Mortgage Strategy
24 May 2004

  • [Bsa Brief] Mutuals move with the times as more Brits look to move abroad

    24 May 2004

    Summer is on its way and I have even dug out the flip-flops from the back of the wardrobe, although knowing the great British weather it will no doubt be raining by the time you read this. This is the time of year when our thoughts turn to holidays. But for an increasing number of people this also means thoughts of not only visiting but buying their own pad in sunnier climes. In the past few weeks I seem to have played what I call 'Fantasy Holiday Home' with a number of ...

  • 10 key features of a network

    24 May 2004

    Mortgages - product range and procuration fees The lender panel and product range should be large enough to ensure that you are able to select the best products for your clients. Insurance - product range and commissions You should have access to a good range of products from well-known names that are easy to sell to your clients. Point-of-sale quotation system Essential in order to search over whole of market, to provide best advice, ...

  • 73% of brokers expect new networks to fails, reveals MGM

    28 May 2004

    A survey by MGM Home Finance at the Manchester Mortgage Expo reveals that 73% of mortgage brokers expect some new networks to fail within the first year - which means brokers signing up could face being unable to trade until they found a new home. The research also reveals that 14% of brokers remained undecided about whether to be independent or tied, with some unaware of the April 30 deadline. Of those questioned, at Mortgage Expo in Manchester last week, 52% stated ...

  • A business structured with brokers in mind

    24 May 2004

    Bank of Scotland In 2001, Bank of Scotland started a new chapter when it merged with Halifax to create the HBOS Group. Bank of Scotland now plays a key role in HBOS' mortgage strategy by catering to the intermediary mortgage market. Bank of Scotland employs about 200 staff in a purpose-built mortgage centre in Edinburgh. A team of 60-plus qualified business development managers promotes Bank of Scotland's specialist and mainstream mortgages nationwide. Q: How ...

  • A view from the floor

    24 May 2004

    No doubt you, like me, were bitterly disappointed for first-time buyers and people on low incomes when the level at which Stamp Duty is paid was once again frozen by the Chancellor in this year's Budget. At present, the first band of Stamp Duty is charged at 1% on properties over £60,000. Because of the rise in house prices in recent years, virtually every property now qualifies for Stamp Duty. Many would-be first-time buyers simply cannot afford to enter the housing ...

  • A&L relaunches its mortgage portfolio

    25 May 2004

    Alliance & Leicester has relaunched its mortgage portfolio to offer a range of fixed, discounted and base rate tracker products. Each type of mortgage comes with a menu of options for customers looking to for help with their mortgage costs. The fixed rates available are for two, three and five years, discounts for two and three years, and base rate trackers for five and 10 years. The products are available immediately through both A&L branches and intermediaries. Paul ...

  • ABI backs FSA strategy to improve

    28 May 2004

    The Association of British Insurers has confirmed its dedication to improving people's financial knowledge as it welcomed the Financial Services Authority's update report on its strategy to improve financial capability. The ABI and it's members are well representatives on the seven working groups that have been set up to determine early priorities for action in reaching millions of people with the financial capability messages. Joanne Segars, head of pensions ...

  • ABI publishes updated mortgage endowment code

    26 May 2004

    The Association of British Insurers has published a revised and updated mortgage endowment code with changes designed to improve communications with customers and policyholders' understanding of the performance of their investments. The new Code is being introduced following consultations with member companies and a wide range of stakeholders - including the FSA, the Financial Ombudsman Service, other trade bodies and consumer groups. The changes include guidance ...

  • Advance launches F400 range

    25 May 2004

    Advance Home Loans, the branded lending arm of mortgage packager Advantage Mortgage Services has launched its F400 product range, funded by First National. The range includes a suite of fixed, discounted or tracker rates along with improved criteria, such as a Right to Buy up to 90% LTV and a 95% remortgage. There is also a mortgage for first-time buyers with historical adverse credit, a self-cert with no income declaration, a MIG threshold of 85% LTV and CCJ's by ...

  • All your network questions answered by the industry's leading experts

    24 May 2004

    Can I join a network if I haven't passed my CeMAP exam? Ian McIver is managing director of the Whitechurch Mortgage Network This is down to your network. It is possible if your network scripts your questions and you do not provide any mortgage advice. The Whitechurch Mortgage Network expects CeMAP or MAQ as a minimum qualification for ARs. Richard Griffiths is managing director of Network Data Some networks such as Optoma and Mortgage Times ...

  • Blue sky

    24 May 2004

    Contrary to popular belief, getting to know customer requirements is not very difficult. Let us tell you what all customers want. Any customer, in any industry, in any market wants stuff that that is both cheaper and better, and they want it yesterday. Organisations may spend millions of dollars every year getting McKinsey, Boston Consulting Group or A.T. Kearney to help them answer this question. But the simple truth is that the typical customer will always ask for improvements within ...

  • Brand will give finance firms a mortgage option

    24 May 2004

    London & Country has launched the MortgageScape brand to provide an independent mortgage advice proposition for other financial companies - the first being Capital One. MortgageScape's partnership with the personal loan and credit card company means Capital One cardholders will be offered an independent mortgage review from MortgageScape via leaflets inserted into statements. Clients are charged a fixed arrangement fee of £299 which Capital says compares well ...

  • Broker software suppliers combine forces

    27 May 2004

    Target Group has acquired Bluechip Software, in a deal that combines the two software firms. Target has specialised for over 30 years in providing back office software solutions to the financial services market and includes Barclays, Yes Car Credit, First National, Woolwich, Firstplus and HFC amongst its clients. Bluechip's loan and mortgage processing software is highly respected in the broker market for its functionality and usability, with an installed user base ...

  • Brokers have never been more needed

    24 May 2004

    In the past 15 years the growth in the levels of mortgage product complexity and choice have been frankly remarkable. You could say that the customer has never had it so good. However, we must remain vigilant to ensure that commoditisation of mortgage products does not creep into the UK marketplace. What I mean by commoditisation is the reduction of a mortgage purchase to the status of buying soap powder from a supermarket. Commoditisation is being increasingly ...

  • Building society gross mortgage advances total £4.09bn in April

    24 May 2004

    Building society gross mortgage advances totalled £4.09bn in April 2004, increasing from £3.14bn in April 2003, figures from the Building Societies Association reveal. The figures show that net advances were £1.54bn in April 2004, up from £1.2bn in April 2003. Approvals increased to £4.3bn in April 2004, from £4.1bn in April 2003. Adrian Coles, director-general of the BSA, says: "Net advances in April were up by almost one-third ...

  • Buy-to-let landlords optimistic, reveals property show

    28 May 2004

    A major survey of property investors attending the Property Investor Show North in Manchester reveals an overwhelming tide of optimism amongst buy-to-let landlords. Out of the property investors polled, 81% say they expect the buy-to-let market to grow over the next 12 months. Only one respondent expected a crash. Some 91% are planning to expand their existing portfolios over the next year. And while 63% of the investor's interviewed are based in the South ...

  • Buy-to-let portfolios of £20m plus booming

    28 May 2004

    Private investors are negotiating buy-to-let portfolios up to £20m, reports Charles Cameron. The company says its a clear sign that confidence in the property market as a long term investment proposition continues to show no sign of slowing down. Despite the current rising interest rate environment, prices continue to rise across the country. Charles Cameron says that many investors are actively trawling the market for exclusive mortgage deals which cannot ...

  • CA welcomes new FSA rules on endowment complaints

    26 May 2004

    The Consumers' Association has welcomed the Financial Services Authority's new rules on mis-selling of endowments policies. Louise Hanson, head of campaigns at the Consumers' Association, says the decision is long overdue but welcome to provide personalised information on how long people have left to make a complaint on mis-sold endowments. She says: "We are particularly pleased to see the FSA implementing the changes rather than consulting because we suspect ...

  • Call for lender clarity on B2L

    24 May 2004

    Commercial finance firm the Business Mortgage Company has called on lenders to set out their stalls on whether buy-to-let brokers will have to be regulated come Mortgage Day. Speaking at the Mortgage Expo, Paul Rockett, BMC director of sales and marketing, warned brokers that the top 10 lenders have not made their positions clear and that they should tell firms now whether FSA regulation will be a mandatory requirement. Rockett says: "At the moment lenders will not state ...

  • Charcol offers exclusive three year capped tracker

    27 May 2004

    Charcol is offering an exclusive three year capped tracker mortgage giving a current pay rate of 4.80% and capped at 5.65%, both until June 30 2007. Ray Boulger of Charcol, says: "British borrowers will find it impossible to obtain a clean three-year fixed rate today at less than 5%. Many capped rate mortgages end up in practice being fixed rates because they are linked to the lender's SVR. "As a result, if the cap is at a competitive rate, the actual pay rate ...

  • Chelsea launches fixed rate range

    26 May 2004

    Chelsea has launched a range of fixed rate mortgage products. The products include two-year, three-year, five-year fixed rates as well a five-year buy-to-let mortgage. The existing fixed rate mortgage products have been withdrawn.

  • CML denies predicting rate hike

    24 May 2004

    The Council of Mortgage Lenders sparked a media frenzy yesterday after The Sunday Telegraph reported that the lender trade body was expecting interest rates to double to nearly 10% to stop the runaway property market spiralling out of control. But the CML's prediction sparked fears that such a move could have the opposite effect - plunging the market into a spiralling nosedive and forcing thousands of homeowners to sell their home or face it being repossessed. But ...

  • CML slams misleading media reports

    24 May 2004

    The Council of Mortgage Lenders today strongly criticised media reports misrepresenting its central views on the future of the housing market and future levels of interest rates. Contrary to reports,CML director-general Michael Coogan did not give an interview to The Sunday Telegraph, let alone one suggesting that interest rates need to double or are likely to double. In fact, the CML believes that base rates are likely to end the year at around 5.25%, and end next ...

  • Concern over multiple exams

    24 May 2004

    The Association of Mortgage Intermediaries has warned that allowing firms to set their own exams post-Mortgage Day could dilute the current high standard of training. It says such a move would result in a plethora of qualifications rather than just the current mandatory CeMAP and MAQ, making it difficult to judge whether advisers at different firms are all trained to a similar standard. AMI director Chris Cummings told delegates at last week's Mortgage Business Expo ...

  • Countrywide Assured to complete demerger on May 25

    24 May 2004

    Countrywide Assured has announced it will complete the demerger of its life company and list as Countrywide PLC on May 25. The life company will list separately as Chesnara PLC. The group will also complete the return of £100.5m of capital to shareholders in the form of a capital repayment plus a final dividend. Countrywide PLC says it will join the real estate sector of the FTSE and dominate the sub-sector property agencies. The company will be a focussed ...

  • Curriculum Vitae - Alan Cleary

    24 May 2004

    Name: Alan Cleary Age: 34 Company: BM Solutions Job Title: Head of sales Where do you live? Hollywood in Birmingham Describe your current job: Responsible for the sales activities of 30 business development managers. I also look after key accounts. What was your first job? Office junior at NatWest and senior staff beverage technician (tea maker). I have knowledge of the mortgage ...

  • Dear Dippy

    24 May 2004

    Dear Dippy Sarah Blackburn has just moved in with her boyfriend who is a homeowner. He has made about £40,000 on the value of his property since buying it two years ago. Sarah is looking to invest in a property herself but does not want to complicate her situation by becoming a joint owner with her boyfriend. What options are available to her? Dippy says: First-time buy-to-let investors need to think hard before taking on the responsibility of this type of investment. ...

  • Demand soars for £20m buy-to-let investment portfolios

    26 May 2004

    Confidence in the property market as a long-term investment proposition shows no sign of a slowdown as leading City broker Charles Cameron reports private investors are negotiating buy-to-let portfolios up to £20m.   Despite the upward movement of interest rates, prices continue to rise across the country. The London-based broker says that many investors are actively trawling the market for exclusive mortgage deals which cannot be arranged when going direct to a high street ...

  • Drip-feed proc fees warning

    24 May 2004

    Brokers have been warned to avoid what are seen by some as unethical drip-feed proc fee initiatives from lenders designed to hold onto borrowers and decrease churn. Some lenders think trail commission-type payments could cut the strain they are experiencing from churn and be a good retention mechanism. But Mungo Dunnett, managing director of consultancy firm Mungo Dunnett Associates, told brokers at the Mortgage Business Expo in Manchester last week that their reputation ...

  • e.surv sees 20% growth in first quarter of 2004

    25 May 2004

    e.surv has revealed it is continuing to see strong growth in 2004 with first quarter volumes up by more than 20%. The company's core business is the provision of valuations and related information for all the leading banks, building societies, packagers and brokers in the market.  It completes over 450,000 cases directly via its network each year, and also distributes more than 180,000 jobs each year in its capacity as panel manager. Richard Sexton, national business ...

  • em-financial makes appointments to sales team

    26 May 2004

    Em-financial has announced the appointment of three additions to its team. Neil Taylor has been appointed as national business development manager for Satellite Packagers, and will play a key part in cementing relationships with smaller packagers that wish to become Satellite Packagers for em, come N4. em-financial now provides a packaging solution for several major network customers, including Sesame, Park Row, Whitechurch, Inter-Alliance, and Personal Touch Insurance, ...

  • eMoneyfacts welcomes S&P as key partner

    27 May 2004

    Select & Protect has become the first household insurance provider to be featured on eMoneyfacts, the web portal for IFAs. The insurer is already the largest provider of household insurance sold through financial advisers, a position that will be further strengthened by the link up with eMoneyfacts. Simon Hood, chief executive of Select & Protect, says: "Moneyfacts is a well known and respected source of financial information. The mortgage sourcing area is very competitive ...

  • Euro 2004 boost set to be headache for MPC, warns Cebr

    28 May 2004

    The upcoming Euro 2004 football tournament is set to provide a short term boost of around £1bn to the UK economy, but could be a major headache for the Monetary Policy Committee, warns the Centre for Economic and Business Research. This will come through increased consumer spending and through increased business spend on advertising. The economic impact of the tournament will be in contrast to that of the World Cup 2002, whose impact on the UK economy was negative. This ...

  • Ex-IFA defends criticism of CA

    24 May 2004

    A former IFA whose website www.notwhich.co.uk claims that the Consumers' Association has encouraged mortgage endowment complaints has defended his site after criticism from the consumer body. Evan Owen, an IFA between 1985 and 2002 and now in recruitment, set up the website in February 2003 in response to the CA's endowmentaction.co.uk campaign which is devoted to helping the five million borrowers who may have been mis-sold endowments in the 1980s and 1990s. Owen's ...

  • First National revamps product range

    28 May 2004

    First National has revamped its core product range and launched stand alone web sites for both brokers and packagers to encourage online case submission. Product changes include a new range of tracker products linked to Barclays Bank base rate as well as a range of limited deals including new fixed and discounted products and loans of up to 95% LTV to all customers - including first time buyers. Its two websites, First Nat Online for packagers and First Nat Direct ...

  • FirstRungNow offers joint ownership guide

    25 May 2004

    Website FirstRungNow is assisting property professionals to help first time buyers with their home and mortgage with useful advice on joint ownership.   Jan Ferrer at FirstRungNow says: "We have just completely revised and expanded our joint ownership guide which details the practicalities and legalities of joint ownership. "As well as information on joint mortgages and different types of joint ownership it includes examples of a trust deed and co-habitation agreement ...

  • Freedom extends distribution to include Mortgage Next

    27 May 2004

    Freedom Finance has added Mortgage Next to its panel of distributors. The company initially launched its new range of products via Pink Home Loans earlier this month. Freedom's product range includes self-cert, buy-to-let, let-to-buy, full status and non-conforming products. The range has been carefully developed to address issues which most other lenders have left unanswered, such as restrictive income multiples, credit score based underwriting, inadequate LTV's, ...

  • FSA can't save reversions

    24 May 2004

    There is concern that home reversion regulation, which is planned be introduced in the next two to three years, will come too late to save the sector from terminal decline. Home reversion sales plummeted from £57m in the first quarter of 2003 to £11m in the same period this year. Speaking at the Mortgage Expo, Roger Hillier, product development manager at Mortgage Express, told delegates: "Since 2000, sales have been declining but there has been a big drop this ...

  • FSA changes rule on endowment complaints

    26 May 2004

    The Financial Services Authority is changing its rules to require firms to explicitly warn endowment policyholders who have a high risk of shortfall about the date when their right to make a complaint about the sale of the policy expires. The rule changes will come into effect on June 1 2004. These endowment policyholders have three years to complain following receipt of their first 'red letter' which notifies them that their policy is running a high risk and that ...

  • FSA publishes new rules for long-term care insurance

    25 May 2004

    The Financial Services Authority has published new rules which enhance consumer protection for long-term care insurance. The rules largely confirm the proposals consulted on towards the end of last year. They come into force on October 31 this year when LTCI business comes under the FSA's scope. Dan Waters, retail policy director for the FSA, says: "We have received widespread support for the proposals to strengthen protection for consumers of long-term care insurance. ...

  • FSA publishes periodic fees approach for mortgage and GI brokers

    27 May 2004

    The Financial Services Authority has published its proposed approach to setting the periodic fees for the regulation of mortgage firms and general insurance intermediaries. The regulation of general insurance, to begin in January 2005, comes about through the implementation of the European Union's Insurance Mediation Directive. At the time that the UK government announced the FSA would begin regulating general insurance, it also stated that mortgage business would ...

  • FSA says new advert standards will boost sales

    24 May 2004

    The Financial Services Authority has predicted that compliant advertising standards will be a major boost to sales post-Mortgage Day. Speaking at the Manchester Expo, Susan De Mont, manager of mortgage policy at the FSA, told brokers that the small print on advertisements was fuelling consumer fears of being ripped off. Under the new standards, firms will be expected to list both the pros and the cons of products boldly so that consumers can clearly see how the deal will ...

  • Genesis launches first franchise

    25 May 2004

    Genesis Home Loans has launched the first of its nationwide network franchises.   From June 1, Peterborough-based Regency Mortgages will now operate as Genesis East Anglia.   Franchises will be able to provide their current introducers with a continuity of service, combined with a competitive multi-channel product offering. In addition, by joining the Genesis Approved Network packagers will be able to offer an AR proposition, with compliance support provided by ...

  • Genesis says only 20 networks will survive

    24 May 2004

    Genesis Home Loans, which runs the Genesis Approved Network, is predicting that less than half the 45 or so networks going for principal status will survive long after Mortgage Day. Head of sales John Lee believes there will be less than 20 networks within two years with some not getting authorised and others leaving the market. But he is confident the Genesis Approved Network is secure partly due to the financial backing of Mortgages PLC. Lee says: "There are networks ...

  • Glossary of terms used in Islamic finance

    24 May 2004

    Ijara An arrangement under which an Islamic bank leases equipment, a building or other facility to a client against an agreed rental. The rent is fixed so the bank gets back its original investment plus a profit. Ijara wa iqtina allows the same arrangement but with the agreement of purchase. Ijara is one of the more popular modes of financing in Islamic banking. Murabaha Sale at stated cost price and mark-up. This refers to an agreement whereby the seller purchases ...

  • Government backs ARLA tenancy deposit scheme

    26 May 2004

    The government has recognised the urgent need to safeguard tenants' deposits in the private rented sector, just weeks after the ARLA Tenancy Deposit Scheme went live. The government has promised to include measures in the current Housing Bill to require protection for deposits. ARLA believes that there is well over £1bn in deposits held in the private rented sector that are not held by regulated agents. Consumer groups and tenants' rights organisations ...

  • Hallmark Mortgages announces merger with mortgage firms to form H3 brand

    24 May 2004

    South-East based packager Hallmark Mortgages has announced it has completed a merger with two other mortgage firms, Henley Cavendish and Habitats, to form its new brand. The banner under which the three firms will be trading is H3. Neil Moakes, joint managing director of H3, says: "We are delighted with the rebranding and are now setting to the task of developing our business strategy. This includes adding more specialist and high street lenders to our already extensive ...

  • High Street term cover providers ripping off customers, says QuickQuote

    26 May 2004

    High Street lenders are exploiting homeowners taking out term cover to help protect their mortgage by charging up to three times over the odds, claims broker Quickquote UK. A recent mystery shopping exercise conducted by broker QuickquoteUK found that major banks are quoting massively inflated premiums - despite the fact that the cost of underwriting life cover has gone down thanks to medical advances and higher life expectancies. Quickquote UK boss ...

  • Homeloan Partnership confirms provider partners

    25 May 2004

    HomeLoan Partnership is setting out its stall for regulation by confirming its chosen provider partners.     Members of the HomeLoan Partnership will have access to exclusive deals for insurance products from Select & Protect, CETA, Source Insurance and IMD.   They will also be able to use the services of packagers Solent Mortgage Services, The Finance Centre, m2-d&p and Premiere Funding.   Conti Financial Services will help with overseas funding requirements. Professional ...

  • House prices up by 1.9% to £149,020, reveals Nationwide

    28 May 2004

    Nationwide has revealed that house prices increased by1.9% during May to £149,020, pushing the annual rise up to 19.5%. It says that its house price forecast for the 12 months to December 2004, which remains at 15%, implies an average monthly rise of just 0.7% for the remainder of the year. The expectation is that the combination of muted post tax earnings growth, further interest rate rises and a downgrading of homeowners' price growth expectations to slow ...

  • Housing boom risk to economy and jobs, warns Lib Dems

    28 May 2004

    The Liberal Democrats have warned that the house price boom is a major risk to the econonomy and jobs. Vince Cable MP, Liberal Democrat shadow chancellor, says: "Large numbers of people are gambling on the house price boom - a gamble they may regret if house prices start to fall or interest rates continue to rise. "It is time for the Government to take action to protect ordinary homeowners against irresponsible lending."

  • How will building societies cope with the flurry of regulation from the FSA and from Europe?

    24 May 2004

    Adrian Coles is director of the Building Societies Association In his last speech as BSA chairman, John Goodfellow warned of the onset of 'regulitis'. This, he ex-plained, is a designer disease infecting much of the industry. The serious point is that we are in the middle of a regulation experiment and it is important that we guard against consumer detriment. What could be this detriment? Firstly, cost. Ensuring that your firm is compliant is a time-consuming ...

  • How you can avoid a PI headache

    24 May 2004

    Had a chat recently with your firm's professional indemnity provider? If you've applied for direct authorisation and haven't, it's time to do so now. Many responsibilities come with direct authorisation and maintaining satisfactory PI cover is one of them. I stress this having heard uncertainties expressed recently at an industry forum on the issue. At least two intermediaries present had received assurances from their providers that cover would not be a problem but ...

  • Howell and Bailey return with overseas venture

    24 May 2004

    Ron Howell and Barry Bailey, the duo largely responsible for First National's growth in the UK mortgage market and its move into the overseas mortgage market, are back in business. Howell and Bailey, who between them have 58 years' experience in the mortgage and related markets, were canned from the GE-owned company late last year after a massive internal restructure. But after five months' gardening leave Howell and Bailey are launching Home Mortgage Company ...

  • HSBC is first international bank to offer a Sharia-compliant mortgage

    24 May 2004

    As the first international bank to offer personal finance compliant with Sharia law, HSBC has launched the Amanah Current Account and Home Finance. Amanah Home Finance is based on the principle of Ijarah (leasing). By signing the Home Finance letter, the client agrees to lease the property from HSBC and HSBC enters into a purchase contract with the person from whom you want to buy the property, in the case of refinance, HSBC then enters into a purchase contract with the client. ...

  • I should know but I don't

    24 May 2004

    Q: What minimum limits has the FSA set for PI insurance? A: The FSA has set the following baseline levels of cover for firms with assets of less than £1m: • PI cover for claims relating to the conduct of itself, its employees and its ARs. • A minimum limit of indemnity as the higher of 10% of annual income up to £1m and £100,000 for a single claim or £500,000 in aggregate. • Firms that do not hold client ...

  • In praise of a larger lender panel

    24 May 2004

    We are now in the phase when thousands of brokers will have to choose which network to join. For the next 10 weeks I will be conducting an in-depth analysis of the elements of a network that prospective ARs should consider before making their choice. It is highly unlikely that an AR will investigate in-depth all the 44 networks that featured in the Network Strategy supplement published by Mortgage Strategy in May. Brokers are more likely to arrive at a shortlist of potential ...

  • Infinity appoints two BDMs

    26 May 2004

    Infinity Mortgages has announced the appointment of two business development managers. Donald Cook has been appointed to look after the Midlands area and Mark Fletcher will be responsible for the South-East.They will both report to Chris MacMahon, Infinity Mortgages sales director. Cook, who is from Staffordshire, started mortgage broking in his family owned firm, Donald Graham & Co. He then moved into sub-prime lending with igroup as a business development manager and ...

  • Internet Insite

    24 May 2004

    After two weeks in south Wales, it's up to the north-east of Scotland and three websites from the Aberdeen area. I can understand brokers restricting their websites to static information as it's low maintenance. But North East Independent Financial Advice's site was last updated in May 1999, which is why, presumably, there's no mention of flexibles and trackers. Its static information could do with refreshing. If you don't review content on a regular basis, you can end up ...

  • Investing a lump sum? There is a better way, Daniela

    24 May 2004

    From Ian James I refer to Daniela Conte's response to the Dear Dippy case in the May 17 issue of Mortgage Strategy. In this, Daniela states that £78,000 of the equity release lump sum should be invested to provide an income for the client. In my experience, this is not good advice. Why borrow money at Mortgage Express' fixed rate of 6.74% and then try to invest it at a better rate, taking into account the tax liability, to provide an income. The ...

  • Islamic options

    24 May 2004

    This year marks the 25th anniversary of the election of the UK's first woman Prime Minister, Margaret Thatcher. Many words have been written and spoken about what constitutes the lasting legacy of her period in office, during which she won three general elections. Opinion is naturally divided on this but what most commentators agree on is that one of her best received initiatives was giving council tenants the opportunity to buy their own homes and participate fully in her ...

  • Kensington profits growth on track for 2004

    27 May 2004

    Kensington has reported that its profit growth is on track to meet expectations for theyear ending November 30 2004. In the first five months to April 30 2004, Kensington has continued to perform well across all areas of its business despite the mortgage market being less buoyant and more competitive than the exceptionally strong conditions seen in 2003. New business completions continue to grow whilst origination costs and margins have remainedattractive and stable. ...

  • L&G begins legal battle against £1.1m FSA fine

    24 May 2004

    Legal & General last week began its legal battle against a £1.1m fine from the FSA and accused the regulator of seeking extra evidence due to its original case being unsubstantial. L&G is contesting the FSA's ruling that it mis-sold endowment mortgages dating back to the period between 1997 and 1999. The insurer is the first major firm to openly challenge the FSA. At a preliminary hearing last Thursday, L&G told the tribunal that the mis-selling could not be ...

  • Lenders rush to reprice their fixed rates

    24 May 2004

    Swap rates continued their upward march last week, culminating in a significant rise towards the week's end. • One-year money is up 0.15% to 5.10% • Two-year money is up 0.13% to 5.30% • Three-year money is up 0.12% to 5.40% • Five-year money is up 0.09% to 5.47% Again lenders have been repricing their fixed rates in droves as their existing tranches run out. Many of these rates have only been around for two or three weeks. Principality's ...

  • Let's stop moaning and start selling

    24 May 2004

    PS0401 certainly proves to be an interesting epistle and my sympathy goes out to anyone currently trying to put mortgage and general insurance compliance and training and competence manuals together. For light relief I thought I would wade through my ever increasing pile of financial press only to be hit by a plethora of articles bemoaning the expected increases in expenses due to the incoming FSA regulation. Between 15% and 20% in additional costs post-October 31 2004 and January 14 2005 ...

  • Let's take over unused money in bank accounts too

    24 May 2004

    From Dave Rogers Any proposals to make empty properties available to the homeless should be welcomed. Why should owners be allowed to leave unused properties to go to rack and ruin? If owners refuse grants offered through local councils or housing associations, control will be taken out of their hands by force of law. If the grants were sufficiently attractive surely any owner would wish to take advantage of them? We are a country that talks about choice and freedom ...

  • LIA makes four appointments to board

    24 May 2004

    The LIA, which represents around 20,000 financial advisers, has made four appointments to its board of directors. Mark Ommanney, John Ellis, Andrew Clarke and Peter Williams have joined the board as director general, public affairs director, finance director and director respectively. The move, which takes the number of board members from eight to 12, has been designed to strengthen the LIA's drive to become a professional association, as announced on March 1 this ...

  • Lib Dems comment on BBA lending figures

    24 May 2004

    The Liberal Democrats have warned that the rise in lending is recklessly fuelling the housing boom. Commenting on the lending figures released by the British Bankers' Association which shows mortgage lending reached a record £6.4bn in April, Vince Cable MP, Liberal Democrat shadow chancellor, says: "Debt has topped £1trillion, yet there is more evidence of a boom in lending. "This rise in lending by banks and building societies is recklessly fuelling the ...

  • LMS equity service launched

    24 May 2004

    Outsourcing firm LMS has launched a service providing expert and independent legal advice on equity release to lenders, introducers and their clients The service, developed with a number of organisations including Safe Home Income Plans, is designed to help the industry meet SHIP requirements while speeding up and safeguarding the processing of loans in the growing equity release market. It should help applications go through more smoothly and give clients access to their money without ...

  • M2 Financial sets up national mortgage advice arm

    24 May 2004

    A new national mortgage advice service is entering the market with the launch of a dedicated mortgage arm by IFA M2 Financial. The 50 adviser-strong IFA, founded in October 2002, is setting up M2 Financial Mortgages on June 1 to offer advice on areas including first-time buying, remortgaging, buy-to-let, commercial lending and overseas mortgages. The division will be headed by M2 founder and managing director Mark Howard and operations director Chris Regan, with IFA Stuart ...

  • Majority of population aspires to own a home, says CML

    26 May 2004

    An overwhelming majority of people want to own their own home, the Council of Mortgage lenders reveals in its latest quarterly journal Housing Finance. The CML annual market research survey shows that 72% of those surveyed would like to be owners in two years' time and 81% in 10 years time. However, there has been a marked decline in the short-term desire for home-ownership among people under 25. Only 37% of this group want to own in two years' time, although ...

  • Marketing Brief

    24 May 2004

    One thing about doing these reviews is that it throws up some strange pairings. This week's bedfellows are Manchester and Preferred Mortgages. Preferred's material looks better and it has more to offer via its website but I can't help thinking that Manchester has done a better job in producing clarity of information. Unfair, I hear Preferred cry, you're not comparing like with like! And, no, of course I'm not. What I am comparing, though, is how well each lender presents ...

  • Mortgage Choice appoints sales director Mortgage Choice appoints Doug Hall as sales director

    26 May 2004

    North-West based packager Mortgage Choice has appointed Doug Hall as its sales director. Hall, formerly head of sales, will be responsible for the direction and management of the complete sales process and business development objectives. Managing director Karen Parr says: "Doug has been instrumental in driving the huge expansion in the business which we have seen over the past 12 months. Now that we have published our regulatory stance, I need the new sales director ...

  • Mortgage Choice launches sub-prime BM product

    25 May 2004

    Northwest based packager Mortgage Choice has launched a 95% LTV sub-prime product funded by BM Solutions. The two-year deal comes with no extended tie-ins, tracks Bank bank base rate plus 2.69% and has a current pay rate of 6.94%. Aimed at the light adverse market, it ignores defaults and will accommodate limited CCJs and past mortgage arrears. Doug Hall, sales director at Mortgage Choice, says: "This is good news for applicants looking for a high LTV product ...

  • Mortgage Excellence strengthens sales team

    25 May 2004

    Mortgage Excellence has added Cathy Burridge to its team as a sales executive to support the continued growth of the firm. Burridge was formerly at Barclays Bank for over 30 years in a variety of senior positions and will bring a wealth of experience to the management and development of the Mortgage Excellence business.

  • Mortgage lending in April hit £25bn, CML figures show

    24 May 2004

    Mortgage lending in April totalled £25bn, 1% higher than in March and 25% higher than in April last year, latest lending data from the Council of Mortgage Lenders reveals. The CML says house purchase loans accounted for 51% of gross lending at £12.8bn, matching the record figure of October last year. House purchase lending was 11% higher than in March and 58% higher than in April last year. The CML adds this is likely to have been bolstered both by seasonal factors ...

  • Mortgage lending saw record rise in April, says BBA

    24 May 2004

    Mortgage lending rose by £6.4bn in April - the highest monthly rise ever, figures released by the British Bankers' Association reveal. The figures compares to a previous six-month average of £5.6bn. Growth in unsecured personal lending at £1bn was weaker than the previous month, with stronger card borrowing countered by subdued demand for personal loans, after strong growth in March. Overall lending to non-financial companies expanded by ...

  • Mortgage Next launches buy-to-let deal funded by Platform

    24 May 2004

    Mortgage Next has launched a buy-to-let mortgage funded by Platform Home Loans, which is available exclusively via Mortgage Next members. The deal tracks the Bank of England base rate plus 1.35% for the life of the loan. Key features include no redemption penalties; rental income required at 130% at the product pay rate; maximum LTV of 85% for loans to £300,000, or 75% for loans to £500,000; employed or self-employed applicants and broker commission of 0.5%. Justine ...

  • Mortgage Trust extends criteria for LAs and housing associations

    25 May 2004

    Mortgage Trust, the specialist buy-to-let lender, has extended its lending criteria to allow letting through local authorities and housing associations. Borrowers will now be able to let their investment properties to social landlords for up to five years, provided that the property is subsequently sub-let to a private individual. The move is in line with recent government initiatives which aim to utilise the private rental sector in order to help supplement the ...

  • Mortgages PLC area manager quits to join Kensington

    24 May 2004

    Mortgages PLC's area manager for the Midlands has quit the company to join Kensington Mortgages in a similar role. Frank Bennett resigned from MPLC last week and will join Kensington when his current contract expires as business development manager for the Midlands. Julian Wells, spokesman for MPLC, says: "Frank leaves us on good terms and with our best wishes. "It is not unusual for an employee to leave and join a competitor."

  • N&P renovation prize draw to close on June 30

    26 May 2004

    Norwich and Peterborough has warned that it's competition for one mortgage customer to win up to £10,000 of the cost of their home improvement project must end by June 30 2004. The competition is open to all N&P mortgage customers who have undertaken or are currently carrying out some sort of home improvement project, such as converting a building for residential use, renovating a derelict property or building an extension to their existing home. However, projects ...

  • Network Data launches mortgage protection product

    25 May 2004

    Network Data has negotiated an exclusive 'guaranteed acceptance' ASU product for intermediaries within its network. The product includes a premium of £4.95 per £100 of benefit, cover for mortgage repayment plus up to 25% of additional costs, minimum underwriting as acceptance guaranteed, as well a quotations exclusively available from their mortgageLink sourcing software. This product compliments Network Data's existing ASU policy, which is underwritten, ...

  • Networks must carry KFI can

    24 May 2004

    Networks must take responsibility for the accuracy of Key Facts Illustrations from sourcing systems or risk forcing appointed representatives to go direct to lenders, says Network Data. The company warns that if ARs do start going direct to lenders, principal firms will be unable to keep track of all the applications and transactions their members are processing and this would affect compliance procedures. With its own sourcing system, MortgageLink Enterprise Edition, ...

  • NMSL picks up its first customer for online processing system

    28 May 2004

    Newcastle Mortgage Services Limited, a subsidiary of Newcastle BS, has signed up its first customer to a new online mortgage processing and tracking system. The service, which is offered to brokers and other financial institutions, has access to a range of non-conforming lenders and provides a placement and processing facility for applicants. Complete-Move Mortgages, one of the largest independent mortgage brokers in the North West, has just used NMSL's online system ...

  • No additional PI charge for network members, says enable

    24 May 2004

    Enable Mortgage & Insurance Network, part of Skipton, has confirmed that there will be no additional charge for professional indemnity insurance for its network members and that the excess for mortgage and insurance sales will be £500 per case. In addition, any Financial Ombudsman fees payable in the future will be covered by enable. Michael Ward, managing director of enable, says: "It is now that prospective members will start to recognise the enormous value ...

  • Now Charcol can be reborn - again

    24 May 2004

    Savills Private Finance, Kingsway, Hamptons International Mortgages, Cobalt, Chelsea Mortgage Management and Square Mile Management. Michael Bolton, Mark Harris, Kevin Duffy, Simon Jones, Mike Boles, Simon Holdsworth, James Perkins and Andrew Drummond. All of the above are just some of the companies and industry luminaries whose names in some way shape or form can be linked with one company - Charcol. For over a decade the then John Charcol was the undisputed ...

  • Online adviser finds a receptive clientele

    24 May 2004

    A development in the broking of Islamic mortgages has been the arrival of the first online intermediary dedicated to servicing this growing market. Halalmortgages.com is an online financial intermediary dedicated to providing viable faith-based choices to UK Muslims who aspire to own their own homes or to refinance existing conventional mortgages. This site is owned and operated by Select Finance Consultants located in Glasgow. Managing director Tariq Mahmood says the ...

  • Packager road show for Northern Ireland

    27 May 2004

    National mortgage packager, The Finance Centre, is to stage a second 'meet the lenders' roadshow for brokers in Northern Ireland. The roadshow will take place at the Stormont Hotel, Belfast on Thursday June 10. It will be jointly hosted by TFC and Solent Mortgage Services in the morning, with Enterprise specifying the services they will provide for Zurich members, in the afternoon. It will also feature residential and commercial lenders including Amber, ...

  • Paragon reports massive gains

    27 May 2004

    The Paragon Group has reported massive gains in the first half of 2004. Total mortgage completions at Paragon Mortgages and Mortgage Trust were up 141% to £797.7m for the six months to March 31 2004, compared with the £331 advanced by Paragon in the first half of 2003. Total mortgage assets are £4.6bn, up 153% from £1.8 bn one year previously, new lending by Paragon Mortgages is up 58% at £522m, while Mortgage Trust made loans of £275m. The ...

  • Pink enhances exclusive buy-to-let

    27 May 2004

    Pink Home Loans has extended the end date on an exclusive buy-to-let funded by Royal Bank of Scotland. The product offers a competitive rate of 4.79% with the 1.50% discount extended until. The buy-to-let investor can make use of a £2.5m portfolio limit and can purchase up to five properties. Nic Ekin, product manager at Pink Home Loans, says: "This is a great buy-to-let product that offers no redemption penalties and a drop- lock option. First-time buyers are ...

  • Pink offers £150 off valuation fee on Choices buy-to-let range

    28 May 2004

    Pink Home Loans is offering £150 off the application and valuation fee on loans over £150,000 on the Pink Choices range of buy-to-let products. Funded by GMAC-RFC, Pink Choices is a range of fixed and discounted buy to let products available to both Pink Premier and mortgage club members. With up to 85% loan to value and an unlimited number of properties available to £2m per borrower in total, clients can remortgage an existing property and raise capital ...

  • Pink plans monthly survey of brokers' views

    24 May 2004

    Pink Home Loans is to launch an email survey that will capture the views of mortgage intermediaries on a variety of industry issues. The Pink 1000 Index will be a monthly survey that will ask brokers for their opinions on such topics as the impact of further rate increases, house price inflation and how regulation is affecting the mortgage market. The survey will be conducted online and brokers will be able to vote via a special Pink 1000 website. Registering for the ...

  • Pink to launch monthly broker survey

    24 May 2004

    Pink Home Loans is to launch an email survey that will ask for the views of mortgage intermediaries about a variety of key industry issues. The Pink 1000 Index will be a monthly email survey aimed solely at mortgage intermediaries and will ask for their views and opinions on key industry issues such as the impact of further rate increases, house price inflation and how regulation is affecting the sector, to name but a few. The survey will be conducted online and brokers ...

  • Property bonds are for savvy investors, reveals Newcastle

    25 May 2004

    The Newcastle has revealed that savers who purchase its guaranteed property bonds tend to be wealthier, older and more financially sophisticated than those with more typical accounts. This supports other statistics from 'rich Lists' showing that many of the countries richest and most successful people have achieved this through investment in property, such as the Duke of Westminster and David & Simon Reuben. Customer research by the society, which compared property ...

  • Property isn't enough for retirement, warns PPI

    25 May 2004

    Most people will not be able to rely solely on the equity they have in their home to sustain them through their retirement, a report published by the Pensions Policy Institute has warned. Despite the recent surge in property prices, the report concludes that the majority of people will not have enough housing equity to allow them to retire without saving in other assets. 'Property or Pensions?' investigates recent trends in property and pension wealth, and analyses ...

  • PTI to supply Paymentshield GI to its members

    28 May 2004

    Personal Touch Insurance is to supply Paymentshield general insurance products to its members. The arrangement will give appointed representatives of the PTI network access to Paymentshield MPPI and household insurance products as well as to the Paymentshield INTERIA software which will enable them to Etrade mortgage related insurance products in an offline environment. Paymentshield products will also be available to directly regulated intermediaries who access PTIís ...

  • Pundits say rates will rise to 5.5%

    24 May 2004

    The Council of Mortgage Lenders and the National Association of Estate Agents have dismissed speculation that a housing crash is on the cards but predict that the Bank of England base rate will be 5.5% by the end of the year. Jennet Vass, economist at the CML, told delegates at the Mortgage Expo that MPC board member Paul Tucker had made reference to this figure and the CML believes 5.5% is what the MPC is aiming for by the end of the year. Vass adds: "There will be a ...

  • Quest system boosts Britannia efficiency

    26 May 2004

    Britannia says it has dramatically increased the efficiencies of its customer valuation system thanks to an innovative new Surveyor Information System from Quest Associates.   The Windows-based DataWeb system has been deployed as part of Britannia's five-year IT development strategy, and provides all frontline staff with instant online access to sophisticated valuation reports developed by its surveying partner, Connells.   DataWeb is available on 220 PCs in Britannia's ...

  • Question marks over American scheme

    24 May 2004

    The US will have an ever-increasing influence on the UK mortgage market if a Citisolutions initiative is a sign of things to come. The American Citisolutions, one of the many subsidiaries of Citibank, is over here to show that you do not have to be directly authorised or an appointed representative to do mortgage business. It has been set up to recruit thousands of unqualified agents to sell mortgages using only Future Mortgages' products. The concept is based on multi-level ...

  • Regulation will hit the wrong target

    24 May 2004

    The FSA is convinced regulation will mean consumers are better off. One could be forgiven for thinking that the consumer will be chuffed to bits about the year of turmoil we are experiencing. Wrong. A recent survey by the Financial Times shows general attitudes towards financial service companies is at best 'boring' and at worst 'confusing'. So how well equipped are consumers to evaluate the suitability of a broker? Will the applicant be educated enough to ask the ...

  • Savills welcomes CML call for in-depth buy-to-let research

    25 May 2004

    Savills Private Finance says it welcomes the CML's call for more in-depth research into the condition of the UK buy-to-let market. The CML's findings show that there is a need for further market data and analysis on the buy-to-let sector. The findings question whether the buy-to-let market is as unstable as alleged by market pundits. It points out that the majority of borrowers tend to be long-term investors, i.e. investing in homes as part of their pension planning, ...

  • Securitisation boosts West Brom

    24 May 2004

    West Bromwich's commercial lending operation has been given a boost following its first commercial mortgage securitisation valued at £250m. During the past five years West Brom has increased its commercial lending assets from £135m to £720m and has now created an additional balance sheet through this securitisation. West Brom sees this as a major step forward, enabling the society to attract funds from a broader base to support record growth. Securitisation ...

  • Select & Protect available to Trigold's 14,000 users

    27 May 2004

    Select & Protect is set to integrate with Trigold enabling over 14,000 Prospector Plus users direct access to S&P's product range. Simon Hood, chief executive of Select & Protect says Trigold is recognised as the leader in its field and that making a direct connection with it is a big plus for S&P and its customers. He says: "We have introduced many significant improvements to S&P's proposition over the past 12 months, such as changing underwriters to Norwich Union ...

  • Sex and mortgages

    24 May 2004

    From Jonathan Hart In reference to Andrew Bartlett's letter (Mortgage Strategy May 17) regarding Bristol & West's attitude to lending to parents who can only afford a two-bed property but have mixed sex children, might I refer him to Abbey? About a year ago I had clients who had lived for five years in a modern mid-terrace house with four children of mixed sexes. The clients were on a low income but were sensible with their finances and I was able to appeal ...

  • SPAIN reveals stong response from brokers at Expo

    27 May 2004

    Spanish Property And Investment Network says it revealed a strong response from brokers visiting its stand at the Manchester Mortgage Expo last week. Sandie Schofield, director of SPAIN, says that more than 500 brokers have now registered their interest since its launch last September. Schofield says: "Brokers recognise that Spain is the most popular overseas location for the British buying property abroad and that this growing market presents real business opportunities ...

  • Speculation mounts over Charcol buyer

    24 May 2004

    Speculation is mounting over possible bidders for the non-core businesses that Bradford & Bingley is selling, including Charcol. B&B is disposing of Charcol, its associated mid-to-high net worth IFA businesses, its property services businesses, its estate agency, and surveyor SecureMove but will retain The MarketPlace - which is likely to become a multi-tie operation - and Mortgage Express. Charcol senior technical manager Ray Boulger says: "This will enable us ...

  • Spicerhaart confirms intention to buy B&B estate agency business

    24 May 2004

    Spicerhaart, the country's largest independent estate agency, has confirmed it is in the race to buy the Bradford & Bingley estate agency business. Spicerhaart, which operates 250 branches of haart, Spicer McColl, Darlows and Felicity J Lord estate agencies, says it had first bid for what was previously the Black Horse estate agency group in 1998, but had lost out to Bradford & Bingley. Now it is hoping to have a second biteof the cherry when B&B sells off its estate agency ...

  • SPML warns against ignoring arrears and possessions

    27 May 2004

    Southern Pacific Mortgage Limited has warned that while arrears and possessions are currently at historically low levels, everyone concerned with mortgage lending needs to guard against complacency. Speaking at the recent Credit Show, at London's Commonwealth Institute, Stuart Aitken - director of credit at SPML, says: "We are enjoying a favourable economic climate, currently with low interest rates and full employment. "There is also a greater focus on affordability, ...

  • Stamp Duty change will boost Islamic deals

    24 May 2004

    The 2003 Budget opened the door for the launch of Islamic mortgages following modernisation of the Stamp Duty tax regime imposed on property transactions. Islamic home finance structures had involved two purchases - one where the bank buys a property from a seller and another where it later re-sells to its customer under a Murabaha or Ijara scheme. Stamp Duty was therefore payable twice (and sometimes even three or more times with remortgaging). Those charges rendered Islamic ...

  • Sub-prime fees decline predicted

    24 May 2004

    Sub-prime proc fees will plummet post-regulation as a result of regulatory disclosure requirements, BM Solutions has predicted. Proc fees for sub-prime mortgages are currently around 0.5% higher than those for prime products but Steve Sandiford, head of product strategy at BM Solutions, says a range of factors including disclosure requirements on Key Facts Illustrations and the growth in online processing make a decline inevitable. Sandiford told delegates at the Manchester ...

  • System update to produce e-KFIs

    24 May 2004

    Financial services solutions provider Marlborough Stirling has launched what is says is a regulation-ready electronic Key Facts Illustration component to enhance its Omiga solution for mortgage point-of-sale and application processing. Developed to ensure that building societies and other lenders will be prepared for the introduction of regulation, Marlborough Stirling says e-KFI enables lenders to complete KFIs and offer documents quickly and in a compliant manner. Its ...

  • The Derbyshire appoints new marketing director

    27 May 2004

    Mark Blackwell has been appointed as the new marketing director of The Derbyshire. Blackwell, 39, has worked in the mutual sector for over 18 years and has extensive experience in sales, marketing and lending. He is married with two children. Blackwell says: "This is an exciting phase in the Society's history and I am looking forward to working with my new colleagues to establish The Derbyshire as the strongest and most distinctive financial services brand in our ...

  • The FSA now sets our boundaries

    24 May 2004

    Great ideas are the lifeblood of successful organisations from Microsoft to the corner shop. But do you give customers what they want or take a risk by offering something innovative? It is possible to do both at the same time. We are increasingly operating in niche markets, especially in the mortgage industry, so an organisation can offer a mix of products and services to cater for each niche, some traditional and some innovative, depending on the nature of each market. Another ...

  • The Mortgage Mole

    24 May 2004

    Dream trip Soporific Strategy scribbler Robert Thickett was dragged kicking and screaming (not) from the Smoke last week for a top-hole round of golf at the Scotland's exclusive Gleneagles, courtesy of those nice folk at BM Solutions. Having superficially scanned the flight details - taking very much the same approach he does to the press releases from the aforementioned lender - and with 15 minutes to go before take-off, he found himself with time on his hands, ...

  • Thumbs up or thumbs down?

    24 May 2004

    Kevin Duffy - Hamptons International Mortgages In the 1980s Bank of Scotland was one of the first to develop intermediary relationships and this foresight serves it well today. Its underwriters are among the most experienced in the industry and its online proposition makes it accessible and slick. Some lending criteria have been curbed of late but the ability to lend in selected cases against valuation remains a jewel in its crown, particularly in London. An imaginative approach ...

  • Trigold defends date claim

    24 May 2004

    Trigold is standing by its claim to be the first sourcing system to announce a launch date for FSA-compliant software - 30 July - despite fierce objections from rivals Mortgage Brain and Mortgage 2000. Mortgage 2000 says it announced a host of enhancements to its sourcing system, Encore, at the start of the year. These included an update to its compliance manager to meet FSA requirements to be launched during the summer. And Mortgage Brain has slammed Trigold's claim ...

  • Trigold release date claim is misleading the industry

    24 May 2004

    An open letter to the trade press from Mark Lofthouse I understand you may be in receipt of a press release from Trigold claiming it is 'the first souring system to announce a launch date for FSA compliant software'. This press release is incorrect. The facts are as follows: • Mortgage Brain announced the release dates of its FSA-compliant software on November 13 2003 at one of our introducer compliance forums with the these dates confirmed at many events ...

  • Tyler to set up mass market brokerage

    24 May 2004

    Simon Tyler, owner and managing director of London fee-based mortgage advisory firm Chase De Vere Mortgage Management, is launching a mass market mortgage intermediary business. The venture, which will be up and running by late summer, will be managed by Mark Chilton, who established Savills Private Finance, and a team of experienced executives. Tyler, who is funding the business, says the fee-free service will operate on a national basis targeting mid-market borrowers ...

  • Understanding possessions and sales

    24 May 2004

    Over the past two weeks this column has focussed on the five legal remedies that are available to lenders in respect of borrowers who are in default of their obligations under the mortgage deed. Nowadays, the two most commonly used remedies are to sue the borrower for possession of the property and to then sell the property to settle the debt. This week's column goes on to consider some of the issues concerning possession and sale procedures including obligations of the mortgagee i.e. ...

  • Webline enhances online quotation engine

    26 May 2004

    Webline (www.webline.co.uk), the UK's first provider of online comparative quotations to Origo standards, has announced that it has just gone live with four new eApplications from Friends Provident to further enhance its online quotation and new business services. The new electronic application forms will enable Webline users to submit the following Friends Provident products online through the Webline window. ? Income portfolio bond ? Income distribution bond ? ...

  • Webline launches four new e-applications from Friends Provident

    28 May 2004

    Webline has just gone live with four new eApplications from Friends Provident to further enhance its online quotation and new business services. The new electronic application forms will enable Webline users to submit the following Friends Provident products online through the Webline window. These are: - Income Portfolio Bond - Income Distribution Bond - Level Term Assurance - Mortgage Protection As well as the time and cost efficiencies ...

  • Westbromwich Stamp Duty campaign receives overwhelming response

    28 May 2004

    The Westbromwich says it has received an overwhelming response to its 'Raise the Roof' campaign to pursuade chancellor Gordon Brown to raise Stamp Duty in line with house price inflation in the next budget. Over 2,000 members of the public calling into the West Bromwich's 48 branches to sign petition forms in support of Westbromich's national Stamp Duty campaign. Andrew Messenger, chief executive of West Bromwich, was bitterly disappointed for first-time ...

  • What to ask the principals

    24 May 2004

    • Which of the regulated markets are you, or will you be, authorised for? • Can you provide a list of the lenders and details of the procuration fees on offer? • Will I be allowed to go off-panel?

  • What's the point of joining a network?

    24 May 2004

    Is the network option right for you? Nick Baxter, managing director of Mortgage Promotions, doesn't seem to think so. "Do all networks provide a one-stop solution to brokers?" he asks. "Of course not. Show me one that is already providing offsite data storage facilities for its members - I know only one support service organisation that does." Baxter is vehemently opposed to the network proposition and argues that there is no product a network can provide that a support ...

  • Why are commercial deals so popular?

    24 May 2004

    After years of being seen as a niche sector, commercial mortgages have recently taken off and are now becoming an important source of income for brokers. So, Mortgage Strategy asks: Why has this sector grown in popularity in the past 12 months? Clive Smithyman, Merlin The past 12 months have seen lenders - mainly due to the efforts of Commercial First - simplify their commercial lending processes. Prior to Commercial First joining the fray the application process ...

  • Why no mention of Rock deal?

    24 May 2004

    From Steve Smith I am an avid reader of Mortgage Strategy but was disappointed at the quality of responses given to the Dear Dippy case in the last issue (Mortgage Strategy May 17) by specialists who seemed to be promoting their own products. Each contributor failed to mention a scheme that would meet the client's needs in the best way. This is the Northern Rock cash plus scheme whereby a regular drawdown can be combined with a lump sum meaning no investment risk, no effect ...

  • Zurich selects Focus for online technology service

    25 May 2004

    Zurich has signed a three-year licence agreement to use Focus Solutions' technology to power its IFA extranet for online transactional services. The company has integrated the online application of goal:technology, Focus' XML data capture software, into its IFA extranet - ZIFAweb, to provide an online service for IFAs to transact new business electronically. Its new ZIFAweb service went live in early 2004 and it is already receiving new business electronically through ...

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