Mortgage Strategy
29 September 2008

  • "Not the end" says FSA chief

    29 Sep 2008

    Lord Adair Turner, chairman of the Financial Services Authority, has warned that the rescue of beleaguered lender Bradford & Bingley is not necessarily the end of the UK's financial strife.

  • $700bn rescue package announced

    29 Sep 2008

    Plans for a $700bn bail out of America’s financial system have been announced.

  • 1,000 More jobs to go as crunch gets worse

    29 Sep 2008

    Nearly 1,000 UK mortgage and banking jobs are being cut after HSBC and Bradford & Bingley streamlined their operations in reaction to the credit crunch.

  • 85% of buy-to-let products wiped this year, not this week

    1 Oct 2008

    Moneyfacts.co.uk has issued a release clarifying this week's figures on mortgage product withdrawals.

  • A different magazine for a new mortgage world

    29 Sep 2008

    Welcome to your new-look Mortgage Strategy, a slicker, sleeker, smarter magazine for the dawn of a new era. As we witnessed one of the most dramatic weeks the mortgage market has ever seen with the rescue of HBOS by Lloyds TSB, it became apparent that it was time to step up the pace.

  • Abbey appoints Pester to integrate B&B branches

    3 Oct 2008

    Abbey has appointed Paul Pester to take responsibility for Bradford & Bingley’s retail distribution in the wake of the restructuring of the buy-to-let lender.

  • Accord pulls out of credit repair market

    2 Oct 2008

    Yorkshire owned Accord Mortgages is to focus on the residential market and is withdrawing from the remaining elements of the credit repair market for the foreseeable future.

  • AMI boss in crunch talks with Labour bigwigs

    29 Sep 2008

    Chris Cummings, director-general of AMI, recently met Labour MPs Kitty Ussher and James Purnell to discuss the credit crunch.

  • Annual house price growth falls for 12 months in a row

    1 Oct 2008

    The latest house price index from Assetz has revealed that the rate of year-on-year house price growth has declined for the 12th consecutive month.

  • Archbishop brands short sellers bank robbers

    29 Sep 2008

    Archbishop of York John Sentamu has denounced short sellers for bringing about the financial crisis. He says they are "clearly bank robbers".

  • Arrears under the microscope

    1 Oct 2008

    Recent arrears and repossessions data obscure as much as they reveal about the underlying quality of the mortgage book in the UK. The decision by the Financial Services Authority to release more detailed disaggregated data is to be warmly welcomed and if nothing else, keeps the Council of Mortgage Lenders on its toes.

  • Attracting new money

    1 Oct 2008

    The traditional treasury function of balancing savings books with loans has all but gone from banks and building societies. However, the events of the past 12 months have led some lenders to look again at whether there is a role for increasing the savings side of their balance sheets to gain more control of their mortgage books.

  • B&B deposits and branches go for £612m

    29 Sep 2008

    Banco Santander has revealed it will pay £612m to buy up Bradford & Bingley’s deposits and branch network.

  • B&B goes under but how did it hang on for so long?

    29 Sep 2008

    This morning Bradford & Bingley’s shares were suspended, its deposits and branches sold and its assets nationalised but the miracle is that it managed to survive for so long.

  • B&B taken into public ownership

    29 Sep 2008

    Bradford & Bingley's direct channels and retail deposits have been transferred to Abbey, following B&B being placed into public ownership by the Treasury.

  • B&B taken under government wing

    29 Sep 2008

    This morning Bradford & Bingley has been nationalised in part as a result of an inability to meet regulatory requirements.

  • Bailout ''critical step'' to stabilising markets

    3 Oct 2008

    Ben Bernanke, the chairman of the Federal Reserve, says Congress' vote to back the $700bn bailout is a "critical step" to stabilising financial markets.

  • Bank bosses face day of reckoning

    29 Sep 2008

    Governments on both sides of the Atlantic are cracking down on the executives of mortgage companies in the aftermath of the credit crunch's latest developments.

  • BDS launches asset protection trust

    2 Oct 2008

    BDS in partnership with Suffolk based Universal Asset Protection has launched an asset protection trust.

  • BDS offers free vals on packaged cases

    1 Oct 2008

    BDS Mortgage Group in conjunction with conveyancing firm Goldsmith Williams is offering free valuations during October, on all packaged remortgage deals with Money Partners, Kensington and Platform.

  • BDS offers free vals on selected deals

    1 Oct 2008

    BDS Mortgage Group in conjunction with conveyancing firm Goldsmith Williams is offering free valuations during October, on all packaged remortgage deals with Money Partners, Kensington and Platform.

  • Birmingham home buyers duped by HIPs

    1 Oct 2008

    Birmingham Trading Standards has found that house buyers are being misled by inaccurate Home Information Packs.

  • Bleak prognosis for housing and mortgage sectors

    29 Sep 2008

    Nothing I can write can adequately describe the events which have rocked the financial services sector in the last few days.

  • BM Solutions and Countrywide offer EPCs

    1 Oct 2008

    BM Solutions has teamed up with Countrywide to provide buy-to-let clients with Energy Performance Certificates.

  • BoE injects additional £30bn into market

    1 Oct 2008

    The Bank of England has pumped an additional $30bn (£16.8bn) into the market today.This is alongside the continuing operations under the swap facility to lend $10bn of funds overnight, and the outstanding one-week operation for $30bn conducted last Friday. These operations will therefore bring the total provision of US dollar liquidity by the BoE to US$70bn.

  • BoE must get tough in its fight to stave off recession, says expert

    29 Sep 2008

    A leading economist is calling for the Bank of England to get more aggressive in its battle to calm the financial crisis, starting with a base rate cut.

  • BoE pumps another $30bn into market

    1 Oct 2008

    The Bank of England has pumped an additional $30bn (£16.8bn) into the market today.

  • Bradford Bingley and Other Stories

    29 Sep 2008

    For many of a certain age, Bradford & Bingley and their adverts of two gentleman wearing bowler hats, have been part of the fabric of all that is decent and British for a while.

  • Bright Grey helps tot up the value of protection

    1 Oct 2008

    Bright Grey has launched a lifestyle calculator on its website to help brokers work out their clients' expenditure and show how much protection they can afford.

  • Broker wins weekend in fast lane

    29 Sep 2008

    Christopher Sealey, a broker at Ridgeway Mortgages, is the latest winner of Paymentshield's Aston Martin Challenge.

  • Brokers income to drop by 40% predicts AMI

    29 Sep 2008

    Income for brokers will be 30-40% below 2007 levels, says the Association of Mortgage Intermediaries in its research paper into the credit markets one year on from the credit crunch.

  • Brokers struggling to source deals

    29 Sep 2008

    Eight out of 10 brokers have been forced to leave clients on SVRs because they cannot find them suitable remortgage deals.

  • Brown addresses UN as US bailout package stalls

    29 Sep 2008

    As Mortgage Strategy went to press Prime Minister Gordon Brown issued a call to the United Nations for a new world order to tackle the credit crunch.

  • Brown confident about HBOS LLoyds merger

    1 Oct 2008

    Prime Minister Gordon Brown has faith in the HBOS Lloyds TSB merger arranged last week despite market concerns that Lloyds will restructure the deal

  • Brown creates National Economic Council

    3 Oct 2008

    Prime Minister Gordon Brown has established a National Economic Council to coordinate economic policy in the face of the credit crunch.

  • BSA sees 31% dip in approvals

    29 Sep 2008

    Continued uncertainty in the housing market saw net approvals by societies in August remain low at £2.8bn, a 31% decline compared to August 2007, show figures from the Building Societies Association.

  • BSA sees approvals sink 31% to £2.8bn

    29 Sep 2008

    Net mortgage approvals have plummeted 31% year-on-year in August to £2.8bn from £4bn in 2007, reveals the Building Societies Association.

  • Burgesses blames FSA for PPI failings

    1 Oct 2008

    Sara-Ann Burgess, director of Payment Protection Insurance specialist Burgesses, believes many of the failures of the PPI market stem from the regulator’s unwillingness to take decisive action.

  • Bush assures world US rescue bill will be passed

    30 Sep 2008

    US President George W Bush issued a call for decisive action from Congress this morning at the White House.

  • Buy-to-let deals shrink 23% in seven days

    3 Oct 2008

    Moneysupermarket.com says the number of buy-to-let products has dropped by close to a quarter in the past week, throwing down a major challenge to a struggling sector of the market.

  • Buy-to-let product choice obliterated

    30 Sep 2008

    85% of buy-to-let products were stripped from the market this year, reveals Moneyfacts.co.uk.

  • Cable slams deposit guarantee

    3 Oct 2008

    The Liberal Democrats are calling the £50,000 deposit guarantee made by the government today largely irrelevant.

  • Cameron ready to make hard choices

    1 Oct 2008

    David Cameron, leader of the Conservative party, says that to repair the economy will character and the ability to make difficult choices.

  • Cash for axed bosses

    29 Sep 2008

    Directors of the Derbyshire will receive hundreds of thousands of pounds in redundancy pay following its merger with Nationwide.

  • Change is the toughest challenge

    1 Oct 2008

    JM: The downside of your appointment as managing director of BM Solutions this summer must have been the brief to pull the plug on The Mortgage Business - a firm you had rescued from the dead back in 2005. How tough was it to say goodbye to 250 people who had grown the business with you?

  • Choose booze

    29 Sep 2008

    Mole's never been one for maths but you can buy him a beer on these sums any day. If you had purchased 1,000 worth of Northern Rock shares a year ago they would be worth 4.95 today. With HBOS, the same amount invested earlier this month would now be worth 16.50.

  • Citi fumes over new Wachovia deal

    3 Oct 2008

    Citigroup is furious over a new deal between Wells Fargo and Wachovia which scuppers Citi’s original plans to buy up parts of the US bank.

  • Citigroup agrees to buy Wachovia

    29 Sep 2008

    The US bank Wachovia is being bought by rival Citigroup, in a move that marks the latest US institution to succumb to the financial crisis.

  • CML disappointed about Crosby report delay

    30 Sep 2008

    The Council of Mortgage Lenders is disappointed by the Treasury's decision to push back the release of the Crosby Report two weeks.

  • CML gives up on predictions

    29 Sep 2008

    The Council of Mortgage Lenders is refusing to make any predictions regarding mortgage lending for the time being.

  • Commercial business declines 20%

    29 Sep 2008

    Members of the National Association of Commercial Finance Brokers saw a drop of almost 20% in overall commercial business from June 2007 to June 2008.

  • Confidence returns despite house price falls

    2 Oct 2008

    Estate agents are seeing the market beginning to return to form despite the record falls reported by the latest house price indices, says Spicerhaart.

  • Congress backs $700bn bailout

    3 Oct 2008

    The US House of Representatives has voted in support of the $700bn (£380bn) bailout plan, marking a U-turn from its initial rejection of the bill on Monday.

  • Conservatives accuse Labour of hushing up damning HIP report

    29 Sep 2008

    The government has been accused of keeping research on Home Information Packs under wraps to avoid bad publicity.

  • Credit availability set to decline

    2 Oct 2008

    Lenders are making bleak predictions for the coming months predicting a further decline in the availability of credit across the board, reveals a survey from the Bank of England.

  • Crown expands Ipswich offering

    30 Sep 2008

    Crown Mortgage Management will extend its Ipswich offices to accommodate 20 new staff.

  • Crown expands Ipswich office

    30 Sep 2008

    Crown Mortgage Management is extending its Ipswich offices to accommodate 20 new staff.

  • Crystal partners with Halifax Intermediaries

    29 Sep 2008

    Software provider Crystal is to integrate its web-based platform Momentum with Halifax Intermediaries.

  • Defaqto insists equity release is a good option

    29 Sep 2008

    Defaqto says equity release is a feasible option following reports that it should only be used as a last resort.

  • Derbyshire and Cheshire go Nationwide

    1 Oct 2008

    The Derbyshire and The Cheshire building societies are to merge with Nationwide by the end of the year as part of a dual rescue package that will see Nationwide enter 2009 with around 1,000 branches, assets totalling more than £191bn and £122bn worth of retail deposits.

  • E2M promises EPCs within 24 hours

    30 Sep 2008

    Easier2Move is promising to turn around Energy Performance Certificates in 24 hours ahead of the compulsory EPC deadline on October 1.

  • EC to regulate credit rating agencies

    1 Oct 2008

    The European Commission's consultation on credit rating agencies ended last month and by the end of October the EC will table proposals to regulate them.

  • Educational surveys members on mutual status

    1 Oct 2008

    One of the last of the Irish mutuals, the Educational Building Society (EBS), is asking its members if they agree with what it terms its longstanding commitment to mutuality, and whether the society should maintain that status.

  • Elephant shares at risk

    30 Sep 2008

    Elephant Loans & Mortgages has been given until October 13 to find a nominated adviser or its shares will no longer be listed on the Alternative Investment Market.

  • Enterprise launches Platform exclusives

    1 Oct 2008

    Enterprise Group has launched an exclusive range of fixed rate products from Platform which have gone live today on Enterprise’s Edge system.

  • Enterprise partners with findaproperty.com

    3 Oct 2008

    Enterprise Group has rolled out the next phase of consumer system EDGE Direct in partnership with findaproperty.com.

  • EU set to revise capital requirement rules

    2 Oct 2008

    The European Commission is set to beef up the rules on capital requirements for lenders in the wake of the recent run of European banks falling on their sword.

  • Evaluate looks to boost testing team

    1 Oct 2008

    Evaluate Technologies is launching a recruitment drive as it looks to expand its testing team.

  • Event confirmed for December '08

    29 Sep 2008

    All 20 golden ticket invitations to Mortgage Strategy's Mortgage Masters event at the prestigious Luton Hoo Hotel have now been sent out.

  • Exposed - the poor quality of recent lending

    1 Oct 2008

    An exclusive preview of the findings of a new service from Skipton Building Society subsidiary kb analytics reveals how suspect mortgage underwriting has been in recent years.

  • Failing firms should be left to go under

    29 Sep 2008

    Lloyds TSB's takeover of HBOS is old news now but I'd like to say I'm in the non-interference camp. I think that if something is beyond repair we should let new businesses arise from the ashes.

  • Financial recruits club members

    29 Sep 2008

    Mortgage network Financial is recruiting packagers and brokers to its recently created mortgage club.

  • Financial regulator fails consumer confidence test

    1 Oct 2008

    Only 17% of financial services consumers are confident that the Financial Services Authority is reg- ulating the industry effectively, a new poll from YouGov reveals.

  • Fionnuala Earley to speak at MI conference

    30 Sep 2008

    Mortgage Intelligence has announced the line-up for its Annual Conference on October 8 at Celtic Manor.

  • FSA boosts compensation limit to £50,000

    3 Oct 2008

    The Financial Services Authority has increased the compensation limit for bank deposits from £35,000 up to a total of £50,000 for each customer's claim.

  • FSA censures directors of sub-prime mortgage firm

    30 Sep 2008

    Michael Worthington and Darren Millington have been censured by the Financial Services Authority for failing to make sure that their business, Lifestyle Finance had the appropriate compliance and sales procedures in place to ensure customers were given suitable mortgage advice.

  • FSA dithering over PPI claims Which?

    30 Sep 2008

    Following the publication today of the Financial Services Authority’s latest review into Payment Protection Insurance, Peter Vicary-Smith, chief executive of Which? has called on the regulator to stop dithering.

  • FSA fines broker £28,000

    2 Oct 2008

    The Financial Services Authority has fined TBO Investments £28,000 for failing to clearly document the explanation of the risks of transactions to clients.

  • FSA fines North Wales broker £100,000

    30 Sep 2008

    The Financial Services Authority has banned a North Wales mortgage broker and fined him £100,000 for exposing 1,500 customers to the risk of unsuitable advice.

  • FSA should clamp down on product withdrawals

    29 Sep 2008

    I probably won't be the first or the last reader to comment on the disgraceful behaviour of First National and igroup. They have withdrawn their entire ranges with zero notice and replaced them with 'we don't really want the business' deals.

  • FSA to beef up regulation of PPI

    30 Sep 2008

    The Financial Services Authority is escalating its regulatory intervention in the sale of Payment Protection Insurance and advising firms to consider stopping the sale of single premium PPI alongside unsecured loans.

  • FSA to increase regulation of PPI

    30 Sep 2008

    The Financial Services Authority is escalating its regulatory intervention in the sale of Payment Protection Insurance and advising firms to consider stopping the sale of single premium PPI alongside unsecured loans.

  • FSCS to give £14bn to protect B&B deposits

    29 Sep 2008

    The Financial Services Compensation Scheme is contributing £14bn to allow retail deposits held by Bradford & Bingley to be transferred to Abbey.

  • FSCS to protect B&B accounts with £14bn

    30 Sep 2008

    The Financial Services Compensation Scheme is contributing £14bn to allow retail deposits held by Bradford & Bingley to be transferred to Abbey.

  • GE to stay after £1.2m FSA fine

    29 Sep 2008

    GE Money Home Lending has dismissed fears that its US parent will pull the plug on it following a £1.2m fine from the Financial Services Authority.

  • GEMHL set to close Wolverhampton office

    30 Sep 2008

    GE Money Home Lending is set to close its office in Wolverhampton as a result of the current volatility in the market.

  • GEMHL to close Wolverhampton facility

    30 Sep 2008

    GE Money Home Lending is set to close its office in Wolverhampton as a result of the current volatility in the market.

  • GMAC-RFC cuts workforce by 130

    29 Sep 2008

    GMAC-RFC has made its entire sales force redundant in a telephone conference this afternoon.

  • Goldsmith Williams goes into equity release

    1 Oct 2008

    Goldsmith Williams has launched an equity release service to give brokers and borrowers access to a team of equity release conveyancing specialists.

  • Golfing party for Select & Protect

    29 Sep 2008

    Select & Protect celebrated its 25th anniversary last week at Wokefield Park golf course in Reading.

  • Grey area

    29 Sep 2008

    Mole enjoyed the sights and sounds of Birmingham's Botanical Gardens in honour of the Pink Home Loans Service Awards last week, thanks to edeus. Mole chuckled at many a quip from Pink managing director David Copland's lips.

  • Hard up

    29 Sep 2008

    Mole was intrigued to spot a high-profile publicity campaign for AMI in The Sun last week, featuring a man and a woman cuddled up in bed.

  • Having a website is a necessity, not a luxury

    29 Sep 2008

    On flicking through the general insurance trade press recently I was amazed to read that a third of GI brokers do not have a website and that more than half of them said they had no plans to develop one in the next 12 months.

  • HBOS and Lloyds shares bounce back

    1 Oct 2008

    Shares in HBOS and Lloyds TSB are bouncing back from yesterday’s lows in response to rumours that the takeover has the backing of a major investor.

  • HBOS and Lloyds shares on the rise

    1 Oct 2008

    Shares in HBOS and Lloyds TSB are bouncing back from yesterday’s lows in response to rumours that the takeover has the backing of a major investor.

  • HBOS deal gives protection reforms fresh urgency

    1 Oct 2008

    Lloyds TSB's acquisition of HBOS brings together personal savings worth £65bn from Lloyds TSB and £139bn from HBOS, and creates a new imperative for reform of the Financial Service Compensation Scheme.

  • HBOS share prices fall amid Lloyds repricing rumours

    30 Sep 2008

    HBOS shares have slipped today amid rumours that Lloyds TSB is considering a renegotiation of terms for its acquisition of the nation's largest lender.

  • Homebank says brokers keen to sell firms

    29 Sep 2008

    National brokerage Homebank Financial Services says has been inundated with offers from brokerages looking to sell their businesses or expressing an interest in merging with Homebank .

  • Hotshot Palin puts igloo issue on ice

    1 Oct 2008

    With moose and bear shooting high on pro-life US Republican vice-presidential candidate Sarah Palin's priority list it's not surprising that the Bush administration is trying to fix the US housing market with its nationalisation of Freddie Mac and Fannie Mae ahead of the presidential elections in November.

  • House builders develop code of conduct

    29 Sep 2008

    The house building sector is developing a code of conduct to address consumer concerns about excessive delays, faults in new homes and issues with fees.

  • House building target not high enough, says report

    29 Sep 2008

    The government target to increase housing by three million by 2020 falls significantly short of what is needed, says the Town & Country Planning Association.

  • House prices drop by 12.4% reports Nationwide

    3 Oct 2008

  • Housing rescue package is too little, too late

    29 Sep 2008

    Recent announcements by the government aimed at providing support to the housing market have understandably received a mixed response.

  • How do you solve a problem like PPI?

    1 Oct 2008

    The Payment Protection Insurance market seems to be doomed, or at least that is the message that appears to be coming out of the Financial Services Authority, I say appears because with the FSA you never quite know.

  • How internet banking wrecked the Rock

    1 Oct 2008

    Research by you.gov suggests that the growth of internet banking and the failure to effectively manage Northern Rock's website were primary factors in the development of the run on the bank - that is, once BBC business editor Robert Peston had reported that it had applied for emergency financial support from the Bank of England.

  • Howzat?

    29 Sep 2008

    Mole thought things couldn't get any worse for the industry until he heard the latest news about Halifax. The most annoying man on television, Howard, is apparently in the process of buying a second house which will set him back £1m.

  • IMF alert on inflation

    29 Sep 2008

    The International Monetary Fund is warning central banks to stay focussed on inflation despite pressure to lower base rates.

  • Industry slams Which? ER guide

    29 Sep 2008

    Equity release specialists are rejecting warnings from the latest Which? guide that suggest consumers should only use equity release as a last resort.

  • Irish regulator probes developer loans to buyers

    1 Oct 2008

    In a bid to stem the Irish property market collapse, two of the Republic's largest property developers are offering interest-free loans to buyers who are unable to raise the large deposits needed to purchase a home.

  • Is the end nigh for packager associations

    29 Sep 2008

    Packager associations have been as much a part of a packager’s life over the past few years as tea is to the British.

  • Keep it simple, stupid

    1 Oct 2008

    This month's dispatch comes from the Labour Party conference in Manchester. One of the unalloyed joys of party conferences is the fringe - meetings that go on around the main conference on this or that issue in overheated and undersized hotel function rooms.

  • Keep on Rockin'

    1 Oct 2008

    Speculating on the future of Northern Rock in a recent issue of Financial World, John Goodfellow (pictured) wrote that as chief executive of Skipton Building Society he may be interested in the bank if it is not to be returned to the public listed sector.

  • Kensington to clarify B&B loan book deal

    29 Sep 2008

    Kensington is trying to clarify its position with Bradford & Bingley following today's nationalisation of its mortgage loan book.

  • King in talks at Number 10

    30 Sep 2008

    This morning Mervyn King, governor of the Bank of England, met with Prime Minister Gordon Brown and chancellor Alistair Darling following the failure of the $700bn American rescue package.

  • Landlords not ready for EPC, says Paragon poll

    29 Sep 2008

    Paragon Mortgages has polled 200 landlords and found that 81% are not ready for this week's Energy Performance Certificate deadline. Only 5% of those surveyed have received the required certification.

  • Landlords not selling up says ARLA

    29 Sep 2008

    Over three quarters of those questioned for the third quarter Association of Residential Lettings Agents Review and Index say they will not sell their investments because of falling house prices.

  • Law firms fail to make adequate identity checks

    29 Sep 2008

    The legal profession is falling short of meeting its responsibilities when it comes to money laundering regulations, a survey has found.

  • Leads for less than bus ticket

    29 Sep 2008

    Paaleads.com is slashing minimum bid prices to as little as 3 across five of its mortgage brands.

  • Leeds staff dress to impress for Jeans for Genes Day

    1 Oct 2008

    Staff at Leeds will help denimise the nation when they jump into their jeans on Jeans for Genes Day this Friday.

  • Legal services are an important revenue stream

    29 Sep 2008

    When Lord Falconer's plan to deregulate the legal services profession was first announced in March 2005, it was immediately dubbed the 'Tesco law'.

  • Lenders entering the specialist sector got us into this mess

    29 Sep 2008

    I read with interest and a huge chuckle your online story 'Fitch puts HBOS-Lloyds TSB on negative ratings watch'. If the ratings guys had got their act together in the past two years in what was clearly a market underpriced for risk, perhaps they would be taken seriously now.

  • Let's think of a word to replace 'packager'

    29 Sep 2008

    The column recently penned by Mark Harris of Savills Private Finance was interesting for a number of reasons (Mortgage Strategy September 22).

  • Lime Network adds MortgageStream to panel

    29 Sep 2008

    Lime Mortgage Network has added the MortgageStream system to its panel of products and services available to its appointed representatives and directly authorised members.

  • Listening to the faint refrain of Formby

    29 Sep 2008

    Has anyone heard of the banjolele? Not many, I would think.Few have played the instrument with any success, which is hardly surprising, because it sounds awful.

  • Lloyds TSB faces Scottish rebellion

    1 Oct 2008

    Jim Spowart, founder of Standard Life Bank and the man who put Intelligent Finance on the map for HBOS, went on the BBC's Breakfast TV show on September 23 to add some media momentum to a Scottish National Party bid for Bank of Scotland.

  • Lloyds TSB has got the deal of the century

    29 Sep 2008

    Lloyds TSB, which is sponsoring the London Olympics to the tune of 80m, is set to take over HBOS, the UK's largest mortgage lender, for 12.2bn and the move has been spun by all those involved as a rescue.

  • LoanLine goes out of business after big loss

    29 Sep 2008

    Master broker LoanLine has gone into liquidation following losses of 196,000 in the first half of 2008.

  • Loans.co.uk sheds 94 staff

    2 Oct 2008

    Secured loans broker Loans.co.uk is to make 94 staff redundant due to challenging market conditions.

  • Marketwatch 29/09/2008

    29 Sep 2008

    Swaps shot up after the turmoil of the past few weeks. These are some of the biggest week-on-week increases the mortgage industry has ever seen.1-year money is up 0.45% at 5.79%2-year money is up 0.38% at 5.54%3-year money is up 0.33% at 5.48%5-year money is up 0.25% at 5.37%

  • MI announces line-up for conference

    30 Sep 2008

    Mortgage Intelligence has announced the line-up for its Annual Conference on October 8 at Celtic Manor.

  • Mojitos and mortgages

    2 Oct 2008

    Last night I was forced to drink Mojitos until 2 am so am feeling tiredand emotional today.

  • Mortgage lending reductions

    2 Oct 2008

    In its latest report on current credit conditions the Bank of Englandhave re-iterated that many lenders will continue to make furthercutbacks in their lending, both to businesses and home owners.

  • Mortgage Times offers free valuations

    2 Oct 2008

    Mortgage Times is offering free valuations and legals on selected First National products.

  • MortgageStream teams up with Lime Network

    29 Sep 2008

    Lime Mortgage Network has added the MortgageStream system to its panel of products and services available to its appointed representatives and directly authorised members.

  • Movers & shakers

    1 Oct 2008

    Tiner SurpriseA few surprises this month, with some familiar names reappearing in unexpected places and others just disappearing, at least for the time being.

  • Mutual lack of joined-up thinking

    1 Oct 2008

    Is John Goodfellow, chief executive of Skipton Building Society and chairman of the Building Societies Association, being subversive or has the society been caught short when it comes to joined-up thinking?

  • NACFB issues warning over upfront fees

    2 Oct 2008

    The National Association of Commercial Finance Brokers is warning brokers about the dangers of some lenders charging large upfront fees.

  • NACFB warns brokers over lender fees

    2 Oct 2008

    The National Association of Commercial Finance Brokers is warning brokers about the dangers of some lenders charging large upfront fees.

  • Nationwide sees record annual house price fall of 12.4%

    2 Oct 2008

    Nationwide has recorded the largest annual decline in house prices in the survey's history with prices falling 12.4%.

  • Nationwide to increase rates

    2 Oct 2008

    Nationwide is increasing its rates tomorrow by 0.20% across its range of fixed rate mortgages.

  • Net shorts are just the half of it

    1 Oct 2008

    I have to say that my initial reaction was that the Financial Services Authority was being somewhat prudish - of course, I know the regulator's tentacles spread far and wide but why would it put a temporary ban on net shorts?

  • Network Data profits hit by Hipstar demise

    29 Sep 2008

    Network Data Holdings' profits have plunged by more than a third as a result of the 1.5m in losses it suffered due to the collapse of subsidiary Hipstar.

  • Nine out of 10 debtline callers accomodated by lenders

    30 Sep 2008

    National Debtline has revealed 90% of callers are benefiting from affordable negotiated payment arrangements with lenders.

  • No luck for the Irish economy

    29 Sep 2008

    The Irish economy fell into recession in Q2 2008 after the Republic's GDP growth slumped to -0.8%.

  • No rain without pain

    30 Sep 2008

    Looking for a analogy to what I was watching on TV - Im referring to the events in Washington and the great debate over US Treasury secretary Henry Paulsons $700bn plan to rescue the US banking industry prior to it being scuppered by the Republican party earlier this week - the best I could come up with was a witch doctor in Africa performing a ritual to end a drought.

  • Non-person

    29 Sep 2008

    More from Key Retirement Partnerships' managing director Terry Pritchard, this time his reaction to news that Stuart Wilson of Equity Advice was offering brokers 100 more per case than KRS.

  • Now Lloyds TSB has to deal with the hangover

    29 Sep 2008

    If every picture tells a story, the recent snap of Eric Daniels and Andy Hornby speaks volumes.

  • Oakwood looks to take on 70 more brokers

    29 Sep 2008

    Oakwood Financial Management is recruiting 70 more brokers to help grow its business.

  • OECD calls on Congress to "stop the rot"

    30 Sep 2008

    Angel Gurria, secretary general of the Organization for Economic Co-operation and Development, says Congress must "stop the rot" being spread by toxic mortgage assets.

  • Old Wall Street model is dead and buried

    29 Sep 2008

    The restructure of Goldman Sachs and Morgan Stanley is a sure sign that the traditional Wall Street investment model is dead.

  • Olympic sponsor Lloyds TSB goes for gold

    1 Oct 2008

    Lloyds TSB, which is sponsoring the London Olympics to the tune of £80m, is poised to take over HBOS, the UK's largest mortgage lender, for £12.2bn.

  • One last shot to avoid the financial madhouse

    29 Sep 2008

    Given the uncertainty in the markets following this month's cataclysmic events, it looks as if almost every lender is about to reprice upwards. For those looking to grab good deals, it is worth locking in now.

  • Options narrowing for overstreched borrowers, says IVA.com

    1 Oct 2008

    Borrowers who overstretched their budget to buy a second property are facing harsh consequences, say IVA.com.

  • Osborne and Cable pledge support to Darling

    30 Sep 2008

    George Osborne, Conservative shadow chancellor, and Vince Cable, Liberal Democrat shadow chancellor, have visited the Treasury in a "spirit of co-operation".

  • Osborne blames bankers for crisis

    29 Sep 2008

    Shadow chancellor George Osborne has criticised bankers and regulators for allowing the financial crisis to get out of control.

  • Packagers hit by Mortgage Express withdrawal

    29 Sep 2008

    The news that Bradford & Bingley has been nationalised this morning and that Mortgage Express will no longer offer new mortgage products has come as a blow to packagers.

  • Politico

    30 Sep 2008

    Welcome to the first Mortgage Strategy Politico blog bringing you all the news, views and, no doubt, blunders from the world of politics each week.

  • Prestbury was down to its last £40,000 prior to PTFS deal

    29 Sep 2008

    Prestbury Financial has revealed it had only £40,000 in cash assets before agreeing to transfer its appointed representatives to Personal Touch Financial Services.

  • Professional landlords are still safe business, says CHL

    30 Sep 2008

    CHL Mortgages is reminding the buy-to-let sector of the strength of professional landlords following the collapse of Bradford & Bingley yesterday.

  • Provider warns of hidden PPI clauses

    29 Sep 2008

    Insurance provider Paymentcare.co.uk is warning of potentially hidden clauses when it comes to claiming on payment protection insurance.

  • PwC reveals 750 Lehmans redundancies

    30 Sep 2008

    PricewaterhouseCoopers has revealed 750 employees from Lehman Borthers Europe have been made redundant.

  • Q2 growth at 0%, says ONS

    30 Sep 2008

    The UK has begun the slow march into recession, statistics from the Office for National Statistics reveal today.

  • Remortgage deals hit a new low

    29 Sep 2008

    Remortgaging has sunk to its lowest level since 2001 with approvals falling over 27% in a single year.

  • S&S In The Loop business driven by MS campaign

    1 Oct 2008

    Stroud & Swindon's broker facing brand In The Loop was named as a result of the success of Mortgage Strategy's In The Loop campaign.

  • Salans Thetford appoints conveyancer

    29 Sep 2008

    Salans in Thetford has appointed Lucy Smith as its conveyancer.

  • Saving the housing market

    1 Oct 2008

    It was billed as part one of Prime Minister Gordon Brown's autumn comeback but the government's package of measures to save the housing market met with a muted industry response. Although trade bodies such as the National Housing Federation and the Council of Mortgage Lenders welcomed the measures initially, any enthusiasm was dampened by the government's failure to address the lack of mortgage availability crippling the market.

  • Senate passes US rescue bill

    2 Oct 2008

    President George W. Bush's $700bn rescue plan to kick start the American economy has been passed by the Senate.

  • September saw fewest sales since 2002

    29 Sep 2008

    In September Rightmove reported the fewest sellers in any month since 2002, with the NAEA saying Stamp Duty indecision hit sales.

  • Seven out of 10 don't know what mortgage they are on

    30 Sep 2008

    Seven out of 10 mortgage holding Britons don’t know what kind of mortgage they have, research from Norwich Union reveals.

  • SHIP clears up broker-solicitor relationship

    1 Oct 2008

    Safe Home Income Plans has made changes to its SHIP certificate to clarify the safeguards in place for the equity release sector.

  • Should your IT guys be first to go?

    1 Oct 2008

    If the credit crisis is likely to lead to redundancies in your firm your IT guys should be the last to go, or at least that's the message identity management specialist Cyber-Ark wants us to draw from its annual survey into security among IT security professionals.

  • Sins & sinners

    29 Sep 2008

    As Mortgage Strategy celebrates its birthday in what is shaping up to be an almost unprecedented year in economic history, we thought we'd use some clever number play to bring you, in our seventh year, the seven deadly sins of the mortgage market - and nobody comes away innocent.

  • SLS extension branded the 'madness' of Mervyn King

    1 Oct 2008

    Bank of England governor Mervyn King's U-turn on the Special Liquidity Scheme - he has extended it for three months into the new year - has come under fire from Peter Williams, executive director of the Intermediary Mortgage Lenders Association.

  • SLS launches introducer portal

    29 Sep 2008

    Southampton based master broker Secured Loan Services has launched an introducer portal and underwriting system for its brokers.

  • Small firms feel the pinch too

    1 Oct 2008

    The past few months have seen a steady flow of redundancy ann-ouncements from major housebuilders and financial services companies affected by the credit crunch, such as mortgage lenders and credit card issuers.

  • Spanish move may see sourcing merger

    29 Sep 2008

    Banco Santander's take-over of Alliance & Leicester could lead to the merging of Trigold and Mortgage Brain, it has emerged.

  • Staff training vital to business success

    29 Sep 2008

    Any analyst worth their salt will tell you that good leadership can make or break a company. Recent events have brought into sharp focus the fact that strong leadership is even more critical in turbulent times and has a particular relevance for those in the mortgage industry.

  • Stay in shape for the future

    1 Oct 2008

    I'm getting old. I have meetings with bright people, look around the room and notice I'm the oldest person present. This is not only depressing but also worrisome as I think it behoves those who run firms to be students of history - especially the history of their own sector. One of the most-heard quotes is 'History has to repeat itself because nobody ever listens' and one of the roles a good trade body plays is to provide a sort of race memory - to be able to call on collective insight ...

  • SYH Charterhouse relaunches as equity release specialist

    29 Sep 2008

    SYH Charterhouse has relaunched as an equity release specialist and can now advise on equity release products as well as provide them.

  • Targeted intervention is the key

    1 Oct 2008

    There can be only one topic with which to launch a new column headed 'The real issue' and that is US Treasury secretary Henry Paulson's audacious plan to spend up to $700bn of taxpayers' money to confront the problems in global financial markets.

  • The financial animals went into the Ark, two by two

    1 Oct 2008

    As I checked the newspapers on Monday September 8 the story of Noah and the Ark sprang to mind. Remember how the animals went in two by two?

  • The government seems to be finally waking up

    29 Sep 2008

    The last couple of weeks in the financial markets have been the most volatile in living memory.

  • The harder you work the luckier you become

    29 Sep 2008

    It was a week when the unthinkable happened. If you'd asked me a week ago which lenders I'd have described as sound I would certainly have mentioned HBOS.

  • The month at a glance

    1 Oct 2008

    Monday September 1 should have been designated National Anticipation Day, with the country's attention focused on what Prime Minister Gordon Brown and his government might announce on the morrow to save beleaguered home owners - and the PM's political bacon.

  • They can't all be right

    1 Oct 2008

    Isn't it fascinating how politicians, the press and industry commentators can express widely differing opinions yet all somehow be right?

  • Title changes with the times

    1 Oct 2008

    In uncertain times, lenders give much more weight to risk and risk avoidance so it is no surprise that in the midst of the credit crunch, lenders are looking to protect themselves in any way possible. One such way is through title insurance.

  • Tories plan to monitor UK debt

    29 Sep 2008

    The Conservative Party has unveiled its proposals for overcoming the current financial crisis which include giving the Bank of England more power to monitor the country’s debt.

  • Total net lending falls to £1.4bn

    29 Sep 2008

    Total net lending to individuals has fallen significantly from £4bn in July to £1.4bn in August, data from the Bank of England reveals.

  • Treasury may buy toxic assets

    29 Sep 2008

    The Treasury is refusing to rule out buying and ring-fencing toxic mortgage assets to stave off further losses from the credit crunch.

  • Tyser Greenwood expands into commercial arena

    1 Oct 2008

    National chartered surveyors Tyser Greenwood Surveyors have launched a commercial department.

  • UBS cuts 2,000 jobs

    3 Oct 2008

    UBS is cutting a further 2,000 jobs this week bringing the job loss toll to 6,000 since Q3 2007.

  • UBS sheds 2,000 jobs

    3 Oct 2008

    UBS is cutting a further 2,000 jobs this week bringing the job loss toll to 6,000 since Q3 2007.

  • UK asking prices fall 9%, says RICS

    29 Sep 2008

    The average UK asking price has fallen 9%, reveals a report from the Royal Institution of Chartered Surveyors.

  • Unified body in prospect as PMPA bows out

    29 Sep 2008

    Packagers are a step closer to having a single trade body after the Professional Mortgage Packagers Alliance announced its decision to leave the market last week.

  • Up and down

    29 Sep 2008

    Mole had to stifle his laughter last week after receiving a frantic call from Lending Strategy editor John Murray.

  • US bailout rejected

    30 Sep 2008

    The US House of Representatives voted against the $700bn rescue plan that was set to save the US from recession.

  • US votes against $700bn rescue plan

    30 Sep 2008

    The US House of Representatives have voted against the $700bn rescue plan that was set to save the US from recession.

  • Waterways could take the heat out of London

    29 Sep 2008

    My office is in the Marylebone area of London directly opposite the studios of BBC Greater London Radio, so it's not uncommon to see celebrities popping in and out to be interviewed.

  • We need appropriate regulation, says AMI

    3 Oct 2008

    The Association of Mortgage Intermediaries is warning that government intervention in the mortgage market needs to be balanced with appropriate regulation.

  • We'll top fees, says Equity Advice

    29 Sep 2008

    Equity Advice is waging war on rivals with a deal that promises to beat all other proc fees by 100.

  • What's next for mutuals?

    1 Oct 2008

    A year after the credit crunch began, the announcement of The Derbyshire and The Cheshire's mergers with Nationwide has increased interest in building societies' financial performance. Ironically, until these announcements, societies appeared to have weathered the storm comparatively well. By contrast, the impact of the turbulence in financial markets on banks in the past year is all too apparent, with profit warnings, rights issues and in one case, failure.

  • Wind of change for mutuals

    1 Oct 2008

    Nationwide's recent move to take over The Derbyshire and The Cheshire building societies is the latest symptom of the credit crunch in the mortgage market. Between them, the smaller societies had racked up a total of £27.5m in losses in the first half of 2007, and the deal could be said to have effectively saved them from collapse.

  • World is poised for US Senate vote

    1 Oct 2008

    Investors and policymakers across the globe are waiting with bated breath for the US Senate to vote tonight on a revised version of the American bailout plan.

  • Worries about unemployment are boosting demand for PPI

    29 Sep 2008

    Job uncertainty caused by the credit crunch is bolstering demand for payment protection insurance.

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