Mortgage Strategy
27 May 2002
-
A good time to fix, says SLB
29 May 2002
Long term fixed rate mortgages are good for customers according to Standard Life Bank. The Bank's view is echoed in yesterday's publication of Housing the Nation: the Royal Institution of Chartered Surveyors housing manifesto, where the RICS calls for the development of a greater range of housing finance products including longer term fixed rate mortgages to increase choice and flexibility. John Gill, Financial Director at Standard Life Bank, told Mortgage Strategy: ...
-
Aussie top ten brokers take lion's share
28 May 2002
Australia's mortgage broking market seems to be consolidating with latest research showing the top 10 players command more than half of the business. According to research by the Market Intelligence Strategy Centre, the top 10 brokers, including Mortgage Choice, the Suncorp-owned LJ Hooker and Choice Home Loans, increased their share of the market in the March quarter to 55 per cent of all brokered loan business, up from 37 per cent a year ago, the Sydney Morning Herald reported ...
-
Bank of Scotland on target to recruit 1,500
28 May 2002
Bank of Scotland is making good on its promise to recruit 1500 people over three years to its Business Banking Division - with 1000 new staff having already joined in just seven months. In October last year - just one month after Bank of Scotland's merger with Halifax to form HBOS plc, the announcement was made that the staff would be brought in within a three-year time frame. The first and major phase of this recruitment programme is now expected to be complete by June this ...
-
Birmingham Midshires offers 10-year 5.85% fixed rate - but not to brokers
30 May 2002
Birmingham Midshires is shunning the intermediary market and offering a 10-year 5.85% fixed rate exclusively through its branch network. The deal - one of the best on the market - is available exclusively through the Birmingham Midshires branch network and through its telephone-based direct operation.
-
Britannic Money poaches Perks from Bristol & West
31 May 2002
Britannic Money has poached Bob Perks from Bristol & West to the post of business development director. In this capacity he will have directorial responsibility for intermediary sales and distribution, marketing and the product development functions. Prior to working at Bristol & West Perks spent many years at NatWest working in a wide variety of areas of the bank, most latterly as national sales manager, NatWest Mortgage Services. Tony Ward, Chief Executive ...
-
Britannic offer football tickets for business
31 May 2002
Britannic Money is to incentivise intermediaries who generate business during the World Cup period by rewarding their biggest introducers with football match tickets. At a time when most of the nation will be more interested in football than fixed rates, intermediaries who continue to generate business for Britannic Money could benefit from receiving tickets to the Charity Shield in Cardiff on the 11th August. Austin Jelf's Head of Sales at Britannic Money said: "We ...
-
Britons shun property fortune in favour of peace and quiet
30 May 2002
One in five prospective homebuyers rate peace and quiet as the most important consideration when choosing where they will buy, latest findings from Alliance & Leicester's quarterly movingimproving index reveal. The new findings shatter the assumption that home buying habits are largely driven by house price trends and in some cases the race to find the next 'up and coming' area to make a property fortune. Only three per cent of people rated house price movement ...
-
Buy-to-let investors jailed for tax evasion
27 May 2002
Three buy-to-let tax cheats, Francis Jenn, 56, Patricia Jenkins, 55, and 54 year old Carol Hajas were jailed at Kingston Crown Court last week after each pleaded guilty to cheating the Inland Revenue. The defendants had each admitted charges of common law cheat which arose from their failing to notify the Inland Revenue of income received (and chargeable to tax) as rents from a number of properties over a fifteen year period. Jenn also pleaded guilty to a similar charge relating ...
-
CII and SOFA welcome Exam review feedback
30 May 2002
The Chartered Insurance Institute and the Society of Financial Advisers has welcomed the Financial Services Authority feedback statement on Discussion Paper 9: Examination Review. The Examination Review set out a vision for a single and coherent framework of qualifications for the financial services industry. The CII and SOFA both endorsed this approach in their response to the original discussion paper, highlighting a number of key points: ? The current framework ...
-
CitiBank and Charcol launch new mortgage broker service
29 May 2002
The UK consumer banking division of Citibank International plc is launching the Citibank Mortgage Service. In association with Charcol, widely regarded as one of the UK's leading independent mortgage and financial experts, the service will provide customers with expert advice and market leading exclusive mortgages across the mortgage arena. Citibank has chosen Charcol because of its leading position within the UK mortgage market, writing over £2 billion ...
-
CML Cymru chairman calls for local authorities to work together
31 May 2002
Local authorities need to work together to encourage private finance when they are given new powers for the use of loans, alongside grants, for home improvements, CML Cymru said this week. Speaking at a CML Cymru dinner in Swansea on Wednesday Glyn Taylor, chairman of CML Cymru, welcomed the opportunity for lenders to contribute to improving the 8.5% of homes in Wales classified as "unfit". He said "Lenders are willing to be involved but we would ask that local authorities ...
-
Consumers' Association launches 'Advice for Life' campaign
31 May 2002
The Consumers' Association yesterday launched its "Advice For Life" campaign to give all consumers access to decent, fair and impartial financial advice. The CA published new survey figures revealing that more than fifty per cent of consumers do not think they are saving enough to ensure a secure and comfortable future. But they said that they would be encouraged to save more if accessible, affordable and unbiased financial advice was available as well as simple, value for ...
-
Critical illness policy sales increase
30 May 2002
UK sales of new critical illness policies increased by 11.8% in 2001 and new income protection policies by 10.6% over sales in 2000, latest figures from Swiss Re Life & Health revealed yesterday. HealthWatch - a comprehensive review of sales and distribution of individual long-term health care products in 2001 - shows 872,184 new critical illness policies and 204,379 new income protection policies sold in 2001. This is a record year for critical illness sales and ...
-
Delegates offerd half-price ISDN access
27 May 2002
Delegates to Adviser.tech in June will be given half-price access to ISDN services. A deal with BT associate Mainstream Digital means adviser.tech will be giving all attendees at its launch event the opportunity to have ISDN upgrades or installations at 50% off BT's usual price. All financial advisers and intermediaries are invited to the launch event of adviser.tech, sponsored by Microsoft, which takes place at Manchester's G-Mex centre on June 11. More than ...
-
DPR launch Goal Planner software
28 May 2002
Financial software company DPR Consulting has developed a 'Goals Planner' tool that allows clients to plan life events - such as starting a family, buying a home or retirement - and analyse the effects on their finances. Available as a browser-based application, DPR say the Goal Planner can be easily integrated with existing online systems. Dave Patel, managing director at DPR Consulting, says: "Goal planning tools have a considerable role to play in ensuring ...
-
E-commerce boosting broker profits
28 May 2002
E-commerce is delivering real bottom line benefits to brokers, research from general insurance network CETA reveals. CETA's Managing Director, David Quick, explains: "During the past year we have seen a sharp increase in the volume of business that is being introduced to us electronically. "Two years ago e-commerce accounted for a small fraction of new proposals, whereas today it represents more than 50 per cent of all new business. "But most importantly ...
-
Euro will hit homebuyers
28 May 2002
The battle over the euro intensified last night when the No Campaign claimed that British mortgage-holders would not pay lower interest rates inside the eurozone, The Guardian newspaper reports today. In a detailed rebuttal of the Yes campaign's assertions, the group accused rivals of being rooted in the 70s and 80s, when Britain's tendency to high inflation led to high interest rates - cured by Gordon Brown's stable monetary regime since 1997. "There is a perception ...
-
Family friendly advisers above average
28 May 2002
Firms that take a family-friendly approach to working hours and other employment practices are more likely than others to rate themselves 'above-average' on financial performance and the productivity of their workforce. They are also more likely to report that the sales value and quality of their work have improved during the past year. These findings, from one of two studies on work-life balance being launched yesterday by the Joseph Rowntree Foundation, strongly ...
-
Focus goal:technology selected by Legal & General for mortgage application automation
31 May 2002
Users of Legal & General's Mortgage Decisions point-of-sale solution will shortly be upgraded for mortgage applications entirely electronically. By using goal:technology from Focus Solutions, the Mortgage Decisions system will offer the ability to process early stage 'Decision in Principle' applications. The system also enables faster completion of mortgage and related protection product applications. Legal & General's system will use Focus Solutions' ...
-
Four in ten self-employed seek flexibility from lender
27 May 2002
Four in ten self-employed borrowers in the UK look for flexibility from their mortgage provider. Research published by specialist intermediary lender BM Solutions suggests 44% of self-employed borrowers are looking for greater flexibility from their mortgage provider, while 14% of self-employed borrowers stated that criteria are an important factor when applying for a mortgage. 40% of self-employed borrowers seek the advice of a financial adviser when looking for a mortgage ...
-
FSA and Police put stop to Northern Ireland broker
31 May 2002
The Financial Services Authority has acted to stop the activities of a Northern Ireland broker due to money laundering concerns. The FSA has prevented Northern Ireland Insurance Brokers Limited (NIIBL) of 147 Stranmillis Road, Belfast, BT9 5TJ from carrying out any form of regulated activity. Carol Sergeant, Managing Director at FSA, says: "The FSA is working closely with the Police and other law enforcement agencies to fight money laundering. "In this case ...
-
FSA consults on wording for disclosure of regulatory status
30 May 2002
The FSA yesterday started consulting on a common framework for mortgage intermediaries to disclose their regulatory status to consumers at initial meetings and in their letterhead after authorisation is implemented. It will also require firms to provide customers with information about the complaints and compensation arrangements. The proposed framework has three main elements: ? on initial contact with a private customer: disclosure of the firm's status ...
-
FSA flags concerns over buy-to-let lending
31 May 2002
The Financial Services Authority says that it is concerned that highly geared buy-to-let investors with little collateral could be exposing themselves to too much risk. Howard Davies, Chairman of the FSA, says that there has been a reported rise in investment into the buy-to-let sector due to low interest rates. But he adds: "Anecdotal evidence suggests that such investors can be highly geared, and offer little collateral. Banks should carefully monitor their exposure ...
-
FSA warns against financial Russian roulette
27 May 2002
The Financial Services Authority is warning investors not to play Russian Roulette with their savings by dealing with unauthorised firms. The renewed warning has been prompted by a surge in the number of enquiries and complaints that the Authority has received about unauthorised overseas firms that have targeted UK-based investors in the last 12 months. The FSA previously warned about such firms in May 2000. The watchdog is particularly concerned about the risk consumers ...
-
GeoRisk offers risk and response targeting
31 May 2002
Two postcode areas of Nottingham share the same geodemographic classification - trendy young singles living a fashionable lifestyle in privately rented accommodation - yet one has six times the national average number of CCJs while the other has less than half the national average. This information comes from GeoRisk, a potent new tool to help companies target customers more effectively. Developed by Callcredit, the UK's newest consumer credit reference agency and information ...
-
Help for Orange endowment letter holders
31 May 2002
The arrival of a red or orange letter from the life insurance company is guaranteed to send many endowment policyholders into a frenzied panic, particularly if the maturing policy is needed to pay off a mortgage. Helpful as it may be to know in advance about the likelihood of a shortfall, there doesn't however appear to be much available information to help them decide how best to solve their problem. They know they can surrender the policy to the life office ...
-
House prices see highest increase since ྌs
31 May 2002
The Nationwidde yesterday reported house prices had seen the highest annual increase since the 80s - with UK property prices 54 times higher than when Queen came to the throne UK property prices have risen £5 for every day of Queen's reign. Alex Bannister, Nationwide's Group Economist, says: "There has been no slackening in the demand for property in May. "UK property prices rose 2.1% in the month and annual house price inflation increased ...
-
IF.com puts the interest back into business savings
31 May 2002
Intelligent Finance yesterday celebrated its 18 month anniversary by confirming that its outstanding growth continues unabated - making it the fastest growing new generation bank to offer a fully integrated product - mortgage volumes and personal loans, in particular, continue to be extraordinarily strong. To further build on its success the bank has announced that it is set to launch a high interest direct access savings account with an offset option for sole traders. In ...
-
L&G sees massive take up of electronic trading
31 May 2002
Legal & General is receiving over 2000 electronic applications a week for its e-Protection Choices package which was launched in April. This swift conversion from paper to electronic applications by IFAs and the company's business partners is evidence of the willingness of advisers to adopt new working practices and of the quality and reliability of Legal & General's electronic trading services. e-Protection Choices enables advisers to construct a bespoke, value ...
-
Lenders and brokers benefit from speedy e-conveyancing
30 May 2002
Legal Marketing Services, the UK's largest independent network of solicitors, has signed a new deal intended to speed its conveyancing processes. The company has linked up with the National Land Information Service (NLIS) Searchflow. This means local authority, land registry, coal authority, water company and environmental searches can now all be completed online at a fraction of the time and cost. All the information is fed back through Searchflow to produce one report ...
-
Lord Chancellor launches homebuying revolution
29 May 2002
The government took a major step in its drive to modernise land and property markets yesterday with the launch of the Land Registry's long-term business strategy and its electronic conveyancing consultation. The 10-year Strategic Plan sets out the Land Registry's role in taking forward these reforms. It concentrates on the provision of electronic land registration services and the Registry's commitment to achieving the Prime Minister's target of delivering ...
-
Millions face home insecurity
30 May 2002
More than one in five people have struggled to pay their rent or mortgage due to financial insecurity and the high cost of housing in many areas, research published by Shelter revealed yesterday. The report from Shelter and Halifax online includes new MORI Social Research Institute poll findings which show just how widespread the housing crisis is. Of those who pay for their housing, 43% have worried about or been unable to pay their rent or mortgage, representing almost 11 million ...
-
Money worries as jigsaw families make pieces fit
29 May 2002
'Jigsaw families' - couples living with their with children from previous relationships - experience more pressure financially than any other in a bid to make all the pieces fit, research from VirginOne account reveals. But Britain's new breed of step-families are the least likely to turn to their wider family to bail them out and the least likely to argue over cash problems as they set about sorting it out round the kitchen table. The modern Jigsaw Family - ...
-
Mortgages PLC sign agreement with The Mortgage Placement Company
29 May 2002
TMPC has signed an introducer agreement with Mortgages PLC in a deal that could see the lender receiving over £120m of mortgage business from the introducer throughout the year. TMPC will work with Mortgages plc on a branded correspondent basis promoting products to its 8,000 strong members. Peter Beaumont MPLC sales and marketing director says: "Signing this agreement has been a significant coup for us against the larger players in the market and it has been one ...
-
N&P joins Trigold platform
28 May 2002
Norwich and Peterborough Building Society is joining the Trigold platform. Intermediaries will now be able to source N&P mortgage products through the Trigold platform and apply for them online using intelligent, pre-populating application forms. As one of the most technologically-advanced building societies, N&P recognises the positive impact that technology has upon the placement and processing of mortgage business. Through an electronic integration with ...
-
N&P offer new BBR tracker for Spain
28 May 2002
Norwich and Peterborough is offering home-buyers on the Costa Del Sol a new way to fund their property purchase. With N&P's new Bank Base Rate Tracker mortgage, home-buyers will pay Bank Base Rate (currently 4.0%) plus 1.25% for five years. It is available on mortgages up to 75% loan to value. Norwich and Peterborough Spanish Home Loans was launched at the end of 1998. It provides mortgages to British ex-pats and Gibraltarians for the purchase, and re-mortgage ...
-
NAMBA offers free trial membership
28 May 2002
The National Association of Mortgage Brokers and Advisers is offering free trial membership to prospective members. NAMBA has emailed over 15,000 intermediaries offering free membership for the next four months with no ties attached. Membership will include free registration on the "Find a Mortgage Broker" page on the NAMBA website - www.namba.org.uk - which provides consumers with information about brokers in their locality. Intermediaries will also receive ...
-
New lending record for UCB Home Loans
31 May 2002
UCB Home Loans yesterday released figures for the financial year to April 5 2002, which show a new record for its self-certification lending. The year-end figures showed that: ? Gross lending in 2001/2 increased by almost a quarter, reaching £1.18 billion, compared with £955 million in the previous year ? Gross advances have more than tripled since 1998 and are around ten times more than the £120 million lent in 1995/96, when Nationwide purchased ...
-
New non-exec board member for Crown Equity Release
30 May 2002
Crown Equity Release has appointed former SHIP founder Lyn Casling as a new non-executive board director. Crown is applying to become a member of the Safe Home Income Plans association and, Casling's appointment is a significant step in this process. Casling is a director of Challenger Life, the UK subsidiary of Challenger International a major Australian financial services group. Prior to that, he was director and general manager of Carlyle Life Assurance Company ...
-
New products from SPML
28 May 2002
Southern Pacific Mortgage Limited has announced two new lending schemes for applicants with a low level of adverse credit history. The deals are available for those with arrears no more than two missed in the last twelve months or one missed in the last six months; no more than £3000 of CCJs outstanding or satisfied less than one year ago). Interest rates on these products (schemes 7A and 8A) range from 2.00% to 3.50% above LIBOR, depending on LTV and whether ...
-
NU says retirement could soon span 4 decades
31 May 2002
We can now expect to live up to nine years longer than when the Queen came to the throne, research from Norwich Union reveals. Her Majesty Queen Elizabeth II ascended to the throne on 2 June 1952, aged 26. In the 50 years since her coronation, there has been a massive improvement in the length of time we can all expect to live. A baby girl born today can be expected to live for nine years longer than a baby girl born 50 years ago. A woman retiring today at 60 ...
-
Platform alter right to buy opportunities
27 May 2002
Non-conforming mortgage lender Platform Home Loans has announced changes to its right to buy completion service. The lender has increased its maximum loan value to £150,000 from £80,000 and has removed the maximum loan to purchase price percentage of 140%, so loans can be forwarded of up to 85% of the open market value. The service has also been extended to residents in Scotland and Northern Ireland. Guy Batchelor, sales and marketing director of Platform ...
-
Platform Home Loans complete latest securitisation
30 May 2002
Platform Home Loans completed its latest securitisation, Leek Finance Number Seven PLC (LFL7), on April 17 2002. Securitisation is the process by which mortgage assets are sold in bulk to investors rather than remaining in either a warehouse (banking) facility or on the lender's balance sheet. This provides lenders with a long term source of funding. In most securitisations of bank or building society assets, the original lender continues to "service" the assets, ...
-
PMI Mortgage Insurance gets "AA" rating
29 May 2002
Fitch Ratings has affirmed the insurer financial strength rating on PMI Mortgage Insurance Limited (PMI Europe) at "AA". Claude Seaman, PMI's president international and strategic investments, says: "We are extremely pleased with the Fitch ratings affirmation, and the strong start PMI Europe has made in its first year of operation. "PMI Europe is a strategically important part of our future growth strategy and we are very pleased with the excellent work of our PMI ...
-
Prudential reorganise executive team
29 May 2002
Prudential UK today announced a massive shake up of its executive team today, with three new appointments at director level. Nick Smith joins as distribution director responsible for intermediary and direct-to-consumer channels. Smith, formerly managing director of wealth management business at CGNU, has also worked in UK life and pensions at Norwich Union. Tim Tookey will join Prudential as UK finance director in September, having served as group finance director of ...
-
Record mortgage lending at Easter
29 May 2002
Data from the major British Banking Groups show why April saw another record rise in net mortgage lending, of £4.2bn to £393.7bn, while other consumer lending increased by £1.0bn to £82.3bn. April saw gross mortgage lending total £11.5bn. This was 5% more than in March and, showing the strength of this year's market, was 47% more than in April last year. As repayment levels continue to hold up, it is the strength of this new lending that is driving ...
-
Spring fever heats up housing market
29 May 2002
Estate agents across the country are reporting feverish levels of activity in the housing market with a marked rise in both the number of sales agreed and the number of contracts exchanged during April. According to the National Association of Estate Agents' (NAEA) most recent housing market survey, 60 per cent of agents had also seen an increase in the number of viewings in April when compared with the previous month. The results of the survey revealed house prices ...
-
TMP reports success for New Start
29 May 2002
Merseyside-based mortgage packager The Mortgage Partnership reports continued success for its New Start "divorce" mortgage funded by The Mortgage Business. New Start is a self-certification mortgage with a SVR of 5.84 per cent and allows applicants to borrow up to 85 per cent of the of the value of a property. Applicants are able to borrow as little as £25,001 or as much as £500,000. The major differences between New Start and other mortgages are: ? ...
-
Verso lays foundation for dream home
29 May 2002
Verso has announced a self-build mortgage which will help borrowers to build their dream home. The mortgage - called BuildLoan - is exclusively sold via intermediaries, and marketed by self-build specialist, BuildStore. It allows the borrower to borrow up to 95% of both the price of the land and the construction costs, with a maximum loan amount of £300,000 (£500,000 up to 75% LTV). The overall maximum loan = up to 85% of the final value. The ...
-
World Cup/Jubilee holiday effects gauged by CEBR
27 May 2002
With the 2002 World Cup less than a week away the Centre of Economics and Business Research has considered its impact on the UK economy. The month-long extravaganza is set to have a significant effect on productivity, consumption and tourism, in a month that is already due to be affected by the Jubilee holiday. Bookmakers largely expect England to qualify from the group phase before probable elimination at the hands of the French in the second round. If their prophecy ...
-
Zurich announces second tie
28 May 2002
Zurich said yesterday that it had tied to Market Harborough Building Society - its second tied relationship with a financial services retailer in just seven months. Under the terms of the agreement Zurich advisers will be available to Market Harborough Building Society's members - either in one of the society's nine branches, or the advisers will meet members at their home or place of business. The new tie will give Market Harborough's members access ...
