Mortgage Strategy
5 February 2007

  • Abbey gross lending grows 18%

    5 Feb 2007

    Abbey saw an 18% increase in gross mortgage lending of £32.6bn in 2006, despite a 0.2% decrease in its estimated market share. The Banco Santander-owned UK bank reported gross mortgage lending increased from £27.6bn in 2005 to £32.6bn in 2006, while net mortgage lending increased from £3bn to £7.8bn between 2005 and 2006. Despite this, its gross lending market share fell from 9.6% in 2005 to 9.4% in 2006, although its net lending market share rose from 3.3% to 7.1%.

  • Chelsea reviews buy-to-let range

    5 Feb 2007

    Chelsea says it is reviewing its buy-to-let product range due to the pressure on profit margins caused by the sector's recent growth. Richard Hornbrook, chief executive at Chelsea, says: "We are looking at our position and how much risk we want to take on board. When we started, rental cover was 130%. Competition has driven that down so cover is 100%. I think this is when you start reviewing it." He adds that Chelsea will not consider proc fees for existing borrower business.

  • House2House criteria extended

    5 Feb 2007

    The Mortgage Business has extended the criteria on its House 2 House scheme to allow borrowers to fund a second buy-to-let property. It calculates 60% of borrowers on this scheme have the income available and the desire to fund a second purchase.

  • 21 Million people open to ID theft

    5 Feb 2007

    A survey from Lawpack Publishing reveals that 21 million people do not protect themselves against identity theft while 97% of household waste contains at least one item that could help a fraudster. It also warns 25% of ID theft victims know the perpetrators.

  • A lesson in tackling discrimination

    5 Feb 2007

    Celebrity Big Brother is finally over. And after the acres of print and hours of footage that have been used up reporting the racist treatment of Bollywood actress (and winner) Shilpa Shetty, can we learn anything?

  • A year on, AIM loses Griffiths

    5 Feb 2007

    Rob Griffiths last week quit as associate director of the Association of Mortgage Intermediaries after just 12 months in the role.

  • A&L updates fixed specialist range

    6 Feb 2007

    Alliance & Leicester has updated its current range of two-year fixed specialist products.

  • Accord relaunches prime range

    5 Feb 2007

    Accord Mortgages has relaunched its entire range of prime fixed rate mortgages, with end dates of May 1.

  • Accord rings changes on affordability

    5 Feb 2007

    Accord Mortgages will deduct borrower debt from its affordability calculations from February 22.

  • AFB urges members to prepare for the Consumer Credit Act

    6 Feb 2007

    The Association of Finance Brokers has launched a factsheet to help members meet the requirements of the Consumer Credit Act 2006.

  • AFI offers online verification certificate

    8 Feb 2007

    Abbey for Intermediaries is now offering an automated identity verification certificate on its Introducer Internet.

  • Amber Homeloans joins Pink's packaging panel

    5 Feb 2007

    Amber Homeloans has joined Pink Home Loans' packaging panel.

  • AMI slams FSA over industry guidance

    7 Feb 2007

    The Association of Mortgage Intermediaries has criticised the Financial Services Authoritys proposals for its confirmation of industry guidance, outlined in a recent discussion paper.

  • Appointment at Loanoptions.co.uk

    5 Feb 2007

    Loanoptions.co.uk has appointed Gaynor Smith as head of underwriting. She joins from Freedom Finance where she had 12 years' experience in underwriting.

  • Appointments to FSCS board

    5 Feb 2007

    The Financial Services Authority has appointed Tony Ashford and Rosalind Reston as non-executive directors to the board of the Financial Services Compensation Scheme. Ashford is chairman of HSBC's pensions trust while Reston, until her recent retirement, was a partner at Lovells LLP.

  • Assetz predicts future rate drop

    8 Feb 2007

    Assetz has predicted that there will be no more rate rises in the face of predicted lower inflation. In fact, it predicts that rates will drop back down to 5% by the end of 2007.

  • AToM does deal in 12 days

    5 Feb 2007

    All Types of Mortgages Commercial has completed its first case within 12 working days. It was provided by commercial packager E1

  • AVMs cut carbon emissions, says Hometrack

    6 Feb 2007

    Lenders who use Automated Valuation Models are helping protect the environment by cutting their mileage, says Hometrack.

  • Bank of England holds interest rate at 5.25%

    8 Feb 2007

    The Bank of England's Monetary Policy Committee has held interest rates at 5.25%.

  • Basinghall reveals first distribution partners

    7 Feb 2007

    Basinghall Finance has confirmed that it will be distributing through Savills Private Finance and John Charcol when it starts originating loans next week.

  • Basle II could lead to sub-prime hike

    5 Feb 2007

    Norwich and Peterborough predicts that the mortgage industry will see a price hike in sub-prime products as Basle II gains more prominence in the mortgage market.

  • BDM of the week

    5 Feb 2007

    A good BDM needs to be knowledgeable, unfazed by events and unafraid of sharing even bad news with brokers. Samira Meegan has these qualities in spades, says David Clay

  • Beacon appoints Severn as marketing manager

    6 Feb 2007

    Beacon has appointed Nicola Severn as group marketing manager.

  • Beacon revamps lending criteria

    5 Feb 2007

    Beacon Homeloans has revamped its lending criteria by upping LTVs and reducing rental requirements.

  • Big and strong in the regulated world

    5 Feb 2007

    The Financial Services Authority's January report on selling practices in the mortgage market is the first of many such reports as the regulator shows its teeth. This is a good thing.

  • Blair's mortgage debt nears 5m

    5 Feb 2007

    The Blairs mortgage debt is spiraling towards the 5m mark following the Prime Minister and his wife exchanging contracts on their fifth property - 800,000 mews house.

  • BM Solutions defends Mortgage Plus range

    5 Feb 2007

    BM Solutions has rebuffed criticism that the rate slash on its 125% LTV Mortgage Plus range is not enough to allow it to compete with rival high LTV products.

  • BM Solutions wins award

    5 Feb 2007

    BM Solutions has been voted as best overall lender for 2006 by London brokerage Square Mile Mortgage Finance.Beating off competition from Portman/The Mortgage Works and Abbey, BM Solutions reclaimed the title it previously won in 2004. Andy Wilgoss, managing director of SQMF, says: "We had a phenomenal year with BM Solutions. Its relationship management strategy at all levels is testimony to the quality people it employs."

  • BM wins top award at SMMF annual awards

    5 Feb 2007

    BM Solutions has been voted as best overall lender for 2006 by Square MileMortgage Finance at its annual awards.

  • BrightSale.co.uk goes green

    6 Feb 2007

    National estate agent BrightSale.co.uk will be planting a tree in the National Forest for every property it sells with effect from February 6.

  • Broker cashes in on utilities

    5 Feb 2007

    A Welsh broker says he is expanding his revenue stream by saving customers money on their utility bills.

  • Brokers urged to keep track of promos

    5 Feb 2007

    Financial professionals have been reminded that all promotional distributions must be recorded as the Financial Service Authority implants its Treating Customers Fairly drive.

  • Buy-to-let LTVs dropping, says A&L

    5 Feb 2007

    Over two-thirds of all buy-to-let applications in December were for mortgage products under 75% LTV, reveals Alliance & Leicester.

  • Buy-to-let stays local

    5 Feb 2007

    New research for Landlord Mortgages has revealed that just over 77% of buy-to-let investors still choose to invest in their local area.Even in London, which boasts some of the UK's highest house prices, over half of investors still choose to buy a property within five miles of their own residence.

  • C&G launches broker exclusives

    5 Feb 2007

    Cheltenham & Gloucester has launched a range of intermediary- exclusive fixed rate, buy-to-let and Assist products.The deals are available for house purchases and remortgages. The range includes two-year fixes from 4.29% and two-year fixed buy-to-let deals from 5.15%.

  • C&G appoints sales manager

    5 Feb 2007

    Cheltenham & Gloucester has appointed Mark Blackwell as head of corporate and specialist intermediary sales.

  • Cameron's green home will attract higher Council Tax

    5 Feb 2007

    Tory leader David Cameron faces higher Council Tax bills after securing planning permission to make his home more environmentally friendly.

  • Cascading need not become a problem

    5 Feb 2007

    Mortgage Strategy's inaugural Mortgage Packager Summit in Nice saw a great turn-out from the industry - and not only from those looking for a little winter sun.

  • Cavendish Equity Release teams up with consumer champion

    8 Feb 2007

    Cavendish Equity Release has revealed it will be working closely with consumer champion Esther Rantzen who will be playing a major part in its advertising and marketing plans for 2007.

  • Challenge lenders' fee strategies

    5 Feb 2007

    Lenders seem to be raising fees rather than rates in an attempt to appear borrower-friendly and brokers should be confronting them on this, says Sue Read

  • Chelsea buys Britannia Capital Securities

    9 Feb 2007

    Chelsea has bought Britannia Capital Securities, which will now be known as BCS Loans and Mortgages.

  • Cheval choses Xit2’s valuation exchange

    9 Feb 2007

    Cheval has chosen Xit2’s valuation exchange as the online system to manage its valuation instructions.

  • Commercial First restructures business department

    8 Feb 2007

    Commercial Firsts new business department has aligned itself with specific sales regions, providing its intermediaries with direct access to their teams of underwriters and risk assessors.

  • Competition prevents fixed rate rises, says mform.co.uk

    8 Feb 2007

    Competition in the mortgage market is keeping a lid on increases in fixed and discounted mortgage rates despite base rate increases, says mform.co.uk.

  • Compliance in an unregulated market

    5 Feb 2007

    Hands up all of you who thought secured loans were completely unregulated. In a phone poll we took at Loanoptions.co.uk recently, many brokers were surprised to discover that secured loans have had a regulatory framework for over 30 years, supported by the Consumer Credit Act of 1974.

  • Concordia does first exclusive deal

    5 Feb 2007

    Concordia signed its first exclusive deal with Intelligent Finance last week.The product is a two-year offset tracker at 0.4% below base, then reverting to base plus 0.95%, with an arrangement fee of £2,500. The minimum loan size is £200,000.

  • Consider casting your advice net wide

    5 Feb 2007

    In the lead-up to home reversions regulation I am looking at some of the important changes ahead to heighten awareness of some of the big issues that will affect advisers in the equity release market.

  • Consumers less confident about big purchases, says Nationwide

    7 Feb 2007

    Consumers predict continued house price growth and are less confident about making large purchases than this time last year, says Nationwide.

  • Council Tax benefits unclaimed, warns Help the Aged

    5 Feb 2007

    Over £1.3bn worth of Council Tax benefit is lying unclaimed by pensioners, warns older people’s charity Help the Aged.

  • Countrywide is batting its eyelashes again

    5 Feb 2007

    Four years ago National Mortgage News broke a story about Country- wide Home Loans talking to Bank of America about taking over its mortgage business through an outsourcing arrangement.

  • Couple ordered to pay £200,000 in repair costs for church

    7 Feb 2007

    A couple have been ordered to pay £200,000 in repair costs for a parish church on farmland they inherited in Warwickshire.

  • Crown appoints non-executive director

    6 Feb 2007

    Crown Mortgage Management, an outsourcing provider for the mortgage industry, has appointed Paul Marks as a non-executive director.

  • Cupid tracker for Valentine's Day

    5 Feb 2007

    Market Harborough has launched a Cupid tracker variable mortgage to coincide with Valentine's Day.The tracker is a fee-free mortgage, which charges 0.25% above the base rate for five years. The society is also offering a special Valentine's treat of a red and white wine hamper for every Cupid tracker completion.

  • CurriculumVitae - Jeremy Russ

    5 Feb 2007

    "My left elbow connected with the private parts of a fellow commuter."

  • DB Mortgages recruits 17 underwriters

    5 Feb 2007

    DB Mortgages has recruited 17 underwriters who will be based in different regional packager offices around the country.

  • DBM joins MT's packager panel

    5 Feb 2007

    The Mortgage Times Group has signed up DB Mortgages to its packager panel.Chris May, director of MT, says: "DB Mortgages is going to become a key lender in the coming years, so to have a number of its exclusive products and free valuation offers will be of great benefit to our members." Mark Bergin, director of sales and marketing at DB Mortgages, says: "We look forward to working with MT on a variety of initiatives."

  • Dear Delia

    5 Feb 2007

    Dear Delia Andrew has been living abroad for two years, travelling and doing casual jobs. While he was abroad his widowed mother died and he is the sole beneficiary of her estate including a house worth around 400,000 but no other assets. Inheritance Tax of 46,000 is due and Andrew needs to raise money on the property. He has been offered some full-time jobs which he's deciding between but as he can't yet prove his income he can't get a mainstream mortgage. Delia says: This is a common ...

  • Debt buster

    5 Feb 2007

    Brokers can play a key role in helping insolvency specialists tackle the country's growing debt crisis, says Bev Budsworth, managing director of CFG's debt advisory section. Stephanie Spicer reports

  • Debt companies begin to pay the price

    5 Feb 2007

    News emerged last week that shares in debt management companies are on the slide as Debt Free Direct and Accuma issued profit warnings. The reasons given in both cases were that a minority of creditors are refusing to agree to individual voluntary arrangement proposals.

  • Digging the dirt in the mortgage world

    5 Feb 2007

    Best of British

  • Divorcee wins insolvency case

    5 Feb 2007

    A divorced housewife has won the right to own her family home in a case thought to be the first to test the 1986 Insolvency Act.

  • Do you think that green belt land should be developed?

    5 Feb 2007

    Kate Barkers proposal to develop green belt land around cities to provide space for increased housing supply has met with a mixed response. Last week, Policy Exchange called for the national green belt policy to be scrapped while an MP condemned development on protected land.So this week Mortgage Strategy asks: Do you think that green belt land should be developed?

  • Drawdown plans to drive equity sector

    5 Feb 2007

    Drawdown plans saw a sixfold increase in business in 2006, prompting speculation that the future of equity release may lie in these policies rather than lump sum options.

  • Dunfermline appointments

    5 Feb 2007

    Dunfermline has appointed two senior executives in a bid to drive up business. Simon Cocker joins as head of business development and Phil Kennedy joins as head of marketing.

  • E2M launches competition for introducers

    5 Feb 2007

    Easier2Move has launched a spring holiday competition for its introducers.

  • Easier2move joins HoC panel

    5 Feb 2007

    Easier2move has joined the Home of Choice panel. Mal McConechy, mortgage director of HoC, says: "Easier2move provides a quality service which will add tremendous value to the work we do with brokers."

  • EC completes Trigold sourcing integration

    5 Feb 2007

    Exclusive Connections has fully integrated with Trigold's sourcing system.

  • Edeus restructures business

    5 Feb 2007

    Booming business volumes and unprecedented support from the packaging market has forced edeus to restructure its product proposition and realign its core staff.

  • Egg now in Citigroup's basket

    5 Feb 2007

    Citigroup says it will look at exploring synergies between its mortgage businesses following the acquisition of Egg Banking from Prudential last week.

  • em- launches buy-to-let tracker with Platform

    8 Feb 2007

    Mortgage packager em-homeloans has launched a three year buy-to-let tracker funded by Platform.

  • Em- unveils Rooftop range

    5 Feb 2007

    Em- has announced the launch of a buy-to-let range from Rooftop, available from February 5.It provides up to 90% LTV on buy-to-let purchases and remortgages.

  • Exit fee ruling did not go far enough, say brokers

    5 Feb 2007

    Some 65% of Mortgage Strategy Online readers last week voted that the Financial Services Authority had not gone far enough in its ruling on exit fees. Although lenders could lose thousands of pounds as disgruntled borrowers who had to pay inflated exit fees when they changed mortgage ask for their money back, many think that this was an inadequate response.

  • Exit fees report should help brokers

    5 Feb 2007

    Comparing mortgages will be easier following the FSA's report on exit fees as these are currently the only unpredictable factor in calculations, says Ray Boulger

  • Expert says go for houses, not flats

    5 Feb 2007

    People should invest in houses, not flats, to cash in on high capital returns and rental yields, says David Lawrenson, property expert at lettingfocus.com.Lawrenson will speak at London's Excel Centre's Homebuyer Show about why there is more money to be made in buy-to-let houses. The show runs from March 2 to March 4.

  • First-time buyers would kick bottle to get on ladder

    5 Feb 2007

    First-time buyers would give up holidays, booze or move back with their parents, if it meant getting on the property ladder sooner, reveals research from Abbey.

  • Fitch issues Rooftop warning

    9 Feb 2007

    Fitch Ratings says Rooftop's securitisation portfolio Farringdon Mortgages No. 2 is likely to continue drawing on its reserve fund in the coming months.

  • Fitch launches enhanced securitisation criteria

    5 Feb 2007

    Fitch Ratings has launched its enhanced criteria for analysing the credit risk in securities backed by UK residential mortgages.

  • Fitch launches originator review process

    5 Feb 2007

    Fitch Ratings has launched a new process for reviewing European originators issuing residential mortgage-backed securities transactions.

  • Fitch warns affordability measures "deteriorated"

    5 Feb 2007

    Fitch Ratings has warned that three major affordability measures in the UK residential housing sector have deteriorated significantly since 2003.

  • 'Free' periods breach of FSA rules, says CETA

    6 Feb 2007

    CETA says that sales of insurance policies promoted with three or six month 'free' periods may be breaching Treating Customers Fairly rules.

  • Free valuation on UCB ranges

    5 Feb 2007

    UCB Home Loans will be offering free valuation on its self-cert and buy-to-let product ranges from February 1.

  • Freedom re-releases buy-to-let range

    5 Feb 2007

    Freedom Lending has re-released its buy-to-let product range by introducing several new products and criteria.

  • FSA fine not aimed at GEMHL

    5 Feb 2007

    GE Money Home Lending stressed last week that action taken against its sister company GE Capital Bank by the Financial Services Authority is in no way related to its own activities.

  • FSA says customer understanding a priority for 2007

    6 Feb 2007

    The Financial Services Authority has published its business plan for 2007/8, claiming that the National Strategy for Financial Capability is central to its plans for the coming fiscal year.

  • FSA unveils home finance providers applications

    9 Feb 2007

    The Financial Services Authority has published new application packs for home finance providers on its website.

  • Future rate rises likely, says InterBay

    8 Feb 2007

    InterBay says a rate rise in the near future is looking increasingly likely following the Bank of Englands decision to hold rates in February.

  • Future rate rises unnecessary, says Propertyfinder.com

    8 Feb 2007

    Propertyfinder.com says that future rate rises are unnecessary as the housing market will slow naturally.

  • Generous B2L deals come at a cost

    5 Feb 2007

    Gone are the days when lenders' rental calculations erred on the side of caution - when 125% was the normal rental coverage required. In the past six months we have seen lenders become more relaxed and rental calculations as low as 100% are now available.

  • GHL appoints operations director

    6 Feb 2007

    GHL Group has appointed Sandi Moon as operations director.

  • GMAC helped us grow, says BDS

    5 Feb 2007

    BDS has praised GMAC-RFC for helping it achieve a 42% increase in business levels during 2006.

  • GMAC sells 12th portfolio

    5 Feb 2007

    GMAC-RFC has sold its 12th portfolio to Britannia Treasury Services.This £400m deal comprises of a blended pool of prime, buy-to-let and self-cert products.

  • GMAC-RFC makes appointments to partner division

    6 Feb 2007

    GMAC-RFC has announced four promotions and one appointment to its partner division.

  • GMAC-RFC makes senior appointments

    6 Feb 2007

    GMAC-RFC has today announced the appointment of two new managing directors, who will also join its UK statutory board.

  • Halifax Intermediaries launches PDA website

    5 Feb 2007

    Halifax has launched a PDA version of its intermediary website which allows users to access it from any handheld computer.

  • Hamptons parent makes record profits

    5 Feb 2007

    Hamptons Mortgages' parent company Emaar Properties last week revealed record profits.

  • Harry Potter works magic on Alnwick

    5 Feb 2007

    Harry Potter is having a magical effect on the housing market in Alnwick after it played host to the set of the popular film.

  • HBOS ups Sainsbury's stake

    9 Feb 2007

    HBOS has bought an additional 5% of the shareholding in Sainsbury’s Bank for £21m from J Sainsbury.

  • Hearnden

    5 Feb 2007

    appoints AR Hearnden Associates has taken on My Mortgage Direct as an appointed representative following its departure from network Sesame. On January 2, the firm left the network and became directly regulated by the Financial Services Authority.

  • High sub-prime fees hit the most vulnerable

    5 Feb 2007

    There's no doubt the sub-prime market is much more competitive than it was a few years ago and brokers are able to find relatively well priced deals for clients.

  • HIPs area trials extended

    5 Feb 2007

    The Association of Home Information Pack Providers has extended its area trials to a further 12 locations across the UK.

  • Homeowners without savings unconfident, says Ipsos MORI

    7 Feb 2007

    A report by Ipsos MORI Financial Services reveals that homeowners with no savings have reported a sharp drop in confidence about their personal finances.

  • I am becoming paranoid about HIPs

    5 Feb 2007

    A wise individual once proclaimed: "It's not paranoia if they're really out to get you." And if recent announcements are anything to go by, I will soon be joining the merry band of paranoid androids (a reference for Radiohead fans.

  • IF launches offset for building projects

    5 Feb 2007

    Intelligent Finance has teamed up with BuildStore to offer an offset home refurbishment mortgage for intermediaries under its BuildLoan brand.

  • IF pledges 24-hour service

    5 Feb 2007

    Intelligent Finance last week pledged to issue a mortgage offer within 24 hours of receiving a completed mortgage pack.

  • Industry support for PPI body

    5 Feb 2007

    Brokers and lenders have supported the idea of creating an industry body whose purpose would be to help advisers understand payment protection insurance.

  • Inflation should fall, says E&Y

    8 Feb 2007

    Ernst & Young has predicted that the UK market has strong enough foundations to be able to lower inflation, and satisfy the Monetary Policy Committee to not raise interest rates further.

  • Insolvency crisis is here to stay

    5 Feb 2007

    Insolvencies are up by almost 60% from 2005, with some 29,804 individuals entering into bankruptcy or an individual voluntary arrangement during Q4 2006.

  • InterBay appoints operations manager

    5 Feb 2007

    InterBay, the commercial mortgage lender, has appointed Mark Parrett as operations manager.

  • Investors go commercial

    5 Feb 2007

    Private investors are in-creasingly choosing to invest in commercial property rather than equities, says Jones Lang LaSalle.

  • It's nonsense to call Matthews racist

    5 Feb 2007

    Last week the government slipped in another amendment to Home Information Packs and the Financial Services Authority fired off a warning shot to lenders on exit fees.

  • Kensington enters prime lending

    9 Feb 2007

    Kensington Mortgages has entered the prime mortgage market with a range of products for borrowers with specialist needs.

  • Kensington subsidiaries boosted growth in 2006

    5 Feb 2007

    Kensington Group has revealed that the 17% growth it saw in 2006 was driven by its subsidiaries Money Partners and Start, not its core business Kensington Mortgages.

  • L&E appoints underwriters for titlesolv.com

    6 Feb 2007

    London & European has added two in-house underwriters to its online legal indemnities business, titlesolv.com.

  • Labour hooks HIPs to the green bandwagon

    5 Feb 2007

    The latest press release from the Department for Communities and Local Government confirms - if confirmation were needed - that climate change is the primary reason behind the government's desire to introduce Home Information Packs.

  • Landlords undeterred by interest rate rises, says Paragon

    5 Feb 2007

    Landlords will be undeterred by interest rate hikes while first-time buyers will be priced out of the market, says Paragon Mortgages.

  • Landlords warned to pay tax as UK property lettings boom

    6 Feb 2007

    HM Revenue and Customs has advised landlords who let a room in their home or run a business to declare their earnings and pay tax on any profit.

  • Lead firms sharpen up their act

    5 Feb 2007

    Lead generation firms have embraced technology and committed themselves to the sector so they are no longer a last resort for brokers trying to drum up new business, says Sally Laker

  • Leadbay diversifies with car finance leads

    5 Feb 2007

    Lead generation website Leadbay is to offer car finance leads from today.

  • Leeds deals to help first-timers

    5 Feb 2007

    Leeds has launched a 100% fixed rate product and a shared ownership fixed rate mortgage, designed to help potential first-time buyers. There are no higher lending charges or completion fees with either product, and both come with free valuations up to £335.

  • Leeds unveils improved lending criteria

    9 Feb 2007

    Leeds has unveiled improvements to its lending criteria with better income multiples and enhancements to its buy-to-let and sub-prime mortgages.

  • Lenders predict buy-to-let repossessiona, says Moore & Blatch

    6 Feb 2007

    A survey of mortgage lenders by Moore & Blatch reveals 21% of lenders believe buy-to-let borrowers are most at risk of repossession.

  • Lib Dems blame lenders for debt

    5 Feb 2007

    The Liberal Democrats have pinned Britain's debt problems on irresponsible lending. Shadow chancellor Vince Cable says responsible lenders would baulk at lending more than 3 x income.

  • Lloyds TSB predicts further rate rises

    7 Feb 2007

    Lloyds TSB has predicted further rate rises as the Monetary Policy Committee prepares to curb spiralling inflation when it reviews interest rates tomorrow.

  • Lloyds TSB revamps service

    5 Feb 2007

    Lloyds TSB has streamlined its application process and improved pricing for those seeking mortgages to buy property in Dubai and Portugal.The international mortgage service offers a streamlined three-step application process. The service is provided free of charge.

  • LMC revises buy-to-let products

    9 Feb 2007

    London Mortgage Company has released a new range of products, increasing the maximum buy-to-let portfolio to 2m.

  • LMC unveils new range

    9 Feb 2007

    London Mortgage Company has launched a new range of first charge specialist mortgage products from 5.54%.

  • Lobbyists attack East of England

    5 Feb 2007

    A damning report on the East of England Plan has cast serious doubts on the environmental impact of expansion in the region, says the Campaign to Protect Rural England. The report by Land Use Consultants and Levett-Therivel criticises the official government sustainability appraisal undertaken by consultant ERM and published last December. The issues raised in the report will be debated by the East of England Regional Assembly on February 2 2007.

  • London prices continue to rise, says haart

    7 Feb 2007

    The average London house price increased by 0.5% in January to £260,140, says haart estate agents.

  • MAB appoints brand director

    5 Feb 2007

    Mortgage Advice Bureau has appointed Juliet Glendinning as brand director. In the position, she will be responsible for overseeing marketing operations and business development for MAB, working across its network of high street shops and estate agency franchises. Glendinning began her career as a branch manager for Nationwide. She joins MAB from Police Mutual where she was head of marketing for four years.

  • Manager for Halifax

    5 Feb 2007

    Halifax Intermediaries has appointed Paul Silcock as national intermediary account manager.

  • Manchester buys commercial bank

    5 Feb 2007

    The Manchester last week bought commercial bank Whiteaway Laidlaw for £5m. Whiteaway Laidlaw offers services to small businesses and personal customers.

  • Marketing claims for TMB's House2House deal are not matched by the reality

    5 Feb 2007

    I was surprised to see the recent press activity and adverts surrounding The Mortgage Business' House 2 House product, particularly the advert in which 'Multi Man launches a unique product in the marketplace'.

  • Marketing services database launched

    5 Feb 2007

    Mortgage Angels has launched Angels Media to provide database marketing services and support to brokers and lenders.The consumer database includes some 360,000 contact details and the intermediary database around 30,000 brokers.

  • Marketwatch

    5 Feb 2007

    Shorter term swaps fell slightly last week which was welcome after about eight weeks of relentless rises. I'm not sure whether this is a false dawn or a sign of things to come. Longer term swaps continued to edge upwards.

  • Me and My Car

    5 Feb 2007

    After the joys of the company car, Cathy Earle faced a rude awakening when it came to buying her own motor. After a happy dalliance with Honda, she's settled on a reliable Saab convertible

  • Melton buys a stake in Praxis

    5 Feb 2007

    Melton Mowbray last week bought a minority stake in packager Praxis.

  • Merrill in Ireland joint venture

    5 Feb 2007

    Merrill Lynch and Irish Life & Permanent have joined forces to set up a specialist residential lending operation in the Republic of Ireland.

  • Michelmores launches financial services practice

    5 Feb 2007

    Michelmores Solicitors has launched its financial services and markets practice, operating out of the firms London and Exeter offices.

  • Money Partners relaunches website

    8 Feb 2007

    Money Partners has relaunched its public-facing websites.

  • Moneyfacts warns landlords of "hefty fees"

    5 Feb 2007

    Moneyfacts is warning buy-to-let landlords to be aware of the potential pitfalls of low interest rate products, which have hefty fees and charges.

  • Mortgage Times adds Kensington to secured loan panel

    7 Feb 2007

    Kensington Personal Loans has joined Mortgage Times secured loans panel.

  • Mortgage Trust releases new fixed rates

    6 Feb 2007

    Mortgage Trust has released a number of fixed rate products across its select and core ranges.

  • MPC waiting for inflation report, says Abbey

    8 Feb 2007

    Abbey says the Monetary Policy Committees decision to freeze interest rates is a reflective pause while it waits for the inflation report to be published.

  • MPPI war of words is going nowhere

    5 Feb 2007

    The mortgage payment protection insurance war has exploded across the letters pages of Mortgage Strategy. This type of debate is healthy but does not push the MPPI agenda forward.

  • MPs slam Inheritance Tax

    6 Feb 2007

    A group of MPs have signed an Early Day Motion calling for Inheritance Tax to be scrapped.

  • Nationwide and L&G sign distribution agreement

    7 Feb 2007

    Nationwide and Legal & General have signed a joint distribution agreement for the supply of life insurance, investment and pension products.

  • Network Data's icy reward for top ARs

    5 Feb 2007

    Network Data will reward its top 20 producers at its annual conference on March 8.

  • Number of sub-prime deals with fees jumps

    5 Feb 2007

    The number of sub-prime products that carry a fee of over £1,000 has risen by almost 50% in the past six months, says MoneyExpert.com.

  • OFT forwards PPI investigation findings to the CC

    7 Feb 2007

    The Office of Fair Trading has confirmed it will pass on its investigations into the misselling of Payment Protection Insurance to the Competition Commission.

  • OFT warns against scams

    5 Feb 2007

    The Office of Fair Trading has warned consumers to think twice about any offers which seem too good to be true, as it launched its 2007 scam awareness month. Scam techniques include spam emails, texts and internet pop-ups.

  • Olympics will boost housing

    5 Feb 2007

    The housing boom on the back of the 2012 Olympics may be enough to lift the UK out of a predicted housing slump, according to the Centre for Economic and Business Research.

  • Online estate agency sees first property sale

    5 Feb 2007

    BrightSale.co.uk has made its first house sale since launching its online estate agency service three weeks ago.

  • Onlyleads.co.uk plans for 10,000 leads

    9 Feb 2007

    Onlyleads.co.uk is predicting that it will be handling 10,000 leads a month if it continues its growth.

  • Openwork releases self-cert with Platform

    6 Feb 2007

    Openwork has released a self-cert three year tracker funded by Platform.

  • Paaleads phone service launched

    5 Feb 2007

    Paaleads.com has launched a 'qualified by telephone' service for mortgage leads, which enables leads to be passed to brokers immediately. The service means that while on the phone, a paaleads.com team member will confirm the lead is actively seeking mortgage advice and is in a financial position to proceed.

  • Packager is no longer a dirty word

    5 Feb 2007

    A room full of mortgage packagers and lenders can surely mean only one thing - more bad blood than the shadiest of abattoirs.

  • Packager summit was good value for all participants

    5 Feb 2007

    The first Mortgage Packager Summit last month was a fantastic success.

  • Packagers that give service like this deserve to go bust

    5 Feb 2007

    I signed up a client (a retention client, no less) onto a new deal on October 11 and used a packager. I'm not going to question the packager's selection as I did the sourcing myself, getting the client's credit file, inputting the relevant details into our sourcing system and getting the best product available for the client.

  • Packaging is a book we have harshly judged by its cover

    5 Feb 2007

    The recent Mortgage Packager Summit in Nice was a ground-breaking event for which the Mortgage Strategy team and the event's sponsors should be commended.

  • Packaging market worth 30bn, says TMB

    7 Feb 2007

    The Mortgage Business has revealed the packager market has grown by 30%, up to 30bn, since regulation.

  • Paperless mortgages unaffected by snow, says edeus

    9 Feb 2007

    Mortgage applications were unaffected by yesterdays snow, says edeus.

  • Pensioners feel mortgage pain

    5 Feb 2007

    Nearly one in five home owners aged 65-plus have not cleared their mortgage by the time they receive a state pension, says price comparison website mform.co.uk.

  • Personal Touch appoints directors

    6 Feb 2007

    Personal Touch Packaging has appointed three new directors to its board.

  • Personal Touch's two-year tracker

    5 Feb 2007

    Personal Touch is launching a two-year Woolwich tracker deal to its network members, as well as directly authorised brokers, via Mortgagebox.The two-year deal undercuts the base rate by 0.1%, with a rate of 5.15% offering free valuation and legals for remortgages. It has a fee of £995 but no early repayment charges.

  • Platform in specialist push

    5 Feb 2007

    Platform has launched a product range in an ambitious drive to increase its market share in the specialist lending sector in 2007.

  • Platform revamps product range

    6 Feb 2007

    Platform has launched a range of products with reduced tracker rates and a modified lending criteria.

  • PMPA appoints Vic Jannels as chairman

    8 Feb 2007

    The Professional Mortgage Packagers Alliance has appointmented Vic Jannels as its chairman to replace Ian Nelson. Jannels has accepted the role following the retirement decision of Nelson, the previous chairman, who has held the chair since PMPA was launched.

  • Positive Solutions partners share £8m payout

    7 Feb 2007

    More than 800 partners of independent financial advisor firm Positive Solutions have shared in the latest £8m payout from the company’s Prophitshare incentive scheme.

  • Preferred launches product range

    5 Feb 2007

    Preferred will launch a product range on Wednesday February 7 offering a 0.20% reduction on all buy-to-let products.

  • Prestige becomes AFB associate

    5 Feb 2007

    Prestige Finance has joined the Association of Finance Brokers as an associate member. Simon Stern, director of Prestige, says: "We look forward to working closely with the AFB. As the market becomes more regulated, it is vital that lenders and brokers work closely together. We believe the AFB best represents the broker industry and supports the work it is doing."

  • Principality reports 10.4% increase in mortgage business

    7 Feb 2007

    Principality’s annual results show that its mortgage balances increased by 10.4% to £3,887.9m in 2006.

  • Proof of the e-commerce pudding

    5 Feb 2007

    The mortgage industry will soon have access to standards intended to promote e-commerce but the success of the initiative will be judged by their take-up, says Frank Eve

  • Propertyfinder.com parent buys up Euro sites

    6 Feb 2007

    Propertyfinder.coms parent company, the REA Group, has bought the atHome group of European real estate sites for 4.5m, or 2.97m. atHome operates five real estate sites covering Luxembourg, the Wallonie region of Belgium, the Lorraine region of France, and the Trier region of Germany.

  • Protection can come to the emotional rescue

    5 Feb 2007

    Most of us know someone who has at some time had to care for a relative in old age.

  • Protection range for brokers Britishinsurance. com has launched a range of payment protection products specifically designed for the broker market.

    5 Feb 2007

    The products were designed by Assurant Solution, a specialist in niche insurance protection.Assurant Solutions will also manage claims and administration on behalf of the site.

  • Punters are better off betting on buy-to let

    5 Feb 2007

    The Millennium Dome had a difficult birth. Its construction was mired in controversy about the cost as much as its future use.

  • Rate freeze "delaying the inevitable", says A&L

    8 Feb 2007

    Alliance & Leicester says the market will view the Bank of England's decision to freeze interest rates as "delaying the inevitable".

  • Rate freeze bodes well for inflation report, says John Charcol

    8 Feb 2007

    Today’s Bank of England base rate freeze suggests the January Consumer Price Index and Quarterly Inflationary Report are not too negative, says John Charcol.

  • Rate hold good for first-timers, says Mortgage Direct

    8 Feb 2007

    Mortgages Direct has welcomed the interest rate freeze as recent rises have knocked confidence among first-time buyers.

  • Rate rise not done deal, says John Charcol

    6 Feb 2007

    John Charcol says early signs of a house price inflation slowdown means a further Bank of England base rate rise in February isnt a done deal.

  • Rates will rise to 5.5% in March, cebr predicts

    8 Feb 2007

    The Bank of England base rate will rise to 5.5% in March, the Centre for Economics and Business Research predicts.

  • RBS offers brokers online exclusives

    5 Feb 2007

    Royal Bank of Scotland Intermediary Partners is offering five products to intermediaries exclusively online.

  • Regulator calls time on excessive exit fees

    5 Feb 2007

    It was good to see the Financial Services Authority publish its findings on exit fees, as this has been one of the biggest scandals in the industry in recent years.

  • Remortgaging rose in December

    5 Feb 2007

    Remortgaging was above average in December last year, according to the Bank of England. The remortgaging average for the last six months of 2006 stood at £11.7bn but December saw a slight rise of £0.1bn.

  • Repossessions on the rise

    5 Feb 2007

    The Council of Mortgage Lenders predicts that repossessions will climb to 20,000 in 2008, based on expectations of further base rate rises.

  • RICS warns mortgage costs will continue rising

    8 Feb 2007

    The Royal Institute of Chartered Surveyors has welcomed interest rates being held in February but warns mortgage costs will continue to increase.

  • Rooftop back in adverse as Fitch lifts bad rating

    5 Feb 2007

    Rooftop has come back into the heavy adverse market after Fitch Ratings lifted its negative rating watch on the lender.

  • SAGA Spanish service for over-50s

    5 Feb 2007

    SAGA has launched an overseas homes service in an attempt to help people over the age of 50 to buy a home in Spain. A third of people aged over 50 are considering buying a holiday home abroad, according to a report by SAGA. Over half of those aged over 50 say they may move there permanently.

  • Scotland-based BDM for Em-

    5 Feb 2007

    Em- has appointed Helen Connor as business development manager for Scotland and Ireland. She will be based at em-'s Scottish office and support field-based BDM Linda Grant.

  • Scottish Widows appointment

    5 Feb 2007

    Scottish Widows has appointed Richard Clark as head of product development and marketing to replace Murdo McHardy who left last October. Clark joins from Sainsbury's Bank where he was head of marketing communications.

  • SHIP urges IFAs to take lifetime mortgage exam

    5 Feb 2007

    Safe Home Income Plans is calling for more independent financial advisors to take the lifetime mortgage exam.

  • Should providers pay trail commission to brokers who are no longer regulated?

    5 Feb 2007

    Trust is an important commodity in business and withdrawing trail commission sets a poor precedent, say our experts

  • Six million Britons hope to attend Olympics

    6 Feb 2007

    Continental Research estimates six million UK adults hope to attend the London 2012 Olympics Games.

  • Skipton reports 14.2% mortgage balance growth

    6 Feb 2007

    Skipton has reported its group mortgage balances grew by 14.2% in 2006.

  • Slow IVA business blamed on banks

    5 Feb 2007

    Individual voluntary arrangement firms last week revealed that they are losing out as banks take a tough line on consumer debt.

  • Small firms must brush up on T&C

    5 Feb 2007

    The FSA has found weaknesses in the way small mortgage firms monitor their employees' competence so they should review a guide the regulator published last year, says Bill Warren

  • Small firms urged to use technology

    5 Feb 2007

    Small firms are being urged to access the same technology as big players to satisfy the Financial Services Authority's requirements on audit trails.

  • Society offers online facility

    5 Feb 2007

    Stroud & Swindon is to use a mortgage sales portal from software provider TietoEnator. This will allow the society to provide online Key Facts Illustrations as well as agreement in principle documentation.

  • Solving the debt crisis

    5 Feb 2007

    Debt is a growing problem among brokers' cllents so understanding the role of IVAs is crucial, says Stephanie Spicer

  • Springboard signs up servicer HML

    9 Feb 2007

    Homeloan Management has signed a three-year servicing contract with Springboard Mortgages in the Republic of Ireland.

  • Summit Diary

    5 Feb 2007

    Mortgage Packager summit 2007

  • Super-platforms gear up for action

    5 Feb 2007

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

  • Taxman offers online Stamp Duty returns

    5 Feb 2007

    Instant online certificates are now available after paying for Stamp Duty Land Tax from the HM Customs website, without having to wait for paper copies to be sent by post.

  • TDS announces pricing structure for landlords and agents

    6 Feb 2007

    The Tenancy Deposit Scheme has announced details of its pricing structure for letting agents.

  • Tenet sells advice firm

    5 Feb 2007

    The Tenet Group has sold its independent financial advice firm Foster Denovo.Foster Denovo has decided to apply for direct authorisation.

  • Tesco and L&C team up for free advice

    5 Feb 2007

    Tesco Mortgages is offering customers a free mortgage advice service in partnership with London & Country for a six-month trial period.

  • The ambiguity left by PTA's demise

    5 Feb 2007

    Until the government clarifies its stance on pension term assurance, brokers are best advised to avoid any knee-kerk reaction, says Gary da Costa

  • Thinc adds em- to packager panel

    6 Feb 2007

    em- has become the latest packager to be selected onto Thinc Groups packager panel.

  • Thinc breaks £4bn barrier

    5 Feb 2007

    Thinc Group has broken the £4bn barrier in mortgage lending for 2006. During the last 18 months, the company has experienced rapid growth, culminating in this year’s record lending total.

  • Thinc links with KRS

    5 Feb 2007

    Thinc Group is to refer all its equity release business through Key Retirement Solutions. The link will give clients coming to Thinc open access to equity release advice.

  • Think before advising on interest-only deals

    5 Feb 2007

    The debate on interest-only mortgages rumbles on. Given that we are in a rising interest rate environment, it is im-portant for brokers to demonstrate best practice when recommending interest-only deals.

  • This Week's Dilemma

    5 Feb 2007

    I have been made aware of a bullying incident within our workplace. I've seen a lot of media coverage about a range of similar cases and the different approaches that companies have taken to tackle the issue. However, I am not sure which to adopt for my company. I'm keen to set an example, highlighting our approach to the issue, but I am unsure of how to handle the situation appropriately. What shall I do?

  • Title Deed: em-

    5 Feb 2007

    "Before I set up em-, I had been involved with many packaging companies in the industry, which had long, drawn out names," says Roger Morris, managing director of the company. "I needed to find a name that was short, snappy and would stand out from the crowd."

  • TMP adds DB to packager panel

    6 Feb 2007

    The Mortgage Partnership has today announced it has added lender DB Mortgages to its packager panel.

  • Trustguard adds Advantage to lender panel

    5 Feb 2007

    Trustguard Credit Services has added Advantage to its panel of mortgage lenders, taking the total to 29.

  • We must halt the compensation train

    5 Feb 2007

    Financial advisers who have worked in our market for any length of time are likely to have experienced compensation claims. The increasing number of these claims has coincided with the growing compensation culture in the UK.

  • Wimpey bans buy-to-let

    5 Feb 2007

    House builder George Wimpey has banned buy-to-let investors from investing in its 65,000-a-house affordable property scheme.

  • Win tickets to Hong Kong from Loanoptions

    5 Feb 2007

    Loanoptions.co.uk is offering brokers the chance to win tickets to Hong Kong as its spring incentive.

  • Yorkshire raises 90,000 for children's cancer charity

    9 Feb 2007

    Yorkshire's Charitable Foundation has raised 90,000 for CLIC Sargent, the UKs leading childrens cancer charity.

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