Mortgage Strategy
5 September 2005

  • "I'm in mortgages for the long run"

    5 Sep 2005

    Q: How will a career in the mortgage industry differ from a career in television?A: "In showbiz, a lot of work is project-based. Doing a series of one-off projects leads to short, intense relationships with people. With Earth, while no less intense, I am in it for the long run. Projects have a longer life and the pace of work will be a nice change for me."Q: Are you worried about entering the industry a year after regulation, and do you think regulation was ...

  • 53% Think Hitachi will suck up all GI business

    5 Sep 2005

    Last week MS exclusively revealed that Hitachi Capital and Advent Solutions Management are to launch a joint venture called Securah, selling mortgage payment protection insurance.We asked you whether the launch of Hitachi's MPPI product would result in it sucking up all general insurance business in the sector and the ayes had it, with some 53% saying yes.This week MS asks: "Is the practice of offering a limited panel of 11 lenders in keeping with Financial Services ...

  • 58% Of business goes through three lenders

    5 Sep 2005

    Research showing intermediaries do 58% of their business through just three lenders has sparked concern in the industry.The findings from Charterhouse Research also show brokers are placing business through an average of just 11 lenders, which has raised questions about whether brokers are offering the best possible advice.Competitive products are a prerequisite for achieving a top three lender ranking but underwriting is playing an increasingly important part.Ray Boulger, ...

  • A&L introduces greater lending flexibility

    5 Sep 2005

    Alliance & Leicester is introducing greater lending flexibility as it moves away from using traditional income multiples to assess how much customers can borrow.

  • A&L mortgages introduces greater flexibility

    5 Sep 2005

    Alliance & Leicester is introducing greater lending flexibility as it moves away from using traditional income multiples to assess how much customers can borrow.

  • Abbey introduces remortgaging incentives

    5 Sep 2005

    Abbey has launched two new products with competitive rates at 60% LTV for the thousands of borrowers currently coming off two-year fixes.

  • Abbey offers free MPPI till year-end

    5 Sep 2005

    Abbey is offering three months' free mortgage payment protection insurance for all new applications from now until the end of the year.The offer is intended to encourage more borrowers to take up the cover. Abbey says research it has carried out shows that home owners are leaving themselves vulnerable when it comes to mortgage payments.Half of UK adults admit they could not maintain their current lifestyle beyond one or two months if their work circumstances were to change.Yet ...

  • Advantage announce P100 rate reductions

    5 Sep 2005

    Advantage Home Loans has reduced the rate on its Platform funded P100 range.

  • Advantage launch Kensington near prime max mortgage

    9 Sep 2005

    Advantage Home Loans, the branded mortgage arranger, specialist in the heavier non-conforming market, has launched with Kensington Mortgages an exclusive product to compete for business between the near-prime and very low adverse ranges. Sarah Jones product manager at Advantage, says:

  • Advantage launch new higher lending charge free products

    9 Sep 2005

    Advantage Home Loans, the branded mortgage arranger, says it has launched major improvements to its M300 range, funded by Mortgages Plc, to provide brokers with greater flexibility and choice when accessing the range for their clients.

  • Advantage launch new Kensington near prime max mortgage

    9 Sep 2005

    Advantage Home Loans, the branded mortgage arranger and specialist in the heavier sub-prime market has launched a new exclusive near prime max mortgage with Kensington Mortgages. Sarah Jones, product manager at Advantage, says: "We are excited about the launch of this new product and are delighted to have this product for brokers who have clients with low levels of adverse. With rates from 4.35% we believe this to be a competitive product for individuals who meet criteria, ...

  • Alan Dring appointed as sales director at eConveyancer

    6 Sep 2005

    Alan Dring, formerly head of sales at Standard Life Bank, has been appointed as sales director at eConveyancer.

  • Amber becomes ENC lender

    5 Sep 2005

    Trigold has revealed that Amber Homeloans is the latest lender to feature on its Enhanced Non Conforming platform.

  • Ansar partners property purchasers

    7 Sep 2005

    Ansar Housing has revealed the development of its Property Purchase Agreement, a form of contract that is free of interest and that accords with Islamic principles of contract law.

  • B2L fix from Coventry

    5 Sep 2005

    Coventry has launched its Flexx fixed buy-to-let mortgage. The rate is fixed at 4.99% until September 30 2009 with no early redemption charges and free valuation.David Stewart, operations director at Coventry,says: "This offer is a win win for landlords - a low interest rate, no early repayment charges and the flexibility to make unlimited overpayments."

  • Berkley Alexander launches age-banded MPPI

    7 Sep 2005

    Young people are set to benefit from the launch of the first fully age-banded Mortgage Payment Protection Insurance solution incorporating a three-month initial payment holiday.

  • BoE holds interest rate at 4.5%

    8 Sep 2005

    The Bank of England has voted to keep interest rates on hold at 4.5%The decision by the nine-member Monetary Policy Committee comes after last months cut of a quarter point from 4.75%, the first cut in two years.

  • Borrowers choose deals in one week or less

    5 Sep 2005

    Research from NatWest Mortgage Services shows many borrowers who took out a mortgage in the past five years spent a week or less comparing mortgage deals before deciding on the one they eventually took out.Among the over-50s, nearly a third said they took no time at all to find exactly what they wanted, while 42% of 18 to 29 year olds spent between one and four weeks tracking down their ideal mortgage option.Regarding the features of the mortgages themselves, of the people who ...

  • Broker loses OFT appeal

    5 Sep 2005

    A Sidcup mortgage broker has lost his appeal against a decision by the Office of Fair Trading to revoke his consumer credit licence.The OFT's original decision was based on the fact that Stewart Williams, who trades as S & J Consultants, was convicted in July 2000 of a number of offences involving dishonesty including obtaining money transfers by deception in the course of his business.The secretaryof state appointed an independent tribunal to hearthe appeal and a public hearing ...

  • Brokers say B2L should be regulated

    5 Sep 2005

    More than half of all brokers believe buy-to-let mortgages should be regulated, while 88% are not expecting to change their regulatory status in the next year according to Mortgage Strategy's latest online poll.The findings are part of a wide-ranging survey into the specialist lending sector which also looked at which specialist markets brokers think will grow over the coming year and which lenders brokers do the majority of their self-cert business with.The news that ...

  • BuildLoan helps the self employed

    7 Sep 2005

    BuildLoan, the intermediary arm of self build and renovation specialist BuildStore, is offering intermediaries an even wider choice of mortgages for their customers with the launch of a raft of products from The Mortgage Business aimed at people who are self employed.

  • Burton joins Mortgage 2000

    6 Sep 2005

    Mortgage 2000 has appointed Chris Burton to the position of mortgage product manager.

  • C&G reprices

    5 Sep 2005

    Cheltenham & Gloucester is repricing the rates on its three-year premium fixed rate mortgage and its standard two, three, five and seven-year fixed rate mortgages.Nick Hale, sales director at C&G, says: "Following the increase in the cost of purchasing funds through the money markets it has been necessary for C&G to review its rates and these new products are available from September 5. We are able to maintain our 4.39% two-year premium fixed rate for the time being but this is ...

  • C2 hosts regional secured loan workshops

    7 Sep 2005

    c2 secured, the secured lending arm of national mortgage distributor and branded lender c2 financial, has announced further dates for its series of regional secured loan workshops to be held at venues across the UK.In addition to the dates recently announced for the Carlton Hotel in Bournemouth on September 15 and Jury's Hotel Heathrow on October 13, the company has now added the Lakeside Moat House Hotel near Dartford on October 21 and The Conference Centre at Brighton Racecourse ...

  • Cameron backs Prescott plan

    5 Sep 2005

    Tory leadership hopeful David Cameron has questioned opposition to deputy prime minister John Prescott's house-building plans.Speaking in Devon, Cameron focussed on the poor quality of life in built-up areas.He says: "It's a scandal that in the fourth richest country in the world, we tolerate conditions that would have been unacceptable 50 years ago."

  • CII wins chartered status for financial planners

    9 Sep 2005

    The Chartered Insurance Institute has received confirmation from the Privy Council that it has been granted permission to award the new title of chartered financial planner.

  • Clients display new-found caution

    5 Sep 2005

    The news that fixed rates now make up 50% of new mortgages is welcome. The good news is that fixed rates offer clients stability in managing their monthly budgets by ironing out the peaks and troughs of the SVR. This is not exactly rocket science, as they say.

  • Conti launches Czech mortgage scheme

    6 Sep 2005

    Conti Financial Services Limited has launched a residential mortgage scheme for the Czech Republic.

  • Curriculum Vitae - Damian Cain

    5 Sep 2005

    "I do things that make me sound younger than 30 plus 10"

  • Dazzled by the glamour of mortgages

    5 Sep 2005

    What is the world coming to? Nick Hancock? Mortgages?

  • Dear Delia

    5 Sep 2005

    Alan is a taxi driver in Birmingham earning 30,000 a year. He has a mortgage of 91,500 on his flat now valued at 130,000. He has a secured loan of 14,500 plus 7,000 credit card debts and one County Court judgement for 450. He lost his driving licence for six months and missed payments on his loan and credit cards but always paid the mortgage. He is now back taxi driving and wants to remortgage to 90% to clear his debts.

  • Dubai property report launched

    6 Sep 2005

    The Dubai Property Report is set to be released this week for investors looking to purchase property in the region.

  • em offers semi-exclusive for Spanish mortgages

    6 Sep 2005

    em-international is now offering a semi-exclusive product for UK residents purchasing property in Spain.

  • em roadshow heads north

    5 Sep 2005

    In addition to September 27 Bristol, and October 4 Reading roundtable events, em- has announced additional dates for further stops on their nationwide roadshow.

  • Enterprise welcomes FSA wake-up call to sub-prime advisers

    8 Sep 2005

    Michael Clapper, CEO of London-based Enterprise Group, has welcomed the findings of the recent FSA review on sub-prime mortgage advice and warned brokers to see it as a wake-up call.

  • First National broadens core first mortgage range

    9 Sep 2005

    First National, a GE company, has broadened its first mortgage product range with the launch of a new near prime product.

  • First-timers ask the family

    5 Sep 2005

    One in four first-time buyers now rely on their parents to help them get on the property ladder, says First Active.And nearly two-thirds, 64%, of those first-time buyers could not have afforded their properties without this cash injection.Some 17% of house buyers receive a cash injection from their families. Most of these buyers are under 35.The trend toward parental help is particularly noticeable in the South-East, where a third of buyers receive assistance. Those living ...

  • First-year savings

    5 Sep 2005

    Your Move says mortgage shoppers can now benefit from higher first-year savings with discounted rate deals for two and three years, at 1,930 and 1,770 respectively. Your Move's Remortgage Index tracks first-year savings achieved from switching from an SVR to a best buy rate.

  • Freedom Lending broadens product range

    8 Sep 2005

    Freedom Lending, the specialist mortgage lender, is broadening its product range with effect from Monday September 12.

  • GE plans expansion in UK regions

    5 Sep 2005

    GE Home Lending is to increase its activity across a number of regions in the UK.As part of this expansion, it has made two appointments to its mortgage sales team, bolstering activity in Wales, Scotland and Northern Ireland.Sally Cooper and Sandy Webster have been appointed as business development managers for GE Home Lending and will work across both the First National and igroup brands.Cooper previously worked for the Spicerhaart Group as a field sales manager with Mortgages ...

  • Genesis in the mood to expand

    5 Sep 2005

    Genesis Home Loans says it is happy to enter into discussions with other networks after its merger with Guaranteed Home Loans.Nigel Gardner, business development director at Genesis, says: "We are in the mood to grow as a network and are happy to enter into discussions with small networks or appointed representatives looking for a change of direction."Genesis and Guaranteed last week revealed that subject to Financial Services Authority approval, the companies are merging. Initially ...

  • Getting it right on KFI clarity

    5 Sep 2005

    Contrary to what was printed in MS last week in a news story on equity release, Ray Boulger, senior technical manager at John Charcol, thinks the Key Facts Illustration should show a 3% + increase in house prices, not interest rates.

  • GMAC-RFC completes its 53rd portfolio sale

    5 Sep 2005

    GMAC-RFC has completed its 53rd portfolio sale, the seventh to Amber Homeloans. This brings its portfolio sales to £8.6bn since 2000.Portfolio sales are an important part of GMAC-RFC's business strategy. The lender also says European investors are becoming interested in participating in the UK market.Craig Beresford, head of asset sales at GMAC-RFC, says: "This latest sale confirms our position as the UK's number one trader of mortgage portfolios and also the effectiveness of ...

  • Government claims success

    5 Sep 2005

    The government claims its Key Worker Living scheme has borne fruit and is helping in the recruitment and retention of teachers, nurses and police.This is one of the findings of the Key Worker Living Evaluation: Early Findings study published by the Office of the Deputy Prime Minister last week.The government also says its programme is seen as offering value for money in providing low risk access to the housing market.The report's conclusions are based on an analysis ...

  • Halifax reports pick-up in housing market

    7 Sep 2005

    The Halifax's latest All Houses, All Buyers Index reveals a pick-up in the housing market.

  • Have your say on the future of CII

    5 Sep 2005

    The ABI Critical Illness Working Party review into critical illness insurance has now reached a crucial stage. The consultation paper has been completed and is out for comment. It sets out proposals which aim to ensure CII is sustainable in the long-term.

  • Help in sight for first-time buyers

    5 Sep 2005

    The outlook for struggling first-time buyers is bright as long as lenders support government initiatives and continue to modify their own policies and criteria, says James Taylor

  • Home of Choice chooses Trigold as exclusive system

    7 Sep 2005

    Home of Choice has chosen Trigold as the exclusive system for its network members.

  • I remember old-school staff motivation techniques at B&B

    5 Sep 2005

    From Peter Robinson I have been following the recent debate in your pages on staff motivation with interest and have been pleased to note the general theme of emphasising positive motivation. This is a far cry from my sales days in Bradford & Bingley where the carrot and stick approach was widely used - hit 'em with the stick, if that doesn't work, hit 'em with the carrot.

  • I want a simple illustration from the BMS website

    5 Sep 2005

    From Sean Horton Back in April I needed to produce a BM Solutions KFI for a client so I went to its website looking for the KFI button. After clicking around for a few minutes it became apparent that the only way to get a KFI was to complete a DIP. I did not wish to apply for a mortgage or a DIP but simply produce an illustration I could discuss with my client before they applied. Isn't that an MCOB requirement? I typed in virtually a full application. Then the final straw - ...

  • IF axes broker trail commissions

    5 Sep 2005

    Intelligent Finance withdrew trail commissions from its product range on September 1.The bank had previously paid intermediaries a percentage of their commission upfront and then paid the rest over the course of the mortgage, but it says feedback from brokers has persuaded it to change its method of payment.Jennifer Blackwood, spokeswoman for IF, says: "Intermediaries have told us that since statutory regulation has been in place they feel the need to be paid their commission ...

  • IFS certifies 5,000 advisers

    7 Sep 2005

    The Institute of Financial Services has revealed that 5,000 advisers have now taken its Certificate in Regulated General Insurance.

  • Industry unsurprised by rate hold

    8 Sep 2005

    Industry pundits says that today's rate hold came as " surprise."

  • ink Home Loans launches exclusive heavy adverse range

    9 Sep 2005

    Pink Home loans is launching a heavy adverse exclusive 1% discount product with 500 cashback, in association with Amber Homeloans. The initial pay rates start from 5.33% discounted until October 31, 2006, the products are available for both full status and self-cert applications with unlimited county court judgements and arrears, with 500 cashback payable on completion. David Copland, marketing director at Pink, says: "This product range offers intermediaries the opportunity ...

  • Internet Insite

    5 Sep 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Kevin Paterson takes a look at lender websites, working his way from A to Z

  • It's time for a sourcing system that offers recompense for mistakes

    5 Sep 2005

    From Gary Williams I am the victim of an incorrect KFI generated by a well known sourcing system. I sourced a product for my client and the KFI indicated a partial refund on the valuation fee. As this lender does refund valuation fees on certain products and the generation of KFIs on its website is a lengthy process, I provided my client with the KFI from the sourcing system. I later discovered the information was incorrect and forwarded the KFI to the sourcing company. It ...

  • John Charcol comments on base rate hold

    9 Sep 2005

    Ray Boulger of John Charcol, independent mortgage adviser, comments on the decision by the Monetary Policy Committee to keep base rate on hold at 4.5%: He says: "Whilst it was a foregone conclusion that base rate wasnt going to move, the MPC meeting will have had much to take into account due to the impact of Hurricane Katrina. The global economic reaction to this devastating event has been very sensible, by releasing strategic oil reserves they have clearly driven the price of ...

  • John Charcol unveils market-leading BTL deals

    6 Sep 2005

    John Charcol launches two exclusive, ground-breaking deals for the buy-to-let market, one of which comes with no arrangement fee during September, and also gives a full refund on valuation fees.

  • Katrina ripples will affect base rate

    5 Sep 2005

    National Australia Bank is predicting that the Bank of England's Monetary Policy Committee will opt to 'wait and see' when it comes to September's base rate decision.The bank cites the devastation caused by Hurricane Katrina in New Orleans as a factor that will push up oil prices and says this will be one reason the MPC will not change rates.Tom Vosa, chief executive of NAB, says: "With the August vote to cut rates far closer than expected, it is doubtful we will see more changes ...

  • Kensington cut

    5 Sep 2005

    Kensington Mortgages has made further rate cuts across its range. This follows fixed rate cuts made in August and the cut in the base rate to 4.50%. Keith Street, director of sales at Kensington Mortgages, says: "We've strengthened our range by reducing interest rates across our medium adverse range and most of our Right to Buy and buy-to-let products. It makes our rates some of the most competitive on the market in sub-prime. This is good news as a number oflenders were slow to pass ...

  • Kensington launches capped rate product for sub-prime market

    7 Sep 2005

    Kensington Mortgages has launched a competitively priced three year capped rate product designed exclusively for the non-conforming market.

  • KFIs must be more user-friendly

    5 Sep 2005

    KFIs are not having the intended effect and the FSA must think of a way of making them more user-friendly so customers can use them to shop around for mortgages, says Bill Warren

  • KRS reveals lack of trust in government as pension crisis looms

    5 Sep 2005

    Research from Key Retirement Solutions shows that 41% of UK consumers believe the government should be responsible for ensuring people have good pensions provision to help them enjoy a comfortable retirement.

  • Lack of trust in government to help save for retirement

    5 Sep 2005

    Research from Key Retirement Solutions, specialist independent financial advisers for equity release and retirement planning, shows that 41% of UK consumers believe the government should be responsible for ensuring people have good pensions provision to help them enjoy a comfortable retirement.

  • Leeds launches capped base rate tracker

    5 Sep 2005

    Leeds & Holbeck has launched a capped base rate tracker.

  • Legal & General adds products to online protection

    7 Sep 2005

    Legal & General has continued to develop its e-business service with the expansion of its protection and general insurance products on its integrated quote and apply system, Online Protection.

  • Let's form a united front to market the industry

    5 Sep 2005

    For more years than I care to remember I have called for less fragmentation in the mortgage industry. I am convinced this can be achieved by a certain measure of unification but without creating a cartel.

  • LIVE FROM JEREZ: 25% of intermediaries could disappear in two years

    8 Sep 2005

    A quarter of intermediaries currently operating in the mortgage market could be forced out of business in the next two years if current market forecasts are to be believed.

  • LIVE FROM JEREZ: HBOS: "FSA regulation didnt help"

    8 Sep 2005

    Regulation has played no part whatsoever in contributing to a sustainable housing market, HBOS said this afternoon.

  • LIVE FROM JEREZ: House prices have risen by 100% since 2000

    7 Sep 2005

    Average house prices have risen by 100% over the last five years.

  • LIVE FROM JEREZ: Intermediary v high street war needs ceasefire

    8 Sep 2005

    Intermediaries do not have to directly compete with lenders going direct to consumers through high street branches and can instead form strategic relationships.

  • LIVE FROM JEREZ: Juan Rodriguez Inciarte outlines plans for Abbey

    7 Sep 2005

    Juan Rodriguez Inciarte, director general of Spanish banking giant Group Santander, says Abbey will win confidence amongst the public and intermediaries by offering more choice, better prices and the products that they really need.

  • LIVE FROM JEREZ: Mainstream lenders scared shitless

    7 Sep 2005

    Mainstream lenders are still scared shitless by the sub-prime market.

  • LIVE FROM JEREZ: Majority of brokers still uncertain of HIPs plans

    7 Sep 2005

    The majority of intermediaries are still uncertain of their plans regarding Home Information Packs.A technology panel debate at Mortgage Strategy's Mortgage Summit in Jerez revealed that while many intermediaries know what the packs will entail, few have an idea of the impact they will have on the market.See next week's magazine for the full story.

  • Longer ERC periods threaten flexibility

    5 Sep 2005

    At a time of seemingly ever-increasing good news in the equity release market, a change has slowly crept up on us while nobody was looking.

  • Market Watch

    5 Sep 2005

    Swaps continued to creep downward but sadly it is too soon to see anyone reprice downwards.

  • MEX duo pass CeLM exam with flying colours

    5 Sep 2005

    Mortgage Express' Roger Hillier and Tim Sturley have passed their Certificate in Lifetime Mortgages with flying colours.The pair had to sit two papers. The first comprised 50 questions and this was followed by the case study paper, featuring three case studies with 10 questions each.Answers are multiple choice so the duo found their results waiting for them when they exited the exam room. Both passed with merit.Hillier, head of mortgage development at Mortgage Express, says: ...

  • MEX takes drastic action to resolve service problems

    5 Sep 2005

    Mortgage Express is reassuring brokers that it is working to solve its service problems, saying it has taken drastic action to tackle the situation.Although it admits to having had service problems over the past few weeks, it says it has been honest with brokers and is focussing all its efforts on solving the problem.Tim Sturley, head of business development at MEX, says: "We had some problems two or three weeks ago which took some time to fix. Unfortunately we have been having ...

  • MI launches stepped deal for graduates

    5 Sep 2005

    Mortgage Intelligence has launched a deal designed to take graduates from university to their first step on the property ladder.The UNI-STEP deal combines a stepped fixed rate with a loan that could be 6 x the graduate's income if supported with a parental guarantee.To ensure affordability, guarantors are assessed on an individual basis. The deal, in conjunction with Scottish Widows Bank, also allows graduates to borrow up to 3.5 x income without a guarantor.The three-year ...

  • Millfield announces its audited results

    6 Sep 2005

    Millfield Group, a leading independent financial services advisory group, has revealed its results for the year ended March 31 2005.

  • Money Partners joins Capital Link panel

    5 Sep 2005

    Capital Link, the north Wales-based packager and bankruptcy remortgage specialist, has appointed Money Partners to its mortgage panel.Capital Link recently launched a service to the intermediary market providing a facility to negotiate with trustees and their solicitors on behalf of bankrupt clients facing the possession of their property. Capital Link then sources a suitable mortgage product to finance a remortgage to conclude the deal.Tony Hagerty, principal of Capital Link, ...

  • Money partners reduces rates

    9 Sep 2005

    After the recent three-month LIBOR reset, specialist lender Money Partners Limited has dropped its variable rate to 4.65% effective from September 1, 2005.

  • Money partners reduces rates

    9 Sep 2005

    After the recent three-month LIBOR reset, specialist lender Money Partners Limited has dropped its variable rate to 4.65% effective from September 1, 2005.

  • Moneyfacts reveals results of bank consumer survey

    7 Sep 2005

    Moneyfacts.co.uk has revealed the results of its latest online user survey.

  • More than 130 firms mend their ways

    5 Sep 2005

    The Financial Services Authority says more than 130 firms have taken corrective action in the way they operate to address serious failings over the past year.Some 63 firms addressed serious failings and breaches of the threshold conditions when challenged by FSA supervisors. And 69 firms referred to the Threshold Conditions Team took corrective action to address serious failings when faced with imminent enforcement action.A further 30 firms had their permissions to conduct regulated ...

  • Mortgage Choice joins Freedom's distributor panel

    5 Sep 2005

    Mortgage Choice has joined Freedom Lending's panel of mortgage distributors.Mortgage Choice is a member of the Professional Mortgage Packagers Alliance and will market the entire Freedom Lending range which includes self-cert, buy-to-let, let-to-buy and the On-Track sub-prime range. Colin Snowdon, managing director of Freedom, says: "Mortgage Choice has a reputation for marketing competitive products supported by excellent service."Doug Hall, sales director at Mortgage Choice, ...

  • Mortgage Express service was complete and utter garbage

    5 Sep 2005

    From Lee Martin I must have a moan about the service I am getting from Mortgage Express. It is useless - complete and utter garbage. I did a DIP using its online system on July 28 which was referred and two days later I received an email saying it was accepted. I was then unable to submit the case online because it was not working - again - so I had to send a paper application. I did not hear a thing from it until I rang on August 11. And guess what? It hadn't even looked ...

  • Mortgage Summit off to flying start

    7 Sep 2005

    Mortgage Strategys Mortgage Summit kicked off to a flying start this morning.

  • Mortgage Talk highlights the week's mortgage deals

    6 Sep 2005

    National independent mortgage broker Mortgage Talk has highlighted a selection of the week's mortgage deals.

  • Mortgage Trust enhances its market offering

    5 Sep 2005

    Mortgage Trust, the specialist buy-to-let lender, has developed suite of products to enhance its mass market offering.

  • MPLC recruits to handle growth

    5 Sep 2005

    Mortgages PLC has increased staff numbers by over 33% over the past six months to cope with an increase in business this year.The lender says it is on course to complete total sub-prime lending volumes in excess of 1.5bn by the end of 2005.Since January, MPLC has hired more than 50 staff and has now recruited up to a level sufficient to cope with anticipated growth.Peter Beaumont, sales and marketing director at MPLC, claims: "Our business volumes have increased spectacularly ...

  • MT unveils deals

    5 Sep 2005

    Mortgage Trust has launched a range of buy-to-let products under its MT Select brand. Available exclusively through MT Select packager members, the products assess rental income on 125% of the product rate.

  • Needy are least likely to get help

    5 Sep 2005

    A series of studies carried out for the Joseph Rowntree Foundation reveal that those in greatest need of assistance have the worst access to opportunities and services.People who most require good health care, education, jobs, housing and transport continue to struggle 60 years after the founding of the welfare state, the JRF's assessment of 21st century life in Britain claims.Comparing people and places across England, Northern Ireland, Scotland and Wales, researchers at universities ...

  • OEA secures OFT stamp of approval

    8 Sep 2005

    The Ombudsman for Estate Agents Company Limited has secured OFT approval for its consumer code of practice.

  • OFT issues guidance to combat unfair tenancy terms

    7 Sep 2005

    New guidance on how the Unfair Terms in Consumer Contracts Regulations apply to tenancy contracts has been issued by the Office of Fair Trading to help landlords provide clear and fair contract terms to their tenants.

  • Oh dear, the economy is interesting again

    5 Sep 2005

    The fact the monthly meetings of the Monetary Policy Committee are usually boring is a tribute to the system used to set interest rates since 1997. Many Conservatives envied Gordon Brown's panache when, within days of Labour's coming to office, he gave independence to the Bank of England to set the interest rates to meet his inflation targets.Tory chancellors Norman Lamont and Kenneth Clarke had wanted to set the bank free but Prime Minister John Major would not yield political ...

  • One in three financial promotions still not meeting MCOB3

    9 Sep 2005

    Lemon Squeezy Marketing Limited, the mortgage marketing specialist, has reported that many brokers remain at best ignorant or at worst indifferent to the Financial Service Authoritys regulations on financial promotions.

  • Open standards must work for all

    5 Sep 2005

    The vision of open standards in the industry is exciting for brokers but lenders and sourcing systems must be convinced there is something in it for them, says Frank Eve

  • Pension reforms to inform

    9 Sep 2005

    Draft regulations published today will guarantee members of non money-purchase schemes an annual benefits information statement on their pension said the Minister for Pensions Reform, Stephen Timms.

  • Personal Finance appoints Nicholls and Reid as vice presidents

    7 Sep 2005

    Carole Nicholls of Nicholls Stevens Financial Services and Robert Reid of Syndaxi Financial Planning have been appointed as vice presidents of the Personal Finance Society.

  • Personal Touch appoints Starkie as national sales manager

    8 Sep 2005

    Personal Touch Financial Services Ltd, one of the UKs fastest growing financial services networks, has appointed Mike Starkie as national sales manager.

  • Pink appoints Anderton as pr manager

    7 Sep 2005

    Pink Home Loans has appointed Sarah Anderton as pr manager.

  • Pink launches fixed rate B2L products

    8 Sep 2005

    Pink Home Loans has launched a shared exclusive fixed rate buy to let product range in association with Mortgage Trust, which offers initial pay rates from 4.55% fixed until January 31 2009.

  • Pink launches heavy adverse product range with 500 cashback

    9 Sep 2005

    Pink Home Loans has launched a heavy adverse exclusive 1% discount product with 500 cashback, in association with Amber Homeloans Ltd. The initial pay rates start from 5.33% discounted until October 31 2006, the products are available for both full status and self-cert applications with unlimited county court judgements and arrears. 500 cashback will be payable on completion. David Copland, marketing director at Pink, says: "This product range offers intermediaries the ...

  • Pink launches shared ownership three year discount

    6 Sep 2005

    Pink Home Loans has launched an exclusive three year discount shared ownership product with Mutual One, funded by Ipswich Building Society.

  • Plum eases FSA administration

    6 Sep 2005

    As of July 1 the new regulations mean that all Independent Financial Adviser firms and mortgage intermediaries are required to submit reports via the Financial Services Authoritys online web-based browser system.

  • Portillo says we were right to shun the euro

    5 Sep 2005

    Michael Portillo, the former cabinet minister and chief secretary to the Treasury, says the UK was right not to join the euro, citing 13 years of growth as the bedrock of the economy.Writing exclusively in Mortgage Strategy ahead of his address at the Mortgage Summit this week, Portillo says it's interesting that in a steady state, this country's interest rates are more than double Europe's.But he adds: "Some will see that as an argument for joining the euro. I see it ...

  • Portman panel cut slammed

    5 Sep 2005

    Portman and The Mortgage Works have been criticised for reducing their surveying panel to just five firms.Jonathan Cornell, technical director of Hamptons International Mortgages, says by doing this they are disadvantaging everyone as well as reducing competition.Portman has decided to reduce the panel to Colleys, Wolton, Chancellors, e.surv and Countrywide/SPS.It has also introduced a code of practice which states that if a mortgage broker challenges the rental assessment ...

  • Positive outlook

    5 Sep 2005

    The generally benign economic climate in Scotland plus the recent base rate cut should combine to ensure the housing market continues to grow, albeit at a slower rate than in recent years, says Harvey Jones

  • Preferred to host TCF roadshows

    5 Sep 2005

    Preferred is hosting five Treating Customers Fairly roadshows across the country for its key intermediaries.

  • Property Investor Show counsels consumer caution over SIPPS

    8 Sep 2005

    Experts at the Property Investor Show (September 23 to 25, ExCeL London) are advising investors keen to take advantage of tax breaks on property purchases through pension funds next April to ensure they tread carefully before committing to any investments.

  • Protection Insurance provides free guides

    7 Sep 2005

    Getting the best deal on your car, home and life insurance without compromising on cover - has now been made easier with the help of three free guides from specialist insurance website www.protection-insurance.com.

  • RAMP sees business boom

    5 Sep 2005

    The Regulatory Alliance of Mortgage Packagers has reported increased business for members, up 18% in July 2005 compared to the same period last year.Representing some of the largest branded mortgage arrangers in the country, RAMP has bucked the trend highlighted by the latest Council of Mortgage Lenders figures for lending which shows a market decline of 13% for the same July period.John Rice, managing director of RAMP, says: "Apart from their undoubted individual business skills, ...

  • Rent rises accelerate

    5 Sep 2005

    Residential rents have picked up at their fastest pace in four years, figures from the Royal Institution for Chartered Surveyors reveal.Tenant demand for rented property continued to rise in the quarter prior to July, having held firm over the previous quarter. Demand is strongest for flats.Levels of new available rented property picked up after stagnating in the previous quarter, though this increase is slight and not enough to cap rents.

  • Richard Griffiths should do the decent thing on renewals

    5 Sep 2005

    From Kevin Thornton Richard Griffiths (Mortgage Strategy August 29) should indeed do the decent thing. Should he instruct Network Data to pay brokers renewal commission? Yes. What will his answer be? Nope. He should hand over the outstanding commission instead of trying to blackmail brokers to join his network. Do the decent thing, Richard.

  • RICS reports renting rise

    7 Sep 2005

    Residential rents have picked up at their fastest pace in four years, the Royal Institution for Chartered Surveyors' latest lettings survey has revealed. Tenant demand for rented property continues to rise in the quarter to July, having held firm over the previous quarter.

  • RICS reports rising rents

    5 Sep 2005

    Residential rents have picked up at their fastest pace in four years research from the Royal Institution for Chartered Surveyors' latest lettings survey has revealed.

  • Saffron goes live with xit2's online valuation solution

    9 Sep 2005

    Saffron Walden Herts & Essex Building Society has turned to xit2, the experts in outsourced process management, to provide them with an online system to manage their external valuations.

  • Savills considers expanding in the UK and overseas

    5 Sep 2005

    Savills Private Finance is considering further expansion across the UK as well as a possible change in ownership.

  • Setting the record straight on fees and client money

    5 Sep 2005

    From Andrew Green It's about time to set the record straight: if a valuation fee is paid to the broker or packager, permission to hold client money is required. The statements below are taken directly from the FSA's website. Q: When is money received and held by mortgage intermediaries considered to be client money? A: Client money is money of any currency which, in the course of carrying on mortgage mediation activity, an intermediary receives and holds on ...

  • Should networks get a grip on their ARs?

    5 Sep 2005

    Last week, Mortgage Strategy revealed that the Financial Services Authority was focussing its attention on networks' controls over their appointed representatives and financial promotions.Away from the perimeter, another issue the FSA has identified is how some newly authorised networks control financial promotions.Clive Briault, head of retail markets at the FSA, says: "We had concerns about newly authorised networks' controls over ARs."So, this week Mortgage ...

  • Smart reveals house prices on the cusp of recovery

    6 Sep 2005

    New home prices in the UK could soon be experiencing positive annual price inflation according to figures released today by SmartNewHomes.com, the UK's leading new homes website.In their monthly report analysing over 85% of the new homes stock available in the UK over the last month, SmartNewHomes.com reveals that prices rose on average by 0.4% in August 2005 but are still 5.6% lower than at the same time last year.

  • SMS welcomes new lenders

    5 Sep 2005

    Solent Mortgage Services believes the recent spate of lenders launching is a sign of the underlying strength of the mortgage market and should be welcomed.Kelvin Cooper, managing director of SMS, says: "In some quarters, there has been negative comment about the emergence of new lenders at a time when the mortgage market is less than buoyant. This is nonsense. A dynamic market depends on evolution and the arrival of new lenders is to be welcomed. It will lead to greater competition ...

  • SPML celebrates its 4bn pizza the action

    5 Sep 2005

    Southern Pacific Mortgage Limited recently celebrated in style with a pizza lunch as it reached the milestone of 4bn of assets under administration.The figure was made up of just under 57,000 mortgage accounts, with most these assets administered for SPML's previous securitisations and another 584m being serviced for third parties.Loan servicing takes place at SPML's High Wycombe administration centre.More than 200 staff are now employed at High Wycombe and a local recruitment ...

  • Students prefer to lapdance for cash

    6 Sep 2005

    A survey has revealed lap dancing and chugging to be the most popular part-time job for students going to university. Chuggers (charity muggers) represent major charities on the high street and convince people to sign up to monthly direct debit donations.

  • Sturges joins Money Partners

    7 Sep 2005

    Specialist lender Money Partners has appointed Bob Sturges as director of communications.

  • Sub-prime market in crisis

    10 Sep 2005

    Carl Wright, managing director at Cartel, is warning that the sub-prime market is in crisis, and runs the risk of becoming the next big miss-selling scandal.

  • Taylor's Tour....

    5 Sep 2005

    Henry Taylor's day job is running a mortgage broking business in Eastbourne on the south coast of England, when not taking part in the Seat Cupra Championship

  • Testing times

    5 Sep 2005

    Nobody enjoys exams but qualifications do more than please the FSA - they boost brokers' skills and develop their businesses, says Mark Roberts

  • TFC says borrowers should have a choice to pay HLCs

    9 Sep 2005

    TFC Homeloans, the branded lending division of mortgage distributor The Finance Centre, believes that borrowers should be offered the choice to pay higher lending charges or not when taking out a mortgage.

  • Thailand is next boom area

    5 Sep 2005

    Research from the Property Investor Show reveals that nearly 15% of property investors believe the Far East, in particular Thailand, will see the biggest house price rises in the next few years.Those looking further afield for their next purchase are finding that exotic locations can provide a good investment, with yields as high as 8% for sea facing holiday villas.This year's PIS will feature a Thai Pavilion with over 25 companies specialising in Thai property.Russell Russell, ...

  • The Mortgage Mole

    5 Sep 2005

    IN THE PINKMole turned pink last week on learning Pink Home Loans PR manager Sarah Anderton had crabs. No word of a lie, it was the tastiest treat for Anderton during lunch at London's trendy Roka Shochu. The Japanese restaurant is a fave with celebs in the know and was first choice for star stalker and Strategy hackette Natalie Martin. Alas, a late booking meant Martin and Co were relegated to below stairs dining but that didn't stop Pink sales director Dev Malle trying ...

  • Time to focus on equity release

    5 Sep 2005

    Prudential this week finally came out with the rate for its lifetime mortgage product. For the equity release market, this has been a real slow burner. The Pru originally outlined its plans to enter the market in May when it revealed it was cutting loose from former partner Northern Rock, which had been the provider of its equity release product up to that point.

  • Title insurance is now within the remit of the regulator

    5 Sep 2005

    From Julian Sampson I write in response to Bill Armstrong's letter in the August 29 issue of MS. There are a number of reasons Sue Read may have had to fund an insurance policy this time round but typically it would be because the law or the lender's instructions had changed since the original purchase. It is not the Law Society and PI underwriters who require us to implement title insurance at whatever stage, it is a direct instruction from the lenders set out in the CML ...

  • TMB IT glitches are affecting my clients' credit profiles

    5 Sep 2005

    From Andrew Forsey The Mortgage Business' computer problems are affecting my clients' credit profiles. Recently, two have been declined for new mortgages with another lender as they are shown as having missed payments in the past 12 months with their lender, TMB. This has come about because, during TMB's switch to its new computer system, in certain cases the full monthly payment was not taken. No arrears letters were sent out so clients would not know unless they checked their ...

  • TMB reduces fixed, remortgage and self build rates

    6 Sep 2005

    The Mortgage Business, the specialist and packager focussed lender has reduced the rates on its fixed rate, and dedicated remortgage and self build products.The rates includes refreshed fixed rates at 4.95% until the end of 2008, a remortgage only self-cert rate with no completion fee and 750 cashback, set at Bank base rate +0.99% until end 2008 reverting to BBR +1.79%).

  • TMB reduces rates

    7 Sep 2005

    The Mortgage Business, the specialist and packager focussed lender has announced reduced rates on its fixed rate, plus dedicated remortgage and self build products.The rates include refreshed fixed rates at 4.95% until the end of 2008, a remortgage only self-cert rate with no completion fee and 750 cashback (set at BBR +0.99% until end 2008 reverting to BBR +1.79%); and dedicated self build products including a fixed rate and two tracker rate mortgages.The self build products ...

  • TMB technical error causes arrears

    5 Sep 2005

    The Mortgage Business says problems with arrears that clients were not responsible for were down to human errors during systems migration.Andrew Forsey, principal of Andrew Forsey Financial Services, contacted Mortgage Strategy to say two of his clients had been declined a new mortgage with another lender as they were shown as having missed a payment in the past 12 months with their current lender, TMB.Forsey says: "The problems occurred during TMB's switch to a new computer ...

  • TMW cuts rates on buy-to-let range

    5 Sep 2005

    The Mortgage Works has cut interest rates on several of its buy-to-let mortgages and has also reduced the rental calculation on its five-year fixed rate products from 125% to the improved calculation of 115%.Two, three and five-year fixed rates with a 0.5% fee now all come at 4.99%. The five-year fix with a 1% fee now comes at 4.89%.Tracie Pearce, group marketing manager for The Mortgage Works, says: "Those borrowers who are seeking a longer term fixed rate now benefit from ...

  • Too many firms not up to scratch on sub-prime, reveals FSA

    6 Sep 2005

    The Financial Services Authority has revealed that its compliance review of small mortgage brokers advising on sub-prime found too many cases where firms were unable to show that they had followed the required procedures relating to suitability.

  • Treating customers fairly - what?

    5 Sep 2005

    Those who think the regulator's TCF initiative is insulting to the integrity of the insurance industry have not experienced the impact when things go wrong, says Richard Griffiths

  • TV comic gets serious with a career in home finance

    5 Sep 2005

    Comedian Nick Hancock has spoken exclusively to Mortgage Strategy about mortgages, regulation and his new job in the industry.Hancock, best known for TV programmes Room 101 and They Think It's All Over, has joined south Yorkshire-based Earth Mortgages as sales and marketing director, saying he's in it for the long run.Hancock feels it is time to use his commercial talent and "get just a bit serious", though he is not quitting TV altogether and will take ...

  • Webline boost

    5 Sep 2005

    Webline, the UK's largest online user of Origo standards, says national investment adviser Edward Jones has selected the portal to provide a white-labelled service to its 90 plus branches.

  • WFG promotes girl power: 2005 nominations open

    5 Sep 2005

    The annual search is on to find the UK's top women advisers. This year, award categories are being offered to reflect the Women's Financial Adviser Group's wider membership.

  • What effect does outsourcing to india have on a lender's operations?

    5 Sep 2005

    Opinion is divided on offshoring and our experts believe tight control must be maintained closer to home to reap the benefits

  • Which? plans to lobby for more market reform

    5 Sep 2005

    Consumer group Which? is to lobby the Financial Services Authority regarding reforms intended to restore confidence and trust in the financial services industry.In response to mis-selling scandals, the Which? consultation paper, Time for a Change, recommends a code of fairness to transform the consumer relationship.The aim is to place greater emphasis on a cooperative approach to encourage consumer awareness.Measures include the amendment of selling practices, with ...

  • Which? slams ""inadequate"" FSA

    5 Sep 2005

    In response to the FSA's latest 'Financial promotions mortgage and general insurance bulletin', Laurence Baxter, principal policy adviser at Which?, says: "In relation to the selling of protection products, the FSA has uncovered a catalogue of mis-selling tactics including scaremongering and unsubstantiated claims. But the FSA's response to tackling these problems is woefully inadequate. Instead of imposing the severest sanctions it is taking the almost conciliatory approach of writing ...

  • Wright & Wright complete first Beacon Mortgage

    7 Sep 2005

    Wright & Wright Solicitors have completed the first mortgage transaction with Beacon HomeLoans.

  • Yorkshire rents hold steady

    5 Sep 2005

    The August edition of Paragon Mortgages' Buy-to-let Index shows that despite a seasonal slowdown, regions such as Yorkshire and the North-West continue to outperform other parts of the country.Yorkshire saw rental incomes rise from 9,383 in June to reach 10,495 in July. Over 12 months, rents in Yorkshire rose by 36.7%.Landlord property values in the region have increased by 38.6% since July 2004 to reach 143,684.Despite a steep increase in property values, Yorkshire remains ...

  • Your money or your wife

    5 Sep 2005

    An international study has revealed that 49% of UK home owners are more worried about losing their home than losing their husband or wife.Just 36% are worried about outliving their spouses and 30% are worried about dying.The Future of Retirement study was conducted by HSBC. It finds people are increasingly expecting to live with their children when they get old.Almost one in 10 of UK parents now expect to move in with their children in later life.That figure rises to ...

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