Mortgage Strategy
29 May 2006

  • Nationwide says house prices grew by 0.2% in May

    31 May 2006

    Nationwide has revealed that house prices grew by 0.2% in May, the second month of neutral growth in a row.

  • 161% rise in mortgage completions for Q1 2006 at TMB

    31 May 2006

    The Mortgage Business says it recorded a whopping 700m mortgage completions in Q1 2006, a 161% increase compared to Q1 2005.

  • 45% of brokers unprepared for HIPs

    31 May 2006

    Although 98% of intermediaries are aware of Home Information Packs, 45% have made no preparations for their introduction in June 2007.

  • 67% Say paper-based applications should be binned

    29 May 2006

    Mortgage Strategy Online readers have given the thumbs-up to technology, with 67% saying paper-based mortgage applications should be consigned to history.Just 33% of respondents think there is still a role for the traditional pen and paper approach in the industry, although to what extent this should sit alongside technology remains to be seen.This week, Mortgage Strategy asks: "Do you think complaint management firms should be regulated?"

  • A bad time to trust research findings

    29 May 2006

    Ask me to prove consumers love brokers and I'll find you some research to back this hypothesis. Ask me to prove brokers are less trusted than politicians and I expect I could find some research to prove that too.

  • A&L fixes exit fee at 295

    29 May 2006

    Alliance & Leicester has fixed its exit fees at 295 so borrowers know how much they will have to pay to redeem their mortgages early in the initial stages of taking out the loan.Sally Lauder, spokeswoman for A&L, says: "This move offers borrowers more transparency and and will be detailed on their Key Facts Illustrations. It allows people to weigh up all the options and make a choice based on rate and all fees."Melanie Bien, associate director at Savills, says that although ...

  • A&L launches mortgage range

    1 Jun 2006

    Alliance & Leicester is launching a new range of mortgages.

  • Advantage online

    29 May 2006

    Advantage has confirmed brokers will now only be able to submit new business enquiries via e:valuate, its online sub-prime system, rather than by traditional methods.

  • Appointment

    29 May 2006

    Advantage has appointed Claire Tomlinson as head of broker support.

  • April lending up on last year

    29 May 2006

    Gross mortgage lending was up 10% to 15.5bn in April, 10% more than April last year but 4% lower than the same month two years ago, according to figures from the Major British Banking Group.The figures show seasonally adjusted underlying net mortgage lending rose by 5bn.

  • Arc partners with MARAS

    30 May 2006

    Arc Legal Assistance, a provider of landlord legal costs and rental guarantee insurance has partnered with up with tenant referencing services provider MARAS Group.

  • Assetz appoints business development manager

    2 Jun 2006

    Assetz, property investment specialists has recruited Nick Booker as its business development manager, with the task of raising awareness of the Assetz property funds within IFA networks.

  • Avantage choses Teenage Cancer Trust as it's charity of the year

    2 Jun 2006

    Advantage Home Loans, the UKs original branded mortgage arranger in the sub-prime market has chosen Teenage Cancer Trust as it's charity of the year.

  • AVMs are poised to make their mark

    29 May 2006

    At least one mortgage lender will be providing instant offers via an automated valuation model linked to its online decision system in the next month, says Frank Eve

  • B2L guide from ARLA/CLM

    29 May 2006

    The Association of Residential Letting Agents and the Council of Mortgage Lenders are to get together to publish a guide for buy-to-let investors this autumn to mark 10 years of buy-to-let investment in the private rented sector.

  • B2L lender that accepts gifted deposits formed

    29 May 2006

    Infinity Mortgages and residential property investment company Urban Exposure have teamed up to create a branded new-build buy-to-let lender that accepts gifted deposits.UX Mortgages, which is funded by Infinity and available to the whole market with discounted rates to clients introduced through Urban Exposure, offers the option of accepting a builder or vendor gifted deposit as part of a property's value.Matt Gilmour, chief executive of Infinity Mortgages, says: "Developers ...

  • B2L owners easy target for identity fraudsters, says CreditExpert.co.uk

    2 Jun 2006

    Buy-to-let property owners are easy target for identity fraudsters, says CreditExpert.co.uk

  • Banks urged to use biometrics

    29 May 2006

    LogicaCMG has warned European retail banks they should think about introducing biometrics or they risk being left behind. Research shows the use of biometrics could boost consumer confidence in switching between bank accounts.

  • Belgium: Winning streak

    29 May 2006

    The Diables Rouges or Red Devils were given their name in 1906 by a sports journalist who felt the Belgian football team, which usually wears red, was giving its opponents a devil of a time. This has been the case on many occasions but this year was not one of them, as Belgium failed to qualify for the World Cup for the first time in 28 years. But its property market is on a winning streak.

  • Britain leads Europe in the property game

    29 May 2006

    With Finland winning the Eurovision Song Contest and the World Cup about to kick off in Germany, I thought it would be a good time to look at how the UK differs from other European countries when it comes to house buying and mortgages.

  • Brokers call for better value and innovation in B2L deals

    29 May 2006

    Almost half of all brokers want to see better value buy-to-let products on the market, says Alliance & Leicester.In the wake of rising demand and predicted growth in the buy-to-let market, 43% of intermediaries say their buy-to-let business has seen year on year growth, according to a recent survey.Last year saw a record number of buy-to-let mortgages taken out and over the past two years the market has grown by nearly 20%.Over three-quarters of mortgage brokers have seen ...

  • Brokers can cash in on HIPs if they start preparing now

    29 May 2006

    From Tom Parker I was interested to read the survey from the Association of Mortgage Intermediaries regarding brokers' views on Home Information Packs. With 68% of AMI's members considering the impact of HIPs on their businesses, it intrigued me that only 7% are planning to produce HIPs inhouse while 46% plan to white-label their packs. I believe brokers are underestimating the commercial potential of HIPs, and should be considering ways in which they too can offer HIP packages ...

  • Brownfield developments under fire

    29 May 2006

    The government has been criticised for building new homes on land that used to be back gardens.A report in the press last week says that 22,000 homes are built each year on land which once was back gardens. One in seven new properties go up in residential areas as developers pull down family homes and replace them with flats.John Prescott's target is to build 60% of new dwellings on brownfield sites, but there is concern about whether this ex-residential land should be classed ...

  • Buyouts can be good for borrowers

    29 May 2006

    In the financial services sector things never stay still for too long. Recent months have been no different with news of Portman's merger with Lambeth and more recently that Alliance & Leicester could face an approach from Credit Agricole.

  • Buy-to-let property prices pick-up

    1 Jun 2006

    The latest buy-to-let index from specialist lender Paragon Mortgages shows a renewed pick-up in the prices at which investor landlords buy properties.

  • C2 offers holiday homes in the sun

    29 May 2006

    c2-financial has expanded into overseas property, selling holiday homes in the Cape Verde Islands to financial advisers and their clients.The company is working as an agent for a developer in Cape Verde and is offering to furnish homes in the development as well as do the legal work on the transactions.c2 has secured the homes on the Atlantic islands for 41,500 each. The Cape Verde Islands are predicted to be in the next wave of holiday home hotspots and c2 says the quality ...

  • Cameron could be onto something

    29 May 2006

    There's more to life than money, or so says David Cameron. Tell that to John Prescott on his ministerial salary and still enjoying his official residence.

  • CFB votes yes to AFB

    31 May 2006

    Members of the Corporation of Finance Brokers have voted unanimously in favour of setting up a new trade body, the Association of Finance Brokers.

  • CI cover gives more power to patients

    29 May 2006

    The European Court of Justice recently announced that patients who seek treatment abroad should be reimbursed for the cost if they had to endure an undue delay for that treatment on the National Health Service.

  • CI providers still not giving customers fair deal, says FSA

    30 May 2006

    Critical illness providers are still not doing enough to treat customers fairly, although improvements have been made, says the Financial Services Authority.

  • CMC joins PMPA

    30 May 2006

    Countrywide Mortgage Centres is the latest packaging firm to join The Professional Mortgage Packagers Alliance.

  • CML says e-conveyancing will have more impact than HIPs

    29 May 2006

    The Land Registry is in the process of developing an electronic system which will include a chain matrix designed to allow everyone involved in a property sale to chart their position and progress along the chain.This move follows criticism that the current paper-based system of conveyancing lacks transparency, is slow and highly administrative, and allows too much scope for human error.It also plans to introduce electronic funds transfer to allow funds involved in property ...

  • Commercial First targets farms

    29 May 2006

    Commercial First has launched two mortgage products for farm properties.The first offers a self-cert income facility which, with a clean credit history, is available at 2% above three-month LIBOR at 55% LTV and 2.5% at an LTV of 65%. The second offers a 70% LTV but requires accounts.

  • Commitments Protection increases sales team

    2 Jun 2006

    Commitments Protection has increased the size of its sales team with the addition of five regional sales managers and business development managers. The Mortgage Payment Protection and home insurance provider has appointed Paul Stacey to represent the company as BDM in the South-East of England and south London.Frank Edmunds is to represent the company in the Midlands and North of England and David Davis will cover part of the North-East of England and Eastern Counties.Bob ...

  • Complete appointments

    29 May 2006

    Complete Mortgage and Loan Services has appointed Pippa Thompson as business development manager and Christian Rolfe as account relationship manager.

  • Consumer champions don't get it

    29 May 2006

    The consumer media has been making unjustified assertions about the self-cert mortgage sector recently, giving an unbalanced view in its quest to protect consumers, says Sally Laker

  • Conveyancing link-up

    29 May 2006

    Easier2Move is to link up with sourcing system Trigold to offer conveyancing services.

  • Cool reception for DB deals

    29 May 2006

    DB Mortgages last week launched a series of two-year fixed rates starting from 4.95% on residential prime products, but the range has been slam-med by rivals.DB Mortgages, the specialist mortgage lender of Deutsche Bank, is offering up to 7.45% on the buy-to-let income-based product at 90% LTV with an early repayment charge of 6% in the fixed rate period.A pilot product release scheme started on April 20 through Pinnacle Mortgage Funding, The Mortgage Service and The Select ...

  • Credit Agricole ponders buying A&L

    29 May 2006

    French bank Credit Agricole last week confirmed it is considering making a bid for Alliance & Leicester.Credit Agricole says it has not yet made an approach to A&L, and that the UK bank is just one of a number of potential targets.Abbey owner Santander is also seen as a potential bidder for A&L.But analysts at Merrill Lynch believe A&L is overvalued. A Merrill Lynch research report negatively assessed the UK bank's merits as a takeover target.The report states: "We continue ...

  • Curriculum Vitae - Roz Cawood

    29 May 2006

    "I enjoy travel, gardening and Pilates"

  • DB appoints sales managers

    29 May 2006

    DB Mortgages has appointed Peter Kouset and Eddie Kelly as sales managers.Kouset has taken up the position of divisional sales manager with responsibility for the London region.

  • Dear Delia

    29 May 2006

    My client is 33 years old and married with four children. He has been employed with a merchant bank for over a decade. His salary is 205,000 with a recent bonus of 478,953, but he is considering an offer to change employers. He has a large deposit. How much could he borrow on a property worth 3.75m?

  • Denmark: Capital assets

    29 May 2006

    It feels like only yesterday that Denmark won the European Championships in 1992 but despite being rated a significant 11th in the World Cup rankings the national team will not be going to Germany this summer. Even if the World Cup crown is beyond their reach there is one title Danes can claim - our capital city has recently been crowned the house price inflation capital of Europe.

  • Direct Line launches a two-year fixed rate mortgage

    2 Jun 2006

    Direct Line has launched a two-year fixed rate mortgage with a rate of 4.79% which has the added optional incentive of discounted home insurance and free home emergency cover for two years.

  • E2M teams up with PMP

    31 May 2006

    Easier2move is teaming up with PMP Network to provide Home Information Packs to its network.

  • Earth Mortgages appoints head of mortgage operations

    2 Jun 2006

    Earth Mortgages has appointed Pete Wilson as head of mortgage operations.He joins alongside other recent high profile appointees Malcolm Starr, Bernadette McEvoy and TV presenter Nick Hancock.Earth says the latest appointment will further strengthen the company in conjunction with a major reconstruction of business practises and a significant investment in marketing spend and personnel.

  • Em- to host charity golf event in July

    29 May 2006

    em- will host its second annual charity golf event in association with GMAC-RFC at Buckinghamshire Golf Club on July 27.Last year's event saw celebrities such as David Seaman and Jeff Stelling tee off for charity, and em- promises more high profile celebrities and fun this summer.Teams of four from across the mortgage industry are invited to take part and proceeds go to selected charities.Stuart Brumhill, head of marketing at em-, adds: "We have a good relationship with ...

  • Enquiries will dive during World Cup, predicts Leadbay

    29 May 2006

    World Cup fever in June will lead to a big dip in mortgage enquiries, says lead generation firm Leadbay.The company receives and distributes around 1,000 mortgage leads per day but says it expects a sharp fall next month as the football competition gets under way in Germany.The firm analyses all the leads it processes. It says Mondays, Tuesdays and Wednesdays are the busiest days for mortgage enquiries. Lunchtime, when people are away from their work, is the busiest enquiry ...

  • Enterprise launches the EDGE

    31 May 2006

    Enterprise Group is launching a solutions and checklist-generation system called the EDGE, at midnight, Wednesday 31 May.

  • Equity release direct costs 5m more, says KRS

    30 May 2006

    Key Retirement Solutions says customers purchasing products directly from providers are potentially paying almost 5m more in mortgage interest annually than customers who seek independent financial advice. After reviewing the latest figures - from Q1 2006 - from the equity release industry body Safe Home Income Plans, KRS is concerned that there's a huge disparity between the types of product being taken by customers who are advised by product providers, compared to those who take ...

  • Estate agency network expands

    29 May 2006

    Movewithus, the estate agency network, has obtained 44 offices from rival Bradleys to boost its presence in the South-West.

  • Estate agency network Sequence appoints operations director

    30 May 2006

    Sequence, the estate agency network, has appointed David Plumtree to the newly created role of operations director.

  • EXCLUSIVE: Pitt resigns from Beacon

    30 May 2006

    Brian Pitt has resigned from Beacon Homeloans in what the company calls an amicable agreement, despite rumours of fierce confrontations with fellow director Mark Abbott.

  • Expo exhibitors strike back at show's critics

    29 May 2006

    The industry has hit back at claims that this year's Mortgage Business Expo in Manchester was not value for money.Several attendees criticised the event for being poorly attended. But others were more positive.Anna Bennett, marketing manager at Interbay Funding, says: "Our UK launch coincided with the Manchester show and we were delighted with the broker response. Our stand was buzz-ing on both days. The only complaints we had were from brokers saying they tried to speak to ...

  • Extra cost of HIPs will be insignificant and good value

    29 May 2006

    From Dominic Toller I was disappointed to read David Tyler's comments about Home Information Packs in his recent letter (Mortgage Strategy May 15), as they reflect common misconceptions about HIPs the Mortgage Strategy HIPs supplement went a long way to addressing. One of the great misconceptions about HIPs is that there is a big new cost involved. In reality nearly all the requirements of a Home Information Pack such as searches are already required. All that is happening is ...

  • Fairness can be a breath of fresh air

    29 May 2006

    Steps toward fairness such as the FSA's Treating Customers Fairly initiative provide the opportunity for brokers to breathe fresh life into their business models, says Richard Coulson

  • Fixing to be popular with your clients

    29 May 2006

    The phrase 'teaching your granny to sucks eggs' has always struck me as odd. I can't ever recall my granny sucking eggs.

  • Foreign property fact sheet

    29 May 2006

    The Association of Mortgage Intermediaries has launched a factsheet on advising clients about buying properties abroad. The guide should help members assist the increasing number of their clients likely to be thinking of buying overseas properties.

  • Freedom of choice should also mean taking responsibility

    29 May 2006

    From Dave Rogers As a nation, we cherish our freedom. This implies freedom of choice and also responsibility for the consequences of exercising that free choice. We also have a less fortunate habit of blaming others when our actions backfire, running to the first bunch of ambulance-chasers we see that have been set up with the purpose of exploiting all parties. Personal debt is a good example. People can get into financial difficulties when their circumstances change. They ...

  • FSA believed to favour drawdown

    29 May 2006

    The Financial Services Authority is believed to have given brokers feedback on its equity release mystery shopping exercise, saying it would like to see them recommending drawdown products rather than capital funds.Mike Davies, compliance director at BDS, says that from talking to brokers whose businesses have been reviewed by the FSA, it seems the regulator disapproves of customers borrowing equity from their homes for an emergency fund as it considers this borrowing to invest.As ...

  • FSA chief says information must be customer-friendly

    29 May 2006

    Callum McCarthy, chairman of the Financial Services Authority, has told firms they must produce customer-friendly information to make it easier for customers to shop around.At the Association of Mortgage Intermediaries' annual dinner last week McCarthy told attendees: "The FSA is identifying the actions that encourage the mortgage market to flourish as competitive, efficient. Firms should produce information which makes it easier for customers to understand what they are being offered ...

  • FSA issues Integrated Regulatory Reporting paper

    1 Jun 2006

    The Financial Services Authority has issued a consultation paper on new Integrated Regulatory Reporting requirements for firms.

  • FSA publishes final fees and levies for 2006/07

    31 May 2006

    The Financial Services Authority has published the final FSA fees and Financial Ombudsman Service levies for 2006/07 for regulated firms.

  • FSCS compensation and eligibility to remain at existing levels

    1 Jun 2006

    The Financial Services Authority has confirmed the compensation and eligibility limits for the Financial Services Compensation Scheme and for the compulsory jurisdiction of the Financial Ombudsman Service will remain at their existing levels.

  • FSSC launches Skills Bill

    31 May 2006

    The Financial Services Skills Council has launched the Skills Bill, an 18-month UK-wide programme of work designed to provide much-needed solutions to the skills issues which affect the performance of financial services businesses.

  • Future base rate rise will increase financial hardship for consumers

    2 Jun 2006

    Lisa Taylor from Moneyfacts.co.uk says a future base rate rise will effect consumers, especially those who have borrowed to the max and dont have the comfort of a fixed rate mortgage.

  • GHL Group launches Rooftop sub-prime products

    1 Jun 2006

    Guaranteed and Genesis Home Loans has launched a range of sub-prime products funded by Rooftop Mortgages.

  • GMAC-RFC considering further training courses

    31 May 2006

    GMAC-RFC says it is looking into running more courses in the future following positive feedback to its Change Management training course.

  • Good times for landlords

    29 May 2006

    A report by UCB Home Loans says the buy-to-let sector is working well for landlords with rising rents, higher yields, more tenants and increasing house prices.

  • Government urged offer pensioners free advice

    30 May 2006

    The government should provide free financial advice for pensioners to help them decide whether to sell their homes, says research from the Institute for Public Policy Research.

  • Government welcomes Services Directive

    30 May 2006

    The UK government claims the agreement reached on the EU Services Directive will bring new opportunities for businesses, consumers and jobseekers, who will all benefit from the liberalisation of the services sector.

  • Heads could roll as report raps Fannie Mae

    29 May 2006

    In a damning report released as Mortgage Strategy went to press, the regulator of Fannie Mae has slammed the government-chartered mortgage giant for manipulating accounting rules to trigger $52m in bonuses for senior executives from 1998 to 2004.The report details what the Office of Federal Housing Enterprise Oversight calls “an arrogant and unethical cor-porate culture” at the $800bn firm.Acting OFHEO director James B. Lockhart harshly criticises the government-sponsored enterprise, ...

  • HIP plan branded rubbish and a stealth housing tax

    29 May 2006

    John Gummer, chairman of AMI and AIFA, has slammed Home Information Packs as a "load of rubbish".The comments came at last week's AMI annual dinner and followed an earlier House of Commons rumpus in which the Tories warned HIPs were little more than a scheme to hike taxes.Greg Hands, Tory MP for Hammersmith and Fulham, vowed his party would instigate a "complete HIP replacement" if it takes power after the next general election.He pointed out that assuming each pack cost ...

  • HIPs won't solve the bigger problem

    29 May 2006

    HIP, HIP, hooray! Not only are Home Information Packs going to make buying property easier and quicker, they're also going to save consumers money. Well, at least according to a book published by Which? over the bank holiday weekend.

  • HIPs: It's time to ask new questions

    29 May 2006

    Recent debates over Home Information Packs have shifted from the rights and wrongs of their mandatory enforcement in June 2007 towards the logistics of physical implementation. It is no longer important if you are pro or anti-HIPs, or what side of the fence you stand on politically.

  • Hunkin becomes GE's chief of risk

    29 May 2006

    GE Money Home Lending has appointed Rick Hunkin as chief risk officer. In his new role, Hunkin will lead the risk division in developing risk policies and processes to ensure the profitable growth of the business.

  • If FSA is so against equity release, why not ban it?

    29 May 2006

    Name and address supplied Our compliance network recently had a visit from the Financial Services Authority. The regulator focussed on the subject of what extra qualifications the IFAs had. On hearing that one had dared to pass CF7 Lifetime Mortgages, our visitors were aghast and declared they didn't really approve. Maybe this is why the uptake to advise on equity release is so low. If the regulator is so set against equity release, why does it not remove all products ...

  • Industry must get it right this time

    29 May 2006

    The regulator plans to check if the improvements it has called for in the past have been made so firms must ensure they are compliant in these areas, says Bill Warren

  • ING to keep high fees out of its mortgages

    29 May 2006

    AN ABSENCE of unnecessary or inflated fees will be a key feature of ING Direct Mortgages, the Dutch giant claimed last week.Earlier this year, ING Direct sent a questionnaire to all its savings account holders and asked them what their ideal mortgage would be. The number one thing would-be borrowers said they wanted to see was the scrapping of superfluous fees.Over the past few weeks it has sent more letters to savings customers outlining its range and asking them to say when ...

  • Innovation required in sub-prime B2L sector

    29 May 2006

    As a specialist in commercial and buy-to-let mortgages, The Business Mortgage Company is often asked by lenders about the potential for sub-prime products in the buy-to-let market.

  • Julian Hodge sells motor arm

    29 May 2006

    Julian Hodge Bank, the Cardiff-based financial services group that includes Hodge Equity Release, has confirmed that it has sold its motor and asset finance businesses.

  • Key workers scheme defended

    29 May 2006

    The Housing Corporation, the government agency that funds affordable housing, has rubbished press reports that claim the key worker living programme will be widened to allow anyone on council waiting lists to buy properties intended for key workers.The Housing Corporation says the programme is alive and the only change that has been made is to the programme's marketing guidance.In response to claims in the national press, a Housing Corporation spokesman says: "Access to key ...

  • KRS makes website easier to navigate

    29 May 2006

    Key Retirement Solutions has revamped its website, beefing up its content and making it easier for advisers and consumers to navigate .There is a designated area on the website for consumers and a separate zone for brokers wanting to introduce equity release cases.The broker zone allows advisers to refer equity release business to KRS' specialist advisers using a secure referral and registration process.Other potential business partners can access this area to review opportunities ...

  • Landlord Mortgages count the cost of Tenancy Deposit Scheme

    30 May 2006

    Research from Landlord Mortgages shows the advent of the Tenancy Deposit Scheme has led to an 18% drop in the number of property investors choosing to use letting agents.

  • Launch DB Countdown

    29 May 2006

    The sales team gets to work with enthusiasm, I discuss World Cup prospects with auditors, the website is looking good and Mark heads off for two weeks in the sun, says Bill Dudgeon

  • Leadbay Loans clarification

    29 May 2006

    Leadbay Loans was launched by Chris Cummings, director-general of the Association of Mortgage Intermediaries, at the Mortgage Business Expo in Manchester last week and not its parent Leadbay, as was stated in Mortgage Strategy. Leads generation site Leadbay was launched in January 2005.

  • LeadPoint opens lead exchange platform

    31 May 2006

    LeadPoint, the U.S.-based global lead platform which opened in the UK earlier this month, has launched its proprietary mortgage lead exchange platform.

  • Lenders hang on to what they've got

    29 May 2006

    As the profit margin on mortgages plummets to new lows, the new kid on the block as far as lenders are concerned is actually an old kid. Customer retention is the new black - the must-have accessory for serious players.

  • Lenders must stay on top of securitisation

    29 May 2006

    Easier and cheaper access to funding has been a key factor be-hind the growth and development of the mortgage market. The days when lenders faced tight constraints on the amounts they could lend are thankfully long gone.

  • Lenders that don't seem to read

    29 May 2006

    It's surprising that lenders such as The Woolwich, Halifax and Britannia fail to use unfavourable comment in the trade press as an opportunity to improve, says Sue Read

  • Lower money transfer charges

    29 May 2006

    Moneycorp says overseas home buyers are each throwing away 500 per year because of excessive high street bank transfer charges on foreign currency mortgages.Moneycorp has teamed up with broker Blevins Franks to offer a range of low-cost money transfer options to overseas buyers who make make monthly mortgage payments to foreign lenders.

  • Market Watch

    29 May 2006

    Swaps fell last week. There is still a lot of volatility as they were up and down each day but it was great to see them close down on their previous levels for once in recent times.

  • Marketing Brief

    29 May 2006

    Support is critical in the mortgage industry. Kevin Paterson's A-Z review rates the marketing material that lenders issue to help brokers with sales and business development

  • McCarthy defends principles-based regulation

    31 May 2006

    In his speech to the Association of Mortgage Intermediaries Annual Dinner on the May 25, Sir Callum McCarthy, chairman of the Financial Services Authority, outlined the FSAs approach to regulating mortgages and explained why it is moving away from prescribed rules towards a more principles-based approach. Sir Callum detailed the benefits a move to principles-based regulation would bring.

  • Me and My Car

    29 May 2006

    When the time came to say goodbye sports car, hello family-friendly 4x4, the Porsche Cayenne proved to be perfect as the taxi of choice for my son and his friends, says Tristan Pile

  • MEX cuts rental requirement

    29 May 2006

    Mortgage Express, the specialist lending brand of Bradford & Bingley, is reducing the required rental cover on its range of buy-to-let products. Investors' borrowing will be based on expected rental cover of 125% of the monthly mortgage payment for all products except five-year fixed rates.

  • MEX cuts rental requirement

    29 May 2006

    Mortgage Express is cutting the required rental cover on its buy-to-let products. Investors' borrowing is now based on rental cover of 125% of the monthly mortgage payment for all products except the lender's five-year fixed rate.

  • MI offers a B2L tracker at 4.89%

    29 May 2006

    Mortgage Intelligence is offering its members a Bristol & West buy-to-let tracker at a rate of 4.89% with an arrangement fee of 699.The deal, which is Bank of England base rate plus 0.39%, is available until the end of July 2009 after which it reverts to base plus 1.75%. It has no higher lending charge and has a maximum LTV of 85% with a rental calculation of 115% at 5.7%. Early redemption charges are set at 5% until July 31 2008 and 4% until July 31 2009.Sally Laker, managing ...

  • M-Next launches two B2L deals

    29 May 2006

    Mortgage Next has launched two buy-to-let products funded by Mortgage Express, available exclusively through members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.

  • Moody's upgrades Leeds' credit rating

    2 Jun 2006

    Moody's has upgraded Leeds' credit rating.

  • More buyers pay Stamp Duty despite hikes in thresholds

    29 May 2006

    Government figures reveal that despite Stamp Duty threshold increases over the past five years, the number of people paying the tax in England increased by 11.7%.Caroline Spelman, shadow secretary of state for the Department for Communities and Local Government and MP for Meriden, raised the issue in Parliament recently by asking chancellor Gordon Brown how many people had paid Stamp Duty on residential and commercial transactions in each financial year since 1996/97.Spelmans' ...

  • Mortgage Angels sorts its IT glitch

    29 May 2006

    Lead provider Mortgage Angels has had a glitch on its system for the past two to three months which has resulted in some potential clients being classed as six years olds.The fault, which has now been corrected, meant that a potential lead who forgot to fill in their date of birth was automatically given the birth date of 1999.Mortgage Angels says the problem was not pointed out to it by advisers.Warren Pinner, sales director at Mortgage Angels, says: "There was a glitch ...

  • Mortgage Express launches two-year buy-to-let deal

    1 Jun 2006

    Mortgage Express has today launched a two-year discounted buy-to-let deal.

  • MPLC says direct arm will differ from Wow

    29 May 2006

    Mortgages PLC says its direct to consumer lending division will be a very different venture to the one it launched in 2004 with mortgageforce.The Merrill Lynch-backed lender set up Wow Mortgages jointly with mortgageforce in 2004 but after a year Wow closed its doors to new business.Both parties put this down to events that year including MPLC being taken over by Merrill Lynch and mortgageforce by West Bromwich.A spokesman for MPLC, says: "This venture will be very differ- ...

  • MPPI firm insures condemned bear

    29 May 2006

    Mortgage payment protection provider Britishinsurance. com is battling German authorities to save a wild bear by insuring it for 1m.Britishinsurance.com is hoping to persuade the German authorities to back down from condemning the animal to death by insuring it for 1m.Although it is now believed to have done a runner to Austria, the first wild bear to be seen in Bavaria in 170 years made itself unwelcome by killing a dozen sheep and several chickens.Britishinsurance.com ...

  • MT appoints South-East BDM

    29 May 2006

    Mortgage Trust has appointed John Strickland as business development manager. He will report to head of sales Austin Jelfs and focus on enhancing broker relationships in the South-East.

  • Nationwide changes its fast track rules

    30 May 2006

    Nationwide has made a series of changes to its fast track rules.

  • Next month vital for HIPs, says CML

    30 May 2006

    With just under a year to go, the Council of Mortgage Lenders says that the detail expected from the government over the next month will be crucial in determining how effective the implementation of Home Information Packs will be.

  • Oakwood appoints chief financial officer

    31 May 2006

    Oakwood Group, which is set to launch into the UK mortgage market later this year under Michael Bolton, has appointed Laurence Morey as its chief financial officer.

  • Offshore account holders urged not to panic

    30 May 2006

    Tax experts are urging offshore account holders to seek professional advicebefore contacting the Inland Revenue with details of their accounts.

  • Online system boost for TFC

    29 May 2006

    TFC Homeloans has seen a big rise in the use of Track, an online system to process mortgages and manage information. Some 86% of cases are now received electronically.

  • Open standards to get boost as RBS joins Origo initiative

    29 May 2006

    Adoption of open standards in the industry should speed up now that Royal Bank of Scotland has joined the list of lenders signed up to Origo's mortgage e-standards initiative, says Webline.Origo is the standards body for e-commerce in the financial services industry. The initiative is open to all lenders, intermediaries and technology companies in the mortgage industry, but it faced a lukewarm reception last year as lenders were concerned about the costs involved, putting open standards ...

  • Paragon advances increase by 86.5%

    29 May 2006

    Six-monthly results from buy-to-let lender Paragon show advances rocketed by 86.5% to 1,525m from 817.9m over the same period in 2005.

  • Park Row set for Northampton

    29 May 2006

    Park Row has signed up a team of five for a new branch in an affluent part of the Midlands. The advisers, previously with Bates Insurance Services, will form the nucleus of the firm's branch in Northampton.

  • Partnership joins Exchange equity release service

    1 Jun 2006

    Partnership Home Loans, a sister company of Partnership Assurance, has become the fifteenth provider to join the Exchange online equity release quotation service on the Exweb portal.

  • Pink BDM for Scotland and NI

    29 May 2006

    Pink Home Loans has recruited Stuart Gordon as business development manager for Scotland and Northern Ireland.

  • PMPA unveils TMB exclusives

    29 May 2006

    The Professional Mortgage Packagers Alliance has launched three exclusives from The Mortgage Business that will be available only through PMPA members. All have maximum LTVs of 85%.

  • PMS members access N&P deals

    29 May 2006

    Members of Premier Mortgage Services now have access to a portfolio of online products from Norwich and Peterborough including purchase, remortgage and first-time buyer deals.

  • Portman silent on KRBS bid

    29 May 2006

    Portman refused to comment on press reports last week that it is thinking of bidding for Kent Reliance.Speculation that Kent Reliance could be in the sights of larger societies such as Portman had been fuelled by the mutual's announcement that it is doing away with the requirement for new members to sign up to its charitable assignment scheme.The scheme meant that customers, apart from mortgage borrowers, signed away their rights to charity in the event of the society demutualising ...

  • Portugal: Overseas players shine

    29 May 2006

    Portugal qualified for the World Cup for the first time in 1966. It was a successful year for star player Eusebio and his team. Portugal's number 13 showed off his skills and scored nine goals, becoming the top scorer in the tournament. In the group stage he tore Brazil apart, scoring twice to eliminate the 1958 and 1962 champions.

  • Praxis appoints sales and marketing director

    30 May 2006

    Praxis has appointed Dudley Aldous as sales and marketing director.

  • Prime time for offsets

    29 May 2006

    As innovation sweeps the market the complaint that offset mortgages are too expensive for ordinary folk is losing its bite, says Harvey Jones

  • PT appoints GI manager

    29 May 2006

    Personal Touch Financial Services has appointed Robin Dowling as general insurance manager.The role will straddle the product areas of general insurance and healthcare.

  • Purely links up with estate agent

    29 May 2006

    Purely Mortgages has entered into a partnership with Humberts Estate Agency. Under the arrangement, Humberts' clients will be able to access mortgage advice and arrangement services.

  • Retirement Plus appoints senior relationship manager

    1 Jun 2006

    Retirement Plus has appointed Graham Bignell as senior relationship manager for the South-East.

  • Rising prices fuel B2L investment

    29 May 2006

    Housebuilder Linden Homes says growth in the housing market has driven investors to expand their buy- to-let portfolios.

  • Rooftop adds to packager panel

    29 May 2006

    Specialist lender Rooftop Mortgages has added Oxygen Mortgage Processing to its packager panel. Oxygen has relationships with many networks and plans to offer bespoke and exclusive schemes to members.

  • Securah launches website

    31 May 2006

    Securah's website is aimed at making it easier for intermediaries to work with the underwriter. It has information on latest developments and an advisor log-in online which takes them straight to the policy quoting system.

  • Secured loan webcasts from c2

    29 May 2006

    Following a three-month series of webcasts focussing on the sub-prime mortgage market, c2 secured is releasing three secured loan webcasts.The webcasts will focus on the product offerings of Prestige Finance, Blemain Finance and SPPL.

  • Sesame to slash packager panel

    29 May 2006

    Sesame is to slash its packager panel from 53 to 16 and will ask remaining packagers to pay it part of their proc fees.Paul Rignall, mortgage product manager at Sesame says it has been reviewing its packaging panel.He says: "We have put some of our packagers on notice and aim to have about 16 left, which means we will be able to manage our relationships with them much better."Rignall was unable to comment as to what percentage of the proc fee packagers would be expected ...

  • Should those who have been negative about packagers apologise to the sector?

    29 May 2006

    There's no need to apologise - technology is advancing but savvy packagers can still play a role in distribution, say our experts

  • SMS appoints Goldsmith Williams as conveyancing partner

    1 Jun 2006

    Solent Mortgage Services has appointed Goldsmith Williams as the companys preferred conveyancing partner.

  • SMS provides sub-prime facilities for Your Move

    29 May 2006

    Solent Mortgage Service is providing sub-prime facilities for mortgage advisers at estate agency Your Move.In a deal that gives 200 Your Move consultants access to SMS' sub-prime branded products, an application-in-principle facility with SMS is also available that provides mortgage options from which consultants can make recommendations to clients.Your Move consultants will have access to SMS' online facility The Porthole to request AIPs, submit applications and track cases.Ian ...

  • Social HomeBuy scheme's first taker

    29 May 2006

    Notting Hill Housing says one of its tenants has become the first person to buy their home through the government's Social HomeBuy scheme.

  • Societies agree to merge

    29 May 2006

    The directors of Universal and Newcastle have agreed to merge the societies. Subject to approval by members of Universal and confirmation by the Financial Services Authority, the move should be completed by the end of this year.

  • Strategy puts the pressure on complaint companies

    29 May 2006

    Mortgage Strategy, in association with the Association of Mortgage Intermediaries, is launching a Stop the Rot campaign to crack down on complaint management firms that are acting unethically and illegally.

  • Switzerland: Alpine and dandy

    29 May 2006

    After a long dry spell the turnaround came with winning the Under-17 European Championships. Many of these players now play for top European teams such as Arsenal, AC Milan, and Bayer Leverkusen. Experts say there is a lot of potential in the young national team, which has sparked renewed football fervour in Switzerland.

  • Taking a healthy interest in the reversion options

    29 May 2006

    To say the equity release market has its critics is something of an understatement.

  • Taking action to curb the complaints culture

    29 May 2006

    The intermediary mortgage market has always been proud of its history of low levels of complaints. The years before statutory regulation saw just handfuls of complaints get as far as the Mortgage Code Arbitration Scheme.

  • TBMC scraps application fees to lure brokers

    29 May 2006

    The Business Mortgage Company is no longer charging application fees on new commercial mortgage cases, in a bid to lure more brokers into the market.TBMC says clients can be put off by upfront fees so this move will allow them to explore opportunities in the market without incurring extra cost. It should also help brokers secure more commercial mortgage business.Andy Young, managing director of TBMC, says: "There are plenty of opportunities for brokers to write commercial mortgage ...

  • Tenants in non-standard homes get help to buy

    29 May 2006

    Right to Buy specialist Diamond Lifestyle has launched a service to help council tenants in non-standard or defective properties to buy their homes.The service, which is available to intermediaries and their clients, is provided in three parts.Once a client has been introduced to Diamond Lifestyle a survey is arranged and a specialist building company will then bring the property up to a standard that allows a precast reinforced concrete certificate to be issued.The cost ...

  • TFC waives 99 application fee on all Scottish purchases & re-mortgages

    31 May 2006

    TFC Homeloans is waiving its low, fixed rate 99 application fee on all Scottish re-mortgages and house purchases.

  • The Mortgage Mole

    29 May 2006

    Man for all seasons Mole is proud to present the four seasons of Lending Strategy ad manager John Forsdick. Mole's comprehensive guide to making a 'dick' of yourself at the BSA Annual conference features 1) Forsdick being a 'dick'; 2) Forsdick finding out that Jim Bowen is in the building; 3) Finding out that Jim Bowen can be somewhat controversial; and 4) (Mole's favourite) learning that one pink paper hack had watched the second series of 24 before the first - ...

  • The Yorkshire takes over ITV Yorkshire weather sponsorship

    30 May 2006

    The Yorkshire has become the sponsor of the ITV Yorkshire weather.

  • Threesixty to hold seminars

    29 May 2006

    Threesixty, the fee-based IFA support services provider, is hosting a series of seminars in June to discuss key mortgage issues. Abbey will co-host the seminars for brokers, which will take place at venues around the country.

  • Threesixty urges IFAs to review PII cover

    31 May 2006

    Threesixty, the IFA services provider, is urging IFAs to review their professional indemnity insurance policies because there are still significant disparities in the price and quality of cover available through service providers, despite a softening in premiums over the last 12 months.

  • TMA chooses LifeQuote

    30 May 2006

    The Mortgage Alliance has chosen LifeQuotes Intelligent Protection as the protection system to provide to its members.

  • Underwriting blamed for Rooftop downgrade

    29 May 2006

    Rooftop Mortgages has hit back at criticisms that lax underwriting standards were responsible for its securitisation downgrade by a leading rating agency last week.Matt Gilmour, chief executive of Infinity Mortgages, says the downgrade will affect future securitisations, but lenders must ride the storm and defend residential mortgage performance.He says: "Poor performance comes less from the profile of borrowers and more from lax underwriting."Alan Cleary, director at MBAC ...

  • Voting begins for Pink Service Awards 2006

    2 Jun 2006

    The voting lines are now open for the Pink Home Loans Service Awards 2006.

  • We can change the image of PPI if we work together

    29 May 2006

    From David Lane It was the little word 'we' that made me read on when I saw the title of David Hill's comment piece on the PPI industry - 'We can change PPI's public image' (Mortgage Strategy May 1). For too long now the debate around the value of PPI has been one-sided and un-helpful and it's about time that we, the industry, came together to address the issue of the negative public perception once and for all. Like Hill, I believe better consumer awareness and education around ...

  • We must focus on financial basics

    29 May 2006

    The industry has a big job to do in educating newcomers when the only knowledge they have about the market is that financial institutions want to rip them off, says Drew Wotherspoon

  • We must help lay strong foundations

    29 May 2006

    Employers should contribute to the latest FSSC consultation that is designed to lay the groundwork for foundation degrees in financial services, says Brad Baker

  • What are the new fire regulations that apply to buy-to-let properties?

    31 May 2006

    Continuing our series of articles on new regulations affecting buy-to-let mortgage introducers and lenders, the government will shortly implement The Regulatory Reform (Fire Safety) Order 2005, which is due to come into force on October 1 2006.

  • Which? publishes overseas market guide

    31 May 2006

    Which? has published a guide entitled Buying Property Abroad warning consumers of the dangers of the overseas property market.

  • Would you buy a house on a website such as eBay?

    29 May 2006

    For consumers, spending online is becoming an increasingly attractive alternative to shopping on the high street. Nowadays people buy CDs, DVDs, airline flights and theatre tickets online because it is cheaper and easier. But are they comfortable buying a house on eBay?

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