Mortgage Strategy
23 April 2007

  • 7 X income multiple predicted

    23 Apr 2007

    Income multiples will be stretched to 7 x income in two years' time, economist John Wriglesworth has predicted. Pressures on affordability mean lenders will have to increase multiples , he says, but this will still be responsible because of low interest rates.

  • Appointment at Leadbay

    23 Apr 2007

    Leadbay has appointed Mike Davies as compliance adviser. Davies previously ran the compliance functions at Bristol & West and Bank of Ireland and is also a member of the Council of Mortgage Lenders' sub-prime working group.

  • LMS offsets summit footprint

    23 Apr 2007

    LMS topped off the resounding success of Mortgage Strategy's Mortgage Summit in Dubai by making the event carbon-neutral. As a gift to delegates, LMS gave a donation to The Carbon Neutral Company to allow it to offset the 144 tonnes of carbon produced by flying 175 people to Dubai, holding the summit at the Jumeirah Beach Hotel for four days, then flying them 3,452 miles back home again. The Carbon Neutral Company uses donations to fund projects around the world including methane ...

  • LSM boosts its commercial deal

    23 Apr 2007

    London Scottish Mortgages has increased its commercial fast-track product from £150,000 to £200,000. Martin Coates, sales and marketing director at LSM, says: "This change shows our commitment to providing a quick and efficient service to introducers and their clients."

  • 0.5m say yes to Portman and Nationwide merger

    23 Apr 2007

    Some 424,000 Portman shareholders and 25,000 members have voted in favour of the merger with Nationwide.

  • A missed opportunity by FOS chief

    23 Apr 2007

    In the past couple of weeks, the media has been making a lot of noise about payouts on critical illness policies.

  • A nightmare on Mortgage Street

    23 Apr 2007

    Long-term fixes are a broker's worst nightmare. Locking a client into a 25-year fixed rate deal essentially means no more business and therefore no more proc fees for the foreseeable future. Long-term mortgages are equally unattractive for most borrowers, who want to maximise the flexibility of their deals.

  • A secure future

    23 Apr 2007

    Until recently, brokers were seldom involved in the secured loans sector. There were a number of reasons for this, but one of the most common stemmed from affordability.

  • Abbey's no upfront fee deals

    23 Apr 2007

    Abbey for Intermediaries has launched a limited range of products with no upfront associated fees.

  • ABN AMRO invites conglomerate to table

    25 Apr 2007

    ABN AMRO has invited Fortis, Royal Bank of Scotland and Santander to a meeting on April 23 to discuss their proposals in relation to a potential buyout of the Dutch bank.

  • ABN AMRO ordered to court over buyout

    27 Apr 2007

    The Amsterdam Court of Appeal has demanded an investigation into ABN Amro's sale of LaSalle Bank.

  • ABN Amro shares information with Barclays' rival bidders

    26 Apr 2007

    ABN Amro has granted due diligence to the consortium of Royal Bank of Scotland, Santander and Fortis which is bidding against Barclays to buy the Dutch lender.ABN Amro says it will supply the same information as has already been provided to Barclays, subject to confidentiality agreements.

  • Advantage appoints BDMs

    27 Apr 2007

    Advantage has made four appointments to its business development team.

  • Advantage gives brokers access to self-cert

    25 Apr 2007

    Advantage has made its new self-cert product range available to brokers direct.

  • Advantage launches deal with PMPA

    25 Apr 2007

    Advantage has launched an exclusive product deal with the Professional Mortgage Packagers Alliance. Borrowers will benefit from a rate reduction of 0.20% on Advantage’s standard two-year discount range.

  • Advantage links up with Experian

    24 Apr 2007

    Advantage has integrated Experian’s Authenticate Plus system of electronic identificatation verification with its e:lect online lending platform.

  • Amber increases business by 100%

    24 Apr 2007

    Amber Homeloans has released its figures for the first quarter of 2007 which show that volumes of both packaged and direct applications are up more than 100% on this period last year.

  • AMI queries FSA budget

    23 Apr 2007

    The Association of Mortgage Intermediaries has questioned the Financial Services Authority's principles-based regulation budget and wants cost transparency. But the regulator says it hasn't done a cost-benefit analysis because it hasn't introduced any new commitments.

  • Application fraud up 20%

    25 Apr 2007

    Equifax, is urging businesses to heed the latest figures from CIFAS, the UK’s Fraud Prevention Service, which show that application fraud rose by over 20% in Q1 in 2007 compared to the same period in 2006.

  • Are long-term fixes the answer?

    23 Apr 2007

    Nationwide’s recent decision to become the first major lender to offer a 25-year mortgage has baffled many, given the failure of previous long-term products to storm the market.

  • B2L firm unveils bridging service

    23 Apr 2007

    UX Mortgages has launched a brid-ging loan service as part of its expansion programme.

  • B2L investors' LTV averages 37%

    23 Apr 2007

    Almost two-thirds of buy-to-let investors have borrowings worth less than 50% of their portfolios' value, research by Paragon Mortgages reveals. On average, Paragon landlords' cross-portfolio LTV stands at 37%.

  • Banco Halifax Hispania helps ex-pats switch their mortgage

    24 Apr 2007

    Banco Halifax Hispania has launched a 'switch and save' scheme, enabling British ex-patriates with property in Spain to transfer their mortgage to Banco Halifax Hispania without paying any switching costs.

  • Barclays makes bid for ABN Amro

    23 Apr 2007

    Barclays has made an all-share bid for ABN Amro valuing it at 36.25 euros per share, the banks announced today.

  • Barclays reports healthy first-quarter profits

    26 Apr 2007

    Barclays has reported a strong start to 2007 and is predicting its first quarter pre-tax profit to be up 15% on last year.Barclays Capital announced its best quarter ever in its AGM statement and also said that if the merger with ABN Amro goes ahead, it could expect rapid growth over the coming years.

  • Barclays suffers trust deficit

    23 Apr 2007

    Barclays is the least trusted of the big five high street banks, research by Fool.co.uk reveals. HSBC is the most trusted, although it was only marginally better than the likes of Lloyds TSB and HBOS.

  • BBVA dampens ABN AMRO buyout rumours

    25 Apr 2007

    Banco Bilbao Vizcaya Argentaria SA says it has no plans for an imminent bid for ABN AMRO.

  • BDS launches packager franchise

    27 Apr 2007

    BDS Mortgage Group has launched its first North East franchise, BDS Durham.

  • Beacon unveils rate reductions

    23 Apr 2007

    Beacon Homeloans has revealed a series of rate reductions across its residential fixed rate product range. Its residential fixed rates, which are available via its packager panel, now start at 5.54%.

  • Best buy tables still have vital B2L role

    23 Apr 2007

    It has been suggested that best buy tables for buy-to-let products are becomingly increasingly redundant. I take the point that investors are looking at other variables, such as rental criteria, rather than just the interest rate when deciding which products to select. However, rates must still be the key determinant when deciding to favour one deal over another.

  • Blair pledges help for FTBs

    23 Apr 2007

    Prime Minister Tony Blair last week promised Labour would do more to help first-time buyers onto the property ladder through initiatives such as shared equity schemes. He warned of further housing woes for first-timers if the Conservatives win the next election.

  • Bolton attacks retention policies

    23 Apr 2007

    Edeus has called lenders' retention policies a 'smoke and mirrors' strategy.

  • Borrowers languish on SVRs

    23 Apr 2007

    Nearly one in five Brits are overpaying on their mortgages by languishing on lenders' SVRs, moneysupermarket.com warns.

  • Borrowers uncertain whether to fix or track, says Hamptons

    24 Apr 2007

    Borrowers are increasingly split between taking out fixed and variable rate deals, this month’s best buy mortgage figures from Hampton’s International Mortgages show.

  • Brighton sees 10-year price boom

    23 Apr 2007

    Properties in Brighton have experienced the largest gain in prices per square metre over the past 10 years. Halifax Estate Agents says the city now has an average price of £2,559 per square metre, an increase of 280% since 1996.

  • Britannia uses Callcredit ID service

    25 Apr 2007

    Britannia is now verifying the identities of its new customers using Callcredits CallML service.

  • Brits trust web for financial deals

    23 Apr 2007

    Some 73% of Britons believe the internet is the best place to look for financial products, a survey by financedaily.co.uk reveals.

  • Broker challenges Coogan

    23 Apr 2007

    A broker has challenged Michael Coogan, directorgeneral of the Council of Mortgage Lenders, to force lenders to justify their exit fees.

  • Broker jailed for mortgage fraud

    23 Apr 2007

    A mortgage broker has been jailed for 30 months for conspiracy to defraud after he supplied clients with false details of employment and assets to secure them mortgages.

  • Broker slams MT's service

    23 Apr 2007

    A broker has slammed The Mortgage Times Group's packaging service for showing a lack of professionalism in dealing with his applications.

  • Brokers are unhappy with sourcing systems

    23 Apr 2007

    Sean Hornsby, managing director of Mortgage 2000, has admitted that brokers are dissatisfied with the quality of sourcing systems in the market.

  • Brokers face radical proc fee changes

    23 Apr 2007

    Experts have predicted the end of two-year fixed products and a transformation of the way brokers are paid.

  • Brown reappoints Barker to MPC

    23 Apr 2007

    The ehancellor of the exchequer Gorden Brown has reappointed Kate Barker to the Bank of England’s Monetary Policy Committee for a further three-year term.Barker’s current term of office is due to expire on May 31 2007.Brown says: “I am delighted that Barker has agreed to serve a further term on the MPC."Barker has brought valuable expertise to the MPC over the past six years, and continues to be a great asset to the committee.”

  • BSA reveals record March but warns lending will cool

    24 Apr 2007

    The Building Societies Association says that despite record lending in March lending is beginning to cool.

  • Burns-Anderson reports turnover of £42m

    26 Apr 2007

    Burns-Anderson has released its results for 2006 which show that profits are up to £832,000 and turnover is up nearly 20% to over £42m.

  • Buyers sleepwalk into property nightmare, says AA

    27 Apr 2007

    Home buyers are failing to protect themselves from property nightmares withfewer than one in four taking simple steps to properly check their dreamhouse before they buy it, research by AA Legal Services reveals.

  • Capped rates lose their appeal

    23 Apr 2007

    Moneyfacts.co.uk says capped rates are losing their appeal. Julia Harris, mortgage analyst at Moneyfacts.co.uk, says: "Many consumers' finances are now so tight that they can't take on higher interest rates in the hope of benefiting from falls, or risk their rate rising to the capped level."

  • CHL appoints marketing manager

    27 Apr 2007

    CHL Mortgages has appointed Janet Randall as marketing manager. She joins from HBOS where she was marketing manager for credit cards, working on campaigns to promote affinity cards to members of organisations such as charities and trade unions. Randall has been in financial services marketing for a total of 12 years and in her new job will report to Trevor Child, head of sales and marketing at CHL. As CHL's marketing manager, she will be responsible for marketing ...

  • CHL extends fixed rate B2L product

    23 Apr 2007

    CHL Mortgages is extending the life of its 90% LTV fixed rate buy-to-let product at 4.74% in response to broker demand due to rate rises. The lender was scheduled to withdraw the product two weeks ago, but is now making it available until April 25.

  • CML seminars revealed

    23 Apr 2007

    Mortgage Business Expo Manchester has revealed the Council of Mortgage Lenders' seminar programme will cover self-cert and sub-prime, overseas mortgages, treating customers fairly and mystery shops. They will be chaired by Jackie Bennett, head of policy at the CML.

  • Commercial broker warning

    23 Apr 2007

    The National Association of Commercial Finance Brokers has warned that brokers entering the commercial market are not offering best advice. It says inexperienced brokers are referring clients to sub-prime lenders because it is easier.

  • Consortium's ratings remain sound after ABN-Amro counter-bid

    26 Apr 2007

    Ratings for the consortium of banks Fortis group, Banco Santander Central Hispano and Royal Bank of Scotland have been unaffected by its recent proposal to buy ABN Amro Bank, Standard & Poor's has revealed.The consortium topped the existing Barclays offer by a 13%. All the banks are currently rated ‘AA’.

  • Consumer data protection fears

    23 Apr 2007

    More than half of UK consumers say banks and building societies are not doing enough to protect their data, a survey by Secerno reveals. It claims recent public security breaches, such as the Nationwide laptop theft, have had a negative impact on consumer confidence.

  • Consumers have a low financial IQ, study reveals

    23 Apr 2007

    Consumers are in the dark when it comes to basic personal finance concepts, research by Stroud & Swindon reveals.

  • CurriculumVitae

    23 Apr 2007

    I'm terrified of heights but have been bungee jumping three times in an attempt to cure my fear

  • DB appoints London BDMs

    26 Apr 2007

    DB mortgages has appointed two business development managers for the London region. Michael Ferris joins DB Mortgages from the De Havilland Group, and Barry Scott from Royal Bank of Scotland. They will both join the London team reporting in to Peter Kouset, divisional sales manager. Mark Bergin, director of sales and marketing, says: “Both Barry and Michael bring with them a wealth of experience and both come from a background of working in the London market.”

  • Dear Delia

    23 Apr 2007

    A client of mine is an experienced property investor and has set out to expand his buy-to-let portfolio without resorting to purchasing another property. Instead, he plans to convert one of his Victorian investment properties into four self-contained flats. He now wants to remortgage the property to release some of its equity and is looking for the most cost-effective way of doing so. What's the best way for him to proceed? Delia says: There are a number of points to consider and here ...

  • DebtMatters calls for IVA clean-up

    23 Apr 2007

    DebtMatters has warned that the independent voluntary arrangement market needs to be cleaned up if quality is to be sustained.

  • Deposit schemes may curb tenant disputes

    23 Apr 2007

    With all the press coverage given to the buyto-let market it is important not to lose sight of the interests of the people without whom that market would not exist - tenants.

  • Developments need long-term care

    23 Apr 2007

    The need to build more properties at higher densities is well documented. But have planners considered the longer term upkeep of new developments? With property prices continuing to rise, there is no doubting the need to increase the supply of homes. But as important is the need to conserve land and ensure the countryside and open spaces are protected.

  • Don't ignore US woes, says FSA

    23 Apr 2007

    The Financial Services Authority has warned the sub-prime sector not to ignore parallels with the troubled US market. Speaking at the Council of Mortgage Lenders' annual lunch, FSA managing director of retail markets Clive Briault cautioned that high LTVs and high income ratios mean lenders are taking on substantial risk.

  • E2M offers HIP fact sheet

    23 Apr 2007

    Easier2Move is offering a free Home Information Pack fact sheet to help estate agents and independent financial advisors explain HIPs to their clients. The client fact sheet, which can be white labelled with the estate agents branding, offers consumers a brief explanation of HIPs, including their benefits and the likely impact they will have on the housing market.

  • EConveyancer claims it will offer basic HIP deal for £225

    23 Apr 2007

    eConveyancer claims it will offer the market's cheapest Home Information Pack when HIPs become compulsory on June 1.

  • Edeus passes 4bn instant decisions milestone

    23 Apr 2007

    Edeus says it has processed a whopping 4.1bn in instant decisions since it launched last September, and has broken into profit.

  • Edeus warns on bad products

    23 Apr 2007

    Edeus has warned that bad product design could lead to serious consequences for individual firms. Chief executive Michael Bolton says that lenders can't hide behind their products.

  • Employment fell in February

    23 Apr 2007

    The employment rate for people of working age was 74.3% for the three months ending in February, down 0.2% both on the previous quarter and on the year, the Office of National Statistics reveals.

  • EPCs will help cut bills

    23 Apr 2007

    The poor energy ratings many homes will receive when Energy Performance Certificates come into effect on June 1 will encourage people to cut their energy bills by making the recommended improvements, says energy-assessors.com.

  • Equity release as an alternative for retirement planning

    23 Apr 2007

    Defaqto says the UK equity release market is entering a crucial stage in its development and will play a greater role in retirement planning.

  • Equity release suffers image crisis

    23 Apr 2007

    The equity release market is suffering from an image crisis which is hitting growth at a time when the market should be booming, Defaqto warns. It says negative comments are deterring advisers and big-name providers from launching into the market, which in turn is putting off consumers.

  • EXCLUSIVE: Duffy joins Robert Sterling as MD

    24 Apr 2007

    Kevin Duffy, former managing director of Hamptons Mortgages, has joined the north London and Manchester-based brokerage Robert Sterling as MD with a golden hello deal rumoured to be worth thousands of pounds and also a slice of equity.

  • Expo launches equity release pavilion

    24 Apr 2007

    Mortgage Business Expo has unveiled a brand new addition to this year’s Manchester show, the equity release pavilion which is sponsored by Key Retirement Solutions.

  • Fees-free deals from The Yorkshire

    23 Apr 2007

    The Yorkshire has launched a range of fee-free mortgages, including a five-year fixed rate mortgage and a 10-year fixed at 5.89%.

  • Fitch upgrades Rooftop securitisation

    26 Apr 2007

    Fitch Ratings has upgraded three tranches of Farringdon Mortgages No. 1 and affirmed the remaining tranches.

  • Focus on risks and responsibilities

    23 Apr 2007

    In last week's column, I wrote about the Financial Services Authority's thematic work being a component of the regulator's risk-based approach. The idea of a risk-based approach could prompt feelings of insecurity, especially in the minds of those who already view the move towards principles-based regulation as a licence to move the goalposts. For example, who has the final say on what such a subjective matter as risk means in this context?

  • FP Q1 protection up 8% but market still "challenging"

    27 Apr 2007

    Friends Provident has reported an 8% rise in Q1 2007 protection sales at £100m, compared to £93m over the same period in 2006.

  • Freedom and Exclusive Connections launch self-cert tracker

    25 Apr 2007

    Freedom Lending has launched a three-year self-cert tracker mortgage, which is available exclusively via Exclusive Connections members.

  • Freedom Finance appoints director

    24 Apr 2007

    Freedom Finance has appointed Jim McClurg as a non-executive director.

  • Freedom offers tracker exclusive

    23 Apr 2007

    Freedom Lending has launched a two-year buy-to-let tracker exclusively through Mortgage Intelligence. The product is based on a 100% rental calculation at 5.89% to 85% LTV.

  • Frustrating routes to registration

    23 Apr 2007

    My new administrator is called Jayne, and she is becoming a rather frustrated woman. She is an exceptionally patient person, rather like my previous administrator, Rachael, and patience and perseverance are certainly desirable traits in the field of financial services support.

  • FSA fines Sesame £330,000

    23 Apr 2007

    The Financial Services Authority has fined Sesame £330,000 for not adequately handling complaints concerning its structured capital at risk products. Sesame rejected about 350 complaints between March 2003 and October 2004, the regulator found.

  • FSA has no plans to regulate packagers

    23 Apr 2007

    The Financial Services Authority says it will not seek to regulate packagers this year or in the foreseeable future.

  • FSA reveals dates for workshops

    23 Apr 2007

    The Financial Services Authority has published dates for its broker workshops, entitled 'Is your sales process compliant?' They are scheduled for London on May 14, Birmingham on May 30, Glasgow on June 14 and Southampton on June 26.

  • FSA review fears dismissed

    23 Apr 2007

    The sub-prime industry has dismissed fears that the Financial Services Authority's thematic review could stifle the sector.

  • FSA sets out future of regulation

    23 Apr 2007

    The Financial Services Authority has today published a paper setting out its current thinking on its move towards a more-principles-based regulatory regime.

  • FSA to unveil results of RDV in June

    27 Apr 2007

    The Financial Services Authority will set out the key issues for discussion on its major review of the retail distribution market at a conference on June 27 2007.

  • GI firms must improve sales standards, says FSA

    25 Apr 2007

    The Financial Services Authority has urged firms to improve the standards of cold calling when selling general insurance over the telephone to ensure they are treating customers fairly.

  • Give landlords the credit they're due

    23 Apr 2007

    The unexpected sunshine over the Easter weekend resulted in one of those lazy Sunday afternoons - wine in hand, discussing everything from politics to religion on the patio of the Dring household.

  • GMAC-RFC scraps paper application

    23 Apr 2007

    GMAC-RFC has followed in the footsteps of BM Solutions and eliminated the need for signed paper application forms when packagers or brokers proceed to online offers.

  • Guilty of letting sub-prime drift into chaos

    23 Apr 2007

    Roughly a year ago, National Mortgage News broke a story about sub-prime wholesaler Acoustic Home Loans of California going bust because of loan buy-backs. Acoustic, owned in part by another non-depository lender that specialised in 'A' paper loans, was forced to close its doors because its warehouse provider, Bear Stearns, requested the lender repurchase delinquent loans.

  • Halifax plans live webchats

    23 Apr 2007

    Halifax Intermediaries is to pilot a live webchat hosted by managing director Jack Saxton. The Breakfast Grilling will take place in May and Saxton will host the first session. The bank plans a regular Breakfast Grilling slot in which members of the management team will take their turns in the hot seat.

  • Hamilton's focus is a lesson for lenders

    23 Apr 2007

    Watching the Bahrain Grand Prix recently, I was struck by a couple of thoughts as Lewis Hamilton took to the podium for the third time in as many races.

  • Hamptons to offer free HIPs

    23 Apr 2007

    Hamptons International is offering free Home Information Packs on homes sold after June 1. However, the estate agent admits it may withdraw this offer at any time and fees may apply if sellers choose to withdraw within 12 months of the instruction date.

  • HBOS reports good start to 2007 at AGM

    25 Apr 2007

    HBOS held its AGM in Brighton this morning and reported a good start to the year.

  • Heritable appoints North-West BDM

    23 Apr 2007

    Heritable Bank has appointed a business development manager for the North-West. Faye Vaughan will promote Heritable's offerings and develop introducer relationships across Merseyside, Cheshire, Greater Manchester, Cumbria and Lancashire. Previously she worked for 10 years as a NatWest relationship manager in Merseyside.

  • High net worth arena to grow

    23 Apr 2007

    Legal & General predicts that the high net worth sector will become a more important part of the protection market.

  • Home Buyer System upgrades GI system

    23 Apr 2007

    Home Buyer Systems has revealed an upgraded version of its general insurance advice and sales system.

  • House builders breaking flyposting laws, says New Build Inspection

    24 Apr 2007

    Some house builders are breaking the law by illegally flyposting on lampposts, says New Build Inspection.

  • House prices drop despite rising inflation

    23 Apr 2007

    House prices dipped slightly in February despite an annual rise in house price inflation, government figures reveal.

  • Householder life cycle is evolving, says A&L

    23 Apr 2007

    Changing demographics and social attitudes will kill off the traditional householder life cycle by 2026, says Alliance & Leicester.

  • Housing market cooling down, says NAEA

    25 Apr 2007

    The residential housing market seems to be calming down, the latest figures from the National Association of Estate Agents reveal.

  • How much do you know about Home Information Packs?

    23 Apr 2007

    Chris Morris, 26, senior portfolio managerI've heard about HIPs and seen articles about them in the newspapers. I even read about them in the Metro this morning. I hear they will cost sellers about £500.

  • Human interaction is still important

    23 Apr 2007

    Technology is the buzz word in every industry in this country. And every time I pick up a mortgage magazine, I read about how everyone must embrace technology or be left behind. I hear the message, I understand it and I have accepted it.

  • I wonder if the BoE charged Brown 25 for his letter

    23 Apr 2007

    From Phil Middleton I regularly come across news stories complaining about how extortionate bank charges are. So, in this age of equality, could someone please find out for me whether the Bank of England charged chancellor Gordon Brown the standard 25 fee for writing to him to explain why inflation has risen above the 3% barrier? Phil MiddletonAdviser ACL Property Finance By email

  • If Martin Lewis supports equity release he can use his next TV slot to say so

    23 Apr 2007

    From Sue Read

  • Ignore the HIP hype and prepare to sell

    23 Apr 2007

    In last week's column I pointed out that some national journalists were painting a distorted picture of Home Information Packs. As a consequence, brokers need to be ready for worried clients asking them questions based on duff information.

  • IHT loophole under threat

    23 Apr 2007

    Half amillion couples could still be liable to pay Inheritance Tax, despite making arrangements to avoid it.

  • I'm pleased BM is following us in cutting offer times

    23 Apr 2007

    From Julie Gaskin

  • Incentives may hit new-build lending

    23 Apr 2007

    I read recently that developers in Ireland are offering first-time buyers free mortgages for six months. Also on offer are plasma TVs, washing machines and holidays. This incentive bonanza has been prompted by slowing house price growth, with developers providing attractive extras rather than lower prices.

  • Infinity appoints BDM for North-West

    25 Apr 2007

    Infinity Mortgages has expanded its sales team with a new business development manager for the North-West.

  • InterBay becomes InterBay Commercial

    23 Apr 2007

    InterBay has today rebranded under the new name, InterBay Commercial, and will be based in new offices close to their current headquarters in Fareham.

  • Interbay revamps self-cert range

    23 Apr 2007

    Interbay has revamped its self-cert commercial range with rates from 6.75%. Colin Bell, operations director at InterBay, says: "Our deals are among the most competitive on the market."

  • International buy-to-let is evolving

    23 Apr 2007

    I was surprised to read earlier this month that brokers have gone cool on overseas buy-to-let. Just 8% of the brokers surveyed thought that the market was destined to grow over the next decade. There are a few things that might have led to this negativity.

  • Is now the right time for borrowers to opt for a fixed rate mortgage?

    23 Apr 2007

    The Council of Mortgage Lenders reports that a re-cord 87% of first-time buy-ers took out fixed rates in February.

  • Jobs

    23 Apr 2007

    Nominated by: Mark Perry, director, Mortgage Warehouse Corporation Reasons for nomination: If you're ever in need of a BDM who can make you smile, Heidi is the one. Whenever difficulties or obstacles arise, she has an uncanny ability to smooth things over and make you see the lighter side.

  • Kensington wins five-star rating

    23 Apr 2007

    Kensington Group has been awarded a five-star rating for its securitisation programmes by Fitch Ratings, a step up from the four-star rating it previously won. The score is the highest awarded by the ratings firm.

  • KPMG warns on data protection threat

    26 Apr 2007

    KPMG is warning financial organisations and public sector organisations of the imminent threat of a data protection crisis that will affect the way they store paper-based files.

  • KRS and society sign equity release referral deal

    23 Apr 2007

    Key Retirement Solutions and Market Harborough have agreed an equity release referral deal.

  • Landlords report strong tenant demand

    25 Apr 2007

    Tenant demand remains strong, the latest data from Paragon Mortgages reveals.

  • Leeds launches BTL three-year fixes

    25 Apr 2007

    Leeds has launched a three-year fixed rate buy-to-let mortgage product at 5.75% available up to 80% LTV.

  • Lenders accused of holding borrowers to ransom

    23 Apr 2007

    ING Direct and Moneyfacts.co.uk claim lenders are holding borrowers to ransom to the tune of 2bn in exit fees.

  • Lenders withdraw fixed rate deals

    23 Apr 2007

    Brokers have urged borrowers to fix quickly as many lenders are withdrawing their fixed rate products due to unprecedented demand.

  • Lloyds TSB Hong Kong to use Xit2’s valuation exchange

    23 Apr 2007

    Lloyds TSB Hong Kong will incorporate the Xit2’s valuation exchange into its application process to provide the online system to manage its valuations.

  • London Scottish appointment

    23 Apr 2007

    London Scottish Mortgages has appointed James Neville as underwriting manager as part of a restructure of its underwriting department. He joins from Cheltenham & Gloucester and will report to head of underwriting David Spencer.

  • Mainstream waking up to self-cert, says My Mortgage Direct

    24 Apr 2007

    Mainstream lenders are finally offering self-cert customers a good deal, says brokerage My Mortgage Direct.

  • Market Watch

    23 Apr 2007

    Swaps were back up last week. We haven't had a decent period of stability for about six months - they've either been going up or down.

  • MDA offers HIP consumer financing

    25 Apr 2007

    MacDonald, Dettwiler and Associates is providing a seamless consumer finance solution that enhances its Home Information Pack offering. MDA's HIP finance solution is available to any MDA HIP distributor that chooses to offer it to its customers. As an integral component of the MDA HIP ordering process, the financing can be activated when processing a customer order, eliminating most of the distributor administration and customer application process.

  • Me & My Car

    23 Apr 2007

    Until six months ago I was driving a car that I had dreamed of owning since I was 12 years old - a Porsche 911. However, two crucial problems started to present themselves. First, it was not a suitable car for my relatively high mileage of around 20,000 a year. Second, the space in the back is limited and my two small children were squashed together and regularly amused themselves by fighting. I had to make a choice - kids or car. The car had to go.

  • Mole

    23 Apr 2007

    i predict a riot

  • Money Partners appoints underwriting support manager

    25 Apr 2007

    Money Partners has appointed Kevin Hepburn as underwriting support manager.

  • Moneyfacts.co.uk welcomes OFT probe

    27 Apr 2007

    Moneyfacts.co.uk has welcomed the Office of Fair Trading’s investigation into unfair bank charges, but says it is "long overdue".

  • Mortgage demand is moderating, says BBA

    23 Apr 2007

    Net mortgage lending rose by an underlying £5.1bn in March, figures from the Major British Banking Groups reveal.

  • MPLC extends affordability calculator

    25 Apr 2007

    Mortgages PLC has extended its affordability calculator to include self-cert as well as full status applications.

  • MS readers divided over 6 x income products

    23 Apr 2007

    The national press lambasted lenders for offering borrowers up to 6 x income mortgages, but Mortgage Strategy Online readers are divided over whether lenders should stretch affordability criteria. A majority of 57% say they support lenders offering these multiples but 43% disagree.This week Mortgage Strategy asks: "Should the FSA regulate packagers?" Q: Do you support lenders stretching their criteria to 6 x income?

  • MT secures deal with Century 21

    24 Apr 2007

    The Mortgage Times Group has launched an exclusive deal with estate agency business Century 21.

  • Mutually speaking, it's all for me

    23 Apr 2007

    I have long been a damning critic of societies, which rarely seem to get things right, whether it be with products for consumers or service for brokers. And the same goes for remuneration, with the latest figures suggesting that mutuals are more intent on feathering their own nests - or more precisely their chief executives' - than they are weathering the storms of member interests.

  • NatWest £1,000 incentive comes under fire

    25 Apr 2007

    A recent NatWest £1,000 cashback incentive has been slammed as an “empty promise”.

  • NatWest gears up buy-to-let proposition

    24 Apr 2007

    NatWest is launching a buy-to-let purchase mortgage and introducing a five for two fees deal for intermediaries buy-to-let remortgage clients.

  • Network Data reports strong mortgage revenues in Q1

    27 Apr 2007

    Network Data has reported strong mortgage revenues in the first quarter of 2007 and predicts the rest of 2007 will be “favourable”.

  • New home buyers escape London and Midlands

    24 Apr 2007

    New home buyers are choosing to find their first homes outside London and cities in the midlands in an attempt to escape spiraling house prices, says SmartNewHomes.com.

  • Nick Kirwan quits Scottish Widows

    23 Apr 2007

    Nick Kirwan has quit his position as marketing director of protection at Scottish Widows after almost three years with the company.

  • Offset is the consumer's flexible friend

    23 Apr 2007

    Standing still is not an option in today's rapidly changing offset market. We face a new generation of clients who want more flexibility to pay off their mortgages as soon as possible.

  • OFT names three senior directors

    23 Apr 2007

    The Office of Fair Trading has appointed three senior directors to lead competition and consumer case work with a strategic approach to key market sectors. Sonya Branch is a partner at legal firm Clifford Chance, Heather Clayton is an ombudsman at the Financial Ombudsman Service and Cavendish Elithorn is responsible for preliminary investigation, enquiries and resource allocation at the OFT.

  • OFT probes unfair bank charges

    26 Apr 2007

    The Office of Fair Trading has today launched a study into personal bank current account pricing and a formal investigation into the fairness of charges for unauthorised overdrafts and returned items.

  • Openwork appoints eHIPS

    25 Apr 2007

    eConveyancer has been appointed by Openwork as its preferred supplier of Home Information Packs under its eHIPS brand.

  • Orchid picks xit2 valuation system

    23 Apr 2007

    Orchid Financial has chosen xit2's Valuation Exchange to manage its valuation instructions. James Ellis, director at Orchid Financial, says: "There is little doubt xit2's Valuation Exchange technology is the most advanced and reliable."

  • Overseas firm woos UK brokers

    27 Apr 2007

    An overseas property development firm is considering using mortgage brokers to source clients looking to invest in a new development in Cape Verde.

  • Overseas growth for legal firm

    23 Apr 2007

    Goldsmith Williams Overseas has expanded its proposition to cover six new countries, including Dubai, Morocco, Cape Verde, Turkey and South Africa. When it launched in 2005, its legal services were offered only in Spain, France, Italy, Portugal, Bulgaria, Cyprus and Greece.

  • Packager Power

    23 Apr 2007

    The most important thing we consider when adding a lender to our panel is whether it will increase business and complement the present panel. The introduction of a lender that won't do this could dilute the business we receive from our existing lenders.

  • Packagers in rude health, says IMLA

    23 Apr 2007

    Over four-fifths of packagers reported growth in business between 2005 and 2006, the Intermediary Mortgage Lenders Association says.

  • Paymentshield should stand by its word on commissions

    23 Apr 2007

    From Brian Melling

  • Pink appoints first4cover

    24 Apr 2007

    Pink Home Loans has appointed first4cover to its insurance panel.

  • Pinnacle joins AMPD

    23 Apr 2007

    Pinnacle Mortgage Funding has become the latest member of the Alliance of Mortgage Packagers and Distributors. Eddie Smith, director of operations for AMPD, says: "I'm pleased to welcome Pinnacle as the 15th member of our alliance."

  • PMPA adds TMW to panel

    25 Apr 2007

    The Professional Mortgage Packagers Alliance has added The Mortgage Works to its lender panel.

  • PMPA launches B&W range

    27 Apr 2007

    The Professional Mortgage Packagers Alliance has revealed a suite of eight new exclusive fixed rate products from Bristol and West.

  • PMPA offer TMB tracker

    23 Apr 2007

    The Professional Mortgage Packagers Alliance is offering a new semi-exclusive product from The Mortgage Business.

  • PMS expects regional products

    23 Apr 2007

    Premier Mortgage Service says that the future will see tailor-made products for people living in different parts of the country. Managing director John Malone says consumers would benefit from regional products.

  • Preferred director to fill SPML breach

    23 Apr 2007

    Roger Taylor, director of sales at Preferred, will take over the interim running of Southern Pacific Mortgage Limited until a replacement is found.

  • Prestbury in talks with big cash-rich players

    23 Apr 2007

    Prestbury Holdings has revealed that major players are involved in the final stages of its acquisition talks and that its indicative terms are cash only.

  • Promethean takes stake in Enterprise

    23 Apr 2007

    Sir Peter Burt and his company Promethean Investments has acquired a 30% stake in Enterprise Group through an 8.5m investment.

  • Promise granted £30m for green improvements

    23 Apr 2007

    Promise Finance has been granted access to £30m funding grant for improving energy efficiency in homes.

  • Property prices fell in March

    25 Apr 2007

    Moneyextra has found that average property values prices fell in March to their lowest level since October last year.

  • PropertyFinder.com reveals NIMBY attitude

    24 Apr 2007

    Propertyfinder.com has revealed that 61.2% of people believe more affordable housing is needed for key workers but don’t want developments in their local area.

  • Pure Bridging increases maximum loan size

    23 Apr 2007

    Pure Bridging has revealed a major change to its lending criteria and increased its maximum loan to £3m.

  • R&SA unveils affinity team

    26 Apr 2007

    Royal & SunAlliance has formed a new affinity executive team to increase its profitability numbers.

  • RAMP appoints KGB as an associate member

    24 Apr 2007

    The Regulatory Alliance of Mortgage Packagers has appointed KGB Packaging as its first associate member.

  • Rate changes mean research is vital

    23 Apr 2007

    It seems a while since I last penned details of rate and criteria changes among lenders in the equity release market. Lenders have been holding back on their rate changes under considerable strain from increasing swap rates, but the inevitable has now come to pass after this period of respite.

  • Rate rise likely as inflation exceeds target

    23 Apr 2007

    Interest rates are likely to rise in May after UK inflation hit 3.1% - more than 1% above the Bank of England's self-imposed target.

  • Rate rises not a threat to FTBs, says Firstrung

    25 Apr 2007

    Interest rate rises and a possible house price correction are not a great threat to first-time buyers, says Firstrung. Paul Holmes, Firstrung operations director, says: "We observed disingenuous concern for first-time buyers in the mainstream media when the recent inflation figures were published and house price indicators suggested the housing market was yet to reach its peak.

  • RBS consortium makes ABN AMRO offer

    25 Apr 2007

    Royal Bank of Scotland and its consortium partners Banco Santander Central Hispano and Fortis NV have made an offer for ABN AMRO at 39 euros per share.

  • Record figures for Exchange

    23 Apr 2007

    The Exchange has recorded its highest monthly online new business numbers, with 22,700 applications completed in March.

  • Rejected turn to sub-prime

    23 Apr 2007

    A surge in declined mortgage applications could prompt growth in the sub-prime market, an industry expert claims.

  • Remortgage deals from Easier2Move

    23 Apr 2007

    Easier2Move is offering two introducer-only remortgage packages, designed for financial advisers and estate agents.

  • Rent-a-room deal gets cautious welcome

    23 Apr 2007

    John Charcol's rent-a-room mortgage has received a guarded welcome from industry figures, who fear it could leave borrowers overstretch-ed if they don't get tenants.

  • Rent-a-room deal may encourage FTBs to lie

    23 Apr 2007

    Home owners who are feeling the pinch often look for ways to reduce their outgoings or boost their income, and renting out a room is often the answer they come up with.

  • Rent-to-buy could boost industry

    23 Apr 2007

    Countrywide says products such as rent-to-buy are needed to kick-start the housing market and boost transactions.

  • Rightmove backs immigration limit

    23 Apr 2007

    Rightmove says immigration minister Liam Byrne's unveiling of a points-based system to limit the number of immigrants to the UK is good news for first-time buyers.

  • Salt removes all HLCs

    25 Apr 2007

    Salt has removed the higher lending charge across the entire range as part of a major relaunch of its sub-prime proposition.

  • Same-day deals are fine if the sales process is thorough

    23 Apr 2007

    From Simon Burgess

  • Scarborough completes buy-out of Portman business

    24 Apr 2007

    The Scarborough Group has completed the acquisition of the former Portman offshore deposit taking business Portman Channel Islands.

  • Secured Loan Services appoints underwriter

    25 Apr 2007

    Secured Loan Services has appointed Tracy Biddle to its underwriting team. Biddle will work closely with broker account manager Jemma Errigo.Errigo says: We welcome Tracy to Secured Loan Services and are confident that we have once again made a terrific choice and confirms our commitment to employing the best of the best. "Tracys skills and experience will support myself and the company to continue to provide the outstanding service that our brokers are used to.

  • Secured loans appointment

    23 Apr 2007

    Secured Loan Services has appointed Matthew Manser as national account director. Manser will take responsibility for key strategic relationships and future business development.

  • Secured loans sector starts to mature

    23 Apr 2007

    More evidence has emerged concerning the growth of the secured loans sector. News during the past few weeks has given weight to the contention that a sure sign of a business niche reaching maturity is when larger and more established organisations start taking an interest by buying into existing niche players or setting up shop in their own right.

  • Select expands secured loan team

    23 Apr 2007

    The Select Partnership has welcomed two new members to its secured loans team. The expansion is designed to improve the firm's services to brokers.

  • Self-cert has outlived its value and should be banned

    23 Apr 2007

    From Danny O'Sullivan

  • Simplicity has given way to illusion

    23 Apr 2007

    Do you remember life before mortgage regulation? Back then there were only three things that people wanted and arguably needed to know - can I have a mortgage, how much can I borrow and how much will it cost per month?

  • Small firms fail to heed compliance advice

    23 Apr 2007

    The Financial Services Authority has warned that many small firms are failing to heed the advice of the compliance consultancies they employ.

  • Snowball quits Norwich Union for Towergate

    24 Apr 2007

    Patrick Snowball has resigned from Norwich Union as executive chairman and has been apointed to Towergate as deputy chairman, subject to Financial Services Authority approval.

  • Snowball set to quit Aviva

    23 Apr 2007

    Patrick Snowball, the head of Aviva's UK business, is on the verge of quitting the £20bn insurance company after a boardroom confrontation with group chief executive Andrew Moss, according to the Sunday Telegraph.

  • Sourcing must move to the next level

    23 Apr 2007

    The sourcing of mortgage products is a fundamental requirement for all brokers. A number of companies offer this service but not all brokers are satisfied with the accuracy and functionality offered by the providers of these systems. Indeed, Mortgage Strategy's Mortgage Packager Summit in January saw a vote of no confidence in sourcing and transactional platforms.

  • Spanish property prices dive

    27 Apr 2007

    Assetz believes that falling share prices of Spanish property companies is good news for the housing market.

  • Stepped deals have a place, albeit a small one

    23 Apr 2007

    Although lenders are always looking for new products to flog, they are just as happy to revisit product designs in an effort to bring a different spin to them.

  • Sub-prime's fine if you play it right

    23 Apr 2007

    Where the Yanks lead, the British tend to follow. Unfortunately, this isn't only true of military invasions and sitcoms but also the stock market and the economy. Many people are concerned it will also be the case with the mortgage industry.

  • Swift appoints chief operations officer

    24 Apr 2007

    Swift Group has appointed Nigel Ingram as chief operations officer to replace retiring managing director Bernard Barwick.

  • Tenants are in it for the long haul

    23 Apr 2007

    Renting is increasingly seen as a long-term option across all age groups, says the Association of Residential Letting Agents.

  • The Hanley launches green mortgage

    25 Apr 2007

    The Hanley has launched its first green mortgage.

  • This is a good time to review clients' deals

    23 Apr 2007

    It looks pretty certain that home owners will have to brace themselves for yet another base rate rise in May.

  • Thumbs up for Lehman plan

    23 Apr 2007

    The industry has welcomed the news that Lehman Brothers Mortgage Capital is to launch a direct-to-broker specialist lender at the beginning of 2008.

  • Timber frame market doubles, says UKTFA

    24 Apr 2007

    The market share for timber frame construction has more than doubled since 1999, the latest figures from the UK Timber Frame Association reveal.

  • Towergate teams up with Prestbury

    27 Apr 2007

    Towergate Riskline has teamed up with Prestbury to offer commercial and household insurance.

  • Trigold gives brokers access to instant valuations

    23 Apr 2007

    Hometrack and Trigold have integrated their systems to allow brokers to access instant property valuations from the sourcing system.

  • Trustguard signs packaging deal with Commercial First

    23 Apr 2007

    Trustguard Credit Services has teamed up with Commercial First to package its mortgage applications.

  • UK experiences slow growth in Q1 2007

    25 Apr 2007

    Numbers released by the Office of National Statistics have revealed only slight expansion of the UK economy.

  • Union warns over ABN-Barclays merger

    24 Apr 2007

    The ABN Amro and Barclays merger, will lead to massive job cuts, Dutch trade unions have warned.

  • Unity launches in Scotland

    23 Apr 2007

    Unity has launched its products range in Scotland. It is the only lender to offer Scottish brokers a builder's deposit, currently at 15%. All of Unity's other features will be available to Scottish brokers, including no credit scoring, up to 5 x income and loans of up to £1.5m.

  • Warning on one-day deals

    23 Apr 2007

    The Intermediary Mortgage Lenders Association has warned the industry about the dangers involved with one-day online mortgage completions.

  • We must consider long-term value

    23 Apr 2007

    I remember the days before Mortgage Day when prospective network leaders instigated a campaign to scare firms wanting to become directly authorised, implying that it would not be feasible to do so and that all firms would need networks as a buffer between themselves and the Financial Services Authority.

  • What to look out for in back office IT systems

    23 Apr 2007

    In recent years, we have seen huge strides made in the online technology offered by lenders, from decision in principle and application submissions tools to online calculators and 24-hour case tracking.

  • Whitehall and Lib Dems float energy efficiency loan plans

    23 Apr 2007

    The government and the Liberal Democrats have both outlined plans to introduce loans for home owners to make their homes greener.

  • Why B2L could scale new heights

    23 Apr 2007

    The line between the prime and sub-prime sectors has blurred over recent years and with this, the sub-prime buy-to-let market has grown. The fact so many lenders are exploiting both markets is to do with consumer demand. The buy-to-let industry mirrors the rest of the mortgage market in that it continues to increase its market share by adapting to market trends.

  • Without consistency in rental valuations

    23 Apr 2007

    From Andrew Botte

  • Woolwich cuts rates on two-year fixed

    26 Apr 2007

    Woolwich has cut rates on its two-year fixed by 20 basis points.

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