Mortgage Strategy
27 August 2007

  • 40,000 valuations in three months

    29 Aug 2007

    Hometrack and Trigold today revealed that over 40,000 valuations have been completed in the three months since they partnered.

  • A crisis that might breed opportunity

    27 Aug 2007

    The fallout from the US sub-prime downturn continued unabated last week. With more lenders adding their names to the list of firms pulling out of the sector, many are wondering where it's going to end.

  • A view from the top

    27 Aug 2007

    August has been a bad month for the financial markets, but the old adage 'safe as houses' should be remembered by investors of all stripes, says Paul Munford

  • ABI axes sexual orientation exemptions

    30 Aug 2007

    The Association of British Insurers is proposing to axe exemption for insurers in regulations on sexual orientation.

  • Advanced firms leave the pack behind

    27 Aug 2007

    I was amused by the news that Platform is replacing its income multiple criteria with an affordability model. It was rather like Toyota triumphantly announcing the launch of its new model - the deluxe horse and cart.

  • Advantage hikes rates across its Paragon secured range

    31 Aug 2007

    Advantage has slashed it LTV to 75% across its sub-prime secured loan range with Paragon Personal Finance, as well as increasing rates by up to 3%.

  • Aggregator turns aggravator

    1 Sep 2007

    In our last issue we reported on the strange saga of Moneyfacts' founder John Woods 'delisting' Norwich & Peterborough Building Society from his company's best buy tables, apparently because his wife had applied for a non-executive directorship at the N&P and didn't get the job.

  • Alburaq launches B2L promotions

    28 Aug 2007

    Islamic finance provider alburaq is launching two new promotions on its range of buy-to-let products.

  • Amber and Accord join BuildLoan panel

    28 Aug 2007

    Two more lenders have joined the BuildLoan lender panel and are also increasing the maximum self-cert levels.

  • Anti-money laundering solution

    1 Sep 2007

    Credit rating firm Equifax has launched an identity verification service that is designed to speed up anti-money laundering checks, while providing money laundering reporting officers with the confidence that AML policies are being adhered to throughout their business.

  • Arrears and possessions to get worse

    1 Sep 2007

    Fitch Ratings expects arrears and possession levels in the UK sub-prime mortgage sector to continue to increase in the next few months.

  • Atkins quits PMS in shock departure

    27 Aug 2007

    In a shock move last Friday, Steve Atkins quit as head of Premier Mortgage Service after only one year at the helm of the UK's largest mortgage club.

  • Attitudes to equity release must change

    27 Aug 2007

    The bully boys are at it again, rounding on their victims with all manner of verbal insults to force them into submission. I'm not talking about Big Brother, it's the circus of the equity release market under the microscope as those opposed to the sector seem determined to squeeze the last ounce of credibility from the small band active in it.

  • Average FTB mortgage increases by 173.6%

    30 Aug 2007

    Analysis of industry data by mform.co.uk reveals that between 1996 and 2006 the average mortgage taken out by first-time buyers has increased by 173.6% - around 10.7% a year.

  • B&B wins kudos for supporting Shelter

    1 Sep 2007

    We are delighted to report that Bradford & Bingley has won the Business in the Community Awards of Excellence Jubilee Award for its 10-year long support of housing charity Shelter.

  • Balance sheet lenders can take this opportunity to dominate the market

    27 Aug 2007

    Distribution is still king. Yes, we're in the midst of a global credit crisis and yes, lenders' margins have been squeezed, but why do packagers and networks have to hear their sob stories?

  • Banks' plan on searches 'won't destroy HIPs'

    1 Sep 2007

    HSBC and Barclays have said they might not accept personal searches as part of home information packs, so increasing the legal costs to homebuyers.

  • Barclays accepts at others' risk

    27 Aug 2007

    Barclays will accept them at the conveyancer's risk. It says: "Solicitors and conveyancers have always taken legal responsibility for searches and this is still the case."

  • Barclays borrows hundreds of millions from BoE

    31 Aug 2007

    Barclays has admitted to borrowing hundreds of millions of pounds from the Bank of England to deal with a technical breakdown in the UK clearing system.

  • Beacon - shedding light on profitable lending

    1 Sep 2007

    Andrew Townsend is CEO of Beacon Group. This includes Beacon Home Loans, which isn't chasing volume like other new lenders but went into profit just three months after launching in 2005

  • Beware the 'evil of secrecy'

    1 Sep 2007

    A recent court ruling in a regulated agreement case that says 'the real evil is not the payment of money, but the secrecy attending it' has implications for the commercial finance market, as it raises principles regarding informed consent when referring to commission disclosure

  • Big mortgages mean high fees, warns website

    27 Aug 2007

    Mform.co.uk has warned that the size of mortgages can significantly aff-ect the amounts of application fees borrowers pay and add to the true cost of deals.

  • BoF and B&W to use ProVal system

    30 Aug 2007

    Bristol & West Mortgages and Bank of Ireland Mortgages have selected UKValuation’s ProVal automated valuation solution for selective use in mortgage operations and valuation audit process in the UK.

  • Bridging solution for investors

    27 Aug 2007

    Bridgebank Capital has launched a five-day bridging loan free from drawdown and exit fees. The deal is designed to help clients acquire property at a discount price and is aimed at portfolio investors and investment clubs.

  • Broadhead search stance slammed

    27 Aug 2007

    Paul Broadhead, deputy directorgeneral of the Association of Home Information Pack Providers, has been criticised after urging borrowers to use lenders that accept personal searches in an appearance on Channel 4 News. This follows reports that some lenders won't accept them in HIPs. Danny Lovey, proprietor of The Mortgage Practitioner, says: "This is irresponsible."

  • Brokers continue to enjoy B2L boom, says Paragon

    28 Aug 2007

    Research out from Paragon Mortgages shows brokers have been enjoying increased business from the buy-to-let sector as returns continue to attract investors.

  • Brokers do clients a favour by selling HIPs

    27 Aug 2007

    Typical. In my column last week I predicted that Home Information Packs would be extend-ed to include three-bed properties from mid-September onwards.

  • Brokers enter insurance ring

    1 Sep 2007

    The terms 'cross-selling' and 'insurance' are almost unfamiliar to many brokers in the commercial mortgage market.

  • Brokers must not discount web's wiles

    27 Aug 2007

    The internet has become a commonplace tool in the home as well as in business. Not so long ago, it would have seemed fanciful to suggest that households would do their grocery shopping by computer, nor would it have seemed likely that entertainment and media would be delivered online to homes across the country.

  • Brokers should consider MPPI sales

    27 Aug 2007

    It looks like the summer that never was is well and truly over, especially north of the border as the Edinburgh Festival closes down and the tourists pack up and leave. At least I'll spend less money watching hour-long shows put on by comedians I've never heard of.

  • Brokers support idea of mortgage deregulation

    27 Aug 2007

    Two weeks ago the Tories' Economic Competitiveness Policy Review Group proposed the idea of scrapping mortgage regulation.

  • Brown won't be hanging Cherie

    1 Sep 2007

    When Chatroom learned that a number of paintings by Euan Uglow were to adorn Gordon Brown's new home at 10 Downing Street we were rather excited.

  • Build an effective online presence

    27 Aug 2007

    A professional looking internet presence can help attract new clients and retain existing ones, so brokers' websites should be succinct, distinctive and inclusive, says Andrew Areoff

  • Bush to intervene in sub-prime crisis

    31 Aug 2007

    The US President George Bush is set to announce a raft of reforms to the US sub-prime market later on today.Press reports state that the aim of the reforms is to help homeowners with sub-prime mortgages avoid default.He is also rumoured to be looking to put in place measures to stop the same problems happening in the future. This will be Bush's first public move to stem the US sub-prime downturn which has resulted in a global credit crunch.

  • Buyer enquiries fall 19% in 12 months

    27 Aug 2007

    The National Association of Estate Agents last week reported an 18.9% fall in enquiries from home buyers be-tween July 2006 and July 2007.

  • C&G ups sub-prime rates by 1%

    30 Aug 2007

    Cheltenham & Gloucester is increasing rates on its sub-prime Assist and Access products, with both fixed and tracker rates increasing by 1%.Current products are to be withdrawn by close of business tonight, Thursday 30, with new rates launched on Friday 31.

  • Centralisation will mean even worse service from C&G

    27 Aug 2007

    How many more nails does the management of Cheltenham & Gloucester think it will take to secure the coffin lid on its broker business?

  • Certainly not a bridge too far

    1 Sep 2007

    Bridging finance has always been seen as highly risky - something only to be used as a last resort. However, for a customer with poor credit risk facing a high-rate mortgage with harsh redemption penalties, bridging can be an attractive option

  • Charcol.co.uk unveils tracker

    27 Aug 2007

    Charcol.co.uk has launched a tracker for borrowers who don't want to pay remortgage fees every few years. It has no arrangement fee, no exit fee, free valuation, no early repayment charge and no higher lending charge.

  • CHL maintains rate changes

    29 Aug 2007

    CHL Mortgages says it will maintain its current product range.

  • Click advocates secured loans

    29 Aug 2007

    Click says that in certain cases mortgage holders should bypass redemption charges and opt for a secured loan in order to free up capital before their fixed term mortgage is up.

  • CML urges government to look at e-conveyancing

    28 Aug 2007

    The Council of Mortgage Lenders says the government has underestimated the potential for e-conveyancing to speed up the house buying process.

  • Commercial indemnities offered online

    1 Sep 2007

    titlesolv.com, the provider of legal indemnities online, has unveiled its first online commercial legal indemnities for property owners and mortgage lenders, which it claims offer the widest cover in the market and can be purchased in under three minutes through the titlesolv.com website.

  • Competition is top issue for lenders

    27 Aug 2007

    A quarter of Intermediary Mortgage Lenders Association members say competition is the most important issue facing their businesses, according to the trade body.

  • Consumers want independent advice

    27 Aug 2007

    In a survey carried out in July, more than 2,000 adults shared their thoughts on the need for a generic financial advice service. The results make interesting reading and contain important lessons for the financial services industry.

  • Co-operative launches 25-year "green" fixed rate

    29 Aug 2007

    The Co-operative is launching a 25-year fixed rate mortgage that inclues green benefits such as a donation to Climate Care for every year of the mortgage.

  • Court ruling stirs fees disclosure row

    1 Sep 2007

    A rift has emerged between lenders in the secured loan market over whether they should disclose the broker's commission, following the Hurstanger versus Wilson judgement.

  • Credit crunch is storm in teacup

    1 Sep 2007

    Lending in the US sub-prime mortgage market had seemed such a good idea. Extraordinarily low interest rates allowed people to get their hands on cheap money to lend to customers with poor credit histories.

  • Cross-selling can hurt lenders

    1 Sep 2007

    Cutting out the broker by cross-selling can be a grave mistake. And it is a practice lenders in the secured loan market will pay the price for if they do not tread carefully.

  • Culley appointed non-executive chair of HIP Payment Services

    30 Aug 2007

    Ken Culley CBE has been appointed as non-executive chairman of HIP Payment Services.

  • Cummings' regulatory guide launches next week

    27 Aug 2007

    Chris Cummings, director-general of the Association of Mortgage Intermediaries, will launch his book, A Practitioner's Guide to Mortgage Regulation, on September 3.

  • CurriculumVitae

    27 Aug 2007

    "The Running of the Bulls festival in Pamplona was one of the most insane yet satisfying experiences of my life"

  • Damned lies and statistics

    1 Sep 2007

    Michael Coogan comes clean on the latest CML arrears and possessions statistics and surveys in general and this time he's not bluffing

  • Dear Delia

    27 Aug 2007

    Dear Delia Jane, a first-time buyer with credit problems, is looking to buy a property at auction. Although it's structurally sound it has no kitchen or bathroom and the deal will take 28 days to complete. Her brother, a builder, says he'll do the refurbishment. She's had the house valued at £100,000 and its purchase price is £60,000, but she may lose it if it doesn't complete quickly. What are her options?

  • Dilemma of the Week

    27 Aug 2007

    Last month, major floods seriously affected travel conditions in our area. This had a major effect on our business because some of our staff couldn't make it to work due to the flood waters. As their employer, do I have to pay them for the days they were absent? What do you suggest?

  • Direct FS integrates with Trigold's E-Trading Centre

    28 Aug 2007

    Direct Financial Services has fully integrated with Trigold’s E-Trading Centre.

  • Do brokers rely too much on commission when choosing the best product?

    1 Sep 2007

    The mortgage industry's credibility depends on customers receiving the best product to suit their circumstances. This month our experts consider whether brokers are truly treating them fairly

  • Drawdown's share of business grows

    27 Aug 2007

    Longer term swap rates have been recovering over the past month and this has brought a welcome degree of stability to the equity release market.

  • Dunkirk spirit overcame Infinity crisis

    27 Aug 2007

    Shock waves rippled through the industry at the beginning of last week when Infinity Mortgages revealed that it would no longer honour pipeline mortgage applications that it had agreed but not formally offered.

  • EC eyes ratings agencies

    1 Sep 2007

    The European Commission is to investigate credit ratings agencies in the wake of the US sub-prime lending crisis.

  • Enterprise Partners appoints head of operations

    28 Aug 2007

    Enterprise Partners has appointed Sarah Gillingham as its head of operations with effect from September 1 2007.

  • Enterprise teams with ADV2 on B2L product

    31 Aug 2007

    Enterprise Finance, the secured loans, commercial and bridging arm of Enterprise Group, has extended its exclusive arrangement with ADV2 to now include a buy-to-let proposition.

  • Entrepreneur acquires Moneybrain DE

    29 Aug 2007

    Entrepreneur Robert Henry has secured the acquisition of Moneybrain DE, a Moneybrain franchise.

  • Evaluate maps out a new route to market that can bypass packagers

    1 Sep 2007

    Evaluate has launched a trading platform with a built-in decisioning tool that allows brokers to communicate with their lender partners. The firm has been piloting the system with a panel of lenders and GMAC-RFC subsidiary High Street Home Loans has already signed up.

  • Events Drive Housing from top of the political agenda

    1 Sep 2007

    Events drive housing from top of the political agenda

  • Ex-MEX managers join Link Lending

    27 Aug 2007

    Link Lending has appointed Stel Charalambous as finance director, taking responsibility for its relationships with the Financial Services Authority and key funders. Aidan Gamble has been made management accountant. Both managers join the lender from Mortgage Express.

  • Experian acquires N4 Solutions

    1 Sep 2007

    Information solutions company Experian has acquired Cirencester-based N4 Solutions, a firm whose clients include Barclays, Nationwide, Intrinsic Financial Services, Portman Building Society, Nottingham Building Society and the Norwich & Peterborough Building Society.

  • Firms block Facebook access

    27 Aug 2007

    A study by IT security firm Sophos reveals that 50% of corporate employees are blocked from accessing social networking sites such as Facebook at work. Firms including Goldman Sachs and Credit Suisse cite lower productivity and potential security breaches as reasons for the ban.

  • First anniversary for Lead Point

    27 Aug 2007

    LeadPoint has celebrated its first anniversary in this country. The firm says it now sells 500 leads a day. Nick Chapman, managing director of Leadpoint UK, says: "Our biggest challenge is that many people still don't understand lead generation."

  • First SO scheme for people with learning disabilities is launched

    1 Sep 2007

    Kent Reliance has agreed to fund a multiple-shared and single-shared ownership scheme for people with learning disabilities.

  • Freehold members to get shares depending on size

    27 Aug 2007

    Freehold's 16 members will get shares in the packager association as part of newly appointed managing director Patrick Day's strategy for the group.

  • FSA fines mortgages brokers

    30 Aug 2007

    The Financial Services Authority has fined two mortgage brokers and handed a public censure to another for management blunders.

  • Gardner's Bright move

    1 Sep 2007

    Bright Finance has appointed Jane Gardner as director of partnerships.Gardner , from Yateley in Hampshire, will be responsible for increasing the company's business in the south of the country. She joins Bright Finance after being operations manager for London Scottish Broking, part of London Scottish Bank, where she ran the day-to-day unsecured loans operation.

  • George aids Nutley with new venture

    1 Sep 2007

    Philip George, managing director of Commercial First, has revealed he is giving a helping hand to Julian Nutley, who recently announced he is leaving GE Money Home Lending as director of secured lending.

  • GMAC opts out of loans

    1 Sep 2007

    GMAC-RFC has ended months of market speculation and confirmed it will not be entering the secured loan market in the immediate future.

  • GMAC-RFC backtracks on sub-prime change

    30 Aug 2007

    GMAC-RFC says it now won't be withdrawing its sub-prime rates over 75% LTV.

  • GMAC-RFC makes £1.1bn portfolio sale

    31 Aug 2007

    GMAC-RFC has made a £1.1bn portfolio sale to Bradford & Bingley - its largest sale in its five year trading history.

  • GMAC-RFC pulls sub-prime products over 75% LTV

    29 Aug 2007

    Following a review of its Partners product range, GMAC-RFC is pulling all of its sub-prime products above 75% LTV.

  • Gross lending up 12% from last year, says BBA

    28 Aug 2007

    Data from the British Bankers' Association puts Julys gross mortgage lending 12% higher than last year at 21.3bn.

  • Head of PMS resigns

    1 Sep 2007

    Steve Atkins, who was hired a year ago as part of a succession plan for John Malone, has resigned as head of Premier Mortgage Service.

  • High Street Home Loans hikes rates again by 1%

    29 Aug 2007

    High Street Home Loans is to hike rates by 1% across its Libor discounted and fixed rate products just one week after the last price increase.

  • Housing crisis taxes Labour

    1 Sep 2007

    The proposals in the green paper on housing could be good news for lenders, stabilising house prices and increasing the opportunity to do business. But there seems to be a lot of cooks in this particular kitchen - John Murray reports

  • How can lenders deal with the risks posed by gifted deposits and incentives?

    27 Aug 2007

    Lenders have procedures in place but developers must now play their part in bringing transparency to this issue, say our experts

  • How to embed fairness in your firm

    27 Aug 2007

    Managers should use a recently published FSA paper to get their firms' Treating Customers Fairly procedures on a firm footing in case the regulator comes calling, says Bill Warren

  • HSBC needs solicitors' OK

    27 Aug 2007

    HSBC says it has never accepted private company searches as it does not feel they carry sufficient indemnity insurance. But a spokesman says: "Our decision to accept a search is not based on which party has commissioned it, but rather that the buyer's solicitor, who has a duty of care to both the buyer and HSBC, has approved it."

  • HSHL expands into N Ireland

    1 Sep 2007

    Sub-prime mortgage lender High Street Home Loans has launched in Northern Ireland, offering its full product portfolio.

  • I hope Nationwide is not so proud of its record on PPI

    27 Aug 2007

    In its marketing material, Nationwide says it is proud to be different because it has no shareholders to pay and therefore can focus on offering great rates and excellent service.

  • I'Anson joins Beacon

    27 Aug 2007

    Beacon Group has appointed Shaun I'Anson as head of lending. He joins from Preferred.

  • ICO urges lenders to file consistently

    29 Aug 2007

    The Information Commissioner’s Office is urging lenders to approach loan defaults in a more consistent manner.

  • Important qualifications that brokers should know about

    27 Aug 2007

    The Financial Services Skills Council has approved important new qualifications for brokers and financial advisers, but few know they exist.

  • In times of drought look at the GI income stream

    27 Aug 2007

    Not content with hiking interest rates five times in the past year, the Bank of England could raise them again, this time to 6%.

  • Industry confused by HIP personal searches

    27 Aug 2007

    Lenders are calling on the Council of Mortgage Lenders to offer more guidance on the validity of personal sear-ches in Home Information Packs following a week of confusion over who should indemnify them.

  • Insurance threats and opportunities

    27 Aug 2007

    A recent report shows that declining client appetite for loans is shrinking the creditor insurance sector, but a tougher interest rate environment could benefit MPPI sales, says Simon Burgess

  • Intelligent Finance to up rates on Friday

    28 Aug 2007

    Intelligent Finance is to increase rates across its range this Friday August 31.

  • Investors favour buy-to-let

    31 Aug 2007

    The amount of landlords’ portfolios comprising property has risen 1% since January, the Mortgage Trust says.

  • Irresponsible banks putting their profits before people

    1 Sep 2007

    Banks claim to have been following the principles of treating customers fairly for years - so why do they lend so irresponsibly, then fail to help borrowers resolve the situation?

  • Joanna Elson - Cchief Executive - Money Advice Trust,

    1 Sep 2007

    Joanna Elson is chief executive of the Money Advice Trust, a charity formed in 1991 to increase the quality and availability of free, independent money advice in the UK.

  • KGB joins up with MB and MTE

    28 Aug 2007

    KGB Packaging has launched its products on Mortgage Brain’s sourcing system.

  • Knowing the score on credit

    1 Sep 2007

    Lee Jones explores how Fair Isaacs's FICO scoring system continues to affect lending in the US and whether there is anything we can learn from it in the UK

  • KPMG warns of record personal insolvencies

    29 Aug 2007

    KPMG has predicted a record 120,000 personal insolvencies this year.

  • Kudos to Nationwide for PPI stance

    27 Aug 2007

    The Financial Services Authority is wrapping up the third and final phase of its exhaustive research into payment protection insurance sales and is due to report next month.

  • L&E appoints non-executive director to board

    31 Aug 2007

    London & European has appointed Diarmuid Bradley as a non-executive director to its main board.

  • L&G appoints mortgage director

    27 Aug 2007

    Ben Thompson has joined Legal & General as mortgage director, with responsibility for the firm's mortgage club. Previously head of Paymentshield's mortgage club, Thompson will manage L&G's exclusive products programme.

  • Labour should keep its bright ideas on housing to itself

    27 Aug 2007

    The government has loudly advocated the benefits of 25-year fixed rate deals similar to those familiar to our cousins across the Atlantic. But recent weeks have seen massive falls on stock markets throughout the world. Why? Because of bad mortgage debt in the US. Does the government have any other bright ideas about the mortgage process it would care to share? I hope not. Kevin ThorntonMT Financial ServicesHeywoodOldham

  • Landlords snub deposit protection

    30 Aug 2007

    More than three out of four landlords have not registered for Tenancy Deposit Protection.

  • Launch of Homeowner Mortgages to go ahead

    1 Sep 2007

    Network Data's new mortgage lending venture, Homeowner Mortgages, is to be launched as planned in November with the financial backing of Hypo Vereinsbank of Germany - despite the current turmoil in the market.

  • Leading to trouble

    1 Sep 2007

    Lead generation firms can be a vital link to business from the internet, especially for smaller brokers. But the firms guilty of selling-on poor leads, or even setting up their own brokers to cream off the best leads, may be tarnishing the name of the sector, warns Natalie Martin

  • Lehmans axes sub-prime lender

    1 Sep 2007

    Lehman Brothers is closing US sub-prime lender BNC Mortgage, putting 1,200 employees in 23 locations out of work.

  • Lender criticised for PPI pullout

    27 Aug 2007

    Nationwide has been criticised for "shutting the stable door after the horse has bolted" after temporarily pulling its payment protection insurance products because of unsatisfactory sales processes.

  • Lenders begin to snub secured loans

    1 Sep 2007

    Fears are growing that lenders in the first-charge mortgage market will soon start to refuse borrowers secured loans.

  • Lenders can help clients hit by US credit crunch fall-out

    1 Sep 2007

    The ripples from the global credit crunch appear to be lapping at the feet of some financial institutions in the UK, and in particular those in the sub-prime sector. Sally Laker, managing director of Mortgage Intelligence, offers her perspective of the situation

  • Lenders hit by 40m mortgage fraud in London

    1 Sep 2007

    The Metropolitan Police has made several arrests in its investigation into suspected large-scale mortgage fraud on 84 new-build properties in the Thamesmead area of south-east London.

  • Lenders should broaden horizons

    1 Sep 2007

    Non-conforming mortgage lending has seen huge growth but with the US sub-prime crisis

  • Lenders swim in dangerous waters

    27 Aug 2007

    As media hype and public stupidity exacerbate the US sub-prime drama into a global crisis, the question is will sub-prime here go the same way?

  • Lending a hand at auctions

    1 Sep 2007

    Rising reposessions are fuelling a craze for property auctions as buyers seek out the potential bargins to be had. But after bagging a property the bidder could find getting the cash quickly to complete the purchase is a problem. That's where a bridging loan can help, says Natalie Martin

  • Letting to buy

    27 Aug 2007

    First-time buyers can get a foot on the property ladder as buy-to-let investors while they wait to settle down or save deposits to buy homes to live in, says David Austin

  • Link appoints risk assessor

    28 Aug 2007

    Link Lending, has appointed Yolanda Bester as a risk assessor.

  • LoanOne move may mean job cuts

    27 Aug 2007

    The Funding Corporation says it cannot rule out redundancies after it withdrew its intermediary lender LoanOne on a temporary basis. The secured lender says it made this move because it was concerned about conditions in the wider market.

  • Lone lender takes the plunge

    1 Sep 2007

    Does providing home information packs represent a commercial opportunity for lenders - or is it a step too far into uncharted territory? Laura Howard investigates

  • Market watch

    27 Aug 2007

    Swaps rates are continuing to fall and it's good to see that three and five-year money is below 6%. One-year swaps are down just over 0.1% on their recent high, two-year swaps are down about 0.3%, three-year swaps are down almost 0.4% and five-years swaps have fallen by about the same amount. But we've yet to see many of these falls being translated into fixed rate products.

  • Me & My Car

    27 Aug 2007

    I'm obsessed with high performance cars and in my current one, a Porsche Cayenne, I recently completed my regular round trip to Poland in record time, says Dominik Lipnicki

  • Melton Mowbray goes sub-prime

    1 Sep 2007

    Melton Mowbray Building Society has launched a sub-prime lender - MBS Lending.

  • Money Partners increases Origin rates by 0.75%

    31 Aug 2007

    Money Partners has increased the rates across its Origin mortgage range by 0.75% with effect from September 1.

  • More Brits look to buy homes abroad

    27 Aug 2007

    Barclays says that the number of Brits looking for homes abroad has doubled thanks to our wet summer. Enquiries to its overseas property arm have risen from 9,000 last summer to 18,000 this year.

  • MortagageStream launches packager software

    30 Aug 2007

    PackageStream is the latest software processing system to be launched by MortgageStream which is specifically targeted at mortgage packagers.

  • Mortgage Trust expands BDMs

    28 Aug 2007

    Mortgage Trust has appointed three new business development managers to its sales team.

  • Mortgage woes fear for valuers

    1 Sep 2007

    Valuers and their professional indemnity insurers should be worried by the 30% rise in possessions compared with the same period last year, says insurance law firm Browne Jacobson.

  • Movers and Shakers September 2007

    1 Sep 2007

    Higgins steps down at HBOSBenny Higgins has relinquished his position as chief executive officer of retail at HBOS to be replaced by former Birmingham Midshires managing director Dan Watkins. Watkins is currently group risk director and a member of the HBOS executive committee.

  • MPLC tightens criteria

    28 Aug 2007

    Mortgages PLC is to cap LTV on its unlimited range at 75% instead of 80% and on its heavy adverse 80% rather than 85% from September 3.

  • MPLC unveils criteria changes

    31 Aug 2007

    Mortgages PLC has made additional changes to its lending criteria including capping its LTV at 90%.

  • MPPI unwanted and untested

    1 Sep 2007

    The Social Market Foundation is working on a new national insurance system to replace the current social safety net. But despite its shortcomings it is too soon to kiss MPPI goodbye, argues John Murray

  • Much to praise about buy-to-let

    1 Sep 2007

    Buy-to-let has come of age, says Christopher Dean at the Council of Mortgage Lenders, who argues that rather than displacing first-time buyers, buy-to-let landlords are satisfying a genuine demand

  • N&P cuts selected fixed rates

    27 Aug 2007

    Norwich and Peterborough has reduced its rates on selected five and 10-year fixed rate deals. Richard Barker, product manager for N&P, says: "Following recent movements in the market, we're pleased to reduce the rates on some of our fixed rate mortgages for a limited period."

  • Nationwide ad gets all-clear

    27 Aug 2007

    A viewer's complaint about a Nationwide mortgage advertisement has been quashed by the Advertising Standards Authority, which found the commercial was not misleading.

  • Nationwide confirms Portman merger

    28 Aug 2007

    Nationwide has confirmed today its merger with fellow mutual Portman.

  • NCC calls for shakeup

    30 Aug 2007

    The National Consumer Council is calling for a radical shake-up in the way that the new build housing market is regulated, to ensure that UK home owners get the protection they need.

  • Negative publicity and new sales regime hit PPI sales

    1 Sep 2007

    Payment protection insurance experienced another weak year in 2006 with premium income falling 3.9% from the previous year's level, to 5.5bn.

  • Nemo turns away new business

    1 Sep 2007

    Nemo is no longer accepting new business from introducers in the retail intermediaries market, but is continuing to accept cases from brokers that it has built up relationships with.

  • Nixon rejects online purchasing

    27 Aug 2007

    Moneysupermarket.com chief executive Simon Nixon has admitted to Mortgage Strategy that he would never consider buying a mortgage online.

  • Ocean may stop selling PPI from other lenders

    1 Sep 2007

    Ocean Finance and Mortgages has shaken the market by writing to lenders proposing a revised business model, where it will no longer sell their payment protection insurance.

  • Offsetting can keep clients on the road

    27 Aug 2007

    Did you used to play the game of spotting newly registered cars with your kids on August 1 every year? I did and my kids used to get a thrill from spotting the brand new motors as their owners showed off their extravagant purchases.

  • OK Finance chooses Xit2 for valuation

    29 Aug 2007

    OK Finance has chosen Xit2’s Valuation Exchange as the online system to manage its valuation instructions through to its panel manager Spinnaka. The Valuation Exchange streamlines the valuation instruction process, and automatically reassigns valuations that have been rejected by the surveyor within the specified timescale.

  • One in four worry about rate rises

    29 Aug 2007

    Intelligent Finance says the possibility of future interest rate rises is a major source of worry to 41% of adults.

  • Opening up the PPI market

    1 Sep 2007

    The Competition Commission has been speaking to market practitioners - including Simon Burgess, managing director of Britishinsurance.com - as it investigates the PPI market to establish exactly what sort of competition exists and how it can be improved

  • Owen to head new West Brom loans business

    1 Sep 2007

    Robert Owen, founder of London Mortgage Company, is to launch a new secured lender.

  • paaleads.com launches broker community forum

    30 Aug 2007

    Lead distributor paaleads.com has launched a forum entitled ‘community’ on its website encouraging brokers to give their opinions. The community forum on the paaleads.com homepage can be viewed by anyone, but only those who are members can post messages.

  • Package power

    27 Aug 2007

    The recent floods highlighted the need for disaster recovery planning. Is this an issue packagers are addressing within their businesses. If so, what are their priorities and have the systems been tested?

  • Partnership secured

    1 Sep 2007

    Online financial provider Only Loans has teamed up with Sycamore Financial Group in a partnership agreement to provide secured loan deals to the Kent and London-based mortgage adviser.Only Loans, a subsidiary of the fast growing Only Group, will fully support Sycamore in the second-charge business arena, which the company anticipates will grow rapidly over the next year from the current 10% to around 15% by mid-2008.

  • Pink admits rate changes hitting turnaround times

    28 Aug 2007

    Pink Home Loans has emailed brokers to warn them its turnaround times have been hit by the frequent pricing and criteria changes made over the last couple of weeks by lenders.

  • Pink breaks £4bn lending mark

    27 Aug 2007

    Pink Home Loans says it has broken through the £4bn lending mark for the year to date.Until the end of July 2007, completions had increased by 39% compared with the same period in 2006. It recently reported that during July, its packaged applications hit a three-year high and were 73.6% higher than in July 2006.

  • Platform dumps multiples

    27 Aug 2007

    Platform has joined the ranks of lenders using affordability calculations to gauge borrowers' ability to pay after dumping its income multiple-based approach.

  • Platform hikes rates by up to 1% and tightens criteria

    30 Aug 2007

    Platform has increased rates across its prime range by an average 0.4% and across its sub-prime range by an average 1% with immediate effect.

  • Playing the long-term blame game

    27 Aug 2007

    Kevin Paterson takes a weekly look at the latest developments in the market and brings you what's hot and what's not in the world of mortgages

  • Plug the skills gap and find new blood

    27 Aug 2007

    Lack of skills among brokers can be addressed through comprehensive T&C appraisals, but firms must also tailor programmes to get new brokers into the industry, says Sally Laker

  • PMS to host roadshow in NI

    27 Aug 2007

    Premier Mortgage Service is to host a roadshow for brokers in Northern Ireland at the Hilton Templepatrick Hotel and Country Club on October 18. PMS will bring together 25 lenders to discuss topics including selling equity release and protection policies.

  • Positive on AFB

    1 Sep 2007

    Secured loan packager Positive Lending has become a member of the Association of Finance Brokers.

  • Preferred to increase rates by average 0.65%

    28 Aug 2007

    Preferred is to increase rates across its range by an average 0.65% from September 10.

  • Primrose beefs up its lender panel

    27 Aug 2007

    Primrose Mortgage Processing has expanded its lender panel to include edeus, The Mortgage Works and Salt.

  • Promise expands contact centre

    27 Aug 2007

    The Promise Group is expanding its contact centre by recruiting 60 staff. The move will allow the firm to deal with a boom in client enquiries.

  • Public unaware of deals

    27 Aug 2007

    A staggering 78% of consumers don't realise that brokers can get them deals that are not available direct from lenders, edeus has revealed.

  • RBS also wants legal backing

    27 Aug 2007

    The Royal Bank of Scotland says buyers' solicitors have a duty to them and lenders to check that searches are sufficient. It will accept them if solicitors give them the OK.

  • RBS appoints head of sales to the One account

    31 Aug 2007

    RBS Intermediary Partners has appointed Melanie Buckingham as its new head of sales for the One account.

  • Regulation is way forward for lead generation firms

    1 Sep 2007

    T om Cruise's famous declaration "Show me the money", in the film Jerry Maguire, is a phrase that resonates with those who deal on a regular basis with lead generation firms.

  • Repossessions up 32% since Q1 2007

    31 Aug 2007

    Repossessions have risen 32% since Q1 2007, a report by The Royal Institute of Chartered Surveyors reveals.

  • Resolve the commission issue

    1 Sep 2007

    Robert Sinclair, associate director of the Association of Finance Brokers will be answering questions every month put to him by brokers. If you have a question you would like him to answer, please email natalie.martin@centaur.co.uk

  • Richard Farr appointed director of AMI

    1 Sep 2007

    Richard Farr, the former head of marketing at Portman, has been named as the new director of the Association of Mortgage Intermediaries.

  • Rightmove reports 58% increase in visits

    31 Aug 2007

    Rightmove has reported a 68% increase in revenue and a 58% increase in visits.

  • Rise in equity release awareness

    29 Aug 2007

    People’s awareness of releasing equity from their homes is on the rise, a survey by Retirement Plus claims.

  • Rise in hotel room investment

    27 Aug 2007

    Investing in hotel rooms has grown in popularity this year, says the Property Investor Show. Since the concept was launched three years ago by GuestInvest, a number of firms have entered the market including Owner Hotel and the Four Pillars Hotel Group.

  • Samba's choice

    1 Sep 2007

    Saudi Arabian Bank, Samba Financial Group has selected Fair Isaac's risk management capabilities to support the delivery of Basel II internal-ratings based compliance across its retail portfolios. Fair Isaac will help Samba enhance its competitive advantages in its consumer card, mortgage and personal loan portfolios.

  • Santiago Deponeo

    1 Sep 2007

    Name: Santiago Deponeo

  • Scottish firm helps Polish buyers

    27 Aug 2007

    West Lothian-based law firm Caesar and Howie has set up a service to help Polish migrants understand the house buying process in Scotland. It says more than 300 potential Polish buyers have signed up for the service and 30 of these have already bought houses.

  • Second Land Registry e-conveyancing consultation

    1 Sep 2007

    The Land Registry has issued the second of two consultations which invites comment on further secondary legislation required for the introduction of e-conveyancing.

  • Secured sector in rude health

    1 Sep 2007

    Far from signalling that the secured loans market is on its last legs, the recent highly publicised cases of lenders and intermediaries quitting the sector are simply the inevitable casualties of change that occur when any dynamic and healthy industry evolves

  • Secured swings and roundabouts

    1 Sep 2007

    As the secured lending market faces up to some of the biggest regulatory challenges in its history, constant ebb and flow activity among both lenders and brokers is creating a great deal of news and generating the sort of buzz that indicates a thriving sector

  • Securitisations to show impact of credit crunch

    27 Aug 2007

    The true impact of the sub-prime credit crunch on the UK market won't be felt until mid-September when several lenders are due to launch securitisations, Infinity Mortgages claims.

  • Self-delusion

    27 Aug 2007

    Brokers who confuse self-cert products with fast-track applications risk getting both themselves and their clients into serious trouble, says Harvey Jones

  • Shave in good company

    1 Sep 2007

    Chatroom notes that GE Money Home Lending has made it into Private Eye (City column, 3 August). The Eye describes GE as the "biggest and most aggressive sub-prime lender", and patches together the problems of the US sub-prime market, the woes of Kensington Group and its 10m half-year loss, and the mounting possessions figures in the UK.

  • SIG acquires DecisionMetrics

    1 Sep 2007

    The Skipton Information Group, which comprises Callcredit, EuroDirect, GMAP, and Legatio Technologies, has acquired DecisionMetrics, an analytics company specialising in scorecards and affordability assessment.Mike Green, chief executive of SIG, said: "DecisionMetrics is a key piece in the jigsaw of us realising our vision of becoming the leading supplier of consumer knowledge and information in the UK."

  • Sites 'not all impartial'

    1 Sep 2007

    Price comparison sites have been accused of being swayed towards sponsored links and not offering an impartial service.

  • Skipton launches service to help will executors

    1 Sep 2007

    Skipton Building Society has launched an estate administration and trust service to help will executors.

  • Smile - you're about to hit 50

    1 Sep 2007

    Steve Haggerty has hit the big five-O but we're talking about billions of pounds under management at HML and nothing more sensitive

  • Societies slow to bridging table

    1 Sep 2007

    More building societies may start to dip their toes into the bridging sector as they look to diversify into different markets.

  • Sub-prime crisis could help sector

    27 Aug 2007

    The impact of the US sub-prime meltdown could boost the UK's commercial mortgage market, says InterBay Commercial.

  • Sub-prime fallout left egg on my face

    27 Aug 2007

    It's not easy writing when you've got egg all over your face. For one thing it's hard to see what you're doing.

  • Sub-prime lenders should have had contingency plans

    27 Aug 2007

    Having recently returned from holiday and caught up with the outstanding industry issues, I'd like to make a few points.

  • SWB extends first-timer range

    27 Aug 2007

    Scottish Widows Bank is extending its first-time buyer range by launching a key worker mortgage. The product offers buyers a two, three or five-year fixed, stepped fixed or tracker mortgage up to 102% LTV.

  • SWB launches key worker mortgage

    1 Sep 2007

    Scottish Widows Bank has extended its first-time buyer range with a key worker mortgage.

  • System shows the way ahead

    1 Sep 2007

    A new computerised brokerage system being pioneered by Loanoptions.co.uk offers benefits for both broker and client alike. The technology provides a simple, efficient way of finding the best secured loan for the circumstances across a wide range of lenders

  • The lone ranger

    1 Sep 2007

    PLAYBOY Loan Ranger has uncovered the secured loan industry's very own Hollywood hunk. One industry figure, who shall remain nameless, has revealed he once starred in the 2004 remake of Alfie, starring Jude Law.

  • The Mortgage Mole

    27 Aug 2007

    Digging the dirt in the mortgage world

  • Thepropertyinvestmentmarket.com launches portfolio builder

    28 Aug 2007

    Thepropertyinvestmentmarket.com has launched the portfolio builder, which enables investors to build a portfolio, without selecting any properties themselves. Investors need an initial investment fund of £1000 to open the account, which then spreads the funds automatically and equally across the 10 most popular new properties entering the exchange.

  • There but for fortune

    1 Sep 2007

    Matthew Wyles, executive director of Nationwide, won't exactly be weeping into his champagne over the fallout from the US sub-prime debacle.

  • Things can only get greener

    1 Sep 2007

    With economic and moral pressures building up for all businesses to lower their carbon footprint, commercial property developers are realising that they must make their properties more energy efficient if they do not want to lose out, writes Natalie Martin

  • Think about non-borrowing options

    27 Aug 2007

    In a magazine such as Mortgage Strategy where readers and writers are in the business of arr-anging borrowing, is it strange to advocate non-borrowing options?

  • Time to start educating brokers

    1 Sep 2007

    The recent launch of loansetc's exclusive range of secured loan products with ADV2 might have surprised some people.Having spent 23 years dividing my time between lending and broking, I feel I have the experience to comment on the current state of the market.

  • Title Deed: Wave

    27 Aug 2007

    In July last year, when Merrill Lynch bought Freedom Lending from Freedom Finance, the company had a 12-month licence to continue trading under the Freedom brand until it had to adopt a new name. There was no option but to create a new brand and this was announced this June as Wave.

  • TML dismisses online trend

    27 Aug 2007

    The internet is becoming a dead end for applicants, says The Mortgage Lender. David Titmuss, managing director of TML, predicts the trend towards online mortgages will halt because borrowers prefer face-to-face financial advice.

  • Tories' deregulation agenda is treading on dangerous ground

    1 Sep 2007

    Philip Tebbatt objects to John Redwood's attempts at bear-hugging brokers or loving a lender as evident in his new Conservative Party report, Freeing Britain to Compete: Equipping the UK for Globalisation

  • Tougher times ahead for the market

    27 Aug 2007

    The US mortgage crisis has affected the world's financial markets, so lenders and brokers here will have to tread more carefully to thrive in harsher economic conditions, says Frank Eve

  • Training days

    27 Aug 2007

    Mortgage Strategy follows the career of graduate Tim Jones as he sets out on his mission to qualify as a broker in London

  • Trigold adds commercial link

    1 Sep 2007

    Trigold and Commercial First have teamed up to offer commercial mortgage products and services to Trigold users.

  • Trying to make longer term products popular

    27 Aug 2007

    In July, Prime Minister Gordon Brown returned to the subject of making longer term fixed rates more widely available.

  • Uncle sam's sub-prime sneeze

    27 Aug 2007

    An extended holiday in the US has opened my eyes to the impact of the much publicised sub-prime mortgage collapse. Despite having read plenty on this topic when I was in the UK, I have found there's a lot more happening than I previously realised. It's not just the mortgage sector that's been affected but also the broader property market and the whole economy.

  • Unfair credit rule brings all lender actions under scrutiny

    1 Sep 2007

    The concept of unfair credit relationship introduced by the Consumer Credit Act means consumers can challenge a wide range of contract terms and lender practices as unfair

  • UNIFi joins AFB

    1 Sep 2007

    UNIFi, the network for secured loan broker firms, has joined the Association of Finance Brokers as an affiliate member. Patrick Bamford, managing director of UNIFi, says: "We are fully aware of the need for a strong body representing the interests of secured loan brokers at a time when the sector faces an increasing number of regulatory and market challenges."

  • US bank pours £2bn into CFC

    27 Aug 2007

    Bank of America came to the rescue of liquidity-challenged Countrywide Financial Corporation last week, investing some $2bn and taking a 15% stake in the company.

  • US crisis sparks upsurge in title insurance sales

    1 Sep 2007

    London & European has seen sales of its lender title insurance policies increase by 40% as lenders seek to protect the value of their loan portfolios.

  • US crisis: how societies can stay ahead

    1 Sep 2007

    Karim Peermohamed, CEO, Financial Objects, explores the similarities and differences between the US and UK markets and how building societies can take advantage of a changing mortgage market

  • US wind could blow us some good

    27 Aug 2007

    If the main effect of the sub-prime problems in the US is to force lenders to reconsider their criteria it could benefit the mortgage sector in this country, says Mel Dring

  • Voltrex launches FX platform

    29 Aug 2007

    Voltrex's Foreign Exchange Service for financial institutions, corporates and private individuals is now accessible over an internet browser globally.

  • Vox Pop

    1 Sep 2007

    So this month Loan Distributor asks: "What is your biggest fear going forward in the secured lending industry?"

  • Warmfront appoints Gregory Elliot as BDD

    28 Aug 2007

    National energy performance certificate and home condition report provider, Warmfront Energy Assessors, has appointed Gregory Elliot as its business development director.

  • Warning of more valuation disputes

    27 Aug 2007

    The mortgage market should brace itself for a spate of court cases between lenders and valuers, an industry pundit has warned.

  • Warning on clarity of some lead firms

    1 Sep 2007

    Concerns have arisen that some lead generation firms are increasingly recommending secured loans without the customer fully understanding what they are agreeing to.

  • We must educate clients about market

    27 Aug 2007

    Alexander Pope wrote that a little learning is a dangerous thing and this seems an accurate way to describe the mortgage market.

  • We must not stand for second rate conveyancing services

    27 Aug 2007

    In his recent letter on conveyancing, Roger Marsh was right to say that second rate service is unacceptable (Mortgage Strategy August 13).

  • We were warned about the sub-prime squeeze

    27 Aug 2007

    A month ago I suggested that the UK sub-prime market might be closer to the US one than the industry cared to admit.

  • Webster quits UCB Homeloans

    27 Aug 2007

    Gary Webster has resigned as head of sales and business development at UCB Homeloans. He is rumoured to be joining edeus, although the firm's chief executive Michael Bolton denies this.

  • We're no longer the bad boys

    1 Sep 2007

    Brokers are beginning to see the value of second mortgages - and as high interest rates and a cooling property market start to take their toll on borrowers, secured loans will take on even greater significance

  • When Robyn went clubbing

    1 Sep 2007

    Robyn Hall, editor-in-chief of sister publication Mortgage Strategy, got his bidding strategy in a bit of a twist at BM Solutions' charity ball at the Botanical Gardens, Birmingham, this summer.

  • Why social tenants are reluctant to buy

    27 Aug 2007

    Another survey has appeared that finds social housing tenants want the opportunity to own homes. The survey was undertaken for the Notting Hill Housing Association.

  • Woman sentenced for mortgage fraud

    27 Aug 2007

    A woman has been given a suspended sentence and been ordered to do 40 hours' unpaid work at Manchester Crown Court for obtaining money by deception. Sandra Rose Ashcroft, 59, pleaded guilty to overstating her earnings to obtain two mortgages.

  • Woolwich launches two new deals

    28 Aug 2007

    Woolwich is launching two new products geared toward either end of the market.

  • Woolwich launches two products

    29 Aug 2007

    Woolwich has launched two products designed for first-time buyers and the larger loans market.

  • World of the house price index is about to change

    1 Sep 2007

    Regulatory change is about to have an impact on the measurement of house prices, says Troy Martin of Acadametrics. Move aside name awareness and free publicity, and welcome to meaningful data concerning the state of health of the UK's largest asset class

  • Would you take out insurance to protect yourself against gazumping?

    27 Aug 2007

    Gazumping, where sellers take an offer from one buyer only to then accept a higher one from someone else, is an unfortunate feature of the house buying process. Scottish Widows estimates that 37% of buyers were gazumped in 2006 and Convex Conveyancing reports strong demand for its £90 anti-gazumping insurance.So, this week Mortgage Strategy asks…

Poll

Should the Financial Conduct Authority be more intrusive than the Financial Services Authority?

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