-based IFA support services provider, is hosting a series of key issues seminars in June, to discuss mortgages.

  • Tide begins to turn on equity rates

    22 May 2006

    Following a period in the equity release market which has seen well over a year of consistent interest rate reductions, two weeks ago we saw the first signs that the tide may be turning.

  • Time for training

    22 May 2006

    Brokers should try to build training into their weekly work schedules to satisfy the FSA and boost their own career prospects, says Mark Roberts

  • Time to get your clients on track

    22 May 2006

    Lenders have begun to rack up their fixed rates which means trackers or discounted deals look like the best bets for braver borrowers at the moment, says Sally Laker

  • Title Deed

    22 May 2006

    When the Yorkshire decided to launch an intermediary- only subsidiary lender it formed a steering group to map out the substantial task ahead - systems, product development requirements, branding and values, risk assessment and management, processing systems and staffing - the list was endless.But nothing caused as much debate - and hilarity - as the search for a name. Having spent a considerable part of their careers working for a lender that languished at the rear end of the alphabet ...

  • Too few homes are being built

    22 May 2006

    The Royal Institution of Chartered Surveyors says the latest Department for Communities and Local Government figures on new house building reveal supply are still insufficient to meet housing demand.Figures released by the DCLG show that there were 48,200 housing starts in Q1 2006. This was 19% up on the same period in 2005. The figure of 37,600 completions over the same period was also 12% up on Q1 last year.All regions saw increases in completions except London, where they ...

  • Tories and Cooper hold court over HIPs

    26 May 2006

    The Conservative Party held court with Yvette Cooper this week over how Home Information Packs will be enforced and home inspectors insured when the packs become mandatory in June 2007.

  • TV paints a one-sided picture of B2L

    22 May 2006

    While I was discussing the best place to invest some hard-earned cash with a friend recently, he shocked me by saying he thought buy-to-let is basically a licence to print money.

  • UCB network exclusives

    22 May 2006

    UCB Home Loans is launching two exclusive products in partnership with some of its national accounts. The first, a two-year flexible fixed rate at 5.55%, is available exclusively for a limited period to members of Openwork, Premier Mortgage Service and Personal Touch Financial Services.The lender is also launching a two-year flexible tracker rate at 5.19% exclusively for members of Pink Home Loans and Mortgage Next.

  • Universal to merge with Newcastle

    24 May 2006

    The directors of Universal and Newcastle have agreed to a merger between the two societies.

  • Walking a fine line

    22 May 2006

    The mortgage industry must guard against courting the sort of controversy that has been stirred up by celebrity endorsements such as Carol Vorderman's TV advertisements for a secured loan company, says Natalie MartinThe mortgage industry must guard against courting the sort of controversy that has been stirred up by celebrity endorsements such as Carol Vorderman's TV advertisements for a secured loan company, says Natalie Martin

  • West Brom set to become UK's eighth largest mutual

    22 May 2006

    West Bromwich says its soon to be released financial results will see the society overtake Leeds to become the eighth largest mutual in the UK.It says this growth has primarily been on the back of strong growth in intermediary mortgage sales.For 2005/06, intermediary sales represented 76% of the society's total mortgage sales and it says for 2006/07 that figure should increase to 81%.Industry sources add that West Brom's rise up the society league table - which is determined ...

  • Word on the Street

    22 May 2006

    Carol Vorderman came under fire last week for fronting advertisements for secured debt firm FisrtPlus. There was concern that the Countdown mathematician was playing on her images as a numbers whiz, endorsing a potentially risky financial product. Consumers could be influenced by such celebrity endorsements. So, this week Mortgage Strategy asks

  • www.mortgages.co.uk has seen a 85% increase in vistors

    25 May 2006

    Financial Services Nets www.mortgages.co.uk says it has experienced an unprecedented level of mortgage enquiries from property buyers in the first four months of 2006.

  • xit2 acquired by MacDonald, Dettwiler and Associates

    24 May 2006

    xit2 has been bought by information solutions provider MacDonald, Dettwiler and Associates.

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