Mortgage Strategy
31 October 2005

  • 32m projects to tackle homelessness

    2 Nov 2005

    Nationwide over 32m is being given out to develop new ways of tackling homelessness more effectively. The successful projects were announced today by housing minister Yvette Cooper. The Cross Authority Lettings Agency project in Gloucestershire and Somerset has received 160,000 towards its work to set up a 'virtual property shop', aimed at preventing homelessness before a homelessness application needs to be made. The project will include access to private sector accommodation, ...

  • 4.4 million Brits dream of a place in the sun

    4 Nov 2005

    The number of Brits with property abroad is set to double to 4.4 million, reveals research from Barclays.

  • 50% of consumers feel misled by adverts

    4 Nov 2005

    An online survey by Moneyfacts.co.uk has revealed that 55% of consumers feel they have been misled by an advert offering a headline grabbing interest rate.

  • A brief history of regulation

    31 Oct 2005

    Statutory regulation of the financial services industry started with the Financial Services Act 1986. All subsequent expansions of the regulatory regime can be traced to this development.

  • A fairly good start

    31 Oct 2005

    The regulator and brokers have had a fairly good first year under regulation but there is still a lot to be achieved, says the FSA's Andy Watson

  • A thin argument for higher proc fees is better than none

    31 Oct 2005

    From Richard Griffiths Jeff Sutherland-Kay is quite correct in saying my argument for higher proc fees is woefully thin (Mortgage Strategy Letters October 10) but you have to start somewhere. Woefully thin is better than nothing at all. With or without the co-operation of the lenders (probably the latter), I intend to put some meat on the bare bones over the coming months and years.

  • Abacus announces free valuations on adverse products

    2 Nov 2005

    Abacus Permanent has announced that for a limited period it will offer free valuations across its entire adverse product range. The offer will run until December 31 and will be available on a range of products including the Abacus Future 100% with 5.08% two-year London Inter Bank Offered Rate, no overhang and no MIG.

  • Abbey cuts rates on flexible deals

    31 Oct 2005

    Abbey last week cut the rates on its flexible mortgage range. The Flexible Plus deal for life is now available at 4.99% and Standard Flexible Plus is available at 5.25% with a low fee of 199.The lender says flexible mortgages have been gaining popularity because people want to tailor their mortgage payments to suit them rather than allow their mortgage to dictate their lifestyle.Datamonitor recently said the offset market will grow at an annual average rate of 24% over the next ...

  • Abbey launches commission package for intermediaries

    4 Nov 2005

    Abbey has launched a commission package for intermediaries whose sign clients up to its Peace of Mindhome insurance or Paymentcare mortgage payment protection insurance policies.

  • Access financial data on the web

    31 Oct 2005

    CACI is offering financial services institutions the chance to access intelligence on mortgages, savings and current accounts via the internet. The online service replicates the data available through CACI's established market databases.

  • Advantage launches winter specials range

    4 Nov 2005

    Advantage Home Loans has launched a range of winter specials available on its M300 range, which is funded by Mortgages PLC.

  • Advantage launches workshops for e:valuate

    1 Nov 2005

    Following the successful launch of e:valuate, the online sub-prime mortgage sourcing solution from Advantage Home Loans, a series of nine regional workshops have been launched to spread the benefits to brokers direct of how e:valuate aims to revolutionise the way brokers source sub-prime deals.

  • Affordability is definitely here to stay

    31 Oct 2005

    Affordability calculators are back with a vengeance and though they might seem like something of a black art to brokers, they make sense in the current climate, says Richard Griffiths

  • Amber appoints product consultant

    31 Oct 2005

    Amber Homeloans has appointed Craig Davey as product development consultant.This is a role created within the sales and marketing team to help Amber develop innovative products meet the demands of the intermediary market. Davey brings with him six years of mortgage industry experience gained within the Skipton Group.

  • AMI launches One Year On campaign

    1 Nov 2005

    The Association of Mortgage Intermediaries has launched its One Year On campaign, calling for intermediaries to offer input on their experiences. Whether they have been engaged in regulatory reporting, financial promotions, periodic fees, or disclosure documentation and record keeping, AMI has been in constant dialogue with intermediaries and the regulator on the key issues that firms have faced.

  • AMI wants feedback on regulation

    31 Oct 2005

    statutory regulation of the mortgage industry is one year old today and the Association of Mortgage Intermediaries has launched its One Year On campaign to mark the occasion.AMI hopes intermediaries will download its One Year On document from website www.a-m-i.org.uk and fill it in, detailing their experiences and gripes since Mortgage Day.The information compiled will be conveyed to the Financial Services Authority when it reviews the Mortgage Conduct of Business and Insurance ...

  • Assureweb to power Sesame Select

    3 Nov 2005

    Sesame has chosen Assureweb to power its Select multi-tie proposition in a deal that will offer increased efficiency and productivity for advisers through its e-enabled service.

  • BDMs are alive, well and valued at Bristol & West

    31 Oct 2005

    From Dierdre McManus I read Monty Burn's article in Mortgage Strategy last week (October 24) and would like to reassure him the business development manager is not a dying breed here at Bristol & West. I have a team of over 40 bdms giving national support to intermediaries and our business is a firm believer in building strong relationships with customers. Nobody does this better than the bdm. We live in a technological age but getting the balance right between technology ...

  • BMS launches online application for additional lending

    1 Nov 2005

    BM Solutions has launched its online application process for additional borrowing.

  • Bob Sturges, director of communications, Money Partners

    31 Oct 2005

    "Launching on M-Day means we've only ever known life as a regulated lender. The rules permeate everything we do. The impact of TCF on lender-broker partnerships is on our radar and we'll also be watching with interest the FSA's findings following its recent thematic reviews."

  • BoE releases mortgage figures for September 2005

    31 Oct 2005

    The Bank of England today released its mortgage figures for September 2005, which show a steady increase in the market for home loans.

  • Booming Hamptons has big plans for 2006

    31 Oct 2005

    Hamptons International Mortgages enjoyed a record quarter for new business with over 800 deals brokered in the past three months and says it will be a force to be reckoned with in 2006.Kevin Duffy, managing director of Hamptons International Mortgages, says: "We have brokered over 800 mortgages in the past quarter and will shortly be announcing some exciting appointed representative and introducer propositions worth some 200m of fresh loans, starting in December this year."And ...

  • BoS freezes mortgage rates

    4 Nov 2005

    At a time when many lenders are increasing their fixed rates, Bank of Scotland Mortgages has taken the decision to maintain its current large loan and mainstream rates for as long as possible to allow brokers to pass on competitively priced mortgage products to their clients.

  • BRE will use xit2 to train home inspectors

    31 Oct 2005

    The Buildings Research Establishment has selected xit2 as a technology partner to support its home inspector qualification programme.The online Home Condition Report developed by xit2 will form part of BRE's training programme leading to the Awarding Body for the Built Environment diploma in home inspection.From January 2007, all houses for sale will require an HCR as a part of the Home Information Pack. The HIP will include all documentation and searches needed to sell the ...

  • Britannia fix

    31 Oct 2005

    Britannia has launched a two-year fixed rate mortgage offering a rate of 4.29% up to 95% LTV. This is a drop of 20 basis points as the previous rate was 4.49%. The initial rate on Britannia's two-year discount tracker also falls to 4.35%.

  • Brits not spooked by ghosts

    31 Oct 2005

    Research from Portman on haunted properties reveals Brits don't give a hoot when it comes to things that go bump in the night.While people used to go to great lengths to ward off evil spirits, hanging up horseshoes and charms or employing shamans and priests to exorcise demons, Portman says 43% of people now say they would not be put off purchasing a property if it was rumoured to be haunted.One in three people claim to have lived in a house that was either haunted or rumoured ...

  • Brokers and lenders must work together for clients

    31 Oct 2005

    I can tell you that Jonathan Burridge's letter regarding service in last week's issue (Mortgage Strategy October 24) received a generous round of applause from our underwriting teams.

  • Brokers say MEX should have named dodgy BDM

    31 Oct 2005

    An overwhelming 73% of the industry says Mortgage Express should have named and shamed the business development manager found to have been advising brokers how to mis-sell self-cert mortgages.While MEX withheld the name of the individual involved for the sake of their career, it seems brokers take a dim view of anyone or anything that could bring the industry into disrepute.Only 28% agreed that MEX was right to keep their name under wraps.This week Mortgage Strategy ...

  • Buy-to-let SIPP deals unveiled

    31 Oct 2005

    Paragon Mortgages and Mortgage Trust are offering intermediaries tailor-made self invested personal pension mortgage products for buy-to-let investors.The lenders are inviting brokers to join a select panel that will introduce the range.The products come in response to a recent survey by Mortgage Trust that found 65% of mortgage intermediaries expect the introduction of residential property investment SIPPs will boost the buy-to-let market.Products will allow a pension trust ...

  • Buy-to-let yields rise in South-East and London

    31 Oct 2005

    Paragons October buy-to-let Index shows yields have risen in the South-East by 0.8% and in Greater London by 0.1%.

  • C&G branch staff give good service and know their stuff

    31 Oct 2005

    From Warwick Tidy In a mortgage market in which the lunatics have finally taken over the asylum, might I thank the staff at the Okehampton branch of Cheltenham & Gloucester for the following: Live answering of the phone before three rings and no looney tunes. All members of staff knowing exactly what they are talking about (rare these days). If the person you wish to speak to is to call you back, they do call you back. Not being ...

  • Call for FSA to probe lenders

    31 Oct 2005

    A broker has called on the Financial Services Authority to examine lender service levels.The source, who asked to remain nameless, contacted Mortgage Strategy after he was told on two occasions by Northern Rock that his client's loan had been agreed, only to told in subsequent phone calls that it hadn't.Though the Key Facts Illustration was eventually produced, he complains lenders are continually letting brokers and their clients down with poor levels of service and ...

  • Charcolonline launches lifetime tracker with drop lock facility

    2 Nov 2005

    Charcolonline.co.uk has launched an exclusive lifetime tracker with a drop lock facility, giving borrowers the option to drop into a fixed rate at any point during the term of their loan completely penalty-free. At a time when there is uncertainty over where interest rates will move next, the drop lock option provides the perfect addition to a leading variable rate mortgage.

  • City analysts not convinced of Bank base rate change

    1 Nov 2005

    Gary Hockey-Morley, director of mortgages at Abbey, says that city analysts are now less convinced about a change in the Bank base rate before Christmas and that this is good news for savers, but not so good for borrowers who might be opting for a cut.

  • Clear direction for housing needed, says RICS

    3 Nov 2005

    The government's extended deliberations about the way to improve availability, choice and diversity in UK housing is creating a climate of uncertainty for investors, which risks holding back development.

  • Clear joins Freedom panel

    31 Oct 2005

    Clear Mortgage Administration, the specialist mortgage packager, has joined Freedom Lending's panel of distributors.CMA will market the whole Freedom range.

  • Clydesdale offers capped offset deal

    31 Oct 2005

    Clydesdale Bank has launched a product range to brokers which includes a two-year capped offset mortgage, the first time the bank has offered a deal of this type.The range includes improvements to its traditional plus offset tracker deals available as capped products.The products are a traditional tracker at 0.19% to 0.24% over base rate, reverting to 0.55% over base for life after two years at 4.69% for purchase and 4.74% for remortgage. And a capped tracker at 0.39% to 0.44% ...

  • Complete offers refund on fees

    31 Oct 2005

    Complete Mortgage & Loan Services is offering a refund of the application fee on all sub-prime packaged cases submitted between October 17 and December 31 2005.

  • Consider all scenarios when advising

    31 Oct 2005

    When thinking about your clients' protection needs, uppermost is making sure their mortgage is covered. But this isn't always where their needs end. With consumer debt levels rising at an alarming rate and savings falling, people are playing a dangerous game with their finances. If serious illness or accident strikes they could find themselves falling from a great height.

  • Cooper endorses Live's HIPs solution

    1 Nov 2005

    Yvette Cooper, minister for housing and planning, used Lives recently launched Home Information Packs sticks to demonstrate how technology can enable a better flow of information at her recent address to the Law Society Conference, Property in Practice 2005 on October 27 at the Millennium Hotel Mayfair, London. Rob Sendall, chairman of Live, says: "We were confident that Live had one of the best solutions for the forthcoming HIPs including some clever applications of technology ...

  • Correcting inaccuracies when it comes to facts about leads

    31 Oct 2005

    From Kevin Thornton I don't want to start a slanging match with Nat Daniels via Mortgage Strategy but having read his letter (Mortgage Strategy October 24), I must correct some inaccuracies. The lead offered for sale to me was a staff nurse. A salary scale of 18,818- 22,725 is quoted by the website provided by Daniels for an experienced staff nurse - a far cry from the 37,331- 51,344 he quoted. That salary scale is reserved for the highest paid in the nursing profession. I suppose ...

  • Coventry improves MOREgage range

    4 Nov 2005

    Coventry has launched an improved MOREgage product range.

  • Credit Bill could fail consumers

    31 Oct 2005

    The Government will fail to protect consumers fully with its Consumer Credit Bill, which began its second reading in the House of Lords last week, credit information expert checkmyfile.com has warned.The Bill seeks to update the Consumer Credit Act with measures such as forcing credit providers to make deals more transparent, tackling loan sharks, providing a way for consumers to report unfair practices and helping tackle over-indebtedness.But checkmyfile.com says the Bill doesn't ...

  • Curriculum Vitae - Ross Purcell

    31 Oct 2005

    "My backpack projected 12 family-sized mars bars across the piste"

  • Customer defections threatens mortgage industry

    1 Nov 2005

    The mortgage industry needs to work harder to retain customer loyalty if the industry is to survive, says a survey from Group 1 Software.

  • Dashboard Software to launch website at Expo

    3 Nov 2005

    Dashboard Software is to launch a branding and associated website at the Mortgage Business Expo London.Dashboard Software will be launching the new version of Dashboard plus additional associated services for the mortgage intermediary market place. To pull the services together under one banner, Dashboard Software will relaunch with a new look and website at Mortgage Expo. in London on stand J52 on November 16-17 2005.

  • Dashboard to launch website at expo

    4 Nov 2005

    Dashboard Software is set to launch its branding and associated web site at Mortgage Expo London.Following continued growth and expansion Dashboard Software is launching its latest version of Dashboard plus additional associated services for the mortgage intermediary market place. To pull the services together under one banner, Dashboard Software will re-launch with a new look and web site at Mortgage Expo.

  • Day with loan sharks left me feeling gutted and battered

    31 Oct 2005

    From Kevin Friend Firstly I would like to thank Mortgage Strategy for a great boat trip. As always, a great day was preceded by the traditional late night. As I got on the boat surrounded by some of the industry's finest I wondered what the day had in store. After the skipper had given us the third degree about where the emergency exits were, we cast off. The black velvets flowed and rods and lines were deployed, then a splash was followed by a yelp. What had Dev Malle landed? ...

  • Dear Delia

    31 Oct 2005

    IT contractor Alex earns £45000 a year. Eight months ago he split up with his partner and moved out.

  • Debt strategy likely to result in more home repossessions

    31 Oct 2005

    Plans by the government and lenders to tackle credit card debt could put homes at risk of repossession, it is feared.Plans being prepared by the Department for Constitutional Affairs will make it easier for banks, credit card firms and major stores to repossess debtors' homes.The department is planning legislation to allow charging orders to be made even against those who are keeping up the agreed payments to pay off their debts.A charging order is a means of securing a ...

  • Derbyshire set to launch Salt on Monday

    3 Nov 2005

    The Derbyshire is set to launch a separate stand alone brand called Salt on Monday.Offering near prime to heavy sub-prime, the products will initially only be available through a limited number of packagers, but the aim is to ultimately go direct through intermediaries.Three packagers are confirmed at the moment they include Abacus, Praxis and Pink Home Loans, with four to five additional packagers in the pipeline.The Derbyshire declined to comment.

  • Draft laws on HIPs rumoured to be published today

    31 Oct 2005

    Reports in The Times today say that deputy prime minister John Prescott will today finally publish draft laws on home information packs.

  • DTI publishes Q3 insolvencies statistics

    4 Nov 2005

    The Department of Trade and Industry has published statistics showing insolvencies in Q3 2005.

  • Dunfermline adds to its mortgage book with SPML

    3 Nov 2005

    Dunfermline has added a further 56m to its mortgage book through the purchase of a portfolio of residential investment loans from Southern Pacific Mortgages.

  • e.surve calms repossession fears

    31 Oct 2005

    The Department for Constitutional Affairs reported last week that there had been a rise of 66% in repossession orders in England and Wales over the past three months.

  • eConveyancer to be made available to Mortgage Promotions brokers

    3 Nov 2005

    eConveyancer, the online system for instructing conveyancers which is owned by the United Group, is to be made available to Mortgage Promotions brokers throughout the country.

  • Elderly in debt

    31 Oct 2005

    Worrying evidence has emerged that increasing numbers of older people are struggling to service debts including mortgages. Age Concern Enterprises - the financial services arm of the UK's charity for older people - warns that at least one in 10 enquirers calling its equity release helpline are cash-strapped home owners.

  • Elephant to seek AIM listing

    3 Nov 2005

    Elephant Loans & Mortgages, the holding company of Elephant Loans, has announced its intention to seek a listing on AIM on November 18 2005.

  • em-group round table events a success

    3 Nov 2005

    2005 has seen em-group host a number of round table events for their nationwide broker community in venues across the country.

  • eMoneyfacts links Mortgage Search with Plum Software

    1 Nov 2005

    eMoneyfacts has announced that it has linked its Mortgage Search with Plum Software, an independent software house for financial advisers and mortgage brokers.

  • em-secured sees record number of completions

    1 Nov 2005

    October has seen a record number of completions for em-secured the sub-division of em-group that provides brokers with further opportunity to generate business.

  • English rental yields fall

    31 Oct 2005

    Quarterly rental yield figures released by Landlord Mortgages show yields in England fell to 5.87% in Q3 2005 from 5.97% in Q2 - the lowest level in three years.London also saw a drop from 5.99% in Q2 to 5.82% in Q3. But north of the border, Scotland bucked the trend and recorded a small recovery with rental yields rising from 6.47% in Q2 to 6.77% in Q3.

  • FLA calls for joined up approach to regulating PPI

    4 Nov 2005

    The Finance and Leasing Association has called for a positive and joined up approach by those regulating, underwriting and selling payment protection insurance to ensure high standards of both the product and its sale. The FLAs members provide some 68.4bn of consumer finance annually.

  • Focus announces strategic partnership with Dashboard Software

    3 Nov 2005

    Focus Business Solutions, a provider of customer management solutions to the financial services market, has announced a strategic partnership with Dashboard Software, to deliver a suite mortgage technology solutions helping to further streamline the sales process.

  • Franchise plan extended

    31 Oct 2005

    Mortgage Options is extending its package for brokers thinking of going it alone. The mortgage shop franchise package provides the opportunity to have day to day responsibility while working within an established business environment.Greenspan to go Alan Greenspan, chairman of the US Federal Reserve and once described as "the greatest central banker who ever lived", is to be replaced in January by former Fed governor Ben Bernanke.

  • Friend confirms he is joining Money Partners

    31 Oct 2005

    Money Partners has confirmed rumours that Kevin Friend, former director of sales at Scottish packager Opus, has joined the Middlesex- based lender as head of strategic partnerships.Friend left Opus earlier this month, saying at the time that after two years with the Glasgow-based packager he was looking for opportunities closer to his home in England. He cut his teeth in the financial services industry at The Mortgage Operation which he helped set up with Frank Butler and Mortgage ...

  • Friend joins Money Partners as head of strategic partnerships

    2 Nov 2005

    Specialist lender Money Partners has announced the appointment of Kevin Friend as head of strategic partnerships.

  • Friends Provident tops Defaqto survey

    31 Oct 2005

    Friends Provident, the FTSE 100 life and pensions company, has come out top for service in a survey of 400 IFAs conducted by financial services research specialists Defaqto.

  • FSA calls for urgent action on PPI selling practices

    4 Nov 2005

    The Financial Services Authority has called on firms to take urgent action to ensure that their selling practices for payment protection insurance are in line with regulatory requirements, following a programme of visits and mystery shopping that uncovered poor selling practices and a lack of proper compliance controls among a sample of firms.

  • FSA had solid foundation to build on

    31 Oct 2005

    The fact that the industry has made a pretty good start to life under the Financial Services Authority is in some measure a tribute to the work done by the MCCB, says Brad Baker

  • FSA investigation results on PPI are shocking, says Which?

    4 Nov 2005

    Consumer watchdog Which? says the results of the Financial Service Authority investigation on payment protection insurance is shocking and that it is not surprising news.

  • FSA publishes performance against service standards

    31 Oct 2005

    The Financial Services Authority has published its performance against service standards for the last six months.

  • Furness in distribution deal with MPLC

    1 Nov 2005

    Furness, the North-West based mutual lender, has further developed into the sub-prime sector by announcing a distribution agreement with Mortgages PLC.

  • Generate your own leads on the net

    31 Oct 2005

    Generating your own leads through a website is an effective way to sidestep paying external lead generation firms, but you might need specialist help to set one up, says Frank Eve

  • Get a sartorial health check

    31 Oct 2005

    As revealed in last week's Mortgage Strategy, image consultant Dress2kill will be attending the Mortgage Business Expo at London's Earl Court on November 16 and 17.Visitors to the Expo will be able to pay the style gurus a visit and get the prognosis on their fashion health. If your suits are flatlining, the guys on stand K60 will help you bring them back to life with a free consultation and a prescription.Mortgage Strategy news editor Robert Thickett is being ...

  • Government appoints three to Housing Corporation

    1 Nov 2005

    The government has announced three new appointments to the Board of the Housing Corporation.

  • Government defends HIPs

    31 Oct 2005

    Yvette Cooper, housing minister, has defended Home Information Packs as good for consumers as the government published draft regulations for consultation of the contends of the packs.

  • Government links building control to housing warranty schemes

    31 Oct 2005

    The government is introducing a new rule linking building control by approved inspectors on new homes with designated housing warranty schemes.

  • Has the fsa taken too long to get tough on general insurance since regulation?

    31 Oct 2005

    It's likely to be a matter of time and education rather than getting tough that will help the GI regulatory regime bed in, say our experts

  • HML signs servicing contract with Infinity Mortgages

    31 Oct 2005

    Homeloan Management has signed a three-year contract with Infinity Mortgages to provide post completion administration and collections servicing for newly completed sub-prime mortgages.

  • Home alone

    31 Oct 2005

    It is estimated that by 2021, over 35% of all households will be people living alone. Single-person households now account for 29% of all homes, up from 18% in 1971, and this trend is expected to continue.But contrary to the stereotype of lonely old spinsters and playboy bachelors, 96% of those polled in a survey for Unilever say it's good to live on your own before settling down. Indeed, 51% of people aged between 25 and 34 believe solo living is a temporary stage, and 77% say ...

  • Home of Choice appoints Frank Lowe

    1 Nov 2005

    Home of Choice has appointed ex-Zurich worker Frank Lowe as its national estate agency director.

  • Home of Choice sets sights on acquiring networks

    31 Oct 2005

    Home of Choice is in talks to acquire smaller networks and says it has recruited a well known industry figure to help design exclusive mortgage products.Richard Coulson, managing director of Home of Choice, predicts the network will double its current 1,100 applications in the next three years, to over 2,000.He says it has appointed a mortgage product developer and details will be realised this Tuesday.Coulson has not ruled out acquiring smaller firms and says the company ...

  • HomeLoan Partnership offers incentive to woo brokers

    2 Nov 2005

    HomeLoan Partnership has announced that it is celebrating the anniversary of mortgage regulation with a recruitment offer. Appointed representatives joining the network will pay 0% in network charges on all sub-prime business completed in the first six months of their membership.

  • Hometrack launches online service to value property

    3 Nov 2005

    Today Hometrack has launched a brand new online service allowing home owners, home buyers and investors to value a property to a level only previously available to high street mortgage lenders.

  • House prices static, says Halifax

    4 Nov 2005

    The Halifx House Price Index has shown that house prices in October remained unchanged.

  • If this American hawk gets bird flu we will all suffer

    31 Oct 2005

    Last week, arguably the most powerful man in the world was appointed.

  • Industry learns to live with regulation

    31 Oct 2005

    Today is the first anniversary of the mortgage industry's regulation by the Financial Services Authority.

  • Infinity update

    31 Oct 2005

    Infinity Mortgages has made significant improvements to its lending criteria with higher income multiples. Customers can now benefit from main income multiples raised to 4 x, joint income multiples raised to 3.5 x, and buy-to-let LTV raised to 85%.

  • Internet Insite

    31 Oct 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Kevin Paterson takes a look at lender websites, working his way from A to Z

  • Ipswich gets into sub-prime

    31 Oct 2005

    Ipswich has entered the sub-prime market with a range of products designed to comply with the Financial Services Authority's Treating Customers Fairly policy.A self-cert, two-year sub-prime discount deal has been designed to meet the needs of people who might have missed mortgage payments or have credit card and loan arrears or County Court judgements against them.Clients must have missed no more than two mortgage payments in one year and none in the past six months. Also, they ...

  • Is there a need for common standards?

    31 Oct 2005

    Last week Mortgage Strategy exclusively revealed that Origo had delayed its plans to introduce an e-commerce standard for the mortgage market until the middle of next year.Frank Eve, managing director of Frank Eve Consulting, has been meeting industry representatives over recent months to help move the project forward.He says: "Origo decided to extend the research period into next year. It wanted to try and get something up and running by the end of October but has now decided ...

  • It's been a tough year for equity release

    31 Oct 2005

    One year on from regulation the equity release market has seen a tough period throughout with business levels on a plateau. Business this year is expected to remain at similar, or slightly lower, levels than 2004.

  • It's time for the FSA to look into lenders' service levels

    31 Oct 2005

    Name and address supplied I'd like to tell readers about the poor service I recently received from Northern Rock (all within 24 hours). A Together DIP was carried out for my clients and sent for referral for increased income multiples. I received a call confirming the loan had been agreed and that my clients could borrow more than they initially wanted, which was fantastic as they wanted to hold some of their own funds back for home improvements. I then called Northern ...

  • It's time lenders called time on ERPs

    31 Oct 2005

    It would be easy to mask the real reason for my calling time on early redemption penalties by saying it would make it easier for consumers to understand how mortgages work. But I won't. The truth is that ERPs can and often do stop home owners moving or remortgaging.

  • Keeping it simple at the margin

    31 Oct 2005

    Added fees and charges make the sales process more complicated for brokers and clients and a standard margin added to everyone's rates would be more fair, says Sue Read

  • KFIs should include cost over product term to be useful

    31 Oct 2005

    From Bob Singh If Key Facts Illustrations retain their current format they're unlikely to be used as a comparison tool by consumers. The dream that they might aid choice and ease comparison of products is still distant. Lenders should provide a 'true cost' figure in their KFIs, not over the whole mortgage term but for the duration of the product, as well as a figure for the cost over the mortgage term assuming the client is financially inept and does move, doesn't remortgage ...

  • L&G reports 18bn lending volumes since M-Day

    31 Oct 2005

    The Legal & General Partnership today announced that since November 1 2004, it has reached lending volumes of 18.5bn.

  • Lack of client knowledge sparks concern over TCF

    31 Oct 2005

    Consumers are struggling to understand mortgage terminology and products, causing concern over the products they are being advised to buy.The latest One Specialist survey by BM Solutions finds that nine out of 10 brokers believe consumers have no idea what the London Inter Bank Offered Rate is and what it entails.This statistic in particular has raised concerns relating to the Financial Services Authority's Treating Customers Fairly policy, and whether allowing borrowers to ...

  • Landlords plan to invest

    31 Oct 2005

    The latest buy-to-let Confidence Survey from Mortgage Express shows the sector remains strong and landlords are positive about its future. The specialist lending arm of Bradford & Bingley says 87% of landlords are planning to either extend or maintain their property portfolios over the next six months.

  • Law firms plan will not give cowboys free rein

    31 Oct 2005

    Salans says moves proposed in a government white paper will not mean cowboys are free to buy and run law firms, despite industry concerns.The plans were published last week and propose that external companies would be able to take 100% ownership of law firms, meaning they could be floated on the stock market.The regulation of the legal profession is undergoing changes and the plans form part of these.The Legal Services Board will be the single regulatory board for the profession. ...

  • Leighton chairs Financial Services Practicioner Panel

    1 Nov 2005

    Roy Leighton today takes over as chairman of the Financial Services Practitioner Panel.

  • Lenders waste our time with promises they can't keep

    31 Oct 2005

    From Mark Sutton On reading Jeff Knight's letter about online binding decisions (Mortgage Strategy October 17), you could be forgiven for thinking he was taking the opportunity to have a poke at a major rival. But on closer inspection the letter is to be applauded as it focusses attention on one of the biggest problems facing brokers. With the advent of online decision in principle facilities from most lenders you'd think any uncertainty about the fit of a case would be removed ...

  • LHA Pathfinder report highlights letting activity

    3 Nov 2005

    Key early findings from the evaluation of the Local Housing Allowance Pathfinders, are published today.

  • Lib Dems back PPI campaign

    31 Oct 2005

    The Liberal Democrats have backed Paymentcare's campaign to get the Office of Fair Trading to force high street providers to label their payment protection cover with a 'no obligation to buy' warning.Vincent Cable, shadow chancellor for the Liberal Democrats, has signed up to the campaign. In light of concerns about the potential mis-selling of PPI by high street providers, Paymentcare has called on the OFT to make several assurances.As well as the no obligation warning it wants ...

  • Lifestyle expectations to blame for rise in insolvency rates

    4 Nov 2005

    Lifestyle expectations and changes in bankruptcy laws are to blame for the rise in personal insolvencies, says Philip Long, an insolvency expert at accountants and business advisers PKF.

  • Lifetime trackers

    31 Oct 2005

    The Woolwichis launching a lifetime tracker range which includes a offset deal at 0.59% above base rate.Alongside the offset deal it will provide fixed rate mortgages with built-in lifetime tracker facilities.Andy Gray, head of mortgages for The Woolwich, says: "There is a demand for long-term lifetime tracker deals and we want to guarantee a competitive rate on offsets, plus fixed rate mortgages that offer lifetime value when they revert to a tracker."

  • LIME clinches secured lending deal with Norton Finance

    1 Nov 2005

    Lifetime Insurance Mortgage Experts has clinched a secured loan offering in partnership with Norton Finance.

  • Limited offer on BoS self-cert mortgages

    3 Nov 2005

    Bank of Scotland Mortgages has introduced limited offers on two of its fixed rate self-cert mortgages.

  • LloydsTSB warns of Halloween insurance claims

    31 Oct 2005

    As millions prepare for tonight's Halloween parties, Lloyds TSB Insurance is warning homeowners to brace themselves for a spate of trick or treating disasters.

  • Looking at the figures its clear that BM Solutions' deals are more than hype

    31 Oct 2005

    From Jonathan Cornell I was interested to read the recent letter from Eddie Royce (Mortgage Strategy October 17) in which he claims only clients borrowing in excess of 250,000 would benefit from BM Solutions' latest products. I'm not sure where he got his figures from. While nobody would dispute the fact that the fees are high, I don't think his criticism is justified. While adding back the fee into the pay rate is a simple way of comparing like for like products, there is no ...

  • M2000 exclusive

    31 Oct 2005

    Mortgage 2000 has launched an exclusive product from Leeds. It is a 100% mortgage at 5.72% fixed for five years with no upfront fees. The product will be available via a number of channels including m2-mortgage club, m2-d&p and Casemaster.

  • Many brokers dissatisfied with compliance support services

    31 Oct 2005

    many intermediaries are not satisfied with the compliance support service they receive from their providers, a survey by Pink Home Loans has found.Pink's 1,000 Index Survey finds that almost one-fifth of intermediaries think the service they get is poor.The survey, completed by 1,000 intermediaries that have been registered with Pink at some point, was the seventh to be conducted by the distribution and packaging company.Some 45% of those who took part purchase compliance ...

  • Mark Lofthouse, CEO, Mortgage Brain

    31 Oct 2005

    "Many thought M-Day would strangle business but we're all still thriving. Brokers now use more features in Mortgage Brain, and electronic trading has gone through the roof."

  • Market Watch

    31 Oct 2005

    Swaps continued to rise last week and as widely expected, this brought about an onslaught of rate increases.

  • MI strikes secured lending deal

    31 Oct 2005

    Mortgage Intelligence has completed an exclusive deal with finance broker Norton Finance in the secured lending second charge sector whereby clients can borrow up to 125% LTV with a term from three to 30 years at interest rates starting from 6.3%. Norton will provide a same day decision in principle as well as keeping members updated throughout the application process.Sally Laker, managing director of MI, says: "This is what brokers have been asking for - genuine choice and service ...

  • Misys chairman steps down from role

    4 Nov 2005

    The chairman of software firm Misys has stepped down from his position to become chief executive, bowing to the pressure of investors.

  • Mixed response to Derbyshire brand launch

    4 Nov 2005

    With the Derbyshire set to launch its standalone brand Salt on Monday a number of industry experts have aired their views on the subject.

  • Money Centre directorships

    31 Oct 2005

    The Money Centre appointed four directors recently. Lynsey Scrivener has been promoted to marketing director, Wayne Kilby to operations director, Dawn Bower to business development director and Bronya Cluer to finance director.

  • Moneynet warns borrowers of hidden expenses

    3 Nov 2005

    Relying solely on advertised APR rates to choose the best deal on a loan could mislead borrowers into picking the most expensive product on the market rather than the cheapest, warns online financial data comparison site Moneynet.co.uk.

  • Morgan Stanley rumoured to be looking to buy Advantage

    1 Nov 2005

    US giant Morgan Stanley is rumoured to be looking to buy Advantage Home Loans in a deal to be announced this December.

  • Mortgage 2000 creates two senior positions

    4 Nov 2005

    Mortgage 2000 Financial Group has created two positions within its senior management team.

  • Mortgage 2000 launches product with Universal

    3 Nov 2005

    Mortgage 2000 has launched a product in association with Universal. The exclusive, named Light Touch due to its acceptance of up to 2,500 in County Court judgements and two months of arrears, is only available via Mortgage 2000s direct to lender proposition m2-mortgage club.

  • Mortgage repossessions decreased for Leeds

    4 Nov 2005

    A recent report by the Department for Constitutional Affairs stated that the number of mortgage possession actions in England and Wales had increased by 55% in Q3 2005 compared to the same period last year. It was also the highest quarterly figure since Q3 1993.

  • MortgageLink is linked with MTE

    31 Oct 2005

    Network Data has integrated its MortgageLink intermediary point-of-sale mortgage sourcing system with the Mortgage Trading Exchange to deliver integrated electronic trading solutions to its appointed representatives and directly authorised users.The integration allows MortgageLink users to benefit from trading electronically with leading lenders through the MTE.Mark Lofthouse, chief executive officer of MTE, says: "The driving force behind the MTE has always been partnership ...

  • MortgageStream Version 3 to be launched at Expo

    31 Oct 2005

    MortgageStream, the mortgage broker case management software will launch Version 3 of its software at this years Mortgage Business Expo in London on November 16 and 17.

  • Moving house can damage your credit score

    1 Nov 2005

    Checkmyfile.com warns consumers about to move home that applying for credit after the removal van has arrived can cost them dearly in higher interest rate charges. Barry Stamp, joint managing director of the online consumer credit reference agency, says: "Moving house can cost people hundreds of pounds in extra interest charges because their credit score will reduce automatically when they temporarily drop off the electoral roll, and other important factors in the calculation of ...

  • MPLC accused of using dirty tricks

    31 Oct 2005

    Mortgages PLC has been accused of trying to drum up business with a dirty tricks campaign against Infinity Mortgages.The Merrill Lynch-owned sub-prime lender sent a letter to brokers last week entitled 'More than Infinity? Yes it's possible', which explains that it no longer funds Infinity products. The letter goes on to say: "We would love the opportunity to keep dealing with you. Rest assured we can offer you a lot more than you were previously able to obtain."Simon Biddle, ...

  • MPLC to temporarily pull product range from B&W

    3 Nov 2005

    Mortgages PLC will temporarily pull its product range from Bristol & West on November 11 as the two lenders consider the development of an integrated system to solution to support future lending.

  • MTE standalone user base grows

    31 Oct 2005

    A further 8,000 copies of Mortgage Trading Exchange standalone are to be issued in the next few weeks.The success of MTE standalone comes after Mortgage Strategy's MTE for All campaignMark Lofthouse, CEO at Mortgage Brain, says: "Prior to the launch of MTE standalone, 3,000 introducers requested an advance copy. Of these, 86% were Trigold users. The remainder were predominantly additional copies for administrators."These 3,000 advance copies have now been dispatched and ...

  • National financial services academy to open next year

    31 Oct 2005

    Education secretary Ruth Kelly and trade and industry secretary Alan Johnson says the Financial Services Skills Council has been successful in its bid to create a National Financial Services Academy. The NFSA is scheduled to open in September 2006, with an initial three centres in London, Manchester and Norwich.

  • Network Data launches proposition for DA brokers

    31 Oct 2005

    Network Data has launched a proposition for directly authorised intermediaries.

  • Online credit reports updated

    31 Oct 2005

    Callcredit has responded to feedback from its customers by launching updated versions of its two online credit reference reports, CallReport and SHAREReport. The updated reports are claimed to be more intuitive and user friendly.

  • Online Handbook is site of interest

    31 Oct 2005

    The FSA Handbook section of the regulator's website contains much more than just a downloadable copy of the publication and should be of interest to brokers, says Bill Warren

  • Only 20% of home owners consider flood protection

    2 Nov 2005

    One in three UK flood victims fear the threat of flooding is increasing, and nearly half believe their property will be at risk again, new research reveals.

  • Openbook to trial HIPs

    4 Nov 2005

    OpenBook, the Home Information Pack provider, has been asked by the ODPM to trial HIPs across the UK in the run up to the official dry run in June 2006 to ensure effective implementation in 2007.

  • Optoma Playstation giveaway to 5,000th application

    31 Oct 2005

    Optoma Broker Solutions expects to receive its 5,000th sub-prime approval in principal within the next week, and to mark the occasion is presenting the intermediary who submits the application with a Sony Playstation PSP hand-held games console, courtesy of Platform.

  • Origen mortgage team signs up for CeMAP qualification

    3 Nov 2005

    Advice and distribution firm Origen has become the first company to sign up its entire mortgage team for the Institute of Financial Services advanced mortgage advice qualification Advanced CeMAP.

  • Overcrowded homes crisis

    31 Oct 2005

    Research from Shelter reveals that children have to share a bedroom with their parents in almost three- quarters of overcrowded homes.The report, Full House?, also says one in 10 families in cramped housing have teenagers of opposite sexes who are forced to sleep in the same room.The charity is to put pressure on chancellor Gordon Brown to fund more family-sized social rented homes to ease the overcrowding crisis.Shelter warns that if the impact of overcrowding is ...

  • Paragon must change to become competitive again

    31 Oct 2005

    From Peter Wellingham As a specialist buy-to-let adviser also directly authorised by the Financial Services Authority, we are a long- standing user of Paragon for a number of our clients. Indeed, we have promoted its products heavily to our professional landlord clients in the past. Our reasons for recommending it have included that it will look at properties other lenders would not, HMOs for example, as well as give forward buying facilities. Furthermore, our BDMs from ...

  • Parliamentary group to hold inquiry into demutualisation

    4 Nov 2005

    The Parliamentary All-Party Group for Building Societies and Financial Mutuals has agreed to conduct a short inquiry into the true cost of demutualisation.

  • Paul Hunt, head of marketing, Platform

    31 Oct 2005

    "Intermediaries are now far more reliant on lender online technology than before. And despite predictions to the contrary before M-Day, packagers are still here and still thriving."

  • Pessimism on insolvencies

    31 Oct 2005

    More than half of all mid-market businesses expect insolvencies to rise over the next 12 months, reveals research published by Pricewaterhouse Coopers. Less than one in seven businesses believe insolvencies will fall.

  • Pink enhances shared ownership product

    3 Nov 2005

    Pink Home Loans has made improvements to the shared ownership product, in association with Mutual One, which is funded by Ipswich.

  • Pink launches fixed rate self-cert product

    31 Oct 2005

    Pink Home Loans has launched a fixed rate self-cert product funded by Platform.

  • Pink unveils B2L semi-exclusive

    31 Oct 2005

    Pink Home Loans has launched a semi-exclusive fixed buy-to-let product in conjunction with Paragon. The product offers a headline rate of 3.95% fixed until February 28 2007.It is available to first-time buyers, professional landlords, portfolio applications and limited companies and is also available for single properties or portfolio purchases.

  • Pink's intermediary website goes live

    1 Nov 2005

    Pink Home Loans' new website for the intermediary market is now live. The site has been redesigned to improve navigation, to make information more accessible and to provide intermediaries with a greater understanding of what Pink offers.

  • PMN figure was incorrectly quoted in another magazine

    31 Oct 2005

    From Dale Knight I am writing with reference to Richard Griffith's comment (Mortgage Strategy, October 17 2005) that the 'promotional spin' from Professional Mortgage Network says we have 440 member firms. I believe he is referring to the number which appeared in an article in another trade publication. This number was incorrectly reported and mixed up the number of Berkeley Independent Advisers member firms, with those of PMN. PMN has 50 AR firms and we have never implied anything ...

  • Poor areas get worse services than rich

    31 Oct 2005

    Deprived neighbourhoods get lower standards of street cleaning and refuse collection than more affluent areas, research for the Joseph Rowntree Foundation reveals.This is in spite of the greater range and severity of problems they face, particularly with graffiti, litter, fly-tipping and poorly maintained public spaces.A study by the University of Glasgow found environmental services staff working in deprived neighbourhoods were overwhelmed by high levels of litter, undermining ...

  • Portman launches rates aimed at first-timers

    31 Oct 2005

    Portman has launched a range of fixed rate mortgages designed to help first-time buyers.Recent research shows it takes the average first-time buyer almost five years to save a deposit, during which time house prices become more unaffordable. Also, having to pay high levels of rent means many struggle to save for deposits, fees and moving expenses.Portman is offering a choice of two, three or five-year fixed rate mortgages which remove the need for a deposit by offering up to ...

  • Predictions of swing from DA to AR dismissed

    3 Nov 2005

    Predictions of a swing to appointed representative status has been dismissed by Expo attendees.

  • Principality raises 6,000 for earthquake appeal

    31 Oct 2005

    Principality has raised more than 6,000 towards the appeal for survivors of the earthquake in Pakistan.

  • Propertyfinder.com to be bought

    2 Nov 2005

    Ten years after propertyfinder.com blazed a trail by setting up the UKs first property search website, News International and realestate.com.au today announced the purchase of Asserta Holdings, which owns UK property portal Propertyfinder.com in a deal which values the company at 15m. News International and realestate.com.au, Australias leading property portal, have jointly purchased 95% of Asserta Holdings for 14.3m from funds advised by venture capital firm Arts Alliance, as ...

  • Purely announces strategic investor

    3 Nov 2005

    Purely Financial Group, which trades as one of the UKs national low fee mortgage brokers Purely Mortgages, has announced that Triandra has made an investment for 50% of the enlarged share capital of the company.

  • Quantum to join Home of Choice

    31 Oct 2005

    Quantum Mortgage Brokers is to resign its directly authorised status by applying to join the Home of Choice network.The decision to apply to become an appointed representative came after months of deliberation and at a time when the boutique brokerage is seeing a growth in business.Jonathan Burridge, managing director of Quantum, says: "We are entering a period of growth for our business and we looked at options that would enable us to enhance our client offering and also provide ...

  • Quest to offer HIP advice at Expo

    31 Oct 2005

    Quest Associates is inviting visitors to Mortgage Business Expo to unlock their Home Information Pack potential throughout the two day event.

  • RAMP members see record September

    31 Oct 2005

    The Regulatory Association of Mortgage Packagers saw record completions in September.Completions were 29% up from the same month in 2004 and overall showed a 26% rise, year on year.John Rice, managing director of RAMP, says: "Good news in the mortgage market is in short supply at the moment but RAMP's experience this year bucks the trend."On the anniversary of Mortgage Day, we can see this first year of regulation has been marked by a definite flight to quality."Without ...

  • Regulation should be brokers' creed

    31 Oct 2005

    It's time to break out the champagne - one year on and the mortgage industry has survived 365 days of regulation by the Financial Services Authority.

  • Report slams call centre conditions

    31 Oct 2005

    An independent report has slammed Indian call centres as modern day sweatshops comparable with Roman slave ships.The study into working conditions in centres, compiled for the Indian government by the Delhi-based National Institute of Labour, accuses managers of bullying staff and creating a climate of fear.It says centres offer little job security and oppressive working conditions that lead to a high turnover of staff.Kent Reliance, whose subsidiary EasiProcess in based ...

  • Repossessions data clarified

    31 Oct 2005

    The Council of Mortgage Lenders has highlighted the fact that actual mortgage repossession figures are not as high as they might seem following the release of possession proceedings statistics by the Department of Constitutional Affairs last week.Sue Anderson, head of external affairs at the CML, says: "DCA figures essentially show the number of cases lenders take to the courts and the numbers of possession actions granted by the courts. But these figures are much higher than the ...

  • RICS responds to BoE mortgage figures

    31 Oct 2005

    The Royal Institution of Chartered Surveyors has responded to the Bank of England's mortgage figures for September 2005.

  • Scottish housing market differs only in accent

    31 Oct 2005

    In my first column since leaving the bright lights of London to return to Glasgow I'm taking look at two recent initiatives that lenders and brokers doing business in Scotland should be aware of.

  • Simon Little, senior product and marketing manager, GE Life

    31 Oct 2005

    "Regulation was painful initially but looking back, what was all the fuss about? Anything that gives comfort to consumers - and the Key Facts Illustration in the lifetime mortgage market has done that - is a good thing."

  • SIPPs could boost property purchases

    31 Oct 2005

    The Royal Institution of Chartered Surveyors is predicting an extra 160,000 property purchases following the introduction of self invested personal pensions on April 6 2006.But the report from RICS warns that although regional hotspots could get even hotter, SIPPs will have a minimal impact on most of the market.The report also suggests potential investors watch out for inappropriate financial products and avoid get-rich-quick schemes.RICS forecasts a steady flow rather ...

  • SMS and First National announce branded lending partnership

    1 Nov 2005

    Branded mortgage arranger Solent Mortgage Services and specialist lender First National, part of GE Money Home Lending, have today announced a branded lending partnership, Harbour Homeloans. This partnership is the latest development in GE Money Home Lendings growing programme of branded lending associations.

  • SMS offers LifeQuote to DA brokers

    2 Nov 2005

    Solent Mortgage Services has today announced it is offering the services of LifeQuote to its directly authorised brokers via the SMS extranet, The Port Hole, and its website.

  • Solicitors welcome HIPs

    3 Nov 2005

    Barnetts Solicitors senior partner has welcomes the introduction of Home Information Packs as a benefit to first-time buyers and potential cost cutter for customers.

  • Specialist sector is bearing up well

    31 Oct 2005

    It was no surprise that specialist lending attracted the attention of the regulator in its first year but the sector stood up pretty well to the scrutiny, says John Webster

  • Strong performance for Heritable Bank

    3 Nov 2005

    Heritable Bank, the UK banking subsidiary of Landsbanki Islands, has announced a strong performance, for the nine months to the end of September 2005.

  • Stroud and Swindon withdraws products

    3 Nov 2005

    Stroud and Swindon has withdrawn its fixed rate mortgage products with immediate effect, excluding its 4.99% two-year flexible fixed.All other products will remain unchanged.

  • Tabloid tales about stealth mortgages are out of date

    31 Oct 2005

    I see the The Mail on Sunday's personal finance section has been having a rant at lenders that have widened the margin between their SVR and base rate.

  • Tackling ID fraud

    31 Oct 2005

    The cost of corporate ID fraud could be as high as 50m per year and Equifax is tackling the problem with its newly introduced anti-fraud tools.Working in partnership with the Metropolitan Police's Stirling initiative, launched earlier this year, Equifax has introduced two services to protect businesses.Stirling is the police initiative targeting criminals who profit from fraud and money laundering. It can offer Equifax customers information in their fight against corporate ID ...

  • Taking stock

    31 Oct 2005

    One year into statutory regulation, the industry has adapted pretty well in the main, though both the regulator and the regulated still believe there is a lot more work to be done to make the regime effective. Mortgage Strategy reports

  • Taylor's Tour.....

    31 Oct 2005

    Henry Taylor's day job is running a mortgage broking business in Eastbourne on the south coast of England, when not taking part in the Seat Cupra Championship

  • TBMC plans massive cull of lender panel

    31 Oct 2005

    The Business Mortgage Company is planning a sweeping cull of its lender panel.The commercial and buy-to-let specialist packager currently has a panel of over 20 firms. But under plans being drawn up this could be slashed to between six and eight.Andy Young, managing director of TBMC, says: "We have the opportunity to drive even greater value for customers, brokers and lenders on the back of the significantly increased volume of business now being placed."We are reviewing ...

  • The big sourcing systems have no incentive to change

    31 Oct 2005

    From Ernie Reeves Simon Mouncher's letter regarding sourcing systems (Mortgage Strategy October 17) is the tip of the iceberg and represents a much deeper underlying problem faced by packagers and product providers who want to see their products on one or more of the main sourcing systems. Packagers, branded mortgage arrangers and lenders have little or no choice but to have their products represented on the main sourcing systems as the majority of brokers use one or other of ...

  • The industry plotting going on in the gardens of Britain

    31 Oct 2005

    Confirmation last week from Preferred that its joint managing directors, John Webster and George Patellis, have quit the company throws up a few questions.If, as widely rumoured, Webster is in line for the top job at lender Swift Advances, contractual obligations at Lehman Brothers are likely to be just as harsh as for the nine who recently walked out of HBOS, and Webster is likely to have at least nine months twiddling his thumbs before he'll be able to get down to business.The ...

  • The Mortgage Mole

    31 Oct 2005

    TOP MANWould you Adam and Eve it - Mortgage Strategy has a new boss. Well, at least for a week. The John from John Charcol coughed up 9,000 for the privilege at the charity auction at this year's Broomstick Ball for Cancer Research.The event, organised by Bristol & West sales terrier Dierdre McManus, raised a whopping 159,000 for the cancer charity."I'm a little worried," MS editor Robyn Hall confessed to Mole."Garfield is a legend and I'll probably ...

  • The Yorkshire pays for a guide dog puppy

    3 Nov 2005

    The Yorkshire is the first company in the UK to pay for a guide dog puppy through its first year of life from the donation of mobile phones. Over 1,500 old phones have been begged from the Societys staff and customers to achieve this fantastic result.

  • TMW revises self-cert range

    31 Oct 2005

    The Mortgage Works has made a number of changes to its self-cert range. For example, two and five-year fixed products at 4.75% will be replaced with a two-year fixed until December 31 2007 at 4.99%, and a five-year fixed until December 31 2010 at 4.99%.

  • Two mentions in Griffiths' column is too exciting to bear

    31 Oct 2005

    From Edward Goldsmith It's taken me 30 years but I now know the meaning of success. To be mentioned once in an article by Richard Griffiths (Mortgage Strategy October 10) would be exciting enough but to be mentioned twice is too much for a mortal to bear. I will have to go out with a false beard on from now. Anyone got one I could borrow?

  • Unisys launches Mortgage Origination modules

    3 Nov 2005

    Unisys, the global IT services company, today announced the launch of a major extension to its Unisys Financial Services Solution, already a market-leading IT software offering. The Mortgage Origination modules, when deployed with UFSS, deliver the capability to manage end-to-end processing requirements of UK mortgage providers, with the ability to meet end-to-end Financial Services Authority regulatory compliance on the system, an industry first in the UK when delivered by a single supplier.

  • United Group to develop proposition for HIPs

    31 Oct 2005

    The United Group is aiming to make the transition to using Home Information Packs straightforward with its eConveyancer system and with the help of other mortgage-related organisations.The United Group owns technology that facilitates the electronic flow of information between organisations involved in the house buying process. It now plans to develop a proposition for the HIP market.Alan Dring, sales director of The United Group, believes eConveyancer can make the process of ...

  • Valuers have too much power now - and they're getting more

    31 Oct 2005

    From Rick Gifford In a buoyant market valuers are only too keen to value properties up and on many occasions actually enhance the valuation. After all, if they can increase the valuation it has a nice knock on indexing effect on their fees. I blame valuers for the gross increases in property prices in the 1980s and again in recent years. Had they had the guts and professionalism to state that the property is worth what it was, say, six months ago (in both instances ) we ...

  • Virtual Net sees profits rise

    31 Oct 2005

    Virtual Net, a technology based network for IFAs based in Maidstone, has announced further significant progress in its annual report for the year to March 31 2005.

  • We give real binding decisions, not decisions in principle

    31 Oct 2005

    From Jeff Knight I would like to respond to last week's Star Letter (Mortgage Strategy October 24). I was pleased to note that in the long list of lenders which have caused him delay, Jonathan Burridge did not include GMAC-RFC. And if he thinks we undersell our service in any way, I can safely say GMAC-RFC's service is outstanding. In explaining why this is so I can also clarify an important point that may be confusing intermediaries in today's market. We use technology to provide ...

  • Wesleyan appoints director of change

    31 Oct 2005

    Wesleyan, the financial services specialists for the medical, dental and teaching professions, has announced the appointment of Steve Deutsch as director of change with responsibility for its business transformation programme.

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