Mortgage Strategy
3 September 2007

  • Space for Satellites

    7 Sep 2007

    Complete Mortgage and Loan Services is holding an event for its satellite packagers and brokers looking to become satellite packagers. It will take place on September 21 at Newbury Races There will be presentations by db mortgages, GMAC-RFC, Kensington and Rooftop. To register, visit Complete's website: www.cmls.co.uk.

  • 5D launches in Scotland

    5 Sep 2007

    5D Finance, the specialist commercial mortgage lender, is to launch in Scotland.

  • A place in the sun

    3 Sep 2007

    Brits' love affair with overseas property continues, but emerging markets such as Turkey are rivalling old favourites like Spain, says Simon Conn

  • A summer of frustration for all

    7 Sep 2007

    We have seen the buy-to-let market's favourite club products being tweaked upwards. BM Solutions increased its 4.99% buy-to-let tracker rates with large arrangement fees available through Legal & General Mortgage Club and Pink by 0.20%, so the pay rate is now 5.19%. The L&G product is a two-year tracker with a £2,499 fee and the Pink rate is a three-year tracker with a £2,999 fee. Both are available to 85% with 100% rental calculation at the pay rate.

  • A&L raises rates on prime self-cert and near prime deals

    3 Sep 2007

    Alliance and Leicester has increased rates on its prime self-cert and near prime deals.

  • A&L says it has no exposure to US sub-prime market

    4 Sep 2007

    Alliance & Leicester has reassured the market that it has no direct exposure to the US sub-prime lending market.

  • ABI rejects gay discrimination

    3 Sep 2007

    The Association of British Insurers has proposed axing insurers' exemptions from sexual orientation regulations. It says insurance firms see no need to differentiate between civil partnerships and married couples for insurance purposes.

  • Accuracy is power of Gravity

    7 Sep 2007

    A new sourcing system claims to have solved the problem of ensuring that data from lenders are always accurate to give precise end results. It also allows users to see why a product was refused and even lists offerings close to their stipulated criteria that could save them money

  • Advantage goes online-only

    3 Sep 2007

    Advantage has revealed that all new mortgage applications must be submitted online from September via its online e:lect system.

  • Advantage joins em- panel

    4 Sep 2007

    Mortgage packager em- has appointed Advantage to its panel.

  • Advantage says more brokers tap into BTL

    6 Sep 2007

    Advantage has reported a rapid rise in the number of brokers tapping into buy-to-let as a sustainable revenue stream.

  • Advantage unveils rate changes

    3 Sep 2007

    Advantage has unveiled several rate changes, including a 1% increase across its ADV sub-prime range which now starts from 5.34%.

  • Affordability 350% worse since 1996, says RICS

    5 Sep 2007

    The Royal Institute of Chartered Surveyors has found that the cost of becoming a home owner in Great Britain deteriorated by 8.4% in the year to Q2 2007 - has worsened by around 350% since the most accessible point in 1996.

  • AfI boss slams risky B2L deals

    3 Sep 2007

    Abbey for Intermediaries' managing director Ricky Okey has slammed buy-to-let loans with a combination of 95% LTV and 95% rental calculations as be-ing suicidal.

  • Are lenders trying to tie our hands?

    7 Sep 2007

    There are increasing signs that lenders see buying into the distribution network as an easy way of boosting their profits. But will it also mean them seeking to ensure that new business flows mostly their way?

  • Assetz rectuits Seed to head up development

    7 Sep 2007

    Assetz has appointed Patrick Seed as development director to oversee the company's development strategy.

  • Association of Mortgage Packagers and Distributors: Packagers show value in

    7 Sep 2007

    The biggest challenge to hit the sub-prime market so far has raised questions about the long-term commitment of lenders in the sector, many of which are foreign owned. But the crisis also shows how vital packagers have been in softening the blow that lenders have suffered

  • Atkins resigns from PMS

    7 Sep 2007

    Steve Atkins has resigned unexpectedly as head of Premier Mortgage Services.

  • August confirms inflation slump, says Halifax

    5 Sep 2007

    Trends in August confirmed house price inflation is slowing, the Halifax house price index reveals.

  • Average first-timer mortgage up 173%

    3 Sep 2007

    The average first-time buyer mortgage has increased by 173.6% in 10 years, Mform.co.uk reveals.

  • Bank of England likely to hold fast

    3 Sep 2007

    The Bank of England is likely to leave rates unchanged this week, a Reuters survey says.

  • Bank of mum and dad can only take us so far

    3 Sep 2007

    The recent news that parents on average are paying £21,314 to help their children get on the property ladder should not be earth-shattering for the industry.

  • Barclays dismisses financial exposure fears

    3 Sep 2007

    The boss of Barclays investment division has dismissed fears that the credit crunch has left the bank dangerously exposed.

  • Barclays owns up to BoE loan

    3 Sep 2007

    Barclays has admitted to borrowing hundreds of millions of pounds from the Bank of England. The lender says the loan was needed to cope with a breakdown in the UK clearing system and denies it will be used to deal with liquidity problems.

  • Barclays' US arm cuts staff

    3 Sep 2007

    EquiFirst Corporation of North Carolina, the US sub-prime lending arm of Barclays, cut half its workforce last week, industry sources say.

  • Barry Searle to exit GMAC-RFC

    4 Sep 2007

    GMAC-RFC has revealed that managing director of operations Barry Searle will be leaving the company to pursue alternative opportunities.

  • Belfast Expo to tap into Northern Ireland market

    3 Sep 2007

    The Mortgage Business Expo is spreading its wings and embarking on its first Northern Irish event, to be held in Belfast on January 30 next year.

  • BoE freezes rates at 5.75%

    6 Sep 2007

    The Bank of England’s Monetary Policy Committee has voted to freeze interest rates at 5.75% for September.

  • BoE moves to help banks

    5 Sep 2007

    The Bank of England has moved ease the credit crunch by revealing it is prepared to increase the amount that banks can deposit with it by a further 25% if the money markets do not ease.

  • Boris Johnson promises affordable London housing

    4 Sep 2007

    Boris Johnson yesterday launched his campaign for mayor of London promising to lower the bottom rung of the housing ladder.

  • Borrowers face a portable problem

    3 Sep 2007

    Many lenders are failing to highlight the fact that certain fixed rate mortgages may not be portable when a borrower moves home after changing employment status, says Katie Tucker

  • Borrowers facing £200 a month payment shock, warns Nationwide

    5 Sep 2007

    Over 250,000 borrowers whose two year fixed rate mortgage mature between October and December 2007 are likely to see their average monthly payments increase by around £200 per month, Nationwide warns.

  • Brokers benefit from B2L boom

    3 Sep 2007

    Research from Paragon Mortgages shows brokers have been enjoying increased business from the buy-to-let sector. Strong tenant demand on the back of weakness in the wider housing market has led to rental income accelerating. Over the past year, rents are up 5% but most of that growth has been seen in the past three months, with a 3.04% rise.

  • Brokers see automated underwriting future

    3 Sep 2007

    A whopping 89% of brokers believe automated underwriting is the future, a report from Alliance & Leicester reveals.

  • Brokers sell two in three mortgages

    3 Sep 2007

    Brokers now sell two in three mortgages, research conducted by Network Data for Mortgage Strategy reveals.

  • Brokers should think about offering clients secured loans

    3 Sep 2007

    I was dismissive of secured loans until recently, so what has made me look more closely at them?

  • BuildStore helps brokers sell its deals

    3 Sep 2007

    Regular readers will know that I often encourage product providers to help their distributors sell particular products and extol the virtues of those that do.

  • Bush reacts to sub-prime crisis

    3 Sep 2007

    US President George Bush has unveiled an action plan to help home owners hit by the sub-prime crisis to avoid foreclosure. Proposed measures include more accurate disclosure requirements and a broker registration system. He also called for the prosecution of predatory lenders, but rejected bailing out speculators. He says: "It's not the government's job to bail out speculators or those who bought a home they couldn't afford."

  • Buy-to-let curbs will take toll on landlords

    3 Sep 2007

    The past few weeks have been tough for the sub-prime market and, you might think, for the mortgage sector as a whole given the recent turbulence in the stock markets.

  • Casualties mount in tightening market

    7 Sep 2007

    The sub-prime credit crunch ensured the usually quiet month of August was anything but. And in the past couple of weeks a raft of lenders have either re-priced their sub-prime rates in response to rising concerns about securitisations and bad debts, or have tightened their criteria.

  • Centrepoint appoints BDM

    3 Sep 2007

    Centrepoint Insurance Services has made Carl Stacey business development manager for the South East.

  • Cheap websites for brokers

    3 Sep 2007

    A web design company is offering brokers the chance to establish an online presence and keep in touch with their clients.

  • Chiltern launches subscription service

    6 Sep 2007

    Chiltern is expanding its Taxline and VATline support services with a new subscription service - Taxline3D.

  • CHL Mortgages joins MBS lender panel

    4 Sep 2007

    CHL Mortgages has been appointed to the lender panel of mortgage network Mortgage Broker Services.

  • Click points to secured loan route

    3 Sep 2007

    Click says that some consumers should bypass redemption charges and opt for secured loans to free up capital before their fixed rate terms come to an end.

  • Clients aware of equity release

    3 Sep 2007

    Consumer awareness of equity release is higher than expected, says Retirement Plus. Its first independent research into the subject shows that 57.6% of clients had heard of equity release.

  • Clients will lose out if mutuals wither away

    3 Sep 2007

    The loss of another society brings up the question of how long mutuals will survive, because it would be a shame if they died out.

  • Complete holds event for potential satellite packagers

    4 Sep 2007

    Complete Mortgage and Loan Services is holding an event for its satellite packagers and broker firms interested in becoming satellite packagers.

  • Conditions are ripe for quality origination to capture market

    7 Sep 2007

    Tesco's success story in the UK retail market is a perfect illustration of distribution being king, writes Andy Pratt. And that adage is now true for the mortgage market, where quality-led distribution is poised to take off when the market recovers from effects of issues in the US

  • Connecting up for success

    7 Sep 2007

    As intermediaries continue to develop successful and cost efficient business models lenders are realising that by working closely with key distributors they can boost the scale of their own businesses and take advantage of the current shape of the market, writes Mike Allison

  • Consistent data on defaults needed

    3 Sep 2007

    The Information Commissioner's Office is urging lenders to adopt a consistent approach to filing loan defaults.

  • Co-op launches 25-year green deal

    3 Sep 2007

    The Co-operative is launching a 25-year fixed rate mortgage at 5.99% with a £499 application fee that offers annual donations to carbon offsetting firm Climate Care. Clients will also benefit from free home energy reports.

  • Cover

    3 Sep 2007

    From humble beginnings with a photocopier and a dream, Simon Nixon went on to launch website Moneysupermarket.com and is worth about 480m - not bad for a college dropout, says Robyn Hall

  • Credit crunch forces lenders to slash proc fees

    3 Sep 2007

    A sub-prime pundit has warned that incorrect pricing by lenders will result in re-duced proc fees hacking into brokers' margins.

  • Credit crunch timeline

    7 Sep 2007

    Aug 06: Bear Stearns co-president Warren Spector ousted over bad debt fiasco.

  • Crisis highlights value of MPPI

    7 Sep 2007

    In treating mortgage payment protection insurance as nothing more than a cash cow, providers have ignored its true value as a risk management tool that can protect both borrowers and lenders from the problems created by accident, sickness and unemployment.

  • CurriculumVitae: Ted York

    3 Sep 2007

    "I swapped a fantastic stamp collection for a chemistry set to try to make gunpowder when I was eight years old."

  • DB Mortgages makes new appointment

    3 Sep 2007

    DB Mortgages has appointed Louise Young to its account management team.

  • Dear Delia

    3 Sep 2007

    Dear Delia John and Elizabeth want to buy a three-storey townhouse worth £395,000. Together they earn more than £100,000 a year. They own a property valued at £400,000 and want to put down a £150,000 deposit. They plan to occupy the house in two to four years' time, renting it out in the meantime for £875 a month. They want a buy-to-let mortgage that accounts for their ability to pay the difference between the rent and the mortgage.

  • Depending on equity release for old age is foolhardy

    7 Sep 2007

    I noted with some concern the result of research by Motley Fool which finds that "one in four adults see rising house prices as a reason to cut pension contributions".

  • Deutsche's CEO slams banks' handling of sub-prime crisis

    3 Sep 2007

    Deutsche Bank’s CEO has hit out at other unnamed banks for their handling of the US sub-prime crisis. In an interview with the Handelsblatt newspaper, Joseph Ackermann said: “This has been, to put it as clearly as possible, a failure on the part of management at these financial institutions.”He added that some banks took risks that were disproportionate to their size, while investors relied too heavily on the judgement of credit rating agencies.

  • Deutsche's CEO urges investment banks to reveal lossess

    6 Sep 2007

    Deutsche Bank’s chief executive has urged investment banks to restore investor confidence by making a concerted effort to reveal the full extent of any losses arising from the credit market turmoil.In an interview with the Financial Times, Josef Ackermann said investors lack confidence in the financial markets and in the banking sector because they are uncertain of the size and location of the losses.

  • Direct flights to open up Bulgarian market

    3 Sep 2007

    Overseas property investors may soon be sizing up Sofia, after Easyjet announced it will run direct flights to the Bulgarian capital.

  • E2M urges buyers to demand envrionmental assessment

    3 Sep 2007

    Easier2move has urged brokers to advise their clients to demand environmental reports for any property they might consider purchasing.

  • Edeus modifies valuation process for satellite packagers

    7 Sep 2007

    Edeus has confirmed that it has changed its valuation process, meaning satellite packagers will have to instruct valuations via their principal packager.

  • Edeus to reprice with average rate rise of 0.65%

    5 Sep 2007

    Edeus has confirmed that it will be repricing its adverse range at midnight tonight with an average rate rise of around 0.65%.

  • em- announces roadshow dates

    3 Sep 2007

    Mortgage packager em- has revealed the dates for its Birmingham and Milton Keynes roundtable events.

  • Enterprise appointment

    3 Sep 2007

    Enterprise Partners has appointed Sarah Gillingham as head of operations, following growth in the firm's business volumes this year.

  • Enterprise extends fees free campaign

    5 Sep 2007

    Enterprise has announced the extension of its fees free ‘summer sensation’ campaign.

  • Enterprise launches draw for £30 000 worth of prizes

    4 Sep 2007

    Enterprise Finance has launched a free prize draw competition with prizes worth £30,000 - including a brand new Mini Cooper S.

  • Enterprise Partners to expand

    3 Sep 2007

    Enterprise Partners, the satellite packager arm of Enterprise Group, is to take another 1,000 square feet of space in its head office building in Edgware.

  • Equity release popular with divorcees

    3 Sep 2007

    One in eight people use equity release to fund divorce or buy out an ex-partner, analysis by Sagas equity release service has revealed.

  • Equity release providers join forces

    5 Sep 2007

    Equity release providers Bridgewater, Just Retirement and Stonehaven have joined forces to deliver a series of free seminars for financial advisers to help them grow their businesses. Starting in Bristol on September 26 and ending in Leeds on November 28, the half day forums will provide advisers with practical tools and information to start generating equity release leads immediately. The content will cover understanding the customer base, as well as providing advisers ...

  • Evaluate to deliver online trading platform to HSHL

    7 Sep 2007

    Evaluate Technologies has received its first contract to provide High Street Home Loans' online trading platform. Evaluate says it has attracted interest from several lenders from both the prime and sub-prime sectors and expects to make further announcements about contract wins shortly.

  • Exclusive Connections: Crisis will bring us all together

    7 Sep 2007

    The US-derived credit crunch is having an impact on everyone as they struggle to keep up to speed with changes - but one positive outcome will be to further improve the relationship between lender, packager and broker

  • Fake document websites could be hard to close

    3 Sep 2007

    The detective leading an investigation into mortgage fraud has admitted moves to shut down websites providing fraudulent documents could be stalled by their foreign locations.

  • Farr is appointed director of AMI

    3 Sep 2007

    The Association of Mortgage Intermediaries last week named Richard Farr, former head of marketing at Portman, as its new director.

  • Firm launches packager software

    3 Sep 2007

    MortgageStream is targeting packagers with PackageStream, its latest software processing system. The system is designed to help packagers manage their workflows more effectively.

  • FMS using PackageStream

    4 Sep 2007

    Finance & Mortgage Solutions has become the latest packager to sign up for the PackageStream Case Processing System from MortgageStream.

  • Freehold: Belt-tightening season ahead

    7 Sep 2007

    The problems in the US sub-prime market and their effects in the UK are combining with a slowdown of house price growth and the housing information pack debacle to raise the strong prospect that intermediaries are heading for an unaccustomed season of drought

  • Front-end plans need back-end IT

    3 Sep 2007

    A booming economy, rising house prices and low arrears spell dull times for people in mortgage servicing. But as rates and arrears have risen those responsible for managing the £1trillion of existing mortgages have to work harder.

  • FSA fines brokerage and CEO for PPI and remortgage failings

    6 Sep 2007

    The Financial Services Authority has fined Hadenglen Home Finance £133,000, and its chief executive £49,000, for inadequate systems and controls when recommending remortgages and payment protection insurance to customers.

  • FSA fines third firm 10,500

    3 Sep 2007

    The Financial Services Authority has fined another firm 10,500 for poor financial promotions and sales processes and failing to suitably manage its business.

  • FSA guidance on TCF gets curiouser and curiouser

    7 Sep 2007

    From Simon BurgessThere will have been gasps of relief in the mortgage industry following the Financial Services Authority's decision to publish guidance on treating customers fairly.

  • FSA juggernaut to crush commission

    3 Sep 2007

    Kevin Paterson takes a weekly look at the latest developments in the market and brings you what’s hot and what’s not in the world of mortgages

  • Full details on ADV2 loans released by Loans etc

    3 Sep 2007

    Loans etc has released full details of its exclusive range of loans funded by Morgan Stanley through ADV2.

  • GEMHL is no culprit

    7 Sep 2007

    Last month Mortgage Distributor reported GE Money Home Lending was one of the "faceless five" firms facing enforcement action by the Financial Services Authority for breaches in its selling practices in the sub-prime mortgage sector. The lender has asked us to point out the five firms facing enforcement action are intermediaries and in no way connected to the GEMHL.

  • GHL teams up with Moneyway

    3 Sep 2007

    GHL Group have underlined their aggressive growth plans with the appointment of Moneyway, formerly known as Secure Trust Bank, as a new packager partner.

  • Give clients a reason to come back

    3 Sep 2007

    The appalling weather we have experienced this summer and the disruption caused to thousands as floods swept through their homes is a salutary reminder of what matters most to clients - their families, their homes, their livelihoods and their health.

  • GMAC hires Wembley for TCF event

    3 Sep 2007

    GMAC-RFC is holding a Treating Customers Fairly conference for its packager partners at Wembley Stadium.

  • GMAC makes £1.1bn portfolio sale to B&B

    3 Sep 2007

    GMAC-RFC has made a £1.1bn portfolio sale to Bradford & Bingley following weeks of speculation over its funding. The deal comprises prime, self-cert and buy-to-let assets.

  • GMAC-RFC Partners promotes Gordon Rae

    3 Sep 2007

    GMAC-RFC Partners has promoted Gordon Rae to a new role as national partner manager. Rae will be responsible for the Partners sales team across the UK, working closely with them to provide coverage to our packaging distribution partners.

  • GMAC-RFC reports shorter offer times thanks to POS-O

    4 Sep 2007

    GMAC-RFC says that in the year since it first launched point of sale offers it has seen applications to offer and applications to completion timescales reduced significantly. The lenders says the use of POS-O technology has meant that the timeline for obtaining a mortgage offer has been reduced from weeks to an average of under four days. Julie Gaskin, corporate relations manager at GMAC-RFC, says: “Before we launched POS-O, we understood that speed of decision and offers ...

  • GMAC's Rae moves up

    7 Sep 2007

    GMAC-RFC Partners has announced the internal promotion of Gordon Rae to a new role as national partner manager. Rae will be responsible for the Partners sales team in the UK, working with it to provide coverage to the lender's distribution partners.

  • Go green and consumers will follow

    3 Sep 2007

    Despite a recent survey showing that consumers' environmental consciences do not yet stretch to financial products, US experience suggests that it pays to go green early, says Sally Laker

  • Godiva revamps B2L Flexx offerings

    5 Sep 2007

    Godiva Mortgages is updating its mortgage portfolio to include buy-to-let Flexx products without any early redemption charges.

  • Gross mortgage lending up 62% at CHL

    6 Sep 2007

    CHL Mortgages saw gross mortgage lending rocket 62% to 1.1bn in the first half of 2007, up from 700m in the first half of 2006.

  • Hamptons International increases branch network

    3 Sep 2007

    Hamptons International has increased its branch network to more than 75 offices as part of its global expansion plan.

  • Headline growth

    7 Sep 2007

    If one-man-band magazine, Broker's Update were still around today its most impressive lead story would surely be its own evolution into an internet based business valued at £843m at flotation this year, writes Matthew West

  • HIP providers' spokesmen add to the confusion surrounding the initiative

    3 Sep 2007

    The fiasco over Home Information Packs has been brought about not only by the government not listening but also the arrogance of the Association of Home Information Pack Providers and its spokesmen Mike Ockenden and Paul Broadhead.

  • History 'predicts' we'll come out of the present crisis

    7 Sep 2007

    It seems all the pundits have been reaching for their crystal balls to predict what the outcome of the US sub-prime credit crunch is going to be, which is understandable when so much business is at stake. Many are saying the UK market has never seen anything like this before, so the ramifications are hard to predict.

  • Home of Choice: It's just like life at Man United

    7 Sep 2007

    The hiatus in the mortgage world following the recent market crash, with the departure of some key players, highlights the similarities between the finance industry and the Premier League - particularly the changing fortunes of Manchester United under Sir Alex Ferguson

  • House prices rise as growth slows, says Your Move

    6 Sep 2007

    House prices are continuing to rise, though the rate of growth has slowed considerably, says estate agent Your Move.

  • How parents can help their children

    3 Sep 2007

    With house prices rising, parents can help their kids get on the property ladder by releasing equity in their homes and passing it on through inter-generational gifting, says Jayne Almond

  • Hush hush

    7 Sep 2007

    PREMATURE PROMOTION Has MD editor Matthew West been moonlighting? It would appear he has, if Chris Fleetwood of Paradigm Consulting is to be believed. The latest offering from Fleetwood, written on behalf of Exclusive Connections and clearly signed off by the packager, was given the esteemed editor's byline before being submitted. West was clearly surprised to find he had become managing director of Exclusive Connections, but told Hush Hush he was ...

  • I would back a Code, but only if it's as robust as ours, says RAMP's Rice

    7 Sep 2007

    John Rice, managing director of the Regulatory Association of Mortgage Packagers has hit back at suggestions that he does not support the Packager Taskforce Code of Conduct currently being drafted by the Association of Mortgage Intermediaries.

  • Industry "not surprised" at base rate freeze

    6 Sep 2007

    The Bank of England's decision to freeze interest rates at 5.75% today came as little surprise to the industry.

  • Islamic provider unveils B2L deals

    3 Sep 2007

    Islamic finance provider alburaq has launched two buy-to-let deals. The first is a 'pay one, get one free' offer on buy-to-let valuation fees and the second is a £100 cashback offer on applications submitted before September 30. The first scheme is aimed at investors who own more than one property.

  • It may be too little too late from Dubya

    3 Sep 2007

    George Bush finally got off his presidential behind last week and waded into the US sub-prime crisis with a series of reforms designed to calm the market's jitters.

  • July lending up 12%, says BAA

    3 Sep 2007

    Data from the British Bankers' Association says July's gross mortgage lending was 12% higher than July 2006 at £21.3bn. The figure reflects higher levels of remortgaging.

  • Kensington confirms withdrawal from secured loan market

    7 Sep 2007

    Kensington Secured Loans has become the latest lender to temporarily withdraw from the secured loan market.

  • Kensington to increase heavy adverse rates by up to 1.5%

    6 Sep 2007

    Kensington has revealed it will be increasing medium and heavy adverse rates by up to 1.5% tomorrow.

  • Kensington to reprice adverse range

    3 Sep 2007

    Kensington is to reprice is adverse range and make criteria changes on September 7 due to market volatility.

  • Key indicators for the base rate's future

    3 Sep 2007

    Events in the US sub-prime sector have made their mark on the mortgage market here, affec-ting lenders' product designs and borrowers' appetites.

  • KGB deals via Mortgage Brain

    3 Sep 2007

    KGB Packaging has launched its products on Mortgage Brain's sourcing system. Applications for its packaged lenders' core products can also be submitted electronically via the Mortgage Trading Exchange.

  • KGB launches range on Mortgage Brain system

    7 Sep 2007

    KGB Packaging has launched its range of products on Mortgage Brain's electronic sourcing system.

  • KPMG predicts insolvency record

    3 Sep 2007

    KPMG predicts there will be a record 120,000 personal insolvencies this year. The warning came as the latest figures from the Insolvency Service revealed personal insolvencies dipped 8% this quarter but were up 28% on 2006.

  • Landlords snub deposit protection

    3 Sep 2007

    More than three out of four landlords haven't registered for tenancy deposit protection, says the National Landlords Association. It estimates that although about 150,000 landlords have registered with the government-backed scheme, the majority have snubbed it.

  • Law firm warns lenders of free legals danger

    3 Sep 2007

    Goldsmith Williams has warned that lenders offering free legals with remortgage products could be vulnerable to customer complaints.

  • Leeds enhances its online introducer registration

    3 Sep 2007

    The Leeds says it has improved its online functionality to make submitting applications easier.

  • Legal definition don't remain in the dark

    7 Sep 2007

    Confused by the plethora of legal jargon in the mortgage industry or want to know what a legal term or practice means? Each month our panel of experts answer questions sent in by readers.

  • Legand & General: Make best of your hard work

    7 Sep 2007

    Having spent time doing a fact-find and getting to know the customer for the mortgage sale, it doesn't take much extra work to add on a protection sale. This can bring benefits for advisers and for clients who may need security in today's climate of rising bills and interest rates

  • Lehman shuts doors on LMC and second charge market

    6 Sep 2007

    Lehman Brothers has revealed that it is withdrawing from the second charge market and will close London Mortgage Company as a result of the global credit crunch.

  • Lenders' online offerings are not serving consumers well

    3 Sep 2007

    Regarding Simon Nixon's comments about online purchasing in Mortgage Strategy last week, we conducted re-search earlier this year and found that customers have the same appetite for arranging mortgages online as many other products. The bottom line is that they are not being served well by len-ders' online offerings.

  • Lenders predict interest rates will peak by year end

    6 Sep 2007

    Members of the Intermediary Mortgage Lenders Association have predicted house prices will continue to rise modestly and interest rates will peak by the end of 2007.

  • Lesson we can teach the media

    7 Sep 2007

    At a time when even the Queen has fallen victim to television's misleading tactics, our industry can boast it is ahead in the openness stakes, thanks to the way we have responded to the FSA's drive to ensure financial services communications are fair, clear and not misleading

  • Let Labour swim in its own snake oil

    3 Sep 2007

    If the Home Information Pack was an animal, you'd have to put it down. The poor thing is in such obvious distress. And although we couldn't possibly countenance euthanasia when it comes to human suffering, animals are a different ball game. But then, the HIP is a beast of a completely different hue. Not a beast of burden, but a burden that no-one wants to bear.

  • Link appoints risk assessor

    3 Sep 2007

    Link Lending has appointed Yolanda Bester as a risk assessor. She joins from Mortgage Express. Her responsibilities will include making recommendations on cases that are outside lending criteria.

  • Link Lending offers chance to win Ferrari drive

    3 Sep 2007

    Bridging finance lender Link Lending is offering brokers the chance to win a drive in a Ferrari 360 and a Lamborghini Gallardo by submitting applications in the next three months.

  • London Scottish Mortgages launches 100% plus LTV

    5 Sep 2007

    London Scottish Mortgages has launched a product called the LTV extender.

  • Low-risk business is 'set to increase'

    7 Sep 2007

    Intermediary lenders expect to see volumes in lower risk mortgage business continue to grow as higher risk lending declines, according to a new survey by the Intermediary Mortgage Lenders Association.

  • MAB teams with Direct Financial on secured loans

    4 Sep 2007

    Mortgage Advice Bureau has added secured loans to its offering.

  • MBSL buys PMPN to boost network

    7 Sep 2007

    Mortgage Broking Services has bought Professional Mortgage Limited Partnerships Network for an undisclosed sum.

  • Money Partners raises Origin rates

    3 Sep 2007

    Money Partners increased rates across its Origin range by 0.75% from September 1. This excludes prime rates, which have risen by 0.35%. The lender's variable rate will be 6.8% and commission levels will remain unchanged.

  • Money Partners Touch appoints account development manager

    3 Sep 2007

    Money Partners Touch has appointed Jeff List to the new position of account development manager for the South of England.

  • Money Partners unveils criteria changes

    6 Sep 2007

    Money Partners has lowered the LTV on its Lite and Flexi medium adverse ranges, and its heavy adverse Fresh Start range.

  • Moneyfacts unveils free sourcing system

    3 Sep 2007

    Moneyfacts has launched a free online sourcing system and adviser portal.

  • Moneysupermarket.com slams penalty fees

    5 Sep 2007

    Missing mortgage repayments and plunging into arrears could cost borrowers more than they think, says moneysupermarket.com.

  • Mortgage Intelligence: Relationships are key to success

    7 Sep 2007

    The latest round of acquisitions and mergers seems to suggest that big is beautiful, but numbers can be misleading. What is more important is building successful business partnerships that benefit both brokers and networks alike

  • Mortgage Intermediaries: Duty to keep close to Brussels

    7 Sep 2007

    The UK, as the most developed financial market in Europe, has much experience other European countries can learn from. That is why we must ensure the powers in Brussels understand how well our market works to avoid unintended consequences from new laws

  • Mortgage Promotions: Time to tackle compliance

    7 Sep 2007

    The Financial Services Authority is taking tough action against firms that breach the rules. With expert help so readily available, there is no excuse for failing to get to grips with compliance and avoid the regulator's wrath

  • Move fairness to the top of your agenda

    3 Sep 2007

    Treating Customers Fairly is still firmly on the Financial Services Authority's agenda and those companies that are not well on the way to embracing it are in for a shock.

  • Nationwide merger will create a stronger lender

    3 Sep 2007

    Last week another name disappeared from the mutual sector as Portman became part of Nationwide.

  • Network Data Holdings: US plight bound to shake up UK

    7 Sep 2007

    Arguments that US problems triggered by the sub-prime crisis do not apply to the UK ignore the point that the UK does not operate in isolation where capital markets are concerned. But while there will be a shake-up in our market, it is also an opportunity to build something better

  • New FSA framework is now in effect

    4 Sep 2007

    The framework for recognising industry guidance, shaped by the Financial Services Authority, comes into effect today.

  • New job for Moloney

    7 Sep 2007

    Adrian Moloney has been appointed to the role of national account manager with specific responsibility for packagers at The Mortgage Works. Moloney was previously regional sales manager for the South and has been with Portman, now Nationwide, and The Mortgage Works since 2000. Mark Williams, recently recruited by The Mortgage Works, replaces Moloney as business development manager for central London.

  • Offshore clients offer fresh revenue

    3 Sep 2007

    A major issue for brokers in these uncertain times is how to generate additional income. The solution is often in an area that many of them have ignored because of a lack of knowledge or understanding.

  • Old HIP searches could end in client punch-ups

    3 Sep 2007

    Credit where it's due, the anti-Home Information Pack protestors are proving to be excellent tacticians.

  • On the case

    7 Sep 2007

    Client A wants an 80% LTV remortgage of £280,000 on her £350,000 home. She earns £85,000 a year. Twelve months ago she was four months in arrears on her mortgage, now down to one, a County Court judgment of £26,000, and missed payments on credit cards. She is on a standard variable rate of nearly 8% and wants a two-year fixed rate.

  • OneSearch Direct signs £20m deal with LMS

    4 Sep 2007

    Private search company OneSearch Direct has signed a £20m three-year contract with Home Information Pack and conveyancing provider, LMS.

  • Online Advantage

    7 Sep 2007

    Advantage has announced all new mortgage applications from direct brokers will need to be submitted online through its e:lect IT platform from September.The lender says the number of paper applications received has significantly reduced since it launched the platform in June last year. Client declaration requirements remain unchanged and paper applications will continue to be accepted via packagers, the lender says.

  • Overnight BBA LIBOR drops after BoE intervention

    6 Sep 2007

    The Bank of England’s move to increase the target levels for reserves has had an immediate effect with overnight sterling BBA LIBOR dropping from 6.11% yesterday to 5.9% today.

  • Overseas B2L not worth the hassle, say experts

    4 Sep 2007

    The potential for capital gain in overseas property investment is not worth the trouble, panelists at yesterday's Wriglesworth but-to-let debate agreed.

  • Oxygen joins RAMP as associate member

    3 Sep 2007

    Oxygen Mortgage Group has joined the Regulatory Association of Mortgage Packagers as an associate member.

  • Paaleads unveils community forum

    3 Sep 2007

    Paaleads.com has launched a community forum on its website. It can be viewed by anyone, but only members are able to post messages. Vanessa Blount, head of Paaleads. com, says: "The forum will only be lightly policed, so comments are there to be seen, good or bad."

  • Packager Power

    3 Sep 2007

    With websites such as Replicadoc.co.uk offering fake documents including payslips and bank statements, how do you ensure that clients' documents are authentic? And how prevalent are fake documents in the industry?

  • Paragon puts B2L investment at all time high

    3 Sep 2007

    Landlords’ confidence in the buy-to-let sector is at its highest level on record, with average yields increasing and landlords planning to add to their portfolios, says Paragon Mortgages.

  • 'Pay to play' is nothing more than a bribe

    7 Sep 2007

    Name and address suppliedHow much longer is it going to be before networks are exposed for their two-faced position on 'compliance shelters' and treating customers fairly?

  • Personal Finance Society teams up with PYV

    6 Sep 2007

    The Personal Finance Society and professional indemnity broker PYV have teamed up to help IFAs and mortgage and general insurance brokers to get better deals on PI cover. Tim Eadon, chief exceutive officer at the PFS, says: “We believe current market conditions are favorable for a new PII push on behalf of our members’ firms although PYV’s experience could prove invaluable should conditions deteriorate in the future and we see a return to the hard part of the insurance cycle.” ...

  • Platform celebrates 10th anniversary

    5 Sep 2007

    Platform is getting ready to celebrate 10 years of continuous operation in the UK mortgage industry on September 12.

  • Praxis for newcastle

    7 Sep 2007

    Newcastle Building Society has chosen Praxis for its entry into the non-conforming market.Newcastle is launching an exclusive offset mortgage designed as a credit repair tool for the near-prime market. The move follows the arrival of Jon O'Brien, formerly operations director at the Professional Mortgage Packagers Alliance, as head of intermediary lending for the Newcastle.

  • Premier Mortgage Service: Proving your TCF formula works

    7 Sep 2007

    As part of its continuing campaign to ensure the mortgage industry fully embraces the concept of treating customers fairly, the Financial Services Authority is now pressing for firms to show what systems they have in place to guarantee they are being fair to customers

  • Press risks creating a self-fulfilling prophecy

    7 Sep 2007

    Unless they have spent the last six months on Mars or in a coma, anyone working in the UK mortgage industry can't have helped but notice the US sub-prime housing market collapse. After all, enough has been written about it.

  • Property is best investment

    3 Sep 2007

    Growth in prime central London property values has been more stable than the FTSE 100 over the past decade, analysis by investment scheme London Central Portfolio has revealed.

  • RAMP refuses to back packager Code of Conduct

    4 Sep 2007

    John Rice, managing director of the Regulatory Association of Mortgage Packagers has surprised members of the Packager Taskforce and at least one of his own association members by stating that RAMP will not support the Packager Code of Conduct.

  • Reeve appointed chief executive of Positive Solutions

    4 Sep 2007

    Positive Solutions has announced Jim Reeve, former managing director of Barclays Financial Planning, has been appointed the companys new chief executive.

  • Regulatory Alliance of Mortgage Packagers: Chance to get on sound footing

    7 Sep 2007

    The fallout from the US sub-prime fiasco is not all bad. For the UK mortgage market, it offers the chance to get its house in order and put lending on a sounder financial footing - although only those who can take the pain will survive

  • Repossessions bolster B2L portfolios

    5 Sep 2007

    Rising interest rates are proving to be good news for the new generation of buy-to-let home owners, says broker My Mortgage Direct.

  • Repossessions up 32%, says RICS

    3 Sep 2007

    Research from the Royal Institution of Chartered Surveyors reveals that repossessions in Q2 2007 rose by 32% compared with the first three months of the year.

  • Rice defends RAMP's Code of Conduct position

    7 Sep 2007

    John Rice, managing director of RAMP, has hit back at suggestions he does not support the Packager Taskforce Code of Conduct currently being drafted by the Association of Mortgage Intermediaries.

  • Rooftop appoints head of underwriting

    3 Sep 2007

    Rooftop Mortgages has appointed a head of underwriting.

  • Salans appoints conveyancing manager

    4 Sep 2007

    Salans has promoted Denise Day to conveyancing manager.

  • Sales head for the One account

    3 Sep 2007

    RBS Intermediary Partners has appointed Melanie Buckingham as head of sales for the One account. RBSIP says Buckingham has been recruited to boost the sales of its current account and flexible mortgages in the broker market.

  • Scrapping regulation is not feasible

    3 Sep 2007

    I have read with interest the recent proposals by the Conservative Party's Economic Competitiveness Policy Group relating to the mortgage market and regulation. The group has proposed a number of changes and the ones of interest to brokers are the scrapping of Home Information Packs and the abolition of mortgage regulation.

  • Sesame appoints as head of mortgage products

    4 Sep 2007

    Sesame has appointed Helen O’Donovan as head of mortgage products.

  • Sesame: Opportunity knocks for brokers

    7 Sep 2007

    Fingers will no doubt be pointed in the wake of the credit crunch as repossessions continue to rise. But responsible brokers not only have nothing to fear - they also have a great opportunity to revisit existing clients to see how they can help improve their situation

  • Sir Anthony Holland reappointed as Complaints Commissioner

    3 Sep 2007

    Sir Anthony Holland has been reappointed as the Independent Complaints Commissioner for the Financial Services Authority for a second term.

  • Skipton led the field

    7 Sep 2007

    From John GoodfellowThe subject of investing in mortgage distribution channels was the hook for Richard Griffiths' latest musings for Mortgage Distributor, where he stated: "There has been a lack of interest by lenders in investing in any of the mortgage distribution channels." He then goes on to name a couple that have, Kensington and West Bromwich, but missed a mention for the organisation that led the way - Skipton. John Goodfellowchief executiveSkipton Building SocietyBy email

  • Spicerhaart launches Valunation

    5 Sep 2007

    Spicerhaart Group has launched a new company called Valunation to provide a complete residential property valuation solution for UK’s lenders, packagers and brokers.

  • Spicerhaart says FTBs confidence on the rise

    7 Sep 2007

    The Spicerhaart Financial Services monthly survey reveals early signs that first-time buyers are starting to return to the market, their confidence boosted by slowing house prices.

  • Steady demand continues to fuel price rises in Scotland

    7 Sep 2007

    As the most affordable place to live in the UK, Scotland is attracting first-time buyers and buy-to-let investors targeting the high student population, which should see it remain one of the best performers in the UK property market

  • Sub-prime chaos seeps down to public

    3 Sep 2007

    As I write this column the sun is blazing onto my patio for the third day in a row - surely a first for this summer. And given we're all enjoying the weather, perhaps it is the least appropriate time to talk about clouds.

  • Sub-prime lenders hike rates

    3 Sep 2007

    Several lenders adjusted their sub-prime rates last week. High Street Home Loans increased rates by 1% across its Libor discounted and fixed rate products. Cheltenham & Gloucester is increasing rates on its sub-prime assist and access deals by 1%. And Platform hiked rates across its prime range by an average of 0.4% and across its adverse range by an average of 1%.

  • Tap into a new seam of clients

    7 Sep 2007

    No business can afford to stand still, and developing new sources of leads is an important task for any adviser. One obvious way forward is to team up with a firm of accountants, which will have a database of suitable clients ready for you to start mining

  • Tenet Group appoints former Tory chairman

    4 Sep 2007

    Tenet Group has appointed former Tory chairman Lord Hodgson of Astley Abbotts, CBE, to the position of non-executive chairman.

  • The Ecology to pay introducer fees

    3 Sep 2007

    The Ecology will now pay introducer fees on all introduced new residential mortgage business with immediate effect.

  • The Exchange and Only Finance reveal partnership move

    5 Sep 2007

    The Exchange and Only Finance have secured a deal to integrate the Exweb portal service with the independent financial brokers own back-office system.

  • The Mortgage Mole

    3 Sep 2007

    Ride on

  • The Professional Mortgage Packagers Alliance: Professional in name and deed

    7 Sep 2007

    It's one thing having lofty ideals, but they need to be put into practice.The Professional Mortgage Packagers Alliance aims to bring together firms that are professional in both name and deed, and able to work effectively with both lenders and brokers

  • This Week's Dilemma

    3 Sep 2007

    I've been frantically trying to manage the underperformance of a new recruit who has been with us for three months. In his role as a broker he consistently does his own thing and while paying lip service to my instructions seems happy to ignore my attempts to make a difference to his sales results. Also he doesn't seem keen to put in the required hours. Unless I see an immediate improvement in his attitude I see no other option but to sack him, which I'd rather not do. What do you suggest?

  • Thompson joins L&G

    7 Sep 2007

    Ben Thompson has joined Legal & General as director of mortgages and will be responsible for managing L&G's Mortgage Club. Thompson will be responsible for ensuring advisers have access new products.

  • Three BDMs join Mortgage Trust

    3 Sep 2007

    Mortgage Trust has appointed three BDMs. Jason Wilde will cover Essex and East Anglia, Shelagh Killeen will focus on the North-East and Richard Lunn will cover the South-East. In his first trade press interview since floating his company, Moneysupermarket.com chief executive Simon Nixon admitted that he would never buy a mortgage online. He says that while the number of consumers feeling comfortable about buying online is increasing marginally, many remain wary.

  • Time for brokers to spread their wings

    3 Sep 2007

    As the ripples from the US sub-prime meltdown spread across the globe, speculation is rife about whether we will follow in the US example and see sub-prime lenders going under. Speculation has intensified over the past few weeks as an increasing number of lenders have pulled their sub-prime products.

  • Time out

    3 Sep 2007

    Ever since I saw 1960s icon Patrick McGoohan in one as a kid I've wanted to own a Caterham, and although it's basic it packs a punch and I wouldn't trade it in for a new model, says Stephen Hayter

  • Time to get our heads out of the sand

    3 Sep 2007

    A study by Eurocare has found that Britain has among the worst five-year cancer survival rates of any country in Europe. Only the Czech Republic, Slovenia, Poland and Denmark fare worse.

  • Time to get real about lending terms

    3 Sep 2007

    Slapdash lending to any and all clients is not just a feature of the sub-prime market, so it is time to tighten lending criteria and end unrealistic rates across the industry, says Sue Read

  • Time to prospect the online gold mine

    3 Sep 2007

    The idea of scribbling down a message of nat-ional importance, attaching it to the leg of a pigeon and hoping the bird will fly hundreds of miles and deliver it in good time is ridiculous.

  • TMP appoints three new faces to sales and underwriting

    6 Sep 2007

    The Mortgage Partnership, has made three new appointments to its sales and underwriting team.

  • TMW appoints national account manager for packagers

    3 Sep 2007

    The Mortgage Works has appointed Adrian Moloney to the role of national account manager with specific responsibility for packagers.

  • Tories overlook the broker factor

    3 Sep 2007

    A Conservative think tank's proposal to scrap mortgage regulation ignores the market's growing complexity and the vital role brokers play in borrowers' choice of products, says Bill Warren

  • Tories promise 10% equity for good behaviour

    4 Sep 2007

    A Conservative Party policy review will recommend 10% home equity stakes for well behaved tenants who leave council housing to step up the property ladder.

  • Tories slam housing plans

    3 Sep 2007

    The Conservative Party has warned that Prime Minister Gordon Brown's plan to build three million new homes on government-owned brownfield land could lead to unsustainable urban sprawl.

  • Training days

    3 Sep 2007

    Mortgage Strategy follows the career of graduate Tim Jones as he sets out on his mission to qualify as a London broker

  • Trigold launches draw

    4 Sep 2007

    Trigold is rewarding brokers submitting secured loan applications via the new secured sourcing module with the chance to win £1,000.

  • Trustguard to host industry summit in Bristol

    3 Sep 2007

    Trustguard Credit Services is to hold an industry summit to give brokers a chance to air their views.

  • UK feels weight of the credit crunch

    3 Sep 2007

    Early claims by lenders that the US sub-prime crisis would not affect us here have proved woefully inaccurate, with product ranges being pulled or repriced, says Rob Griffiths

  • United Packagers Association: Tap into estate agency leads

    7 Sep 2007

    Relying primarily on lead generation firms to find mortgage business is bad strategy. Brokers should only use this route in conjunction with other sources - such as bolting on an estate agency franchise to their business to access more reliable leads and sell other services

  • US crisis has a silver lining

    7 Sep 2007

    The gloom and doom spreading from the other side of the Atlantic is unlikely to have any serious long-term impact on the UK mortgage market. What it does do, however, is give distributors a chance to improve and develop their service to brokers, writes Steve McCarthy

  • US pundit supports Bush's sub-prime plans

    3 Sep 2007

    John M. Robbins, chairman of the Mortgage Bankers Association, has praised President Bush's proposals to help home owners facing difficulty making their mortgage payments.

  • Victoria ready to lend again

    7 Sep 2007

    Victoria Mortgages says it hopes to launch a new product range by the end of this month. The announcement comes in reaction to industry speculation that it would not complete any new lending until 2008.

  • Victoria to unveil new products within weeks

    4 Sep 2007

    Victoria Mortgages has quashed rumours that it would not be doing any new lending until 2008, by revealing that it hopes to unveil a new product range in the next few weeks.

  • Wave to increase rates by up to 0.55% tomorrow

    4 Sep 2007

    Wave is to increase prices across its range tomorrow by up to 0.55% on some products.

  • Website launches portfolio builder

    3 Sep 2007

    Thepropertyinvest-mentmarket.com has launched a portfolio builder enabling investors to build portfolios without selecting properties themselves. Investors need £1,000 to open an account, with their cash spread equally across the 10 most popular properties entering the exchange.

  • Webster to join edeus

    5 Sep 2007

    Edeus has confirmed that UCB Homeloans' former head of sales Gary Webster has been appointed director of distribution.

  • West Brom opts for eConveyancer

    4 Sep 2007

    eConveyancer says West Brom its the latest organisations to sign up to its online system for instructing conveyancers.

  • What impact is the us sub-prime credit crunch having on uk brokers?

    3 Sep 2007

    Brokers will have to tread carefully and work together with packagers and lenders to get through the current market conditions, say our experts

  • What to look for with impaired rates

    3 Sep 2007

    In the past, providers of equity release products had varying views about providing impaired rates. Many were concerned by the fact that clients' life expectancies could change over a short period of time because of medical advancements, which could skew their calculations and assumptions.

  • Woolwich unveils two products

    3 Sep 2007

    Woolwich has unveiled two deals. The first product is for first-time buyers and is fixed for two years at 6.29% with no higher lending charge up to 95% LTV. The second deal is a lifetime tracker at Bank of England base rate plus 0.17%.

  • Would you prefer to buy a mortgage online or face-to-face with a broker?

    3 Sep 2007

    In his first trade press interview since floating his company Moneysupermarket.com chief executive Simon Nixon admitted that he would never buy a mortgage online. He says that while the number of consumers feeling comfortable about buying online is increasing marginally, many remain wary.So this week Mortgage Strategy asks: Would you prefer to buy a mortgage online or face-to-face with a broker?

Poll

Do you recommend fast-track to customers?

Current Issue

Lending Zone
petitions
debate
Define Advice
Advanced search