Mortgage Strategy
3 August 2009

  • 60 Seconds With... John Heron

    3 Aug 2009

    John Heron, managing director, Paragon Mortgages

  • Abbey and A&L snatch 16% of gross lending

    3 Aug 2009

    Abbey and Alliance & Leicester took more than 16% of the gross mortgage lending market in the first half of this year, making them collectively the second biggest mortgage bank in the UK.

  • Abbey's appalling service led to my case dragging on

    3 Aug 2009

    I agree with Steve McGill's comments in the last issue regarding Abbey (Mortgage Strategy Letters July 27).

  • AFB launches secured loan survey

    3 Aug 2009

    The Association of Finance Brokers has launched the largest ever survey of the secured loan broking community.

  • AMI does not need a working party to lobby on broker fees

    3 Aug 2009

    I was intrigued to learn that the Association of Mortgage Intermediaries is setting up a working party in the Financial Services Authority's review and am curious about why it needs one.

  • AMI stays away from online petition against dual pricing

    3 Aug 2009

    The Association of Mortgage Intermediaries has yet to throw its weight behind an online petition on the Downing Street website opposing dual pricing.

  • Assurant Intermediary offers commission promise

    4 Aug 2009

    Assurant Intermediary has written the payment of trail/renewal commission into its contracts.

  • B&B causes buy-to-let arrears rise

    5 Aug 2009

    The performance of UK buy-to-let loans between April and June has been dragged down by assets from Bradford & Bingley, says Moody’s Investors Service.

  • Bank extends QE plan to £175bn

    6 Aug 2009

    The Bank of England’s Monetary Policy Committee has kept base rate at 0.5% for the fifth month in a row, and extended its programme of quantitative easing to £175bn.

  • Banks stuck in the muddle

    3 Aug 2009

    Chancellor Alistair Darling has read the riot act to banks, telling them to lend more to small firms. To his credit, Darling says he is concerned that small businesses could be paying too much for loans.

  • Barclays posts profits of just under £3bn

    3 Aug 2009

    Barclays, the parent of Woolwich, has reported pre-tax profits of £2.98bn for the six months to June 30 2009.

  • Barclays sees profits of almost £3bn

    3 Aug 2009

    Barclays, the parent of Woolwich, has reported pre-tax profits of £2.98bn for the six months to June 30 2009.

  • Benign conditions often hide fraudulent activities

    3 Aug 2009

    In his column in the July 27 issue of Mortgage Strategy Kevin Paterson, sales and marketing director at Assurant Intermediary, questions whether the rise in fraud is reality or perception.

  • Beware illegal rent-back firms, warns Shelter

    3 Aug 2009

    Shelter has warned home owners considering sale-and-rent-back to ensure the company is regulated before committing to the sale.

  • Bolton and Pritchard launch firm

    3 Aug 2009

    Michael Bolton, former chief executive of edeus, and Terry Pritchard, former director of packaging at edeus, have set up equity release firm Charterhouse Retirement Solutions.

  • Borrowers locking in to longer-term fixes

    4 Aug 2009

    Borrowers are increasingly turning to longer-term fixed rate deals of between three and five years to protect themselves from potential rate rises.

  • Brush up on your product knowledge

    3 Aug 2009

    Two stories caught my attention recently. One reminded landlords that they had until August 1 to get the necessary permissions to trade in the sale-and-rent-back market.

  • Bygones

    4 Aug 2009

    It seems to me that we are entering a crucial phase in our personal and economical development after the seemingly cataclysmic events of the past couple of years.

  • Call for lenders to rethink underwriting methods

    3 Aug 2009

    Email Mortgages has called on lenders to rethink their underwriting methodology, saying many appear to be trying to find ways to decline loans.

  • Cash withdrawal

    3 Aug 2009

    In tough times accuracy and due diligence count for a lot so Mole is pleased to see Barclays being extra careful with its figures.

  • Chelsea chief executive to step down

    7 Aug 2009

    Chelsea Building Society chief executive Richard Hornbrook is to step down from his role by mutual agreement at the end of August.

  • Clients don't see the point of switching

    3 Aug 2009

    Recent figures from the Council of Mortgage Lenders highlight the fact that the volume of gross mortgage lending increased by 17% in June compared with May.

  • Clients' income lies are not flagged up as fraud

    3 Aug 2009

    Many lenders' mortgage fraud statistics do not include applications in which borrowers have lied about their income, a fraud expert has revealed.

  • Concern over big investors getting involved in private rental sector

    3 Aug 2009

    The National Landlords Association has flagged up concerns about Aviva's plans to inject institutional investment into the private rental sector.

  • Connells to work with Bank of China broker arm

    6 Aug 2009

    Connells Survey & Valuation is to provide residential valuations for the broker channel of Bank of China (UK).

  • Co-op merger to benefit 35,000 Britiannia SVR borrowers

    3 Aug 2009

    35,000 Britannia borrowers on its SVR will see an immediate benefit from the completion of its merger with Co-operative Financial Services as they see their rate fall from 4.49% to 4.24%.

  • Credit card crisis looms for the UK

    3 Aug 2009

    Europe is heading for a credit card crisis and the UK could be among the hardest hit, the International Monetary Fund has warned.

  • CreditExpert ad deemed misleading

    5 Aug 2009

    CreditExpert has been forced to change one of its advertisements following a ruling by the Advertising Standards Authority that it was misleading.

  • Crime wave

    3 Aug 2009

    A significant amount of mortgage fraud is coming to light in the recession and the FSA is ramping up the pressure, but there are several things brokers can do to avoid being unwittingly drawn into the net of criminality

  • Debt firm may pursue Network Data directors

    3 Aug 2009

    A debt recovery firm is working on behalf of former Network Data appointed representatives to recover commission they are owed and is building a case to claim outstanding amounts from the personal assets of directors.

  • Declining home ownership may affect aspirations

    3 Aug 2009

    I was intrigued to read on Mortgage Strategy Online on July 22 about the launch of the Joseph Rowntree Foundation's Housing Market Taskforce.

  • Don't be put off by Which? findings

    3 Aug 2009

    If you've read the media stories about the equity release industry in the wake of the recent Which? report you'll be thinking twice before having anything to do with it.

  • Don't let high street names off the blame hook

    3 Aug 2009

    Mainstream lenders seem to be hoping everyone will forget they dominated the specialist lending market

  • EDGE Secured launched

    3 Aug 2009

    The EDGE mortgage system has launched EDGE Secured, which provides a sourcing and online application functionality for all second charge loans.

  • Exact boss calls on trade bodies to help specialists

    3 Aug 2009

    Trade bodies have been urged to offer more help to the specialist mortgage sector.

  • Exact spruces up its online appearance

    3 Aug 2009

    Exact has given its website a fresh coat of paint. The new-look site reveals each aspect of the business in detail, including its Intelligent Mortgage Servicing platform.

  • Fahim Antoniades quits Quantum

    5 Aug 2009

    Fahim Antoniades has resigned as a partner of Quantum Money.

  • FSA bans adviser for failing to pay fees

    3 Aug 2009

    The Financial Services Authority has cancelled the permission of Richard Blackwood, trading as Meridian Loan Consultants, for failure to pay fees.

  • FSA bans Cornwall mortgage broker for fraud

    3 Aug 2009

    The Financial Services Authority has banned Cornwall mortgage broker Stephen Sanders for submitting at least three mortgage applications on behalf of customers which he knew contained false and misleading income information.

  • FSA bans Newcastle Home Loans and directors

    4 Aug 2009

    The Financial Services Authority has banned mortgage brokerage Newcastle Home Loans from carrying out regulated mortgage activities for submitting false information in mortgage applications.

  • FSA issues warning over insurance firm

    4 Aug 2009

    The Financial Services Authority has issued a consumer warning about Jeffery Flanders Consulting Limited, a firm of insurance brokers and intermediaries in Billingshurst, West Sussex.

  • FSA must focus on true endowment mis-selling culprits

    3 Aug 2009

    I would like to highlight the continuing scandal of the FSA and endowment mis-selling.

  • FSCS hits lenders with £406m levy

    3 Aug 2009

    Banks, building societies and credit unions will have to pay £406m as a contribution to the cost of five bank defaults in 2008.

  • Funding issues are holding back equity release sector, says SHIP

    3 Aug 2009

    Funding for equity release des-perately needs to be freed up for the sector to grow.

  • George Patellis returns to UK mortgage market

    6 Aug 2009

    Former joint managing director of Preferred Mortgages George Patellis has returned to the UK mortgage market with a consultancy role at bridging company Tiuta.

  • Gold rush

    3 Aug 2009

    We already have Tupperware parties and, for slightly more risqu?onsumers, Ann Summers parties so it wasnt going to be long before someone came up with a new take on the party idea.

  • Help first-timers keep their homes

    3 Aug 2009

    With hefty deposits required and mortgage lending tight it should be harder than ever for first-time buyers to get on the property ladder.

  • Helping small brokers see the TCF light

    3 Aug 2009

    Roadshows and face-to-face assessments are just two of the ways the FSA ensures small firms treat clients fairly

  • House prices increase 1.1% in July

    5 Aug 2009

    House prices increased by 1.1% in July, shows the latest Halifax House Price Index.

  • Household aids that shaped our modern life

    3 Aug 2009

    Many of the domestic appliances we take for granted today have a longer history than is popularly known

  • HSBC's mortgage market share jumps to 9.5%

    3 Aug 2009

    HSBC has grown its share of the UK mortgage market to 9.5% for the first half of the year following its £15bn pledge for new mortgage lending.

  • IFA firm aims for peak fitness

    3 Aug 2009

    Hampshire-based IFA firm Chadney Bulgin is gearing up to take part in the Invesco Perpetual 24 Peak Challenge to raise money for The Mitchemp Trust, a charity that champions outdoor adventures for vulnerable young people.

  • Insolvency Service sees surge in cases

    7 Aug 2009

    The number of personal insolvencies has hit 33,073 between April and June, the Insolvency Service has revealed.

  • Just Retirement saw sales go up 17%in last quarter

    3 Aug 2009

    Just Retirement completed £43.7m worth of equity release mortgages in Q4 2008/09 - an increase of 17% compared with Q3.

  • L&E announces new title insurance provider

    3 Aug 2009

    London & European has signed a deal with Hannover Re subsidiary Inter Hannover for the firm to be the exclusive provider of L&E’s title insurance.

  • L&G mortgage network in profit

    4 Aug 2009

    Legal & General’s housing business, including the insurer’s mortgage network L&G Partnership Services, has posted an operating profit of £7m for the first six months of the year.

  • Land Registry fee hike is unjustified

    3 Aug 2009

    When the Land Registry increased its fees by an average of 25% recently it justified the hike by saying this was the only way it could cover its costs following the downturn in the property market and the continuing economic slump.

  • Lenders will steer clear of sub-prime

    3 Aug 2009

    There are many reasons behind the stagnation being experienced by the mortgage market.

  • Lloyds Banking Group reports £4bn loss

    5 Aug 2009

    Lloyds Banking Group has posted a pro-forma loss of £4bn for the first six months to June 30.

  • Market watch 03 August 2009

    3 Aug 2009

    Despite what lender trade bodies may say I’m surethe margins on lending for those with ready accessto funds are pretty healthy at the moment

  • Media Spotlight: Animal Spirits by George Akerlof and Robert Shiller

    3 Aug 2009

    Animal Spirits by George Akerlof and Robert Shiller takes its title from a phrase coined by John Maynard Keynes in his 1936 book The General Theory Of Employment, Interest And Money to describe the impact of psychology on the economy.

  • Mortgage Brain set to unveil £3m system

    3 Aug 2009

    Mortgage Brain has spent around £3m creating a sourcing system which will allow brokers to work both offline and online.

  • Mortgage Brain teams up with debt firm

    6 Aug 2009

    Debt management firm ClearStart Partnerships has partnered with Mortgage Brain to give brokers free access to debt assessment and referral services.

  • Mortgage lending up by £5.7bn

    4 Aug 2009

    Figures from the Bank of England show mortgage lending increase by £5.7bn in Q2 2009.

  • Mortgageforce tie-up boosts its Scottish presence

    3 Aug 2009

    Mortgageforce has joined forces with MoneyQuest co-founder Derek Pollard to launch Mortgageforce Scotland.

  • MPs cool on idea of product rules

    3 Aug 2009

    The Treasury Select Committee has warned that product regulation could limit the legitimate use of certain products.

  • Nationwide cuts mortgage rates

    3 Aug 2009

    Nationwide is cutting the price of many of its fixed and tracker rate mortgages by up to 0.50% and introducing a £99 non-refundable booking fee.

  • Nationwide SVR will curb profits

    3 Aug 2009

    Nationwide has admitted its low SVR will hit profits, echoing a warning by Standard & Poor's last week.

  • Negative equity could last five more years

    3 Aug 2009

    Home owners that bought at the peak of the market are likely to remain in negative equity for the next five years, according to the National Housing Federation.

  • Northern Rock reports losses of £724.2m

    4 Aug 2009

    Northern Rock has revealed its half year results for the six months ended 30 June 2009, showing a statutory loss before tax of £724.2m and rising arrears levels.

  • Northern Rock reveals £724.2m loss

    4 Aug 2009

    Northern Rock has revealed its half year results for the six months ended 30 June 2009, showing a statutory loss before tax of £724.2m and rising arrears levels.

  • Online system for second charge loans unveiled

    3 Aug 2009

    The Edge mortgage system has launched Edge Secured to provide a sourcing and online application system for second charge loans.

  • Osborne endorses mutual principles

    3 Aug 2009

    On the surface the recent Tory White Paper on banking regulation appears to have little significance for the building society community.

  • Phil Jenks joins Exact as non-exec director

    6 Aug 2009

    Phil Jenks has been appointed non-executive director at asset management group Exact.

  • Phoebus Software teams up with Exact

    3 Aug 2009

    Phoebus Software will supply Exact with the IT platform for its newly launched Intelligent Mortgage Servicing system.

  • Phoebus Software wins Exact contract

    3 Aug 2009

    Phoebus Software will supply Exact with the IT platform for its newly launched Intelligent Mortgage Servicing system.

  • Platform unveils online case tracking system

    3 Aug 2009

    Platform has launched Clicktrack, an online case tracking system that allows brokers to access real-time information on applications.

  • Play the property market without buying a house

    3 Aug 2009

    Binary betting website CityOdds has launched a service that allows consumers to take a punt on the housing market without having to buy a home.

  • PMS palaver

    3 Aug 2009

    There was some confusion last week when Mortgage Strategy revealed that PMS is set to visit Northern Ireland to host its second roadshow there, featuring a debate on how the mortgage market will look in the future.

  • PMS to host roadshow in NI next month

    3 Aug 2009

    PMS is returning to Northern Ireland to host its second roadshow there this year on September 9 at the Ramada Belfast Hotel.

  • Poor Love

    3 Aug 2009

    Money worries are a common cause of break-ups and divorces. When economic times are hard relationships can come under strain and when the pressure gets too much, couples end up going their separate ways.

  • Product numbers on the rise

    5 Aug 2009

    The number of available mortgage products for brokers has gone up for the first time in three months, reveal figures from Mortgage Brain.

  • Property bargains may come at a price

    3 Aug 2009

    If there's one thing we love in this country it's a bargain. Supermarkets have been doing a roaring trade in the recession with discount ranges and the car scrappage scheme has slowed the decline in sales.

  • Property Ombudsman extends remit to HIP providers

    5 Aug 2009

    The Property Ombudsman service will now handle more complaints relating to estate agents, Home Information Packs, and searches.

  • PTFS calls time on its loans arm

    3 Aug 2009

    Personal Touch Financial Services is closing its secured loans operation Needaloan.co.uk.

  • PTFS closes Needaloan.co.uk

    3 Aug 2009

    Personal Touch Financial Services is closing its secured loan business Needaloan.co.uk

  • RBS downplays return to profit

    7 Aug 2009

    Royal Bank of Scotland has posted a pre-tax profit of £15m for the first half of the year.

  • RBSIP event will focus on diversification

    3 Aug 2009

    Diversification will be the focus of Royal Bank of Scotland Intermediary Partners' next Partners Forum. The event, to be held in Sunderland on September 2, will include speeches by Grenville Turner, group chief executive of Countrywide, and Martin Reynolds, development director at PMS.

  • Rental arrears climb but landlords still optimistic about next quarter

    3 Aug 2009

    The number of landlords with rental arrears has jumped from 18% to 30% in the past 18 months.

  • Rent-back firms succumb under OFT pressure

    3 Aug 2009

    Twelve firms offering sale-and-rent-back services have agreed to change their advertisements or shut their websites following a challenge by the Office of Fair Trading.

  • RICS upbeat on house prices for 2009

    6 Aug 2009

    The Royal Institution of Chartered Surveyors has retracted its forecast of house price falls by up to 15% this year, but warns that prices may drop back again in 2010.

  • Rightmove launches iPhone application

    4 Aug 2009

    Rightmove has launched an application for the iPhone which allows prospective buyers to search for property on the move.

  • Rise in landlord rental arrears

    4 Aug 2009

    Some 30% of landlords have experienced rental arrears in the last year, according to research from Business Development Research Consultants.

  • Rising mortgage approvals fail to steer net lending out of doldrums

    3 Aug 2009

    A rise in mortgage approvals has failed to disguise the depressed level of net mortgage lending revealed in latest statistics from the Bank of England.

  • Santander downgraded over Spanish concerns

    3 Aug 2009

    Moody's last week downgraded Santander's senior debt and deposit rating to Aa2 from Aa1 and lowered its bank financial strength rating to B- from B. The ratings agency says the downgrade indicates its concern about the deterioration of the Spanish economy.

  • Scottish Provident teams up with True Potential

    3 Aug 2009

    Protection provider Scottish Provident has upgraded its quote and apply functionality for True Potential users.

  • Skipton foresees a profitable year

    3 Aug 2009

    Skipton has reported pre-tax profits of £17m for the six months to June and says it is confident it will see an increased profit at year-end.

  • Skipton introduces new SVR floor

    5 Aug 2009

    Skipton Building Society has introduced a floor of 4.5% on its SVR for new mortgages with effect from August 3.

  • Some things that just don’t add up

    4 Aug 2009

    Santander’s first half results, which showed a 30% leap in Abbey’s profits and a 5% increase in mortgage lending, offer an intriguing benchmark for Barclays and HSBC, which reported on Monday, Lloyds Banking Group which reports on Wednesday, and Royal Bank of Scotland which reports on Friday.

  • Standard & Poor's corrects Yorkshire rating

    3 Aug 2009

    Standard & Poor's has corrected an error related to its ratings on subordinated debt issued by Yorkshire Building Society.Following the downgrade of Yorkshire on July 27, 2009, the subordinated debt ratings should have been lowered to 'BBB+' from 'A-', but due to an administrative error this did not occur.It has today lowered the ratings to 'BBB+'.

  • Standard & Poor's corrects Yorkshire rating

    3 Aug 2009

    Standard & Poor's has corrected an error related to its ratings on subordinated debt issued by Yorkshire Building Society.

  • Taxing problems of overseas purchases

    3 Aug 2009

    Whether they buy a home in the sun or snow for a holiday, retirement or investment purpose there are financial implications for clients to consider.

  • Taylor Wimpey optimistic despite losses

    5 Aug 2009

    House builder Taylor Wimpey has made a loss of £682m for the six months to June 30, but says that trading conditions have improved significantly this year.

  • The not-so magnificent seven

    3 Aug 2009

    It was a case of better late than never when news broke last week that the bosses of the Treasury Seven - the seven banks actually lending - had been summoned to see chancellor Alistair Darling to explain why they weren't coughing up cash for consumers.

  • This month's decision: hold

    3 Aug 2009

    The GE Money Home Lending Shadow Monetary Policy Committee votes to hold the base rate again this month as high unemployment continues to exert downward pressure on inflation

  • Time to finish off lame duck HIPs

    3 Aug 2009

    The argument surrounding Home Information Packs has resurfaced, with shadow housing minister Graham Sharp calling for their suspension to encourage more properties onto the market - a plea endorsed by the National Association of Estate Agents.

  • TMW's service has been exceptional in recent weeks

    3 Aug 2009

    Brokers are right to complain when lenders do not provide the service they expect and my last letter on the subject, in the May 11 issue of Mortgage Strategy, resulted in a missed opportunity for lenders to comment on this as it got only one response.

  • Tread carefully into debt advice

    3 Aug 2009

    In the past few months I have been deluged with calls from companies wanting to talk about developing their debt management capabilities.

  • TrigoldCrystal builds equity release platform

    3 Aug 2009

    TrigoldCrystal is developing an equity release sourcing system with the backing of big providers that will help brokers gain a foothold in the sector.

  • UK retains Fitch AAA rating

    3 Aug 2009

    The UK has held on to its ‘AAA’ sovereign ratings from Fitch Ratings despite massive projected increases to public debt.

  • US may show us the way

    3 Aug 2009

    The credit crunch started in California but the US is now showing strong signs of recovery on the housing front. Could it also be showing us the way out of our own quagmire?

  • Viva Costa will provide overseas deals for Ingard

    3 Aug 2009

    Viva Costa International Mortgages has been appointed by Ingard to provide overseas mortgages.

  • We can be heroes in the war on fraud

    3 Aug 2009

    Recent figures from KPMG suggest that financial fraud has reached record proportions and that mortgage fraud in particular is continuing to rise.

  • We could be stuffed next time around

    3 Aug 2009

    This country has traditionally been a hotbed of entrepreneurial activity and job creation. Indeed, even the current crisis has seen many firms in the financial services sector effectively reinvent themselves, be they lenders, distribution companies, mortgage packagers, brokers or IFAs.

  • West Bromwich chairman to step down from role

    3 Aug 2009

    Brian Woods-Scawen is to step down as chairman of West Bromwich once a replacement is found.

  • Where there's a will there's an opportunity

    3 Aug 2009

    Brokers can boost their income with wills and trusts either by doing the job themselves or referring them on

  • Which? findings show that legal back-up is crucial

    3 Aug 2009

    The recent mystery shopping exercise by Which? highlights the importance of having specialist legal support in the field of equity release.

  • Whole foods chief exec has Ratner moment

    6 Aug 2009

    The headline of the lead story in yesterday;s Evening Standard was ’We sell junk says boss of organic stores’.

  • Witch switch

    3 Aug 2009

    Mole has been advocating diversification since the credit crunch began. With business levels down, those in the financial sector need as many income streams as they can get.

  • Woolwich increases LTV on offset and tracker deals

    6 Aug 2009

    Woolwich is increasing its LTV on offset and tracker products from 60% to 70% and introducing a three-year fixed rate deal at 85% LTV.

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