Mortgage Strategy
24 January 2005

  • A View From The floor

    24 Jan 2005

    Following a year of growth, the brakes are now on the Welsh housing market, based on figures released recently by The Principality that indicate house price growth for the last quarter of 2004 was down to 3.3%.The society's latest quarterly house price survey (to the end of December 2004) shows that house price inflation moderated bringing 2004 to a close with an annual increase of 23.5% - down from the 31% seen at the end of the third quarter. However, Welsh prices performed ...

  • A&L mortgage range comes with 150 bonus proc fee

    24 Jan 2005

    Alliance & Leicester is launching a range of mortgages, available from tomorrow.The range features a choice of fixed rate, tracker and discounted deals, and comes with a 150 bonus procuration fee for every case completed before March 31.The two-year discount FeeSaver is 1.70% discount off A&L's standard variable rate for two years with a current rate of 5.14%.The base rate tracker FeeSaver comes in at 4.99%, 0.24% above Bank of England base rate for one year, then base plus ...

  • Abbey opens commercial mortgage office in Northampton

    25 Jan 2005

    Abbey is opening a commercial mortgage office for the Midlands region in Market Square, Northampton on January 31.

  • Advantage appointed to Burns-Anderson panel

    25 Jan 2005

    Advantage Home Loans has been appointed to the mortgage panel of Burns-Anderson as an approved provider for sub-prime and non-conforming mortgages.The appointment is part of Burns-Anderson's drive to ensure their IFA appointed representative members have access to quality products and service from a reputable mortgage arranger in the wake of the recent impact of both mortgage and general insurance regulation.Advantage Home Loans were appointed upon recommendation and following ...

  • AMI responds to FSA fees consultation

    27 Jan 2005

    The Association of Mortgage Intermediaries is calling upon mortgage intermediaries to make their voices heard in the debate over regulatory fees.

  • AMI warns members to focus on disclosure documents

    25 Jan 2005

    The Association of Mortgage Intermediaries is calling on all member firms to focus on their record keeping and disclosure documentation.

  • B&W says future of 98 branches is undecided

    24 Jan 2005

    Bristol & West has confirmed that the future of its remaining 98 branches is up in the air pending the outcome of a review in April.B&W has already disposed of 33 branches, which led to speculation last week that parent group Bank of Ireland could decide to offload the remaining ones.The firm denies that programme is a sign of it turning into an intermediary-only brand. Its two intermediary-facing arms are Bristol & West Mortgages - which has ambitious plans for the coming ...

  • Background knowledge is useful at an interview

    24 Jan 2005

    Mark Witcomb is senior consultant at Venatus Business IntelligenceYou have completed the initial stage of your research into your prospective interviewers. So what do you do now?There are three remaining research areas that will be useful to you - the next is to research the company. There are four main ways this can be done.A good place to start is to look at how the company sells itself on its website. This will provide you with an understanding of what is most important to the ...

  • BDS installs Lindenhouse Invu technology

    28 Jan 2005

    BDS Mortgage Group has installed Lindenhouse Invu technology across its business.

  • Bernau unveiled as CMl chairman

    27 Jan 2005

    Stuart Bernau, commercial and treasury director of Nationwide has succeeded Anne Gunther as chairman of the Council of Mortgage Lenders.

  • Blue Sky

    24 Jan 2005

    Who Moved My Cheese? is a story about change that takes place in a 'maze' where four amusing characters look for 'cheese' - cheese being a metaphor for what we want to have in life, whether it is a job, a relationship, money, a big house, freedom, health, recognition, spiritual peace or even an activity like jogging or golf.Each of us has our own idea of what cheese is and we pursue it because we believe it makes us happy. If we get it we become attached to it. And if we lose it ...

  • Britain slips down European house price inflation table

    27 Jan 2005

    The UK's long standing position at the top of the European League of house price inflation ended last year.

  • Brokers could use planning registers

    24 Jan 2005

    A slowdown in the mortgage market could encourage some second charge brokers to access planning registers to boost their business.An industry source says brokers may be missing out on an untapped market, as people who plan extensions may wish to remortgage as well.It is common practice for builders to access planning registers and approach applicants to promote their services but this is not regularly done by brokers.As the remortgage market increases and other sectors ...

  • c2-financial appoints Foxall as group compliance director

    26 Jan 2005

    c2-financial has appointed Sam Foxall to the position of group compliance director.

  • Call for lenders to aid debtors

    24 Jan 2005

    BM Solutions has welcomed GMAC-RFC's move to help prevent repossessions and is encouraging more lenders to do the same.Matt Grayson, spokesman for BMS, says: "We welcome GMAC-RFC's scheme, but have been running our own for the past three years. Every time we do a sub-prime completion we send out a debt counsellor who sits with the client and goes through their outgoings."GMAC-RFC recently launched the industry's first worldwide charitable foundation to help prevent borrowers ...

  • Capital launches B2L fix

    24 Jan 2005

    Capital Home Loans has launched a two-year buy-to-let fixed rate mortgage at 5.59%.The product, also available from CHL's Irish Permanent brand, is fixed until March 31 2007 with a maximum LTV of 85%.The mortgage is available to individuals and limited companies and rental cover is 125% of the mortgage payment calculated at 5.59%.A 5% early repayment charge is payable within the fixed period of the loan and a completion fee of 1% can be added to the product, which can be ...

  • Charcol calls for Stamp Duty reform

    26 Jan 2005

    Charcol has welcomed government initiatives to help first-time buyers but says the government could help them more by reforming Stamp Duty.

  • Charity rebuilds homes in SE Asia

    24 Jan 2005

    International housing charity Habitat for Humanity is addressing emergency housing needs in the wake of the tsunami in South-East Asia, whilst laying a foundation for long-term solutions.It plans to build as many as 18,500 houses in the first phase of its rebuild initiative, housing 50,000 people and requiring an investment of approximately 10m.An estimated 226,000 perished in the wake of the tsunami and many more than a million have been made homeless.Paul Leonard, chief ...

  • Clydesdale unveils offset deals

    24 Jan 2005

    Clydesdale Bank is launching its first range of offset mortgage products as part of an assault on the intermediary market.Since the National Australia Bank subsidiary started focussing on brokers last year it has stuck to a simple range of fixed rate mortgages, but it is now targeting higher net worth individuals with offsets.The offset mortgages allow a customer to set up a portfolio of current and savings accounts and offset the interest gained against their mortgage.Clydesdale ...

  • Consumer groups could be making claims problems worse

    24 Jan 2005

    From Richard Ewence

  • Conti Financial Services appoints BDD

    25 Jan 2005

    Conti Financial Services has appointed David Wells as its business development director to help steer the firm through its next phase of expansion.

  • Conti launches Greek mortgage

    26 Jan 2005

    Conti Financial Services has launched a 3.20% mortgage for the Greek market.

  • Curriculum Vitae - John Wrigglesworth

    24 Jan 2005

    Name: John WriglesworthAge: Heading toward the late 40sCompany: The Wriglesworth Consultancy, PRJob Title: Managing directorWhere do you live? Southfields, Wimbledon.

  • Dear Delia

    24 Jan 2005

    Dear Delia

  • Derbyshire launches buy-to-let mortgages

    26 Jan 2005

    The Derbyshire has launched a range of fixed rate, discount and tracker buy-to-let mortgages, available from January 25.

  • Derbyshire launches non-standard mortgages

    25 Jan 2005

    Derbyshire is launching a service for customersseeking a mortgage which falls outside the society's normal lending criteria.

  • Derbyshire's Rams account achieves 4,000 members

    25 Jan 2005

    Derbyshire's Derby Rams savings account recently hit the important milestones of having 25m in account balances and 4,000 account holders.

  • Does the FSA need to redraft CP05/1?

    24 Jan 2005

    Last week's publication of the Financial Services Authority's first consultation paper of 2005, CPO5/1, left many in the packaging industry confused about whether the proposals are intended for them and, if so, what their impact would be.At first glance, many thought the proposals were aimed at imposing further controls on so-called pure packagers. This was not the case as the FSA later clarified.Then it seemed the FSA's sights were set on regulated packagers and branded lenders, ...

  • Don't blame products for problems

    24 Jan 2005

    "The 130% mortgage," screamed the headline. Like all those involved in the mortgage market, I stopped to read more.This product is the latest in a long line to have got the press, MPs and pretty much everyone else worked up about pernicious lenders out to trap people into unsustainable debt in order to make money, and is yet another mortgage to be demonised for its very existence.However, coming to the conclusion that a product is inherently good or bad misses the point. It's ...

  • Falcon to go for AIM listing in February

    24 Jan 2005

    Bristol-based IFA Falcon Group, which includes aggregation firm Financial Synergies, is to go for a listing on the Alternative Investment Market next month.FS was launched last summer to target directly authorised firms looking for greater buying power with providers. It was established as an aggregator of business for IFAs and other directly authorised firms outside the Falcon network, with members being offered shares in FS based on the level of business contributed.One of ...

  • Fasten seatbelts for a bumpy ride

    24 Jan 2005

    In what is a fast-closing window for forecasts for 2005, I'd like to look (again) at the industry's prospects for the year ahead, though I must admit to past failings in the art of forecasting.This time last year I predicted that 1,866 non-regulated mortgage firms would apply for direct authorisation compared with the Financial Services Authority estimate of 7,000 firms. It turned out that 4,226 firms applied for direct authorisation so I have the small consolation of being fractionally ...

  • Fears over end of free cover

    24 Jan 2005

    Brokers have expressed fears that lenders withdrawing free ASU and MPPI cover could leave customers unprotected.Nationwide and Nottingham have pulled their accident, sickness and unemployment cover and Abbey's ASU promotion is expiring soon.Although the withdrawals are not said to be linked with general insurance regulation coming into force, brokers must now offer their clients the most suitable form of protection rather than automatically offering ASU.But some brokers ...

  • Figures show intermediaries' confidence in Network Data

    24 Jan 2005

    From Richard Griffiths

  • Financial Health Matters

    24 Jan 2005

    As anyone who has satellite TV will tell you, there are a lot of channels to choose from but most are of questionable quality. However, there are a few gems and one I recommend you tune into is the BBC's Parliamentary Channel, in particular the recordings of the Treasury Select Committee meetings.Until recently, even those with an interest in financial services had not cottoned on to the importance of what took place at the TSC but under the chairmanship of John McFall MP, it has ...

  • FirstRungNow develops online advice

    25 Jan 2005

    FirstRungNow says it has now gone even further to help potential home owners into their first property.

  • Five-year action plan helps more onto property ladder

    25 Jan 2005

    More people on low and middle incomes will be able to step onto the home ownership ladder over the next five-years.

  • FOS appoints Sir Christopher Kelly as chairman

    25 Jan 2005

    The Financial Services Authority has revealed the appointment of Sir Christopher Kelly as the chairman of the board of the Financial Ombudsman Service.

  • Freedom enhances buy-to-let range

    24 Jan 2005

    Freedom Lending is enhancing its buy-to-let product range, effective from February 1.

  • FSA consults on capital requirements directive

    27 Jan 2005

    The Financial Services Authority has set out its proposals for key aspects of UK implementation of the European Union capital requirements directive in a consultation paper.

  • FSA should clamp down on bad ads, not regulated packagers

    24 Jan 2005

    From Jeff Cureton-Royle

  • FSA to reveal business plan at Complinet conference

    25 Jan 2005

    The Financial Services Authority will use the annual Complinet compliance conference tomorrow to reveal exclusively its business plan, budget and objectives for 2005/2006.

  • FSCS publishes plan and budget

    26 Jan 2005

    The Financial Services Compensation Scheme has published its plan and budget for 2005/06, including present estimates of levies to be fixed in March.

  • Genesis drops brand names to help KFI production

    25 Jan 2005

    Genesis has made the decision to drop its branded lending product names in order to help brokers generate accurate KFIs.

  • Get back to running your business

    24 Jan 2005

    All SMEs face challenges in recruiting the right people and retaining them, developing their leaders and staff effectively, managing growth and change, setting and keeping quality standards and managing cash flow successfully. However, smaller businesses are the building blocks of the economy and this is recognised by government.The Department of Trade and Industry's small business service (www.sbs.gov.uk/) and Business Link (www.businesslink.gov.uk) services offer access to management ...

  • Get your promotions compliant now

    24 Jan 2005

    January 30 marks the end of the transitional period to fall into line with FSA rules on financial promotions so this is the last chance to review the state of your compliance, says Neal Smith.

  • GI regulation could increase risk of mis-selling scandals

    24 Jan 2005

    Fears are growing that brokers will face mis-selling scandals if the sale of insurance products is not handled properly now they fall under the remit of the Financial Services Authority.Ian McIver, managing director at The Whitechurch Network, warns there is a risk the man in the street who buys an insurance policy will think they are covered for more than they actually are, and it will not be until the policies are used that they realise they are not.He says: "I think buildings ...

  • GMAC-RFC launches 89% LTV on buy-to-let

    28 Jan 2005

    GMAC-RFC has unveiled its biggest ever product launch, across self-cert, buy-to-let and sub-prime, including what brokers say is the highest buy-to-let LTV in the market at 89%

  • haart reacts to Nationwide house price figures

    27 Jan 2005

    haart estate agents has responded to Nationwide's January house price index.

  • Hamptons Property Index shows 14% fall in house prices

    27 Jan 2005

    Hamptons International's Mortgages and Loans Property Index has shown a levelling in the size of residential mortgages, both purchases and remortgages, and a 14% fall in house prices.

  • Hit and miss

    24 Jan 2005

    Brokers who hit the target for general insurance regulation will reap the rewards but others will not be so lucky. Natalie Martin and Barney McCarthy investigate the fallout from GI-Day.

  • House prices fall for seventh consecutive month

    26 Jan 2005

    The Hometrack January survey of the housing market reports a fall of 0.4%, the seventh consecutive month that house prices have fallen.

  • House prices up 0.4% in January, says Nationwide

    27 Jan 2005

    Nationwide's house price report for January reveals that house prices rose 0.4% in January, the sixth month of price stability.

  • IFS offers lifetime mortgages exam module

    24 Jan 2005

    The Institute of Financial Services has developed a lifetime mortgage module to complement its existing CeMAP qualification.As with all mortgage advice, brokers giving equity release advice are required to attain an appropriate qualification and maintain their level of knowledge.The IFS, which is officially designated by the Financial Services Sector Skills Council, says the majority of mortgage advisers have completed the CeMAP qualification and the lifetime mortgage module, ...

  • igroup enhances first charge range

    26 Jan 2005

    igroup has unveiled significant enhancements to its first charge mortgage product range.

  • Industry unites to get tax SUSD

    24 Jan 2005

    Support for Mortgage Strategy's campaign to get the chancellor to raise the minimum Stamp Duty threshold from 60,000 to at least 150,000 continues to grow unabated.Thousands of you have already given your support to our campaign which has also been backed by both main opposition political parties. It's crucial that you too make your voice heard on this important issue.Add your support and fill in the coupon below. Send it to: Mortgage Strategy, 50 Poland St, London W1F 7AX. ...

  • Internet Insite

    24 Jan 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Jeff Sutherland-Kay checks out the websites of brokers, product providers, clubs, networks and packagers.

  • Lighthouse Group launches IT platform

    27 Jan 2005

    Lighthouse Group has launched an IT platform calledLighthouseXpress.

  • London & European launches titlesolv.com

    24 Jan 2005

    London & European has launched titlesolv, which delivers legal indemnities in less than three minutes.

  • Majority of mortgage market conduct business online

    25 Jan 2005

    A survey by BM Solutions has revealed that 94% of intermediaries are conducting their business online.

  • Making change work for you

    24 Jan 2005

    Twelve million copies of this book have been sold worldwide, and it is certainly accessible to people of all ages and abilities.It's written in a simple way and takes less than an hour to read. My guess is that many people in management positions will pick up Who Moved My Cheese? and, having taken one look at it, decide it is a children's book and put it to one side. This would be a great pity as the story about two mice and two 'Littlepeople' works on many levels.Using the ...

  • Market watch

    24 Jan 2005

    At last we've seen a lender be brave and come out with a killer two-year fixed rate. Well done to Chelsea which has launched a two-year fixed rate at 4.49% - it's definitely the rate of the week.

  • Marlborough to name successful bidder soon

    24 Jan 2005

    Marlborough Stirling is believed to be on the verge of announcing which of its bidders has been successful in buying the technology firm.One source says: "It is believed to have received around 10 offers, ranging from consolidations to venture capitalist-backed bids."Marlborough Stirling issued a trading statement last November, announcing its sale. The statement said given the degree of short-term uncertainty, the board had concluded shareholder value was likely to be optimised ...

  • MD hands sub-prime business to The Mortgage Times

    25 Jan 2005

    Mortgages Direct is to start referring all non-conforming business, including sub-prime, buy-to-let and self-cert mortgages to The Mortgage Times Group.

  • MD quits as TLMS is absorbed into group

    24 Jan 2005

    Simon Holdsworth has left his position as managing director of Towry Law Mortgage Services now it is a wholly-owned subsidiary of the Towry Law Group.TLMS was set up as a joint venture with his broker firm, Holdsworth Financial Management, in 2002. Its model was to be a fee-based mortgage adviser competing with the likes of Charcol and Savills. The decision to absorb TLMS into the group was taken after a review of the joint venture.A spokeswoman says: "Mortgages are a key element ...

  • MEX faces Max 130 probe

    24 Jan 2005

    Mortgage Express is facing an inquiry by the Treasury Select Committee into its Max 130 mortgage.The product allows homebuyers to borrow a maximum of 130% of the value of their home and is aimed at first-time buyers or those consolidating debt paymentsBut both MPs and industry experts have criticised the Bradford & Bingley-owned firm in the national press for leaving borrowers open to negative equity, driving them into further debt and possible repossession.Nigel Beard, a Labour ...

  • MI teams up with Dashboard Software

    25 Jan 2005

    Mortgage Intelligence has chosen Dashboard Software as its system supplier.

  • Monty Burn

    24 Jan 2005

    I kicked off January with some cynical observations on politicians so it's somewhat ironic that this week I've decided to write about the three main political parties and the jostling that has started in the run-up to the general election. Politicians are born opportunists so it's not surprising to see all three parties jumping on the mortgage bandwagon.Let's start with New Labour. In spite of having followed politics avidly for many years I find it difficult to distinguish between ...

  • Mortgage lending in 2004 similar to 2003, says the BBA

    28 Jan 2005

    The British Bankers Associations report shows that 2004 mortgage lending was similar to 2003.

  • Muted response for government housing plans

    24 Jan 2005

    Initial reactions from the building industry to government plans to help more people get on the housing ladder have been muted.

  • NAEA urges government to raise Stamp Duty threshold

    24 Jan 2005

    The National Association of Estate Agents is urging the chancellor to amend stamp duty which currently prevents many from entering the housing market. Peter Bolton King, chief executive of the NAEA, says: We have long been campaigning for the government to step in and save the increasingly rare first-time buyer before it becomes totally extinct.

  • Nationwide welcomes government housing plans

    25 Jan 2005

    Nationwide has welcomed government plans to extend the ability of those in housing association properties to get on the home ownership ladder.

  • Networks brace for consolidation

    24 Jan 2005

    Consolidation is on the horizon for networks as appointed representatives look to switch allegiances in the wake of mortgage regulation, say industry experts.Andy Young, head of mortgages at Sesame, says: "We predict there will be no more than 20 networks by the end of the year, with 80% of mortgage distribution being controlled by no more than four or five networks."He adds that the mortgage landscape will change considerably over the next 12 months as there are too many mortgage ...

  • Newcastle launches 10-year fixed rate at 4.95%

    25 Jan 2005

    Newcastle has launched a 10-year fixed rate mortgage at 4.95%.

  • Newcastle launches five-year fixed rate at 4.80%

    27 Jan 2005

    Newcastle has launched a five-year fixed rate available at 4.80%.

  • Nick's Notes

    24 Jan 2005

    Regulation of the general insurance and protection market is finally with us after what seems a lifetime of hearing about what it will involve and what it will mean.Things have changed and many of these changes are down to you to implement. The Financial Services Authority has produced a lengthy rulebook covering regulation and it will be auditing firms to ensure they comply. Insurers will be checking you are regulated to sell protection before they accept your clients' applications. ...

  • Nine out of 10 towns unaffordable for first-time buyers

    24 Jan 2005

    Halifax's latest annual First Time Buyer review shows that of the 597 main UK postal towns, 548 - 92% - were unaffordable to the typical first-time buyer.

  • Northern Rock records pre-tax profits of 431.2m

    26 Jan 2005

    Northern Rock has published its annual results for the year ending December 31 2004, which show pre-tax profits of 431.2m.

  • On the beat

    24 Jan 2005

    Some issues are as exciting as watching wood warp and one of these is early redemption charges - or ERCs as the Financial Services Authority prefers the industry to call them.I'm not opposed to ERCs in principle. They are perfectly reasonable where a client has bought a Treasury-based product - perhaps a fixed or capped rate involving the lender in costs of hedging. With many Treasury-based deals having the benefit of portability a client moving home need not pay a redemption charge. ...

  • Optoma joins Sesame panel

    26 Jan 2005

    Optoma Broker Solutions has been appointed as an approved packager for Sesame.

  • Packagers strike back over L&G fees payment changes

    24 Jan 2005

    Packagers are hitting back at the Legal & General Partnership after it wrote to its panel of lenders and packagers asking them to change the way procuration and packaging fees are paid.Until now it has allowed lenders to pay both the proc and packaging fee in one lump sum to the packager who then splits the payment and passes the proc fee onto L&G to give to the broker.But L&G wants lenders to split the payment and give the proc fee directly to it. This has angered packagers ...

  • Paisley broker faces fraud probe

    24 Jan 2005

    Strathclyde Police are investigating a Paisley-based broker over allegations of a 12,000 mortgage fraud.Stuart Kennedy at Mortgage Options, based in the town on the outskirts of Glasgow, has been accused of taking out the sum of money from a client's endowment policy and there are rumoured to be further complaints surrounding his business dealings.Kennedy had told police he was an appointed representative of Glasgow-based firm Capital Mortgage Connections.When contacted ...

  • Pink secures funds for flexible deal from BMS

    24 Jan 2005

    Pink Home Loans has secured funds for a flexible tracker product from BM Solutions.The product is aimed at clients with variable income, particularly the self-employed.For the first two years of the loan, the payment rate tracks Bank of England base rate with a loading of only 94 basis points giving a pay rate of 5.59%, and increases to 1.75% over base rate thereafter.The product allows applicants to self-certify their incomes and is fully flexible, allowing overpayments, ...

  • Portman helps lax brokers

    24 Jan 2005

    Portman is helping brokers correctly fill in mortgage applications after its research revealed a staggering 80% of completed forms were submitted with the incorrect information.Paul Howard, associate director at Portman, says: "We have a project underway whereby we work with intermediaries to help them fill in the forms that have been incorrectly presented. Our business development managers are being supplied with information so they can show brokers who commonly make mistakes where ...

  • Portman makes more mortgage changes

    28 Jan 2005

    Portman has realigned its core mortgage product range effective from January 29 2005.

  • Preferred Mortgages launches fixed rate range

    26 Jan 2005

    Preferred Mortgages has launched a range of two-year fixed rate products.

  • PT rebrands to reflect broader offer

    24 Jan 2005

    Personal Touch Insurance has rebranded to become Personal Touch Financial Services.The company has changed the name to better reflect the type of business it now does. It was established in 1994 and has developed to offer not only mortgages and general insurance but also investments and pensions, lifetime mortgages and commercial insurance.Mike Allinson, managing director of PTFS, says: "For some years we built PT up as a mortgage network, but we changed it into an IFA network ...

  • Repossessions remain flat, says CML

    26 Jan 2005

    Figures released today by the Council of Mortgage Lenders show that the number of repossessions remains flat.

  • RICS responds to government plans

    25 Jan 2005

    The Royal Institution of Chartered Surveyors has reacted to the government's unveiling of its five-year plan for housing.

  • Scarborough's TV tempter

    24 Jan 2005

    Scarborough is offering customers a Sony plasma TV worth 3,300 with its five-year fixed and tracker deals on completion of a mortgage.The plasma flexible base rate tracker offers an initial rate of 4.99% and the plasma flexible five-year fixed rate offers a guaranteed rate of 5.49%. Both products offer a refund of valuation fee plus 250 cashback on completion.The television must be declared on the Key Facts Illustration, in the additional features section.John Carrier, Scarborough's ...

  • Security is the number one priority for homebuyers

    24 Jan 2005

    Home security is the top priority for people looking to buy property, according to the latest research commissioned by The Homebuyer Show.

  • Senior level changes at Kensington Mortgages

    26 Jan 2005

    A number of senior management figures are leaving Kensington Mortgages and new roles are being created as part of its plans for future growth.

  • Small firms central to FSA priorities in business plan

    26 Jan 2005

    The Financial Services Authority has published its business plan, setting out its priorities for 2005/06 and the budget necessary to deliver them.

  • Small packagers must unite to confront CP05/1 challenge

    24 Jan 2005

    From Paul Brett

  • SmartNewHomes.com launches TV advertisements

    28 Jan 2005

    SmartNewHomes.com has made its small screen debut with a series of national television advertisements. The ads began on January 17 and can be seen across the digital network including E4, ITV2 and 3 and the UK Living channels.

  • Sovereign Reversions acquires shared equity loans

    27 Jan 2005

    Sovereign Reversions has purchased a portfolio of shared equity loans from the property division of Montpellier Group for 1.89m.

  • SPPL appoints two BDMs

    27 Jan 2005

    Southern Pacific Personal Loans has strengthened its sales team by appointing two business development managers.

  • Stamp Duty could be slashed for first-time buyers

    24 Jan 2005

    Stamp Duty could be slashed to help first-time buyers get on the property ladder under plans being drawn up by the government, if Labour retains power at this year's election.

  • Standard Life Bank launches affordability calculator

    26 Jan 2005

    Standard Life Bank has launched an online affordability calculator, designed especially for intermediaries.

  • Standard Life targets protection market

    26 Jan 2005

    Standard Life has launched an online business system for its life protection series which has been designed following extensive consultation and testing with IFAs.

  • Students advised to protect their deposits

    25 Jan 2005

    The Tenancy Deposit Scheme has joined forces with the National Union of Students to persuade university students to protect their deposits and avoid disputes.

  • TBMC appointed to the Burns-Anderson panel

    25 Jan 2005

    The Business Mortgage Company has been appointed to the mortgage panel of Burns-Anderson.

  • Tenet launches Elite protection offering

    26 Jan 2005

    The Tenet Group has launched a protection offering providing all its members and clients with the best rates, products and services from leading providers.

  • The balance is tipping towards a staff shortage

    24 Jan 2005

    Colin Lloyd is head of operations at Reed InsuranceGeneral recruitment trends show an increase in vacant positions, particularly in the South. The balance between roles and candidates is tipping towards a staff shortage.This will be old news to firms who were crying out for quality staff throughout 2004. The workforce in the mortgage market is destined to become more qualified and skilled thanks to regulation. It seems that very few observations from now on will not relate to regulation, ...

  • The Finance Centre appoints head of products

    26 Jan 2005

    The Finance Centre has appointed Simon Snape as head of products.

  • The Mortgage Mole

    24 Jan 2005

    It's yam tomorrow

  • THINC about diversification

    24 Jan 2005

    THINC Destini has amalgamated THINC Financial Solutions and THINC Mortgage Solutions under one multi-tie brand, and hopes the move will encourage mortgage brokers to explore other areas of financial advice.THINC Financial Consultancy's board was announced last week to more than 300 members, and includes Simon Chamberlain as group chief executive and Roderic Rennison as chief executive officer.Nick Boyle is managing director of multi-tie for the company. The final line-up is ...

  • Think tank predicts big rate cuts in 2005

    24 Jan 2005

    A Wales-based economic think tank is forecasting that interest rates may have to be radically cut this year to avoid recession.In its latest quarterly economic bulletin, the Julian Hodge Bank Institute of Applied Macroeconomics forecasts that weakening demand is likely.Patrick Minford, head of the institute which is based at Cardiff Business School, says: "The next move in interests rates will be down and the Bank of England may have to lower them aggressively to avoid a recession ...

  • TMO launches Capital Home Loans exclusives

    28 Jan 2005

    TMO has launched two exclusive products from Capital Home Loans.

  • TMO launches online sub-prime AIP facility

    26 Jan 2005

    The Mortgage Operation has lanched an online sub-prime AIP facility to help its members obtain fast decisions for clients with impaired credit.

  • TMW launches its first adverse mortgage range

    24 Jan 2005

    Portman subsidiary The Mortgage Works has launched its first adverse credit range.The mortgage portfolio offers light adverse and credit repair mortgages at low fixed and discounted rates with no extended early redemption charges.In the light adverse range there is a two-year fixed rate and a two-year discount. Both are available at 5.99%. The credit repair range includes a two-year fixed rate and a two-year discount rate, both at 6.49%. The schemes are designed to meet a wide ...

  • Tribunal criticises FSA's handling of L&G case

    24 Jan 2005

    The Financial Services & Markets Tribunal has upheld only part of the Financial Services Authority's mis-selling case against Legal & General.The FSA's central case was that L&G's procedures for the sale of its flexible mortgage plans to 41,000 customers between 1997 and 1999 were defective and that these defects led to significant levels of mis-selling.While the tribunal upheld the FSA's case that L&G's sales procedures were defective and heard evidence from 13 L&G customers, ...

  • Trigold addresses sub-prime sourcing

    24 Jan 2005

    Although Trigold's 'non-conforming sourcing module' sounds like the answer to the sub-prime mortgage sourcing problem, brokers could be forgiven for being cynical, says Frank Eve.

  • We must maintain picture of health

    24 Jan 2005

    Financial services is a numbers game, and that extends to regulation. At the last count, at least 10,000 intermediary firms had received authorisation for general insurance, but the Financial Services Authority has said the eventual number involved in sales, advice, administration, and arranging could reach 40,000.With 7,400 firms authorised for mortgage business, mortgage intermediaries may be smaller in number but recent distribution data has only served to confirm their significance ...

  • What's the next big challenge facing brokers following mortgage and GI regulation?

    24 Jan 2005

    Bill Warren is compliance director of Complete Mortgage & Loan ServicesIt's short-sighted to think that because mortgage and general insurance regulation have arrived we can tick regulation off our lists and file it away. In reality, only one hurdle has been cleared - getting authorised to trade. The systems, record keeping and checks we have all worked so hard to put in place have yet to be tested.One major new stage of regulation that we are about to enter is reporting. The ...

  • Which? slams FSA with-profits rules as wasted opportunity

    28 Jan 2005

    Which? says the Financial Services Authority's final rules on treatment of with-profits policy holders is a wasted opportunity and delivers little of real value to customers .

  • Writing is on the wall for packagers

    24 Jan 2005

    Packagers were dealt further blows last week. First the Financial Services Authority set the cat among the pigeons with its confusing Consultation Paper 01/5 which many interpreted as wanting lenders to take responsibility for all of a packager's activities - something any sensible lender would baulk at.The FSA is now trying to clarify things by saying it is third party processors which already have outsourcing agreements with lenders it is targeting, not authorised packagers. But ...

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