Mortgage Strategy
30 May 2005

  • A View From The floor

    30 May 2005

    Maryann Handy, internal communications manager at Dunfermline, says it is important her society lives the relationship culture, rather than just speaks about it

  • A&L launches online affordability calculator

    30 May 2005

    Alliance & Leicester has launched a new affordability calculator on its intermediary website to help brokers find out how much clients can borrow.Mehrdad Yousefi, head of intermediary mortgages at A&L, says: "Our affordability calculator means that, within a few minutes, brokers can get an idea of how much we could lend their client."The calculator is designed to be quick and easy to use, and needs just a few simple facts to calculate a figure."It does not require specific ...

  • Advantage reveals enhancements

    31 May 2005

    Advantage has revealed enhancements to its P100 conforming range to include a two-year fixed rate and a five-year fixed rate.

  • AMI welcomes FSA fees announcements

    3 Jun 2005

    The publication of FSA Policy Statement 05/6 Regulatory Fees and Levies 2005/06 provides the mortgage industry with final details of the amounts due from authorised firms.

  • April net lending weaker than March, says Bank of England

    1 Jun 2005

    The increase in total net lending to individuals in April - 8.6bn - was weaker than in March and the previous six month average.

  • B&B launches exclusive stepped tracker

    3 Jun 2005

    Bradford & Bingley is offering borrowers an exclusive three-year stepped tracker mortgage with 500 cashback, funded by the Woolwich.

  • B&W says branch sell-off won't affect mortgage arm

    30 May 2005

    But B&W head of marketing Dominic Toller is keen to reassure brokers and packagers that it is business as usual for B&W Mortgages, which will be unaffected by the sale.BoI will retain the B&W brand and all other parts of the B&W business.Toller says: "I want to reassure packagers and brokers it will be business as usual in terms of volume and the type of products we offer. The branch network only accounted for about 4% of mortgage business, with around 90% being done by brokers ...

  • Barclays teams up with Savills for Jet-to-Let scheme

    31 May 2005

    Barclays has entered into a partnership in Spain with Savills Private Finance and property developer Key Resorts to offer an exclusive Jet-to-Let scheme.

  • BDS Mortgage Group adds Nationwide to direct panel

    31 May 2005

    BDS Mortgage Group has added Nationwide, the UKs fourth largest mortgage lender, to its direct lender panel.

  • Best things come in big packagers

    30 May 2005

    There is a role for packagers but the ones that survive must be large enough to offer speed, efficiency and volume distribution by harnessing the power of technology, says Frank Eve

  • BM has a massive thirst for PR, seemingly at any price

    30 May 2005

    From Chris Gardner I read Mortgage Strategy from cover to cover every week and have cause yet again to roll my eyes at the antics of BM's media team. A few weeks back the firm was advertising that it had an MCOB compliant range of products, implying nobody else has. Last week, it warned of a sub-prime ban. What planet is it on? It clearly has a massive thirst for PR, seemingly at any price, even if it sounds completely stupid. Does anyone at BM check this stuff before it goes out? ...

  • BM Solutions launches near prime and extra light categories

    1 Jun 2005

    BM Solutions has launched two additional categories in its sub-prime and self-cert ranges.

  • BM Solutions to launch into lifetime mortgage market

    2 Jun 2005

    BM Solutions is to launch into the lifetime mortgage market later this year, Mortgage Strategy Online can exclusively reveal.

  • Britannia launches 10-year fix

    3 Jun 2005

    Britannia is launching a 10-year fixed rate mortgage available from June 3 via its branch network, contact centre and website.The 10-year fixed rate has dropped to 4.99% up to 95% LTV, a decrease of 0.20 basis points which makes it one of the market leading products.There is an arrangement fee of 349 and 100 administration fee.There is no compulsory insurance and the mortgage is fully portable.

  • Brits don't understand depolarisation, says Sesame

    3 Jun 2005

    In the week that depolarisation is introduced, research from Sesame reveals that few Brits actually have any idea what it means.

  • Brokers blame lenders for remortgage downturn

    30 May 2005

    As lenders push up their deeds release fees in the fight to retain clients, brokers say they are increasing the average cost of a remortgage by 300 and stifling the remortgaeg market.Ray Boulger, senior technical manager at Charcol, says lenders should consider offering brokers a proc fee for clients that stick with their existing lender, rather than increasing deeds release fees.He says: "You only have to look at Council of Mortgage Lenders figures to see remortgage business ...

  • Brokers expect buy-to-let fall, says UCB Home Loans

    1 Jun 2005

    Research by UCB Home Loans indicates that 55% of brokers expect there to be a drop in the number of buy-to-let purchases this year, compared with 2004.

  • Brokers' newsletter service launched

    30 May 2005

    Lemon Squeezy Marketing has launched a client newsletter service for mortgage brokers.The quarterly newsletter, available in PDF or printed format, can be customised with the broker's logo and contact details, providing a quick and easy client contact tool.Stuart Wilson, co-founding director of Lemon Squeezy, says: "Many brokers forget their existing clients are their most valuable asset. "It can cost up to seven times more to get a new customer than to get the same business ...

  • BuildLoan teams up with Amber for self-cert LIBOR tracker

    2 Jun 2005

    BuildLoan and Amber Home Loans have launched a self-cert mortgage that tracks the three month LIBOR rate +1.25% for the life of the mortgage.It has an initial pay rate of 6.11% and has a completion fee of 495 and an arrangement fee of 295.The product has a maximum final LTV of 90% and a maximum loan size of 300,000.

  • C2 reveals results of audits

    30 May 2005

    One was conducted by SPML and the other by a lender which prefers to remain anonymous.c2 hit the headlines at the beginning of 2005 after the Regulatory Association of Mortgage Packagers kicked the packager out of its organisation, saying it had failed compliance checks.The recent audits took place in April this year and the lenders were keen to look at c2's complaints handling policy, corporate structure, financial promotions procedures, record keeping and training and competency ...

  • CII publishes fact file on intermediary regulation

    2 Jun 2005

    The Chartered Insurance Institute and the Society of Mortgage Professionals have teamed up to publish a fact file on the regulation of insurance, investment and mortgage intermediaries.Complementing its recently published fact file on the regulation of mortgage business and other files on the regulation of general insurance and life and investment business, the title joins the growing portfolio of specially commissioned online technical guides within the CII's online information ...

  • City broker makes Florida mortgages easier

    1 Jun 2005

    Brits looking to buy property in Florida can now arrange a fast track mortgage via a division set up by City broker Charles Cameron & Associates.Charles Cameron & Associates has established relationships with several leading US banks and estate agents which will greatly assist buyers in what has traditionally been a process beset with obstacles.Grant Holmes, CC&A associate director, says: "This really is a tremendous breakthrough in the US market."Stringent money ...

  • CML calls for NI housing review

    30 May 2005

    The Council of Mortgage Lenders called for a Barker-style of review of the housing market in Northern Ireland at a lunch at the Belfast Hilton last week.CML deputy director-general Peter Williams says: "In Northern Ireland there is a case for a Barker-style review to ensure supply is right."He says only between half and two-thirds of necessary housing is being built. However, others at the lunch said Northern Ireland was "all reviewed out", having faced one review after another ...

  • Complete adds Victoria to its packager panel

    30 May 2005

    Complete Mortgage & Loan Services has added fledgling sub-prime lender Victoria Mortgages to its packaged lender panel.Victoria Mortgages recently launched into the market offering income multiples of 5 x joint income, no higher lending charge and the ability to borrow on a wider range of unusual properties than any other sub-prime UK lender. Currently Victoria only distributes its products via 18 packagers.Tony Salentino, director of CMLS, says: "Victoria Mortgages has entered ...

  • Compliancy Services offers FSA audit assistance

    31 May 2005

    With FSA audits at the forefront of intermediaries' minds over the next few months, Compliancy Services warns that a key area of compliance to be checked is training and recruitment.

  • Consider secured loans, brokers told

    30 May 2005

    Loanoptions.co.uk is reminding brokers that using secured loan facilities can put their clients' finances back on track.Managing director Andrew Moody says: "We are sitting on 1trillion of consumer debt and though most of that is secured against property, the uncertain economic climate means more people are needing to consolidate loans and credit card debt."He adds: "Remortgaging as a means of debt consolidation has its place but where the client has redemption penalties to ...

  • Conversion rate is another reason to use distributors

    30 May 2005

    From Mike Staight Richard Griffiths' article in your May 9 issue regarding the value of distributors in the mortgage market makes many valid points and reinforces the fact that they are a cost-effective way for lenders to reach the broker marketplace. In addition to the cost benefits of outsourcing marketing and processing in this way, there is a further hidden benefit that is often overlooked. This is the conversion rate of business obtained from this source. We at TBMC know ...

  • Cool reception

    30 May 2005

    Open Market Homebuy, the government initiative to help struggling first-time buyers, has received a guarded industry welcome though some experts fear it could make the situation worse, says Barney McCarthy

  • Curriculum Vitae - Caroline Havers

    30 May 2005

    "Doing as little as possible is something I don't get to do enough of"

  • Dear Delia

    30 May 2005

    Dear Delia My client wants to buy a first floor flat in an 11-storey block which is a mixture of council-owned and privately-owned properties.

  • 'Debt test' idea welcomed

    30 May 2005

    First-time buyers, mortgages and the debt test, published in CML Housing Finance Online, showed evidence that though many recent first-time buyers have a better safety net than the general population of borrowers, they are still at risk in the event of any disruption to income.Up to 75% of recent first-time buyers have some form of insurance to cover against illness or unemployment compared with only 60% of all borrowers, while 31% have both health and unemployment provision ...

  • Director changes at Pink Home Loans

    31 May 2005

    Dev Malle has been promoted to sales director at Pink Home Loans.

  • Don't just wait for advancement - take action

    30 May 2005

    Mark Witcomb is divisional sales manager at Venatus Business Intelligence

  • Era of true customer care begins

    30 May 2005

    With the advent of the Treating Customers Fairly initiative, it might be that an era of true customer care in the financial services industry has finally begun , says Mark Roberts

  • Experian acquires Future Foundation

    31 May 2005

    Experian, the global information solutions group, has acquired the Future Foundation Group, a London-based consumer think-tank and strategic consultancy. The Future Foundation will become part of Experians business strategies division, one of the UKs leading economic forecasting groups and foremost provider of market analysis, consumer profiling, retail research and consultancy. The Future Foundation will continue trading as an independent strategic consultancy but the ...

  • Financial Health Matters

    30 May 2005

    Many school leavers will be starting at university in October, hoping to emerge with their degree in three years' time.

  • First National teams up with The Mortgage Times

    3 Jun 2005

    First National and The Mortgage Times Group have unveiled a branded lending relationship.

  • Fixed deals added to MT B2L range

    30 May 2005

    Mortgage Trust has added a one-year fixed rate of 5.29% and a three-year fixed rate of 5.55% to its buy-to-let range of deals.The calculation used to assess the rental income required on both products is based on 130% of the product rate. The deals are available up to 85% LTV with no MIG and an arrangement fee of 499.Austin Jelfs, head of sales at Mortgage Trust, says: "These two products do not tie investors in beyond the fixed period and provide a solution for those people ...

  • Focus appoints account manager

    2 Jun 2005

    Focus Business Solutions has appointed Russell Holmes as account manager.

  • FSA appoints non-executive directors to FSCS board

    1 Jun 2005

    The Financial Services Authority has appointed three non-executive Directors to the board of the Financial Services Compensation Scheme.

  • FSA fines Abbey 800,000

    30 May 2005

    The Financial Services Authority has fined Abbey 800,000 for the mishandling of mortgage endowment complaints.The FSA found that between October 1 2001 and September 30 2003, Abbey mishandled around 5,000 complaints including 3,500 that were rejected when they should have been upheld. Based on industry averages, losses of up to 19m may have been caused to those 3,500 customers.During the period the firm received 37,453 mortgage endowment complaints and, of the 20,044 cases it decided ...

  • FSA is tough on compliance but lax in its administration

    30 May 2005

    From John Lukanik I received an email from the FSA with reference to the Retail Mediation Activities Return on May 5 and as the fee was only 40 per delegate the correspondence on this occasion did not find its way to the shredder. Normally it's about 200 plus for FSA workshops. I returned the completed form with credit card details by fax the same day. My finance director (also my wife) drew the short straw and could look forward to the pleasure of attending the presentation by ...

  • FSA ramps up research into regulatory costs

    30 May 2005

    The Financial Services Authority has stepped up its study measuring the costs of regulation, with the appointment of Deloitte to carry out research among regulated firms.The study is being conducted in partnership with the independent Financial Services Practitioner Panel.The FSA hopes to establish the full cost to financial firms of compliance with regulation under the Financial Services and Markets Act. From this, it hopes to identify those costs that are incurred solely as ...

  • FSA says most firms will pay lower fees

    30 May 2005

    The regulator last week published its final fees and Financial Ombudsman Service levies for 2005/06 for regulated firms. In addition to this, the FSA has announced a review of its funding regime.The reduction is down to the FSA's funding requirement for 2005/06 being some 6.6m less than originally forecast. In some fee blocks, the distribution of enforcement fines will reduce fees even further.Graeme Ashley-Fenn, director of contact, revenue and information management at the ...

  • FSA should clamp down on estate agents' bad practices

    30 May 2005

    From George Henderson When is the FSA going to clamp down on the bad practices of estate agents? They are breaking the rules when they put pressure on buyers to see their financial advisers, using the excuse that they need to qualify them for their vendors. This is just to get them in front of their financial adviser. I referred several instances to the FSA recently and it just does not want to know. I was recently with a client finalising his mortgage application which had ...

  • FTB initiative could aggravate problem

    30 May 2005

    Mortgage Strategy has always supported initiatives to help would-be home owners take that first step on the housing ladder. But it is with some caution we greet the government's Open Market Homebuy Plan. Increasing access to home ownership without a solid plan to increase supply will only lead to higher prices.The UK already has the most diverse and competitive mortgage market in Europe, if not the world, and Mortgage Strategy can only wonder whether special first-time ...

  • GE plans more branded links

    30 May 2005

    GE Consumer Home Lending is looking to increase its branded lending partners as packagers lose their traditional lender partners.The company currently offers branded lending through Pink Home Loans and Advantage Home Loans but is looking to expand this to 10 or 12 relationships by the end of the year.Duncan Berry, director of mortgage sales at GE Home Lending, says: "We feel there is a big opportunity with some branded relationships. More and more it is the case that packagers ...

  • Generic application launched by Vesta

    31 May 2005

    Vesta has launched a generic mortgage application form that is accepted by all lenders on its panel. The form, which is downloadable from Vesta's website, allows mortgage applications to be switched from one lender to another without any administrative delay.

  • Getting the facts right on The One account

    30 May 2005

    Following last week's Cover Story, Mortgage Strategy would like to clarify that The One account is a current account mortgage product which effectively allows you to run all of your finances through a single account for maximum efficiency.Although paying your salary into your CAM can make good financial sense, The One account does not make this a requirement.

  • Gross lending up in April

    30 May 2005

    Gross lending in April totalled 21.5bn, up by 2% on last month, latest figures from the Council of Mortgage Lenders reveal.However, this figure represents a 14% fall from the 25bn figure for lending in April last year.Lending for house purchase this April increased by 7% to 9.1bn compared with 8.5bn in March. Nevertheless, this was still 28% lower than the 12.7bn seen in April last year.Lending for house purchase accounted for 43% of all lending, up from 40% in March. Within ...

  • Home movers want to be kept in the loop

    31 May 2005

    The majority of home movers believe that it is important to be able to track conveyancing online and receive SMS texts at key milestones.

  • Home reversions exam is launched

    30 May 2005

    The Institute of Financial Services is launching a qualification that will cover home reversion plans.Advanced CeMAP, to be launched in September, brings together key areas that are the subject of the Financial Services Authority's focus, including Treating Customers Fairly and home reversion schemes.Advanced CeMAP will also cover regulatory supervision and alternative residential lending.Gavin Shreeve, chief executive of the IFS, says: "Treating Customers Fairly is high ...

  • Industry split on new plan for FTBs

    30 May 2005

    On Sunday May 22 chancellor Gordon Brown announced the government's housing association initiative was to be rolled out to a wider audience.Full details of the plan were released on Wednesday last week. And, as we explore in our cover feature starting on page 44, initial industry reaction has been cool.The Open Market Homebuy initiative should help some 100,000 first-time buyers by 2010. The scheme enables would-be home owners to raise as little as one half of the cost of a ...

  • Internet Insight

    30 May 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. This week, Jeff Sutherland-Kay checks out the websites of three mortgage magazines.

  • Intriguing evolution of specialist lending

    30 May 2005

    Remember the Dark Ages when sub-prime was perceived as a back street form of lending run by unethical loan sharks?

  • Introducers will decide which packagers are super

    30 May 2005

    From David Eaves I would like to follow up on the letter from David Gould in your May 23 issue. At Mortgage Experience, we have picked up many a mortgage broker who has become dissatisfied using these so- called super packagers. They were fed up with being treated as a number rather than an individual and were made to feel that their enquiries were an annoyance to staff rather than the reason for their existence. They have come to Mortgage Experience, a packager which may ...

  • Ipswich radio promotion

    30 May 2005

    Ipswich has teamed up with a local radio station to run a competition which features a top prize of having your mortgage paid for a year.To win the prize, contestants are given a life-size cardboard cut-out of radio station SGR FM57's Morning Crew which they have to make 'part of the family'.This effectively means they have to take it everywhere - from work, to shopping to nights out.Photos are required as evidence and the best selection will win the top prize. Contestants ...

  • Is the FSA right to specify KFI length?

    30 May 2005

    The regulator has offered to work with the industry to raise standards and wants to promote a less is more strategy on disclosure. It says, of the KFIs it has looked at, only half were five pages or less.The review has had a mixed reception from an industry which was waiting with baited breath for the results.So, Mortgage Strategy asks: "Should the FSA have set the length of a KFI at five pages?"

  • KFIs mislead both the client and the intermediary

    30 May 2005

    From Harry Katz From your May 9 issue it appears that at Mortgage Strategy Live there was criticism of the FSA's Key Facts Illustration documents. My concern is not that they are too long, but that they mislead both client and adviser. Having being directly regulated I haven't had to use a mortgage club until the advent of FSA regulation last year. To give you an example, a KFI was produced in January for a mortgage of 246,350 with First Active. Paragraph 13 said the Royal ...

  • Knight Funding to package for Victoria Mortgages

    2 Jun 2005

    Knight Funding has become one of only 18 packagers through whom Victoria Mortgages will distribute its specialist sub-prime products.

  • Labour has frittered away many gains of the 1980s

    30 May 2005

    From Chris Garland Anyone who seriously believes the Labour government is entirely responsible for economic stability - as some of your letters in recent issues have indicated - is seriously wrong. Whatever you might think about previous Conservative governments, they dramatically changed the economic landscape of Britain for the better. In 1979, Britain was seen as the sick man of Europe; from the late 1980s through to the present day we have the fourth strongest economy in ...

  • Landlords in the North enjoy tidy returns, reveals Paragon

    31 May 2005

    May's buy-to-let Index from Paragon Mortgages highlights the regional variations in returns generated by landlords.

  • Leave sub-prime alone, say pundits

    30 May 2005

    The majority of lenders and brokers disagree with calls from some in the industry for the Financial Services Authority to treat sub-prime mortgages as higher risk.Last week, BM Solutions said the FSA should move sub-prime and equity release into a higher risk category to protect vulnerable customers.But lenders including Freedom and Mortgages PLC, and brokers including Brentchase Financial, think such a move is unnecessary.Brentchase sales director Mike Fitzgerald says: ...

  • Leeds & Holbeck counts down to name change

    3 Jun 2005

    A lot can happen in a 100 days and Leeds & Holbeck is hoping the countdown to changing its name to Leeds runs smoother than Napoleon Bonaparte's 100-day Waterloo campaign of 1815.

  • Lending rules to boost clarity come into force

    31 May 2005

    New rules on lending have today come into force to provide up front information to consumers to help them shop around.

  • Limp FSA response on client money

    30 May 2005

    The FSA's statement that brokers holding client money is not an area that could lead to consumer detriment is subjective when potential loss is transparent and quantifiable, says Richard Griffiths

  • Liquid Assets

    30 May 2005

    Now there are over 40 schemes available in the equity release market, understanding product provider criteria is at the heart of the research process.

  • Market remains on track for soft landing, says Nationwide

    2 Jun 2005

    House prices increased by 0.3% in May, meaning the market remains on track for a soft landing, the latest Nationwide monthly index reveals.

  • Market Watch

    30 May 2005

    What a manic week for rate changes. They came fast and furious and I think we'll see another busy week after swaps continued to tumble.

  • MI launches 4.79% three-year fixed B2L exclusive

    1 Jun 2005

    Mortgage Intelligence has launched an exclusive three-year fixed rate buy-to-let product at 4.79%, funded by Norwich and Peterborough.Available exclusively to Mortgage Intelligence members, the product is fixed for three years before reverting to Bank base rate plus 1% for the remainder of the term, with no overhang.Rental coverage is 130% with an LTV of 75% on a minimum loan of 50,000 and a maximum of 1m.

  • Million pound property sales up

    31 May 2005

    Sales of million pound properties across Britain in 2004 were 36% higher than in 2003, according to new Halifax research.

  • Mortgage Brain asks FSA to visit

    30 May 2005

    Mortgage Brain has invited the Financial Services Authority to its offices to discuss how it sources mortgages, six months on from Mortgage Day.Mark Lofthouse, chief executive officer of Mortgage Brain, says the firm has asked to see the FSA in the early weeks of June to talk about how it has moved on since M-Day.Though unregulated, Lofthouse thinks it is important that the FSA has an understanding of sourcing technology.He says: "We decided to invite the FSA to come and ...

  • Mortgage Choice reveals increase in procuration fees

    3 Jun 2005

    Mortgage Choice has concluded negotiations with Rooftop Mortgages, which has resulted in an increase in procuration fees up to 1.30% of the advance.

  • Mortgage Next adds Amber Homeloans to panel

    1 Jun 2005

    Mortgage Next has added Amber Homeloans to its panel of lenders.

  • Mortgage Times Group welcomes four new lenders to it's panel

    4 Jun 2005

    The Mortgage Times Group has increased their Mortgage Club by the addition of 4 new members to its panel.

  • Mortgage Trust introduces buy-to-let tax guide

    1 Jun 2005

    Mortgage Trust has produced a helpful guide to answer tax questions that investors may have when buying property and managing their buy-to-let portfolios.

  • Mortgage Trust reduces discount and tracker rates

    2 Jun 2005

    Mortgage Trust has reduced its discount and tracker product rates across both its mass market and MT Select range.

  • Mortgages PLC teams up with HML again

    31 May 2005

    Mortgages PLC has signed a contract for post completion servicing with Homeloan Management following the purchase of 100m of mortgage assets in the secondary market.

  • Most FTBs don't get home they want

    30 May 2005

    Nine out of 10 first-time buyers fail to get the home they want, with half having to settle for something cheaper, research from Bradford & Bingley reveals.In its report on first-time buyers, B&B also finds that a third have to compromise on the area they live in. Although location, location, location is the one of the key mantras for home buyers, many struggling first-timers have to forfeit plans of living in their ideal area.In addition, 28% have to move further out of town, ...

  • Mutual appreciation from the City

    30 May 2005

    Far from representing an outdated business model, mutuals are increasingly confident and innovative - and some are even beginning to attract City backing, says Rachel Blackmore

  • Nationwide should remember where customers come from

    30 May 2005

    Name and address supplied At a recent annual review meeting with a client I have known for over five years, we were discussing the options available for their mortgage which I originally placed with Nationwide and is nearing the end of its two-year tracker rate. The outcome was that a further tracker with Nationwide would be the best option so I agreed to telephone Nationwide to get the relevant forms sent to the client. I telephoned Nationwide on a premium 0870 number, only ...

  • NatWest remortgage deal aimed at brokers

    30 May 2005

    NatWest has launched a remortgage deal to the intermediary market as part of its revamped range.The product is a fees-assisted, two-year rate at 5.59%, fixed until August 31 2007.The deal comes with free valuation, free legals when using the bank's nominated solicitor, no remittance or reservation fee and a 10% overpayment option.Charles Haresnape, director of mortgage sales for NatWest, says: "We realise that it is now more important than ever to continue to offer attractive ...

  • Network Data launches buy-to-let tracker with CHL

    2 Jun 2005

    Network Data has released details of its buy-to-let tracker exclusive funded by Capital Home Loans.

  • New appointment to tackle Welsh financial services skills needs

    2 Jun 2005

    The Financial Services Skills Council has appointed Chris Hall as national manager for Wales. Based in Cardiff, Hall will be working with employers and organisations to ensure there is a highly trained and capable workforce able to meet client needs in the rapidly changing financial services sector within Wales.

  • Next unveils B2L lifetime exclusive

    30 May 2005

    Mortgage Next has launched an exclusive buy-to-let lifetime tracker mortgage, funded by The Derbyshire.The product comes with 250 cashback for remortgages, tracks the Bank of England base rate at plus 0.65% for the length of the loan, and has a maximum LTV of 80%.Rental cover is at 125% of the monthly interest calculated at a notional rate of Bank base rate plus 1.25%, and the mortgage caters for portfolios of properties worth up to 10m.Justine Tomlinson, marketing director ...

  • Nicks Notes

    30 May 2005

    You may have seen the recent publication of the Financial Services Authority's statement of good practice and advice from the Association of British Insurers.

  • No sign of slowdown in remortgage market

    3 Jun 2005

    Latest figures from the Council of Mortgage Lenders reveal an increase in the number of people remortgaging.

  • Northern Rock reduces flexible fixed and lifetime rates

    2 Jun 2005

    Northern Rock has launched a range of flexible fixed products with rates reduced by 0.10%.

  • Offset fixes from Clydesdale "no brainer" for consumers, says John Charcol

    31 May 2005

    The launch of the Clydesdale Bank's two and five-year fixed rate offsets has made the option for consumers to fix a "no brainer", says John Charcol.

  • Offsets table told me nothing as a customer or a broker

    30 May 2005

    From Andrew Hughes I write regarding your cover story in the May 23 edition. I was interested to read it on a number of levels. I am a consumer and would like to take an offset mortgage as soon as competitive fixed rates are available. I also worked as a mortgage adviser for The Woolwich when Open Plan Offset was launched so I am aware of the benefits of these deals. I was drawn to the table entitled 'A selection of offset products'. I was expecting this chart to show a selection ...

  • On The Beat

    30 May 2005

    I could hardly believe my eyes when reading a recent Financial Times article but there it was, Gordon Brown announcing a fresh approach to regulation.

  • One account launches online KFI service

    30 May 2005

    The One account is hoping to halve the time brokers spend on Key Facts Illustrations with the introduction of online KFIs.It has been estimated that if an intermediary did just one of The One account's KFIs every day online rather than using the phone, they could save up to a day and a half a year. And if intermediaries were to do online KFIs from all the lenders they use, they could probably save themselves up to two weeks a year.The One account's service will ...

  • Openwork starts trading

    1 Jun 2005

    Openwork, the 2200-strong, directly authorised, multi-tie distribution company, has opened for business. The Openwork concept has been conceived by Zurich Financial Services in response to the depolarisation regime. Openwork has selected product providers for each of its main classes of business: pensions, annuities, investments, protection, mortgages and general insurance.

  • Party political debate in this country is simply academic

    30 May 2005

    Name and address supplied It is with some dismay that I have read in recent issues comments from both sides of the political fence. These support or condemn the two main parties and raise the question as to which party best serves the interests of this industry and the home buyer. Though most have correctly stated that politicians of all flavours are capable of startling self-interest and mindless promotion of their policies, the two camps still portray the usual approach ...

  • Pink hits back at commission claim

    30 May 2005

    Pink Home Loans says its procedure of withholding insurance commissions for appointed representatives leaving its network is common practice in the industry.A broker who does not wish to be named says Pink is holding back commissions for run-off professional indemnity insurance cover and clawback on general insurance policies. The source suggests this is against the Financial Services Authority's Treating Customers Fairly principle.Pink rubbishes suggestions what it is doing ...

  • Platform launches fixed rate deals

    30 May 2005

    Platform, the intermediary lender of Britannia , is launching two and five-year fixed rate mortgage deals on its self-cert and buy-to-let ranges.The rates have been launched following the recent decrease in the price of fixed rate funds. Two changes have also been made to the sub-prime range, with the light adverse self-cert two-year fixed rate reduced to 6.85% and minor adverse being made available on a self-cert basis up to 75% LTV.The self-cert two-year fix is at 5.45% or ...

  • Portman cuts lifetime mortgage rate for intermediaries to 6.39%

    30 May 2005

    Portman has cut its lifetime mortgage rate for intermediaries to 6.39%, which it says makes it the best in the market.The product, which is offered to home owners aged 65 or over, calculates interest annually.Paul Howard, associate director at Portman, says: "When taking account of the annual interest calculation, this is the best rate in the market and it is only available via intermediaries."The interest rate is fixed at 6.39% for the life of the mortgage, with an APR ...

  • Proceed with care when selling payment protection

    30 May 2005

    From Simon Burgess I write in response to recent comments by Chris Cummings, director of the Association of Mortgage Intermediaries, who blames the regulator for advisers' reliance on MPPI. I agree with Cummings' statement that "advisers should not simply attach MPPI to mortgage sales as a matter of course and should consider all the options available", if nothing else, as a way to boost income - particularly as both income protection and critical illness attract commission ...

  • Pru to offer own lifetime deal

    30 May 2005

    The life and pensions firm says it believes the equity release market is ripe for growth and will launch its own product in the autumn.The Pru has been promoting Northern Rock's lifetime mortgage product under Pru branding since July 2003 but the arrangement will end later this year. The Pru sees lifetime as one of its key development targets in the coming years.Its proposition is being developed with advisers in mind. The Pru says developments advisers want to see include greater ...

  • Purely drops fees-free model in U-turn

    30 May 2005

    Purely Mortgages is dropping its fee-free proposition and switching to what it calls a low-fee offering, charging each client 195 regardless of their situation or level of advice required.Purely was launched by Savills Private Finance founder Mark Chilton last summer as a fee-free broker.Chilton denies Purely is being forced to charge a fee because it has done less business than expected. He says it is more a result of lenders' poor administrative systems and inadequate sourcing ...

  • Rates Ladders

    30 May 2005

    For 38 years, I was a banker. Not a total banker - for two years I vacationed in estate agency - but that's another world, not just another story.

  • Research puts lenders in dock

    30 May 2005

    Sub-prime lenders are repossessing more quickly once arrears start to accumulate on both first and second charge mortgages, reveals research from the Joseph Rowntree Foundation.Around 10% to 15% of borrowers in the sub-prime market were in arrears last year, and the research points to lenders moving toward repossession more quickly for borrowers in this area.The research also says the LTV on offer tends to fall as the degree of adversity increases, which would counter charges ...

  • Rising rates slam brakes on B2L sector

    30 May 2005

    New instructions from landlords to let their properties have stalled for the first time since 1998. This indicates a flat housing market and that current interest rates are deterring buy-to-let investors from entering the market. RICS says the standstill could be down to a variety of factors ranging from poor capital growth to people awaiting changes to pension rules in April 2006. Jeremy Leaf, spokesman for RICS, says: "Poor prospects on returns and ...

  • Sales of high-end homes up in 2004

    30 May 2005

    Sales of million pound properties across Britain in 2004 were 36% higher than in 2003, research from Halifax has revealed.It shows 4,331 million pound properties were sold in 2004 compared with 3,188 in 2003, following virtually no change between 2002 and 2003. London led the way last year with a 38% increase, after an 8% decline in 2003.Outside the South-East, Trafford in Greater Manchester had most sales over 1m, with 35 properties. Poole in Dorset and Macclesfield in Cheshire ...

  • Scarborough launches flexible two-year fix at 3.99%

    31 May 2005

    Scarborough has launched a portfolio of fixed rate mortgage deals from two to 10 years, offering rates as low as 3.99%. Highlights include a flexible two-year fix mortgage offering customers a fixed rate of just 3.99% for two years, followed by a rate guaranteed to track just 0.99% above Bank of England base rate for a further three years.

  • Select & Protect launches intoducer status facility

    2 Jun 2005

    Select & Protect has launched its introducer status facility.Aimed at companies and individuals that have chosen not to become authorised for advising and selling general insurance products under the FSA regulations, the introducer status facility will allow introducers to continue to reap the benefits that the selling of general insurance brings.The company has monitored the insurance market since GI-Day and it has become clear that a significant number of people have ...

  • Severn steps down as head of AIFA due to illness

    3 Jun 2005

    David Severn is stepping down as director-general of the Association of Independent Financial Advisers, having been diagnosed with kidney disease.

  • Should the fsa move sub-prime into a higher risk category?

    30 May 2005

    There is no need for sub-prime to be reclassified, and regulation should not be used as a weapon in a PR war of words, say our experts

  • Skipton reduces three-year fix to 5.14%

    1 Jun 2005

    Skipton is reducing the rates on its three-year fixed rate mortgage from 5.29% to 5.14%.

  • Small firms have big advantages

    30 May 2005

    This extract draws attention to an important truth - that small business organisations have a number of advantages over big players.

  • Software package to save lenders millions

    2 Jun 2005

    A new web-based software package has been developed that could save mortgage lenders millions of pounds and improves customer service.

  • SPARSE urges end to Council Tax injustice

    31 May 2005

    The Sparsity Partnership for Authorities Delivering Rural Services has called on the deputy prime minister John Prescott to correct the injustice in the Council Tax system which causes country dwellers to pay higher taxes for fewer services.

  • SPPL unveils website for packaging brokers

    30 May 2005

    Southern Pacific Personal Loans, the sister company to SPML which specialises in secured second charge mortgages, has launched a website.SPPL packaging brokers can now use the website to complete online quotations, pre-populate credit agreements and download all required documents, the SPPL packaging guide, its lending policy and standard references.The site also allows users to contact the firm's sales team and receive legal and compliance updates.Judith White, national ...

  • Square Mile revamps image

    30 May 2005

    The brokerage, which will be five years old in August, has changed its logo to reflect a more modern approach in the mortgage industry.Andy Wilgoss, managing director at SMMF, says: "Following research, our logo has evolved to reflect that we arereferred to as Square Mile rather than the full company name or SMMF. Good businesses continually review their branding and even subtle tweaks can be tremendously powerful."The new design makes the words Square Mile more prominent, as ...

  • Structural change is not the main point in the FTB debate

    30 May 2005

    From Danny Lovey Your Cover Story 'FTB home truths' (Mortgage Strategy May 9) was interesting and many on your panel made valid points. But it's all very well for people to speculate on things such as structural change in the reasons for delay in first-time buyer purchases, for example, and then intellectually relate this to Europe, Germany or wherever - but this misses the point. In this country, the desire to own as young as possible never stopped. The issue is about affordability ...

  • Survey provides snapshot of debt in Britain

    1 Jun 2005

    The vast majority of people in Britain don't consider their debt repayments to be a problem, says a Government commissioned survey.

  • TBMC to launch online case tracking facility

    2 Jun 2005

    The Business Mortgage Company is to launch an online case tracking facility.

  • The big Dollar debate

    31 May 2005

    The key debate is not about the exact value of the dollar against other currencies but rather of the sustainability of the US economys position in the global economy.

  • The Mortgage Mole

    30 May 2005

    "Digging the dirt in the mortgage world"

  • Tim Breedon takes over as L&G chief executive

    30 May 2005

    Breedon will become deputy chief executive from June 1 and then group chief executive on David Prosser's retirement.

  • Time to focus on your documentation

    30 May 2005

    With the FSA warning that it will soon be acting against companies with poor documentation and processes, you should seize this opportunity to review your documents, says Neal Smith

  • TMB adopts affordability model

    30 May 2005

    The Mortgage Business is to stop using income multiples in favour of an affordability model to assess clients' suitability for mortgages.The new model takes personal levels of income and expenditure into account rather than being standard for all. TMB says this will be a fairer approach to lending. Assessing mortgages based on affordability complies with MCOB rules and reinforces TMB's stance on responsible lending.TMB is also launching an affordability calculator on its website ...

  • TMB launches lowest ever rates

    3 Jun 2005

    The Mortgage Business has unveiled fixed rates and more tracker rate options across its complete product range, representing its best ever portfolio of mortgages.TMB now offers even lower introductory rates and a wider choice of tracker rates with or without early repayment charges.

  • TMW dumps premium rate number for 0845

    30 May 2005

    The Mortgage Works is abolishing its premium rate 0870 number and introducing a national rate 0845 number instead.Paul Howard, associate director of Portman, The Mortgage Works' parent company, says it decided to change the rate because it has been experiencing high levels of business recently and felt it would be better to change to an 0845 number.He says: "We are extremely busy at the moment and our service standards have suffered. There are a lot of benefits for a firm in ...

  • Today is tax freedom day

    31 May 2005

    Today is tax freedom day - the theoretical point in the year at which we stop working for the government and start working for ourselves.

  • Tribunal slashes L&G fine and criticises FSA

    30 May 2005

    The Financial Services and Markets Tribunal has halved the fine Legal & General was given on January 18, reducing it from 1.1m to 575,000.The original penalty was imposed by the Regulatory Decisions Committee after an investigation by the Financial Services Authority.The FSA's case was that L&G's procedures for the sale of its endowment policy to 41,000 low risk customers between 1997 and 1999 were defective, that these defects led to actual mis-selling, and that the level of ...

  • Universal launches base rate tracker

    31 May 2005

    Universal has launched a base rate tracker mortgage at 0.24% above the Bank of England base rate.

  • Unruly hedge owners to be cut down to size

    31 May 2005

    Homeowners will no longer need to suffer the misery caused by high hedges, under new Government legislation which comes into effect tomorrow, on June 1.

  • Victoria completes its first mortgage

    3 Jun 2005

    Victoria Mortgages has completed its first mortgage deal just weeks after its launch on May 9.

  • Warning on equity scheme

    30 May 2005

    It warns that unless demand for the proposed shared equity products is managed effectively with increased supply, the scheme could stimulate demand and kick off a new round of house price inflation.It says the UK has the most diverse and competitive mortgage market in Europe and with the range of repayment methods and rates available, it is questionable whether government schemes are needed to further extend the availability of mortgage finance.The Open Market Homebuy scheme ...

  • What chance of Colin Harris getting a job at the FSA?

    30 May 2005

    From Kevin Thornton What would you do if you woke up one morning to find a million quid in your bank account? Clearly you would make no attempt to give the money back to the rightful owners as there would be very little demand. So some of you would probably opt to give it to your competitors to assist in their training. (I believe Roman Abramovich is considering a similarly altruistic move next season to help the rest of the Premiership.) And most, of course, would wish ...

  • What Chilton USED to say

    30 May 2005

    "Leading national fee-free brokers like ourselves, will not charge a penny, cover the whole market and offer the customer at least as good a service as fee-charging rivalsâ?¦ this monstrous, misleading sale is aided and abetted by the FSA. It says brokers can only call themselves independent if they charge a fee. In reality, nothing could be further from the truth." The Soapbox in The Scotsman 14/05/05 "You are already seeing some fees-free brokers ...

  • Why it is important to choose choice

    1 Jun 2005

    Kensington Mortgages has just been appointed to Open Work, the newly re named lender panel of the Zurich Advisor Network. This is great news as it immediately makes Kensingtons non-conforming mortgage range available to more than 2,000 advisors across the UK.

  • Wolton Chartered surveyors changes image

    31 May 2005

    Wolton Chartered Surveyors has changed its image to reflect its expansion into new markets, including the north of England and Scotland.

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