Mortgage Strategy
6 April 2009

  • 60 Seconds with...Dominic Toller

    6 Apr 2009

    What are you doing at the moment? I'm preparing for the launch of Propertyearth.net. It's a web portal that looks to match mainly professional buy-to-let investors with chain-free properties such as those repossessed by lenders.

  • 60 seconds with.Parveen Kumari

    12 Apr 2009

    What was it like going through the recent management buyout? Our chief executive Christopher Taylor kept it largely under wraps and managed the process while we concentrated on the day-to-day running of the business. So for me it's largely been a case of business as usual. The most important factor was ensuring that our clients did not experience any peaks or troughs in terms of our service while we were going through changes in the business. I think we succeeded in this.

  • Accidental landlords run regulatory risks, says Paragon

    8 Apr 2009

    Would-be sellers turned landlords run the risk of letting out their properties without understanding rental regulations, claims Paragon Mortgages.

  • AFB to hold third annual dinner

    9 Apr 2009

    The Association of Finance Brokers will be holding its third annual dinner at Drapers Hall in the City of London on Wednesday 1 July 2009.

  • Affirmative Finance joins Commercial Mortgage Solution's panel

    6 Apr 2009

    Bridging specialist Affirmative Finance has joined the panel of Commercial Mortgage Solutions.

  • AMI and AFB to stay as distinct organisations

    6 Apr 2009

    The Association of Mortgage Intermediaries and the Association of Finance Brokers are here to stay, says director of both organisations Robert Sinclair.

  • AMI hosts sales development workshops

    7 Apr 2009

    The Association of Mortgage Intermediaries is running a series of workshops to help brokers develop their sales skills.

  • AToM partners with GE

    6 Apr 2009

    All Types of Mortgages, the packager/distributor has revealed that it will remain on GE’s approved packager panel.

  • Average house price slumps to 2006 level

    9 Apr 2009

    House prices in England and Wales fell by 0.9% in March, taking them back to March 2006 levels, shows the latest data from Acadametrics.

  • Bailed out banks pose further risk, warns Osborne

    8 Apr 2009

    Shadow chancellor George Osborne has warned out that large banks bailed out by the government may need to be broken up into smaller banks to mitigate risk.

  • Bank holds rates at 0.5%

    9 Apr 2009

    The Bank of England has decided to hold rates for the first time in seven months as analysts and businesses looked to the central bank to re-affirm its commitment to quantitative easing.

  • Blemain Group offers help to First National brokers

    8 Apr 2009

    Blemain Group has reiterated its appetite for business following the announcement that GE Money Home Lending has pulled its First National range and cut distribution.

  • Blemain looks to boost lending

    6 Apr 2009

    Blemain Group is looking to boost its lending volumes by introducing product plans to cover any borrower status.

  • Blemain plans to boost lending volumes

    6 Apr 2009

    Blemain Group is looking to boost its lending volumes by introducing product plans to cover any borrower status.

  • Boulger calls for Stamp Duty to be suspended

    6 Apr 2009

    Ray Boulger, senior technical manager at John Charcol, is calling on chancellor Alistair Darling to suspend Stamp Duty in the Budget.

  • Building societies make errors, too

    6 Apr 2009

    The protracted termination of the Dunfermline Building Society last week raises some interesting questions.

  • BuildStore calls for self-build funding boost

    9 Apr 2009

    Self-build specialist BuildStore is calling for more funding from lenders to help meet the demand for self-build, which would pull construction workers out of the dole queue.

  • Call for Labour to help first-timers

    6 Apr 2009

    Lord Norman Lamont, the former chancellor who presided over the last recession, has called for first-time buyers to be helped with government loans to spark a revival in the housing market.

  • CETA calls on insurers to re-establish value of MPPI

    6 Apr 2009

    The insurance industry has a golden opportunity to reposition mortgage payment protection insurance as a valuable product, claims general insurance network CETA.

  • Checkmate names MD of finance and risk

    6 Apr 2009

    Checkmate Mortgages has appointed John Hunt as managing director of finance and risk.

  • Clients don't want nasty surprises

    6 Apr 2009

    Not many of us like it when we're taken by surprise, and booking flights with a certain budget airline recently I was astounded to be hit with a £57 credit card fee at the end of the transaction.

  • CML warns of confusion over future regulation

    7 Apr 2009

    The Council of Mortgage Lenders has warned that separate debates about the future shape of mortgage regulation in both Europe and the UK could lead to confusion.

  • Colleys places all 400 valuers into consultation

    8 Apr 2009

    Colleys, Halifax’s inhouse valuation and surveying firm, has put all 400 of its chartered surveyors into consultation with a view to losing around 106 roles overall.

  • Conservatives will abolish HIPs

    7 Apr 2009

    Shadow Housing Minister Grant Shapps has outlined his plans to abolish Home Information Packs, should the Conservative Party get elected into government.

  • Consumers to choose broker involvement in advice

    7 Apr 2009

    Evaluate Technologies has upgraded its EvaluateConsumer sourcing system to allow consumers to set the level of broker involvement they want.

  • Direct products go live on Trigold

    8 Apr 2009

    Trigold has upgraded its Prospector sourcing system to display direct products.

  • Dodgy brokers are scuttling off to hide in networks

    6 Apr 2009

    As an honest directly authorised broker I find Gerry O'Brien's inference in a recent column that DA brokers are cowboys insulting (Mortgage Strategy March 16).

  • Doubt on house price figures

    6 Apr 2009

    Data from the two leading house price indices has been called into question as Nationwide and Halifax reported opposite price trends.

  • Dream on

    6 Apr 2009

    Mole particularly liked a spoof April Fool picture from the Daily Mail, which showed a lookalike home secretary Jacqui Smith coming out of an Ann Summers shop clutching a large shopping bag. Maybe Smith was trying to inject a little spice into her love life after her husband admitted claiming adult movies on her MPs expenses.

  • Dual pricing has caused chaos in the marketplace

    6 Apr 2009

    I am writing to point out that there is no longer any such thing as meaningful management information in the mortgage market.

  • Enterprise retained on GE panel

    7 Apr 2009

    Enterprise Group has been retained as key distributor on GE Money’s reduced distributor panel.

  • Equity release stays strong in adversity

    6 Apr 2009

    Conventional wisdom states that buying a house in a falling market is akin to catching a falling knife.

  • FirstAssist signs white label deal

    6 Apr 2009

    FirstAssist Insurance Services is to offer white label products including mortgage payment protection insurance through British Insurance.

  • FISA gives up the ghost

    6 Apr 2009

    The Finance Industry Standards Association has finally given up the ghost and decided to close its doors, so where does this leave the industry?

  • FOS slams "dismal" complaint handling

    7 Apr 2009

    The Financial Ombudsman Service has hit out at the way some financial services firms treat complaints, reporting a growing number of cases where complaint handling is “nothing short of dismal.”

  • FSA bans brokers for failing to prevent financial crime

    8 Apr 2009

    The Financial Services Authority has banned a pair of Dorset-based mortgage brokers for failing to defend their firm against financial crime.

  • FSA bans director for acting recklessly

    6 Apr 2009

    The Financial Services Authority has banned Worcestershire financial adviser Norman Mark McCance for failings related to quality and suitability of advice and compliance at his firm, Penn Financial Services Unlimited.

  • FSA says documentation standards have risen

    6 Apr 2009

    The Financial Services Authority says it has noted an improvement in the quality of Key Features Documents since September 2007 when it challenged companies on the issue.

  • G-20 Summary

    7 Apr 2009

    International media reaction to the G-20 summit in London ranged from wary to upbeat but looking at the front page headlines in even Tory papers, the Prime Minister Gordon Brown's spin machine can claim some brownie points in the short term.

  • Government equity schemes explained

    6 Apr 2009

    Stimulating the first-time buyer market is now seen as one of the key factors in driving forward the recovery of the housing market.

  • Government must not hold back on recovery package

    6 Apr 2009

    Surprises are always nice and last week we all got one when the Consumer Price Index showed that inflation had increased from 3% to 3.2% in February.

  • Government urged to adopt Scottish scheme

    6 Apr 2009

    The UK government is being urged to adopt the Scottish approach when it comes to addressing the lack of mortgages for first-time buyers.

  • Griffiths should apologise for payment delay

    6 Apr 2009

    Having read the lead news item in last week's issue of Mortgage Strategy, I feel Network Data Holding's chief executive Richard Griffiths should apologise for (as I see it) delaying payment of monies over and above what Network Data are entitled to.

  • Guarantee scheme won't attract private backing

    6 Apr 2009

    So, the old Mortgage Indemnity Guarantee scheme is said be making a comeback in a new form, with the government - i.e. taxpayers like you and I - underwriting the risk.

  • Guardian Debt Management warns against "unethical" firms

    6 Apr 2009

    Brokers should be wary of debt advice firms charging large upfront fees while offering high referral fees, warns Guardian Debt Management.

  • History has a habit of sticking its oar in things

    6 Apr 2009

    During my inglorious years of study to become what I am today I was given a priceless gem of advice from an old lecturer of mine who taught me building construction.

  • Home Buyer Systems launches phone payment system

    8 Apr 2009

    Brokers can now use their mobile phones to collect debit and credit card payments from their clients via a facility from Home Buyer Systems.

  • HSBC launches 90% LTVs with £1bn funding

    8 Apr 2009

    HSBC is launching a range of mortgage products with loan-to-value maximums of up to 90% and rates of 4.99%, backed with £1bn of funding.

  • HSBC will use its market muscle to cross-sell to clients

    6 Apr 2009

    I'm worried by the news that John Charcol is to have advisers in HSBC branches. HSBC has the power to get everyone into its branches and cross-sell to them. I can't see how any broker can compete.

  • HSBC's Trojan horse plan could kill advice sector

    6 Apr 2009

    The announcement that HSBC is to become a whole of market operator using the services of John Charcol advisers indicates the lender is once again showing its contempt for the market by wanting to have its cake and eat it.

  • If I were a rival of HSBC I would not use John Charcol

    6 Apr 2009

    I was intrigued to learn that HSBC is to offer whole of market advice in its branches in conjunction with John Charcol.

  • It’s a question of confidence

    8 Apr 2009

    Damon Albarn once said, “Confidence is a preference for the habitual voyeur of what is known as ...”. What does that mean then?

  • It's time to take a look at your brand

    6 Apr 2009

    The topic of trust in financial services companies was a major talking point at the annual conference of the Financial Services Forum.

  • Jade's death should make people think

    6 Apr 2009

    With the dangers of cervical cancer in the spotlight after the death of Jade Goody, many more women are now going for cervical screenings.

  • John Charcol brokers in HSBC branch trial

    6 Apr 2009

    John Charcol is to go where no mortgage broker has gone before and receive proc fees for offering HSBC mortgages.

  • L&G unveils HIP service for DA club members

    6 Apr 2009

    Legal & General has launched a Home Information Pack service for directly authorised members of its mortgage club.

  • L&G unveils online system to cut time brokers spend chasing cases

    6 Apr 2009

    Legal & General has spent more than £30m developing an online protection system in a bid to eliminate case chasing.

  • Landlords urged to take out fixed rate products

    6 Apr 2009

    Mortgages for Business has urged landlords to take out fixed rate deals before the base rate rises again.

  • LeadPoint hires to support expansion

    8 Apr 2009

    LeadPoint has appointed two members of staff to support the company’s growth despite the downturn.

  • London will lead recovery

    6 Apr 2009

    Are these green shoots or is it just the annual spring bounce? With Easter just around the corner, the pick-up in market activity is at least encouraging.

  • LV= extends offer for unemployment cover

    6 Apr 2009

    LV= has extended a protection offer for new customers which allows consumers to make an unemployment claim within 60 days of taking out the policy.

  • Manor offers igroup redemption free range

    6 Apr 2009

    Manor Mortgages has been selected as a key distributor for igroup's redemption free range of mortgages.

  • Mansfield launches two-year fixed rate

    6 Apr 2009

    The Mansfield Building Society has introduced a two-year fixed rate deal at 3.39% at up to 75% LTV.

  • Marketwatch 06/04/2009

    6 Apr 2009

    Swaps fell pretty heavily. One-year swaps are now at the lowest levels I have seen since I have been writing this column and the others are almost back to their all time lows.

  • Masthaven joins Paradigm's bridging panel

    6 Apr 2009

    Paradigm Mortgage Services, the mortgage partnership proposition, has added specialist bridging lender, Masthaven to its bridging panel.

  • Medium-sized master brokers could face extinction as lenders cut back

    6 Apr 2009

    Robert Sinclair, director of the Association of Finance Brokers, has warned that medium-sized secured loan brokers face being wiped out as lenders continue to exit the market.

  • Meeting the need for life assurance

    6 Apr 2009

    Could life assurance save mortgage brokers? An increasing number of intermediaries are benefiting from focussing on a product that nearly everybody needs but too few take out or review.

  • MIG offers a new way out of lending crisis

    6 Apr 2009

    Just as music and design can come back into fashion, the same seems to be true of financial products.

  • More job cuts on horizon at RBS

    6 Apr 2009

    The Royal Bank of Scotland last week pledged to scrutinise costs across the organisation as it revealed that more job cuts are in store.

  • Mortgage approvals increase for the first time since last summer

    6 Apr 2009

    Figures from the Bank of England last week were hailed as the first material improvement in the level of mortgage approvals since the middle of last year.

  • Mortgage Brain and Conti launch overseas sourcing system

    8 Apr 2009

    Mortgage Brain has launched its overseas mortgage service in partnership with Conti, which will pay brokers 25% commission for each completed case.

  • Mortgage Intelligence adds Abbey Additions to GI panel

    7 Apr 2009

    Mortgage Intelligence has added Abbey Additions to its general insurance panel for its appointed representative members.

  • Mortgage Intelligence adds Abbey Additions to GI panel

    6 Apr 2009

    Mortgage Intelligence has added Abbey Additions to its general insurance panel for its appointed representative members.

  • Mortgage Times looks to recruit sales staff

    9 Apr 2009

    Mortgage Times is embarking on a major recruitment drive which will see its sales team boosted with the addition of 20 business development consultants.

  • Network Data blames error for payment delays

    6 Apr 2009

    Network Data has told its appointed representatives it is unable to pay them on a set payment date due to a "recently identified" problem, with no word on when commission will be paid.

  • New rules must allow innovation

    6 Apr 2009

    The rescue last week of Dunfermline will inevitably re-ignite the debate on the governance of regulated institutions.

  • No excuse for yet another bailout

    6 Apr 2009

    So the chairman of the Dunfermline Building Society allegedly says that the Treasury "sacrificed" the long-established mutual.

  • No joke

    6 Apr 2009

    Mole was wondering if Nationwide had considered releasing its House price Index on April 1, but delayed it until April 2, after revealing a 0.9% increase in house prices during March, much to everyone’s surprise. We were pleased to see that this was no April Fool’s joke, though.

  • Number of borrowers in arrears at nationalised B&B rockets by 200%

    6 Apr 2009

    The number of borrowers in arrears over three months at nationalised lender Bradford & Bingley has shot up by a massive 198% in the space of a year.

  • OFT consults on fairness and competition in credit industry

    7 Apr 2009

    The Office of Fair Trading has launched a consultation on its financial strategy in the wake of the current economic downturn.

  • OFT consults on financial services strategy

    7 Apr 2009

    The Office of Fair Trading is conducting a financial services strategy review of the unsecured consumer credit market.

  • Over a third of consumers never heard of HIPs

    9 Apr 2009

    Research carried out by OneSearch Direct shows over a third, 34% of consumers do not know what a Home Information Pack is, despite nearly nine out of ten, recognising the need for up front information before buying a property.

  • Paaleads.com predicts 170% boom over Easter

    7 Apr 2009

    Paaleads.com is urging brokers to cash in on the bank holiday surge as it predicts a 170% increase in mortgage enquiries.

  • Paradigm boosts GI offering with Assurant Intermediary

    8 Apr 2009

    Assurant Intermediary has been added to Paradigm Mortgage Services’ general insurance proposition.

  • Pay Commissions on time

    6 Apr 2009

    Last week's lead news item in Mortgage Strategy about angry appointed representatives of Network Data protesting outside the firm's Botleys Mansion headquarters was a PR disaster for the company.

  • Paymentshield extends cover

    6 Apr 2009

    Paymentshield is offering standalone mortgage payment protection insurance to existing customers again.

  • Pink advises tracker borrowers to overpay

    8 Apr 2009

    Pink Home Loans is advising tracker borrowers on low rates to make overpayments rather than put the money into a savings account.

  • Pink offers training course for the Key

    7 Apr 2009

    Pink Home Loans is offering its network members an advanced training course for its preferred client management system, the Key.

  • Pink sees record number of AR applications

    6 Apr 2009

    Pink Home Loans received 62 appointed representative applications in March, an all time month-on-month record for the firm and an increase of 55% on February's number.

  • PMS members access conveyancing service

    6 Apr 2009

    PMS members can now access London & European's online conveyancing service and earn up to £100 commission per case.

  • Preach to lenders about long-term deals, not brokers

    6 Apr 2009

    I was intrigued to read the news item in last week's issue of Mortgage Strategy in which brokers are urged to place borrowers on long-term fixed rate products.

  • Pre-tax profits up by 10% at SWB

    6 Apr 2009

    Scottish Widows Bank says it made a profit of £33.6m before tax in 2008 - an increase of 10% compared with the previous year.

  • Pricing risk to London housing market recovery

    6 Apr 2009

    Cluttons says the slight recovery in the London property market could be wrecked if estate agents overprice homes.

  • Proc fee fears deter potential ARs

    6 Apr 2009

    Just under two-thirds of directly authorised brokers say that the recent spate of media stories about networks withholding proc fees is putting them off becoming appointed representatives.

  • Proc fees for retention don't add up, says AfI

    6 Apr 2009

    Abbey for Intermediaries has ruled out paying brokers proc fees for retention sales in the near future as it says the case for such payments does not stack up financially.

  • RBS to shed up to 9,000 jobs

    7 Apr 2009

    The Royal Bank of Scotland is to cut up to 9,000 jobs as a result of a restructuring of its back office operations.

  • RBSIP opts for drive-by valuations

    6 Apr 2009

    Royal Bank of Scotland Intermediary Partners is instructing drive-by valuations on remortgages up to 75% LTV in a bid to boost efficiency.

  • Revive mortgage indemnity policies

    6 Apr 2009

    If there has ever been a time for the return of mortgage indemnity guarantees, now is it.

  • Risks made Abbey pull plug on shared equity

    6 Apr 2009

    Abbey has revealed that the reason it withdrew from the shared equity market was that it deemed the schemes too risky.

  • Saving our way out of a vicious cycle

    6 Apr 2009

    Brits repaid a record 8bn of mortgage debt in Q4 2008, a far cry from the equity withdrawal trend of previous years. In fact, the same period in 2007 saw a net equity withdrawal of 6.7bn - and this was down from the peak in Q4 2003 when we collectively released a massive 17.2bn. That's a huge turnaround in five years.

  • Sesame hosts mortgage events for advisers

    9 Apr 2009

    Business development and diversifying into new product areas will be key themes for Sesame as it embarks on Mortgage Extra Live, its latest round of regional mortgage events.

  • Shadow MPC

    6 Apr 2009

    This month's decision: Hold

  • So easy to put life policies into trust

    6 Apr 2009

    Putting life policies into trust is common sense but sadly not common practice. Many policies are sold without being put into trust although the need for this is greater than ever.

  • Societies could be new model lenders

    6 Apr 2009

    Can the building society sector withstand the prevailing stormy financial climate?

  • Stellar Wit

    6 Apr 2009

    Mole was pleased to see that despite the global recession the mortgage industry has not lost its sense of humour. Arriving at work on April 1, Mole noticed a few dubious stories appearing on the newswires.

  • TCF Debt Solutions sees surge in enquiries

    8 Apr 2009

    TCF Debt Solutions is opening 70 new introducer agencies a week, as the trend for debt management increases, says its managing director Andy Moody.

  • Temptation...

    6 Apr 2009

    The industry's love-hate relationship with claims management firms has been highlighted in recent months as brokers have started to hit lenders where it hurts - in their pockets.

  • Tesco to open bank branches in 30 of its stores

    6 Apr 2009

    Tesco is set to open bank branches in 30 of its stores by the end of this year.

  • The diary of Doobry Wotsit

    6 Apr 2009

    I spent the weekend before last with my wife Deidre setting up an initial strategy for my insurance desk. With all the job losses at the moment it could be a winner for me.

  • The G20 summit and our hour of redemption

    7 Apr 2009

    The agreement that followed the G20 summit of Thursday April 2 is already being feted as historical but on reflection it’s hard to see what the $1.1 trillion boost to the world economy will achieve if it will achieve anything.

  • The government must guarantee high LTV loans

    6 Apr 2009

    Some people may accuse me of regurgitating ideas in this column but it's amazing how frequently I see an idea I've mentioned come up as a more serious proposition a few weeks later from a more eminent personage in the industry.

  • The real broker-killers

    6 Apr 2009

    Last week's news that HSBC is running a pilot programme with London brokerage John Charcol to offer whole of market advice in its branches made a big impact on the market.

  • Time to expose the silent scandal of actuarial blunders

    6 Apr 2009

    In my 26 years in this industry I have worked through some tough periods including a couple of recessions and several wars. But one ongoing crisis has gone largely unnoticed - that of actuarial blunders.

  • TMA offers 30% discount with paaleads.com

    7 Apr 2009

    The Mortgage Alliance has partnered with paaleads.com to offer members a 30% discount when buying leads in local areas.

  • Trigold and Crystal to merge

    6 Apr 2009

    Trigold and Crystal Software Solutions are to merge into a combined business called Trigold Crystal.

  • Trigold set to merge with Crystal

    7 Apr 2009

    Trigold and Crystal Software Solutions are to merge into a combined business called Trigold Crystal.

  • True grit

    6 Apr 2009

    Mortgage Strategy hacks and hackettes were keeping a low profile last week with all the riots in London over the G20 summit. Acting editor Robert Thickett decided a trip to Moorgate to see a presentation from Legal & General was not the safest place to be while being suited and booted in his favourite pinstriped suit.

  • We need urgent action but not anarchy

    6 Apr 2009

    As we all saw on our TV screens there were ugly scenes outside the Bank of England last week as angry G20 protestors clashed with police, causing serious disruption and damage in the City of London.

  • Where is it now?

    6 Apr 2009

    Xit2 came in a close second with news that it is launching Mortgages Reunited, allowing borrowers who took out mortgages now held by mortgage-backed securities to trace the current owner of their home loan.

  • Woolwich has improved its broker service

    6 Apr 2009

    Since the launch of our tranche management system we have been seeking feedback from brokers in order to improve the service.

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