Mortgage Strategy
4 September 2006

  • 250 DA brokers for Mortgage Times

    4 Sep 2006

    The Mortgage Times Group enlisted over 250 directly authorised brokers in August for its mortgage and insurance services.And subscriptions to its white labelled version of Trigold have now passed the 700 mark. Mortgage Times is continuing to offer free Trigold or Mortgage Brain software to brokers who submit two packaged or five lender direct applications per month. Payam Azadi, head of marketing at Mortgage Times, says: "We are delighted with the response by DA brokers. These figures ...

  • Easier2move appoints BDM

    4 Sep 2006

    Easier2move has appointed Gordon Bell as a lender-focussed business development manager.

  • 74% would advocate intergenerational mortgage

    4 Sep 2006

    A whopping 74% of Mortgage Strategy Online readers say they would advise a client to take out a deathbed mortgage.Just 26% say they'd have concerns about advising clients to take out the interest-only mortgage, which can be passed from generation to generation.This week Mortgage Strategy asks: Would you recommend your client buy an overseas property to help them pay off their mortgage in a year?

  • 75% population think IHT is unfair

    6 Sep 2006

    New research from Friends Provident reveals that three quarters of thepopulation think that IHT is unfair. Only 8% think that the tax is fair.

  • 83% of teens confident about owning property, says IFAP

    4 Sep 2006

    Research out from IFA Promotion reveals 83% of teenagers are confident they will become homeowners in the future.

  • A solution for struggling first-timers

    4 Sep 2006

    Never in my life have I wanted to write 500 words on Andrew Montlake before, but I found myself desperately searching for enough words to write this column on the discovery of Temple Sessions. Unable to scramble the aforementioned word count together I will content myself with writing on the other big news story of the week and wait for the Montlake launch party later in the year - James Blunt et al look out.

  • Abbey offers property survey for remortgages

    8 Sep 2006

    Abbey is to offer streamlined property surveys to all remortgage borrowers who take its 'Remortgage Solution' package as part of their mortgage.

  • Accord adds CMS to panel

    6 Sep 2006

    Accord has added Creative Mortgage Solutions to its packager panel.

  • Advantage becomes a sole lender

    4 Sep 2006

    Advantage has officially become a sole lender, having ceased accepting all new packaging business on behalf of other lenders.

  • Advantage joins PMS lender panel

    5 Sep 2006

    Advantage have been appointed to the Premier Mortgage Service lender panel.

  • Advantage joins Sesame panel

    6 Sep 2006

    Advantage, a Morgan Stanley Group company, has been appointed to the panel of Sesame.

  • AHIPP drawing up code of practice to set HIP standards

    4 Sep 2006

    The Association of Home Information Pack Providers is drawing up a mandatory code of practice for its members that sets guidelines on how HIPs are marketed and sold, how complaints are handled and the training of staff.As well as setting standards for the speed of delivery of HIPs, how queries are answered and indemnity insurance, the code will also ensure that providers act with integrity, make the true cost of the HIP known to the public and include all documents in their full ...

  • All Blacks star to speak at CII conference

    7 Sep 2006

    New Zealands All Blacks star Sean Fitzpatrick is to be the guest speaker at the CII Conference Gala Dinner in October, it has been revealed.

  • Another wave of network consolidation

    4 Sep 2006

    The mortgage network market seems to be constantly on the verge of consolidation. Ever since the number of networks ballooned with the arrival of regulation, we have been waiting for the amount of players to be trimmed down to a sustainable number. But despite constant predictions of consolidation, there have been remarkably few exiters from the market in the last 12 months.

  • Are David Cameron's plans to revolutionise the right to buy market a good idea?

    4 Sep 2006

    Alex Hammond is PR managerat Kensingtom MortgagesA report by Datamonitor says owner occupation "can give individuals a greater sense of empowerment" and it remains the dominant and most desired form of tenure in the eyes of the majority of consumers.

  • ARs face fallout of failed network

    4 Sep 2006

    The homepage of the First4Brokers website boasts - "It makes good sense to join a network that is run for brokers by brokers. The team at First4Brokers is dedicated to first class service to all its members."

  • AVM market to treble in two years

    4 Sep 2006

    The market for automated valuation models is set to treble in the next two years as mortgage lending remains strong and lenders increase their uptake of online valuation services to improve the mortgage application process, predicts Hometrack.SPPL's sales team strengthened Southern Pacific Personal Loans has appointed two members to its sales team. Debbie Mace joins SPPL as account manager for the North and Scotland, and Charl Brown has been appointed as business development ...

  • AXA UK in acquisition talks

    4 Sep 2006

    AXA UK is in advanced discussions with Thinc Destini about acquiring a 100% shareholding in the business. Simon Chamberlain, chief executive of Thinc Destini, says: "A number of major institutions have followed our progress and we are at a stage in our development when there would be significant benefits to both Thinc Destini and AXA, should a deal be reached as a result of these discussions."

  • Bank of England holds interest rate at 4.75%

    7 Sep 2006

    The Bank of England's Monetary Policy Committee has frozen the base rate at 4.75%.

  • Barclay Willis launches online insurance solution

    5 Sep 2006

    Barclay Willis has launched itsB2B internet-based In-Cept Insurance solution, designed for use by Mortgage and Insurance brokers, IFAs, Networks and Lenders, and similar.

  • Base rate hold expected, says A&L

    7 Sep 2006

    Alliance & Liecester says the Bank of England's decision to hold the base rate at 4.75% after the 0.25% rise in August was expected.

  • BDS relationship manager

    4 Sep 2006

    BDS has appointed Di Moore as group relationship manager with immediate effect. This is a new role created to develop and manage BDS' affinity and network relationships.

  • Beacon adds to packager panel

    4 Sep 2006

    Beacon Homeloans has widened its distribution net with the appointment of Just Mortgage Packaging to its packager panel.Beacon was launched in 2005 as a standalone specialist lender, distributing sub-prime, buy-to-let and self- cert products exclusively through the Regulatory Alliance of Mortgage Packagers.However, in July, Chase UK became the first non-RAMP member to have access to its products, and it unveiled plans to continue expanding its distribution in the future.Clive ...

  • Beacon moves to ENC listing

    4 Sep 2006

    Beacon Homeloans is the latest lender to support the Enhanced Non Conforming sourcing module on Trigold. All its products will be listed and verified on ENC, enabling advisers to make comparisons.

  • Binding decisions from Primrose

    4 Sep 2006

    Brokers will have access to binding decisions via Primrose's evaluate system from today, with real-time integration of lenders to be rolled out over September. Strategic partnerships director, Kevin Friend, says a staggered roll-out will allow it to test the systems and get it 100% right.

  • Bitner appointed head of mortgage partnerships at B&B

    5 Sep 2006

    David Bitner, head of mortgages at Bradford & Bingley, is set to take on the role of head of mortgage partnerships at the Group when it axes its retail broker arm mid-November.

  • BM Solutions links to Trigold

    4 Sep 2006

    BM Solutions is linking up with Trigold to allow brokers to download agreements in principles for its products direct from Tri-gold's Prospector AAA sourcing system.The integration, due to take place from October, should speed up the application process for brokers.Tim Hague, director of BM Solutions, says: "Since signing up to become an Electronic Non-Conforming lender we've enjoyed a positive and beneficial relationship with Trigold and this is the next natural step."The ...

  • BoE right to hold rate, says Assetz

    7 Sep 2006

    Stuart Law, managing director of Assetz, says the Bank of England was right to hold the interest rate.

  • Borrowers still playing it safe, says Mortgages Direct

    7 Sep 2006

    Borrowers are being cautious and opting for fixed rate mortgages following last months base rate rise, reveals Mortgages Direct.

  • Brokers respond positively to Amber DIP system

    4 Sep 2006

    Amber Homeloans says its underwriters and sales team have received positive feedback from brokers following the launch of its online decision in principle on June 27.The system provides a binding decision to lend, either an automated yes or no decision within minutes or a decision based on a referral to an underwriter within one working hour.The DIP system incorporates a credit search, helping brokers to identify appropriate products for their clients, as well as a product cascade ...

  • Brokers ridicule buy-to-let predictions

    4 Sep 2006

    Brokers have slammed property expert David Lawrenson's prediction that by 2026 over half of UK houses will be buy-to-let or second homes as ridiculous.Lawrenson, who works for property consultancy Letting Focus, is set to explain his predictions at The Property Investor Show later this month.In what show organisers are calling 'groundbreaking speeches', Lawrenson will claim that since housing supply will not keep up with demand and the stock market is too volatile to make an ...

  • Bulgaria house market has dipped, says Assetz

    6 Sep 2006

    Total returns on cash invested in Bulgaria property has fallen from 104% in June this year to 44% currently, Assetz quarterly Investment Tracker reveals.

  • Buy-to-let investors demand higher LTVs, says Mortgage Trust

    4 Sep 2006

    Confident buy-to-let investors demand reduced rental income requirements and higher LTVs.

  • Buy-to-let proves good investment

    4 Sep 2006

    UK buy-to-let has seen the best returns in the 21st century, research from Landlord Mortgages shows. Investors who purchased a buy-to-let property with a deposit of 25,000 could expect to see a 39,309 profit, 157%, over six years.

  • Cameron's policy group proposes devolution of social housing

    7 Sep 2006

    David Camerons Public Service Improvement Policy Group has proposed the devolution of housing policy and planning to a more local level.

  • Cartel improves customer care

    4 Sep 2006

    Cartel Group Holdings has signed up Amcat to provide a customer interaction system. Ian McCormick, head of international communications and associate director at Cartel, says: "Our mission is to offer customers long-term solutions that encourage them to stay with us."

  • Changing face of Ayia Napa market

    4 Sep 2006

    Ayia Napa has long been associated with booze, Brits and bad behaviour, but Assetz says it is now turning into an upmarket holiday destination and hotspot for property investors.Cypriot authorities have clamped down on nightclubs and bars playing loud music late at night. Families with children and upmarket holidaymakers are quickly moving in to take the place of 18 to 30 year olds.As a consequence, suitable property and facilities are springing up to cater for them.While ...

  • Charcol improves its online system

    4 Sep 2006

    John Charcol has incorporated the xit2 Valuation Exchange into its branch and online application process to provide an online system for its panel managers, SecureMove Panel Management Services and Colleys.

  • Cheval appoints four new team members

    5 Sep 2006

    Cheval, the specialist bridging finance house, has made four new appointments.

  • CHL launches system to offer online DIPs

    4 Sep 2006

    CHL Mortgages has launched an online mortgage application service which provides intermediaries with an online decision in principal.Mike Healy, head of sales at CHL, says: "We now have in place a totally paperless application procedure. As soon as the application is complete it is uploaded into the mortgage processing system. Once brokers press the 'send' button work begins on processing it straight away."They will be hooked because it is such an amazing tool for boosting effectiveness. ...

  • Claims firm targets sub-prime market

    4 Sep 2006

    Loancheck has disclosed that it is investigating a shocking 50% or the sub-prime mortgage market for mis-selling scams.

  • CMLS expands its lender panel

    4 Sep 2006

    Complete Mortgage & Loan Services has added Salt to its lender panel. A Salt underwriter will work inhouse at Complete's premises enabling fast decisions and service. This brings its packaged lender panel to a total of 31 lenders.

  • Complete revamps website

    8 Sep 2006

    Complete Mortgage and Loan Services has revamped its website in an attempt to include better functionality, clearer navigation and improved structure.

  • Consumer confidence needs a boost

    4 Sep 2006

    As the housing market goes in the US, so goes the residential mortgage market. Historically speaking, these two industries have been joined at the hip, Siamese twins shaped by three key drivers - interest rates, the job market and consumer confidence.For the past two years the press has quoted economists and housing pros warning about a so-called housing bubble here. It was a divided camp.Some experts believed the US' five-year housing boom would end in a huge pop while others ...

  • Co-operative Bank customers get share of profits

    4 Sep 2006

    Co-operative Bank mortgage customers stand to receive a share of its entire businesses profits, based on their loan amount outstanding. Under new plans, a customer with a mortgage of 50,000 would receive a payout of 25 annually.The bank, which has launched a 100m revamp of its brand, says it is introducing its profit-share dividend scheme to reward its customers.The Co-operative Group is set to rebrand its chain of more than 3,000 food, funeral, insurance, pharmacy and ...

  • Curriculum Vitae

    4 Sep 2006

    Name: Paul DarwinAge: 49Company: Skipton.Job title: Head of intermediary sales.Where do you live?Skipton, North Yorkshire.Describe your current job: I head a team of 21 intermediary sales managers and two regional managers. Their key role is to generate business from brokers, IFAs and mortgage advisers in their area across prime residential and commercial estate, as well as provide introductions to Amber Homeloans, a Skipton ...

  • DB Mortgages reveals latest appointments

    4 Sep 2006

    DB mortgages has appointed Martin Swann as national account manager and Debbie Webster as business development manager.Swann has joined db from Woolwich where he has held a similar position for the last couple of years. He will be responsible for db's key account relationships, including packager associations, mortgage clubs and networks.Webster previously worked at Barclays and prior to that was with Bank of Scotland where she spent many years in a similar management position. ...

  • Dear Delia

    4 Sep 2006

    Dear Delia My client is looking to remortgage as his current fixed rate is due to expire soon. All mortgage payments have been made on time but he has incurred a recent County Court judgement for 350 and several defaults since he took out his existing mortgage. He wishes to raise 15,000 to consolidate debts. The property is valued at 120,000 and he wishes to borrow 91,200 in total. What are his options?

  • Defaqto welcomes Which? research

    8 Sep 2006

    Financial services research company Defaqto says it has welcomed an investigation by Which? showing almost half of tied advisers misled researchers about the range of product choice they offer.

  • Detached houses up 6% in price

    4 Sep 2006

    The severe shortage of detached family homes in the UK has resulted in an average 6% price rise, compared to a 2% rise in apartment prices over the last 12 months, says Linden Homes.

  • Deutsche joins GE bidding war

    4 Sep 2006

    Deutsche Bank is believed to be bidding for GE Life. The German bank has reportedly joined Swiss Re and XL Capital in the auction for the insurance arm of General Electric, which was put up for sale earlier this year.

  • Do you think Gordon Brown has helped the economy?

    4 Sep 2006

    The mortgage industry has formed its own opinion about whether Gordon Brown has had a positive or negative effect on the economy since Labour came into power in 1997. A recent Guardian/ICM poll shows that just 37% of Britons feel the chancellor should take credit for the success of the economy.So, this week Mortgage Strategy asks...

  • Droplocks to become popular

    4 Sep 2006

    The popularity of droplock mortgages is likely to increase as more customers opt to switch between a variable rate and a fixed rate deal, says John Charcol.A droplock mortgage starts on a variable interest rate, such as a tracker, then allows customers to switch to a fixed rate deal at any time, usually without incurring early repayment charges.One of the benefits of the product is that customers can start off paying a competitive variable rate and then switch onto any of their ...

  • Edeus joins L&G mortgage club

    8 Sep 2006

    edeus, the mortgage lender created by Michael Bolton and Alan Cleary, is joining Legal & Generals mortgage club as part of a broad housing and insurance partnership between the two companies.

  • Enough criticism - industry should support brokers

    4 Sep 2006

    From Eddie Royce

  • Enterprise to pilot GMAC-RFC technology

    4 Sep 2006

    Enterprise Group has been selected as one of the packagers to initially pilot GMAC-RFCs Point of Sale Offer system.

  • Equity rates lower than SVRs

    4 Sep 2006

    Equity release rates are now lower than the average standard variable rate on mainstream mortgages, says Safe Home Income Plans.In research examining the annualised interest rates for the top 10 equity release providers, SHIP has calculated the average interest rate to be just 6.14%.In contrast, the average standard variable rate for the top 10 mainstream mortgage lenders is now 6.49%.In addition, the interest rate for equity release remains fixed for the life of the loan, ...

  • Equity release market at a turning point

    4 Sep 2006

    The Council of Mortgage Lenders recently released its latest figures for equity release for the first six months of the year and, while it cited these with positive comment, the figures do not - as can be said for the half-year figures from Safe Home Income Plans - reflect where the market should be today. The latest figures show that the number of new plans has increased by 2% but the value has fallen by 7%.

  • Ernst & Young joins REITs and Quoted Property Group

    6 Sep 2006

    Ernst & Young LLP says that it has become the latest new member of the Real Estate Investment Trusts and Quoted Property Group, the organisation behind the reita.org website and educational campaign.

  • EXCLUSIVE: Bear Stearns buys out remaining stake in ICMG

    6 Sep 2006

    Bear Stearns, parent group of Rooftop Mortgages, has acquired the remaining stake in packager ICMG Direct.

  • Financial promotions in the spotlight

    4 Sep 2006

    Recently we have seen renewed regulatory focus on the issue of financial promotions - a subject in which most of us will have a keen interest, especially if the compliance of our firm's financial promotions is a personal responsibility.

  • Five members for FSA panel

    4 Sep 2006

    The FSA has appointed five members to the Financial Services Consumer Panel. Kay Blair, Stephen Crampton and Lindsey Rogerson will join on September 1, while Michael Chapman and Jenny Hamilton will do so from January 1 2007. The new members fill existing vacancies and replace three panel members who will stand down in the coming months - Robert Skinner, Harriet Hall and Paul Salvidge.

  • Flexishare mortgage goes on the road

    4 Sep 2006

    Advantage has taken its Flexishare product on the road in association with Mortgage Strategy.The roadshows feature a presentation about Flexishare - an initiative that complements the government's HomeBuy home ownership scheme - and a Q&A session. The roadshows kicked off on August 16 at the Hilton Hotel in Glasgow and finish in Barnet, Greater London on September 21.Keith Dearling, managing director of Advantage, says: "We're excited and proud to be taking Flexishare ...

  • Focus launch suitability report generator

    7 Sep 2006

    Focus Solutions Group, a specialist provider of XML development software and e-commerce solutions, has launched its new suitability report generator.

  • Football clubs get in on the investment act

    4 Sep 2006

    While some of you may be lucky enough to have clients who are football stars or managers with bucket loads of cash to invest, most ordinary punters can only dream of earning anything like Mourinho or Beckham.

  • Free seminars on commercial loans

    4 Sep 2006

    InterBay is launching a free nationwide programme of 11 seminars to give brokers commercial mortgage knowledge. The series of seminars are designed to give brokers advice on how to target clients and how to build their businesses with a new income stream from commercial loans.

  • FSA appoints new head of media

    8 Sep 2006

    The FSA has appointed Vanessa Wood as its new head of media and web communications.

  • FSA fines Regency 56K for PPI sales failures

    5 Sep 2006

    The Financial Services Authority has today fined Regency Mortgage Corporation 56,000 for failures relating to its sale of mortgage related payment protection insurance in the sub-prime market.

  • FSA should tackle lenders that refuse to divulge client information to brokers

    4 Sep 2006

    From Nigel Pamment I read with interest the article regarding access to information on clients (Mortgage Strategy August 21). I think it is about time that lenders who are the least helpful in divulging information should be singled out and asked outright by the Financial Services Authority why they won't. Quoting the Data Protection Act is a load of nonsense and they know it. If this is the case, why do some lenders give information and some not? It is a government act for ...

  • FTB deals revised Abbey is relaunching its range of mortgages for first-time buyers on August 30.

    4 Sep 2006

  • Gap between sub-prime and prime blurring

    4 Sep 2006

    Lenders are starting to relax their criteria and accept sub-prime cases as prime as competition hots up, say brokers

  • Garrard made sales director at Rooftop

    4 Sep 2006

    Guy Garrard, the former director of business development at packager em-financial, has been made sales director at the Bear Stearns owned Rooftop Mortgages.

  • Gay advisers face no discrimination

    4 Sep 2006

    Gay MEn and lesbians employed in the mortgage industry do not experience the same discrimination as those in the legal sector, says gay mortgage brokerage Compass Independent Financial Advisers.Research from the Law Society last week revealed that homosexual solicitors were often reluctant to come out at work for fear that it would seriously hinder their career progression.Others also often felt discriminated against at work, but Chris Morgan, director of Compass, says this ...

  • GE appoints national account manager

    5 Sep 2006

    GE Money Home Lending has appointed Ian Hoggart as national account manager on its First National branded lending team. Hoggart joins GEMHL from Bristol & West Mortgages where he spent several years as a national account manager.

  • Get proactive to combat growing fraud

    4 Sep 2006

    For many people in the mortgage industry, the threat of fraud is covered in mystery. They know it is an increasingly important issue and costs the industry millions of pounds each year. But not many are aware of all the forms it can come in and how best to tackle it.

  • Giving brokers information they seek

    4 Sep 2006

    It's a funny old game, writing a regular column in a financial publication. On occasions I have penned comments which I was certain would have the phone ringing off the hook and send the e-mail system into terminal meltdown in Strategy HQ. The result: nothing. Not a single call, comment or even a derogatory sneer in response to my deliberately provocative words of wisdom.

  • GMAC-RFC completes first POS-O

    4 Sep 2006

    GMAC-RFC has completed its first online instant mortgage offer this morning.

  • GMAC-RFC selects Enterprise to pilot POS

    4 Sep 2006

    Enterprise Group has been selected as one of the packagers to initially pilot GMAC -RFCs new POS-O system.

  • Goldsmith Williams expands sales team

    4 Sep 2006

    Goldsmith Williams is expanding its sales team with the appointment of a new national account manager.

  • Great Wall no barrier to fundraising challenge

    4 Sep 2006

    Alan Johnson of Hemsworth-based broker Phoenix Financial Planning will undertake a gruelling five-day trek along the Great Wall of China in October in aid of Scope.Infinity Mortgages has already sponsored Johnson 1,000 to embark on this challenge, and Emmerdale's Bob Hope, played by actor Tony Audenshaw, has also pledged his support to the charity fundraising.Johnson says: "The prospect of a five-day trek is daunting but every step will be worth it for such a deserving ...

  • Halifax came to the rescue in style to save client's deal

    4 Sep 2006

    From Kevin Duffy

  • Healthy interest

    4 Sep 2006

    Love them or hate them, interest-only mortgages have attracted their fair share of headlines over the years, and perhaps never more so than in recent weeks following the launch of the so-called deathbed mortgage.

  • Hinton & Wild offer equity release advice

    7 Sep 2006

    Hinton & Wild has launched an equity release advice referral service through The Exchange - the online trading platform for intermediaries.

  • House prices rose by 1% in August

    7 Sep 2006

    The Halifax price index shows house prices rose by 1% in August.

  • House prices up 1.7% since July

    8 Sep 2006

    August has bucked the trend with a return of positive price growth across the new homes market, research from Smart New Homes shows.

  • Housing market buoyant, says haart

    7 Sep 2006

    The latest data from haart estate agents reveals that the average London house price has increased by 1.4% in August to 248,580 from 245,017 in July.

  • IFA appoints sales director

    4 Sep 2006

    Flexible-mortgage. net has appointed Arron Bardoe as sales director. Bardoe was previously business development manager at Legal & General. Bardoe will be responsible for the development of the existing team, as well as actively recruiting business partners.

  • IFS seminar on financial crime

    5 Sep 2006

    The Institute of Financial Services School of Finance is offering a free breakfast seminar on tackling financial crime.

  • Industry must support OFT efforts in PII market

    4 Sep 2006

    From Adrian Fowler As a leading provider of mortgage payment protection insurance, Assurant Solutions was happy to have the opportunity to participate in the Office of Fair Trading feedback session held on August 24. It was encouraging to see so many representatives of our industry come together to provide constructive and positive comments on the results of the OFT's study of the PPI market to date. There has been much debate both in the national press as well as trade titles ...

  • Inheritance Tax seminars

    4 Sep 2006

    Inheritance Tax planning specialist The WAY Group is to hold a series of seminars starting in Southampton on October 4 to alert independent financial advisers to its Inheritance Tax planning products.

  • Interest rate hold is no suprise, says Punter Southall

    7 Sep 2006

    John Postlethwaite, a consultant at Punter Southall Financial Management says the Bank of Englands decision to freeze the interest rate was expected.

  • Interesting times for interest-only

    4 Sep 2006

    A total of 74% of brokers say they would advise on the deathbed mortgage launched by Kent Reliance. Its an impressive statistic for what has proved to be a highly controversial product and a popular point of debate in this week's Mortgage Strategy.

  • Investors are casting their nets wider

    4 Sep 2006

    Buy-to-let will continue to thrive as investors widen their net in search of new property hotspots, whether they are in the UK or further afield, says Sally Laker

  • John Charcol launches exclusive drop lock deal

    7 Sep 2006

    With interest rates, depending on who you believe, predicted to go up, down and stick at the moment, John Charcol has launched a product that covers all these eventualities.

  • Just 2% plan ahead for IHT

    5 Sep 2006

    Just 2% who don't think they will be liable to pay IHT have planned ahead toavoid paying, research from Bradford and Bingley reveals.

  • Kent deal certain to attract interest

    4 Sep 2006

    I wear my heart on my sleeve when it comes to my feelings for building societies. Even though their idealistic aspirations may seem positively anachronistic in today's world of high commerce and corporate greed, their presence is a force for innovation and common sense. And their old-fashioned values - which as a nation we now seem hell bent on flushing down the tubes - reflect many of the characteristics that once put the 'great' into Great Britain.But however misty-eyed we get ...

  • Knowledge gap costly for first-time buyers

    4 Sep 2006

    Around half of UK consumers looking to get on the property ladder mistakenly assume it is out of their reach, research by Unisys reveals.Unisys, a worldwide technology services and solutions firm, says there is a mortgage knowledge gap and a lack of understanding among consumers over whether they can afford a property.It found that 44% of its respondents believe lenders require a minimum 10% deposit and a further 42% believe you can only borrow 3 x your salary.Peter Axson, ...

  • Leaper quits MD role at Vesta

    4 Sep 2006

    Mark Leaper has resigned from his position as managing director at Vesta Packaging but is believed to be on the verge of reappearing in a role at another packager on the South Coast.

  • Leaseguard warns parents of buying cheap

    5 Sep 2006

    Risk consultant Leaseguard is warning parents of the dangers of opting for the cheapest house for thier student children.

  • Lenders hit back at claims of complacency over PPI

    4 Sep 2006

    Lenders have rebutted accusations that they are not taking Office of Fair Trading criticism over payment protection insurance seriously.Britishinsurance.com claims the biggest players in the market refused to defend their PPI practices at an industry meeting last week, despite the report condemning them for excessive commission payments, inflated profits and derisory claim ratios.Simon Burgess, managing director of Britishinsurance.com, accuses lenders in the PPI market of thinking ...

  • Lenders provide onsite underwriters for TMP

    4 Sep 2006

    Three panel lenders of The Mortgage Partnership, the northwest based packager have provided onsite underwriters at it's principal office in Wirral.

  • LIME commercial proposition

    4 Sep 2006

    Tenet's Lifetime Insurance Mortgage Experts network has launched LIME Commercial to simplify the process of commercial lending and the different routes to do business. The proposition includes two routes - direct to lender and via an introducer facility.For the former, LIME has teamed up with four lenders - Abbey, Bank of Scotland, Commercial First and Royal Bank of Scotland - to enable advisers to retain full control of their client and responsibility for all advice.

  • Link Lending launches

    4 Sep 2006

    Link Lending has been launched into the UK bridging loan market.

  • Marathon money

    4 Sep 2006

    DUFFY'S DIRTY DOZEN

  • Market share will determine growth of equity release

    4 Sep 2006

    The future of the equity release market could depend on the division of market share, with one provider warning that Key Retirement Solutions' dominance is putting new entrants off.A source at an equity release provider warns: "We need to increase the size of the market but many lenders are put off because dominating intermediaries like KRS, which has 31% market share, are squeezing margins and making the sector unattractive."For lenders considering the market, equity release ...

  • Market Watch

    4 Sep 2006

    Swaps edged back up reversing some of their falls of previous weeks. On a daily basis they seem to edge slightly up and down each day without any discernable reason or pattern. It was good to see at least one lender cut their fixed rates but I suspect this was more to do with winning more business rather than cheaper funding. All in all, it was a slow week for rate changes - let's hope it gets a bit busier in September. One-year money is up 0.04% at 5.24%Two-year money is up 0.02% ...

  • Marketing Brief

    4 Sep 2006

    Support is critical in the mortgage industry. Kevin Paterson's A-Z review rates the marketing material that lenders issue to help brokers with sales and business development

  • Me and my car

    4 Sep 2006

    Mike Fitzgerald's latest car, the Mercedes C350 SE Sport, fulfils his desire for speed, strength and fancy gadgets but the most fun he had was in his Mini Cooper which was a boy racer's dream

  • MGM appoints LMS to business partners panel

    4 Sep 2006

    MGM Home Finance has appointed LMS to its panel of business partners to provide Home Information Packs.

  • More flexibility from Lloyds TSB

    4 Sep 2006

    Lloyds TSB has launched a fully flexible mortgage to give customers control of the structure and cost of their loan throughout the mortgage term. This means they never have to switch their mortgage.

  • MORE TH>N offers flood advice

    5 Sep 2006

    Home and motor insurer, MORE THN part of Royal & SunAlliance, is offering advice to those living in regions with a heightened flood risk, including areas along the Bristol Channel, Lincolnshire, Norfolk, and the Suffolk and Essex coasts.

  • Mortgage 2000 launches two year tracker

    7 Sep 2006

    M2-mortgage club has launched a two-year tracker mortgage, which is being funded by Abbey.

  • Mortgage market is in rude health

    4 Sep 2006

    The July figures from the Bank of England show the UK mortgage market is in excellent health with an increase of some 10.9bn in the total net lending to individuals.In comparison, net lending to individuals in June increased by 9.8bn, and the average increase over the previous six months was 10bn.Net lending secured on dwellings increased by 9.8bn in July, above the 9bn increase in June and the 8.9bn average increase over the previous six months.The 12-month growth rate ...

  • Mortgage Next launches new buy-to-let product

    5 Sep 2006

    Mortgage Next has launched a two year base rate tracker buy-to-let product funded by BM Solutions, which is available exclusively via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.

  • Mortgage Next Partners hosts seminars

    4 Sep 2006

    Mortgage Next Partners, which markets a range of support services to directly authorised mortgage brokers, is hosting a series of seminars throughout the UK which are designed to help intermediaries understand how they can increase their income during the year ahead.

  • Mortgages plc reduces rates

    7 Sep 2006

    Mortgages plc is reducing its rates across the majority of its product range including discounted, tracker and fixed rate products from September 8.

  • N&P reduces fixed rates

    5 Sep 2006

    Norwich and Peterborough Building Society is reducing rates on its UK and Spanish five and ten year fixed rate mortgages, with immediate effect.

  • Nationwide cuts fixed rates

    4 Sep 2006

    Nationwide last week cut the rates on its range of fixed rate mortgages. The new rates include a two-year fixed rate mortgage with a rate of 4.88% (699 fee) or 4.97% (399 fee). There is a three-year fixed rate deal (399 fee) with a rate of 5.18%. Also included is the five-year fixed rate (399 fee) at 5.18% and 10-year fixed rate (399 fee) at 5.18%.

  • NU hikes rate on lifetime deal

    4 Sep 2006

    Norwich Union is raising the interest rate on its fixed rate lifetime mortgage and cash reserve option plan from today.

  • Oakwood recruits Sanford fom Pink

    7 Sep 2006

    Oakwood Financial Management has recruited Brian Sanford from Pink Home Loans as managing director of its packaging operation, Freshstart Mortgages.

  • Offset benefits for the self-employed

    4 Sep 2006

    A year of self-employment has made me more convinced than ever that I need an offset mortgage.Each time I've switched deals or lenders I've considered the offset route but something has always deterred me.For example, Nationwide has never been able to crack the current account mortgage code. Something about integrating too many inherited computer systems makes it an IT nightmare that it doesn't want to endure.Some building societies have been quicker to embrace offsetting ...

  • Online application system to boost MPPI take-up

    4 Sep 2006

    Cassidy Davis has launched an online application process for mortgage payment protection insurance.The protection specialist insurer is offering a choice of payment options including single or renewable monthly premiums and a choice of protection options. Customers can choose from accident and sickness only or unemployment only and accident.Aidan Plumridge, business development manager at Cassidy Davis, says: "Anyone who has been put off selling this insurance because they have ...

  • Overseas property hotspots

    4 Sep 2006

    HIFX's Global Property Hot Spots report shows Cape Verde and Portugal are soaring in popularity with Brits who are buying property abroad.

  • Pink launches service initiatives

    5 Sep 2006

    Pink Home Loans have introduced a range of new service initiatives which are aimed at encouraging more intermediaries to experience the benefits of using a packaging service.

  • Platform appoints organisational development manager

    6 Sep 2006

    Platform, the intermediary lender of Britannia, has appointed Stephen Marsh to the new post of organisational development manager.

  • Platform expands sales team

    4 Sep 2006

    Platform, the intermediary lender of Britannia, has appointed two new business development managers to its sales team.

  • POS-O gets positive feeback from brokers

    7 Sep 2006

    GMAC-RFC's instant online offer system has recieved positive feedback from the packager market.

  • Postcodes predict CCJ rate

    4 Sep 2006

    A mere Two CCJs were registered for every 100 people over 18 years of age in England and Wales in the last 12 months, says online credit repair service MyCallcredit.However, in some towns this was as much as three times higher, with more than 750,000 CCJs being registered over the last 12 months.The research looked at the number of CCJs registered in England and Wales, by postcode, postal sector and postal town, and the characteristics of people living in those areas to determine ...

  • Property is seen as the solution to all problems

    4 Sep 2006

    It is incredible how the media can grab hold of a topic and create a huge debate, seemingly from nothing.August is often given the title of 'silly season' as news items become hard to find and pages, whether printed or electronic, still need to be filled.

  • Pushing the limits of lending criteria

    4 Sep 2006

    A number of factors in the mortgage marketplace are building up a picture that could indicate we are fast approaching the point where lending criteria have reached their limits and future moves may become more restrictive in terms of lending risk.

  • Research reveals brokers expect base rate to be held

    5 Sep 2006

    Research by Mortgage Express, the specialist lending brand of Bradford & Bingley, reveals that more than half of brokers expect the base rate to be held at 4.75%, following last months 0.25% increase.

  • RICs welcomes base rate hold

    7 Sep 2006

    The Royal Institution of Chartered Surveyors says the hold on the interest rate will have positive results on the housing market.

  • Rise in expatriate mortgage rates

    4 Sep 2006

    Rates on The Derbyshire's range of expatriate mortgages have risen by 0.25% following the last rise in the base rate. Expatriates looking for a buy-to-let deal can take advantage of a three-year fixed rate of 5.50% until November 30 2009.

  • Risk Placement Service adds two to team

    4 Sep 2006

    Risk Placement Services has appointed Kevin Broadbent as Sales Director and Karen Tyler-Croft as Marketing Manager. Kevin Broadbent, sales director, will be responsible for implementing a sales plan and building strong relationships with advisers with his sales team based in Wokingham.

  • Roadshows boost equity release

    4 Sep 2006

    Research from Prudential shows the majority of financial advisers think roadshows play a key role in terms of them learning more about the equity release market. The research also found their clients would benefit from more information about these products.Almost one in five advisers say they don't receive enough information from providers.

  • Scarborough unveils plan to enter equity release

    4 Sep 2006

    Scarborough has revealed plans to enter the equity release market in the next couple of years.Despite the society having just announced the launch of its specialist lending brand, Scarborough Specialist Mortgages, it says it also has plans to enter other markets - such as self-build and renovation - before the end of this year.Tony Burdin, head of group marketing at Scarborough, explains that the society is consulting advisers to see what their requirements are. He also stresses ...

  • Shortage of new homes for families

    4 Sep 2006

    Research by SmartNewHomes.com found that 94% of participants thought there were not enough new homes available for families to buy in the UK. An overwhelming 86% of participants indicated they were looking to purchase a typical family home, and 72% were looking to move within the next year.However, the majority of these potential buyers were struggling to find a suitable property to meet their family's needs.

  • Short-term gains, long-term debt

    4 Sep 2006

    We are supposed to be coming to the end of the silly season, which is traditionally seen as the period during the summer where there is no news, and no new products are launched as everyone is on holiday.

  • Smaller firms struggling to get ahead, says HSBC

    8 Sep 2006

    Research sponsored by HSBC shows striking differences in how access tofinance in the UK is affected by company size.

  • SMS appoints head of human resource

    6 Sep 2006

    Solent Mortgage Services has appointed Catherine Ball as head of human resources.

  • SPML enhances range

    4 Sep 2006

    Southern Pacific Mortgage Limited have launched an extensive range of product enhancements including increased discounted rates and reduced self-cert loadings with cash back offers on discounted rate products.

  • SPML offers 95% LTV on near prime deals

    4 Sep 2006

    Southern Pacific Mortgage Limited has introduced 95% LTV on near prime as part of its revamped product range.The lender has also increased discounted rates and reduced self-cert loadings. The one-year discount has risen from 2.25% to 2.35% and the end date for the one and two-year discount has been extended to December 1 2008.For every completed discounted rate case, SPML is giving cashback of £500 on top of the proc fee. The loadings for self-cert options have been lowered ...

  • Staff matters

    4 Sep 2006

    We all know the statistics - a customer who has had a bad experience will tell up to 20 people, while the average satisfied customer may tell five others, if you're lucky.

  • Stamp Duty increases despite raise in threshold

    6 Sep 2006

    British homeowners now pay the government an average of 3,735 in Stamp Duty per property - despite another raise in threshold

  • Stress more of a concern than smoking, says L&G

    8 Sep 2006

    The symptoms of modern living are of greater concern to peoples health than smoking and drinking, new research by Legal & General reveals.

  • Student buy-to-let is an area worth pursuing

    4 Sep 2006

    With the recent 0.25% rise in the Bank of England base rate, first-time buyers are even less likely to be able to afford to get onto the housing ladder, although newspapers are increasingly reporting how parents are much more likely to give their progeny a leg up with regard to deposits nowadays.

  • Sturley to leave Mortgage Express

    4 Sep 2006

    Tim Sturley, head of intermediary mortgage distribution at Mortgage Express, has decided to leave the specialist lender. He joined the company in 1989 and worked on the relaunch of Mortgage Express in 1995.

  • Take advantage of IHT exemptions while you can, says Vantis

    5 Sep 2006

    High net worth individuals and their advisers are being urged to ensure they take advantage of existing Inheritance Tax exemptions before the government erodes the benefits of tax planning further.

  • Telephone leads service launched

    4 Sep 2006

    Paaleads.com has launched a telephone qualified mortgage leads service called Qualified by Telephone. The scheme gives brokers the opportunity to access quality leads and boost business profitability.

  • TFC to focus on branded secured loans

    5 Sep 2006

    Robust growth into affinity and branded secured loans is the key item onthe business growth agenda for The Funding Corporation.

  • The future is Pink

    4 Sep 2006

    If you cast your mind back 10 years, you may remember 1996 for a variety of reasons. England was knocked out of Euro 96 on home soil by the Germans on penalties. The Spice Girls were making their first foray into popular culture with the release of debut single Wannabe. And for those of you who recall dates by what was happening in the mortgage market, 1996 saw the birth of the buy-to-let mortgage.

  • The Mortgage Mole

    4 Sep 2006

    TEENAGENTSMole predicts a new breed of pre-teenage estate agents could be about to rock the housing market, following reports last week that a family managed to sell their house on the back of a report written by their 12 year old daughter.The schoolgirl gathered information on the family home, which has also been included in a historic property brochure. Not only does her work put hard-nosed estate agents to shame, but it also raises the possibility of employing child workers ...

  • The never-ending mortgage...

    4 Sep 2006

    Intergenerational mortgages are undoubtedly innovative, but it could get complicated when it comes to untangling the web of ownership and affordability, says Sue Read

  • Three-year B2L deal from M-Next

    4 Sep 2006

    Mortgage Next has launched two three-year buy-to-let mortgages available exclusively via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.

  • Time will tell if BoE made right decision, says CBI

    7 Sep 2006

    CBI says only time will tell if the decision to hold the interest rate was the correct one.

  • TMB appoints Holmes as director of strategy and planning

    5 Sep 2006

    The Mortgage Business has appointed Robert Holmes as director of strategy and planning.

  • TMW reduce rates on buy-to-let products

    5 Sep 2006

    The Mortgage Works has reduced the interest rates on a number of its buy to let mortgages. These changes follow the continued commitment by the mortgage provider to ensure the best products are available to intermediaries and their clients.

  • TV programme slammed for being irresponsible

    4 Sep 2006

    Brokers have slammed a TV programme showing people attempting to pay off their mortgage in a year with an overseas property as encouraging amateurs to take a risky gamble.The Channel 4 series One year to pay off your Mortgage - hosted by property expert Sarah Beeny - follows home owners' attempts to pay off their UK mortgages in just one year by investing in what they hope are rising property markets overseas.But Melanie Bien, associate director of Savills Private Finance, ...

  • Two-hour completions no threat to bridging market

    4 Sep 2006

    TWO-HOUR mortgage completions, which could become a reality next year, will not affect the bridging finance market, industry pundits have claimed.With bridging loans traditionally used when buyers need money quickly, it has been speculated that the industry may lose some of its business once two-hour completions become the norm.But John MacLean, managing director of new bridging finance company Link Lending, says: "I don't think two-hour mortgage completions will have a significant ...

  • UCB joins PMPA panel

    4 Sep 2006

    The Professional Mortgage Packagers Alliance has added UCB Home Loans to its lender panel. UCB will launch with a three-year buy-to-let tracker product at the base rate plus 0.49%.

  • UCB revamps its product range

    4 Sep 2006

    UCB Home Loans is relaunching its entire core range of self-cert and buy-to-let tracker mortgages with effect from September 1.

  • UK not a nation of spendthrifts, says Watson Wyatt

    7 Sep 2006

    Investing and repaying debt appear to be the top priorities for people finding themselves with additional income, research from consultants Watson Wyatt reveals.

  • Up to 67.27m in interest paid on lifetime mortgages

    4 Sep 2006

    People who released equity from their homes through a lifetime mortgage scheme last year collectively paid as much as 67.27m in interest during the first 12 months of their plans, says MoneyExpert.com.

  • Ups and downs of house price growth

    4 Sep 2006

    July saw the first rise in interest rates for 18 months, taking the base rate to 4.75%. We all hope this is a gentle increase to bring us in line with the global community and ward off further inflationary pressure, not the start of the type of increases we have seen in the US. But what impact will this rise have on the expectations for UK house price growth and more importantly what will happen to volume in the market?

  • Victoria moves to boost lending

    4 Sep 2006

    Victoria Mortgages has re-vamped its product range in an attempt to achieve 2bn in lending by the end of next year in the hope of selling the firm.The lender is part of US firm Venturion Capital, which also owns The Mortgage Operation in the UK.Alex Forrester, director at Victoria Mortgages, says: "The idea of a venture capital firm is to make money on investments. Our job is to build the business then find a bank to buy it, but no-one will want to do this unless we have bigger ...

  • Walsall Bridge told to stop trading by FSA

    4 Sep 2006

    The Financial Services Authority today stripped Walsall Bridge Insurance Consultants Limited of its permission to carry on regulated activities.

  • Watch out for all the regulators

    4 Sep 2006

    As a number of government departments issue their six-monthly progress reports it is easy to overlook these as irrelevant for mortgage brokers. Now that the main regulatory focus of brokers is the Financial Services Authority it is often possible to skip over Office of Fair Trading reports and in particular press releases on the requirements of the Consumer Credit Act.

  • Watch your waste or be prepared to pay for it

    4 Sep 2006

    While the government spent the Bank holiday exhorting Brits to watch their waists, a new report showed that Britons are also one of the worst at handling their waste.

  • We must put a higher value on our lives

    4 Sep 2006

    Apart from Andy Murray breaking into the world top 20 on the tennis circuit, the biggest news recently and the most relevant to the protection market was the decision by the National Institute for Health and Clinical Excellence (NICE) not to fund the cost of bowel cancer drugs Avastin and Erbitrux.According to NICE's directive, the drugs are not cost-effective. At a combined cost of just over £28,500 per year, the drugs have been blocked from routine use in the NHS and the ...

  • What happens when you have principles

    4 Sep 2006

    Principles - we all have them. Or at least we should. As a former journalist you might well be questioning my right to preach to you, the readers of Mortgage Strategy, about having principles and I may have to agree with you.

  • Winkworth offers 3% commission to advisers

    7 Sep 2006

    Estate agents Winkworth has the exclusive rights to market 336 luxury apartments as buy-to-let investment properties in Croatias Novi Vinodolski resort.

  • Woolwich shies away from TCF with diabolical service

    4 Sep 2006

    From Stephen Yates

  • Wrong population data affects prices

    4 Sep 2006

    The Centre for Economics and Business Research says the UK population is 1.4 million higher than official figures suggest, which could be contributing to house price inflation.Although official figures show the UK population has just passed the 60 million mark, the cebr says this is an underestimation and out of date, with the true figure being about 61.5 million.Immigration is also believed to be at the heart of the miscalculation as not only do the official figures not include ...

  • Xit2 to provide online system for Mortgage Times

    7 Sep 2006

    Mortgage Times has turned to Xit2, the experts in outsourced process management, to provide the online system to manage their external valuations.

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