Mortgage Strategy
25 September 2006

  • Business guru speaks on finance

    25 Sep 2006

    Sir Martin Sorrell, CEO of WPP Group and business guru, championed globalisation, technology, distribution and brands in financial services during his speech at the Financial Services Forum awards last week. Michael Bolton, chief executive of edeus and member of the FSF, says: "Sorrell's pointers for good business mirror developments in the mortgage market. Technology is core to moving ahead of the pack. Broker distribution is key to intermediary players such as ourselves, and you ignore ...

  • Reversions firms must apply to FSA

    25 Sep 2006

    The Financial Services Authority is calling on companies looking to advise on home reversions to apply as soon as possible to ensure their applications are processed by April 6 2007 when the product will be regulated. The government revealed last week that, subject to Parliamentary approval, the FSA can open its doors to applications from November 6 in anticipation of the new regime.

  • .dot financial services opens first dot shop

    27 Sep 2006

    .dot financial services, the financial arm of The Townends Group, has opened its first dot shop in Horsell village, just outside Woking, Surrey. Previously, all of dots dedicated team of some 20 professional financial advisors were based in the estate agent offices of Townends and Regents. The Horsell office houses the dot direct operation which handles the leads generated from the website and general advertising as well as customers walking into the office.

  • 1st launches training and consultancy service

    27 Sep 2006

    1st, a Vertex company and supplier of integrated technology solutions for financial advisers, has launched clientsfirst - a training and consultancy service, available to all users of its adviser office system.

  • 3,000 Sign up to CII mortgage society

    25 Sep 2006

    Membership of the Chartered Insurance Institute's Society of Mortgage Professionals has passed the 3,000 mark to exceed expectations for the year.

  • 36% of homeowners will still be paying off the mortgage at 60

    26 Sep 2006

    More than a third of homeowners face the prospect of working into retirement just to pay their mortgage, research from current account mortgage provider the One Account reveals

  • 51% of brokers predict base rate hold

    28 Sep 2006

    Over half of brokers expect rates to be held at 4.75%, representing a second successive hold, research by Mortgage Express has revealed.

  • 75% of potential first-time buyers in debt

    28 Sep 2006

    The majority of first-time buyers are in nearly 6,000 of debt and yet hope to get their foot on the housing ladder in the next two years, reveals a report from Alliance & Leicester.

  • 86% Back November 1 as National Mortgage Day

    25 Sep 2006

    An overwhelming 86% of Mortgage Strategy Online readers have backed our campaign to make November 1 National Mortgage Day. The idea is gaining momentum with lenders and the Financial Services Authority, and now brokers keen to support it too.This week Mortgage Strategy asks: "Should teenagers be made to sit a GCSE on personal finance?"

  • 86% of public don't trust estate agents

    25 Sep 2006

    HousePrices.co.uk has revealed that a staggering 86% of the public do not trust their estate agent. With house prices on the rise, buying, selling, and evaluating propertieshas never been so stressful and it would appear that one of the higheststresses involved is whether or not you can truly trust your estate agentto give you accurate figures, prices and advice. Dan Winchester, founder at Houseprices.co.uk, says: 'With estate agent fees traditionally being ...

  • A failsafe system for intermediaries

    25 Sep 2006

    Mortgage Keeper is an administration systems designed to help brokers of all sizes manage their compliance information efficiently and at a reasonable cost, says Frank Eve

  • Abbey denies funding equity deals

    25 Sep 2006

    Abbey has denied it is lending in the equity release market despite being exposed as a major shareholder in new entrant Stonehaven.Abbey has been rumoured to be one of Stonehaven's backers since its launch in August. Share information available from Companies House shows that Abbey National Treasury Services Overseas Holdings has 202 ordinary shares and 250,000 preference shares in Stonehaven.The preference shares it owns make up over half the number available in the equity ...

  • Accord to help brokers retain clients

    25 Sep 2006

    Will adds: "This scheme has not taken off yet but brokers are partners and we want to strengthen relationships through this service."Rob Griffiths, associate director of AMI says: "We don't see any reason why lenders can't provide this information and we suggest they move towards this way of thinking. HBOS and Accord seem to be the only lenders addressing this."Elizabeth Smith, adviser at brokerage Money Plus, says: "For us, it's not just about taking the proc fee and forgetting ...

  • ARs get help in severing contracts

    25 Sep 2006

    Mortgage Next is providing ARs with a disturbance allowance to help overcome the financial strain of severing contracts with principals. It will analyse ARs' contracts and provide an allowance of up to £25,000 per AR to ensure the transition process does not leave them at a disadvantage.Nationwide and Portman recently merged to form a super-society. With the first and third biggest UK societies merged, there's now a gap of around £118bn between Nationwide and the next ...

  • B2L boost

    25 Sep 2006

    Woolwich is to enhance its buy-to-let policy, reducing its minimum interest cover from 130% to 125%. Interest will now be calculated at a nominal rate of 5% instead of the product rate.

  • Bankhall set for annual conference in Berlin

    25 Sep 2006

    The annual Bankhall Business Conference will take place next week in the historic city of Berlin between October 3 and October 5.

  • Barclays launches website to help British people buy abroad

    29 Sep 2006

    Barclays has launched a website that will provide advice and assistance for British people wanting to buy and live in Spain, France, Italy and Portugal, including tips on buying a property and advice on selecting schools for their children.

  • Barclays PE buys into Blemain

    25 Sep 2006

    Barclays Private Equity has bought a 113.5m minority stake in The Blemain Group, a secured lender to the residential and commercial sectors.

  • Baydonhill appoints marketing and sales manager

    29 Sep 2006

    Baydonhill, the London-based financial services provider previously known as 4Less, has appointed Clinton ONeill as general manager with responsibility for marketing and sales across the group.

  • Beacon appoints account manager

    28 Sep 2006

    Beacon Homeloans has appointed Karen Schleich as its account manager.

  • Bedford Council promotes shared ownership

    28 Sep 2006

    New homebuyers in Clapham, Bedfordshire, have been given the opportunity to get their feet on the property ladder by purchasing a shared ownership house. Bedford Borough Council has helped fund seven newly built houses in Shire Road, Clapham, in partnership with Aragon Housing Association, one of the councils development partners, who is now managing the scheme.

  • Beware of flies in the B2L ointment

    25 Sep 2006

    Brokers can look forward to a continuing boom in buy-to-let but they should be aware that incoming legislation and rising interest rates could signal trouble for the future , says Sally Laker

  • Blemain Group to sponsor AFB weekend

    25 Sep 2006

    The Blemain Group is sponsoring the Association of Finance Brokers' autumn weekend, the first event held for members of the newly established association.

  • BM Solutions launches new product range

    28 Sep 2006

    BM Solutions has launched a new range of products including a two year buy-to-let tracker at Bank Base Rate, and the two year self-cert tracker at BBR plus 0.24%.

  • BoE publishes mortgage approval figures

    29 Sep 2006

    The Bank of Englands mortgage approval figures show a 9.9bn increase in total net lending to individuals in August, lower than the increase in July but in line with the previous six month average.

  • Broker winners must cover their backs

    25 Sep 2006

    The marketing activities of lenders are intriguing. Maybe I'm showing my age but there was a time when it was enough to be in the best buy league tables. I remember a chief executive of a successful national building society who refused to pay intermediaries a proc fee on the basis that if he made his products attractive enough from a consumer perspective, intermediaries would have to sell them.

  • Brokers can help Brits buy abroad

    25 Sep 2006

    Two-thirds of Brits would like to buy abroad if they could and the range of potential clients stretches from first-time buyers to property developers, says Richard Coulson

  • Brokers have a good cover story to sell

    25 Sep 2006

    Is there no end to the bad news for home owners and first-time buyers? Yet more statistics have been pouring out in recent weeks about how affordability is being stretched and repossession is becoming a stronger possibility.

  • Buoyant economy fuelling housing demand, says RICS

    27 Sep 2006

    The Royal Institution of Chartered Surveyors says a "buoyant economy" is causing housing demand, as the British Bankers Association reports mortgage lending has increased by 9%.

  • Buy-to-let yields on the up says Paragon Mortgages

    29 Sep 2006

    Buy-to-let yields increased slightly over the past quarter, rising from 6.03% in May to 6.06% in August, reveals Paragon Mortgages latest buy-to-let index.

  • c2 hands out free lead for every application

    25 Sep 2006

    C2-financial is giving away over 50,000-worth of mortgage leads to brokers for every qualifying application they submit.The recently launched giveaway is funded by the money c2 saved after it decided not to participate in this year's London Mortgage Expo because it does not believe such trade exhibitions to be the best use of its money.The company has set aside a budget of 50,000 to purchase leads from Paaleads.com and distribute these to mortgage intermediaries for free.Justin ...

  • CAL appoints four account managers

    28 Sep 2006

    Conveyancing Alliance Limited has appointed four new account managers.

  • Cashing in on the B2L boom

    25 Sep 2006

    New bridging loans entrant Quick Bridge says its looking to capitalise on the boom in bridging finance caused by the surge in the number of property entrepreneurs.Quick Bridge, part of the 3bn international IGB Group, launched last week to offer clients fast service, treating the industry as if it's regulated.Managing director Zee Khan used to work for fellow IGB firm, brokerage One Finance. The lender says it aims to be market-leading, offering 85% on a property's open market ...

  • Close Brothers reports record profits

    26 Sep 2006

    Close Brothers has reported record full year profits up 41% to 157m.

  • Coffield takes over at TMA

    25 Sep 2006

    Abbey for Intermediaries last week appointed John Coffield as head of The Mortgage Alliance.Coffield has been acting head for the past three months. He has been with Abbey for six years in various roles in the broker market.

  • Commercial B2L niche is well worth exploring

    25 Sep 2006

    Buy-to-let mortgages have been with us for donkey's years but it is only in the past 10 years or so that many brokers have become involved with them.

  • Consumers shopping around for best mortgage says FSA

    27 Sep 2006

    Consumers are actively shopping around for their mortgages and consumers who receive Key Facts documents from mortgage firms can understand the risks and features of the mortgages they take out, says the FSA

  • Co-op helps develop scheme for Asperger Syndrome sufferers

    26 Sep 2006

    The National Autistic Society and the Co-operative Bank, have launched a national pilot programme to help young people with Asperger syndrome learn about the risks of crime.

  • Curriculum Vitae

    25 Sep 2006

    Name: Mehrdad Yousefi

  • DB Mortgages appoints BDMs

    25 Sep 2006

    DB Mortgages has appointed two business development managers. Gary Daws has been appointed BDM for the Kent region and Susan Frost becomes BDM for the northern division.

  • DCLG reveals 170,000 planning applications received in Q2

    29 Sep 2006

    The Department for Communities and Local Government has revealed in Q2 of 2006 district planning authorities in England received 170,000 applications for planning permission and other related consents.

  • Dear Delia

    25 Sep 2006

    Dear Delia: Tom is a self-employed designer who has been running his business for just over a year. He wants to invest in property and has been attracted by a city centre apartment development. He likes the 15% builder-funded deposit but is concerned that the rental is insufficient to support an application for a buy-to-let mortgage. What options does he have? Delia says: Tom's problem with the rental income can be overcome by using a rental and earned income product. Justine Tomlinson ...

  • Don't be complacent about MPPI

    25 Sep 2006

    Payment protection insurance is the subject of double scrutiny at the moment. The Financial Services Authority is investigating further a number of the more serious cases identified in its initial thematic work on PPI with a view to possible enforcement action. At the same time, the Office of Fair Trading continues its market study into PPI that was prompted by Citizens Advice's super-complaint and it has issued an emerging issues document setting out interim findings.

  • Edeus range gets mixed reception

    25 Sep 2006

    Edeus' product range got a mixed response from brokers last week after it unveiled details of its deals as part of its national launch roadshows.Speaking to a room packed with intermediaries at the Savoy hotel in London, the company referred to its technology as 'skip a generation' IT and says it plans to position itself as the fastest provider of funds in the mortgage market.The lender's products include adverse self-cert up to 90% LTV, with six sub-prime categories from near ...

  • Edeus to work with L&E

    25 Sep 2006

    Edeus has chosen London & European as its sole provider of title insurance and panel management services. It's expected that the arrangement will soon be extended to cover all remortgages and purchases.

  • Em- increases its sales team

    26 Sep 2006

    Emfinancial is pleased to announce the key appointment of four new members to its sales team.

  • em- launches Platform funded buy-to-let product

    1 Oct 2006

    em-finance has launched an exclusive buy-to-let mortgage product funded by Platform.

  • Equity release seminar

    25 Sep 2006

    Retirement Plus is to hold an equity release seminar for advisers based in the South-West. The seminar will be on October 12 at the Holiday Inn in Taunton. The idea is for advisers to learn about latest developments in the equity release market and also share their own knowledge.

  • Exciting times in the specialist market

    25 Sep 2006

    The specialist mortgage market is an exciting place. The past two weeks have seen a rush of breakthroughs and launches. The innovations that have been announced will significantly change the way mortgages are brought and sold, opening up great potential. We have seen the dawning of a new era in specialist lending.

  • Experian appoints chief operating officer

    29 Sep 2006

    Experian, the global information solutions company, has appointed of Tiku Patel to the role of chief operating officer for UK and Ireland.

  • Family fortunes

    25 Sep 2006

    When considering the possibility of equity release mortgages, it is important to think about the ways in which clients can own property jointly and the various actions that can be taken to protect second families. In order to plan for this it is essential to carry out a detailed fact-find.

  • Financial Services Practitioner Panel welcomes FSA paper

    28 Sep 2006

    The Financial Services Practitioner Panel has welcomed the FSA's Discussion Paper regarding the respective obligations of providers and distributors.

  • Float will boost Network Data's AR appeal

    25 Sep 2006

    A lot can happen in three years. A person can complete a degree, train to climb Mount Everest or, in Richard Griffiths, chief executive of Network Data's case, prepare a firm to float on the London Stock Exchange.It's been a long wait but Griffiths finally announced his decision to float Network Data Holdings on the Alternative Investment Market last week.Griffiths announced his intentions back in September 2003 and ever since that time the "will he, won't he?" talk hasn't stopped.Network ...

  • Friends Provident dumps ARs by email

    25 Sep 2006

    Friends Provident told appointed representatives that its failed network was for the chop last week by email, but ARs say the news came as no surprise.Friends Orion, which is also scrapping its mortgage club, had 109 AR firms and more than 200 advisers.Some ARs are in talks with network Intrinsic, which says it will take on as many ARs as want to join.One AR of Friends Orion says: "I got an email and that was the first I heard."Eyup Niyazi, consultant at Prestige Mortgage ...

  • FSA did not accuse Regency of dodgy MPPI practices

    25 Sep 2006

    From Nick Baldwin I take exception to your news item in the September 11 edition entitled 'Sub-prime worst for PPI'. According to the article, Britishinsurance.com says Regency was fined for "dodgy" mortgage payment protection sales. The Financial Services Authority press release dated September 5, states: "The FSA has today fined Regency Mortgage Corporation for failures relating to its sale of mortgage related payment protection insurance in the sub-prime market." The failures ...

  • FSA issues details on authorisation for home finance activities

    25 Sep 2006

    The Financial Services Authority has published details of the authorisation process for firms that need to apply to be regulated for the new home finance activities, Home Reversions and Islamic compliant Home Purchase Plans.

  • FSA offers help with disclosure documents

    25 Sep 2006

    The Financial Services Authority has launched a free online service to help brokers comply with its disclosure rules.The build your own disclosure documents service provides brokers with a template based on their circumstances for their mortgage Initial Disclosure Documents, lifetime mortgage IDDs and Combined IDDs.Melanie Bien, associate director at Savills Private Finance, says: "Any service that makes the lives of brokers easier is welcome. If it's free, all the better. It ...

  • FSA says finance firms fail everyone

    25 Sep 2006

    Financial Services Authority chairman Callum McCarthy last week slammed the business model of retail financial services companies for failing everyone. In a speech made in Gleneagles, McCarthy says: "I assume that every provider of retail financial services wants to associate their brand with qualities of trustworthiness and performance, and to develop long-term relationships with customers. What we have at present fails miserably. Although most of the the speech criticised the life ...

  • FSA urges lenders to design products with greater care

    28 Sep 2006

    Providers and distributors of financial products have differing but interlocking responsibilities for Treating Customers Fairly and need to work together to help avoid potential future detriment for consumers, says the Financial Services Authority.

  • FSCS helps default brokers customers

    28 Sep 2006

    The Financial Services Compensation Scheme is stepping in to protectcustomers of three insurance intermediaries, who may have lost money afterthe firms went out of business.

  • FSCS to help consumers claim up to 48,000

    27 Sep 2006

    Consumers can claim compensation of up to 48,000 if they have lost money asa result of their dealings with any one of 64 firms that the FinancialServices Compensation Scheme has recently declared in default.

  • Future extends access to buy-to-let products

    25 Sep 2006

    Future Mortgages is rolling out its buy-to-let range to more than 25 packagers, following its launch in March.Despite a recent spate of service problems, the lender says it is back on track and distributing its range through more than twice the original number of 12 packagers.Mark Charlesworth, managing director of Future Mortgages, says: "We've had a lot of success with this range and have decided to launch it to a wider range of packagers."Packager Bananas Inc has added ...

  • GE offers 100% LTV deals

    25 Sep 2006

    GE Money Home Lending has launched 100% LTV on its First National product range. Intermediaries will be able to offer eligible customers 100% lending on GE's First National first-time buyer plus and near prime ranges.

  • GHL offers free GMAC-RFC POS-O agreements

    28 Sep 2006

    Brokers are being given the ability to produce actual mortgage offers from their own offices via GMAC-RFCs new POS-O system when they register for free through GHL Group.

  • GMAC completes third securitisation

    25 Sep 2006

    GMAC-RFC has completed its third securitisation for 2006, valued at 750m through its RMAC Securities. This is its 24th transaction in the UK. Total issuance since 1998 now exceeds 14bn.

  • GMAC-RFC breaks 10,000 intermediary barrier for POS-O

    25 Sep 2006

    GMAC-RFC says it has experienced fantastic feedback and take-up for its new technology, offering point-of-sale offers.

  • GMAC-RFC completes 11th portfolio sale to Britannia

    29 Sep 2006

    GMAC-RFC has made its 11th portfolio sale to Britannia Treasury Services.

  • Good Samaritans are still out there

    25 Sep 2006

    While Halifax continues to let the side down regarding BDMs, I also have some positive experiences to report with this sometimes noble breed of helpers, says Sue Read

  • Government called on to back Law Society HIP dry run

    28 Sep 2006

    A property lawyer has questioned the governments decision to only back the Association of Home Information Pack Providers dry run of Home Information Packs and says it is ignoring other initiatives. Richard Barnett, senior partner at Barnetts, fears the government is making a mistake by not backing the Law Societys own national dry run beginning at the end of October 2006 and questions the AHIPPs ability to adequately evaluate HIPs.

  • HIP incentive branded a waste of money

    25 Sep 2006

    The industry has slammed the government's decision to pump 4m into Home Information Pack trials as "throwing money at a dead duck".In November the Association of Home Information Pack Providers will launch a voluntary trial of HIPs in Bath, Newcastle, Southampton, Northampton, Huddersfield and Cambridge, which is intended to help test both the packs and Home Condition Reports.The government money will be used to incentivise the voluntary uptake of HIPs and HCRs.Karen Babington, ...

  • Hornsby says M2000 is fine for sub-prime

    25 Sep 2006

    Sean Hornsby, managing director of M2000, has rubbished claims made by sub-prime sourcing system Phoenix that mainstream sourcing systems are failing to keep up with the demands of the sub-prime market.Ernie Reeves, director at Phoenix, has slammed the major sourcing systems for failing to have accurate systems and keep up with the demand in the sector.But Hornsby says: "This claim is absolute rubbish, Phoenix has missed the boat."We recently launched our Encore sub-prime ...

  • House prices increase by 1.3% in September

    28 Sep 2006

    Nationwide says house prices have been unseasonably strong in September increasing by 1.3% in September, bringing the annual rate to 8.2%.

  • House prices up 1.3% in September, says Nationwide

    29 Sep 2006

    House prices increased by 1.3% in September, bring the annual rate to 8.2% suggesting the August interest rate hike did nothing to cool house price inflation, reveals the Nationwide house price survey.

  • Housing market beginning to boom, says RICS

    28 Sep 2006

    Milan Khatri, chief economist at The Royal Institution of Chartered Surveyors says Nationwides house price figures confirm that the market is beginning to boom with inflation for the quarter to September running at the highest rate in over two years. He says: House prices are also rising at around twice the pace of wages in the past year, increasing financial pressure on would-be buyers, though overall household confidence and spending on the high street may benefit."

  • HSBC launches website for first-time buyers

    29 Sep 2006

    HSBC has launched an online advice centre for first-time buyers, providing access to free, independent advice on the home-buying process from an estate agent, a financial adviser, a solicitor and a surveyor.

  • IFS updates advanced CeMAP

    25 Sep 2006

    The Institute of Financial Services has restructured the Advanced Certificate in Mortgage Advice and Practice.

  • International pavilion at Expo

    25 Sep 2006

    Mortgage Business Expo London on November 15-16 will feature an International Property Investment Pavilion sponsored by Moneycorp CFE.

  • Jobs to be lost as HBOS slims

    25 Sep 2006

    Jobs at HBOS are to be phased out as part of plans to save 300m a year by 2010, but it says that wont change the material structure of the group.Early last week HBOS told the City it was looking to make annual cost savings of around 300m by 2010, by reducing IT system duplication and overhauling procurement processes.The UK's fourth-biggest bank already has a low cost to income ratio at 40.9%, but told investors it planed to cut costs further to achieve a cost to income ratio ...

  • Jobs: BDM of the week

    25 Sep 2006

    Paul Cuthbert of West Brom for Intermediaries is more than a sales rep. He is reliable, always available and helps to solve the problems that face his customers, says Rob Clifford

  • Jobs: BDM of the week

    25 Sep 2006

    Paul Cuthbert of West Brom for Intermediaries is more than a sales rep. He is reliable, always available and helps to solve the problems that face his customers, says Rob Clifford

  • JOBS: This Week's Dilemma

    25 Sep 2006

    I'm a mortgage professional and mother of two toddlers. I love my job and my kids but am finding it difficult to get the right balance between advancing my career and being a good mum. I have an understanding husband who appreciates that my job takes me away from home and I've toughened up my liver so that it can take the regular beatings from the numerous awards ceremonies and nights out. I've even perfected the art of riding out hangovers with a convincing smile. But how do I handle ...

  • Keep up with housing market changes

    25 Sep 2006

    The way the Land Registry is reforming the conveyancing process in England and Wales will arguably have a far more profound effect on the house buying process than the introduction of Home Information Packs.

  • Kensington appoints product development manager

    27 Sep 2006

    Kensington Mortgages has appointed Chay Collins as product development manager.

  • Leadbay gives 22.6bn of mortgage business to brokers

    29 Sep 2006

    Leadbay, has passed on 3bn of mortgages leads to brokers in September.

  • Leeds launches buy-to-let range

    27 Sep 2006

    Leeds has launched a new five-year buy-to-let mortgage range, which is designed to suit the needs of landlords looking for a competitive fixed rate.

  • Legal cover for landlords

    25 Sep 2006

    Arc Legal Assistance, a legal costs insurance provider, has drawn up a package of landlord legal cover for Hamilton Fraser for its clients that include the National Landlords Association.

  • Lenders' growth hopes exceed market potential

    25 Sep 2006

    Fitch Ratings says that the combined growth targets of UK mortgage lenders far exceed the expected growth of the market as a whole.Speaking at a press briefing on the UK's retail debt mountain, Suzanne Albers, director of residential mortgage backed securities at Fitch, says: "Across the board, lenders have aggressive growth targets, which is not unreasonable."But when you consider what the figures add up to, it's impossible based on the expected growth of the total market."She ...

  • Let builders build homes for our kids

    25 Sep 2006

    'No more room!' read the headline in my local newspaper last week. Reading the article, I discovered that housing developments in my corner of the South-East are reaching government quotas, meaning that the planned target for homes for 2026 may be reached next year.

  • Lib Dems call for action against red tape

    28 Sep 2006

    The Liberal Democrat Party has called on the government to take action against red tape, which it believes is strangling business.

  • Lib Dems call for more responsible lending

    27 Sep 2006

    The Liberal Democrat Party says more responsible lending and borrowers taking out insurance are essential to quell the UKs debt levels.

  • Market Watch

    25 Sep 2006

    Swaps continued to increase last week. It is likely we will see rates rise if they continue to edge upwards.One-year money is up 0.06% at 5.35%Two-year money is up 0.05% at 5.29%Three-year money is up 0.04% at 5.26%Five-year money is up 0.04% at 5.18%

  • Marketing Brief

    25 Sep 2006

  • Matters of size

    25 Sep 2006

    In what must be one of the Ibest kept industry secrets of recent years, Nationwide and Portman revealed a proposal on September 12 to merge and create Britain's largest mutual. The merger becomes effective in September 2007. The society will boast 13 million members and assets of 150bn, making it the second largest mortgage lender in the country, beaten only by HBOS.

  • Me and my car

    25 Sep 2006

    Years ago the motor industry established the 0-60mph measurement of car performance. In those days cars were considerably slower and to get a road-legal car to accelerate to 60mph in under six seconds was quite an achievement. Nowadays most manufacturers can get a bucket to 60mph in under five seconds and many do. When did you last say "I'll race you to 60mph"?I agreed to do this feature as I'm on a quest to educate as many boy racers as possible so they leave me alone.You see, ...

  • MI and Ipswich launch shared ownership product

    26 Sep 2006

    Ipswich has joined Mortgage Intelligences panel to launch a shared ownership exclusive product. Boasting a free valuation, the 1.10% discount off the standard variable rate until December 31, 2008, makes a current pay rate of 5.55%. Ipswich can lend up to 100% of the purchase price. Interest is calculated on a daily basis and borrowers can overpay up to 50% per year but early redemption charges are set at 3% until December 31, 2008. There is a 250 arrangement fee. This ...

  • MI unveils Mortgage Trust exclusive

    25 Sep 2006

    Mortgage Intelligence has launched a Mortgage Trust buy-to-let exclusive with a rate of 4.94%, fixed until April 30 2008.For each case packaged, Mortgage Intelligence will pay members a bonus of 50. The exclusive has an early redemption charge of 6% and a maximum LTV of 85%. The arrangement fee is 699 and the deal reverts to three-month LIBOR plus 1.75%.Sally Laker, managing director of Mortgage Intelligence, says: "Despite the recent rise in interest rates we have managed to ...

  • Moneyfacts says large deposits might be thing of the past

    28 Sep 2006

    Recent changes to LTV requirements by some of the big mortgage players may mean large deposits are no longer required, says moneyfacts.co.uk.

  • Mortgage Express revamps lifetime range

    25 Sep 2006

    Mortgage Express has expanded its lifetime mortgage range with the introduction of the lifetime mortgage, for consumers looking to release a limited amount of equity on their home.

  • Mortgage regulation working, says FSA

    27 Sep 2006

    The Financial Services Authority says consumers are now actively shopping around for their mortgages and consumers understand the risks and features of the mortgages they take out.

  • Mortgage talk management team swells by two

    26 Sep 2006

    Mortgage broker Mortgage Talk has made two new appointments within its senior management team.

  • Mortgage Trust launches buy-to-let range

    25 Sep 2006

    Following on from the launch of its MT Select product range Mortgage Trust, the specialist buy-to-let lender, has revamped its core product offering.

  • Mortgages plc wins Adverse Lender award from Pink

    29 Sep 2006

    Mortgages plc, the UK lender and subsidiary of Merrill Lynch, has won the Adverse Lender of the Year award at the annual Pink Home Loan Awards, held at the Botanical Gardens in Birmingham on September 28.

  • MPC vote was unanimous

    25 Sep 2006

    All eight members of the Bank of England's Monetary Policy Committee voted for a base rate hold at 4.75%, minutes of its September meeting reveal.Members agreed that, given inflation was projected to remain above target for some time, they had made the right decision in August to increase rates by 0.25% but that since then nothing had happened that would warrant another change.John Malone, managing director of Premier Mortgage Service, says he's not surprised that all eight ...

  • MT Select deals unveiled

    25 Sep 2006

    Mortgage Trust has launched a fresh range of products under its MT Select banner.The range, which is available through MT Select packager members, includes a stepped fixed rate product, a base rate tracker and a two-year fix. All products are available up to 85% LTV.

  • MTE opens up its electronic trading standards

    27 Sep 2006

    The Mortgage Trading Exchange has confirmed that the electronic trading standards it has developed can now be used to integrate with other trading platforms in a move which it says could save the industry over 25m.

  • Mutual respect should underpin this marriage

    25 Sep 2006

    As oxymorons go, I suspect that the advertising boys behind the current Toyota Yaris advertisement must feel quite smug at the speed with which theirs has wormed its way into our language.

  • Mutual sector faces questions of scale

    25 Sep 2006

    There has been a lot of discussion in Mortgage Strategy and other press about the future of the smaller building societies and whether they can succeed in today's competitive market.

  • Nailing down the fixed rate options

    25 Sep 2006

    How fickle we are in our tastes. One minute grey is the new black, then it's green and then it's back to black. And the fashion for mortgages also seems to change with the seasons.It only seems a few months ago that Professor David Miles was trying to persuade us all to sign up for long-term fixed rate deals. Actually it was 30 months ago. What a fuss about nothing that was. His report came and went with a handful of recommendations that were largely ignored.Perhaps when and ...

  • Network Data flotation pleases stock market

    25 Sep 2006

    Network Data successfully floated on the Alternative Investment Market last Thursday, with the company valued at 11.24m.Shares rose by 2.5p on the first day of trading. Opening at 40p, it peaked at 45p before falling to 42.5p.Network Data Holdings is the holding company of Network Data, Network Surveyors and Home Information Pack provider Hipstar.Griffiths, says: "It was regarded as a successful first day of trading in the eyes of the London Stock Exchange, but it's still ...

  • Networks are back in the headlines

    25 Sep 2006

    In the run-up to Mortgage Day there were numerous warnings that intermediaries needed to pick their partners wisely. These words should have been echoing in many a broker's ear last week.

  • One-third of firms are email laggards

    25 Sep 2006

    Over one-third of large organisations in the UK say their email management systems are not up to the job. Research by the Association for Information and Image Management on compliance found that the same proportion had no policy when it came to email archiving.

  • Only 4% of people report good call centre experience

    27 Sep 2006

    A YouGov survey reveals only 4% of people in the UK have had a favourable experience when dealing with a customer call centre, with 44% complaining that their biggest gripe is contacting a call centre based overseas

  • Opromark rebrands to The Property Investment Market

    25 Sep 2006

    Opromark, the property exchange company has changed its name to The Property Investment Market.

  • Owners can cope with higher mortgage payments

    25 Sep 2006

    The majority of home owners will be able to cope well with their higher mortgage payment this month as a result of the base rate hike, says Alliance & Leicester.The Bank of England’s Monetary Policy Committee recently increased interest rates to 4.75%, having held them at 4.5% for 11 months in a row.But research from A&L shows that most home owners will be able to cope with their first higher mortgage payment when it leaves their bank accounts this month.It also finds that some ...

  • Owners can cope with higher mortgage payments

    25 Sep 2006

    value and have lower incomes. Their tighter budgets are more likely to feel the higher mortgage payments keenly. But there is also a psychological element - the first rung on the ladder is a big step to take."Rightmove's latest London House Price Index shows that London house prices rocketed by almost £10,000 in the past month.Average asking prices jumped by 2.9%. In cash terms, this equates to a rise of £9,179 - the biggest monthly increase since November 2005.The ...

  • Park home resident to be given greater protection

    29 Sep 2006

    Greater protection for residents of park homes comes into force in England on Sunday October 1, including a right for qualifying residents associations to be consulted by the site owner about the operation and management of their park.

  • People are needed when computer says no

    25 Sep 2006

    From Ian Giles

  • Personal Loan Phone agrees to change advertising

    1 Oct 2006

    Personal Loan Phone has agreed to change its credit advertising following action by the Office of Fair Trading as part of its continuing monitoring of newspaper credit advertisements.

  • Pink picks Advantage for its panel

    25 Sep 2006

    Pink Home Loans has added Advantage to its packager lender panel.

  • Platform appoints head of ecommerce

    27 Sep 2006

    Platform has appointed Sean McDonnell to the post of head of ecommerce.

  • PMS breaks 1bn barrier with GMAC-RFC

    26 Sep 2006

    Premier Mortgage Service has broken the 1bn barrier in applications submitted to GMAC-RFC in 2006.

  • Politicians must base debt policy on facts

    25 Sep 2006

    The political party conference season kicked off with the Liberal Democrats last week. While you can't really say Brighton was rocked by the Liberals, there were some reverberations from the survey released recently by Citizens Advice that stated that "some 770,000 people throughout Great Britain with a mortgage, have missed one or more mortgage payments in the last 12 months".

  • Profiling must take a higher profile

    25 Sep 2006

    Over the coming weeks I think it will be worthwhile for me to give an insight into the different equity release schemes available, not from the point of view of competitiveness but rather from the perspective of the positioning of products in the marketplace.

  • Profits up 48% at Network Data

    29 Sep 2006

    Network Data says profits have risen 48% in the first six months of 2006.

  • Promotions

    25 Sep 2006

    Easier2move has promoted two account managers to become business development managers. Lisa Newey and Charlotte Etheridge will serve the South and the Midlands, respectively.

  • Propertyfinder.com launches new homes section

    27 Sep 2006

    Propertyfinder.com has added a new homes section to its site. The section is focused on helping buyers locate newly built homes from builders and developers across the UK. All properties advertised in the New Homes section are also displayed in the general property search section on the site ensuring maximum exposure. Warren Bright, chief executive officer at Propertyfinder.com, says: Propertyfinder.com is dedicated to providing estate agents, builders and developers ...

  • Propertyhawk unveils B2L tool

    25 Sep 2006

    Website Propertyhawk has launched a free online property management application for buy-to-let landlords.This will give residential landlords access to data in the same way as equity investors using share trading sites.

  • Pundits frown on compulsory MPPI

    25 Sep 2006

    Industry pundits have slated talk of plans to make mortgage payment protection insurance compulsory.Rumours have been circulating that the government is planning the move after it was revealed taxpayers have paid out an estimated 8bn in ben- efits during the past decade to fund mortgage interest payments for the unemployed.The plan is being championed by Advice UK, a support network for independent advice centres, which claims such a development would benefit borrowers and the ...

  • Regime change delayed at Countrywide

    25 Sep 2006

    Sometime this spring Countrywide Financial Corporation, America's largest residential lender and servicer, was scheduled to announce the successor to its long-time chief executive Angelo Mozilo. Then the date was moved back to summer.A few weeks ago word came down that CFC's president and chief operating officer, Stanford Kurland, a 28-year veteran of the company who was rumoured to be the next Angelo Mozilo, had suddenly departed.A week after that Mozilo then told a group of ...

  • RICS says housing demand is robust

    29 Sep 2006

    The Royal Institution of Chartered Surveyors says the Bank of England's mortgage approval figures show housing demand is robust.

  • RICS warns on planning tax

    25 Sep 2006

    The government risks driving small developers out of the housing market if it goes ahead with its planning gain supplement, says the Royal Institution of Chartered Surveyors. The tax could also cause the government to fail to reach its yearly target of 200,000 new homes.

  • Rooftop celebrates em-financial's 5th birthday with exclusive

    27 Sep 2006

    Specialist lender Rooftop Mortgages is launching a product exclusive for em-financial members to celebrate the packagers 5th birthday.

  • Safeguarding vulnerable clients

    25 Sep 2006

    There has been much focus from regulators and the media recently regarding the sale of specialist financial products to elderly and therefore potentially vulnerable customers.

  • Saffron Walden rebrands

    25 Sep 2006

    As of September 18, the Saffron Walden Herts & Essex has rebranded to become Saffron. The society has 21 branches and agencies in the East of England. It made the change after a poll of its members.

  • Scheme extended to armed forces

    25 Sep 2006

    Armed forces personnel are to get help to buy homes for the first time, in an expansion of the government's scheme for key workers.Up to 10,000 members of the armed forces and their families living in service housing in London, the South -East and the East of England will receive assistance in taking their first steps on the housing ladder.Military personnel will now be able to buy a newly built home, paying a minimum of 25% of the price and qualifying to pay a reduced rent ...

  • Secured loan body launched

    25 Sep 2006

    The Association of Finance Brokers, a trade body for secured loan brokers, was launched last week at a reception in the House of Commons, MP John Gummer, AFB chairman, told the audience: "AFB is the industry standard bearer. I urge all secured loan brokers who are keen to influence debates on issues such as payment protection insurance, the consumer credit directive, responsible lending and the reputation of the industry to join the AFB now so their voice can be heard."

  • Shepherds Friendly to increase intermediary presence

    26 Sep 2006

    Shepherds Friendly is to grow its presence in the intermediary market place and has made a key appointment as it drives forward with its growth plan.

  • Slim chance of a mortgage price war

    25 Sep 2006

    Much has been said and written in the past six months about a looming mortgage price war. This has been driven by the number of high profile new entrants to the lending market. Take a step back and it's not hard to see how the assumption that a price war is about to break out has been arrived at.

  • Solicitors could foil POS-O

    25 Sep 2006

    Solicitors will need to keep up-to-date with technology if point-of-sale offers are to be a success in the longer term.Many in the industry claim if conveyancers don't attempt to keep up with technology the system will be nothing more than marketing spin.One source says: "Solicitors really need to catch up with developments in technology now. A lot is resting on them and if they don't keep up, this could all go wrong."Alan Dring, sales director of e-conveyancer, says: "There's ...

  • Spectrum Lending to launch portfolio

    28 Sep 2006

    Spectrum Lending, the super-branded lender distributed by em-financial, Solent Mortgages Services and The Finance Centre, will launch its portfolio of sub-prime and specialist mortgage products on Monday October 2.

  • Star letter: Industry should embrace ideas that help borrowers rather than intermediaries

    25 Sep 2006

    From Mike Lazenby

  • Stroud & Swindon launches 15-year fix

    25 Sep 2006

    Stroud & Swindon, has launched a 15-year fixed rate mortgage at 4.99% until 2021.

  • The Live Organisation celebrates 10th anniversary

    1 Oct 2006

    The Live Organisation celebrated its 10th anniversary at a black tie staff dinner at Pennyhill Park hotel, Bagshot, Surrey.

  • The Mortgage Mole

    25 Sep 2006

    Hall marksAnother heavy start to the week for Strategy boss Robyn Hall after he managed to smuggle himself onto the Hamptons booze cruise to France aboard the edeus battle bus. Hall missed the pick-up at London Victoria and had to hot foot it in a taxi all the way to Maidstone, arriving some £100 worse off.

  • The Premier Group moves offices

    25 Sep 2006

    The Premier Group is moving offices from Shirley to Dickens Heath, Solihull. The West Midlands financial planning company is making a major investment in its future by moving to the new offices.

  • This generation will find buying tougher

    25 Sep 2006

    Rising debt, low earnings growth and decreasing levels of savings will make it even harder for young people to enter the housing market in the future, says independent think tank Reform.In the report entitled Class of 2006: a lifebelt for the IPOD (insecure, pressured, over-taxed and debt-ridden) generation, Reform predicts the state will take 50% of people's earnings in the next decade.It adds that rising taxes, student debt repayments and pensions contributions have ...

  • This is a good time to tread carefully

    25 Sep 2006

    As the media picks up on figures that show many home owners have missed mortgage payments, brokers must be transparent in their dealings with clients, says Drew Wotherspoon

  • 'Til death - or sickness - us do part

    25 Sep 2006

    From Byker Grove to Saturday Night Takeaway, Ant and Dec - the entertainment duo - have relied on their cheeky double act to become one of the UK's most recognisable TV brands. Their act is so heavily focussed on them being a team that without each other their livelihood would be severely compromised.

  • Tony Corrigan joins Mortgage Broking Services

    26 Sep 2006

    Tony Corrigan, ex-managing director of Classic Network Solutions has joined Mortgage Broking Services, a wholly owned subsidiary of Manchester Building Society.

  • Tories slam Council Tax as "ultimate stealth tax"

    28 Sep 2006

    The Conservative Party has accused the government of turning the council tax system into the country's "ultimate stealth tax", after a survey revealed that millions of families are struggling to pay their local government bills.

  • Two million household struggle to pay Council Tax

    28 Sep 2006

    Over two million households are estimated to be struggling to pay Council Tax, reveals a report from the Warwick Institute for Employment Research for the Joseph Rowntree Foundation.

  • UCB Home Loans funds exclusives

    25 Sep 2006

    Specialist lender UCB Home Loans is funding the launch of a number of new exclusive products with Openwork and Premier Mortgage Service, from tomorrow.

  • Unity expands team

    26 Sep 2006

    Unity Homeloans, the Investec backed lender, has expanded its support team.

  • Validus Invest to build development in Prague

    29 Sep 2006

    Property agency Validus Invest is developing new build apartments in Prague in the suburb of Hostivar. Validus Invest says the Sunny Hill development will be a "new concept for modern living in the Czech capital". The devlopment will be built in three phases, with studio apartments starting at 38,000 (56,300 euro) including VAT at 19%. Louis Mann, director at Validus Invest, says: We assess the Czech Republic as having an excellent political and economic climate ...

  • Vertex will not buy Trigold

    25 Sep 2006

    Vertex has confirmed to Mortgage Strategy that it has no plans to buy sourcing system Trigold.

  • Virtual workshops for developers

    25 Sep 2006

    Landlord Mortgages is to launch a national programme of virtual property development workshops, from now until December. They are aimed at entrepreneurs interested in learning more about how they can make money by buying and developing domain names.Each workshop covers topics such as virtual property development, the domain name, name trading, virtual rights and long term planning.

  • War of words between networks

    25 Sep 2006

    Tenet says 38 of Mortgage Next's appointed representatives have arranged meetings with its network Lime, following Mortgage Next ditching its protection partnership with Tenet for Sesame.

  • We are getting close to the two-hour repossession

    25 Sep 2006

    From Alex Murray Citizens Advice revealed recently that some 770,000 people have missed one or more mortgage repayments in the past year. More than one in 10 people believe missed repayments do not threaten their homes. I wonder how many brokers know which of their clients are among the 770,000? When will lenders invest in systems that can allow brokers to service clients post-sale? As interest rates rise, perhaps we are not far away from seeing the two-hour repossession.

  • We can help as more borrowers get IVAs

    25 Sep 2006

    Individual voluntary agreements are becoming a popular option for borrowers struggling with unsecured debts.

  • What do you think of the Nationwide and Portman merger?

    25 Sep 2006

    Nationwide and Portman recently merged to form a super-society. With the first and third biggest UK societies merged, there's now a gap of around 118bn between Nationwide and the next biggest mutual, Britannia.The news shocked the financial industry but what will it mean for borrowers?So, this week Mortgage Strategy asks...

  • Will the nationwide and portman merger lead to further building society acquisitions?

    25 Sep 2006

    This merger could herald a fresh wave of consolidation but that does not indicate weakness in the mutual sector, say our experts

  • Witherspoon to be First Title's AVM secret weapon

    25 Sep 2006

    First Title has recruited ex-Hometrack man Mark Witherspoon as its "secret weapon" in creating an automated valuation model.First Title Group is a wholly owned subsidiary of First American Corporation, the world's largest title insurer and data services provider. It's also one of the leading AVM providers in the US and is believed to be itching to cash in on technology developments in the UK mortgage market such as point-of-sale offers using AVMs.Witherspoon is experienced in ...

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