Mortgage Strategy
25 July 2005

  • 27% Of brokers say overseas homes are OK for SIPPs

    25 Jul 2005

    Some 27% of intermediaries believe overseas properties are suitable for a self invested pension plan.Mortgage Strategy conducted the straw poll after a growing number of estate agents, who are not regulated, started to publish misleading adverts telling people to put their offshore property into a SIPP and claiming they can even offer advice in this area.Legally, estate agents are not allowed to advise on SIPPs unless they are authorised by the Financial Services Authority.This ...

  • A fresh look at the self-build market

    25 Jul 2005

    One area of the market due for a fresh look is self-build. Intermediaries often see this as a complex sector. Coupled with the tiny market that self-build commands at less than 20,000 cases a year, it's not hard to see why.

  • Abbey relaunches mortgage range

    25 Jul 2005

    Abbey has relaunched its mortgage range with a six-month flexible plus fixed rate reduced by 0.10%, now 4.29%, and a three and five-year fixed rate increased by 0.10%. There is also a two-year fixed rate launched at 4.74% with no booking fee.Along with this is a two-year tracker at 75% LTV with no early repayment charge to complement the existing two-year fixed rate with no early repayment charge.The deals will also include stepped fixed rate deals, flexible plus mortgage fixed ...

  • Abbey streamlines ID requirements

    25 Jul 2005

    Abbey is changing its money laundering requirements to make things easier for brokers. As part of its service pledge to intermediaries, brokers will no longer have to send in certified copies of ID documents. Now brokers just check the documents and put the relevant reference numbers on the forms. The aim is to create a more streamlined process with less paperwork clogging the system.

  • Accepting scanned copies will make brokers' lives easier

    25 Jul 2005

    From Lee Martin Congratulations to Accord Mortgages on its decision to accept scanned copies of documents such as passports, proof of address and payslips. I always ask a lender or solicitor if they will accept scanned copies attached to an email but always get a big fat no. Accord's move will mean brokers will get cases through faster, have happier clients and eventually more business to give Accord. Everyone should adopt the same strategy. Name and address supplied ...

  • Advantage launches free legals on Mortgages PLC range

    27 Jul 2005

    Advantage Home Loans has launched a free legal fees option on its M300 range funded by Mortgages PLC.

  • Advantage offers range of valuation fee deals

    27 Jul 2005

    Advantage has gone to market with a range of valuation offers on its product range. The offers include free Valuations, 99 valuations and valuation refunds on completion.The offers are dependent on the product chosen.Peter Bass, head of sales for Advantage, says: "The response from brokers to our existing valuation fee offers has been fantastic and that is something we want to maintain, hence our continued commitment to this area."

  • Advantage record

    25 Jul 2005

    Advantage Home Loans reports record levels of business for June since centralising new mortgage enquiries to its broker support team.

  • Advantage to work closely with Platform system

    28 Jul 2005

    Platform and Advantage Home Loans are collaborating to give brokers a greater choice.

  • AfI's 10-day commitment is not the first deal of its kind

    25 Jul 2005

    From Linda Will I was fascinated to read Abbey for Intermediaries' 10-day offer commitment, stating this is the first of its kind from a major mortgage lender (Mortgage Strategy July 11). We could discuss the definition of the word 'major', but I assume this is why it ignores our 10-day offer promise which has been in place since April 2003. We show exactly how many 10-day qualifying cases go out on time, detail how to submit a 10-day case and give the reasons some cases don't ...

  • Amaira resigns to join GE

    25 Jul 2005

    Cammy Amaira has resigned as head of sales at Mortgage Express to join GE Consumer Home Finance Lending.Though his job title has yet to be confirmed, in his new role at GE he will be working in the unsecured market on home improvement loans.Amaira says: "I've worked for MEX for seven years and really enjoyed my time here. However, the opportunity to move to a different market came just at the right time."

  • Asda denies plan to sell mortgages

    25 Jul 2005

    Asda is rumoured to be looking at ways of offering mortgages via its stores.The group, which was taken over by US stores chain Wal-Mart in 1999, already offers a range of financial products, including mortgage protection in partnership with Scottish Widows and general insurance in partnership with Norwich Union.Sources say the supermarket is now looking at mortgages, with 2006 earmarked as a possible launch date.Tesco currently offers mortgages via its stores in partnership ...

  • Average sub-prime loan 108,606 in June

    29 Jul 2005

    Advantage Home Loans has published its sub-prime mortgage index for the first half of 2005 and it reveals that the average loan value across all of its panel lenders is 108,606.

  • B&B exclusive

    25 Jul 2005

    Bradford & Bingley is offering borrowers a exclusive fees-free three-year fixed rate mortgage funded by Mortgage Express. The product has an initial fixed rate of 4.99% fixed until September 30, 2008. The loan then reverts to the lender's SVR.

  • B2L and self-cert range is unveiled

    25 Jul 2005

    Platform has launched a range of buy-to-let and self-cert products.The range is geared to offering more flexibility, allowing larger portfolios with bigger maximum loans, higher lending limits, and a new rental calculation formula.The buy-to-let product includes a 4.79% three-year fixed rate with 1.5% arrangement fee and no ERC overhang, increased loan sizes and maximum 500,000 at 85% LTV or 1m at 75% LTV. Along with higher lending limits, increased to 3m and 25 properties, ...

  • BMS offers network exclusives

    25 Jul 2005

    BM Solutions has made available a number of exclusives from its light, extra light and near prime ranges through Personal Touch Financial Services.The HBOS subsidiary says it has seen major growth in its sub-prime volumes since the launch of the light, extra light and near prime options, achieving 25% growth in applications since its introduction.Exclusives in the sub-prime status range include a prime 5.89% two-year tracker, an extra light 6.15% two-year tracker and light 6.35% ...

  • BoE figures reveal 96,000 new mortgage approvals in June

    29 Jul 2005

    Figures released by the Bank of England show that thenumber of mortgage approvals for home purchases were a seasonally adjusted 96,000 in June, unchanged from May.

  • Bridgewater appointment

    25 Jul 2005

    Bridgewater Equity Release, the home reversions subsidiary of the country's largest quoted residential property investor, Grainger Trust,has appointed Andrew Dixon as marketing and sales manager. Dixon joins the team to co-ordinate Bridgewater's marketing and sales campaign with the intention of making it a market leader in the home reversion sector.

  • Bristol among favourite places for home buyers

    27 Jul 2005

    Bristol is one of the most popular places for home buyers in the UK and its popularity could fuel long-term property price rises in the area according to data from SmartNewHomes.com. The SmartNewHomes migration monitor, which measures the number of homebuyers moving in or out of an area, shows that the South West has the highest number of homebuyers looking to move into the area, with a migration figure of 3.6%.

  • Brits would rather spend it than pass it on

    25 Jul 2005

    Research by the Joseph Rowntree Foundation on attitudes to inheritance shows Britons have a relaxed view when it comes to bequests.While many are attracted to the idea of leaving a house or money to family or friends, in practice two-thirds of adults surveyed with the means to make a bequest said they plan to enjoy life and don't worry too much about leaving a legacy.The study, by Karen Rowlingson of Bath University and Stephen McKay of Bristol University, also revealed widespread ...

  • Brokers will shop non-compliant rivals

    25 Jul 2005

    Mortgages PLC and Mortgage Promotions' joint MarketView June 2005 survey reveals 67% of intermediaries would whistle-blow on non-compliant adverts run by fellow brokers.It also says 71.5% of intermediaries would willingly report a non-compliant or misleading advert to the Financial Services Authority's financial promotions hotline and that 74% would be happy to say they are brokers.While 48% of intermediaries say whistle-blowing will have a positive impact on the industry, 29% ...

  • Bubbly Cartel links up with champagne brand

    25 Jul 2005

    Cartel has signed up to an exclusive promotional tie-in with champagne brand Moet & Chandon.The national brokerage officially signed up to the joint venture on July 15 in London.Moet & Chandon is part of the LVMH group which also owns luxury brands Krug, Dom Perignon, Glenmorangie and Louis Vuitton.Under the agreement, Cartel and Moet & Chandon will co-brand events and promotions. Crates of champagne will be labelled 'In association with Moet & Chandon and Cartel'.Moet ...

  • BuildStore adds Accord to BuildLoan panel

    25 Jul 2005

    Buildstore has added Accord Mortgages to its panel of lenders for BuildLoan.The Accord product is a three-year discounted mortgage with an initial pay rate of 4.74%. This mortgage is linked to an Accord savings account, giving an offset facility.The benefit of an offset facility for self-builders is that, rather than drawing down a full stage release into their bank account and paying interest on the the drawdown from that date, Accord will transfer the stage releases into the ...

  • Buying loan protection independently saves money

    26 Jul 2005

    Consumers can save more than 1,400 on a 7,500 loan by buying loan protection insurance independently rather than through banks, says research by Burgesses.

  • Buy-to-let confidence remains strong

    26 Jul 2005

    The quarterly buy-to-let confidence survey from Mortgage Express shows confidence in the market remains strong.

  • C&G reduces two and three-year premium fixed rates

    29 Jul 2005

    Cheltenham & Gloucester is reducing the rates on its two and three-year premium fixed-rate mortgages from August 1.The new deals are competitive at 4.39% fixed for either two or three years, available for borrowing of 100,000 or more for LTVs up to 90%. Nick Hale, C&G's sales director, says: "These premium fixed-rate deals are our lowest priced fixed mortgages since August 2003 and represent excellent value for those borrowing 100,000 or more, moving house or simply remortgaging."

  • Campaign to clean up leads industry

    25 Jul 2005

    Quay Communications is campaigning for the leads generation industry to clean up its act with the setting up of its own trade body.Modelled along the lines of Safe Home Income Plans, which has been an effective trade body for the equity release industry, the aim is to help brokers steer clear of unregulated firms looking to con them out of money.By adhering to a set of founding principles, the objective would be to differentiate quality firms from the rest of the market.Quay ...

  • Chelsea lowers fixed rates

    26 Jul 2005

    Chelsea has lowered the rate on its two, three and five-year fixed rate products.

  • Cheval develops bridging finance training

    27 Jul 2005

    Cheval has developed a training presentation to help brokers to understand how bridging finance can be used in different ways to help clients.

  • Confidence in internet banking soars

    28 Jul 2005

    Consumer confidence in internet banking has soared over the past few years, says a report by Lloyds TSB internet banking.

  • Curriculum Vitae - Duncan Pownall

    25 Jul 2005

    "My years at Charcoal were the most influential of my career"

  • Dashboard Software teams up with Exclusive Connections

    25 Jul 2005

    Dashboard Software has teamed up with Exclusive Connections to provide what it describes as a cost effective packaging solution for its branded members across the network.

  • Date set for Openwork court case battle

    29 Jul 2005

    The date for the court proceedings instigated by Openwork against Home of Choice, Gerry O'Brien and Richard Coulson has now been set for November 22,2005.

  • Delegate places for Mortgage Summit all filled

    25 Jul 2005

    Delegate places for the Mortgage Summit in Spain are now all filled as interest continues to grow in the groundbreaking event.Taking place at the prestigious Monte Castillo Resort in Jerez in southern Spain from September 7-9 2005, the Summit is set to be the biggest event yet of its kind for the industry. The invitation-only event for the UK's top 75 intermediaries and brokers will consist of keynote presentations, focussed seminars and workshops.Experts in the conference will ...

  • Disappointment at EC Green Paper on mortgage credit

    25 Jul 2005

    The Council of Mortgage Lenders says it is disappointed by the European Commission's green paper on mortgage credit in the EU. The CML believes the paper's emphasis on retail standardisation to promote cross-border borrowing is too strong and its consideration of integrating capital funding markets is too weak.The CML also says the paper fails to define what the commission means by an integrated mortgage market. The lender body believes encouraging lenders to operate in other ...

  • e.surv remains positive about HIPs

    27 Jul 2005

    e.surv chartered surveyors is continuing to view the implementation of Home Information Packs as a positive development.

  • East London set for Olympic ripple effect

    27 Jul 2005

    Almost three weeks after Londons successful bid for the 2012 Olympics, properties in Stratford have almost completely dried up and this could soon spread to other parts of East London.

  • em-homeloans launches Preferred exclusives

    26 Jul 2005

    em- is launching exclusive deals with Preferred on its RTB unlimited core range and extra light remortgages with unlimited arrears.

  • Enterprise Group appointed to Thinc Destini panel

    25 Jul 2005

    Enterprise Group has been appointed to the panel of Thinc Destini, to deal with its sub-prime mortgages.

  • Enterprise makes three senior appointments

    28 Jul 2005

    The Enterprise Group has made three senior appointments.

  • Equity release choice increases, says Defaqto report

    25 Jul 2005

    Retired people looking for equity release schemes can expect greater choice as more providers enter the market, reveals a report from Defaqto.

  • Equity release sector shows steady growth

    25 Jul 2005

    The nineteen members of UK equity release industry body Safe Home Income Plans has reported second quarter figures to June 30 that reflect continued steady growth.

  • Exchange adds 100,000 records

    25 Jul 2005

    The Exchange, provider of portal services to intermediaries, has added more than 100,000 client records to its database.The client database was added to Exweb 18 months ago as part of a major programme to improve the usability and value of the service, driving greater efficiency within intermediary firms.

  • Exclusive Connections launches B2L products with MEX

    27 Jul 2005

    Exclusive Connections has launched three buy-to-let non-status exclusive products with Mortgage Express.

  • Fee paying instalment plan shows signs of success

    25 Jul 2005

    Around 1,600 small firms have already taken advantage of a new scheme that lets them pay their fees by instalments, show figures from the Financial Services Authority.

  • First National and em- reveal branded lending partnership

    27 Jul 2005

    em-financial and First National have joined forces to launch a branded lending initiative.

  • FSA decisions team gets back-up

    25 Jul 2005

    A separate legal function is to be set up by the Financial Service Authority to assist its Regulatory Decisions Committee, following a review.With a brief to assist the FSA in deciding if firms have broken regulatory requirements, the FSA says there must be a clear separation between those who investigate possible rule breaches and those who decide whether the conduct in question should be sanctioned. Currently this is achieved by having more contentious decisions made by the RDC.The ...

  • FSSC launches Recognised Trainer Scheme

    28 Jul 2005

    The Financial Services Skills Council has launched a scheme to recognise trainers in the financial services sector. The FSSC Recognised Trainer Scheme is suitable both for independent trainers and for individuals working as in-house trainers in financial services firms.

  • Giving lenders a hand with upgrades

    25 Jul 2005

    Software that allows companies to develop new applications using their legacy IT systems could find a ready market in the mortgage lending community, says Frank Eve

  • GMAC-RFC achieves top 10 lender status

    28 Jul 2005

    GMAC-RFC has revealed that it has achieved top 10 lender status, claiming the position as the UK's 10th largest mortgage lender.

  • GMAC-RFC sells 105m portfolio to Derbyshire Home Loans

    29 Jul 2005

    GMAC-RFC has unveiled its fourth substantial portfolio sale to Derbyshire Home Loans, a subsidiary of Derbyshire Building Society.

  • Gross mortgage lending reaches 16.5bn in June

    27 Jul 2005

    Information published by the Major British Bankers Group on lending to individuals shows that gross mortgage lending was 16.5bn in June.

  • HBOS named largest lender for fifth consecutive year

    25 Jul 2005

    HBOS has been named the biggest mortgage lender for 2004 by the Council of Mortgage Lenders.It tops the table for the fifth year running on the CML's list of the 30 largest mortgage lenders in terms of gross mortgage lending and total balances outstanding.HBOS had an estimated market share of 23.4% for gross mortgage lending in 2004, compared with 26% in 2003.Gross mortgage lending for HBOS in 2004 went down to 68.1bn from 70.3bn in 2003. In 2004 it had 193.0bn in total ...

  • HL Partnership teams up with Direct Life and Pensions Services

    27 Jul 2005

    HomeLoan Partnership has signed a deal with Direct Life and Pensions Services to give its members access to the LifeQuote system. This means that HomeLoan Partnership appointed representatives can offer competitive life protection, critical illness and income protection products available from the main product providers via a single online point of access and with improved commission rates. LifeQuote is a quick, simple and easy to use sales and administration solution for ...

  • Holders of offshore bank accounts to receive HMRC letters

    29 Jul 2005

    Experts at the tax investigation team at Chiltern are warning that Her Majestys Customs and Revenue has stepped up its campaign targeting tax avoidance via offshore arrangements.

  • Home buyers will still have surveys done, despite HIPs

    25 Jul 2005

    Exclusive research carried out by xit2 for Mortgage Strategy indicates 33% of home buyers will still insist on having their own surveys done, despite Home Information Packs.The company questioned senior figures in the housing market, including lenders, intermediaries, estate agents, surveyors and solicitors about their experience of home buyers' attitudes toward HIPs.The results show that since April, the number of buyers who would insist on having a survey done has increased ...

  • Home of Choice court order

    25 Jul 2005

    Home of Choice says it is "extremely satisfied" after a court order confirmed that under the Openwork contract, an adviser can also run a mortgage business.

  • House prices up 0.2% in July

    28 Jul 2005

    House prices increased by 0.2% in July, reversing the previous months fall, the Nationwide House Price Report reveals.

  • How do you feel about open standards?

    25 Jul 2005

    Origo's intention to create an open standards system in the mortgage industry met with mixed reaction from lenders last week.The aim is to develop structure and direction within e-commerce for the financial services industry. Origo is owned by life, pensions and investment providers who pay 10,000 per year for using the open standards. For the system to be developed for the mortgage industry, lenders would have to shoulder some of the financial burden.While some lenders believe ...

  • Howard takes broker role at Portman

    25 Jul 2005

    Paul Howard, associate director at Portman, has been promoted to director of intermediary sales, to boost its commitment to the broker market.Howard will retain responsibility for the growth of the Group's intermediary mortgage businesses, Portman and The Mortgage Works.Howard says: "We are enjoying a super year under both our brands in the intermediary market and my new position shows how important broker business is to the Group." Portman has also promoted former associate ...

  • Hybrid cover could be a hit with brokers

    25 Jul 2005

    Education, education, education was the opening refrain from Tony Blair and his cronies when they took office. They also talked of boosting the take-up of accident, sickness and unemployment - or mortgage payment protection - insurance.

  • Igroup refreshes first charge range

    25 Jul 2005

    igroup has launched a refreshed range of first charge mortgage products.Its first mortgage GEM range has been significantly improved to provide brokers with an easier to understand and competitive choice of products.The range will focus on value for the customer, with all fixed rates being improved and starting from 5%. Over half of the discount rates have also been improved, with rates starting from just 5%. There are also reductions in over 40% of tracker rates.There have ...

  • Implementation of HIPs confirmed for early 2007

    26 Jul 2005

    The governments unveiling of further details of the implementation of Home Information Packs has been welcomed by the residential property and mortgage industry.

  • Internet Insight

    25 Jul 2005

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

  • IT study is already largest of its kind

    25 Jul 2005

    The 2005 Benchmark Study of Lenders' Intermediary Technology has already received 21 entries from lenders, making it the largest study of its kind.The closing date for entries is August 15. The study will take place in September and October, with the Mortgage Strategy Technology Service Awards taking place at London's Mortgage Expo in November. This annual study sets the standard for best practice in and decisioning technology and will include networks, packagers and brokers.Lenders ...

  • Just Retirement records 117m sales in first year

    29 Jul 2005

    Just Retirement, the enhanced annuity and equity release specialist, has revealed annual sales of 117m for its first financial period.

  • KFIs under fire at FSA meeting

    25 Jul 2005

    Key Facts Illustrations again came under fire at the Financial Services Authority's annual public meeting last week.The Financial Services Consumer Panel, which acts independently of the FSA, emphasised the importance of the documents but said information provision must help and not hinder consumers.Ann Foster, chair of the Consumer Panel, says: "A KFI is supposed to be a simple summary and it is ludicrous that it has turned in to a long and complex document."Foster acknowledged ...

  • Landlords are investors, not speculators

    26 Jul 2005

    Landlords are actively managing and growing their portfolios, a survey from Mortgage Trust finds.

  • Landlords' total returns remain steady

    27 Jul 2005

    The July edition of the Paragon Mortgages buy-to-let index shows that landlords average total returns have remained steady at 21% for two months in a row.

  • Leeds offsets

    25 Jul 2005

    Leeds & Holbeck has launched its first offset mortgage range, offering a five-year fixed rate product as well as a lifetime tracker.

  • Lenders should insist on borrowers having life cover

    25 Jul 2005

    From Maureena Mohammed I have worked in the legal industry all my life and three years ago my husband asked me to help him in his business as a mortgage and insurance broker. During that time, I have learned a lot but am still surprised lenders do not insist on applicants taking out life cover to protect their mortgages in the event of death. I understand we all need to save money where we can but what happens if, in the event of death, there is no insurance in place? I ...

  • m2-mortgage club adds three lenders to panel

    27 Jul 2005

    m2-mortgage club has added GMAC-RFC, Ulster Bank and Paragon Mortgages to its lender panel, bringing the total number of lenders to 56.

  • MAB extends branch network

    25 Jul 2005

    Mortgage Advice Bureau has signed up Enfield-based estate agency chain Lanes to its branch network. This adds five branches, to which MAB will provide an advisory service, and numerous homes developments.MAB has brought five consultants and two administrators to the chain, and now has over 250 outlets across the country. Oliver Maher, managing director at Lanes, says: "We feel MAB can provide the excellent service we need to support our customers as well as the expert knowledge ...

  • Market Watch

    25 Jul 2005

    Swaps had a pretty uneventful week, a bit of up and down but closed roughly where they started.

  • MEX boost for overseas buyers

    25 Jul 2005

    Mortgage Express has launched a range of deals for its buy-to-let non- status product available to overseas investors looking to buy property in the UK, including expatriates.Andrew Moss, product development manager at MEX, says the Bradford & Bingley subsidiary has seen increased enquiries from brokers about deals for overseas investors.He adds: "The demand for such deals for overseas investors reflects the continuing health of the UK buy- to-let market."The three-year ...

  • Money Partners completes 400m securitisation

    29 Jul 2005

    Money Partners has reported the completion of its first securitisation deal in the UK Residential Mortgage Backed Securities market. Totalling 400 million and comprising non-conforming first and second charge mortgages, the deal was issued by Money Partners Securities with Barclays Capital acting as lead manager. Simon Kingdon, finance director of Money Partners, says: "The completion of our first securitisation deal is a significant landmark for us.

  • More FTBs enter the market

    25 Jul 2005

    The latest quarterly mortgage borrowing trends survey by My Mortgage Direct reveals a healthy rise in first-time buyer numbers. Applications from FTBs between April and June stood at a market-bucking 23% - a huge leap from 5% at the close of the first quarter.Paul Hearnden, managing director of My Mortgage Direct, says: "The stability of interest rates and the fact the property market did not take the nosedive many expected has shored up confidence. First-timers have decided to ...

  • Morgan Stanley poised to launch UK lender

    25 Jul 2005

    Morgan Stanley is understood to be looking to launch a UK sub-prime lender within the next six months.Mortgage Strategy can reveal the global investment bank has already appointed a senior management team of US executives and that it is currently recruiting for second tier management positions such as heads of sales, underwriting and processing. Believed to be based in West London, this latest entrant to an already overcrowded sector is promising to pay "top dollar" to successful ...

  • MPC split prompts base rate cut speculation

    25 Jul 2005

    The Bank of England Monetary Policy Committee voted by a margin of just five to four to hold the interest rate at 4.75% earlier this month, prompting speculation it will cut rates on August 4.Minutes of the meeting of July 6-7 show five members of the committee - Mervyn King, Rachel Lomax, Andrew Large, Richard Lambert and Paul Tucker - voted to hold the rate. Four members, Kate Barker, Charles Bean, Stephen Nickell and David Walton voted against, preferring a reduction in the rate ...

  • MPLC beefs up its position in heavy adverse

    25 Jul 2005

    Mortgages PLC has moved to strengthen its position in the heavy adverse market with the launch of a free legals initiative with Legal Marketing Services.The free legals offer is available on all of MPLC's heavy and fast-track remortgages except Right to Buy and buy-to-let, and runs until the end of November.Peter Beaumont, sales and marketing director of MPLC, says: "By offering free legals to these clients wehave greatly enhanced the products."The heavy adverse end of the ...

  • MS pundit strikes out at Halifax lifetime KFI

    25 Jul 2005

    Top Mortgage Strategy pundit Jonathan Cornell, associate director at Hamptons International, has branded Halifax villain of the week for continuing to print 'lifetime mortgage' at the top of its Retirement Home Plan mortgage.Cornell names and shames Halifax in this week's Mortgage Strategy and says the lender will continue to be villain of the week until its changes the Key Facts Illustration for the Retirement Home Plan mortgage.Halifax has been accused in the ...

  • NatWest launches improved deals for intermediaries

    29 Jul 2005

    NatWest has launched a revised mortgage portfolio for the intermediary market.

  • Newcastle appoints non-executive director

    26 Jul 2005

    Richard Mayland, a former partner with PricewaterhouseCoopers, has joined the board of Newcastle as a non-executive director. Mayland began his accountancy career in 1976 and became a partner with PWC in Newcastle, managing the audit practice until 1999.

  • Northern Rock reveals total assets of 72.5bn

    29 Jul 2005

    Northern Rock has issued its interim results for the six months ended June 30 and reveals total assets of 72.5bn.

  • Northern Rock's documentation is inexcusably bad

    25 Jul 2005

    From Brad Bennet I agree with Ian Curtis about the frustrations of dealing with lenders such as Northern Rock (Mortgage Strategy July 11) . Almost all Northern Rock mortgage offers issued to our clients over recent months have contained serious errors. In the main, the wrong product has been offered. In one recent case, the address of the house being purchased was stated as three different properties in various pieces of correspondence. This remains uncorrected. We have also ...

  • NU reduces interest rates on lifetime mortgages

    26 Jul 2005

    Norwich Union is reducing the interest rates on its fixed rate lifetime mortgage from July 25.

  • Number of would-be buyers rose in June

    25 Jul 2005

    The number of would-be home buyers rose in June for the first time in six months, showing the largest increase since January 2004, the Royal Institution of Chartered Surveyors reveals.The turnaround in enquiries after four months of falls suggests confidence has been boosted by speculation that interest rates will fall. However, the rise in activity is from a low base, with overall market conditions still subdued.House prices continued to decline in June, though at a slightly ...

  • One into two

    25 Jul 2005

    Lenders are increasingly trying to help home owners going through the financial and emotional hardship of relationship break-ups, says Rosemary Gallagher

  • Open standards warning

    25 Jul 2005

    Origo is warning that failure to grasp open standards could lead to chaos in the mortgage industry.Paul Pettitt, managing director at Origo, says: "If open standards are not grasped, the industry could become a chaotic mix of disparate, non-linking systems with support costs rising to unsustainable levels."Last week's Mortgage Strategy reported how lenders are divided over whether they are willing to pay for open standards to be implemented in the mortgage industry.Providers ...

  • Opus to add Rooftop to its lender panel

    25 Jul 2005

    Opus is to expand its offering to Scottish-based intermediaries with the appointment of Rooftop to its lender panel.Opus will become a full processing centre for Rooftop, offering a service from loan approval to offer and completion, controlling all aspects of the process from its offices in Glasgow.The addition of Rooftop follows the implementation of remote processing for GMAC-RFC in May. Since the GMAC-RFC launch, Opus has seen a 50% increase in volumes which it attributes ...

  • Parker to take retirement

    25 Jul 2005

    John Parker will take planned retirement as chief executive of the Stroud & Swindon on December 31.He will be succeeded by the current finance director, David Hill, who has worked with the society since June 2000.Parker has been chief executive for the past 13 years and has been with Stroud & Swindon for 22 years, having joined as finance director in April 1984.He has been an elected member of the Building Societies Association Council since 1999 and for the past year has ...

  • Paymentshield launches protection panel

    27 Jul 2005

    Paymentshield has launched a limited protection panel offering, aimed at directly authorised adviser firms.'The Paymentshield Protection Club' consists of Norwich Union, Scottish Provident, Standard Life and Scottish Widows. Graham Boulger, commercial director of the Graham Boulger Group, said: It is the only limited panel in the market with a simplified operating model such as the generic application form covering all insurers.

  • PFS conference to build technical skills

    28 Jul 2005

    PFS members have been sent full details of the inaugural Personal Finance Society Conference, which will take place on November 21 and 22 in Birmingham.

  • Piers Morgan to speak at CII conference

    29 Jul 2005

    Piers Morgan is the latest addition to the line-up of speakers at this years CII and CILA UK insurance and financial services conference.

  • Planning for the end of the affair

    25 Jul 2005

    Just when you thought it wasn't possible to add another acronym to the mortgage adviser's dictionary, a brand new one emerges - Molcs.

  • PMS raises GMAC-RFC sub-prime proc fee

    29 Jul 2005

    Premier Mortgage Service is raising the procuration fee it pays on sub-prime business placed with GMAC-RFC.

  • PR flop sinks Ethical after a difficult period of trading

    25 Jul 2005

    Ethical Mortgage Solutions has begun proceedings to voluntarily wind up the business following a difficult trading period.The company received less response to its marketing drive than expected and has found it hard to sustain its original business model.The original franchisees of Ethical Mortgage Solutions are still keen to provide ethical advice to clients and are in the process of forming a new business.Ethical says it was badly affected by regulation and the slow market ...

  • Prescott plans to help FTBs

    25 Jul 2005

    Deputy prime minister John Prescott has called for a shake-up of planning rules to ensure more first-time buyers get the chance to buy homes.The government says the current planning system fails to take account of pressures in the housing market. The result is some areas have chronic shortages and building rates lower than 30 years ago while others have low demand and boarded up homes because building has outstripped demand.It says local planning authorities must work together ...

  • Prestbury sells GI

    25 Jul 2005

    Prestbury Holdings has reached an agreement with underwriting agency PlusOne to sell Norwich Union's GI products.These include buildings and contents insurance and mortgage payment protection.

  • Principality scoops top business award

    25 Jul 2005

    Welsh business received a vote of confidenceas Principality, Wales' largestbuilding society, was namedCMS Cameron McKenna Business of the Year at a ceremony in London on July 14. Principality now advances as a finalist toThe National Business Awards which is to be held in London in November.Judges for the Business of the Year Award were looking for an outstanding organisation that demonstrated exceptional financial returns, strong growth and innovation strategies, plus leadership ...

  • Record levels of homes being built on brownfield sites

    29 Jul 2005

    The proportion of homes built on brownfield sites has reached a record level of 70% - up from 56% in 1997.

  • Repossessions slightly up, but still at historically low level

    27 Jul 2005

    Repossessions and cases of mortgage arrears both rose in the first half of this year, but both remain at low levels by historical standards.

  • Saga slashes cost of equity release

    26 Jul 2005

    Saga has reduced the cost of its lifetime mortgages by 0.65%.

  • Second thoughts on second charges

    25 Jul 2005

    Second charge lending is a viable alternative to remortgaging and should not be overlooked by brokers looking to maximise their income in a challenging market, says Jon Haynes

  • Sesame sells its 60% stake in Assureweb

    25 Jul 2005

    Sesame has sold its 60% stake in Assureweb, with the five existing product investors increasing their share in the business from 40% to 60%.The deal will involve a share buy-back deal that will leave AEGON UK, Clerical Medical, Friends Provident, Norwich Union and Scottish Widows owning 100% of the business and taking full operational responsibility for Assureweb.Sesame says it remains committed to the Assureweb platform but believes the business has progressed to a stage, both ...

  • SIPPs awareness

    25 Jul 2005

    Mortgage Trust says landlords are becoming aware of the changes that will allow residential property to be held in self invested personal pension schemes. It says 74% have heard about the new rules.

  • Skipton reveals group pre-tax profits of 38m

    26 Jul 2005

    Skipton has revealed group pre-tax profits of 38m.

  • Source offers an MPPI product through D&D

    25 Jul 2005

    Source Software has launched a mortgage and payment protection insurance product via its insurance division D&D Homecare.The MPPI is available on Source's free sourcing system package that allows brokers and other intermediaries to find, compare and sell a range of insurances.Source says the insurance complements its existing panel of MPPI products, which includes Premier Writers and Sentinel. This is the first time an MPPI product providing a monthly renewable contract has ...

  • SPPL appoints national sales manager

    29 Jul 2005

    Southern Pacific Personal Loans has appointed Marie Kennedy as national sales manager, reporting to SPPLs sales and marketing director John Prust.

  • Stop pandering to first-time buyers

    25 Jul 2005

    Parents who are prepared to assist their children with house purchase are a regular feature of the property market. And many current home owners acknowledge their parents' support in helping them get on the property ladder.

  • Sub-prime time

    25 Jul 2005

    The sub-prime market is maturing fast and intermediaries should try to understand its technology, its products and its borrowers, says Jeff Knight

  • Taureans most likely to invest in buy-to-let property

    27 Jul 2005

    Many people believe that their destiny is written in the stars and that their every move is influenced by the sign of the Zodiac they were born under.

  • Taylor's Tour.....

    25 Jul 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

  • TFC Commercial promotes from within

    29 Jul 2005

    Nick Sneddon has been promoted to sales director and Wayne Lee to operations director for TFC Commercial, part of The Finance Centre group of companies.

  • The high cost of not having CI cover

    25 Jul 2005

    Many good sales ideas came out of the visit from Dr Marius Barnard. This week I will concentrate on the cost of critical illness insurance.When you're speaking to your client about the cost of CI insurance and they maintain it's too expensive, ensure they understand what it does and the value it offers.This is especially important in today's world where the threat of serious illness is increasing. If they say they can't afford the monthly premiums, talk to them about what they ...

  • The Mortgage Mole

    25 Jul 2005

    HARRY HURRYMortgage Strategy was spellbound last week after receiving copies of Harry Potter and the Half-Blood Prince thanks to those kind folk at Mortgage Express and PR agency Lansons. The race is on in the office to finish the book first. The suspense was too much for both Thickett and Hall who read the last two chapters first while reporter McCarthy ripped the head of his owl bookmark, earning him funny looks on the Underground.Rumours are circulating as to the identity ...

  • Those who pay together, stay together

    25 Jul 2005

    Rising property prices and high levels of debt are forcing couples to stay in loveless relationships because they can't afford to leave, says research from Skipton.The findings have given rise to a new acronym, Molcs - Money over Love Couples. Skipton says the number of these couples is on the rise, with one in 20 people now financially shackled to their partner.A total of 7% of respondents to the Skipton survey say they are unhappy with their current partner, while one in 10 ...

  • Timescale issue moves up the agenda

    25 Jul 2005

    Some of you will remember that I wrote about the issue of timescale at the end of the first quarter of this year.

  • TMB refreshes its fixed rates

    28 Jul 2005

    The Mortgage Business has reduced its two and three-year fixed rates to 5.35%. The two-year rate is fixed at 5.35% until the end of 2007 reverting to 1.79% base rate tracker with an APR of 6.6%.

  • Trinity Mirror acquires SmartNewHomes.com

    28 Jul 2005

    SmartNewHomes.com has been acquired by Trinity Mirror. The newspaper publisher has purchased Smart Media Services for an initial sum of 11.3m and a deferred consideration based on future earnings, capped to a maximum of 5.3m. Trinity Mirror operates a portfolio of over 500 media brands, including some 240 local and regional newspapers, five national newspapers and four sports titles, as well as more than 60 websites and a variety of magazines, directories and exhibitions.

  • Victoria Mortgages launches two-year fix

    26 Jul 2005

    Victoria Mortgages has launched a two-year fixed rate at 6.38% as part of its medium adverse range.The product is fixed until November 30 2007 and has a maximum LTV of 75%. The arrangement fee on the mortgage is 499 and carries a procuration fee of 0.85%.

  • What impact will the olympics have on london's property market?

    25 Jul 2005

    The Games will bring huge investment to east London but our experts are divided on the long-term effect this will have on the housing market

  • Which? urges those with dodgy debts to get in touch

    29 Jul 2005

    On the back of the ruling to uphold the Meadows case against London North Securities, Which? is calling for people with similar problems to get in touch.

  • Whitechurch and Pink in preferred packager deal

    25 Jul 2005

    The Whitechurch Network has teamed up with Pink Home Loans to provide members with a preferred packager facility.The deal allows Whitechurch members to access Pink's packaged lender panel including its exclusive products, branded range and associated benefits.Dev Malle, sales director at Pink, says: "A combination of branded lending, product innovation, online case tracking and quick fee payment has meant demand from Whitechurch members has been high. A formal agreement made ...

  • Who fancies the mortgage Cinderella?

    25 Jul 2005

    Origo has made a Cinderella-style entry to the mortgage market ball but it might find deep-rooted commercial interests send it scuttling home as midnight strikes, says Richard Griffiths

  • Win a VIP trip to cycle race finale

    25 Jul 2005

    One lucky Mortgage Strategy reader and their partner will have the chance to witness the exciting conclusion to The Tour of Britain Cycle race thanks to The Derbyshire.The event comes to a spectacular conclusion on Sunday September 4 with the final stage which consists of a road race on the streets of Westminster in the capital. The finale will determine the winner of this 500 mile gruelling event which features the world's elite professional cyclists.The winning reader ...

  • Woods honoured

    25 Jul 2005

    Moneyfacts chief executive John Woods has been awarded an honorary degree by the University of East Anglia.Woods was made an Honorary Doctor of Civil Law on July 15 for his contribution to the financial industry.

  • Yorkshire reduces two-year fixed rate

    26 Jul 2005

    Yorkshire has reduced its two-year fixed rate mortgage - for the second time this month - to 4.34%.The mortgage is fixed until October 31 2007 and is available immediately for both existing and new borrowers, whether they are moving home or just moving their mortgage. The product has free accident, sickness and unemployment cover for the first six months andoverpayments of up to 10% of the capital each year are permitted without charge.

  • Your theme tune must please the FSA

    25 Jul 2005

    Firms must be aware not only of the FSA's rules and regulations but also its thematic work, and they should be prepared for the watchdog to pay them a themed visit, says Bill Warren

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