Mortgage Strategy
5 June 2006

  • Sesame launches general insurance product range

    8 Jun 2006

    Sesame has launched a general insurance product range called Sesame Insure.

  • 94% Say complaints firms should be regulated

    5 Jun 2006

    A whopping 94% of Mortgage Strategy Online readers backed Mortgage Strategy's Stop the Rot campaign last week to crack down on complaint management firms, agreeing that they should be regulated. As Chris Cummings, director-general of the Association of Mortgage Intermediaries argued last week, these firms are the "scourge of the intermediary sector".This week, Mortgage Strategy asks: "Has two shags shafted himself for the last time with his stint on the croquet ...

  • A&L says rate decision was expected

    9 Jun 2006

    Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester says the Monetary Policy Committees decision to maintain rates at 4.5% was expected.

  • Addleshaw Goddard leads society mergers

    9 Jun 2006

    Addleshaw Goddard is leading a trio of society mergers following the announcement of Universals proposed merger with Newcastle.

  • Advantage picks cancer charity

    5 Jun 2006

    Advantage Home Loans, the packager bought by Morgan Stanley in December 2005, has chosen Teenage Cancer Trust as its charity of the year. Staff from Advantage will be committed to organising activities to raise funds for the London-based charity which supports teenagers and young adults with cancer.

  • Amber launches electronic DIP facility

    5 Jun 2006

    Amber Homeloans Limited has launched the first phase of its enhanced online solutions package - an electronic Decision in Principle facility for mortgage intermediaries.

  • AMI welcomes FSCS decision

    5 Jun 2006

    The Association of Mortgage Intermediaries has welcomed confirmation that the compensation and eligibility limits for the Financial Services Compensation Scheme and for the compulsory jurisdiction of the Financial Ombudsman Service will remain at their existing levels.Rob Griffiths, associate director at AMI, says: "We are pleased that no change has been made."

  • Appointment at Earth

    5 Jun 2006

    Earth Mortgages has appointed Pete Wilson as head of mortgage operations. He joins alongside other recent high profile appointees Malcolm Starr, Bernadette McEvoy and TV presenter Nick Hancock. Earth says the latest appointment will strengthen the company.

  • Assetz BDM

    5 Jun 2006

    Property investment specialist Assetz has recruited Nick Booker as its business development manager, with the task of raising awareness of the Assetz property funds within IFA networks.

  • B&W changes it's look

    8 Jun 2006

    Bristol & West Mortgages has refreshed its look to reflect the improvements which have been made to its products and services.

  • B2L figures show price pick-up

    5 Jun 2006

    The latest buy-to-let index from Paragon Mortgages shows a renewed pick-up in the prices at which investor landlords buy properties.Nationally, property prices rose by 1.99%, with larger rises in some regions.

  • B2L owners target of ID fraud

    5 Jun 2006

    Buy-to-let property owners are an easy target for identity fraudsters, says CreditExpert.co.uk.Its research shows landlords are one of the key groups at risk from identity theft.

  • B-A sees profits soar six-fold

    5 Jun 2006

    IFA network Burns-Anderson says profits are sharply up for the last financial year and says it hopes to further extend as a network over 2006 to 2007.B-A's turnover has risen by 19% - the first significant increase in five years - and profit before tax has increased six-fold to 326,000. Commission income for the network's member firms has increased by almost 20%, capital adequacy position has improved by nearly 150,000 and cash held has increased by nearly 10% to 4.3m.B-A says ...

  • Bank of England holds interest rate at 4.5%

    8 Jun 2006

    The Bank of England has held interest rates at 4.5% for the tenth month in a row.

  • BDS appoints new BDM

    8 Jun 2006

    BDS Mortgage Group has appointed Sarah Barnett as their new business development manager, with responsibility for managing key broker relationships.

  • Blemain appears on c2-Finacial web news cast

    8 Jun 2006

    Blemain Finance has participated in the c2-Financial weekly web news cast, which is now live.

  • Bolton continues packager attack

    5 Jun 2006

    Michael Bolton, the controversial former head of mortgages at BM Solutions, con- tinued his vitriolic attack on the packager market last week stating that it was the "clear loser of mortgage regulation".Bolton, fresh from a two-week break in Barbados, says: "Since Mortgage Day, the clear losers have been mortgage packagers. Their position remains as grey today as before M-Day. If you are a principle with large appointed representative distribution, you are in the firing line more ...

  • British management must fight back

    5 Jun 2006

    At the risk of sounding like my father, I can remember when we all took pride in British workmanship and British companies doing well. I can even remember Bruce Forsyth and a gaggle of the vaudeville brigade all 'Backing Britain'. So where did it all go poire-shaped?

  • Brokers are key in the supply chain

    5 Jun 2006

    These certainly are interesting times. It's well known that the best way to win consumer confidence is to offer your clients more choice at better prices, striving to provide them with the products they really need.

  • Brokers dismiss A&L research on Brits' financial habits

    5 Jun 2006

    Brokers have held up the red card to research from Alliance & Leicester that claims Britons are more prone to stick to their lender rather than shop around for a better deal.A&L's research shows that 85% of borrowers tend to stick to their financial providers, spurring the bank to make the analogy that borrowers are more likely to change their local pub than change their financial provider.By the same token, 85% tend to vary what they eat when they dine out and 74% sit in different ...

  • Brokers introduce 64% of business

    5 Jun 2006

    Although it is an important statistic, the proportion of mortgage business originated by intermediaries has long been more a matter of guesswork than mathematics but now the truth can be revealed, says Richard Griffiths

  • Brokers should know about lenders' processing times

    5 Jun 2006

    From Keith Butler I read the Star Letter in the May 22 issue of Mortgage Strategy regarding mortgage processing service standards with much interest. If service in general - and the speed at which offers are issued in particular - is part of the process of selecting the most suitable mortgage product as it should be, is there not a need for mortgage introducers to be aware of information such as average time from application to offer? And if so, should there not be an obligation ...

  • Businesses need specialist brokers too

    5 Jun 2006

    With the uncertainty over interest rates causing the withdrawal of many fixed rate schemes and a rise in the LIBOR rate, clients must look at their options to cut the interest burden on their borrowings.

  • Caffrey appointed group MD of c2-Financial

    5 Jun 2006

    c2-financial has appointed Justin Caffrey as group managing director, replacing David Wylie who takes up the position of group chairman.Caffrey, previously sales and operations director, starts his new job on June10.Wylie says: "Caffrey has been instrumental in the growth of the business and the integration of a corporate structure in the group. He established thecurrent management team in 2004 and has managed all operational and sales activities since then."By working together ...

  • Charcol chooses eMoneyfacts for mortgage sourcing

    8 Jun 2006

    John Charcol has chosen eMoneyfacts as its mortgage sourcing system.

  • Cheval to speak at CML conference

    8 Jun 2006

    Paul Rumbold, sales and operations director at bridging lender Cheval will speak about bridging finance and its place in the mortgage market at the Council of Mortgage Lenders sub-prime lending conference in London on the June 20.

  • CHL launches fixed B2L deal at 5.35%

    5 Jun 2006

    Capital Home Loans has launched a two-year fixed rate buy-to-let mortgage at 5.35% until October 31 2008.Other features include a 695 completion fee, no personal minimum income requirement, no income checks and lending of up to 85%LTV on new-build flats. It also allows lending on up to 25% of flats within the same block, or 10 flats, whichever is the higher. This permits landlords to borrow on 10 flats in a 12-flat block for example.Trevor Child, head of marketing at CHL, says: ...

  • Cleary does not understand how packagers operate

    5 Jun 2006

    From Vic Jannels Alan Cleary's comments in the analysis piece entitled 'Should those who have been negative about packagers apologise to the sector?' (Mortgage Strategy May 29) suggests a worrying ignorance of how packagers work, and the wider mortgage industry. While he is correct in his assertion that adding value is critical, the continuing success of packagers long after many commentators including Cleary predicted their demise surely demonstrates a continuing ability to ...

  • CMC signs up to PMPA

    5 Jun 2006

    Countrywide Mortgage Centre is the latest packaging firm to join The Professional Mortgage Packagers Alliance.Situated in Bedford and part of UK estate agency and financial services group Countrywide, CMC has a direct-to-consumer operation, a packaging business that services brokers across most of England and deals with mortgage applications to non-panel lenders that originate from Countrywide's 1,100 branches.

  • CML says home-ownership rates for young could fall

    9 Jun 2006

    The Council of Mortgage Lenderssays the most effective policies for providing affordable home-ownership will be those that offer the flexibility for young home buyers to take on only levels of mortgage debt that are prudent given their incomes and other financial commitments.

  • CML says house prises will be 7% higher at end of the year

    7 Jun 2006

    The Council of Mortgage Lenders has revised up its forecasts for housing market activity for 2006 and 2007.

  • Commitments expands team

    5 Jun 2006

    Commitments Protection has increased the size of its sales team with the addition of five regional sales managers and business development managers.

  • Complete appoints compliance monitoring officer

    7 Jun 2006

    The Complete Network has appointed Alison Griffiths as compliance monitoring officer.

  • Complete appoints five staff members

    9 Jun 2006

    Complete Mortgage and Loan Services has appointed five new staff within its packaging operation, filling posts that have been created to handle existing business expansion and to allow for future growth.

  • Consumers' needs are being sidelined in the HIP debate

    5 Jun 2006

    From Louise Hanson Isabelle Kassam is keen to stress that Home Information Packs are an "expensive new layer of complexity" in the housing market (Mortgage Strategy 29 May), but fails to appreciate that they will undoubtedly make the house buying process more transparent and therefore more consumer-focussed. You wouldn't expect to buy a car without seeing proof that it was in working order - an MOT fulfils that purpose. Similarly you shouldn't expect to buy a house - the biggest ...

  • Consumers shy away from MPPI

    6 Jun 2006

    Consumers are shying away from Mortgage Payment Protection Insurance as a result of the bad press surrounding the recent PPI investigation.

  • Cooper accuses Tories of siding with NAEA over HIPs

    7 Jun 2006

    The housing minister Yvette Cooper has accused the Conservative Party of siding with the National Association of Estate Agents.

  • Curriculum Vitae - Helen Hymos

    5 Jun 2006

    "The hypnotist had me doing a belly dance, which was remarkable as I have no sense of rhythm normally."

  • DA brokers feel ripped off by clubs and packagers

    5 Jun 2006

    From Rick Gifford Like many brokers, I question the role of mortgage clubs and only use them to obtain better proc fees - any other advantage has yet to manifest itself. I see clubs as organisations that proportionally make a great deal of money, particularly from directly authorised brokers. I could quote a number of instances of this but the most recent highlights the point perfectly. Like many brokers I have used a number of packagers over the years - they come and ...

  • Dashboard links up to Claritys web system

    9 Jun 2006

    Claritys market leading web based mortgage intermediary system will be available to all Dashboard Software and Dashboard Lite users.

  • Dear Delia

    5 Jun 2006

    Jon and Linda are renting and as they can't find a suitable property to buy, they would like to build their own home. They have found a plot of land with outline planning permission for a three-bedroom property. The land is on sale for 115,000 and they have been advised that the build will cost approximately 150,000. They have some savings but need finance to help buy the land and fund the build. What are their options?

  • Defaqto says equity release growth will be constrained by lack of advisers

    8 Jun 2006

    A new report from Defaqto reveals that the rapid growth of the equity release market is set to continue, driven by changing customer needs and better product design.

  • Don't get buried by cascade systems

    5 Jun 2006

    Cascade systems are only safe for brokers if they research the whole of the market and can prove to the regulator that this has been done, says Richard Coulson

  • Dynamic duo Abbott and Pitt crumbles after resignation

    5 Jun 2006

    The dynamic duo accredited for helping launch Future Mortgages and Beacon Homeloans is no longer, following Brian Pitt's resignation from Beacon.

  • EBay trading boosts self-cert

    5 Jun 2006

    The increase in people supplementing their income by trading on eBay is helping to propel the self-cert market, says GMAC-RFC.The UK version of the online auction site hit the 10 million user milestone in February last year, and it is estimated that one in three internet users visits the site at least once a month.Nearly 70,000 people earn a quarter of their living by trading on the website, and this additional income is leading many to self-certify their mortgage.Jeff Knight, ...

  • Enterprise on the EDGE

    5 Jun 2006

    Enterprise Group has launched a solutions and checklist-generation system called the EDGE.The EDGE promises speed and regulatory safety for users and provides online ranked solutions for sub-prime enquiries by using products available through Enterprise's lender panel. The results are returned in two minutes after searching through around 15,000 products.

  • Enterprise says 700 brokers have registered on Edge system

    9 Jun 2006

    Enterprise Group says around 700 brokers have signed up to its Edge system

  • Equifax launches pocket guide on how to combat ID theft

    6 Jun 2006

    Equifax, a ID fraud expert, has launched a pocket guide to Combating Corporate ID Theft & Fraud providing businesses with an accurate and easy-to-read overview of the risks and solutions.

  • Exchange and Rickerbys partner up

    9 Jun 2006

    The Exchange has partnered with Rickerbys solicitors to offer legal advice to the 3,000 users of the online equity release service on the Exweb portal.

  • EXCLUSIVE: UKValuation loses senior staff to Hometrack

    8 Jun 2006

    Two senior staff members of UKValuation, a subsidiary of Countrywide Financial Corp, have jumped ship to join rival automated valuations company Hometrack.

  • Finland: Warming Up

    5 Jun 2006

    Despite a growing reputation in the football world, Finland has yet to secure a place in the World Cup finals.

  • First-time buyers will not be able to afford a home until London Olympics

    6 Jun 2006

    House price inflation means would-be first-time buyers in London saving for a deposit will not cross the finishing line before the start of the 2012 Olympics.

  • Free advice service for pensioners proposed

    5 Jun 2006

    Financial advisers could be commissioned by the government to offer free financial advice to asset rich, cash poor pensioners following a report from a think tank.The Institute for Public Policy Research says the Pension White Paper failed to address the issue of whether pensioners should be given help when deciding whether to sell their homes.IPPR's report argues that a government advice service could explain to pensioners living in big houses but on small incomes whether it ...

  • Freedom adds Mortgage Times to it's distribution panel

    8 Jun 2006

    Freedom Lending, the specialist lender, has added The Mortgage Times Group to its panel of distributors.

  • Freehold adds Commercial First to lending panel

    5 Jun 2006

    Freehold, the packaging association for regional packagers and mortgage distributors, has added Commercial First to its lending panel.

  • Friends of the Earth slams government development plans

    9 Jun 2006

    Friends of the Earth has slammed government plans to tackle climate change through micro-generation in development plans as only a modest step in the right direction.

  • FSA appoints chairman of Smaller Business Practitioner Panel

    5 Jun 2006

    The Financial Services Authority has appointed Mark Rothery as chairman of the Smaller Businesses Practitioner Panel.

  • FSA assures firms they will not be judged retrospectively

    8 Jun 2006

    The Financial Services Authority has confirmed it will continue to judge firms' standards of product sales and financial advice by the standards and rules at the time of sale and not retrospectively.

  • FSA paper on reporting

    5 Jun 2006

    The Financial Services Authority has issued a consultation paper on new Integrated Regulatory Reporting requirements for firms. These will enable the regulator to use regulatory reporting to more effectively monitor and mitigate risks to the FSA's statutory objectives.

  • FSA says more work needed on critical illness insurance

    5 Jun 2006

    Advisers need to push critical illness cover up the agenda following a warning from the Financial Services Authority that there are still improvements to be made.Although the regulator gave CI providers a relatively clean bill of health in its review of the sector, it says providers are still not doing enough to treat customers fairly.The report concludes that while firms selling CI cover are making efforts to meet required standards, they need to do more to show they are giving ...

  • GE revamps products to boost self-cert business

    5 Jun 2006

    GE Money Home Lending has revised its First National product range to attract more self-cert and lower LTV business.The revamp includes the removal of self-cert loadings for first-time buyers and the introduction of light products up to 85% LTV. GE has also reduced rates on its ultra light range starting from 4.29%. Other enhancements include higher self-cert proof of income thresholds and proof of residence reduced to 12 months.Duncan Berry, director first mortgage sales at ...

  • Give the HIPs dry run a fair chance

    5 Jun 2006

    Although Home Information Packs don’t go live until June 2007, an extensive dry run is being undertaken this year. The idea is to sort out teething problems before the switch is finally thrown. A laudable objective and surely not one anybody could disagree with.

  • Giving equity release a good name

    5 Jun 2006

    The equity release industry can boost its image by cleaning up its act and keeping the press updated on the many initiatives that are underway to help clients, says Andrea Rozario

  • GMAC-RFC launches award for packager partners

    5 Jun 2006

    GMAC-RFC Partners is launching a marketing award for its packager partners with the first prize of a meal at a top restaurant.The award has been designed to give GMAC-RFC partners the opportunity to show off their marketing skills and go the extra mile to market Partner products.Helen James, senior packaging executive at GMAC-RFC, says: "As this product range is being taken to market by our partners and not us, their marketing campaigns are vital to the success of the range ...

  • Grant Thornton says World Cup glory could spark spending spree

    9 Jun 2006

    Grant Thornton, business and financial advisers says an England victory in the World Cup could lead to an unparalleled boost in consumer spending, as delighted fans celebrate.

  • Halifax Estate Agents takes top estate agency award

    8 Jun 2006

    Halifax Estate Agents has taken a top award at The Estate Agent & Letting Agent of the Year Awards 2006.

  • Harnessing the power of the media

    5 Jun 2006

    It would be easy to write yet another article about debt, bankruptcy or health reform this week as we've recently seen the newspapers flooded with reports and studies on all these topics.

  • Helping clients to help themselves

    5 Jun 2006

    If advisers were to give clients advice on debt repayment at the outset of their mortgages it could save them from getting into difficulties a few years down the line, says Brian Murphy

  • High-tech way to look after clients

    5 Jun 2006

    With mortgage volumes set to stabilise it is likely brokers will increasingly come to rely on systems that focus on client management such as Plum's latest offering, says Frank Eve

  • HIPs could trigger chaos in the housing market, says Stafford Railway

    9 Jun 2006

    Stafford Railway is warning that new Home Information Packs could have a negative impact on the housing market by causing a sudden surge in properties for sale followed by a rapid decline.

  • HIPs' effectiveness could be decided this month

    5 Jun 2006

    With the effectiveness of Home Information Packs riding on details expected this month, the pressure is on for the government to stick to its timetable and help the industry assess the likely impact of the implementation of the packs.Over the next month the government will issue business and tech-nical standards, including on complaints and redress, and finalise regulations on the contents of the packs. Baseline research examining the market will also begin and although the results ...

  • HIPs represent a political gesture and a stealth tax

    5 Jun 2006

    From James Town As an estate agent and mortgage broker you will forgive me for being less than enthusiastic in my support of HIPs. Yet week in, week out in all the industry trade magazines HIP providers not only extol the virtues of this government revenue earner but berate critics like myself as though we were Neanderthals. Should HIPs come in, most of these providers will fall by the wayside and it will be Rightmove or Countrywide that dominate the market. The mortgage ...

  • HIPs should not have to be mandatory

    5 Jun 2006

    Some 84% of society chief executives expect the introduction of Home Information Plans to have a negative effect on the housing market when they are introduced next year. Therefore the BSA is calling for HIPs to be voluntary.

  • HML bike ride to raise money for charity

    7 Jun 2006

    A group of 20 Home Management Ltd staff will be embarking upon a five day charity bike ride on Monday June 12, as the USA takes on the Czech Republic and Italy plays Ghana.

  • House prices increased by 0.1% in May

    8 Jun 2006

    Halifax house price index shows that house prices increased by 0.1% in May, the smallest monthly rise since January's 0.2% fall.

  • I should be cynical but some financial services stories still make me smile

    5 Jun 2006

    From Noel BroadgateYoud think that having been in financial services since John Prescott had a Cinquecento I would be reasonably cynical by now, but things still occur daily that make me smile. Here are a few.

  • IFAs urged to review PII policy

    5 Jun 2006

    IFA services provider Threesixty is urging IFAs to review their professional indemnity insurance policies because there are still significant disparities in the price and quality of cover available through service providers.

  • Industry divided on Tenancy Deposit Scheme

    5 Jun 2006

    Paragon Mortgages and BM Solutions dispute claims from Landlord Mortgages that further regulation will stifle the buy-to-let sector.Research from Landlord Mortgages has disclosed that the Tenancy Deposit Scheme will lead to an increase in the number of landlords using letting agents.In 2005, 22% of landlords who used letting agents intended to manage their own property at the end of their current tenants lease but this dropped to just 4% in 2006.Landlord Mortgages claims ...

  • Interbay appoints Anna Bennett as marketing manager

    7 Jun 2006

    InterBay Funding, the UK's new commercial lender, has appointed Anna Bennett as marketing manager.

  • InterBay employee is first to pass CeCM exams

    9 Jun 2006

    InterBay Funding, the UK's new commercial lender, has announced thatunderwriting manager, Tim Shutler, is one of the first in the industry totake and pass the Certificate of Commercial Mortgage exams.

  • It's tough to justify 10-year fixes

    5 Jun 2006

    Until lenders offer get out clauses so clients can switch out of 10-year fixed mortgages, longer term deals will remain a tough sell in terms of best advice, says Sally Laker

  • John Charcol chooses eMoneyfacts

    7 Jun 2006

    National broker John Charcol has chosen eMoneyfacts as its mortgage sourcing system.

  • Jumping on the sub-prime gravy train

    5 Jun 2006

    The dividing line between bending over backwards to help someone buy a home and being an irresponsible lender is getting finer.

  • Kensington launches discounted products

    5 Jun 2006

    Kensington Mortgages has launched a new range of discount rates.

  • L&E appoints head of client management

    5 Jun 2006

    London & European has appointed Graham Clark as head of client management.

  • Landlords anticipate house price increase

    7 Jun 2006

    A vast majority of landlords expect to see a significant increase in house prices over the next 12 months, reveals the latest survey from Mortgage Trust.

  • Launch DB Countdown

    5 Jun 2006

    Our first completion makes us an official lender, a test on securitisation proves to be a challenge, talk of Rooney's foot dominates a conference session and thoughts turn to GI, says Bill Dudgeon

  • LeadPoint unveils leads platform

    5 Jun 2006

    LeadPoint has launched its proprietary mortgage lead exchange platform.LeadPoint chief executive Marc Diana says the platform has been successful in the US and the same is expected in the UK.

  • Lenders start to address the fees issue

    5 Jun 2006

    Over the past couple of years the inexorable rise of administration charges on the repayment of mortgages has been the subject of media coverage and annoyance among borrowers who find themselves stuck with significant fees when it comes to switching their mortgages.

  • Let brokers work how they want to

    5 Jun 2006

    The paperless mortgage process is almost with us and the drawbacks are becoming clear so brokers should be allowed to retain some options in the ways they work, says Sue Read

  • LoanCheck Foundation hits 40,000 enquiries

    10 Jun 2006

    Since its inception in February 2008, nearly 40,000 people have registered and are using LoanCheck.

  • London house prices still on the up

    6 Jun 2006

    The average London house price is now over a quarter of million pounds, as it rises for the eighth consecutive month, the latest data from haart estate agents reveals.

  • London prices pushing buyers out of the capital

    9 Jun 2006

    SmartNewHomes, new homes index & migration monitor shows new home prices in London have continued to rise, which could be pushing buyers at the lower end of the market out of the capital.

  • M2 adds Accord to lender panel

    7 Jun 2006

    Mortgage 2000 Design Processing, the packaging arm of the group, has enhanced its lender panel with the addition of Accord Mortgages.

  • Malone hires Atkins as successor

    9 Jun 2006

  • Market watch

    5 Jun 2006

    Swaps continued to decrease last week.

  • Marketing Brief

    5 Jun 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

    5 Jun 2006

    When I went shopping for a new car it was power I was after and a head-turning open top so I settled for a masculine work of art, my Mercedes SLK convertible, says Paul Hunt

  • Moneyfacts warns on base rate rises

    5 Jun 2006

    Moneyfacts.co.uk has warned that future base rate rises will affect consumers, especially those who have borrowed to the maximum and don't have the comfort of a fixed rate mortgage.It says it has seen lenders increasing income multiples and launch competitive products and, as a result, some consumers are taking the maximum level of borrowing available to them as they consider it to be within their means.

  • MoneyQuest chooses LMS

    9 Jun 2006

    MoneyQuest, which offers telephone and internet financial services, has chosen LMS to create and manage its on-line conveyancing service for customers.

  • Moore and Blatch says lenders face challenge in debt recovery

    5 Jun 2006

    Debt recovery specialists Moore and Blatch has warned that changes in personal attitude to debt could present lenders with new challenges in debt recoveries.

  • More borrowers taking out adverse credit home loans

    6 Jun 2006

    More mortgage borrowers are taking out expensive adverse credit home loans when they could qualify for significantly cheaper deals, reports Moneynet.co.uk.

  • Morey joins Oakwood Group as CFO

    5 Jun 2006

    The Oakwood Group last week appointed Laurence Morey as chief financial officer. Morey previously worked at Nikko Principal Investments, former owner of Mortgages PLC, and was one of the key players in the sale of the firm to Merrill Lynch in October 2004.Oakwood is set to launch into the UK mortgage market later this year under Michael Bolton, with the venture funded 100% by Merrill Lynch.Morey will be responsible for the financial management of all aspects of Oakwood Group's ...

  • Mortgage Alliance picks LifeQuote

    5 Jun 2006

    The Mortgage Alliance has chosen LifeQuote's Intelligent Protection as the protection system to provide to its members.

  • Mortgage Angels criticised

    5 Jun 2006

    Brokers have slammed Mortgage Angels for conflict of interest after it endorsed a complaints company that targets brokers to introduce consumers with endowment policies.The lead generation firm included details of the company, Endowment Support, in a mailshot to brokers and IFAs, introducing it with the phrase: "At Mortgage Angels we're always looking for new ways to add value to your business".The email states: "Do you have clients that could be eligible for compensation in ...

  • Mortgage Next launches shared ownership mortgage

    5 Jun 2006

    Mortgage next has launched a shared ownership discount mortgage funded by the Ipswich available via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.

  • N4 wins award for contribution to charity

    6 Jun 2006

    N4 Solutions has been awarded the Gold Award by the home secretary in recognition of its contribution to charity.

  • Nationwide alters fast-track rules

    5 Jun 2006

    Nationwide has made changes to its fast-track rules. Now all applications for loans under 50% LTV are guarenteed to be fast-track if they pass Nationwide credit scores.

  • Nationwide recruits specialist underwriters

    6 Jun 2006

    Nationwide has introduced specialist underwriters into its mortgage centres.

  • NBI launches portal for HIPs

    6 Jun 2006

    New Build Inspections has launched a portal for Home Information Packs called Home Inspection Home.

  • Niche Mortgage Solutions joins PMPA

    5 Jun 2006

    The Professional Mortgage Packagers Alliance has announced that its latest member is Niche Mortgage Solutions.

  • NMG says advisers lose confidence due to the fear of an increased in base rate

    6 Jun 2006

    NMGs Mortgage Intermediary Census has revealed a sharp drop in confidence levels of advisers, on the back of growing expectations of an increase in the Bank of England base rate.

  • No wonder drawdown is in the spotlight

    5 Jun 2006

    I read with interest the comments of Mike Davies, the compliance director at BDS, reflecting on the Financial Services Authority's latest mystery shopping exercise in the equity release sector in a recent issue of Mortgage Strategy.

  • Norwich Union to enter drawdown market

    5 Jun 2006

    Norwich Union has revealed that it is planning to launch a drawdown product within the next month.Brendan Kearns, propositional development manager at NU, says this is an area the group is looking into and hopes to enter in the near future.He adds: "We see a lot of value in drawdown products and would like to offer this to our customers."Although Kearns says a launch date has not yet been decided, it is unlikely to be longer than a month away.He says: "Drawdown fund ...

  • NU hits back at claims that direct clients are losing out

    5 Jun 2006

    Norwich Union has rebuffed claims that dealing direct with lifetime mortgage providers costs consumers more and says many borrowers prefer to deal direct with providers rather than IFAs.Key Retirement Solutions has calculated that customers pay 5m more in interest annually by buying products directly from companies rather than seeking independent financial advice.It justifies this figure by pointing to the disparity between the types of products taken out by customers advised ...

  • Older people forced to sell homes because of care home fees

    7 Jun 2006

    Older people are failing to seek advice on paying their care home fees and are selling their homes as a result, research suggests.

  • One in six under 30s plan to get on the housing ladder, says A&L

    5 Jun 2006

    Alliance & Leicesters borrowing monitor shows that people are increasingly confident to take on mortgage borrowing, particularly to move home.

  • Online property service to cut out estate agents

    5 Jun 2006

    A free online worldwide service that allows home owners to sell or rent their property without an estate agent was launched last week.Called Eureka247.com, property owners can upload details and photographs of their rental or sale property onto the website. Those search- ing for property can then select various criteria to receive details of properties that are relevant to them. Once they've found a property they like, all they have to do is email the owner directly, thereby cutting ...

  • Openwork now in GMAC-RFC's top four distributors

    8 Jun 2006

    GMAC-RFC has revealed that since launching a year ago for directly submitted business with Openwork it has surpassed 775m in applications.

  • Operations boss at Sequence

    5 Jun 2006

    Estate agency network Sequence has appointed David Plumtree to the newly created role of operations director.

  • Partnership on The Exchange

    5 Jun 2006

    Partnership Home Loans, a sister company of Partnership Assurance, has become the 15th provider to join The Exchange online equity release quotation service on the Exweb portal.

  • Payment refund promotion from SPML

    5 Jun 2006

    Southern Pacific Mortgage Limited has launched a six-week special offer on all products which enables applicants to qualify for a refund of one month's mortgage payment.The offer only applies to applications received between June 5 and July 17 which complete on or before September 30.SPML must receive the first three-monthly mortgage payments in full from the borrower by direct debit on the due date and borrowers who qualify will receive one month's refund within four weeks ...

  • Pensioners' use of equity to manage debt is worrying

    5 Jun 2006

    The number of pensioners using equity release as a means of debt consolidation indicates a worrying trend of unsecured borrowing among the older generation.Latest figures from the Institute of Public Policy Research show that almost a million pensioners with more than 100,000 of housing wealth are on means-tested benefits and half of retired people live on less than 128 a week despite having three or four spare rooms in their homes.And last year research from Retirement Plus ...

  • Pink campaign on secured loans

    5 Jun 2006

    Pink Home Loans has launched a Perfect Partners campaign in association with Colonial Secured Loans to assist brokers with secured loan inquires.Pink is giving brokers registered with them and who use Colonial a voucher for six bottles of quality wines with their commission payment when their first case completes. The campaign runs from June 5 until the end of August.Dev Malle, sales director at Pink, says: "Professional brokers do not necessarily need to turn clients away when ...

  • Platform enhances product range

    6 Jun 2006

    Platform, the intermediary lender of Britannia, has revealed it plans to enhance its current product range with additions to both lending criteria and new interest rates.

  • Portman denies merger reports

    5 Jun 2006

    Portman has denied that it was 24 hours away from a 30bn merger with the Yorkshire as reported in the national press last week.Portman, which in March unveiled plans to merge with Lambeth, was rumoured to have rejected a deal with the Yorkshire because of a fallout over the product range the group would offer.However, a spokeswoman for Portman says that although Robert Sharpe, chief executive of Portman, was in talks with the Yorkshire, media reports were not factually correct ...

  • Promising Future

    5 Jun 2006

    With the exam season in full swing, the thoughts of most higher education students must be turning towards their financial futures.

  • Prudential welcomes Norwich Unions equity release product

    9 Jun 2006

    Jan Holt, head of sales for Prudential Lifetime Mortgage says Norwich Unions new Equity Release product will benefit the long term prospects for the market.

  • Rating downgrade was warning shot

    5 Jun 2006

    This week my column carries a health warning - it contains scenes of mild peril and references to securitisation.

  • Retirement appointment

    5 Jun 2006

    Retirement Plus has appointed Graham Bignell as senior relationship manager for the South-East. Bignell has 29 years experience in the mortgage industry and, until recently, worked for Standard Life.

  • RICS expects a rise in interest rates later in the year

    8 Jun 2006

    Milan Khatri, chief economist at the Royal Institution of Chartered Surveyors welcomes the Bank of Englands unchanged base rate decision. Khatri says: The Bank of England's decision to leave interest rates unchanged today at 4.5% is welcomed by RlCS, though not unexpected.

  • Russia: Housing comes out of the red

    5 Jun 2006

    Perhaps our most famous football export is multi-billionaire Roman Abramovich, who came to the medias attention in June 2003 when he bought Chelsea football club. Chelsea has since won the Premiership twice in a row. Our national team has not had as much success.

  • Sales appointment

    5 Jun 2006

    Praxis has appointed Dudley Aldous as sales and marketing director.

  • Securah launches website

    5 Jun 2006

    Securah has launched its website with the aim of making it easier for intermediaries to work with it.

  • Seek advice on offshore accounts

    5 Jun 2006

    Tax experts are urging offshore account holders to seek professional advice before contacting the Inland Revenue with details of their accounts. Over three million UK taxpayers have offshore accounts which until now have paid interest with no tax deducted.

  • Sharpen up your act on MPPI sales

    5 Jun 2006

    PPI is on the regulator's agenda as an ongoing area of interest and brokers who have not yet taken note of the FSA factsheet on the subject should do so now, says Bill Warren

  • Should you have to pay to redeem your mortgage early?

    5 Jun 2006

    Last week Alliance & Leicester decided to fix its exit fees at 295 so borrowers know at the outset of the loan how much they will have to pay if they redeem their mortgage early. Exit fees - and A&L for having one of the highest charges - have been criticised by the industry and consumer groups as an unfair charge.

  • Singapore: Breaking all records

    5 Jun 2006

    Although Singapore will not be competing in this years World Cup after its defeat in the qualifying rounds, the South-East Asian country was home to the FIFA World Cup trophy when it toured 32 cities in 30 countries. The trophys two-day visit caused a stir and provided motivation for the defeated players.

  • Singapore: Breaking all records

    5 Jun 2006

    Although Singapore will not be competing in this years World Cup after its defeat in the qualifying rounds, the South-East Asian country was home to the FIFA World Cup trophy when it toured 32 cities in 30 countries. The trophys two-day visit caused a stir and provided motivation for the defeated players.

  • Skipton launches calculator

    5 Jun 2006

    Skipton has launched a mortgage calculator that allows users to input the amount they want to borrow, the term over which they want to pay it back and the rate of interest on the mortgage, and calculate how much their monthly repayments will be. Users can also change the amount of the loan, the term, the interest rate or the monthly repayment amount to recalculate and see the difference that these changes could make.

  • Skipton launches mortgage calculator

    5 Jun 2006

    Skipton has launched a new mortgage calculator.

  • Skipton launches three-year tracker capped mortgage

    7 Jun 2006

    Skipton has launched a three-year base rate tracker capped mortgage at 4.75% which is equivalent to initial monthly payments of 569 for a 100,000 repayment mortgage over a 25-year term.

  • Small mutuals play a worthwhile role

    5 Jun 2006

    There's recently been a flurry of deals seeing mutuals joining forces and this looks set to continue. The transactions are normally couched as mergers but in reality the big boys are swallowing up smaller rivals. It's debatable whether this is good for customers.

  • Solent launches 10th brand with Kensington

    5 Jun 2006

    Solent Mortgage Services has launched its 10th mortgage brand, Collingwood Homeloans, in association with Kensington Mortgages.Collingwood will be the first fully branded partnership launched by Kensington.Paul Robinson, chief executive officer of SMS, says: "Kensington has been a long-term partner for a number of years and we are thrilled that it has chosen SMS as its first partner in full branded lending."Apart from the technology link brokers have found useful, there ...

  • Solent ties up with Goldsmith

    5 Jun 2006

    Solent Mortgage Services has appointed Goldsmith Williams as its preferred conveyancing partner. By working with Goldsmith Williams and taking advantage of its 10-day completion guarantee on remortgages, SMS says it can offer an enhanced service to brokers.

  • SPML offers refund of one months mortgage payment

    5 Jun 2006

    Southern Pacific Mortgage Limited has launched a six week special offer on all of its products, in which new applicants will be able to qualify for a refund of one months mortgage payment.

  • SPML updates products

    7 Jun 2006

    Southern Pacific Mortgage Ltd has updated its products with effect from 5 June 2006.

  • Sub-prime deals

    5 Jun 2006

    Guaranteed and Genesis Home Loans have launched a range of sub-prime products funded by Rooftop Mortgages. The exclusives are all two-year fixed products based on Rooftop's core range, but with a reduction in the rates. There are seven products - six of which are residential and the seventh is a buy-to-let portfolio scheme.

  • Swift appoints BDM

    7 Jun 2006

    Swift Group, the Brentwood based sub-prime specialist lender, has appointed James Briggs as business development manager for the North West.

  • TFC takes fee-free step

    5 Jun 2006

    The Finance Centre is waiving its fixed rate 99 application fee on all Scottish remortgages and house purchases.This means customers do not pay for valuations on the property or subsequent referencing charges. To qualify for these savings, brokers must process their application through TFC's online system, Track.

  • Thailand: Prime time

    5 Jun 2006

    Thailand, despite not securing a place in this years World Cup, is a country full of promise and hope for future success. It is this hope that sees many football fans in the country already wearing T-shirts for this years World Cup that state The 2010 FIFA World Cup South Africa: See you there.

  • The Mortgage Mole

    5 Jun 2006

    Boss' Birthday BashThe mortgage industry was out in force last week to celebrate Strategy editor Robyn Hall's 30th birthday.

  • The Yorkshire sponsors weather

    5 Jun 2006

    The Yorkshire has become the sponsor of the ITV Yorkshire weather. The new sponsorship campaign, which replaces a German biscuit firm, is initially planned to run for 12 months.

  • Think tank should think again on advice

    5 Jun 2006

    The Institute for Public Policy Research is one of Labour's favourite think tanks and is pretty savvy when it comes to media management.

  • Three new members to distribute Unity mortgages

    5 Jun 2006

    Three new companies will be distributing Unity Homeloans mortgages.

  • TMB sees huge rise in completions

    5 Jun 2006

    The Mortgage Business says it recorded a whopping 700m mortgage completions in Q1 2006, a 161% increase compared to Q1 2005.Applications, also, topped 1bn, a 149% increase in comparison to Q1 2005. The HBOS specialist lender has also announced new lending criteria including the acceptance of Scottish Isle properties, the inclusion of auction properties as accepted purchase, the removal of 150,000 capital raising limit, and increased limit on house-to-house mortgage loans from 250,000 ...

  • TMP apologises for email glitch

    5 Jun 2006

    The Mortgage Partnership has apologised for a fault with its email system last week which resulted in repeated emails being sent to brokers.TMP emailed out a product launch during which a mail loop occurred resulting in the original email being repeatedly emailed to everyone on its distribution list.TMP says it has rectified the software problem.Dave Rogers, a broker at Intermortgage, wrote to TMP complaining that bombarding him with 34 identical unsolicited e-mails was ...

  • TMP ladies race for life

    7 Jun 2006

    An all female team from The Mortgage Partnership, the north west based mortgage packager, took part in the Tesco Race for Life at Birkenhead Park last Sunday.

  • TMW revises its lending criteria

    5 Jun 2006

    The Mortgage Works has made several changes to its lending criteria with effect from June 3 including buy-to-let mortgages now available at 90% LTV.Rental cover is now based on pay rate for all fixed rate products, and on pay rate plus 0.50% for tracker deals.Rental income is now non-status to 70% LTV and 100% rental cover is available on all three and five-year fixed rate products for an additional 1% arrangement fee, which may be added to the loan. First-time landlord criteria ...

  • TMW to hold five-a-side tournament on June 20

    5 Jun 2006

    The Mortgage Works is to stage a five-a-side football tournament in Finsbury Park, north London on June 20.The date of the event coincides with England's group game with Sweden at the World Cup in Germany.The intermediary tournament follows the successful event two years ago that took place during Euro 2004 and saw Alexander Hall beat Square Mile Mortgage Finance 2-0 in the final.Making up the numbers this time are Alexander Hall, Square Mile Mortgage Finance, John Charcol, ...

  • Tories side with big business, says the housing minister

    7 Jun 2006

    The housing minister Yvette Cooper has accused the Conservative Party of siding with the National Association of Estate Agents and their current stance on Home Information Packs seems to confirm this is the case.

  • Trade bodies deserve a trade body to represent them

    5 Jun 2006

    From Chris Fleetwood As the number of trade bodies increases, it's time some thought was given to providing an umbrella organisation that could represent all the trade bodies in the mortgage market. All the organisations that do so much to help brokers and lenders deserve a trade body for themselves, to represent their needs. With trade bodies springing up for every portion of the market from mortgages and loans to equity release for both lenders and brokers, it seems only ...

  • Trevor Kent slams Yvette Cooper

    8 Jun 2006

    Trevor Kent, the former president of the National Association of Estate Agents has slammed Yvette Cooper for her jibe that the Conservatives were becoming the "parliamentary spokesman for the NAEA".

  • Trigold sorry for 700 error

    5 Jun 2006

    Trigold has apologised for a mistake in a product fee on its sourcing system which left a broker's client 700 out of pocket.An industry source contacted Mortgage Strategy about an incorrect illustration by Trigold which showed a fixed fee of 500 for a Paragon Mortgages buy-to-let product. But when the offer came through, the arrangement fee was 1.5% of the loan. This meant that instead of 500 the client would have to pay 1,200.Both Paragon and Trigold refused to be held ...

  • Two-year fix from Direct Line

    5 Jun 2006

    Direct Line has launched a two-year fixed rate mortgage with a rate of 4.79% which has the added optional incentive of discounted home insurance and free home emergency cover for two years.

  • UKValuations appoints Nigel Tobin as CEO

    5 Jun 2006

    Automated valuations provider UKValuation has today appointed Nigel Tobin as its CEO.

  • Unity Homeloans appoints onsite underwriter

    7 Jun 2006

    Unity Homeloans has appointed Laura Schell as an onsite underwriter.

  • West Brom gives prize to broker

    6 Jun 2006

    West Brom for Intermediaries, the specialist intermediary lending arm of the West Bromwich, has presented Robin Mazumder of Blue Horse Finance in Sutton Coldfield, with an iPod MP3 player.

  • What are the implications of purchasing second homes that are not buy-to-let?

    7 Jun 2006

    There is an increasing trend in second home ownership, both in the UK and further afield.

  • Which? warns on buying abroad

    5 Jun 2006

    Which? has published a guide entitled Buying Property Abroad warning consumers of the dangers of the overseas property market. The number of people in the UK owning a second home overseas has grown recently, and in 2003/04, over a quarter of a million people owned property abroad. No matter how cheap an overseas property may appear, Which? warns it will almost certainly turn into a big financial commitment.

  • Will home information packs have a negative effect on the buy-to-let market?

    5 Jun 2006

    HIPs will have little effect on the buy-to-let sector as landlords tend to regard it as a long-term investment, say our experts

  • Win tickets to World Cup final

    5 Jun 2006

    Mortgage Strategy has teamed up with Rooftop Mortgages to bring you the ultimate in competition prizes - two tickets to the World Cup final on July 9. Full details on how to win this fantastic prize will be unveiled in next week's issue of your number one mortgage magazine, bringing you the best stories, the best letters, the best features and, of course, the best prizes. Our World Cup final prize includes two tickets to the final, return flights from Luton to Berlin, two nights ...

  • Words count in the specialist sector

    5 Jun 2006

    The reputation of sub-prime or non-conforming lending has come a long way in the past decade. As the market has matured, it has had an image overhaul any PR man would be proud of. It is now an important and flourishing part of the overall mortgage market.

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