Mortgage Strategy
22 October 2007

  • 11% Use brokers to find conveyancers

    22 Oct 2007

    Research by Easier2Move indicates that just 11% of consumers use brokers to find conveyancers. More than a third of respondents say they source their conveyancers via their estate agents while 22% ask family and friends for recommendations.

  • 5D Finance gives packagers a break

    23 Oct 2007

    5D Finance has completed a programme of document simplification today to make life easier for packagers and solicitors.

  • 5D Finance responds to packager demands

    24 Oct 2007

    Specialist commercial mortgage lender, 5D Finance says it has completed a far-reaching programme of document simplification following complaints from packagers.

  • 76% Of brokers think B2L will boost the market

    22 Oct 2007

    An overwhelming 76% of Mortgage Strategy Online readers expect buy-to-let to continue to prop up the housing market in the next year.

  • A fine time for packagers

    22 Oct 2007

    The mortgage market is in fantastic shape and there's no better time to be a packager. This was the message from Rob Jupp, managing director of Personal Touch Packaging to his peers at the Packager Update Summit. Jupp says figures from the Council of Mortgage Lenders show that only one in 960 UK properties is repossessed compared with one in 500 in the US. Jupp says the high number of repossessions in the US helped fuel the credit crisis there but the market in the UK is in much better ...

  • A&L and B&B well poisitioned, says Fitch

    24 Oct 2007

    Fitch Ratings says the UK's mid-sized mortgage lender, Alliance & Leicester and Bradford & Bingley, appear soundly positioned to weather continued difficult operating conditions.

  • Abbey Commercial changes lending criteria

    26 Oct 2007

    Abbey Commercial has announced a change in its lending criteria, concerning the use of separate legal representation.

  • AHIPP hits out at Tory HIP claims

    22 Oct 2007

    The Association of Home Information Pack Providers has hit out at the Conservatives for claiming the government has buried research on HIPs.

  • Assurant POS system updated

    22 Oct 2007

    Assurant Solutions Intermediary has upgraded its point-of-sale system, Distinctive Disk. The firm says the enhanced version should reduce brokers' administrative burden while offering improved accessibility and usability. It will also provide real-time management reporting.

  • Assurant Solutions expands business development team

    23 Oct 2007

    Assurant Solutions has expanded its UK business development with two new appointments.

  • B&B staves off funding fears

    23 Oct 2007

    Shares in Bradford & Bingley climbed back up this morning, following its move to dispel fears it could face similar funding problems to Northern Rock.

  • B2l will survive

    22 Oct 2007

    Although it is likely to feel the consequences of the credit crunch in the next few months, the buy-to-let sector remains robust, says Paul Rockett

  • Bank rescues could become covert

    26 Oct 2007

    Rescues of beleaguered banks could become strictly covert in future, as the chancellor considers changes to the Takeover Code.

  • Bidders clueless on auction rules

    22 Oct 2007

    Inexperienced bidders are losing out on auction properties because they don't understand the rules, Auction Finance claims. Irene Thomas, operations manager at Auction Finance, says that although more investors are buying at auction, they do not understand what to do when they have made successful bids.

  • BOE admits actions may have damaged confidence

    25 Oct 2007

    The Bank of England has admitted moves to bail out financially stricken lenders can stigmatise institutions.

  • Bolton failed to identify the culprits behind the crunch

    22 Oct 2007

    The cover story on edeus in the October 8 issue of Mortgage Strategy was interesting more for what Michael Bolton didn't say than for what he did.

  • Borrowers disinterested in long term fixed rates

    25 Oct 2007

    Research published by Paragon Mortgages today claims there is little demand for government backed long term fixed rate mortgages.

  • Borrowers like Mondays, says Halifax research

    22 Oct 2007

    Monday afternoons are the most popular time to apply for a loan online.

  • Boulger's comments have caused my firm problems

    22 Oct 2007

    Thank God some people in this industry are willing to stand up and be counted. I am referring to Michael Bolton's recent comments (Mortgage Strategy October 8) regarding Ray Boulger's seemingly never-ending exposure in the media.

  • Brighton house prices soaring, says Hamptons

    24 Oct 2007

    The average house price in the Brighton area has soared by 16% during the last 12 months as migration from London to commutable ‘hotspots’ continue, says Hamptons International.

  • Brokers are shields against deceit

    22 Oct 2007

    Lenders have to base their judgements on the information they are presented with, so brokers are their first line of defence in the battle against mortgage fraud, says Mel Dring

  • Brokers needed now more than ever

    22 Oct 2007

    The credit crunch's latest effects are becoming apparent after a rash of redundancy announcements in the industry.

  • Brokers should target equity release

    22 Oct 2007

    In this volatile market, some home owners are likely to see equity release deals as more attractive than standard mortgages so brokers should grab the chance to branch out, says Jayne Almond

  • BTL investors suffer income shortfall, says Heritable

    24 Oct 2007

    Rent won’t pay the mortgage for one in 10 property investors, while a further third generate just enough, reveals a Heritable Bank survey.

  • Builders in the firing line

    22 Oct 2007

    House builders are under fire after packagers and lenders slammed the quality of developments. Nigel Payne, managing director of The Mortgage Business, says: "Some builders are putting up absolute rubbish."

  • Business groups slam Darling's CGT proposals

    22 Oct 2007

    Chancellor Alistair Darling came under growing pressure to scrap his Capital Gains Tax reforms last week after four major business groups united to criticise them in an open letter.

  • Buyers guided by price expectations

    22 Oct 2007

    Buyers' expectations of house price growth determine the way they set about finding and financing properties, a report from the Building Societies Association reveals.

  • Buy-to-let fundamentals remain strong

    22 Oct 2007

    There's been plenty of speculation in recent weeks about the credit crunch's ramifications for lenders, packagers, networks, brokers and borrowers.

  • Buy-to-let is chink in housing market's armour, warns Barker

    23 Oct 2007

    Kate Barker has warned the buy-to-let market could be Achilles' heel of the housing market.

  • c2 next to make redundancies

    24 Oct 2007

    The c2 Group has confirmed it is to make 16 staff redundant because of current market conditions.

  • c2 to make 16 redundancies

    23 Oct 2007

    The c2 Group has confirmed that it is making 16 of its 100-strong workforce redundant as a result of current market conditions.

  • Call to let FSA regulate sale-and-leaseback

    22 Oct 2007

    The Council of Mortgage Lenders, Citizens Advice and Shelter are urging the Treasury to enable regulators to monitor sale-and-leaseback schemes.

  • Central bank loans can stigmatise, warns BoE

    25 Oct 2007

    The Bank of England has confirmed its reluctance to bail out financial stricken lenders by warning such measures can stigmatise institutions.

  • Central London market bounced back, says Hamptons

    24 Oct 2007

    The central London property market has bounced back from the credit crunch, says Hamptons International.

  • Client focus will help brokers survive

    22 Oct 2007

    A recent survey of brokers shows they aren't confident about the future. I can see why. Recent news has been discouraging and we've only seen the tip of the iceberg when it comes to the credit crunch's effects.

  • CML lashes out at HomeBuy failings

    22 Oct 2007

    The Council of Mortgage Lenders has criticised the government's housing Green Paper for not adequately addressing lenders' concerns over HomeBuy schemes.

  • CML's seminar programme at Expo revealed

    22 Oct 2007

    Mortgage Business Expo London has revealed full details of the Council of Mortgage Lenders' seminar programme.

  • Commercial First hits 10,000th mortgage

    22 Oct 2007

    Commercial First has completed its 10,000th mortgage loan – the refinance of a retail premises in the West Midlands.

  • Complete offers upgrades to franchisees

    22 Oct 2007

    Complete Mortgage and Loan Services has made recent online innovations available to its franchisees at no extra cost.

  • Countrywide posts worst loss in 38-year history

    26 Oct 2007

    Countrywide, America's largest residential lender, posted its worst earnings report in its 38-year history today with a $1.2bn loss for Q3 2007.

  • Coventry joins SHIP

    22 Oct 2007

    Safe Home Income Plans has appointed Coventry as its 20th member. The mutual plans to launch an equity release product range in early 2008.

  • Credit chickens come home to roost

    22 Oct 2007

    Recent research commissioned by Shelter shows that 120 borrowers out of 2,000 admitted to paying their mortgages by credit card. The charity extrapolated this 6% figure to suggest that one million Britons found themselves in this situation over the past year.

  • CurriculumVitae: Elizabeth Carter

    22 Oct 2007

    "My ringtone is one of the standard annoying ones. I haven't mastered how to download any others."

  • Dear Delia

    22 Oct 2007

    Dear Delia, David is 26 years old and owns the house he lives in. He wants to invest £50,000 in a buy-to-let property in a trendy, potentially lucrative student neighbourhood. The property he's interested in is valued at about £200,000. He is in full-time employment and earns £45,000 a year. His only requirement is for the property's rental income to cover the mortgage so that his investment can grow. What are his options and which deals are available to him?

  • Demand for long-term fixes limited, says Paragon

    25 Oct 2007

    Demand is limited for long-term fixed mortgages, says Paragon Mortgages.

  • Earning more per sale equals common sense

    22 Oct 2007

    I recently discovered some interesting statistics - on average, brokers generate £760 per mortgage sale and earn £35,000 a year.

  • Elephant suffers share price plunge

    26 Oct 2007

    Elephant Loans and Mortgages has seen its share price haemorrhage as it revealed profits are likely to be below expectations.

  • em- launches IVA service

    22 Oct 2007

    An individual voluntary arrangement service is now being offered through em- financial.The service is offered in partnership with Grant Thornton and there will be a dedicated phone line offering advice.Mike Nicholson, head of operations at em-, says: “We believe our new IVA service will not only strengthen our already appealing portfolio, but will offer consumers more choice, in addition to a competitive all-round service - which is key in an increasingly aggressive climate.”

  • Equity release boss for Coventry

    22 Oct 2007

    Coventry has appointed Mike Philps to spearhead its launch into the equity release market. Philps was previously business manager for equity release specialist adviser Hinton & Wild and he also acted as Safe Homes Income Plans' director on behalf of its owner, the Ecclesiastical Insurance Office.

  • Equity release firms to merge

    22 Oct 2007

    Retirement Plus and Milton Homes are to merge in November in a bid to strengthen their presence in the equity release market.

  • Everyday Loans opens central lending operation

    26 Oct 2007

    Everyday Loans has opened of its central lending operation, working with Bright Finance and The Loan Directory.

  • EXCLUSIVE: Bolton and Pritchard stand united

    24 Oct 2007

    Edeus chief executive Michael Bolton today expressed unequivocal support for his director of packaging Terry Pritchard and said that they would be both working hard to bring big financial returns to their packager partners next year when the market returns.

  • EXCLUSIVE: Bolton slams AMI leadership

    25 Oct 2007

    Edeus head Michael Bolton has launched a blistering attack on AMI's director general Chris Cummings for his lack of support for lenders during the credit crunch.

  • EXCLUSIVE: More job losses expected at Lehman Brothers

    23 Oct 2007

    Up to 75 more UK jobs are expected to be at risk of redundancy at Lehman Brothers as the crisis in the credit market worsens.

  • Exclusive: Stettner brothers to leave Praxis

    22 Oct 2007

    Brothers Nick and Richard Stettner have confirmed to Mortgage Strategy that they are stepping down from Praxis Mortgage Solutions.The pair founded Praxis, formerly called Mortgage master in 1994.Nick Stettner says: “We will be having a think before deciding on our next move.”More to follow.

  • Fears US sub-prime crisis could spread deepen

    26 Oct 2007

    Fears the US sub-prime housing market crisis could infect other parts of the financial system spread yesterday as a leading derivatives index hit a new low

  • Foreign aid affairs

    22 Oct 2007

    Buying overseas properties in other currencies can pay off for sophisticated borrowers so brokers should look to get in on the act, says Harvey Jones

  • Friends Provident reports record Q3 results

    24 Oct 2007

    Friends Provident has reported a 21% increase in life and pension business to £5,582m in the first nine months of 2007.

  • From melancholy to brave to positive

    22 Oct 2007

    While the face of the industry has changed from melancholy to brave in response to the recent business slowdown and the consequent redundancies, further reflection prompts positive thoughts on this sensitive subject.

  • FSA ousts broker for failing to submit RMAR

    25 Oct 2007

    The Financial Services Authority has cancelled the permission of a Leeds-based broker after he failed to submit his retail mediation activities return.

  • FTBs face extinction on Darling's watch

    22 Oct 2007

    Where have all the first-time buyers gone? This is the question raised by the latest edition of Moneysupermarket.com's mortgage map.

  • FTBs to benefit from slow sales

    23 Oct 2007

    The average price of a new home has fallen 0.9% on last month, says the SmartNewHomes.com monthly index.

  • FTBs' woe is buy-to-let sector's gain

    22 Oct 2007

    The chancellor's tax largesse will help the buy-to-let sector grow even further, but he did nothing to alleviate the difficulties faced by first-time buyers, says Mark Harris

  • Get the best from compliance support

    22 Oct 2007

    The regulator plans to put small firms under more scrutiny, so investing in the services of compliance consultants could pay off as long as they choose the right one, says Nick Battersby

  • Give secured loans a chance

    22 Oct 2007

    Brokers are being urged to consider facilitating secured loans for clients to supplement their income during the current market turmoil.

  • Halifax makes it easy for brokers to sell GI

    22 Oct 2007

    Halifax has streamlined its mortgage and general insurance systems after research found that about one-third of brokers never sell GI and a further third only sell it occasionally.

  • House values multiply 100 times in 50 years, says Home & Capital

    24 Oct 2007

    A property bought 50 years ago is worth today 100 times its value in 1957, claims Home & Capital.

  • Housebuilding targets still not enough says NHPAU

    26 Oct 2007

    The government’s pledge to build 3m more homes will not be enough to meet demand the National Housing and Planning Advice Unit (NHPAU, has said.

  • Housing market "vulnerable" warns MPC's Kate Barker

    24 Oct 2007

    House prices are vulnerable to a downturn but the credit crunch is unlikely to be the trigger, the Monetary Policy Committee’s Kate Barker warned yesterday.

  • How can small firms best comply with the FSA's treating customers fairly initiative?

    22 Oct 2007

    Using management information and after-sales questionnaires can help small firms meet their TCF obligations, say our experts

  • Huet leaves Advantage

    24 Oct 2007

    Advantage has announced the departure of its marketing director Kate Huet, who is said to have resigned for personal and family reasons. Huet leaves the lender on November 30 after three years having previously been in charge of her own advertising and marketing agency.

  • Hunted down by the lending assassins

    22 Oct 2007

    Repossessions are soaring but there's a hidden threat underlying the figures. One of the reasons for the increase is the rise in sub-prime lending over the past few years. Rocketing interest rates are also a factor. But there's another, more sinister reason - lenders are getting tougher on clients in arrears.

  • I have reported a cowboy broker but he's still working

    22 Oct 2007

    I have twice reported a cowboy mortgage broker to the relevant authorities (one complaint was submitted as far back as the days of the Mortgage Code Compliance Board), but his firm is still operating.

  • Insurance fraud adds up to £480m

    22 Oct 2007

    Insurance firms are uncovering and preventing fraudulent insurance claims worth £1.3m every day, research from the Association of British Insurers reveals. It shows fraudulent cases uncovered by insurers are worth £480m a year - three times the amount detected in 2003. Nearly half of all detected fraud involved household insurance, the ABI says.2005: Mortgage Express fires a BDM for advising brokers to falsify self-cert mortgage applications2004: The MCCB fears brokers will become introducers ..

  • InterBay shuffles its sales pack

    22 Oct 2007

    InterBay Commercial has reshuffled its sales team with three employees moving to senior roles. Philip Hargreaves has been appointed national corporate accounts manager, Andy Walters has been promoted to national business development manager and Andy Reid becomes the firm's national relationship manager.

  • Investor casts doubt over US superfund

    26 Oct 2007

    A renowned investor has said the US banks behind the $75 superfund should sell 10% of the fund into the open market to ensure it is properly priced.

  • IRS joins calls for sale-and-lease-back crackdown

    23 Oct 2007

    In Retirement Services has launched a campaign calling for Financial Services Authority regulation of sale-and-rent-back firms.

  • J.C. Flowers confirms NR talks and unveils management team

    26 Oct 2007

    J.C. Flowers & Co has confirmed it is in continuing talks with the board of Northern Rock and its advisors about a possible takeover offer.

  • JC Flowers confirms NR takeover talks continuing

    26 Oct 2007

    JC Flowers has confirmed it is in continuing talks with the board of Northern Rock and its advisors about a possible takeover offer.

  • Just drop the dead long-term donkey

    22 Oct 2007

    Why are our chancellors obsessed with long-term fixed rate mortgages? One could argue that the latest thinking on the subject has become more rational - after all, chancellor Alistair Darling has moved on from 25-year deals to 10-year ones. But to paraphrase George Bush senior, my take on this is simple: "Read my lips - no long-term fixed rates."

  • Kam Sanghani to join White Label

    22 Oct 2007

    Kam Sanghani, former head of lending at London Mortgage Company, is to join LMC founder Robert Owen in his secured lending venture White Label Loans as managing director.

  • Kate Huet resigns from Advantage

    24 Oct 2007

    Kate Huet, marketing director at Advantage, has resigned from the lender for personal reasons.

  • Kensington to reprice prime products

    24 Oct 2007

    Kensington has emailed brokers to warn that a repriced prime range will be in place from November 6.Brokers have until the close of business on this date to ensure that Kensington have received applications in order to guarantee current rates.Applications must be dated November 5 or before.

  • L&G launches two-year Platform exclusive

    22 Oct 2007

    Legal & General Mortgage Club is launching an exclusive two-year fixed rate product from Platform.The two-year prime deal is available at 5.84% up to 75% LTV, 6.29% up to 85% LTV and 6.74% up to 90% LTV.It features a free valuation and has an arrangement fee of £695 which can be added to the loan.

  • Landlords have never had it so good

    22 Oct 2007

    Buy-to-let is bucking the market trend, growing significantly as house purchases fall. And with a variety of social factors fuelling demand the future looks bright for the sector, says Sally Laker

  • Lehman Brothers launches RMBS securitisation

    23 Oct 2007

    Lehman Brothers yesterday launched a £225m securitisation of Alliance & Leicester originated buy-to-let and self-cert prime mortgages.

  • Lenders and borrowers must approach sub-prime with care

    22 Oct 2007

    The recent Panorama programme was yet another example of the popular media portraying only one side of a complicated argument, this time relating to sub-prime mortgages.

  • Lenders may pay more for quality

    22 Oct 2007

    HBOS' head of mainstream mortgages Phil Jenks says lenders could pay more for higher quality business. He says proc fees could be segmented over the next nine months and that lenders may pay higher fees on, say, five-year fixed rates than on two-year deals.

  • Lenders must not become too rigid

    22 Oct 2007

    Recently I was talking to a broker at one of our forums and while he was generally upbeat, he expressed concerns about how lenders that he thought weren't affected by the credit crunch were treating brokers and borrowers.

  • Lending may fall to £300bn

    22 Oct 2007

    Packagers and brokers are bracing themselves for just £300bn worth of gross lending for 2007.

  • Loan Directory offers 90% LTV

    25 Oct 2007

    Secured loan network the Loan Directory has received funding allowing it to lend up to a maximum LTV of 90% with adverse.

  • London FTSE 100 plummets

    22 Oct 2007

    Shares on the London Stock Exchange have plummeted after severe losses across the US and Asian exchanges.

  • Londoners are the most indebted in UK

    22 Oct 2007

    Londoners have the most debts of all UK residents, analysis by Callcredit has revealed.

  • Lower rate, higher fee product from Cheval

    22 Oct 2007

    Cheval has launched a three-month bridging loan with no minimum term.

  • Magic Loans to move to bigger offices

    22 Oct 2007

    Magic Loans has acquired new premises to meet its expansion plans.

  • Marketwatch

    22 Oct 2007

    Sadly, swap rates continued to rise last week. The increase started when Mervyn King, governor of the Bank of England, recently insisted that the Monetary Policy Committee would not cut interest rates to support the markets.

  • McHardy plans brokerage

    22 Oct 2007

    Murdo McHardy, head of mortgages at Intelligent Fin-ance, plans to open a brokerage when he leaves IF in November.

  • Me & My Car

    22 Oct 2007

    When I was younger I dreamed of owning a car built by a jet fighter company and with its combination of comfort and performance, my Saab 93 Aero is all I hoped for, says Andrew Dixon

  • Melton Mowbray buys Praxis

    22 Oct 2007

    Melton Mowbray has bought Praxis Mortgage Solutions.

  • Merchant Business Finance to launch at Expo

    26 Oct 2007

    Andy Moody, managing director at Loanoptions.co.uk is to launch Merchant Business Finance, a commercial packager, at this year’s London Mortgage Business Expo.

  • Merrill Lynch reports $2.3bn net loss

    24 Oct 2007

    Merrill Lynch has today reported a net loss from continuing operations during the third quarter of $2.3bn.

  • MI Conference: CML members 'dropping by the day'

    25 Oct 2007

    Outgoing intermediary sales director at C&G Mark Blackwell told brokers today that the number of lenders registered with the CML was "dropping by the day" as a result of the current market turmoil.

  • MI Conference: Ward forecasts 25% cull in lenders

    25 Oct 2007

    Tony Ward, chief executive officer of Home Funding, says up to 25% of lenders could “fall by the wayside” as a result of the credit crunch.

  • Minister heckled by AHIPP over rollout

    22 Oct 2007

    A government minister was heckled by members of the Association of Home Information Pack Providers at its annual conference last week when he refused to give a schedule for the full rollout of Home Information Packs.

  • Mint partners up with Loanoptions.co.uk

    22 Oct 2007

    Mint Financial Services has chosen Loanoptions.co.uk as its preferred strategic partner to provide secured loans advice and placement services.

  • Mixed prognosis for post-crunch market

    22 Oct 2007

    A number of economic groups were at loggerheads last week over the credit crunch's likely impact on the UK housing market.

  • More job losses at Lehman Brothers

    24 Oct 2007

    Up to 75 more UK jobs are expected to be at risk of redundancy at Lehman Brothers as the crisis in the credit market worsens.

  • Mortgage borrowers cutting back on other debts, says A&L

    22 Oct 2007

    Families with mortgages are cutting down on credit card and other debts as well as putting less money away in savings, Alliance & Leicester has found.

  • Mortgage Centre IFA makes five appointments

    23 Oct 2007

    Mortgage Centre IFA has made five new appointments across both its commercial and residential divisions.

  • Mortgage deals down by 40%

    22 Oct 2007

    eMoneyfacts.co.uk says the credit crunch has slashed the number of mortgage deals available by 40% in just three months. Sub-prime buy-to-let and residential products have fallen by 72% and 54% respectively and prime residential deals are down 16%.

  • Mortgage lending down in September says BBA

    25 Oct 2007

    Mortgage approvals were down 12% in September compared to the previous year, the British Bankers’ Association has stated.

  • Mortgage networks best option for brokers, says Home of Choice

    24 Oct 2007

    Brokers should favour networks that focus solely on mortgages rather than financial services, says Home of Choice.

  • Mortgage Next joins Paradigm packaging panel

    24 Oct 2007

    Mortgage Next Packaging has joined the packaging panel of Paradigm Mortgage Services.

  • Mortgage rejections rocket by 60%

    22 Oct 2007

    A whoPping 738,000 applicants have been refused mortgages since March, MoneyExpert.com reveals.

  • Mortgages paid by plastic

    22 Oct 2007

    Housing charity Shelter last week warned that over one million home owners are using credit cards to make mortgage and rental payments.

  • Mortgages PLC pulls out of medium adverse sector

    24 Oct 2007

    Mortgages PLC is pulling out of the medium adverse sector of the sub-prime market.

  • MortgageStream to unveil software upgrade at Mortgage Expo

    22 Oct 2007

    MortgageStream is to launch the latest version of its system at the Mortgage Business Expo in London on November 15.

  • MT offers free valuations on exclusive products

    22 Oct 2007

    The Mortgage Times Group is offering free valuations on exclusive prime self-cert, prime buy-to-let and near-prime to adverse fixed rate deals.

  • My Home Move appoints commercial director

    22 Oct 2007

    My Home Move has unveiled Mark Montgomery as its new commercial director.

  • Nationwide cuts fixed rate deals

    24 Oct 2007

    Nationwide is cutting the price of its five and 25-year fixed rate mortgage deals.

  • New Praxis management team in meetings

    23 Oct 2007

    Melton Mowbray has confirmed the new management team of Praxis Mortgage Solutions is now in place although its structure has yet to be finalised.

  • Newcastle names finance director

    22 Oct 2007

    Newcastle has appointed Jonathan Westhoff as finance director. He will be responsible for finance, treasury and risk operations at the society. Westhoff joins after seven years with Portman, where he was group finance director.

  • Newcastle number one buy-to-let hotspot, says TMW

    24 Oct 2007

    Newcastle upon Tyne is the buy-to-let hotspot in England, Scotland and Wales, says The Mortgage Works.

  • No let-up in sight for lenders, says agency

    22 Oct 2007

    Ratings agency Standard & Poor's last week warned that there's no light at the end of the credit crunch tunnel yet for lenders.

  • No takers at BoE money auction

    22 Oct 2007

    There were no takers in the Bank of England's final auction of three-month money.Sources say the BoE continued to offer the funds at a penal rate of 6.75%.

  • Non-borrowing lifeline in hard times

    22 Oct 2007

    Well, another cheery week in the market. With criteria and belts tightening all the time, industry talk reveals just how apprehensive lenders are and they are not alone.

  • Northern Rock "hopelessly exposed" says chancellor

    25 Oct 2007

    Chancellor Alistair Darling has called for regulators to look more closely at the liquidity of financial institutions, not just their solvency, in light of the Northern Rock crisis.

  • Northern Rock and a hard place for Darling

    22 Oct 2007

    The Treasury Select Committee will grill chancellor Alistair Darling tomorrow as part of its inquiry into how Northern Rock was plunged into a liquidity crisis.

  • Northern Rock to increase pricing across range

    26 Oct 2007

    Northern Rock is increasing its pricing across its current product range from October 29.Flexible fixed rates will be available from 6.79% up to 90% LTV with a £1,995 fee. Together fixed rates will be available from 7.69% up to 125% LTV with a £1,995 fee and flexible trackers will be available from 6.99% up to 95% LTV with £1,495 fee. Buy-to-let fixed rates will be available from 6.49% and buy-to-let trackers from 6.29%. The maximum LTV for all buy-to-let products will be 80%.

  • Northern sales manager for edeus

    22 Oct 2007

    Edeus has promoted Scott Thomson to the role of area sales manager for the North. Thomson will drive strategic sales development in his area and take responsibility for several regional business development managers.

  • NR crisis claims its first victim as chairman quits

    22 Oct 2007

    Liberal Democrat acting leader Vince Cable labelled Matt Ridley's resignation as chairman of Northern Rock last Friday a belated acknowledgement of the disastrous mismanagement of the bank.

  • Online apps up at West Brom

    25 Oct 2007

    West Brom for Intermediaries, says online applications now account for the lion’s share of all its intermediary introduced business.

  • Online referrals from In Retirement

    22 Oct 2007

    In Retirement Services has unveiled an equity release referral service that allows brokers to submit business online. The service pays a 1.75% introducer fee with a 0.5% enhancement paid for all cases referred by brokers who register with the service before the end of January next year. The facility provides brokers with a regulated service while removing the compliance burden from them.

  • Openwork ARs dig edeus

    22 Oct 2007

    Edeus has named Openwork as its biggest network for registrations.

  • Packagers' code is a step closer

    22 Oct 2007

    The first draft of a potential code of conduct for packagers is almost ready for discussion, it emerged at the Mortgage Packager Update Summit at Gleneagles last week.

  • Paradigm adds Mortgage Next to panel

    24 Oct 2007

    Paradigm Mortgage Services has added Mortgage Next to its packager panel.

  • Paradigm adds Paymentshield to insurance panel

    22 Oct 2007

    Paradigm Mortgage Services has added Paymentshield to its general insurance panel.

  • Paradigm offers Dashboard IT

    22 Oct 2007

    Paradigm Mortgage Services is offering its members access to Dashboard's Enterprise suite of back-office and sourcing system IT solutions. Paradigm members opting for Dashboard will receive a free 30-day trial and a web-based system with no additional hardware or software required.

  • Paragon shares tumble 10% after analyst warnings

    23 Oct 2007

    Paragon’s shares fell nearly 10% yesterday after two analysts warned the company would have to reign in new business growth if the current climate did not ease.

  • Payne warns of trouble for fixed rate borrowers

    22 Oct 2007

    The "suicidal pricing" of fixed rate mortgage products two years ago will leave borrowers stranded when the deals end next year. Speaking at the Packager Update Summit in Gleneagles last week, Nigel Payne, managing director of The Mortgage Business, said suicidal pricing will mean borrowers will have nowhere to go once their low fixed rate deals come to an end, leaving around £150bn worth of mortgages on the market. He says: "This will be the biggest number of borrowers to come into the ...

  • Pensioners scrimp despite having assets of £841bn

    22 Oct 2007

    MAny Pensioners are living on less than £10,000 a year despite collectively sitting on a property goldmine worth some £841bn, says Norwich Union.

  • Picture on the hunt for investors

    23 Oct 2007

    Picture Financial has appointed advisory firm Kinmont Advisory to seek out potential business partners interested in funding or buying the secured loan firm.

  • Pink Home Loans launches survey

    23 Oct 2007

    Pink Home Loans has launched the Pink Survey, giving intermediary customers the chance to air views on various financial services industry issues.

  • Players wait for market tide to turn

    22 Oct 2007

    Sadly, there has been no turnaround in the fortunes of the world's credit markets. Banks, len-ders and brokers are all on tenterhooks, waiting for confidence to return.

  • Postal strike shows lenders must issue online offers

    22 Oct 2007

    The recent postal strikes once again highlighted the need for lenders to im-prove their online offerings.

  • Praxis confirms redundancies

    22 Oct 2007

    Praxis Mortgage Solutions confirmed staff redundancies amid rumours last Friday that it is facing administration.

  • Prestige makes small number of redundancies

    26 Oct 2007

    Prestige Finance is to make a small number of redundancies as a result of the current market conditions in the sub-prime market.

  • Principality to launch affordability calculator

    23 Oct 2007

    Principality is to launch an affordability calculator for mortgage applications on October 29. The affordability model looks at an applicant’s income, expenditure and credit history, Mick McGuire, director of business development at Principality, says: “We believe that affordability is the fairest way of calculating maximum loans and we are confident that our model allows responsible borrowing. “By taking into consideration lifestyle, as well as income, Principality ...

  • Promotions rules are flawed and the regulator knows it

    22 Oct 2007

    The recent article by Nick Battersby on financial promotions (Mortgage Strategy October 8) was a good reminder of the issues surrounding this subject.

  • Properties sold in 49 days in Q3

    22 Oct 2007

    The average time it took to sell a property in Q3 2007 was 49 days, down from 53 in the previous quarter, according to LMS' Market Efficiency Monitor. But in the first half of 2007, the average number of days between notification of sale and exchange was 55, 17% higher than in 2005 and 2006.

  • Prudential denies marketing gaffe

    22 Oct 2007

    Prudential revealed last week that just 6% of the over-45s would turn to it in their search for a better retirement.

  • Prudential sees UK sales slide

    23 Oct 2007

    Prudential has seen UK sales for the first nine months of the year fall by 20% compared to the same period last year.

  • Pundits should stick to what they know and stop spreading messages of doom

    22 Oct 2007

    After reading Michael Bolton's comments in Mortgage Strategy (October 8) regarding overactive spokespeople in the industry, I would like to express my support.

  • Regulate the price comparison sites

    22 Oct 2007

    Kevin Paterson takes a weekly look at the latest developments in the market and brings you what's hot and what's not in the world of mortgages

  • Regulator for social housing introduced

    22 Oct 2007

    Housing minister Yvette Cooper last week introduced a regulatory body to oversee tenants and landlords in the social housing sector.

  • Regulator should not sit on its hands in self-cert debate

    22 Oct 2007

    From Mark Ehlinger

  • Regulators should do a better job says Darling

    25 Oct 2007

    Chancellor Alistair Darling has called for regulators to look more closely at the liquidity of financial institutions, not just their solvency, following the Northern Rock crisis.

  • Regulatory split may hit cover sales

    22 Oct 2007

    Now that the deadline for responses to the latest Insurance Conduct of Business review has pass-ed, those on the receiving end of the regulations such as insurers and brokers will be wondering how the Financial Services Authority will react to the responses it has received.

  • S&S unveils three-year deals

    22 Oct 2007

    Stroud & Swindon has launched two three-year buy-to-let products. The first is a fixed rate deal at 5.95% and the second is a tracker at 0.24% above the base rate until December 31 2010.

  • Sale-and-rent-back scheme launches tenancy guarantee

    24 Oct 2007

    A Quick Sale has launched a guarantee offering long-term security for home owners selling and renting back their homes.

  • Santander says lending growth remains strong

    26 Oct 2007

    Abbey owner Santander says the global credit squeeze will not hamper its lending.

  • Savills appoints chief executive

    22 Oct 2007

    Savills Group has named Jeremy Helsby as its chief executive designate. Helsby, who joined Savills in 1980 and was appointed to its board in 1999, will take over from Aubrey Adams, who is retiring next May.

  • See the Superbowl with Positive and Blemain

    22 Oct 2007

    Positive Lending and Blemain Finance are offering brokers the chance to win a fabulous trip to the US to see American Football's Superbowl XLII.

  • September mortgage approvals down 12% on last year, says BBA

    25 Oct 2007

    Mortgage approvals were down 12% in September compared to the previous year, the British Bankers’ Association has revealed.

  • Shared appreciation deals in the spotlight

    22 Oct 2007

    I'm certain there will be mixed reactions among Mortgage Strategy readers to the Tonight with Trevor McDonald programme on shared app-reciation mortgages broadcast last Monday.

  • SHIP did a great job but now it's an anachronism

    22 Oct 2007

    I am concerned that in the news item entitled 'Crown to spread equity re-lease word' (Mortgage Strategy, October 8), Dean Mirfin suggests that brokers should only use Safe Home In-come Plan members when assisting clients who wish to release equity from their homes.

  • Still a barrel of laughs with Woolwich

    22 Oct 2007

    After years of avoiding using Woolwich because of its history of poor service, I gave it a go recently and found that things have not changed much, says Sue Read

  • Stock Picker

    22 Oct 2007

    A mixed set of Q3 numbers from big US banking names led to a week of volatility in London stocks in the absence of much news this side of the Atlantic.

  • Stop simplifying question sets, says Onlyinsurance.com

    22 Oct 2007

    Comprehensive question sets on price comparison 23bsites are crucial to achieve correct insurance quotes, says Onlyinsurance.com.

  • Tesco closes property portal

    22 Oct 2007

    Tesco is looking to launch an online estate agency following the suspension of its online property portal. Last week the supermarket giant had to close the online service, which charged customers £199 to advertise their homes, after the Office of Fair Trading warned the website was subject to estate agency laws. Tesco says it is now reviewing its business with a view to launching an online estate agency service.

  • TFC hits back at doom merchants

    24 Oct 2007

    TFC Homeloans has hit back against industry commentators predicting the demise of packagers.

  • The Mortgage Mole

    22 Oct 2007

    Digging the dirt in the mortgage world...

  • Three million homes not enough, warn experts

    26 Oct 2007

    The government’s pledge to build three million homes by 2020 is not enough to stave off a housing crisis, experts have claimed.

  • Time for brokers to start promoting HIP services

    22 Oct 2007

    I am delighted that my recent comments about chancellor Alistair Darling brought a smile to Bob Adams' face (Mortgage Strategy Letters October 1). I was also pleased to read that the only Home Information Pack he has instructed so far was swiftly handled by my company.

  • TMW added to PTP panel

    22 Oct 2007

    The Mortgage Works has added Personal Touch Packaging to its distribution channel. Early this year,TMW began offering sub-prime deals exclusively through packagers and a number have since added the specialist lender to their panels.

  • Tough times will make us stronger

    23 Oct 2007

    At the last Packager Summit in Nice, the mortgage market was a radically different place. The credit crunch was nowhere in sight, the industry was flush from another year of record lending and expectations were high that the market would continue to do well throughout 2007.

  • Trigold filter to end fast-track confusion

    22 Oct 2007

    Trigold has added a filter to separate fast-track from self-cert products.

  • UCB revises product ranges

    22 Oct 2007

    UCB Home Loans has made several changes to its product range that take effect from today.

  • US sub-prime anxiety spreads

    26 Oct 2007

    A leading derivatives index hit a new low yesterday - fuelling the spread of sub-prime anxiety in the US.

  • Vertex is biggest mid-market firm

    22 Oct 2007

    The Sunday Times HSBC Top Track 250 league table has named Vertex as the biggest mid-market private firm in the UK. The annual table ranks the country's 250 largest mid-market private companies by turnover. Vertex tops this year's table with revenues of £415.9m in 2006.

  • Watch out for fresh opportunities

    22 Oct 2007

    This Christmas season is likely to be more bleak than most so brokers should be on the lookout for business opportunities as well as making more effort to attract clients, says Martin Wade

  • West Brom appoints national sales manager

    24 Oct 2007

    West Brom for Intermediaries has appointed Richard Scott as national sales manager.

  • West Brom reports 80% of applications are now online

    25 Oct 2007

    West Brom for Intermediaries says online applications now account for the lion’s share of all broker introduced business.

  • Win a Budapest holiday with KGB

    22 Oct 2007

    KGB Packaging is offering brokers the chance to win a weekend in Budapest. Until November 30, every case submitted to KGB will be entered into a prize draw to win the holiday, as long as it is accompanied by a voucher that can be downloaded from KGB's website. The draw will take place on December 3.

  • Woolwich should instil a service ethos in its staff

    22 Oct 2007

    I would like to tell readers about my experience while recently trying to get a survey instructed by Woolwich.

  • Would you trust Richard Branson and Virgin Group with your mortgage?

    22 Oct 2007

    Last week it emerged that Richard Branson's Virgin Group is leading a consortium to take over Northern Rock and rebrand it Virgin Money. The alliance of banks and investors intends to use the reputation and resources of Branson's £10bn brand to save NR from the brink of disaster.So this week Mortgage Strategyasks:Would you trust Richard Branson and Virgin Group with your mortgage?

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