Mortgage Strategy
29 August 2005
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130 firms take corrective measures after FSA action
30 Aug 2005
The Financial Services Authority has revealed that its work over the past year to maintain standards among smaller financial firms saw more than 130 firms take corrective action to the way they operate to address serious failings.
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73% Prefer clubs over packagers for sub-prime
29 Aug 2005
An overwhelming 73% of Mortgage Strategy Online users say they would choose a mortgage club over a packager for sub-prime business.Some 1,453 brokers voted this week, sending a clear signal that mortgage clubs are finding favour over packagers when it comes to sub-prime.Mortgage club Premier Mortgage Service last week revealed it was making a renewed assault on the sub-prime market. This week's straw poll proves they have a captive audience.This week, Mortgage Strategy ...
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A&L unveils range
29 Aug 2005
Alliance & Leicester has launched a new range of mortgages.The two-year fixed rate is 4.24% until November 30 2007, then base rate plus 0.75% for the life of the mortgage. The two-year FeeSaver is fixed at 4.74% until November 30 2007, then at base rate plus 0.95% for the remaining term. The five-year fixed rate is 4.54% until November 30 2010, then base rate plus 0.75% for the life of the deal.
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Abbey offers three months' free mortgage cover
2 Sep 2005
Abbey is offering people free mortgage payment protection cover for all new applications from today until the end of the year, with homeowners paying nothing for the first three months of cover.
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Beacon joins em panel
29 Aug 2005
em-homeloans has added Beacon Homeloans to its lender panel.Simon Mouncher, operations director at em, says: "The presence of Beacon on our panel is exciting. We are delighted that it has come on board and that it will be supporting our initiative of offering free valuations across all sub-prime ranges."
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Biggest lenders aren't always best when it comes to helping
29 Aug 2005
From Nigel Pamment Is it just me or are any other IFAs and brokers sick of speaking to people who don't know what they are talking about? I recently took a call from a client who wanted a further advance. As do a number of our clients, this one pays us a monthly retainer to manage his affairs. So I rang the lender only to be told that I could not do the deal as the client has to ring them direct. I spoke to my BDM who told me to get a letter of authority and call back when I ...
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Blow the whistle on the dodgy dealers
29 Aug 2005
It's well over two months ago (Mortgage Strategy June 13) that I suggested in no uncertain terms that it was time the Financial Services Authority started wielding the stick. So why, you might ask, have I returned to the story? Because brokers call me to complain about cowboy companies hoping I can pull strings and make things happen. If only!Some of you will know about two complaints that have been brought to my attention while others will be aghast that this type of malpractice ...
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BMS halves processing time
29 Aug 2005
BM Solutions says its online service processes cases from application to offer in under half the average time for the industry.The average application to offer time is 13.7 days but BMS says an independent survey shows it has halved this to six working days with its Premier desk service. The survey, commissioned by BMS, reveals that 28% of the industry takes 15 days or more. Martin Reynolds, head of sales at BM Solutions, says: "This shows we are way ahead of our competitors when ...
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Borrowers paying over 1bn in unnecessary charges
1 Sep 2005
Nationwide has estimated that since it abolished its higher lending charge back in September 2000, borrowers in the UK have paid over 1bn in unnecessary higher lending charges.
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Borrowers switching to discounts top savers
1 Sep 2005
Research from Your Move has revealed that borrowers switching to discounted rates pocket the highest savings in more than a year.
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Bright prospects
29 Aug 2005
The battle for homes between investment landlords and first-time buyers has been intense but the future now looks brighter for both, says Mehrdad Yousefi
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Britannia unveils 10-year fixed deal
29 Aug 2005
Britannia is bucking the trend and launching a low cost 10-year fixed rate mortgage.The product offers a rate of 4.74% up to 95% LTV.Tim Franklin, managing director of member business at Britannia, says: "Unlike other lenders that are withdrawing or increasing rates on fixed term mortgages, Britannia is offering customers the chance to get their hands on a great product with a low rate that gives them the security of fixed monthly payments."There is an arrangement fee of ...
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Broker pays up after leads dispute
29 Aug 2005
A broker has settled out of court with paaleads.com after initially failing to pay for leads he claims he did not want.Andrew Jones, mortgage consultant at Ingard Financial, was issued a court summons by paaleads.com, part of the Moneysupermarket.com Group, after he refused to pay 480 for eight leads he claims he did not request.Jones says he initially ordered three leads from the company, each at a cost of 80, but was offered them at a discount price of 60. After contacting ...
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Broker strikes back at NR
29 Aug 2005
Northern Rock has been issued a warrant of execution after failing to reimburse a broker for a valuation that was never carried out.Martyn Barberry, sales director at Stirling Mortgage Network, has issued a County Court summons against the lender for 350.He calls Northern Rock's service appalling and says over the past 12 months he contacted the lender with a catalogue of errors but finally gave up.Barberry says: "A valuation fee paid for a valuation not carried out has ...
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C&G to reprice fixes on Monday 5 September
1 Sep 2005
From Monday September 5 Cheltenham & Gloucester is repricing the rates on its three-year premium fixed rate mortgage and its standard two, three, five and seven-year fixed rate mortgages.
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Cases can go bad but let's remember the times lenders dig us out of a hole
29 Aug 2005
From Simon Bucknell While I have every sympathy with Patrick Reeves (Mortgage Strategy August 15) I would like on this occasion to jump to the defence of Nationwide. I'm sure every broker at one point or another has had a case that goes wrong from start to finish. Unfortunately you just have to grit your teeth and hope these cases complete as quickly as possible. We've all had cases go belly up where the lender or BDM has not kept their promise. Arranging mortgages is a bit like ...
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Clients buying abroad should get independent legal advice
29 Aug 2005
Nia Jones I read with interest Ron Howell's article 'Broader horizons' in Mortgage Strategy (August 15). Having recently undertaken a lot of research into the overseas conveyancing market in preparation to launch our firm's overseas proposition, I couldn't agree more with Ron's comments. It is a fact that when purchasing property abroad, many Brits are lulled into a false sense of urgency either by property developers, selling agents or vendors. The language barrier can ...
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Concerns over mis-selling
29 Aug 2005
GE Life has revealed that 55% of financial advisers are worried equity release could become the next mis-selling scandal.When asked why, the two most common reasons given were the vulnerability of consumers and the lack of consumer understanding.The company undertook extensive research among 500 financial advisers - 56% of whom had advised on equity release in the past six months.Rating out of 10 what would be the most significant reason behind a future mis-selling scandal, ...
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Cover portal can open door to value
29 Aug 2005
Online insurance portal Webline offers brokers and networks the opportunity to provide their member or clients with added value while boosting income, says Frank Eve
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Curriculum Vitae - Alan Smith
29 Aug 2005
"I spend most weekends on the sidelines of sports pitches cheering on my sons"
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DA or AR
29 Aug 2005
Kiran Shah says it would have been difficult for him to develop his business in the direction he wanted if he had been limited by the constraints of being part of a network
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Dear Delia
29 Aug 2005
My client is a declared bankrupt and is desperate to remortgage to repay the bankruptcy and clear some defaulted debts. He has some missed mortgage payments. He needs 35000 to repay the bankruptcy, 20,000 to clear debts and the current mortgage is 50,000. The property is worth 150,000 and his annual income is 32.000. He wants to clear the bankruptcy and remortgage for 127,000. Is this possible?
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Diagnostic initiative will have long-term effects
29 Aug 2005
As I've said before, issues that could affect the protection market often come from unexpected places.Take the recent initiative announced by health secretary Patricia Hewitt intended to reduce waiting times for diagnostic tests.This means patients can go to an alternative hospital for their test to avoid queues at their local hospital.The result of this is that NHS patients will get access to tests such as MRI and CT scans much more quickly than is currently possible in ...
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Do you use the carrot or the cabbage to motivate?
29 Aug 2005
The Bank of Scotland came under fire last week for using a cabbage as part of a bizarre staff motivational technique.Tellers in BoS branches in Glasgow and Paisley had to endure a cabbage or a cauliflower sitting on their desks until they persuaded a customer to open an account.The bank admitted the tactic was a mistake and apologised to the tellers, Darren Murray and Julie Ferguson.While it's true the mortgage industry is target driven, with no room for a vegetative workforce, ...
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Edward Jones selects Webline
31 Aug 2005
Webline, the UKs largest and first online user of Origo standards, has revealed that national investment adviser, Edward Jones, has selected the portal to provide a white-labelled service to its 90 plus branches across the UK.
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England's housing stock needs urgent TLC
29 Aug 2005
Halifax says the country's housing stock is facing a 48bn collective repair bill, with nearly a third of private dwellings not meeting basic standards.There are nearly seven million homes in England, including five million private properties, which do not even meet basic standards of 'decent' accommodation, the Halifax's English House Condition Survey reveals.The survey assesses the state of repair of a number of essential building components including walls, roofs, windows, ...
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FSA focusses on four areas of priority
29 Aug 2005
The Financial Services Authority has identified four areas of priority as a result of its business as usual supervision, says managing director of retail markets Clive Briault.In an exclusive article in this issue of Mortgage Strategy he singles out self-cert mortgages, sub-prime lending, responsible lending and standards among smaller broker firms.Briault says: "There is still the occasional suggestion of potential fraud on self-certs and we will be carrying out mystery ...
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FSA perimeter patrol highlights control and promotions
29 Aug 2005
As part of its work on the perimeter of the mortgage market, the Financial Services Authority is to focus on two key issues, says Clive Briault, head of retail markets.In an exclusive article in this issue Briault goes into detail about the story so far on mortgage regulation.While recognising that most of the industry has dealt positively with the changes created by regulation the FSA has found some areas where more work is needed, including on the perimeter.He says: "This ...
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Genesis and GHL to merge
30 Aug 2005
Genesis Home Loans and Guaranteed Home Loans have revealed that, subject to final Financial Services Authority approval, the two companies are merging.
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GMAC-RFC completes 135m portfoilio sale to Amber
30 Aug 2005
GMAC-RFC, the UKs 10th largest mortgage lender, has completed its 53rd portfolio sale, the seventh to Amber Homeloans, bringing its total portfolio sales to 8.6bn since the first transaction in 2000.
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Growing concern
29 Aug 2005
House prices in Wales have risen by twice the UK average in the past year but this trend has slowed in more recent months, with some believing the Welsh housing market could be heading for a prolonged period of stagnation, says Harvey Jones
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Helping weaker sales staff to improve raises standards
29 Aug 2005
From Jonathan Burridge Barney McCarthy's article 'BoS apologises to humiliated staff' (Mortgage Strategy August 22) caused me to ponder whether the branch manager's boss had suggested he should motivate his staff to close more sales: "You know James, give them a carrot of some kind". In his enthusiasm he grabbed the first vegetable to hand. It also started my reminiscing about my broking beginnings when I witnessed trainees having telephone receivers sellotaped to their hands ...
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HIPs technology from SearchFlow and Visualfiles
30 Aug 2005
SearchFlow, the online conveyancing search provider, will be partnering with Visualfiles to offer Home Information Pack packagers access to the technology and critical data needed to effectively produce the new packs.This collaborative relationship creates an opportunity for all HIP providers to access and share the key elements required for the pack, in an online environment, from two independent HIP facilitators.
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Hitachi to sell MPPI via intermediaries
29 Aug 2005
Hitachi Capital and Advent Solutions Management are to launch a joint venture called Securah selling mortgage payment protection insurance via the intermediary market.
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I don't want to talk soaps with Mumbai Mary
29 Aug 2005
From Dave Rogers Mike, Mary, Matthew, Colin, James and Wendy. Am I looking for names for my yet-to-be-conceived fourth child? No, these are the given names of Indian call centre staff kind enough to telephone offering me insurance, mortgages and even kitchens. I am touched that, in an attempt to identify with their quarry, the companies concerned only employ staff with British-sounding names. I smell a rat. If the first thing someone does when I speak to them is lie about ...
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I question Nationwide's commitment to brokers
29 Aug 2005
From Tom Cleary Over the past seven months we have submitted 23m of mortgage business to Nationwide. This projects to around 40m for the year. We have a national agreement with Nationwide that states that as long as we run a decision in principle via the MTE on each case, our business will take priority over branch business and will be actioned on the day it receives the case. How is it then that Nationwide tells me it is seven to 10 days behind on our cases? We submit to a ...
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IF announces rate changes
2 Sep 2005
Following the decision by the Monetary Policy Committee to reduce the base rate by 0.25%, Intelligent Finance will pass the full 0.25% reduction to all its variable rate mortgage-borrowers and is also make changes to its savings rates.
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IF makes further reductions on Offset 80 tracker
31 Aug 2005
Intelligent Finance has made further reductions on its Offset 80 tracker mortgage.
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IFS to run TCF masterclass
30 Aug 2005
The Institute of Financial Services is running a Treating Customers Fairly masterclass in November
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Intermediaries to splash out on IT
29 Aug 2005
More than a third of brokers are planning a technology upgrade over the next three months, research by BM Solutions reveals.Broker research commissioned by BMS shows 39% are planning a technology upgrade in the next few months.The findings suggest brokers' reliance on technology is increasing and indicate the most popular areas for technology upgrades will be desktop computers and databases, with 28% of brokers updating in each of these areas.While 6% of brokers will be ...
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Internet Insite
29 Aug 2005
Mortgage Strategy's weekly guide to what's hot and what's not on the web. Kevin Paterson takes a look at lender websites, working his way from A to Z
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Is it justifiable for lenders not to pass on the full 0.25% base rate cut to borrowers?
29 Aug 2005
Lenders must control their margins but if some can pass on the full cut and still remain competitive, why can't they all, ask our experts
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July lending lower than June
29 Aug 2005
Following last week's release of MBBG net lending figures for July, further information is now available on lending to individuals.Gross mortgage lending was 16bn in July. This was slightly lower than June and 11% lower than in July 2004.Seasonally adjusted net mortgage lending rose by 3.7bn, compared with 4.7bn in June and 5.0bn in July 2004. This smaller increase compares with an average of 4.4bn over the previous six months.David Dooks, BBA director of statistics, says: ...
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Key Worker housing programme IS working, claims Gov
31 Aug 2005
The Government says its Key Worker Living Programme is making a positive contribution towards improving recruitment and retention of key workers, such as teachers, nurses and police.
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Kirwan highlights NHS scan scam
29 Aug 2005
Nick Kirwan, protection marketing director at Scottish Widows, has lifted the lid on dodgy practices in hospitals. Writing in the week's Mortgage Strategy, he says an initiative unveiled by health secretary Patricia Hewitt to reduce waiting times for MRI and CT scans could leave some hospitals with a massive problem.He says: "It is expected that this will affect around 80,000 patients initially. Of course, this might cause problems for places such as the Royal Infirmiary ...
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Lenders could fall short of their targets this year
29 Aug 2005
Solicitor Salans is warning that unless the autumn months are buoyant in mortgage business, lenders will fall short of their business targets.Caroline Havers, partner at Salans, says lenders are looking forward to a booming autumn to compensate for losses so far this year.She says: "The view that I have been getting from our clients in the industry is that everyone seems to be looking forward to a buoyant autumn to catch up on this year's loss so far. Judging from the amount ...
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Let's ask solicitors why it's only us who have to be fair
29 Aug 2005
From Bill Armstrong In Mortgage Strategy August 15, Sue Read writes in her column that solicitors much sharpen up their act. Hear, hear. The example she gives of having to fund an indemnity policy at the point of exchange of contracts to cover obscure points not challenged in several previous purchases of her property is something all brokers have experienced. So I thought I'd do some thinking outside the box in which solicitors dwell and I reckon I have found the answer ...
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Market Watch
29 Aug 2005
Swaps edged down slightly but on the whole it was a boring week for rate changes.
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MBA releases weekly figures
31 Aug 2005
The Mortgage Bankers Association has released its Weekly Mortgage Applications Survey for the week ending August 26.
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MI launches semi-exclusive with UCB
29 Aug 2005
Mortgage Intelligence has announced their first semi-exclusive deal with UCB Home Loans for a self-cert one year fixed rate of 4.79%.
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Mortgage approvals up in July
30 Aug 2005
Mortgage approval figures released today by the Bank of England shows that the number of approvals for home purchases were a seasonally adjusted 97,000 in July, up slightly from 96,000 in June.
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Mortgage Choice joins Freedom Lending's panel
1 Sep 2005
Mortgage Choice, the specialist mortgage packager, has joined Freedom Lendings panel of mortgage distributors.
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Mortgage Next launches one-year fixed rate self-cert
31 Aug 2005
Mortgage Next is launching a one year fixed rate self-cert mortgage funded by UCB Home Loans.
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Mortgage Trust lauches select range for B2L investors
2 Sep 2005
Mortgage Trust, the specialist buy-to-let lender, has launched an exceptional range of products under its MT Select brand.
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MPLC increases staff by 33%
31 Aug 2005
Mortgages PLC has increased staff numbers by over 33% over the last six months to cope with the dramatic increase in business it has received this year.
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Mutuals have been treating customers fairly for years
29 Aug 2005
From Rob Procter As I read your exclusive report on West Brom's proposals to make its entire mortgage product range available to both new and existing customers for the first time (Mortgage Strategy August 15), my mood changed from slightly bemused interest to disbelief, then to amusement. This reflects in no way on the fairness of the proposals, simply on their timing. This has been the policy at Kent Reliance for over four years. Our decision to look after the interests of ...
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Mystery of the multiplying IARs
29 Aug 2005
The fact that an increasing number of introducer appointed representatives are appearing on the FSA web register throws up more questions than answers, says Richard Griffiths
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Net result could widen social divide
29 Aug 2005
We all know how important a neighbourhood's image is. You only have to look at the controversy stirred up when a politician or celebrity criticises an area. Last week a GMAC-RFC survey showed that those in their 20s are increasingly choosing to rent in areas near their social circle rather than buying. We are increasingly choosing our neighbourhoods as an indicator of our lifestyle.With the rise of the internet it is easier than ever for house hunters to check out a location and ...
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Nick Hancock enters mortgage industry
30 Aug 2005
Comedian Nick Hancock, best known for hosting the BBC sport quiz They Think Its All Over, is to become marketing director at a mortgage broker.
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Nominations required for 2005 MS awards
29 Aug 2005
It's that time of the year again - Mortgage Strategy is looking for nominations for the Mortgage Strategy Technology Service Awards.The 2005 awards have been extended to include awards for brokers, packagers and networks that have used lenders' online technology in the most integrated or innovative ways. Lenders will be voting for their best broker, packager and network, so the time is right to start lobbying your preferred lender to get yourself an award.Intermediaries ...
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OFT forces London Borough to remove unfair terms from tenancy agreement
30 Aug 2005
The London Borough of Newham has given undertakings to the Office of Fair Trading that it will remove potentially unfair terms from tenancy agreements used in providing housing to previously homeless people.
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Others could learn from The One account's service ethic
29 Aug 2005
From Bill Stevenson This happened to me recently. August 17 6pm: Posted an application to The One account with supporting documentation. August 18 10.15am: Received a call from The One account thanking me for the application and telling me it was being attended to. August 18 12.17pm: Email confirming the application was received. August 19 10.00am : Phone call from The One account to advise the case is declined due to credit history. I was able to get on to the client ...
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Persimmon reports record profit figures
29 Aug 2005
Persimmon, the country's leading house builder, reported record first half profits last week despite fears of a slowdown in the housing market.Pre-tax profits for the six months ending June 30 2005 were up 7% to 235m (2004: 220m), with a rise in sales from 1bn to 1.1bn. Persimmon sold 5,954 homes at an average price of 183,581 (2004: 6,058 homes at 171,082).Duncan Davidson, Persimmon group chairman, says: "While the current market requires us to be flexible in our approach to ...
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Pink and DHL launch two and three-year fixed products
30 Aug 2005
Pink Home Loans and Derbyshire Home Loans have launched two and three-year fixed rate near prime products.
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Pink launches self-cert semi-exclusive with UCB
29 Aug 2005
Pink Home Loans is to launch a semi-exclusive self-cert product, fixed at 4.79% for one year, with UCB Home Loans on September 1.The product also offers clients flexibility, incorporating an overpayment facility.David Copland, marketing director at Pink, says: "This is excellent news for individuals who want the certainty of a one-year fixed rate product."There aren't many self-cert fixed products around that offer an attractive rate of 4.79% with no overhang and also the ...
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Pru reveals lifetime mortgage rate
2 Sep 2005
The Pru has finally revealed the rate for its lifetime mortgage, the Prudential Property Value Release Plan.
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Questions over lifetime KFI data
29 Aug 2005
Questions have been asked about whether the Key Facts Illustrations for the lifetime mortgages of all lenders are compliant.Speaking at GE Life's lifetime mortgage round table last week, Ray Boulger, senior technical manager at John Charcol, said the current practice whereby the KFI has to display the compound effect of interest rate changes of either -1% or +1% is not good enough.He says: "With long-term products, to only show those figures and not anything longer term such ...
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RAMP reports 18% increase in business
31 Aug 2005
RAMP today reported increased business up 18% in July 2005 as against the same period in 2004.
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Regulation from the FSA's point of view
29 Aug 2005
I have been speaking to the Council of Mortgage Lenders and people in the industry recently, talking through their experience of regulation so far and what the Financial Services Authority has been up to since mortgage regulation began.The first thing to recognise is how positively most people in the mortgage industry have dealt with the changes regulation has brought. Although we have seen some problems, at 10 months into regulation I think we are where we would have expected to be. ...
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Riddick leads first annual conference as PISCES chairman
2 Sep 2005
Mark Riddick, the newly appointed chairman of the Property Information Systems Common Exchange Standard and CEO of SearchFlow, is leading the organisations first annual conference on September 7 and 8 in Stratford-upon-Avon, as chair and facilitator.
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Rooftop adds two business options
29 Aug 2005
Rooftop Mortgages is adding two entities - Rooftop Service Centre and Rooftop Direct.Rooftop Service Centre will enable smaller packagers who wish to establish a direct relationship with Rooftop to do so rather than use satellite arrangements.Rooftop Direct will allow ARs of networks to access Rooftop products without the need for a packager and will initially be launched through Sesame prior to being rolled out to other networks.
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Rooftop makes changes to business structure
31 Aug 2005
Sub-prime lender Rooftop Mortgages is set to implement two radical additions to its business structure.
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Sidcup mortgage broker loses OFT CCL appeal
1 Sep 2005
A Sidcup mortgage broker has lost an appeal against a decision by the Office of Fair Trading to revoke his consumer credit licence.
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Sorry mate, the Playstation is mine and it's staying that way
29 Aug 2005
From Richard Griffiths My Star Letter last week won me the Sony Playstation Portable. My initial feeling of elation quickly turned to guilt when I read the only other letter in the magazine from Gary Williams. He begins and ends his letter with a plea to be allowed to win the PSP. I started to wonder if I should do the decent thing and hand it over to him. Are there any grounds for such a magnanimous gesture? Is Gary an AR of Network Data? Nope. Is Gary a directly authorised ...
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SPML toasts 4bn milestone with pizza
30 Aug 2005
Southern Pacific Mortgage Limited recently celebrated in style with a pizza lunch as it reached the major milestone of 4bn of assets under administration.
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SVR customers need a little TCF too
29 Aug 2005
I am conducting a full search of my desk and can't find any motivational cauliflowers or cabbages. Shame, as I'm partial to vegetables.There are some pretty strange motivational techniques around these days but it's a shame that some lenders' motivation stopped short of passing on the full base rate cut to their customers. Perhaps the cauliflowers and cabbages should be set aside for them.Yes, of course it's true that for many lenders the SVR has been marginalised by use of ...
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Taylor's Tour.....
29 Aug 2005
Henry Taylor's day job is running a mortgage broking business in Eastbourne on the south coast of England, when not taking part in the Seat Cupra Championship
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TCF is more than an abstract concept
29 Aug 2005
News that networks are rolling out internal Treating Customers Fairly programmes for appointed representatives (Mortgage Strategy August 22) comes as no surprise. As with the rest of the Financial Services Authority rulebook, the point has been reached whereby an abstract set of rules is hardwired into day-to-day practice and no firm is excluded.Given the confusion that greeted its launch, it seems firms now realise TCF will be as much of a reality for them as MCOB or the ...
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Tell the FSA what you think of it
29 Aug 2005
The FSA's review of its Handbook provides an opportunity for all those involved in regulated activities to make suggestions about changes to the regime, says Bill Warren
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Thailand next property hot spot
31 Aug 2005
Research from the Property Investor Show reveals that nearly 15% of property investors believe that the Far East could present the biggest house price rises in the next few years.
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The FSA keeps its promise to brokers
29 Aug 2005
The Financial Services Authority is sticking to its commitment to be open with the industry about how it feels brokers and lenders are coping with statutory regulation.Less than a year since Mortgage Day, FSA managing director of retail markets, Clive Briault, has written an article for Mortgage Strategy on progress to date.The full article, 'Regulation from the FSA's point of view', appears on page 12 of this week's issue.Briault says the FSA has kept its promise ...
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The great US housing bubble talkshow
29 Aug 2005
One after another the media Gods this side of the pond have been going ga-ga writing stories and airing pieces about an impending bursting price bubble in US homes.From the New York Times and the Wall Street Journal to CNBC and ABC News, the blue bloods of journalism have been having a field day with the story. Of course, there actually hasn't been a bursting housing bubble in the US, at least not that we know of, but these guys never let the facts get in the way of ...
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The Mortgage Mole
29 Aug 2005
NO SMOKING? It was game over for The Mortgage Times Group's Payam Azadi last week after he foolishly challenged MT director Chris May to a 100 Who Smokes First stand-off. As regular readers will be aware poor Azadi is as tight as they come and so should have favourable odds (I've never seen him buy a pack in my life - ed), but neither has he been known to say no to the evil weed. "Azadi doesn't stand a chance," Mole's man on the inside revealed. "Chris is determined. ...
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We must close this perception gap
29 Aug 2005
Where next for the equity release market? In the past few years we have seen the market develop in many ways and with reasonable degrees of innovation.But is the development of product in this sector somewhat behind the times when compared with the world of mainstream mortgages - a world of great flexibility of payments, payment holidays, overpayments and competition?Competition in the equity release market has been seen for the first time this year, with the rate battle which ...
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West Brom sees B2L boom
29 Aug 2005
While recent reports have suggested the buy-to-let mortgage market is facing a downturn, West Bromwich says it is witnessing a boom in business and is on track to break all previous buy-to-let lending records.
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Which? to work with FS to increase consumer confidence
30 Aug 2005
For the first time, consumer champion Which? says it will invite the financial services industry to work alongside it to increase consumer confidence.
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Why I still don't like parental help deals
29 Aug 2005
A couple of weeks ago my column clearly ruffled feathers at Bank of Ireland when I was disparaging about its parent-assisted mortgage which allows parents to join in the loan to increase the purchasing power of their children.Such was the venting of my spleen that even my good friend Ray Boulger of John Charcol was concerned I may not have fully have understood the product.Let me set the record straight, I understand the product and, despite a few emails of 'clarification', ...
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Yorkshire is innovator of the year, says Mortgage Finance Gazette
1 Sep 2005
The Yorkshire was awarded Innovator of the Year for its Fresh Start mortgage in the Mortgage Finance Gazette national contest, a mortgage aimed at helping people buy a home after they have been divorced or separated.
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Yorkshire still top-dog for B2L, reveals Paragon
30 Aug 2005
The August edition of Paragon Mortgages' Buy-to-let Index shows that, despite a seasonal slowdown in the market, regions such as Yorkshire and the North-West continue to outperform other parts of the country.
