Mortgage Strategy
24 October 2005

  • A-Day will boost property purchases by 160,000

    27 Oct 2005

    The Royal Institution of Chartered Surveyors is predicting an extra 160,000 property purchases following the introduction of self invested personal pensions on April 6 2006.

  • Abbey cuts rates on flexible mortgage range

    24 Oct 2005

    Abbey has cut the rates on its flexible mortgage range.

  • Abbey Residential Property Plan to close to investment

    28 Oct 2005

    The Abbey Residential Property Plan marketed in association with Knight Frank Corporate Finance closes to investment on November 4. This 10-year investment is designed to provide both capital protection and offer investors exposure to the UK residential property market without the risks that come from buying property as an investment.

  • Advantage launchs electronic trading platform

    24 Oct 2005

    Advantage Home Loans has launched a complete sub-prime online mortgage solution - e:valuate.

  • Advantage releases sub-prime survey results

    28 Oct 2005

    Advantage Home Loans has released the results of its September index findings.

  • Advantage reports record number of mortgage enquries

    28 Oct 2005

    Advantage Home Loans has reported a record number of mortgage enquiries following the launch of e:valuate this week.

  • African fraudsters target UK property market

    24 Oct 2005

    West African fraudsters are inviting people to invest in a property purchasing scheme, in a new take on the classic Nigerian scam.An email entitled 'I need a good property manager' was sent to Mortgage Strategy from a Matthew Opara, allegedly a Nigerian former local government chairman who now specialises in private shipping.Opara writes that he intends to purchase properties in the UK as an investment and asks for help finding residential and commercial properties, as ...

  • Amber appoints Davey as product development consultant

    25 Oct 2005

    Amber Homeloans has appointed Craig Davey as product development consultant.

  • Anti-racist initiative

    24 Oct 2005

    Britannia has teamed up with Stoke City FC to raise awareness of racism in sport.The two will launch a campaign to educate local school children about the negative effects of racism.

  • Auto valuation systems as described by Eve are old news

    24 Oct 2005

    From Graeme Winser I was surprised to see in Frank Eve's recent article in Mortgage Strategy (October 1) the existence and functionality of an automated valuation system still being treated as news. Eve's description of the Rightmove AVM with its three modes of quick, interactive and batch, is spookily similar to our own AVM at UKValuation. We have been offering these functions to the lending, valuation and broker market for three years. In the AVM market, modelling techniques ...

  • B&B completes purchase of Kensington loan portfolio

    28 Oct 2005

    Bradford & Bingley announced the completion of the purchase of a mortgage loan portfolio from Kensington Mortgage Company, a wholly owned subsidiary of Kensington Group, for around 204m.

  • B&W launches 5.79% lifetime mortgage

    25 Oct 2005

    Bristol & West Mortgages has launched a range of rates into the lifetime market, adding to its suite of lifetime mortgages.

  • B&W move could spark equity release price war

    24 Oct 2005

    A price war in the equity release market could be on the cards as Bristol & West reprices its lifetime mortgage product at 5.95% today.B&W entered the equity release market three months ago, but has waited until now to take control of this rapidly expanding market.Research from B&W shows the top end of the market experienced a dramatic reshuffle when Just Retirement launched its 5.99% rate on October 4, and the lender predicts things will heat up further with its own product ...

  • B2l bonanza

    24 Oct 2005

    Housing market trends mean the role of the intermediary is poised to become even more important in the buy-to-let sector, says Simon Halls

  • Bernanke to replace Greenspan as head of US Federal Reserve

    25 Oct 2005

    Alan Greenspan, the chairman of the US Federal Reserve who was once described as "the greatest central banker who ever lived", is to be replaced in January by former Federal Reserve governor Ben Bernanke.

  • Better PII rates

    24 Oct 2005

    PYV, a professional indemnity insurance broker for mortgage intermediaries, has negotiated improved rates for brokers with St Paul Travellers.The rates extend to general insurance as well as term life activities.

  • Biddle re-enters market with Infinity

    24 Oct 2005

    Simon Biddle, Mortgage Strategy columnist and former marketing director of Preferred Mortgages , has joined sub-prime lender Infinity Mortgages as head of marketing and communications.He left Preferred in February 2004 to take a career break, but says now is the time to re-enter the market.He says: "I felt it was the right time to return to the market and I'm looking forward to the challenges ahead at Infinity."Infinity Mortgages was launched in January 2004 as a ...

  • BRE selects xit2 as technology partner

    28 Oct 2005

    The Buildings Research Establishment has selected xit2 as a technology partner to support their Home Inspector Qualification programme. The online Home Condition Report developed by xit2 will form a part of BREs comprehensive training and assessment programme leading to the ABBE Diploma in Home Inspection.

  • Bring back the human touch of BDMs

    24 Oct 2005

    Being a self-employed mortgage broker is a lonely existence. And just when they need to see a friendly business development manager, they seem to have all but disappeared.

  • Britannia launches two-year fixed rate mortgage

    26 Oct 2005

    Britannia is launching a new two-year fixed rate mortgage on October 28, offering a rate of 4.29% up to 95% LTV which is a drop of 20 basis points as the previous rate was 4.49%.

  • Britannia launchs three-year fixed rate deposit account

    24 Oct 2005

    Britannia International has launched a three-year fixed rate deposit account, paying up to 4.65% gross p.a./A.E.R.

  • Brokers blame regulation for their business woes

    24 Oct 2005

    industry research reveals brokers are still blaming regulation for reducing profits and making life harder.Research from Marlborough Stirling and Trigold reveals that 84% of mortgage intermediaries say their business costs have increased since regulation. And the upshot is that around 75% are sharpening their focus on technology.Phil Heaton-Jones, head of marketing for Marlborough Stirling, says: "While it is perhaps unsurprising that costs have increased since regulation, it's ...

  • Brokers could lose clients if they ignore net benefits

    24 Oct 2005

    Mortgage brokers are being warned they are in danger of losing clients if they don't take advantage of online opportunities.Research from Foolproof, a web usability company, finds there are certain critical points in the online mortgage shopping process that are make or break moments for intermediaries.But the research uncovers some encouraging findings for brokers. It shows that despite using the internet as part of their mortgage shopping process, more than half, 55%, of online ...

  • Brokers say compliance costs are biggest threat

    24 Oct 2005

    A whopping 62% of brokers this week say the cost of compliance is the biggest threat to their business.Just 38% of Mortgage Strategy Online readers polled say it is not, showing the toll mounting compliance costs are taking on mortgage firms.This week MS asks: "For the good of the industry, should Mortgage Express have named and shamed the adviser found to have been advising brokers how to mis-sell self-cert?"

  • Brokers should look to their own shortcomings before blaming lenders

    24 Oct 2005

    From Jonathan Burridge Most lenders' service is poor. Some are terrible and few are good. Look at the evidence. In the trade press recently Ricky Okey of Abbey said Your Move had noticed a "dramatic improvement" in Abbey's turnaround and GMAC-RFC stated that 79% of brokers said its service was "better than average". Hardly impressive claims are they? At one time my niece's tortoise could have carried a piano up Ben Nevis before Abbey answered the phone so a dramatic improvement ...

  • Buy-to-let going from strength to strength

    25 Oct 2005

    Latest research from a leading buy-to-let lender reveals the sector remains strong and that landlords are positive about its future.

  • CACI offers online access to mortgage information

    26 Oct 2005

    From today, CACI is offering financial services institutions the chance to access vital intelligence on mortgages, savings and current accounts via the internet. The new online service replicates the high quality data available through CACI's established market databases, providing fast, accurate and interactive information on the financial market.

  • Callcredit responds to feedback

    26 Oct 2005

    Callcredit has responded to feedback from its rapidly growing customer base by launching new versions of its two online credit reference reports, CallReport and SHAREReport, which are more intuitive and user friendly.

  • Change the locks

    24 Oct 2005

    Bradford & Bingley is recommending home owners change their locks as soon as they move into a new property as this is the only way to be 100% sure of knowing how many keys there are to the property.

  • Chelsea adopts L&G POS system

    24 Oct 2005

    Chelsea is the first building society or bank to adopt Legal & General's expanded single point-of-sale system Online Protection. This extends its existing general insurance relationship with L&G to include, for the first time, the sale of L&G's life assurance products.

  • CI must cover more than the mortgage

    24 Oct 2005

    There have been several well publicised breakthroughs in treatments and the prevention of cancer recently. One of the most exciting and imminent is the vaccine to target human papillomavirus which increases the risk of suffering cervical cancer.

  • CII opposes cutback in FSA regulation

    24 Oct 2005

    The Chartered Insurance Institute has opposed the Financial Services Authority proposals to remove customer controlled functions from the regulatory regime. The CII emphasises the need to retain direct regulationof individuals dealing with customers. The FSA is arguing for the abolition of customer controlled functions where individuals are dealing with wholesale, i.e. non-private, customers.The FSA also suggests such functions might be removed in the cases of individuals dealing ...

  • Cleaning revealed as number one tenancy dispute

    25 Oct 2005

    Cleaning is the number one source of deposit disputes in the 12 months since the Tenancy Deposit Scheme received its first disagreement to be resolved between landlord and tenant.

  • Clear Mortgage joins Freedom distributor panel

    24 Oct 2005

    Clear Mortgage Administration, the specialist mortgage packager, has joined Freedom Lendings panel of mortgage distributors.

  • Clients may want to repay on schemes

    24 Oct 2005

    You are probably aware by now of the recent product launches from Just Retirement and Prudential. But it is wise not to let the headlines distract us from considering the overall structures of the products.

  • Clydesdale launches tracker products

    28 Oct 2005

    Clydesdale Bank has launched a new product matrix to its broker partners which includes a two-year capped offset mortgage, the first time Clydesdale has offered a mortgage of this type.

  • CMLS offers application fee refunds till December 31

    24 Oct 2005

    Complete Mortgage & Loan Services is offering a full refund of its application fee on all sub-prime packaged cases submitted between October 17 and December 31 2005.

  • CML's pre-Budget Treasury submission

    25 Oct 2005

    As mortgage lenders approach the first anniversary of the regulation of their industry by the Financial Services Authority, the Council of Mortgage Lenders has emphasised to government that this is only one of a broad range of regulatory initiatives currently affecting lenders and adding costs for their customers.

  • Commercial remortgage deal from Abbey and ASC

    25 Oct 2005

    ASC Finance for Business and Abbey have launched an exclusive commercial remortgage deal.

  • Consumer Credit Bill doesn't protect consumers

    25 Oct 2005

    The government is failing to protect consumers fully with its Consumer Credit Bill, which begins its second reading in the House of Lords on Monday October 24, warn credit information experts at checkmyfile.com.

  • Consumers and brokers are missing out under regulation

    24 Oct 2005

    From Lee Martin Many people I speak to in the course of a working week have negative things to say about the industry. A BDM recently told me he'd seen three brokers that week who had not done a mortgage deal for weeks. I try to mix my business - mortgages, secured loans, personal loans, life assuranceâ?¦ Life assurance? I often get people asking for 100,000 of term assurance with critical illness over 20 years with a waiver on guaranteed rates. My network says I have to ...

  • Contract hitch for Famous Five and Fab Four

    24 Oct 2005

    The Famous Five who quit HBOS earlier this month will not be allowed to get involved in the operational set-up of their new lender until June next year at the earliest.Michael Bolton, Alan Cleary, John Nixon, Rob Williams and Mark Smith walked out from the lending giant earlier this month to join The Oakwood Group, a London-based private equity firm fronted by business guru Mike Culhane, looking to launch a lender in 2006.All five are on gardening leave and, although their three-month ...

  • Credit repair range is a hit for Accord

    24 Oct 2005

    Accord Mortgages says sales of its recently launched sub-prime credit repair product range are going through the roof.The range is available on a direct to lender basis and offers specialist underwriters brokers can call direct.Accord says it guarantees that if the broker's client makes all payments due on time during the special product period, it will offer them any of the existing borrower transfer products from its prime range. Accord is one of the few lenders to pay proc ...

  • Curriculum Vitae - John Champion

    24 Oct 2005

    Name: John Champion

  • Darlington announces prize-draw winner

    28 Oct 2005

    During the summer months, Darlington ran a couple of mortgage promotions designed to generate interest locally in the Societys mortgage products. The first promotion was Recommend a Friend where existing members of the society were able to recommend their friends or family members for a Darlington mortgage and earn themselves 100 at the same time. The second promotion was simpler. All mortgage applicants had to do was to turn up for an interview to discuss their mortgage ...

  • Dear Delia

    24 Oct 2005

    Dear Delia I am advising a couple both aged 62 who plan to carry on working until 65. They have a mortgage that is due to be repaid in three years. But they have a shortfall on their endowment policy and have no other liquid assets which means it is likely they will struggle to repay it. They would like to enjoy their retirement without financial problems. What can they do to improve their situation?

  • Don't blame the mis-selling leeches

    24 Oct 2005

    Following negotiations with Endowment Justice, a legal representative of intermediaries, Bradford & Bingley has done a U-turn over its refusal to deal with complaint handling companies. I don't know about you but I can't make up my mind whether I'm pleased or disappointed.

  • Enterprise business volumes rise 600%

    24 Oct 2005

    The Enterprise group says it has seen a 600% increase in group-wide business volumes this year compared with the same period three years ago.Enterprise says it is on track to originate over 720m in sub-prime first charges compared with 120m in 2002.Michael Clapper, CEO of Enterprise, says: "Under regulation, and as a result of the recent sub-prime reviews conducted by the FSA, the value of safe sub-prime has never been more obvious to introducers and networks. We expect this ...

  • Equifax launches anti-fraud tools

    26 Oct 2005

    With estimates that the direct and indirect costs of corporate ID fraud could be as high as 50m per annum, business information expert Equifax is tackling the problem with new anti-fraud tools. Working in close partnership with the Metropolitan Polices Stirling initiative launched earlier this year, Equifax has introduced two services designed to bring increased protection to businesses. Stirling is the police initiative targeting criminals profiting from fraud and money laundering ...

  • Estate Angels' leads check out and are worth the money

    24 Oct 2005

    From Nat Daniels Iam responding to the letter from Kevin Thornton(Mortgage Strategy October 10) regarding Estate Angels' leads. I feel sorry for him given what he has missed out on but I do have a solution to offer. Firstly though, he says he doesn't buy leads from us 'yet' - I am glad to see our 'try before you buy' emails are working. I will address the point he raises about the quality of leads ina moment. But before I do I would like to saytwo things. We are the only ...

  • Five-year B2L fix

    24 Oct 2005

    Mortgages for Business is offering a 4.69% five-year fixed rate buy-to-let mortgage. This features a 4.69% rate that reverts to base plus 1.75%. Early repayment charges apply if the mortgage is partly or fully repaid in the first five years.

  • Following the recent spate of new lenders, is there still room for fresh blood in the market??

    24 Oct 2005

    There is still room but the extent to which new players are successful will depend on factors such as efficiency and service, say our experts

  • Freedom enhances product range

    26 Oct 2005

    Freedom Lending has launched a number of enhancements to its product range, including a three-year stepped discount with rates starting from 4.58% and no overhanging early repayment charges, which is available on its standard adverse range of mortgages.

  • FSA appoints vice-chairman of Consumer Panel

    27 Oct 2005

    The Financial Service Authority today announced the appointment of Adam Phillips as the vice-chairman of the Financial Services Consumer Panel.

  • FSA launches jargon free website for consumers

    26 Oct 2005

    The Financial Services Authority today launched a new website for consumers providing impartial, jargon-free information about the world of mortgages and revealed research that showed more than half of first time buyers and mortgage-holders did not know what APR stood for. The website www.mortgageslaidbare.info brings together for the first time new and existing FSA mortgage tools and resources. The tools include budget calculators that will help consumers work out how much they ...

  • FSA to review regulation one year on

    28 Oct 2005

    A year after the introduction of statutory Financial Services Authoriys regulation, the regulator is due to begin a review of how the new rules are working in practice.

  • Future rebuffs claims of service meltdown

    24 Oct 2005

    Future Mortgages has rebuffed claims its service is in meltdown. The lender issued a service update on Friday October 21, stating turnaround times for new business as next day for decisions in principle and 48 hours for applications.But one source tells Mortgage Strategy the lender is actually taking up to five days to look at cases, at the expense of customers.He says: "Keeping customers waiting for a decision is hardly treating customers fairly, but lenders like Future ...

  • GM considers sale of stake in GMAC

    24 Oct 2005

    General Motors says it is considering selling a controlling stake in its financial services division GMAC, prompting rating agencies to place ResCap's debt under its watch list.In June this year GMAC formed the Residential Capital Corporation, or ResCap, as a holding company sitting above its two residential mortgage businesses.GMAC transferred ownership of its Residential Funding Corporation, GMAC-RFC - the US and international business-to-business mortgage lender - and GMAC ...

  • Government pledges more affordable housing in Cumbria

    28 Oct 2005

    Local government minister Phil Woolas today spelled out government action to tackle affordable housing issues in Cumbria.

  • Half of UK businesses expect insolvencies to rise

    25 Oct 2005

    More than half of UK mid-market businesses expect company insolvencies to rise over the next 12 months, reveals research published by PricewaterhouseCoopers.

  • Home of Choice eyes smaller networks

    25 Oct 2005

    Home of Choice is in talks to acquire smaller networks, and says it has recruited a well-known member of the industry to help design exclusive mortgage products.

  • Home of choice reveals unprecedented recruitment success

    25 Oct 2005

    Home of Choice has revealed an unprecedented recruitment success after three months of trading.

  • Income multiples versus affordability

    28 Oct 2005

    Moneyfacts.co.uk has commented on income multiples versus affordability and using stretched income calculations.

  • Infinity announces first mortgage completion under sole brand

    25 Oct 2005

    Infinity Mortgages, the sub-prime mortgage lender, has announced its first mortgage completion under its own sole brand.

  • Infinity improves lending criteria

    25 Oct 2005

    Infinity Mortgages has made significant improvements to its lending criteria, with higher income multiples.

  • Intermediaries praise Heritable

    24 Oct 2005

    Intermediaries have given Heritable Bank's mortgage service levels the thumbs up.A recent survey of mortgage brokers who use Heritable Bank's residential mortgage facilities found that 94% of respondents judged the bank's service to be either good or excellent.By the same token, 96% considered the mortgage team's knowledge to be good or excellent.Comments from respondents included praise for the bank's flexible approach and its ability to follow decisions through.It ...

  • Internet Insight

    24 Oct 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Kevin Paterson takes a look at lender websites, working his way from A to Z

  • Kensington teams up with Pavillion Securities

    25 Oct 2005

    Kensington Mortgages is teaming up with Pavillion Securities as part of its branded lending proposition.

  • Kevin Friend joins Money Partners

    28 Oct 2005

    Money Partners has confirmed industry rumours that Kevin Friend, former director of sales at Scottish packager Opus, has joined the Middlesex-based lender as head of strategic partnerships.

  • Lenders must exploit offset market potential

    24 Oct 2005

    Lenders must make some strategic moves if they want to exploit the growth potential in current account and offset mortgages, says a report from Datamonitor.The report says the CAM and offset market was worth an estimated 29.2bn in 2004, up from 4.2bn in 2000 - a market share of 10%. The sector is predicted to grow at an annual average rate of 24.2% over the next four years, and could be worth 84.7bn in gross advances by 2009.The report identifies several areas where lenders ...

  • Lenders must keep it simple with KFIs

    24 Oct 2005

    A recent census by the Association of Mortgage Intermediaries shows the issues brokers face. There are not too many surprises but the findings are consistent. A year on from regulation brokers still face challenges on a daily basis.

  • Lib Dems back Paymentcare campaign on PPI

    26 Oct 2005

    Vincent Cable, Liberal Democrat shadow chancellor, today announced his backing for Paymentcares campaign to persuade the Office of Fair Trading to direct high street providers to label their payment protection policies with a clear warning to consumers. Shane Craig, managing director of Paymentcare, says: "We are delighted to have the support of Vincent Cable in this important campaign. "Cable has himself campaigned tirelessly on behalf of consumers who are constantly being ...

  • Market Watch

    24 Oct 2005

    Swaps initially fell last week, then rose sharply. With swaps at a recent high we are starting to see lenders reprice upward so my advice is not to delay any fixed rate applications.

  • MEX gives dodgy self-cert BDM the boot

    24 Oct 2005

    The business development manager at the centre of the Mortgage Express self-cert controversy has been sacked, Mortgage Strategy can reveal.

  • Money Partners products on ENC

    25 Oct 2005

    Money Partners, the specialist lender, has announced that its premier and origin ranges of first mortgage products are now live and fully incorporated on Trigolds Enhanced Non-Conforming sourcing module.

  • Money Partners signs up to AMI

    24 Oct 2005

    Specialist lender Money Partners has joined the Association of Mortgage Intermediaries as an associate member.Colin Sanders, CEO of Money Partners, says: "This completes our objective of joining the industry's three principal trade bodies. Coming as it does ahead of our first anniversary, it confirms the progress we have made from a standing start on Mortgage Day."AMI has established itself as an effective and representative trade body. Its work has never been more important ...

  • More non-compliant adverts

    24 Oct 2005

    Research from Mortgages PLC reveals an increase in the level of non-compliant mortgage advertising during the year.A detailed review of advertising in consumer mortgage magazines was carried out in April and September. In April, 24% of advertising was found to be non-compliant with the most common issues being the continued use of outdated Consumer Credit Act risk warnings, APRs not being quoted and advertising for adverse credit mortgages not including Financial Services Authority ...

  • Mortgage 2000 launches five-year fix with Leeds

    26 Oct 2005

    Mortgage 2000 has launched an exclusive product from Leeds.

  • Mortgage Next launches overseas property products

    28 Oct 2005

    Mortgage Next, a network and distribution club, has joined forces with International Property Sales to expand its service offerings into the overseas property arena, offering overseas property mortgages of up 80% as well as selling properties to its clients from a worldwide property portfolio.

  • Mortgage Options extends franchise package

    25 Oct 2005

    Mortgage Options, the Independent mortgage broker, is extending its franchise package for brokers thinking of going it alone and setting up their own mortgage shop.

  • Mortgage Times launches exclusive adverse boxed products

    25 Oct 2005

    The Mortgage Times Group has launched an exclusive range of adverse boxed products from GMAC Residential Funding.

  • MPLC enhances products for winter special range

    27 Oct 2005

    Mortgages PLC is announcing a number of enhancements to its product range as part of a winter special promotional campaign. The enhancements include rate reductions of up to 0.5% and a number of changes to criteria and underwriting processes.

  • MT sees impressive growth this year

    24 Oct 2005

    The Mortgage Times Group saw its application figures soar from 92m to a staggering 250m per month between January and September this year.These figures are based solely on packaged business, though the company has also seen an increase in its mortgage club business. With three months of the year still to go, the packager has already seen a 200% increase in both packaged and mortgage club business, compared with 2004.Christopher May, director of Mortgage Times, says: "This is ...

  • My half eaten samosa should satisfy FSA on my attendance

    24 Oct 2005

    From Robert Sharpe With regard to Nigel Pamment's letter in the October 10 issues of Mortgage Strategy regarding CPD accreditation, I too attended those seminars and did not get confirmation, but I was never expecting it.The Mortgage Expo was a trade exhibition also open to the public.The emphasis was on marketing. As to proof of attendance, my CPD personal file now incorporates assorted mints and golf balls, a shoe polisher, a strange cube courtesy of Friends Provident, a neon ...

  • N&P and Scottish Widows go live on MTE

    25 Oct 2005

    Norwich and Peterborough and Scottish Widows have become the latest lenders to accept mortgage business electronically via the Mortgage Trading Exchange.

  • N&P announces full intergration with Trigold

    25 Oct 2005

    Norwich and Peterborough has announced a full integration with ETC to receive electronic AIPs and full mortgage applications from Trigolds Prospector AAA mortgage sourcing system.

  • OFT rejects credit licence

    25 Oct 2005

    London accountant and mortgage broker, Twaleeb Ali Mohunger, has had his application for a credit licence turned down by the Office of Fair Trading.

  • Older people struggle with mortgage repayments

    25 Oct 2005

    Worrying evidence has emerged that increasing numbers of older people are struggling to service debt including mortgages, loans and credit cards.

  • Online approval for Kensington

    24 Oct 2005

    Kensington's online facility has been commended by intermediaries for its innovative ways of producing applications, decisions in principle and Key Facts Illustrations.The firms says the system, which was launched earlier this year, is hailed by brokers as a little-known industry treasure, as it provides brokers with flexible access and end to end support.

  • Open standards plan deferred

    24 Oct 2005

    Origo has deferred the creation of e-commerce standards in the mortgage sector until the middle of next year.Frank Eve, managing director of Frank Eve Consulting, has been meeting industry representatives over recent months to help move the project forward. But he says Origo has now decided to extend the research period for the project into next year.Origo, the financial services industry standards body, was due to enter the mortgage industry at the end of this month but Eve ...

  • Openwork drops Portman from panel after lender survey

    24 Oct 2005

    Openwork has named and shamed lenders giving poor service and removed Portman from its panel in an attempt to improve its standards.The Openwork Mortgage Advisory Panel service survey names HBOS as top lender, with the group accounting for four of the seven highest rated lenders.Portman appeared at the bottom of the rankings, resulting in its removal from the Openwork panel.Other lenders who ranked poorly in terms of service include Bristol & West, Capital Home Loans, NatWest, ...

  • Outsourcing contracts shrink

    24 Oct 2005

    Increasing international competition has led to more and smaller contracts being awarded to outsourcing firms, sourcing advisory firm Technology Partnerships International reveals.

  • Owners warm to lifetime option

    24 Oct 2005

    Research from Prudential reveals 44% of home owners over 55 would consider a lifetime mortgage.This compares with just 18% of the same social group in 2004 and 9% in 2003.When the question is opened up to all age groups, 48% are interested in lifetime mortgages.The fact lifetime mortgages are now regulated makes 31% of people more likely to consider one. Some 47% of the population plan to use their home equity to help fund their retirement and 16% of people think this will ...

  • Paragon and MT offer buy-to-let SIPP mortgages

    27 Oct 2005

    Paragon Mortgages and Mortgage Trust are offering intermediaries tailor-made self invested personal pension mortgage products for buy-to-let investors.

  • Paragon unveils SIPP proposals

    24 Oct 2005

    Paragon Mortgages has revealed its plans for self invested personal pensions in a bid to head off industry rumours that it might cut its panel of eligible introducers.The buy-to-let specialist lender says as an expert in the field it will have strict controls in place so only those qualified and able to provide expert advice on SIPPs will be able to introduce to Paragon.But this does not mean it will be cutting the number of introducers it deals with, as one broker complained ...

  • Pink launches fixed buy-to-let with Paragon

    25 Oct 2005

    Pink Home Loans has launched a semi-exclusive fixed buy-to-let product in conjunction with Paragon. The product offers a competitive headline rate of 3.95%, fixed until February 28 2007.

  • Pink launches self-cert fixed deal

    27 Oct 2005

    Pink Home Loans has launched a self-cert fixed rate product funded by Platform.

  • Pink offers B2L deal at 5.19%

    25 Oct 2005

    Pink Home Loans has unveiled an 89% LTV buy-to-let product funded by GMAC-RFC.

  • PMPA to launch Unity Homeloans next Monday

    25 Oct 2005

    As exclusively revealed by Mortgage Strategy in September, the Professional Mortgage Packagers Association is officially launching its lender Unity Homeloans next Monday.

  • Portman revises five-year fixed mortgage

    26 Oct 2005

    Portman is revising its five-year fixed rate mortgage.

  • Postal plan could affect sales

    24 Oct 2005

    House buyers and sellers may have to take into account the cost and inconvenience of posting letters if plans to change the way postage is paid for go ahead.The postal monopoly ends in January and there has been much discussion about the knock-on effect this will have on a system that delivers 84 million letters a day.Adam Crozier, chief executive of Royal Mail, believes stamp prices must increase when the monopoly ends in order to continue providing a universal service on an ...

  • Post-hurricane reconstruction opportunities

    28 Oct 2005

    UK Trade & Investment, in cooperation with Louisiana Economic Development and UK regional groups in England and Scotland's Business Gateway, will hold a series of seminars to brief companies on post-hurricane reconstruction opportunities in US Southern States estimated to be worth 140bn.

  • PPI for same sex couples

    24 Oct 2005

    Paymentcare has ended discrimination against gay couples by offering an addition to its payment protection insurance policies that pay out for carer cover when a partner requires full-time care due to illness.All Paymentcare's policies now offer carer cover and hospitalisation as an extra benefit at no extra cost to couples that live together.Shane Craig, managing director of Paymentcare, says: "Until now same sex couples have been discriminated against by insurers, causing ...

  • Preferred appoints two directors

    24 Oct 2005

    In the wake of the recent exit of Preferred's joint managing directors John Webster and George Patellis, the sub-prime lender made two senior promotions.. Roger Taylor, formerly head of sales, has been promoted to director of sales and marketing, and Nigel Ingram, formerly chief operating officer has been appointed director of operations, both with immediate effect.

  • Preferred confirms that MD has quit

    24 Oct 2005

    Preferred has confirmed that joint managing director John Webster has decided to leave the company to pursue other opportunities.

  • Prepare your home for winter

    24 Oct 2005

    The Royal Institution of Chartered Surveyors is advising people to prepare their homes for winter and stop the predicted harsh weather from taking its toll on property, heating and maintenance bills. Properties are vulnerable to attack both from the outside elements and the moist, warm conditions that build up inside in the winter months.Roy Ilott, a chartered building surveyor and spokesman for RICS, says: "A full assessment of a house's condition is advisable. Think roof, walls, ...

  • Pre-registration discounts for Expo

    26 Oct 2005

    Pre-registration not only takes the hassle out of registering for the Mortgage Business Expo London it also allows attendees to take advantage of discounted tickets for three other great shows thanks to a promotional code issued at registration.

  • Prices fall again

    24 Oct 2005

    Hometrack's October survey of the housing market reports a price fall of 0.1%, marking the 16th consecutive month of house price falls. The national average house price now stands at 160,700, down over 3.5% in the past 12 months.

  • Property ombudsman on the cards

    25 Oct 2005

    Property leaders and interested groups are investigating the establishment of a single, national property ombudsman to deal with consumer complaints.

  • Pundit slams banks' lack of personal touch

    24 Oct 2005

    A financial pundit has cited the loss of the personal touch as the reason for consumers' declining confidence in banks.Speaking at the Building Societies Association's annual lecture, David Lascelles, co-director of the Centre for the Study of Financial Innovation, says banks have lost touch with their customers and public opinion.But he says it is wrong to hark back to a golden era of banking. The rose tinted view of banking 40 or 50 year ago as an era when the bank manager ...

  • Quarterly survey shows healthy remortgage markets

    25 Oct 2005

    The latest quarterly UK mortgage borrowing trends survey published by My Mortgage Direct reveals a healthy remortgage market and a boom time for builders. Paul Hearnden, managing director of My Mortgage Direct, says: "One of the reasons behind this positive news is that home owners are choosing the more cost effective option of increasing their borrowings to pay for home improvements and extensions rather than moving to larger properties." Equally pertinent is the fact ...

  • Rental yields in England hit three-year low

    24 Oct 2005

    Quarterly rental yield figures released by Landlord Mortgages show rental yields in England have fallen to 5.87% in Q3 2005 from 5.97% in Q2 2005 – the lowest level in three years.

  • Retention fees could turn into a mis-selling scandal

    24 Oct 2005

    Ray Cohen I am intrigued by the debate on retention products. If the loan was non- regulated at the start of the term, why should switching to a different rate make it regulated? For those who wish to make it a regulated loan, the answer is simple - change the contract. The options are to remortgage elsewhere or to remortgage to the same lender. There will be some legal costs but it's reasonable to think the lender will dispense with survey and searches, thus reducing the cost. ...

  • Richard Donnell joins Hometrack board

    24 Oct 2005

    Hometrack has appointed Richard Donnell to join the Hometrack Board as Director of Research.Donnell was previously head of residential research at Savills. His primary role is to develop research services for the property and financial markets utilising Hometrack's extensive databases of market information.

  • Should property clubs be regulated by the FSA?

    24 Oct 2005

    Last week the Financial Services Authority revealed proposals to tighten rules surrounding property clubs.The proposals would mean clubs which do not exercise day-to-day control over the management of properties would fall under the FSA's remit. They would be classed as collective investment schemes and therefore be regulated by the FSA.FSA spokesman Robin Gordon-Walker says: "The concerns are about unsophisticated landlords getting involved. The consultation is not about extending ...

  • Single-person households on the rise

    28 Oct 2005

    It is estimated that by 2021, over 35% of all households in the UK will be people living alone.

  • Sourcing systems under fire

    24 Oct 2005

    The industry's main sourcing systems have come under fire for holding product providers over a barrel.Last week, Simon Mouncher, operations director of em-financial, wrote to Mortgage Strategy about Trigold. Mouncher complained that despite paying the sourcing system high fees, lenders not only have to list products once they have been keyed in but also verify them.Now Ernie Reeves, director of sourcing system Phoenix CPU, has accused the main systems of acting like a ...

  • Spooks don't scare off buyers

    26 Oct 2005

    No wonder Halloween is now such a major annual event in the UK, a recent survey shows that Brits are surprisingly unperturbed about spooky events, even when they concern the sanctuary of their hearth and home.

  • Sporting chance

    24 Oct 2005

    Like the Ashes series, the market is tough but fair says Kevin Duffy, managing director of Hamptons International Mortgages. He talks to Barney McCarthy

  • Sub-prime sector must learn from US

    24 Oct 2005

    The 'me too but cheaper' attitude of certain lenders in the UK sub-prime sector worryingly mirrors trends that nearly killed off the market in the US 10 years ago, says Jon Haynes

  • Survey reveals extent of overcrowding in social housing

    24 Oct 2005

    Children have to share a bedroom with their parents in almost three-quarters of overcrowded families, and one in 10 families in cramped housing have teenagers of the opposite sex who are forced to sleep in the same room.

  • Swift still seeking a chief executive

    24 Oct 2005

    Swift Advances, the Essex-based lender Michael Bolton was rumoured to be joining, is still on the hunt for a chief executive. Despite a number of high profile names being linked with the company, nobody yet has been appointed to the position.Kestrel is the holding company for Swift, a secured consumer loan and residential mortgage business.In May 2004, Alchemy invested 53m to acquire a 73.4% stake in Kestrel.

  • Taxbriefs launchs business tool for advisers

    27 Oct 2005

    Taxbriefs has launched a business tool for professional advisers called Mortgage Report Wrtier.

  • Taylor's Tour.....

    24 Oct 2005

    Henry Taylor's day job is running a mortgage broking business in Eastbourne on the south coast of England, when not taking part in the Seat Cupra Championship

  • Technology firm stands test of time

    24 Oct 2005

    Target, one of the first companies to offer software to help run mortgage businesses, is still producing useful web-based products for the marketplace, says Frank Eve

  • TFC Homeloans launches affordability calculator

    25 Oct 2005

    TFC Homeloans has launched the First National affordability calculator for a limited period.                    The calculator assesses the ability to pay on gross monthly income and total monthly outgoings.

  • The Female Factor

    24 Oct 2005

    Twice as many women as men now make the household mortgage decisions and the face of the industry is changing to reflect their growing economic power, says Natalie Martin

  • The Money Centre appoints four directors

    26 Oct 2005

    The Money Centre has announced the appointment of four new directors which took place at The Money Centres AGM on October 5. Lynsey Scrivener has been promoted to Marketing Director, Wayne Kilby to Operations Director, Dawn Bower to Business Development Director and Bronya Cluer to Finance Director.

  • The Mortgage Mole

    24 Oct 2005

    FISH TALESNow Mole's escaped his near death experience with the fishes, more can be splashed on Mortgage Strategy's Loan Shark Reunion. With the black velvets still flowing Guy Batchelor was about to release his catch of the day back into the wild when Kevin Friend realised he could get 20 squid for it."Into the bucket it went and as I licked my lips, spring onion and ginger crossed my mind," Friend confessed to Mole as he pocketed Terry's dog (fish), Guy's bass and ...

  • The Woolwich to launch lifetime tracker range

    28 Oct 2005

    The Woolwich is launching a lifetime tracker range which includes a offset deal at 0.59% above base rate (currently 5.09%) on November 2.

  • The Yorkshire implements Speed-trap online system

    24 Oct 2005

    Speed-trap, the e-business intelligence company, announced today that the Yorkshire has implemented Prophet, Speed-traps e-Business Solution, on its website.

  • Tips for the top

    24 Oct 2005

    Nick Robinson, managing director of Intelligent Finance, has been tipped as one of the UK's top business leaders in 2015. Robinson was nominated by industry figures in The Times, along with Andy Hornby, chief operating officer at HBOS.

  • TMB pledges to become top lender for packagers

    24 Oct 2005

    TMB managing director Nigel Payne has pledged that the HBOS subsidiary will become the number one lender for packagers.He says in the coming months The Mortgage Business will enhance its distribution strategy and strengthen packager relationships. TMB already deals with a significant number of packagers and will develop existing relationships as well as boost its business with others.Payne says that providing support to packagers is key to TMB's vision. The lender will be enhancing ...

  • TMW revises self-cert range

    24 Oct 2005

    The Mortgage Works is making a number of changes to its self-cert mortgage range with effect from Tuesday October 25.

  • Trump to sell mansion for 71m

    24 Oct 2005

    Millionaire businessman Donald Trump's Florida mansion has become the most expensive property in America. The star of TV's The Apprentice is selling his 17-bedroom house for a massive 71m. Though Trump has spent a fortune renovating the property, he has never lived in it.

  • UCB launches two-year tracker

    28 Oct 2005

    UCB Home Loans, the specialist lender of Nationwide, is broadening its self-cert mortgage range with the introduction of a two-year tracker with no early repayment charge on Monday October 31 2005.

  • Understand how TCF will affect you

    24 Oct 2005

    A recent speech by Clive Briault of the FSA should help firms better understand their obligations when it comes to treating customers fairly, says Bill Warren

  • Valuation website for consumers

    24 Oct 2005

    Hometrack is to launch the UK's first online consumer property valuation service. It will give the public access to information previously only available to mortgage lenders, estate agents and surveyors.From October 27 the website will be available for the public to obtain an independent, up-to-date valuation of a property. Previously the public could only obtain information on how much comparable properties had sold for.Simon White, director of Ashdown Lyons, says although ...

  • Vesta adds Kensington to panel

    24 Oct 2005

    Branded lender and packager Vesta Packaging has appointed Kensington Mortgages to its lending panel, taking its total number of lenders to 24.Mark Leaper, managing director of Vesta, sees the appointment as a valuable addition to an already extensive panel.He says: "This will enhance our ability to provide solutionsto our introducers' enquiries, as Kensington Mortgages offers niche areas of criteria in the sub-prime market that were previously unavailable to us."The Vesta ...

  • We must cut out some paperwork

    24 Oct 2005

    Better ways must be found to gather and provide information under statutory regulation or we run the risk of drowning our clients in paperwork, says Sue Read

  • We need a unified trade body

    24 Oct 2005

    There are likely to be three trade bodies soon, each fighting its own members' corner, and this will be fine as long as there is movement towards eventual unity, says Richard Griffiths

  • When is an AIP not an AIP?

    24 Oct 2005

    When you're dealing with B&W From Andrew Hughes We've all been in the situation whereby we have taken care to place our client's mortgage with the right lender, covered all aspects of the true costs of the proposed mortgage, analysed the savings and benefits and then come to a final choice of lender and product. We then submit an agreement in principle to get confirmation of what we should already know by this stage and this is accepted by the lender. I am not so naive as ...

  • Whole loan sales are the way to go

    24 Oct 2005

    The advantages of whole loan portfolio sales are becoming evident to lenders in the UK and better data systems will see this trend gathering pace, says Peter Shepherd

  • Women and business awards 2005

    25 Oct 2005

    Trade and industry secretary Alan Johnson urges UK business women to have their achievements recognised and at the same time inspire other women to the top of the workplace ladder by entering the Women in Business Award 2005.

  • Women make their mark in mortgages

    24 Oct 2005

    The mortgage industry has always been seen as predominately a man's world, but with more and more female advisers entering the market and lenders beginning to tailor their marketing to appeal to female borrowers, this is set to change.

  • xit2 to support SAVA Business Exchange

    25 Oct 2005

    SAVA, the training and assessment centre for home inspectors, has selected xit2 as technology partner to support the development of its Business Exchange, which will support qualified home inspectors in the commercial market for Home Condition Reports.

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