Mortgage Strategy
5 May 2008

  • FSA to scrutinise packager code

    5 May 2008

    The much anticipated mortgage packager code is to be shown to the Financial Services Authority for feedback after once it receives the green light from packagers, which is due to happen at the end of May. The FSA will be asked to highlight points it disagrees with.

  • MfB packager volumes up 154%

    5 May 2008

    The packager arm of Mortgages for Business has seen a 154% year-on-year increase in sales since March last year. March 2008 was also the packaging operation's busiest month since MfB was set up in late 2006.

  • Lenders need to show teeth

    8 May 2008

    The news that the Finance and Leasing Association is to set up a focus group for secured loan lenders will bring the question of trade associations back into the limelight once again.

  • £10m package launched for struggling home owners

    9 May 2008

    Home owners at risk of repossession will now have access to a £10m package of support services, under government plans unveiled today.

  • A good kicking

    6 May 2008

    The Strategy football team took to the field amid a chorus of chants from adoring fans. Well, not quite.

  • A straw bale house scoops award

    9 May 2008

    A straw bale house has scooped the Grand Designs Best Eco Home award yesterday.

  • Abbey brings back broker exclusives

    5 May 2008

    Abbey has assured brokers that they remain vital to its business after reintroducing mortgage exclusives via its intermediary channel.

  • AHIPP highlights importance of HCRs

    9 May 2008

    Housing minister Caroline Flints failure to mention a mandatory HIP report in a recent statement has caused a stir with the Association of Home Information Pack Providers.

  • AMI and AFB publish Mortgage Business Expo seminar programme

    9 May 2008

    The Association of Mortgage Intermediaries and the Association of Finance Brokers have published details of the topics to be covered in their seminar programme at Mortgage Business Expo Manchester.

  • AMI must act before lenders destroy the broker sector

    5 May 2008

    An open letter to Richard Farr and Chris Cummings

  • AMI urges BoE to focus on inflation

    5 May 2008

    The Association of Mortgage Intermediaries says the Bank of England must focus on inflation instead of using base rate reductions to stimulate house prices.

  • Another base rate cut expected

    7 May 2008

    Another base rate cut could be announced by the Bank of England tomorrow.

  • AR applications hit record high at pink

    9 May 2008

    Pink Home Loans has seen a record month in April, in terms of Appointed Representative applications.

  • Average maximum LTV now 87%

    6 May 2008

    The average maximum LTV has fallen from 91% in May last year to just 87.6% as a result of lenders slashing criteria on the best deals available.

  • Banks overstate losses, says BoE

    5 May 2008

    Banks are exaggerating losses suffered in the credit crisis, says the Bank of England. In its financial stability report, the BoE accuses banks of overstating the damage they have suffered because estimates seem to include unusually large discounts for illiquidity and uncertainty.

  • Barry Higgins, Independent Mortgage Bureau

    5 May 2008

    "Lenders are ignoring the hand that feeds them."

  • Base rate hold delays inevitable

    8 May 2008

    Comparison website mform.co.uk says the Bank of England is just delaying the inevitable with today's decision to hold the base rate at 5%

  • Base rate hold ruffles a few feathers

    8 May 2008

    News that the Bank of England is to keep its base rate at 5% has ruffled a few feathers in the mortgage industry.

  • Ben Thompson, Legal & General

    5 May 2008

    "We are hoping the gap between direct and broker rates will close and close quickly."

  • Bidder poised for RBS’ insurance division

    8 May 2008

    Financial services and risk firm Muenchener Rueckversicherungs AG (Munich Re) is considering a bid for Royal Bank of Scotland's insurance operations, newspaper reports claim.

  • Blame it on the accountants

    6 May 2008

    Lenders are squeezing intermediaries out of the distribution chain - that was the view of delegates attending Lending Strategy’s mortgage funding conference in Manchester on 30 April.

  • BoE holds base rate at 5%

    8 May 2008

    The Bank of England's Monetary Policy Committee has held the interest rate today at 5%.

  • Borrowers won't get the best advice if brokers are cut out of branch-based deals

    5 May 2008

    Most brokers tend to use sourcing systems such as Trigold and Mortgage Brain and the number of deals available from them has fallen because of the credit crunch. But there are online sourcing tools that clients have direct access to that offer better deals than those on brokers' systems.

  • BoS Corporate to reduce staff

    7 May 2008

    Bank of Scotland's corporate banking division is set to reduce staffing levels by around 90 posts in various locations across the UK.

  • Bridging trade body will collate data for sector

    5 May 2008

    Bridging lenders have joined forces to form the Association of Short Term Lenders.

  • Brokers a key weapon in fight against ID theft

    5 May 2008

    When you go to the airport these days you'll spend a fair amount of time queuing for security checks.

  • Brokers facing toughest challenge since M-Day

    6 May 2008

    The Association of Mortgage Intermediaries has warned that brokers are facing their toughest challenge since the onset of regulation.

  • Brokers feel need for better advice

    5 May 2008

    Brokers are calling for more advice when it comes to sourcing and making the most out of mortgage leads.

  • Brokers learn to expect the unexpected

    5 May 2008

    The Bank of England's £50bn Special Liquidity Scheme offers some relief to a battered mortgage market looking for signs of hope. But it could prove to be only a glimmer and is unlikely to turn things around, although hopefully it will bring some stability to LIBOR.

  • Brokers must stop whingeing and adapt to the challenges

    5 May 2008

    Having spent my lunchtime hunched over the April 28 issue of Mortgage Strategy, for the first time in ages I've felt compelled to write a letter.

  • Brokers will quit if lenders keep stabbing us in the back

    5 May 2008

    Recently I received a fax from yet another lender advising me of further restrictions to the business we can source through it.

  • BSA CONFERENCE: FSA quashes liquidity rumours

    7 May 2008

    The Financial Services Authority has dismissed reports that it was planning to impose new minimum liquidity requirements on building societies.

  • BSA CONFERENCE: Plea to MPC

    7 May 2008

    The Building Societies Association's Annual Conference has kicked off in Manchester with a plea to the Monetary Policy Committee to take a lead on solving economic problems.

  • BSA questions value of mortgage arrears protocol

    6 May 2008

    The Building Societies Association has questioned the value of the mortgage arrears protocol which has been proposed by the Civil Justice Council.

  • Buy-to-let cash cow dries up

    5 May 2008

    The days of buy-to-let investment being seen as a get-rich-quick route are over.

  • C&G joins lenders offering best deals to direct clients

    5 May 2008

    I wonder whether lenders are profiteering from the crisis in the mortgage market.

  • C&G withdraws SVR products

    9 May 2008

    Cheltenham & Gloucester is withdrawing its SVR products for new borrowers from tomorrow.

  • CAB welcomes government plans

    9 May 2008

    The Citizens Advice Bureau has supported government plans to invest 9m in face-to-face debt advice.

  • Chelsea withdraws broker range

    6 May 2008

    Chelsea is to withdraw its intermediary mortgage product range today as a temporary measure until May 9.

  • Click appoints head of new mortgage arm

    6 May 2008

    Click has appointed Jon Turnball to head up its mortgage arm which it's looking to set up in mid-2008.

  • Close Brothers reports loan book growth

    8 May 2008

    Close Brothers says it has seen steady growth of the loan book in its banking division during the three months up to April 30.

  • CMC joins Exclusive Connections panel

    6 May 2008

    Cheshire Mortgage Corporation has joined Exclusive Connections' panel of lenders.

  • CML expects steep fall in housing transactions

    5 May 2008

    The Council of Mortgage Lenders says it is no surprise that Bank of England figures reveal a steep decline in approvals for house purchases.

  • CML welcomes government support package

    9 May 2008

    The Council of Mortgage Lenders welcomes government plans to inject £10m into a support package for struggling homeowners.

  • Craig Power, Village Financial Services

    5 May 2008

    "This cannot go on. Lenders are messing with our livelihoods. I have a mortgage to pay and children to feed like everyone else."

  • Crunch bites bacchanalian work jollies

    5 May 2008

    Rate hikes, tightening criteria, job cuts and firms going bust are not the only consequences of the credit crunch. It has also led to the decline and fall of the industry knees-up.

  • CurriculumVitae: Paul Fisher

    5 May 2008

    "I used to play ice hockey which was pretty mad"

  • Dear Delia...

    5 May 2008

    My clients' mortgage offer was withdrawn the day before they were due to exchange. They are in a long chain so they will have to complete as soon as possible or the chain will fall apart and they will risk losing their buyer and the house they're after. What options are available to them at such a late stage?

  • Debtors are holding out for a market upturn

    6 May 2008

    Market uncertainty is causing debtors to hold back from entering into individual voluntary arrangements.

  • Did new lenders relax their criteria too far to make money in a competitive market?

    5 May 2008

    Market entrants needed liberal criteria to carve a niche in a crowded environment and had nowhere to run when the bull market turned bearish

  • Don't sell brokers down the river

    5 May 2008

    The dictionary definition of a cartel is a group of businesses controlling production and marketing to avoid competing with one another.

  • Doubts rise over US rescue bid

    6 May 2008

    Reservations about a £2bn rescue bid for the US’ biggest mortgage lender are mounting.

  • Downvaluation trend is spreading

    5 May 2008

    I'm seeing a growing number of downvaluations and wonder if surveyors have been given blanket instructions by lenders to suppress house prices, says Sue Read

  • Dual pricing crippling brokers

    5 May 2008

    Brokers are accusing big lenders of operating a cartel as a return to dual pricing sees better deals available on the high street.

  • Evaluate to double testing team

    6 May 2008

    Evaluate Technologies has revealed plans to double the size of its internal testing team by hiring 10 more testers with underwriting experience.

  • Financial services millionaires keep on earning

    5 May 2008

    The Sunday Times last week published its annual Rich List for 2008, kindly reminding us that even in these difficult market conditions, some individuals are still doing fine. Here, we list this year's top 10 earners in the property and financial services sectors.

  • Financial websites face VAT bombshell

    5 May 2008

    Just when everyone thought it was safe to pick up a trade magazine again and not read about some new aspect of the VAT exemptions debate, a Revenue & Customs tribunal has brought the issue back into focus.

  • FISA appoints chairman

    8 May 2008

    The Finance Industry Standards Association, the secured loan industry’s self-regulatory and compliance body, has appointed Phil Nunnerley as its chairman.

  • FISA appoints new chairman

    8 May 2008

    The Finance Industry Standards Association has today appointed Phil Nunnerley as its new chairman.

  • Fivefold benefits of prime packaging

    5 May 2008

    Any firm that was reliant on sub-prime business needs to diversify as the sector contracts to a fraction of its former size.

  • Former Unity sales boss joins TMB

    5 May 2008

    The Mortgage Business has appointed Rob Fields as BDM. The former head of sales at Unity Homeloans will be responsible for supporting the development of the firm's sales team. Fields says: "I am delighted to be working for TMB, which has a strong reputation for delivering optimal service to brokers and packagers.

  • FSA bans broker for false applications

    6 May 2008

    The Financial Services Authority has banned a south London-based broker for submitting false mortgage applications.

  • FSA may clamp down on high street lenders

    5 May 2008

    High street lenders could soon be subject to biannual visits from the Financial Services Authority.

  • FSA says dual pricing does not break TCF rules

    7 May 2008

    The Financial Services Authority's chief executive says dual pricing by lenders does not contravene the principles of treating customers fairly.

  • FSA to adopt "change of culture"

    6 May 2008

    The Financial Services Authority’s chief executive has told MPs there will be a change in the “whole organisation’s culture and systems.”

  • GB Finance Group announces winner of April bridge incentive

    7 May 2008

    Brian Green of Liverpool based brokerage, Echelon Mortgage & Finance has won GB Finance Group's April Bridge incentive competition.

  • Give with one hand, take with the other

    5 May 2008

    Last Wednesday Lending Strategy held a mortgage funding conference in Manchester to explore how the industry can tackle the credit crunch.

  • Gross lending hit £364bn in 2007

    7 May 2008

    The Council of Mortgage Lenders has revealed that despite the credit crunch gross lending hit £364bn in 2007.

  • Hague to head BM savings team

    5 May 2008

    BM Solutions' managing director Tim Hague is to head Birmingham Midshires' savings and investments team following the recent resignation of Jason Robinson from BM.

  • HBOS decision to cut broker deals is short-sighted

    5 May 2008

    HBOS is being short-sighted in reducing the deals available to brokers in the current climate. Brokers are having to spend more time processing applications, with call waiting times getting longer and longer.

  • Ian Mason, IFA

    5 May 2008

    "I don't see how these lenders are saving money by dual pricing since brokers do a lot of the work for them anyway."

  • IMLA calls for an end to blame game

    7 May 2008

    Peter Williams, the executive director at the Intermediary Mortgage Lenders Association says it is unfair that lenders continue to get the blame for withdrawing products with short notice.

  • It's a banana, not Osama

    6 May 2008

    Anti-terrorism action came to Strategy last week after production editor Tara Srinivasan was cornered by police and searched under section 44 of the Terrorism Act just as she was boarding the tube for work.

  • Jannels' email to MS about my packager stance is wrong

    5 May 2008

    Imagine my surprise when I learnt that Vic Jannels had written an email to Mortgage Strategy saying that I was urging packagers to shut up shop.

  • John Charcol heads towards a refinance

    5 May 2008

    John Charcol could be on the verge of a major refinance, with funding likely to come from current shareholders.

  • John Cupis, Sesame

    5 May 2008

    "We are about to write to lenders as we think dual pricing in branches must stop."

  • Justice for Northern Rock staff

    7 May 2008

    After spending the Bank holiday weekend waiting for mini-Monty toappear, (now a week overdue and counting), it was quite unexpected thatI was back in the office today.

  • KRS praises FSA review

    6 May 2008

    Key Retirement Solutions has praised the Financial Services Authority's work on improving regulation in the mortgage market.

  • L&G appoints head of GI

    9 May 2008

    Legal & General has appointed Peter Graham as managing director of its general insurance business.

  • Leeds appoints non-executive director

    6 May 2008

    Leeds has appointed Abhai Rajguru as a non-executive director.

  • Lenders are abusing broker loyalty with direct bias

    5 May 2008

    The broker sector faces a greater and even more immediate threat than funding issues.

  • Lenders call for EU integration rethink

    5 May 2008

    Lender trade bodies are calling on the European Commission to scrap its plan to integrate European mortgage markets.

  • Lenders must think outside B2L box

    5 May 2008

    Lenders are becoming more averse to risk but a look at landlords' track records should show whether they are safe bets for competitive buy-to-let deals, says Mark Harris

  • Lending costs passed onto borrowers

    5 May 2008

    Rocketing LIBOR is forcing lenders to pass on the high cost of lending to borrowers.

  • Lending to developers and estate agencies up £9.3bn

    6 May 2008

    Lending from banks to firms involved in the development, buying, selling and renting of real estate increased by £9.3bn in Q1 2008, says the Bank of England.

  • Lloyds TSB launches Airmiles fixed rate deal

    7 May 2008

    Lloyds TSB launches its Airmiles mortgage product today.

  • LLOYDS TSB REVEALS £387M WRITE-DOWN

    6 May 2008

    Lloyds TSB has revealed a £387m write-down during quarter one 2008 in an interim management statement.

  • Lloyds TSB reveals £387m write-down

    6 May 2008

    Lloyds TSB has revealed a £387m write-down during Q1 2008 in an interim management statement.

  • Loancheck not surprised by repossession figures

    9 May 2008

    Figures released today by the Ministry of Justice that show home repossessions have soared to 45,000 this year have come as no surprise to the Loancheck Foundation.

  • Loans Warehouse offering £40,000 loans through Prestige

    9 May 2008

    Loans Warehouse is now able to offer secured loans up to £40,000 through secured loan lender Prestige Finance. Loans Warehouse, solely owned by Sam Busfield and Matt Tristram has had its maximum loan amount with Prestige Finance increased from £20,000 to £40,000. Prestige Finance are one of very few sub-prime secured lenders still active in the market place, accepting applications up to 70% LTV and applications with unlimited levels of adverse and mortgage arrears.

  • LV= joins Paradigm's equity release panel

    9 May 2008

    Paradigm Mortgage Services has added LV=, a retirement solutions specialist, to its preferred equity release panel.

  • Marc d'Espagnac, The Mortgage Specialist

    5 May 2008

    "This is the first time in 20 years that we have needed lenders to support us and what do they do? Create an uneven playing field."

  • Mark Gummerson, broker

    5 May 2008

    "I agree with Wilson. I lost four potential deals last week as clients were offered better deals direct by Halifax, Nationwide and Cheltenham & Gloucester to name just three lenders."

  • Market watch 05 May 2008

    5 May 2008

    Swaps fell from their dizzy heights of last week. Three-month LIBOR has plunged down 0.02% to 5.86%

  • Meeks overreacted to April's quarterly network review

    5 May 2008

    Regarding Barry Meeks' letter (Mortgage Strategy April 21), which refers to my article in the April 7 issue of Mortgage Strategy, first of all, in the article David Copeland was incorrectly described as marketing director of Pink Home Loans.

  • Meet the FSA at Manchester Expo

    5 May 2008

    This year's Mortgage Business Expo Manchester will feature an advice centre where delegates can meet a representative of the Financial Services Authority and discuss any queries they have concerning the regulatory system.

  • Mortgage Business Expo details released

    9 May 2008

    Details for next weeks Mortgage Business Expo have been unveiled.

  • Mortgages for Business launches management tool

    7 May 2008

    Mortgages for Business is launching a portfolio management tool for its business partners.

  • Mortgages for Business to launch portfolio management tool

    7 May 2008

    Mortgages for Business is launching a portfolio management tool for its business partners, which is fully integrated with its sourcing tool Bluesky. The new system has been developed to enable clients to track the progress of their cases online, 24 hours a day.

  • MPLC and Wave start cutting jobs

    5 May 2008

    Mortgages PLC and Wave have started the process of making large numbers of redundancies. MPLC told a significant number of employees that they were at risk of redundancy last week. Restructuring plans at Wave, which were revealed last week, could see up to 90 employees being made redundant.

  • Natalie Martin, editor, Mortgagedistributor.co.uk

    9 May 2008

    Lenders killing off the market

  • Nationwide warns consumer confidence is dropping

    7 May 2008

    Nationwide says that UK consumer confidence levels have dropped to their lowest level since May 2005.

  • Nemo to make up to 70 staff redundant

    7 May 2008

    Nemo Personal Finance, part of the Principality, has placed 70 staff in consultation as it looks to reduce business volumes.

  • Networks' strength is in their numbers

    5 May 2008

    Brokers can benefit from appointed representative status in today's difficult market but they must investigate networks' financial track records before proceeding, says Sally Laker

  • No sub-prime lending for a year, say readers

    5 May 2008

    Some 66% of Mortgage Strategy Online readers believe the absence of sub-prime lending from the UK mortgage market will continue for at least another 12 months. A more optimistic 44% think it will return within a year.

  • Non-performing loan trading to grow

    5 May 2008

    As the credit crisis leaves a trail of destruction in its wake, it's inevitable that the trading of non-performing loans is going to proliferate. Lenders desperately need to sell the delinquent loans sitting on their books and wasting them money.

  • NR shareholders called to fight

    5 May 2008

    The UK Shareholders' Association is calling on Northern Rock shareholders to back its court battle to overturn the government's valuation of shares in the nationalised bank. It claims that under the government's current valuation, a holding that was worth £6,000 one year ago when NR was demutualised would be reduced in value to just £25.

  • NU hikes LTVs on lifetime range

    6 May 2008

    Norwich Union is enhancing its range of lifetime mortgage products by increasing its LTVs on all fixed rates as well as providing a cash reserve option. The move is designed to allow clients to withdraw more equity from their properties.

  • Oh my Dalek

    5 May 2008

    Mortgage PR guru John Wriglesworth is famous for having a Dalek behind the reception desk at his office.

  • OId money still rules London's roost

    5 May 2008

    A handful of ancient aristocratic families still own vast swathes of central London, which is interesting in a property-owning democracy, says Simon White

  • On the run

    6 May 2008

    Not content with agreeing to run the Berlin Marathon, Mortgage Strategy editor Robyn Hall is also taking part in a 10K run on July 6 in London.

  • Optoma directors missing after plane crash

    6 May 2008

    Two directors of Optoma Broker Solutions are among the four businessmen missing in a suspected plane crash in Brazil on Friday.

  • Packaged business at Mortgage 2000 up 45%

    7 May 2008

    Packaging case numbers at Mortgage 2000 have exceeded August 2007 levels.

  • Paradigm launches interactive forum

    6 May 2008

    Paradigm Mortgage Services has launched an interactive forum exclusive to its members today.

  • Pink reports record month for ARs

    9 May 2008

    Pink Homes Loans says it had a record month for appointed representatives signing up in April with 54 new applications.

  • Plane wreckage found in Brazil

    7 May 2008

    A plane thought to be carrying the two missing directors of Optoma Broker Solutions was washed up on a beach in Brazil yesterday.

  • Praxis makes six staff redundant

    5 May 2008

    Praxis Mortgage Solutions has made six redundancies. The Birmingham-based packager cut the jobs of two BDMs and four front-end sales staff last week. Managing director Arif Darr says: "It's a case of changing the infrastructure and tightening our purse strings until normality returns. With the strong financial backing of our owner Melton Mowbray we are in a position to guarantee proc fees. Completions have been strong and we have had a good Q1."

  • Praxis teams up with Xit2 for valuations

    7 May 2008

    Electronic information solution provider, Xit2, has teamed up with mortgage packager Praxis to manage all its external valuation instructions.

  • Prices dropped 0.4% in March

    5 May 2008

    The Land Registry has revealed a 0.4% drop in house prices in England and Wales during March.

  • Promise increases commission to 70% on secured loans

    8 May 2008

    Promise Solutions has increased its secured loan commissions to 70%.

  • Q1 sees jump in demand for drawdown products

    5 May 2008

    Equity release providers are reporting a significant rise in demand for drawdown products in Q1 2008.

  • Ratings data under suspicion

    5 May 2008

    Lenders are under suspicion of providing false data to ratings agencies to affect securities portfolio ratings.

  • RBS clears up proc fee confusion

    7 May 2008

    The Royal Bank of Scotland says the rumour it was to cut proc fees to mortgage brokers was a case of crossed wires.

  • Realistic pricing will help stop further UK house prices fall

    6 May 2008

    Hamptons International says that despite a 10-15% fall in house prices since autumn 2007, properties that are realistically priced are being sold – with competitive bids taking place in high demand areas.

  • Recruitment firm launches feedback system

    5 May 2008

    Chase Zander is claiming to be the first company of its kind to launch an eBay-style customer service feedback forum.

  • Remortgage volumes are a truer reflection of the UK mortgage market

    6 May 2008

    A Wide disparity in lenders’ performance hides the true picture of a much healthier mortgage market than some current headlines suggest.

  • Remortgaging for overseas owners

    5 May 2008

    Conti Financial Services has launched a remortgaging service for residential owners in the US and 15 countries in Europe and Africa.

  • Renting up 5% across the UK

    6 May 2008

    The number of consumers renting a property in the UK has risen by 5% since October 2007, says Moneysupermarket.com.

  • Rents up by 12% in last six months

    5 May 2008

    Average rents have risen 4% during Q1 and 12% in the past two quarters to reach a record of more than £1,000 a month, says Paragon Mortgages. Its buy-to-let index shows that the average rent is now £12,041 annually. The lender says buoyant demand for rented homes is creating upward pressure on rents.

  • Repossessions up 17% in Q1

    9 May 2008

    Mortgage repossessions surged 17% in Q1 2008 compared to Q1 2007, figures from the Ministry of Justice reveal.

  • Rescap eyes $600m asset sale

    9 May 2008

    GMAC-RFC's parent group Residential Capital Corporation says it hopes to sell $600 million worth of assets by June 30 and is considering the auction of European MBS held on its balance sheet.

  • Ridge resigns from Help

    9 May 2008

    Robert Ridge, managing director at Help Personal Finance, part of the Help Group, has resigned from the firm after almost three years.

  • Rightmove records steady growth

    6 May 2008

    Rightmove has recorded a steady growth in all areas despite its frosty outlook for 2008.

  • Salt slashes packager panel

    5 May 2008

    Salt has cut its packager panel from 46 to eight. A spokesman for the lender says it made the decision after pulling out of the sub-prime market and finding it no longer needed to deal with so many packagers.

  • Secured lenders to get focus group

    5 May 2008

    The Finance and Leasing Association is to set up a focus group for secured loan lenders. It has been in discussions with a number of secured loan lenders about the possibility of starting a separate focus group.

  • Self-employed can gain from offsets

    5 May 2008

    With the new tax year underway, now's the time for brokers to focus on the self-employed to en- sure they're making their money work harder for them. Offset presents the perfect vehicle to do so.

  • Selling MPPI is a win-win for brokers and borrowers

    5 May 2008

    Recent issues of Mortgage Strategy have made it clear that brokers' revenue streams are under attack from several fronts.

  • Shadow Mpc

    5 May 2008

    The desire to stimulate the housing market leads to a split decision by the Mortgage Strategy GE Money Home Lending Shadow Monetary Policy Committee, with the majority calling for a 0.25% cut in the base rate this month

  • Should mortgages be available to consumers with poor credit histories?

    5 May 2008

    First-time buyers without substantial deposits and those with poor credit histories are finding it increasingly difficult to get on the property ladder. Meanwhile, leading trade bodies warned last week that sub-prime lending is unlikely to return to pre-liquidity crisis levels.

  • Skipton boss elected BSA chairman

    8 May 2008

    Skipton's chief executive has been elected chairman of the Building Societies Association for 2008/09.

  • Skipton launches exclusive bond for brokers

    6 May 2008

    Skipton has launched a fixed rate savings bond exclusively for brokers to sell to clients.

  • Societies to launch online savings to meet mortgage funding crisis

    6 May 2008

    A survey by IT services company TietoEnator reveals that 54% of building society respondents are planning to introduce an online savings channel within the next 12 months.

  • Society heads predict 9% fall in net lending for 2008

    8 May 2008

    Society heads are expecting just a 9% fall in net lending during 2008.

  • Spicerhaart plan could herald branch closures

    7 May 2008

    Spicerhaart’s plans to purchase Tesco's estate agency business, Tesco Property Market, could lead to a stream of estate agency branch closures.

  • Spicerhaart slams allegations of branch rethink

    8 May 2008

    Spicerhaart has dismissed as "defamatory rubbish" allegations that its deal to buy Tesco Property Market was a sign of it changing tack and experimenting with a branchless model.

  • Stock Picker

    5 May 2008

    Last week HBOS became the latest bank to announce a rights issue.

  • Stupid lending policies need policing

    5 May 2008

    Is the credit crunch all bad? Although life in the mortgage world is tough right now I can see the potential for gains from the current pain. Nevertheless, if this is going to happen the Financial Services Authority must focus more on policy than processes.

  • Sub-prime still top of the agenda says BDS

    7 May 2008

    BDS Mortgage Group has revealed that sub-prime deals are accounting for between 10% to 30% of business volumes for over two-thirds of all brokers.

  • Swift bans new broker business

    5 May 2008

    Swift is no longer accepting new business from brokers in the secured loans market. Reportedly it will only deal with 16 master brokers who will each have monthly quotas.

  • Technology can help customers at risk

    5 May 2008

    Despite our attempts to remain positive, the UK housing market has finally succumbed to the unavoidable truth that rising repossessions are a certainty.

  • Tesco in online estate agent talks

    5 May 2008

    Spicerhaart and Tesco are talking about creating an online estate agency. Tesco will be the main distribution partner while Spicerhaart will develop the agency if plans go ahead.

  • TFC extends low application fee to purchases

    7 May 2008

    TFC Homeloans, part of the Orbiter group of companies, has launched a fixed price application fee of £149 on both purchases and remortgages as part of a initiative to help save clients even more money.

  • The Porthole passes 12,000 user mark

    7 May 2008

    Solent Mortgage Services has passed the 12,000 registered user mark for its system The Porthole.

  • Tie-up provides PPI solution

    5 May 2008

    Assurant Solutions Intermediary and the network arm of BDS Mortgage Group have got together to provide mortgage payment protection insurance. The tie-up gives BDS' brokers access to Assurant's quotation platform.

  • Time for mortgage intermediaries to worry about fraud

    7 May 2008

    The recent information update by CIFAS, the UK’s fraud prevention service that identified that fraud has increased by 10% in quarter one 2008 over quarter one 2007 should send a worrying message to all intermediaries. The report shows that the number...

  • Tories call for debt advice body

    5 May 2008

    Conservative leader David Cameron is calling for lenders to donate £50m to fund a consumer debt advice service. He says lenders should have to pay a social responsibility charge to help address the plight of borrowers who have overextended themselves financially.

  • Trigold and Equifax launch discount on credit rating

    6 May 2008

    Equifax is offering Trigold customers access to its credit rating system at a discounted price.

  • UBS launches rights issue this month

    7 May 2008

    UBS is expected to launch a rights issue later this month.

  • UBS takes £3.54bn hit on sub-prime assets

    7 May 2008

    UBS has slashed the asking price for its sub-prime mortgage debt by £3.54bn.

  • UBS to cut 5,500 jobs by 2009

    6 May 2008

    UBS is to axe 5,500 jobs - with 2,600 facing compulsory redundancy - by 2009.

  • Underhand lenders are biting the hand that feeds them

    5 May 2008

    It seems that some lenders are biting the hand that feeds them in their efforts to dig themselves out of the hole made by the credit crunch.

  • Unity is strength

    5 May 2008

    As the Association of Mortgage Intermediaries celebrates its fifth birthday, director-general Chris Cummings believes the battle-hardened trade body can help its members survive the credit crunch. Christine Toner and Robert Thickett report

  • Up to 78% of brokers fell betrayed by lenders' dual pricing

    9 May 2008

    A staggering 78% of Loandistributor.co.uk readers feel betrayed by lenders that offer special deals for customers that go direct.Loandistributors recent straw poll found that only 22% do not feel like this is a stab in the back.As the from the Finance and Leasing Association gears up to launch a focus group for secured loans lenders, this weeks straw poll question asks: Do you think a focus group for secured loan lenders' will prove worthwhile?

  • US still in denial over recession

    5 May 2008

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

  • US SUB-PRIME LITIGATION REACHES RECORD LEVELS

    6 May 2008

    The number of sub-prime-related cases filed in US federal courts surged in the first quarter of 2008, dramatically outpacing 2007 filings, according to a new report from Navigant Consulting.

  • Warning of further house price falls

    6 May 2008

    A Monetary Policy Committee member has warned that house prices may need to fall by 30% to restore a sustainable house price-to-earnings ratio. David Blanchflower issued the warning last week in a speech at the Royal Society in Edinburgh.

  • We are bringing back club exclusives

    5 May 2008

    Since their inception in the mid-1990s mortgage clubs have been both revered and resented.

  • Yes Group appoints marketing boss

    6 May 2008

    The Yes Group has promoted online marketing specialist Nigel Sachdev to the role of sales and marketing director, as part of aggressive growth plans.

  • Yes Group promotes marketing specialist

    7 May 2008

    Online marketing specialist Nigel Sachdev has been promoted to sales and marketing director for the Yes Group of Companies as part of an aggressive plan to expand its range of consumer services.

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