Mortgage Strategy
5 October 2009
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60 Seconds with.....Fahim Antoniades
5 Oct 2009
You recently joined MCIFA after leaving Quantum mortgage brokers. Why and what plans do you have for the business?
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A&L cuts rates on remortgage deals
8 Oct 2009
Alliance & Leicester has cut its remortgage rates for fixed rate deals, with rates starting from 4.28%.
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Abbey should start by getting its new system sorted out
5 Oct 2009
I submitted a case to Abbey recently and made sure I also used its new fax header sheet when I sent the supporting documents.
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Albanians can learn from hotspot history
5 Oct 2009
I am writing this in a hotel in Corfu where I can drink watered-down Greek whisky from dawn to dusk.
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Another day, another disaster
5 Oct 2009
It seems that hardly a day goes by without another disaster befalling the former appointed representatives of Network Data. They spent most of 2008 battling with the bosses of the network over unpaid commission and that war has continued into 2009.
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Bank holds base rate at 0.5% and continues with QE
8 Oct 2009
The Bank of England’s Monetary Policy Committee has decided to keep rates on hold at 0.5% and to continue with its £175bn quantitative easing programme.
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Banks could licence mortgage brokers to assess the merits of non-standard cases
5 Oct 2009
I believe there could be a new role for a certain type of broker that would help remove the anomaly of self-cert from the market.
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Better case management with revamped Orbiter
5 Oct 2009
The company behind the Orbiter sourcing system has launched a revamped version of the product which is designed to improve case management for brokers.
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Bonus fixation will not solve anything
5 Oct 2009
Labour's fixation with bankers' bonuses makes no sense. How can tinkering with the bonuses of a few well-paid individuals make the next financial crisis less likely?
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Boost for FTBs as HSBC allocates another £500m to high LTV deals
5 Oct 2009
HSBC has expanded its budget for high LTV lending by pledging an additional £500m to fund new mort-gages at 90% LTV.
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Bootle predicts 0.5% base rate for next five years
7 Oct 2009
Roger Bootle, the managing director of Capital Economics, forecasts that interest rates in Britain will remain at their current level for the next five years.
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Bright Grey pays out on 90% of CI cover claims
5 Oct 2009
Protection provider Bright Grey says it paid out on 90% of critical illness claims in the first half of the year.
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Brilliant tracker news from Woolwich
6 Oct 2009
Woolwich yesterday made the decision to cut, from tomorrow, its lifetime tracker rate for LTVs up to 70% by 0.45% to Bank base rate + 2.29% and also reduce the ERC, which is 1%, period from three years to two.
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Broker activity up 11%, reveals TrigoldCrystal
8 Oct 2009
Broker activity increased 11% during September while the number of broker products available also rose from August's lows, data from TrigoldCrystal shows.
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Brokers products reach five-month high
8 Oct 2009
The number of mortgage products available to brokers has climbed to its highest level since May, shows data from Mortgage Brain.
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BuildStore joins forces with Saffron
8 Oct 2009
Self build specialist BuildStore Financial Services has joined with Saffron Building Society, to provide specialist funding for homebuilders.
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Call to take Rock back to its roots
5 Oct 2009
The Building Societies Association is calling for Northern Rock to be remutualised in a bid to bolster competition in the financial market.
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Clubs come up trumps
5 Oct 2009
With the Financial Services Authority’s Mortgage Market Review due in a couple of weeks the industry is holding its breath to see what changes the regulator is set to foist on it.
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Commercial First launches broker partnership
6 Oct 2009
Specialist lender Commercial First is launching a distribution partnership specifically for commercial finance brokers.
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Competition creep offers ray of hope
5 Oct 2009
The Council of Mortgage Lenders' gross lending figures for August represent a 13% decline from July's revised total of £14.5bn to an estimated £12.6bn.
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Complete harmony
5 Oct 2009
Further proving that this industry is full of charitable souls Brian Newell, managing director of Complete Mortgage Services, is also doing his bit.
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Convince customers you are worth a fee
5 Oct 2009
I am increasingly being asked for help by brokers finding it difficult to move to a fee-based income proposition, with many saying that as soon as they mention fees they lose clients.
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Cutting bonuses is a Herculean task
5 Oct 2009
The tough talk emanating from Number 11 Downing Street in the direction of banks and their bonus structures is all well and good but is this the answer?
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David Elms to step down from IFA Promotion role
5 Oct 2009
David Elms is to leave his post as chief executive of IFA Promotion on October 10 as a result of being diagnosed with cancer.
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Debt repayment is not the whole story
5 Oct 2009
According to the Bank of England, personal debt in the UK has fallen for the first time since records began.
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Direct Valuations marks 20 years in the industry
5 Oct 2009
Direct Valuations, part of the Shepherd Direct Group, is celebrating its 20th birthday. Paul Gratton, executive chairman of Shepherd Direct, says Direct Valuations was a pioneer in developing many of the approaches now commonly accepted in residential and commercial valuation panel management.
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Downvaluations are a headache for clients and us
5 Oct 2009
I am an appointed representative of Pink Home Loans and am required to attend a meeting it holds every quarter.
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Estate agent ad banned for being misleading
5 Oct 2009
The Advertising Standards Authority has banned an advertisement for estate agent Haart for being misleading after it claimed it was "the number one estate agent in Harlow".
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False dawn for UK housing market, says Fitch
7 Oct 2009
Fitch Ratings says today that it expects the recent gains in the main UK house price indices to be a temporary respite.
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Fatties can't afford to ignore protection
5 Oct 2009
Cash-strapped Brits are tucking into sausage rolls, pasties and pies to beat the credit crunch blues, according to sales figures from high street bakers.
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Financial services shows signs of recovery
5 Oct 2009
Financial services firms appear to be lifting themselves out of the downturn with business volumes across the sector growing for the first time in two years.
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Financial services shows signs of recovery
6 Oct 2009
Financial services firms appear to be lifting themselves out of the downturn with business volumes across the sector growing for the first time in two years.
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Fitch downgrades Norwich & Peterborough
5 Oct 2009
Fitch Ratings has downgraded Norwich & Peterborough Building Society over concerns that earnings will be hit by high costs.
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For Sale and Sold board activity dips 8.7% in September
6 Oct 2009
The latest Agency Express Property Activity Index report for September has found that 'For Sale' and 'Sold' board activity across the UK fell 8.7% from August.
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Former Network Data ARs who rebroked business face clawback
5 Oct 2009
Former Network Data appointed representatives who have systematically rebroked life and general insurance business are likely to be pursued for clawback commission, says the Phoenix Group.
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FSA is urged to take control of property clubs
5 Oct 2009
The British Property Federation is calling for property investment clubs to be regulated by the Financial Services Authority in a bid to crack down on reckless firms.
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FSA tightens liquidity requirements for firms
5 Oct 2009
The Financial Services Authority has today published its final rules on the liquidity requirements expected of firms.
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FSA to consult on banking reform
5 Oct 2009
The Financial Services Authority is to issue another discussion paper on the future shape of banking regulation, having spent the past six months discussing a new regulatory framework.
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FSSC appoints interim chief executive
8 Oct 2009
The Financial Services Skills Council has appointed Liz Field as the body's interim chief executive.
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Goodbye, and thanks for all the advice
5 Oct 2009
It's the Conservative Party conference this week. Prime Minister Gordon Brown delivered his blubbering rant to the Labour faithful in Brighton last week, promising that if elected again he will drag us out of the mess he and Tony Blair got us into in the first place.
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Hats off to Abbey for its tough stance on poor packaging
5 Oct 2009
I have read with interest over the past few weeks the debate over Abbey's service. At the risk of completely alienating myself from my peers, I agree with the stance Ricky Okey, managing director for intermediary distribution at Abbey, has taken on returning incomplete forms to brokers.
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House prices rise for third month in a row
6 Oct 2009
House prices rose by 1.6% in September, the third consecutive monthly increase and the fifth so far this year.
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House prices rise for third month in a row
6 Oct 2009
House prices rose by 1.6% in September, the third consecutive monthly increase and the fifth so far this year.
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HSBC extends 1.99% discount deal
6 Oct 2009
HSBC has extended the availability of its 1.99% two-year discounted mortgage until the end of October.
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IntelliFlo adds two to mortgage team
5 Oct 2009
Software provider IntelliFlo has expanded its mortgage team with two senior appointments.
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Just 15% of remortgagers look to raise extra cash
5 Oct 2009
Just 15% of borrowers applying for remortgage deals in the past three months were seeking to raise money, according to data from Evaluate Technologies.
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Just JM: Housing - give us a break
6 Oct 2009
In the 1980s I sold a detached house in Bedford for an end of terrace in Richmond, Surrey, but instead of having change from the deal I had to take out a much bigger mortgage.
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Kensington joins mortgage support scheme
5 Oct 2009
Kensington Mortgages has joined the government’s Homeowner Mortgage Support Scheme which allows struggling borrowers to defer their payments for up to two years.
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L&C seeks redundancies among administrative staff
5 Oct 2009
London & Country is asking its administrative staff to volunteer for redundancy.
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Lee Birkett takes legal action against PTFS
7 Oct 2009
Lee Birkett, chief executive of the now defunct network Prestbury Financial, is taking legal action against Personal Touch Financial Services over the deal to transfer Prestbury ARs to the rival network.
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Lenders should be fined for fraud too, says AMI
5 Oct 2009
The Association of Mortgage Intermediaries has hit out at the regulator for failing to fine any lenders for mortgage fraud.
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Let's hope Okey and his team can restore brokers' confidence
5 Oct 2009
I feel the need to reply to the star letter published in the September 28 issue of Mortgage Strategy.
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Lloyds Banking Group mulls £15bn cash call, say reports
8 Oct 2009
Lloyds Banking Group is reportedly considering a £15bn capital raising to avoid the bank having to take part in the government's asset protection scheme.
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Make sure partners know why changes are taking place
5 Oct 2009
I am writing in response to the recent article by Abbey's Ricky Okey (Mortgage Strategy September 21).
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Marketwatch 05/10/2009
5 Oct 2009
Swaps had a mixed week. One-year money increased a little whereas longer-term swaps fell sharply. Three-month LIBOR also fell by 0.02% to 0.54%.
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Media Spotlight - The Ethical Executive By Robert Hoyk & Paul Hershey
5 Oct 2009
Ethics, or the lack thereof, have been at the heart of the financial crisis. Greed, the drive for innovative financial products and mortgages for borrowers who could ill-afford the repayments all had their part to play in the ensuing downturn.
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MLM Financial snaps up Coventry's ex-head of broker sales
7 Oct 2009
MLM Financial has hired Coventry Building Societies' former head of intermediary sales to lead the expansion of mortgage services at MLM.
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Moody's predicts continued losses for sub-prime RMBS
7 Oct 2009
A report from Moody's Investors Services has predicted that losses on securitised sub-prime loans in the UK are set to continue into 2011.
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More job losses at TrigoldCrystal
5 Oct 2009
TrigoldCrystal has put 20 staff into consultation following a decision to close down its office in Leeds.
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Mortgage Brain links system with Source
5 Oct 2009
Mortgage Brain has integrated its system with Source, a quotation system for buildings and contents, buy-to-let and unemployment Insurance.
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Mortgage Brain unveils online fact-find facility
5 Oct 2009
Mortgage Brain is rolling out an updated version of its Key system which allows brokers to send clients online fact-finds to check before face-to-face meetings.
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Mortgage Intelligence announces annual conference
8 Oct 2009
Mortgage Intelligence is to host its annual conference for the fourth year with this year's event featuring over 20 exhibitors.
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Mortgage lending leaps £1bn in August despite fewer approvals
5 Oct 2009
Mortgage lending rose by £1bn in August - a substantial increase compared with the negative net lending seen in July.
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Mortgage market should prepare for more of the same
5 Oct 2009
Now it's autumn brokers are starting to ask about my predictions for the 2010 mortgage market.
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Mortgages for Business sees enquiries up 44%
5 Oct 2009
Mortgages for Business saw the number of enquiries to its commercial mortgage packaging arm jump 44% in September.
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Mutual solution for saving a dinosaur
5 Oct 2009
Perhaps it's a coincidence but in the year we are celebrating the 150th anniversary of the publication of On The Origin Of Species there are question marks over the future of Northern Rock which in 2007 should have gone the way of the dinosaur.
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N&P axes 36 jobs including finance director
8 Oct 2009
Norwich & Peterborough is cutting 36 jobs from its head office in a move which will see finance director Richard Wells leave the building society.
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NAEA says lenders must do more to aid housing recovery
7 Oct 2009
The National Association of Estate Agents has called on lenders to do more to help facilitate the second phase of housing market recovery, after it saw a rise in activity in September.
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NLA and Crisis call on Tories to tackle rental rogues
7 Oct 2009
The National Landlords Association and Crisis have joined forces to call on the Conservative Party to focus on encouraging growth and professional standards and tackling rogue operators effectively in the private-rented sector.
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Northern Rock pulls lifetime mortgages
6 Oct 2009
Northern Rock has become the latest lender to turn its back on the equity release market by deciding to withdraw lifetime mortgages from its product range.
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Northern Rock pulls lifetime mortgages
6 Oct 2009
Northern Rock has become the latest lender to turn its back on the equity release market by deciding to withdraw lifetime mortgages from its product range.
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Northern Rock significantly improves its mortgages
6 Oct 2009
Following on quickly from the significant improvement (reported in the previous blog post) to Woolwich’s lifetime tracker rate, Northern Rock is also getting in on the act with several good improvements to its product range from tomorrow.
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Number of B2L deals on variable rates doubles
7 Oct 2009
Legal & General’s seventh quarterly report in the Mortgage Purchase Index shows that 30% of buy-to-let deals taken out in Q3 were on variable rates, up from 13% in Q2.
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Older consumers use the internet too
5 Oct 2009
It is said that information is power and this universal truth has undoubtedly applied over the generations.
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Paradigm add Bond Finance to commercial panel
5 Oct 2009
Bond Finance has become the latest member to join Paradigm Mortgage Services commercial brokers’ panel.
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Platform offers brokers range of exclusive deals
5 Oct 2009
Platform is launching a range of fixed and tracker mortgages today, exclusively for brokers.
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Positive Solutions hosts roadshows
5 Oct 2009
Positive Solutions is hosting a series of regional conferences where brokers can question lenders and providers on policies and service standards.
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Purchases outstrip remortgages by 9 to 1
6 Oct 2009
House purchase loans continued to outweigh remortgage activity during September with one remortgage case for every nine purchase deals.
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Purchases outstrip remortgages by 9 to 1
6 Oct 2009
House purchase loans continued to outweigh remortgage activity during September with one remortgage case for every nine purchase deals.
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Rate transfer deals could keep us going
5 Oct 2009
This month we have been busy booking rate transfers for clients with the lender formerly known as HBOS.
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Refunds of £60m to result from FSA deal on MPPI
7 Oct 2009
The Financial Services Authority and mortgage payment protection insurance firms have agreed an industry-wide package of measures for consumers, including refunds of around £60m.
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Regulate B2L and property clubs, says BPF
5 Oct 2009
Buy-to-let mortgages and property investment clubs should be regulated by the Financial Services Authority, according to the British Property Federation.
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Regulation could sound the death knell for sale-and-rent-back sector
5 Oct 2009
The Financial Services Authority risks killing off the sale-and-rent-back market if it follows through with its proposals for the sector.
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Ruling will allow Cartel to proceed with stalled cases
5 Oct 2009
Some 100,000 claims cases waiting to be settled by Cartel Client Review could be pushed through after the firm won what it calls a landmark court case last week.
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Run done
5 Oct 2009
As the weather turns colder and the nights begin to draw in the temptation for most sensible people is to curl up on the sofa with a blanket and a cup of tea and do little in the way of exercise.
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Saffron exits equity release sector
5 Oct 2009
Saffron Building Society has become the latest equity release lender to temporarily pull out from the sector, having already met its lending quota for the year.
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Shadow MPC
5 Oct 2009
This month's decision: hold
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SHIP launches feedback forum for equity release
6 Oct 2009
Safe Home Income Plans has launched a feedback forum in a bid to move the equity release industry forward and respond to issues such as funding and product innovation.
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Size does matter for development funds
5 Oct 2009
If someone asked us for a large development finance facility in the current climate I would more than likely say no.
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Snap happy
5 Oct 2009
And finally, Mortgage Strategy is giving cricket fans the chance to win some magnificent memorabilia thanks to PR guru John Wriglesworth.
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Speak out
5 Oct 2009
Ever find yourself silently cursing your employer while smiling through gritted teeth? Ever fantasise about the day you'll win the lottery and get to tell your boss exactly what you think of them?
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Tesco Personal Finance becomes Tesco Bank
7 Oct 2009
Tesco Personal Finance has today renamed itself Tesco Bank.
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The dangers of free conveyancing deals
5 Oct 2009
Fee-free conveyancing deals from lenders may seem like a good idea until you ask yourself what they are free from.
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Time is ripe to put debt management's house in good order
5 Oct 2009
We recently applied to join the Debt Managers Standards Association which has successfully submitted its code to the Office of Fair Trading for voluntary assessment under the Consumer Codes Approval Scheme. I had the task of reviewing all our compliance procedures for the application.
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Train brokers to aid equity release
5 Oct 2009
With Saffron Building Society becoming the latest lender to pull out of the equity release market, the sector is starting to sound like the classic Queen tune Another One Bites The Dust.
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Turner maps out how EU regulators can work together
7 Oct 2009
High quality risk analysis and politicians actually taking its warnings seriously were top of the chairman of the Financial Services Authority Lord Adair Turner’s list of how EU regulators can better work together.
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When social chit-chat means business
5 Oct 2009
Yourmoneymanager.co.uk managing director Paul Reynolds has started a cracking debate on Linkedin on the future of selling and how to build meaningful client relationships that inspire trust. Cold calling is dead but it seems the referral business is booming.
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Win a Wii from LV= for online applications
5 Oct 2009
LV= is offering advisers the chance to win a Nintendo Wii plus Wii Fit by submitting applications for its mortgage and lifestyle protection product via its website.
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Woolwich cuts tracker rate to 2.79%
6 Oct 2009
Woolwich has cut the rates on one of its signature tracker deals to 2.79%, making it the third rate reduction from the lender in two months.
