Mortgage Strategy
6 February 2006

  • 10-Year fix from The Woolwich

    6 Feb 2006

    The Woolwich is offering a flexible 10-year fixed rate mortgage at a rate of 4.67%. It gives consumers a range of flexible features including the ability to make overpayments of up to 5% per year without any additional charge. The deal is available to new and existing borrowers.

  • 2006 economic outlook benign, says CML

    10 Feb 2006

    Following the Bank of Englands decision to leave interest rates unchanged at 4.5% in February for the sixth month in a row, the Council of Mortgage Lenders says it expects interest rates to remain unchanged for the next few months at least.

  • 34% of Brits liable for Inheritance Tax

    6 Feb 2006

    Research from Scottish Widows reveals more than 8.2 million people in UK now have an estate valued at more than the current Inheritance Tax threshold of 275,000.

  • 44% of borrowers make overpayments on their mortgages

    7 Feb 2006

    Just 44% of borrowers make overpayments on their mortgage, reveals a poll from Moneyfacts.co.uk.

  • 74% of fraud costs organisations nothing

    6 Feb 2006

    Research from the Credit industry fraud Avoidance System reveals 74% of frauds during the second half of 2005 resulted in no financial loss to the organisation involved.

  • A qualification doesn't make you competent

    6 Feb 2006

    I am always deeply impressed by those willing chaps Walter Avrili and Kevin Duffy, who dash around doing marathons. And well done to the other brave souls who have pledged to compete with them. Having run in half marathons before, I have never thought: "Gosh, I'd just love to carry on and do that again," but that says more about me than them.

  • Abbey launches 4.45% two-year fixed rate

    8 Feb 2006

    Abbey is launching a two-year fixed rate at 4.45% with up to 75% LTV on Wednesday February 8. There is a 699 fee and the mortgage offers the option of free valuation for mortgage purposes, maximum 1,100, and standard legal work. All other mortgage rates remain the same.

  • Accord enhances fixed rate criteria

    6 Feb 2006

    Accord Mortgages has enhanced its criteria for prime fixed rate mortgages where the rate is fixed for five years or more.All prime borrowers will now benefit from increased income multiples of up to 5 x on long-term fixed rates.

  • Act now to maximise HIPs opportunities

    8 Feb 2006

    Home Information Packs will shortly become reality. They will impact upon all professionals involved in the residential property market. From June 1 2007 most residential property in England and Wales will not be able to be marketed or sold without a HIP being in place.

  • Amber relaunch

    6 Feb 2006

    Amber Homeloans has relaunched its product range which now offers increased discounts up to 95% LTV and reduced three-year fixed rates up to 90% LTV. Many ranges offer several LTV tiers. Highlights include the selection of feather adverse products whereby up to 1,000 CCJs and one missed mortgage payment are acceptable, with no extended tie-ins.

  • AMPD seeks general manager

    6 Feb 2006

    The Association of Mortgage Packagers and Distributors is seeking a general manager.Formed in January, AMPD is made up of 12 packagers who together completed 2bn of mortgage business in 2005.

  • Are deals with low headline rates and long overhangs in keeping with tcf principles?

    6 Feb 2006

    These deals can be useful for certain clients but the important thing is that customers understand what they are getting into, say our experts

  • ARLA urges members to attend more meetings

    7 Feb 2006

    Association of Residential Letting Agents members are being pressed to attend regional meetings this year so as to keep up to date with all developments in talks between ARLA and the National Association of Estate Agents.

  • Ashdown Lyons sets up Premier Valuation Division

    10 Feb 2006

    Ashdown Lyons has created a Premier Valuation Division within its existing office organisation.

  • Assessing the benefits of standards

    6 Feb 2006

    Several lenders have agreed to fund a pilot scheme intended to evaluate the impact open standards could have on efficiency in mortgage processing, says Frank Eve

  • Bank of England holds interest rate at 4.5%

    9 Feb 2006

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

  • Beacon and Halifax give brokers more choice

    6 Feb 2006

    Beacon Homeloans and Halifax have both launched fixed products that offer intermediaries the choice of a low fee or a lower rate of interest.Beacon Homeloans' two-year fixed rate product range offers intermediaries the choice of no overhanging early repayment charge or an overhang after two years but at a lower rate during the fixed rate period.Brian Pitt, director of sales and marketing at Beacon, says: "There has been much debate about ERCs recently and whether customers will ...

  • Being a landlord is stressful

    8 Feb 2006

    The majority of UK landlords are stressed out by buy-to-let, says a survey from The Homebuyer Show.

  • BMS launches range through Mortgage Intelligence

    6 Feb 2006

    BM Solutions has launched a range of buy-to-let, sub-prime and self-cert products through Mortgage Intelligence.

  • Boost for property investment market

    7 Feb 2006

    January has seen a burst of activity in the property investment market with investors lured by strong rental yields of 6.5 to 9% in student and commercial property, says Assetz. The investment specialist has seen a staggering 90% increase in UK sales compared to average sales in the last quarter of 2005.

  • BoS launches exclusive mortgage club for Scotland

    10 Feb 2006

    Bank of Scotland Mortgages has launched a mortgage club exclusively for brokers in Scotland, called Caledonian 100.Caledonian club members will get the chance to learn about developments within the Scottish market and will have exclusive access to some products.Charles Haresnape, managing director of Bank of Scotland Mortgages, says: Caledonian 100 demonstrates our commitment to intermediaries in Scotland. The club will provide a forum for networking and information gathering.

  • Brad Baker starts consultancy firm

    6 Feb 2006

    Brad Baker , former director of communications and marketing at the Mortgage Code Compliance Board, has launched a consultancy business.Repucare has been established to provide PR and media communications services to mortgage firms.Baker, managing director of Repucare, says: "There is a gap for a specialist consultancy with a strategic, regulatory and reputational focus, to help mortgage firms."Creating competitive advantage based on a favourable name, brand and reputational ...

  • Britannia helps Everton FC net 130,000

    7 Feb 2006

    Everton FC definitely made a great save at Saturday's match against Manchester City FC thanks to supporters with a Britannia Save & Support account.

  • Brokers expect house price increase, says UCB

    7 Feb 2006

    A poll of 1,500 mortgage brokers in January by UCB Home loans has revealed that 65% of brokers expect house prices to rise this year.

  • Brokers offered discounted fuel with Pipeline Card

    8 Feb 2006

    Brokers looking to cut their fuel costs can now claim discounts on petrol using a special card available via the internet.

  • Building boom

    6 Feb 2006

    Home building on previously developed land has hit a record high of 72%. The proportion of new homes built on brownfield sites has rise from 56% in 1997. Meanwhile, the average density of new homes remains at 40 dwellings per hectare, up from 25 in 1997.Yvette Cooper, minister for planning and housing, says: "We are building more new homes on brownfield sites than ever before. For decades, this country has built too few homes with the result that many on moderate incomes are being ...

  • Buy-to-let demand to increase due to smaller households, says ARLA

    8 Feb 2006

    A look in to the future of housing in Britain shows that a heavily increasing number of smaller households, and two dangerous extremes will drive the need for buy-to-let investment in the private rented sector and for social housing.

  • Changes at the top for Egg

    6 Feb 2006

    Online bank Egg's chief executive Paul Gratton has stepped down from his post and will leave the bank on February 20 following Egg's delisting from the London Stock Exchange.Mark Nancarrow has been appointed CEO and Kieran Coleman has been appointed chief financial officer.

  • Changing times

    6 Feb 2006

    Despite the break-up of the PMPA, the packaging sector has shown it can adapt to changing market conditions and packagers that find fresh ways of adding value to the mortgage chain have a secure future, says Harvey Jones

  • CHL Sub-Prime in buy-to-let assault

    6 Feb 2006

    Capital Home Loans Sub-Prime has launched a range of sub-prime buy-to-let products with the aim of netting a bigger slice of the specialist market.Funded by Mortgages PLC, the rates and criteria are available exclusively from CHL Sub-Prime.CHL Sub-Prime was launched last year to build a large presence in the sub-prime sector and operates alongside CHL's established prime buy-to-let and home loan business.The products offer borrowers who are near prime to heavy adverse rates ...

  • Commercial First to present at em- round table events

    10 Feb 2006

    em- has confirmed that Commercial First will be presenting at the forthcoming em- roundtable events planned for February 28 in Glasgow and March 1 in Edinburgh.

  • Consider all the options when buying premises

    6 Feb 2006

    When a business is buying new premises it is faced with a number of decisions regarding who should actually own the property. There are no right or wrong answers but it is worth briefly considering the merits of some of the options.

  • Consumers waste 350m a year on PPI

    6 Feb 2006

    Customers could be wasting as much as 350m a year on payment protection insurance which fails to pay out, says Defaqto.

  • Council Tax fears hold back FTBs

    6 Feb 2006

    potential first-time buyers are being deterred because of predicted Council Tax hikes.Yorkshire Bank's House Buyers Report reveals 23% of first-time buyers are delaying getting on the property ladder until local councils announce their charges for the year ahead.Gary Lumby, head of retail at Yorkshire Bank, says: "Rising house prices are stretching first-time buyers' already tight budgets so the prospect of higher Council Tax is understandably a concern."But the report ...

  • Crunch year for rental market in terms of regulation

    10 Feb 2006

    This year is a crunch year for the rental market as it must implement the requirements of the Housing Act and the Disability Discrimination Act 2005, and at the Annual Conference of the Association of Residential Letting Agents in London this week delegates were asked if they are ready.

  • Curriculum Vitae - Marc Turner

    6 Feb 2006

    "I'd rather talk about anthing but the future of Arsenal"

  • Dale Knight joins Prestbury

    10 Feb 2006

    Dale Knight, previously head of mortgages at Berkley Berry Birch, has joined Prestbury as sales director (South).

  • Dale Knight should focus on the bigger issues at BBB

    6 Feb 2006

    Name and address supplied I wish to comment on the letter from Dale Knight in Mortgage Strategy on January 16. I am the proprietor of a member firm of Berkeley Berry Birch and was disgusted and dismayed by Knight's comments for two reasons. First, why is he, as the director of a publicly listed company, making insulting personal remarks about other industry figures for no apparent reason? Second, why is he involving himself in such petty issues when BBB seems to be falling in ...

  • Dear Delia

    6 Feb 2006

    My client has 70 year old parents who want to release some equity from their home. Their main expenditure is for their interest-only endowment mortgage at 400 a month, which has three years left to run. They do not want to move from the 200,000 property. My client and his sister would like to help them by guaranteeing a bigger mortgage for them for a longer period with both of them contributing toward the payments each month.

  • Department for Constitutional Affairs extends contract with Equifax

    8 Feb 2006

    The Department for Constitutional Affairs has extended its contract with Equifax for access to the companys database of addresses and associated information to assist with the recovery of outstanding court penalties, for a further two years. Utilised by all 42 Her Majestys Court Service areas across England and Wales, the contract will enable the continued tracing of offenders who have defaulted on court penalties.

  • Determination drives gay success

    6 Feb 2006

    determination and drive have made the 'pink pound' strong and are the reasons gay men are paid 10,000 more than straight men, says Quantum Mortgage Brokers.A survey of readers of DIVA and Gay Times has found that the average gay man earns 34,200 a year whereas straight men earn on average 24,800 a year. The research also finds that lesbians earn on average 6,000 more than straight women, with lesbians earning 24,780 and straight women earning 18,530.Jonathan Burridge, ...

  • Displace brokers? Oh no you won't

    6 Feb 2006

    With the pantomime season still in full flow I reckon the recent launch of website mortgagebundles.com had a touch of the theatrical about it, not least due to its declared intent to 'drive the middlemen out of the market'. You can almost visualise the tweaking of the waxed moustache at such villainy. Cue industry boos and hisses.

  • Easier access to Assureweb

    6 Feb 2006

    Access to Assureweb will be made easier using Unipass digital certificates from Origo.This move will enable users to log on to Assureweb without entering their usernames and passwords. The first time the Unipass certificate is used, it is linked to users' Assureweb accounts. They can then log in securely at the click of a button. The move follows feedback in which 96% of Assureweb users welcomed the idea.

  • Estate agent and broker alliance aims for the top

    6 Feb 2006

    Jackson-Stops & Staff Private Finance, an alliance between estate agent Jackson-Stops & Staff and mortgage broker Private Finance, will launch on February 7 to provide specialised service and customised products to the upper end of the market.Modelled on the likes of Savills Private Finance, the alliance is intended to combine the estate agency's strong brand with the expertise of the brokerage.Simon Checkley, managing director of Private Finance, says the status of Jackson-Stops ...

  • EU move stalls FSA reform plan

    6 Feb 2006

    The Financial Services Authority has stalled in its campaign to simplify its regime due to the impact of European legislation.The regulator has experienced some backlash over plans to ditch its approved persons regime despite industry calls to make regulations easier to comply with.Now, the latest instalment of the FSA's deregulation campaign has been halted after it published a policy document stating there is significant uncertainty surrounding the impact of the Markets in ...

  • Farley Group acquires Humberts estate agency

    8 Feb 2006

    Farley Group, best known for its Kensington and Chelsea estate agents Farley & Co, has acquired the country house estate agents Humberts with 39 branches spread across England.

  • Finance is the new taboo, says FSA

    7 Feb 2006

    Three quarters of British couples find money the hardest subject to talk about with their partners, a new survey by the Financial Services Authority has revealed.

  • Find out what gives the FSA sleepless nights

    6 Feb 2006

    The Financial Services Authority's Financial Risk Outlook gives a good insight into its regulatory planning, so what is in store for 2006?

  • Fintal now available as pay per use service

    9 Feb 2006

    Fintal the system system from Ferret and CML is now available as a pay per use service called FintalPPC.

  • Flexibility rules

    6 Feb 2006

    Offset mortgages form a growing proportion of the market and the flexible features they offer are now being incorporated into standard products, says John Rat

  • FMO adds Towergate Lifestyle to its insurance panel

    7 Feb 2006

    First Mortgage Options, the mortgage distribution and support services group, is adding another insurer to its panel.

  • FMO unveils overseas service

    6 Feb 2006

    First Mortgage Options has launched an overseas property and mortgage service providing access to properties and mortgages throughout Europe, North America, Dubai and the Far East. The service is accessed via the FMO website and commission on property sales starts at 1% and on mortgages starts at 500.

  • Foreign rate products can be risky

    6 Feb 2006

    The mortgage market has always been one to innovate and fill niche areas. Competition has driven down the price of mortgages and increased the spread of product type.

  • Freehold recruits two additional members

    9 Feb 2006

    Freehold, the packager association for regional packagers and mortgage distributors, has revealed added two additional firms will be joining from February 1.

  • Freehold says UPA may go same way as PMPA

    6 Feb 2006

    The newly formed United Packagers Association could go the way of the Professional Mortgage Packagers Alliance, rival association Freehold claims.Last week Mortgage Strategy exclusively revealed that The Mortgage Times Group is setting up and heading the UPA, which will consist of as many as 50 small packagers and satellite packaging firms. The association aims to help smaller packagers grow.But Paul Brett, spokesman for Freehold, the packaging association for small to ...

  • FSA in the spotlight

    6 Feb 2006

    The Financial Services Practitioner Panel is about to launch the first stage of its 2006 survey of regulated firms to assess the performance of the FSA. The survey is aimed at gathering industry views on the FSA and establishing a record of the regulator's performance.

  • FSA launches online training course for small firms

    8 Feb 2006

    The Financial Services Authority has launched an e-learning package for small firms to help them work out what financial resources they need to meet regulatory requirements.

  • FSPP welcomes FSA comments on consumer responsibility

    10 Feb 2006

    The Financial Services Practicioner Panel has welcomed comments by Callum McCarthy, chairman of the Financial Services Authority, on the role of consumer responsibility in retail financial markets an issue that it had prioritised highly on its agenda over the past year and on which it had engaged in a series of discussions with members of the Financial Services Consumer Panel and the FSA. Panel members broadly share McCarthys measured views and now look forward to taking the matter further ...

  • Future is bright for packaging

    6 Feb 2006

    The demise of packagers has been predicted more than once but the sector has fought back and is sending out a message loud and clear that it has a vital role to play in the mortgage market.

  • GE MHL appoints national sales manager

    8 Feb 2006

    GE Money Home Lending has appointed Paul McGerrigan as national sales manager for its first mortgages sales team.

  • GM car division stalls while mortgage arm roars ahead

    6 Feb 2006

    While US auto giant General Motors continues to struggle, its mortgage division ripped the cover off the ball in 2005, posting record earnings.According to financial statements released late last week, GM's mortgage operations earned US$1.4bn in 2005, a 27% increase compared with the year before.This includes earnings for both the residential and commercial mortgage units, including the company's overseas operations. No breakdowns have been made available on the US and UK divisions.Despite ...

  • HBOS denies sales revamp

    6 Feb 2006

    HBOS has denied accusations that it plans to combine the broker sales forces of its five brands.It had been rumoured that the lending giant was planning a mass rationalisation of its sales staff, with business development managers marketing all five mortgage brands to intermediaries rather than just one, with a knock-on reduction in staff. But HBOS has unequivocally dismissed the rumours. Paul Fincham, spokesman for HBOS, says: "There are no plans to rationalise whatsoever. ...

  • Heeding the voice of the adviser

    6 Feb 2006

    Openwork's Mortgage Advisory Panel initiative to ask broker members their views on its panel of lenders is working to the benefit of all parties, says Paul Shearman

  • Heritable Bank reveals profit increase of 93%

    8 Feb 2006

    Heritable Bank, the UK banking subsidiary of Landsbanki Islands hf, has revealed its 2005 pre-tax operating profits were up 93% on the previous year, as the property finance specialists parent company unveiled record pre-tax profits of 310m million and asset growth to 12.9bn.

  • HIP service launched

    6 Feb 2006

    Easier2move has launched a Home Information Pack service called Easierhips. This independent offering allows companies to provide clients with a comprehensive HIP including all necessary searches and a Home Condition Report.GMAC-RFC raises multiples GMAC-RFC has raised the income multiples on its sub-prime range from 3.75 x to 4.25 x. Income multiples are now 4.25 x first income and 1 x second income or 3.5 x joint income.

  • Home security is main priority for homebuyers, says Homebuyer Show

    9 Feb 2006

    Home security is the top priority for people looking to buy property, says the latest research commissioned by the Homebuyer Show.

  • House price inflation increased in 2005, says Land Registry

    8 Feb 2006

    Figures released by the Land Registry for Q4 2005 showed an increase in house price inflation on the previous year by 4.6%.

  • House prices drop for first time in nine months, says Halifax

    9 Feb 2006

    House prices fell by 0.4% in January, the first monthly decline since May 2005, says the Halifax House Price Index. However, house prices have increased over all by 1.6% over the past three months.

  • How do you guard against identity theft?

    6 Feb 2006

    Last week, Mortgage Strategy reported on the growing number of identity theft cases involving deceased people's information.With identity theft being the fastest growing crime in Britain the Office of National Statistics is warning that many fraudulent mortgage and loan applications are slipping through the net because information on the deceased isn't being supplied to credit agencies quickly enough.A report last week by accountancy giant KPMG shows UK fraud has reached ...

  • How HIPs could restrict clients' choice

    6 Feb 2006

    In last week's Mortgage Strategy I outlined some of the concerns the Association of Mortgage Intermediaries has raised about Home Information Packs.

  • Howard Flight joins Financial Services Forum board

    10 Feb 2006

    Howard Flight, former MP for Arundel and South Downs, has joined The Financial Services Forum on its advisory board, the committee of industry leaders charged with shaping the long-term strategy for the group.

  • Humberts estate agents acquires Burrough and Company

    8 Feb 2006

    Country house estate agents Humberts has agreed to acquire the business of Burrough and Company with offices in Hungerford and Newbury. Humberts was itself acquired in November by the Farley Group.

  • I take back what I said about Richard Griffiths and Network Data in letter to MS

    6 Feb 2006

    From Brian Rossiter I would like to apologise to Richard Griffiths in respect of my letter published in Mortgage Strategy on January 23. I would like to retract my conclusion that all Griffiths does is gather meaningless statistics, that he never addresses significant industry issues and that Network Data does not have a clue. It was not my intention to personally insult Griffiths or his company and I accept that my comments went beyond what was justified by the facts available ...

  • Ian Kerr leaves HBOS

    6 Feb 2006

    Ian Kerr, chief executive of retail banking at HBOS, is leaving the company.

  • IF doesn't seem to want to help first-time buyers

    6 Feb 2006

    From Steve McGill Everyone from the chancellor down recognises that first-time buyers should be afforded all the assistance possible to help them get on the first rung of the property ladder (within the realms of reasonable lending parameters of course). That is, everyone but Intelligent Finance it would seem. My clients, both graduates and in the workplace for about a year, married, having lived in a rented property for the past year with clean credit profiles and reasonable ...

  • If they are worried, lenders should cut new-build LTVs

    6 Feb 2006

    From Paul Beard It was with great interest that I read the comments on bogus valuations and deals between developers and valuers that led to Portman withdrawing from the new-build market. Perhaps this is a further indicator that the area in question is a subject requiring specialist advice and also full regulation. Most off-plan and new-build discounts and incentives offered by builders are not bogus. Many discounts are available on new-build property for a valid reason. ...

  • Increase in tracker mortgages despite base rate hold, says Mortgages Direct

    9 Feb 2006

    Despite the Bank of Englands decision to hold the base rate, Mortgages Direct says homeowners are banking on interest rates to fall in the near future, after it saw a 100% increase in borrowers opting for tracker mortgages in January.

  • Industry on track to implement HIPs, says e.surv

    6 Feb 2006

    The industry is on track to implement Home Information Packs, says e.surv.

  • Industry slates HIP plan as disaster waiting to happen

    6 Feb 2006

    The mortgage industry has condemned government plans for Home Information Packs, slating them as a disaster waiting to happen.

  • Internet Insite

    6 Feb 2006

    Kevin Paterson, sales director at Park Row Associates, takes another look at six of the best lender websites he has reviewed over the

  • Knight quits PMN as BBB dumps mortgage offering

    6 Feb 2006

    Dale Knight has confirmed he is leaving his position as head of mortgages at Berkeley Berry Birch.This follows the decision by the board of its IFA network Berkeley Independent Advisers to ditch its mortgage network offering, the Professional Mortgage Network, until the mortgage market is more stable. The trading name PMN will cease to exist from May 1 with all members being absorbed into BIA later in the year.Knight is in discussions with a number of companies, although he ...

  • L&E gets new CEO

    6 Feb 2006

    London & European Title Insurance has appointed Christopher Taylor as chief executive officer. Taylor joined L&E in 2000 and has helped in the repositioning of the company and the diversification of its products .

  • Land values 5% down, says RICS

    10 Feb 2006

    Land values have fallen quarter on quarter for over a year, reports the Royal Institution of Chartered Surveyors rural land survey. Land is now worth 5% less than it was this time last year.

  • Landlords look forward to a good year for B2L

    6 Feb 2006

    A survey by Mortgage Express has found that landlords are anticipating a good year for buy-to-let with increased rents and plans to invest into more properties.Some 89% of landlords expect rents to increase or stay the same and 86% want to maintain or expand their property portfolios.Following the government's U-turn on self invested personal pensions, half of landlords are investing to help pay for their retirement, while 78% feel more positive or the same about investing than ...

  • Leadgeneration

    6 Feb 2006

    Mortgage Strategy's monthly guide to the lead generation companies brokers could be doing business with. Justine Tomlinson looks at the options available to intermediaries

  • Leeds extends availability of 4.75% two-year fix

    6 Feb 2006

    Leeds has extended the availability of its 4.75% two-year fixed rate mortgage.

  • Legislative changes led to more bankruptcies in 2005

    6 Feb 2006

    Changes to bankruptcy legislation have encouraged consumers to see bankruptcy as an easy way out, resulting in the highest number of insolvencies last year since the 1990s recession.Figures from the Department of Trade and Industry show nearly 70,000 people became insolvent last year. There were 20,461 individual insolvencies in Q4, an increase of 57% over Q4 2004. This was made up of 13,501 bankruptcies and 6,960 Individual Voluntary Arrangements, an increase of 37.6% and 117.1% ...

  • Lenders accused of piling further debt on customers

    6 Feb 2006

    Britishinsurance.com has slammed high street lenders for unnecessarily piling further debt upon customers.The firm compared the loan payment protection insurance premiums of the UKs top 10 lenders against its own cover and found that, on average, customers were shelling out 1,800 more than they needed to. Those taking out payment protection insurance with the most expensive lender, would, during the lifetime of a five year loan, have to pay an extra 3,370 for their cover. ...

  • Lenders target highly paid professionals

    6 Feb 2006

    Lenders are increasingly producing products exclusively for highly paid professionals, says My Mortgage Direct.

  • Let's be clear about self-cert

    6 Feb 2006

    Defining self-cert has caused the industry some confusion in the past, but Mortgage Strategy has teamed up with some of the top names in the sector to provide you with the answers to all the questions about this sector. Log on to www.mortgagestrat-egy.co.uk and click on the red link at the top of the breaking news section to share your views.The results of the survey will be published in a self-cert lending supplement to be issued with your copy of MS at the end of ...

  • Lloyds TSB denies merger rumours

    6 Feb 2006

    Lloyds TSB has declined to comment on rumours that it is in merger talks with Banco Bilbao Vizcaya Argentina of Spain.Lloyds TSB, which owns Cheltenham & Gloucester and Scottish Widows and is the UK's fifth biggest bank, saw its shares rise by 5% last week after the speculation began.BBVA has made no secret of its plans to become one of the world's top 10 banks in the next five years, but was unable to comment on whether it had any plans to purchase Lloyds TSB. BBVA is believed ...

  • Low affordability could affect house price rises

    6 Feb 2006

    A report by Nationwide says that while house prices are likely to continue rising, low affordability will make them unsustainable.The Housing Market Data Response report, produced on behalf of Nationwide by Capital Economics, finds that national average house prices rose 1.4% in January, the highest monthly increase since July 2004.Annual house price inflation also increased by 1.4% from 3% in December to 4.4% in January. Nationwide and Capital Economics believe August's ...

  • Mark Parker new managing director of IF

    7 Feb 2006

    HBOS has appointed Mark Parker as the next managing director of Intelligent Finance.Starting on March 1, Parker replaces Nick Robinson who has been made HBOS director of retail risk.Parker is currently head of group services and has worked at HBOS since December 2000. Previous employers include Pepsico, British Sugar, Boots and Sainsburys. Jennifer Blackwood, spokeswoman for IF, says: Mark is very IT and systems orientated, so for a bank like IF, its an ideal fit.

  • Market Watch

    6 Feb 2006

    Swaps continue to edge upward but we have seen one major lender reprice down to win more business and increase its market share.

  • Medical advances mean more survivors

    6 Feb 2006

    It seems that every week of the year so far has seen media coverage concerning medical breakthroughs - what a fantastic start to 2006.

  • MEX plans direct approach

    6 Feb 2006

    Mortgage Express aims to broaden its distribution model in the next year with a direct to consumer proposition.Speaking exclusively to Mortgage Strategy Bradford & Bingley's lending director Chris Gillespie, who now heads MEX after managing director Tim Dawson's recent departure, says the high street lender has seen more people walking into its branches and requesting specialist products. In response, it has started to investigate direct channels for distributing MEX products.But ...

  • MGM Assurance appoints Paul Rowell to head up AR business

    7 Feb 2006

    MGM Assurance has appointed Paul Rowell to lead and direct its appointed representative business, a channel it has recently re-positioned for growth.

  • MiNC Property Enterprises to hold free seminars on Dubai market

    10 Feb 2006

    MiNC Property Enterprises is offering investors the chance to attend free seminars on investing in the Dubai property market. The seminars will be held in London, Birmingham and Manchester between Monday February 20 and Sunday February 26 2006.

  • Minister welcomes The Co-Op's fight against climate change

    9 Feb 2006

    Elliot Morley, minister of state for climate change and environment, has welcomed the contribution being made by mortgage customers of The Co-operative Bank to combat the climate change impact associated with their homes. The Co-operative Bank revealed that during the next 12 months its green mortgages will once again contribute in the region of 250,000 to tackle climate change. This will help replant forest in Uganda, provide fuel-efficient cooking stoves to the poor of Madagascar ...

  • More immigrant tenants expected

    6 Feb 2006

    Paragon Mortgages' latest buy-to-let trends survey indicates almost half of landlords expect rental demand from immigrants to increase over the next few years.

  • Mortgage Business Expo to add credits to CPD

    10 Feb 2006

    Attendance at the Mortgage Business Expo, Glasgow SECC on March 2 will count towards intermediaries relevant Chartered Insurance Institute Continuing Professional Development.

  • Mortgage Choice launches secured loan service with Beech Introducers

    9 Feb 2006

    Mortgage Choice has launched a secured loan service, enabling its intermediaries to submit secured loan enquiries via specialist secured loan packager, Beech Introducers.

  • Mortgage lenders exclusively targeting professionals

    6 Feb 2006

    Lenders are increasingly producing products designed exclusively to benefit highly paid professionals says My Mortgages Direct.

  • Mortgage Promotions joins forces with Securah to promote MPPI

    9 Feb 2006

    Mortgage Promotions Limited will work with Securah to promote mortgage payment protection products to its mortgage club members.

  • Mortgage Promotions launches free TCF seminars

    10 Feb 2006

    Mortgage Promotions Mortgage Club is launching a programme of free continued professional development treating customers fairly seminars in conjunction with Compliance Consultants. The seminars will focus on the following issues: What the Financial Services Authority is looking for, key business areas for TCF, practical guidance on the issues covered, key management responsibilities, and how to begin constructing a TCF review. The first seminar will be held in the offices ...

  • Mortgage Talk wins BBC's Big Challenge

    7 Feb 2006

    Mortgage Talk staff have been declared regional winners of the BBC's Big Challenge, a competition designed to raise awareness of the importance of a healthier lifestyle at work, by encouraging all participants to improve their wellbeing and lifestyle.

  • Most brokers are relaxed about impact of HIPs

    6 Feb 2006

    Just 31% of Mortgage Strategy Online readers think Home Information Packs will wreck their businesses.The overwhelming majority are confident that the implementation of HIPs will leave their businesses unscathed.This week Mortgage Strategy asks: "Should lenders relax their criteria for high earning non-professionals?" Q: Do you think Home Information Packs will devastate your business?

  • Most intermediaries plan to diversify, says Commercial First

    6 Feb 2006

    A recent survey by Commercial First has revealed most mortgage intermediaries plan to diversify into new product areas, including commercial mortgages, in the near future.

  • MPLC into phase two of On Demand

    7 Feb 2006

    Mortgages PLC is well underway with the phase two development of its On Demand online mortgage system.

  • MS staffers aim to raise money in the long run

    6 Feb 2006

    Two members of the Mortgage Strategy team have signed up to run the London Mara-thon and are looking for sponsorship.Features editor Mira Butterworth and deputy features editor Barney McCarthy are already warming up to take part in the race on April 23 with early morning runs and training sessions.McCarthy is raising money for Kith and Kids, a charity that helps families living with disability, while Butterworth is raising money for Shelter, which aims to raise housing ...

  • National Guarantee to restructure its business

    6 Feb 2006

    GMAC-RFC subsidiary National Guarantee is to undergo a restructure which could result in the closure of its packaging and under- writing arms.One source tells Mortgage Strategy that as a result of the company's acquisition by GMAC-RFC, the company will be closing some of its businesses.But Keith Robinson, managing director of National Guarantee, stresses that although it is reviewing the business and some jobs may be at risk, it is also looking at creating new departments ...

  • Orchard & Shipman warns letting agents and landlords to widen their horizon

    10 Feb 2006

    Letting agents and their buy-to-let investment landlords should be widening their horizons.

  • Package deal

    6 Feb 2006

    Residential 1 and Just Mortgage Packaging have reached a deal that will see the south London-based broker package secured loans and commercial mortgages on behalf of JMP's members, providing access to specialist expertise in these two areas.

  • Packagers find strength in numbers

    6 Feb 2006

    By working together in industry groupings, packagers can ensure they build on the strengths they have to offer and continue to add value for intermediaries, says Payam Azadi

  • Packagers lose out in Pink poll

    6 Feb 2006

    Intermediaries are not expecting to make much use of packagers in 2006, research published by Pink Home Loans reveals.The results of Pink's ninth 1000 Index survey show that 75% of intermediaries anticipate they will put less than 25% of their business through packagers this year.The survey shows only 2% of intermediaries use packagers for at least 76% of their business and 11% use them for 51% to 75%.Dev Malle, sales director at Pink, says: "The vast majority of ...

  • Packagers should adapt, not lend

    6 Feb 2006

    Packagers are finding their role in the mortgage market coming under pressure. At present, they are involved in a significant proportion of mortgage originations, particularly in the sub-prime sector, but this may change.

  • Paul Bradshaw to leave Abbey

    10 Feb 2006

    Paul Bradshaw, chief executive of insurance and asset management at Abbey, is to leave the company at the end of February.

  • Pink adds to its adverse campaign

    8 Feb 2006

    Pink Home Loans has added further initiatives to its adding value in the adverse market campaign.

  • Platform adds to business development team

    6 Feb 2006

    Platform has appointed Adrian Foote to its business development team. Foote joins Platform as a business development manager for the South-West, following the promotion of James Higgs to regional manager. He was previously a mortgage consultant at Countrywide Mortgage Centres where he was responsible for maintaining and exceeding service standards and building strong relationships with industry peers and intermediaries. In Footes new position at Platform, he will be responsible ...

  • PMS completions hit 30.5bn

    6 Feb 2006

    Premier Mortgage Services says the total value of its mortgage completions rose from 26.8bn in 2004 to 30.5bn in 2005.The mortgage club, which successfully integrated with Norwich Union Mortgage Club, increased its applications from 29.5bn in 2004 to 38.5bn in 2005, and believes it will continue to do well throughout this year thanks to directly authorised intermediaries.John Malone, managing director of PMS, says: "2005 was a year of uncertainty that became a year of two halves. ...

  • Portman goes live with multi-tie model

    8 Feb 2006

    Portman is one of the first high street financial services providers to go live with a multi-tie model, combining a financial planning point of sale system from N4Solutions and access to a range of best of breed financial products from several providers through The Exchanges market leading Exweb portal.

  • Portman to head down M&A trail

    6 Feb 2006

    Portman will be pursuing merger and acquisition opportunities in the coming year after reporting an 18% increase in new mortgage lending to 4.3bn. The society's annual report shows a 15% total asset growth to 17.8bn. Residential lending increased by 23% and now, at 76%, represents most of its assets.Chief executive Robert Sharpe says the society intends to grow aggressively in 2006, with acquisitions on the cards. He confirms by mid-year Portman will deal solely with direct business, ...

  • Principality reports 965m mortgage lending in 2005

    8 Feb 2006

    Welsh building society Principality has revealed gross mortgage lending reached 965.6m and mortgage assets increased by 8.1% to 3,515.0m in 2005.

  • Product design must avoid payment shock

    6 Feb 2006

    Some things never change. Those at the sharp end of the market have to compete and often that competition is intense. That has always been the case in the mortgage industry and there are clear signs of competition intensifying.

  • PTFS offers toolbox for free

    7 Feb 2006

    Personal Touch Financial Services is offering back office operating system to all IFA's, mortgage and general insurance brokers free of charge.

  • Rent proposal could hit those on benefits

    6 Feb 2006

    Controversial plans by the government to introduce a local housing allowance have sparked fears that the move could deter private landlords from renting to those on benefits.As it stands, housing benefits can be paid direct to the landlord through local authorities but the government is proposing that all payments go direct to the tenant.The government has already piloted the scheme in 18 local authorities and plans to implement it nationwide by March 2008.Debt advisers ...

  • Research and inform

    6 Feb 2006

    In this extract from Stephen Knight's Creator and Trader: A Vision for Growth in the UK Mortgage Market he discusses the use of research

  • RICS becomes designated professional body

    10 Feb 2006

    The Royal Institution of Chartered Surveyor has become one of 10 government recognised designated professional bodies, following a long campaign to win the right to minimise costs and red tape.

  • RICS warns government over numbers of home inspectors

    9 Feb 2006

    With the impending mandatory inclusion of Home Information Packs still hanging over the property market a burning question is in the forefront of most peoples minds. Will there be enough home inspectors to cope with demand for the Home Condition Report aspect of the HIP?

  • Rightmove and others buy out TM Property Service

    8 Feb 2006

    Rightmove, Countrywide, Connells and Halifax estate agents have bought out TM Property Service from its original investors.

  • Rooftop reaches 1bn completions

    6 Feb 2006

    Rooftop Mortgages has hit the 1bn mark with the number of mortgages completed since its launch in 2003.Since the specialist lender made its first advance in October 2003 with only a handful of introducing packagers, it has completed two securitisations and five whole loan portfolio sales.The lender works with over 100 packagers, networks and brokers and has widened its range of products to include variable, fixed, and tracker rates.Jonathan Naylor, managing director of Rooftop, ...

  • Scottish Widows launches ad campaign

    7 Feb 2006

    Scottish Widows has launched a nationwide advertising campaign of outdoor posters and adverts in the consumer press and online, as the precursor to a TV campaign later in the year. Mike Hoban, customer and brand marketing director, says: The ads contain a set of thought-provoking messages which will get consumers thinking about some of the real issues they face in their lives for example the kids leaving the family home and how planning their finances can help make life easier. ...

  • Scottish Widows slashes lifetime mortgage rate to 6.2%

    6 Feb 2006

    Scottish Widows Bank has slashed the rate on its lifetime mortgage product from 6.44% (6.8% APR) to 6.2% (6.6% APR).

  • Search facility

    6 Feb 2006

    Propertyfinder.com is to supply Tiscali with a property search capability. Users searching the property channel on www.tiscali.co.uk can view over 270,000 properties for sale or rent, powered by propertyfinder.com. They will also be able to contact over 2,300 estate agents who use propertyfinder.com, and read expert opinions on buying property and selecting mortgages and solicitors.

  • SearchFlow to be primary supplier to mysalepack.com

    6 Feb 2006

    SearchFlow, the online conveyancing search provider has todayannounced a cooperative relationship with mysalepack.com to provide the vital search content required for its Home Information Packs.

  • Shared ownership schemes can be even more beneficial

    8 Feb 2006

    Over the course of 2005, housing rose to a new level on the political agenda, with a reduction in the starting point for Stamp Duty, thanks in part to Mortgage Strategy for its industry-wide campaign, and the government announcement that it is aiming to increase home ownership by two million by the end of its third term.

  • SimplyBiz unveils club brand

    6 Feb 2006

    Financial services company SimplyBiz has launched its mortgage club facility called SimplyBiz Mortgages.Over the past 18 months, Mortgage Support Direct has provided mortgage club facilities to SimplyBiz and now the two companies are coming together to launch the brand.

  • Site causes MPPI confusion

    6 Feb 2006

    Scaremongering consu- mer websites have been accused of putting borrowers at risk by disparaging mortgage payment protection insurance.Consumer finance website The Motley Fool, which promises to "tell people the truth about finance", has come under fire for creating confusion over the difference between MPPI and payment protection insurance, and maligning MPPI to the detriment of con- sumers and the industry. It calls many lenders' products "rip-offs" and suggests emergency funds ...

  • Small print causes credit card confusion, says Moneynet

    10 Feb 2006

    Confusion surrounding the small print on credit card agreements is leaving card holders in the dark when it comes to paying bills on time, according to online financial data provider Moneynet.

  • SMS roadshow dates announced

    6 Feb 2006

    Solent Mortgage Services, the national branded mortgage arranger, has released dates for the first of its 2006 mortgage roadshows.The dates confirmed so far are for Bristol on February 10 and Birmingham on February 28.

  • Stroud & Swindon to replace all mortgage products

    10 Feb 2006

    All Stroud & Swindon mortgage products are to be withdrawn with effect from Monday.

  • Swift joins legal board

    6 Feb 2006

    Tony Swift, marketing partner at Barnetts Solicitors, has been appointed to the Law Society's Legal Practice Course Board.

  • Taking responsibility for regulation

    6 Feb 2006

    A recent case in which a firm was censured by the FSA shows that it is the responsibility of management to ensure adequate systems and controls are in place, says Bill Warren

  • Taylor's Tour...

    6 Feb 2006

    Henry Taylor's day job is running a mortgage broking business in Eastbourne on the south coast of England. When not at the office, he loves taking part in the Seat Cupra Championship

  • Tell your clients to remain cautious

    6 Feb 2006

    Despite the housing market staging something of a renaissance in recent months, it's still best for your clients to be cautious rather than imagine their property is going to pay off all their debts.

  • TFC recruits head of IT

    9 Feb 2006

    TFC has recruited a head of IT to its Warrington head office.

  • The Mortgage Mole

    6 Feb 2006

    SEA SHARP - SueMcMillan from the sales and marketing team at GE Money Home Lending is currently taking part in a rowing race across the Atlantic (see picture below). GE Money Home Lending stepped up to sponsor her and the rest of the crew in their mission to raise money for the charity Shelterbox.But a recent encounter with a shark slowed the team down somewhat. After attacking the team's sea anchor it threatened to capsize the boat, but McMillan's quick thinking and sharp ...

  • The strange case of the PMN network

    6 Feb 2006

    The Professional Mortgage Network's statements about not retaining any commission payments from its ARs are not borne out in reality, says Richard Griffiths

  • Thinc Destini appointments

    6 Feb 2006

    Thinc Destini has appointed Howard Flight as non-executive director and Nick Kelly as group commercial director. Simon Chamberlain, chief executive of Thinc Destini, says: "They both have experience that will enhance our senior team as we develop our depolarised model."

  • Thinc Destini restructures senior management team

    9 Feb 2006

    Thinc Destini has restructed its senior management team. The restructuring follows the recent appointments of Howard Flight as non-executive director and Nick Kelly as commercial director.

  • Threesixty unveils conveyancing link

    6 Feb 2006

    Threesixty, the fee-based IFA support services provider, has linked up with eConveyancer to allow threesixty's clients to appoint conveyancers on behalf of their clients, assess the costs of cases, then monitor their progress online. Brokers will receive a fee of 100 for every case that completes via the system.

  • Treating clients and brokers fairly

    6 Feb 2006

    Lenders should stop charging huge commission on valuations and show a bit more respect for the relationships we intermediaries develop with our clients, says Sue Read

  • UK and US rates are level

    6 Feb 2006

    Halifax says official interest rates in the UK and the US are level for the first time in five years, with both the Bank of England base rate and the Federal Funds rate standing at 4.5%. The last time rates were level was in January 2001, when both rates stood at 6.0%.

  • Vertex acquires 1st Software Group

    9 Feb 2006

    Vertex Financial Services is turning up the heat in the delivery of straight through processing solutions with the acquisition of 1st Software Group.

  • Victoria Mortgages launches three year stepped fixed mortgage

    9 Feb 2006

    Victoria Mortgages has launched a three-year stepped fixed mortgage with interest fixed for the first six months from completion, then fixed until June 30 2009.

  • Wait for the auction bubble to burst

    6 Feb 2006

    What a fantastic idea Mortgagebundles.com is. Its founders should be congratulated for capturing the mood of the moment - an ebay for mortgages no less.

  • Warn clients that property prices can and do decline

    6 Feb 2006

    From Terry Elwick Am I the only person worried about our industry's headlong rush to find ways of 'helping' the first-time buyer get on the property ladder and the easing of criteria in the buy-to-let market? I'm sure in a few years time we will be attacked for poor advice by the media, hit for compensation by the FSA and probably sued by clients, when the property bubble really bursts - I believe this started about two years ago in London at the top end of the market - and ...

  • We don't use non-disclosure as an excuse to reject claims

    6 Feb 2006

    From Sue Wilksinson In response to Jim Gillespie's letter in Mortgage Strategy January 23, I agree negative press coverage of declined critical illness claims can be damaging and stop some people taking out a policy despite it being in their best interests to do so. But I am surprised that without being in receipt of the full facts of the case, an IFA can assert that Scottish Provident uses non-disclosure as 'an excuse' to reject claims. We take our duty to approach each claim ...

  • Web conveyancing service launched

    6 Feb 2006

    A web-based service called Conveyancing Alliance Limited has been launched.Designed by John Philips, operations director at CAL, the system is designed to be fast and easy for brokers to use. CAL says that using its system, the conveyancing process from providing a quote to instructing a solicitor takes around one minute, with only two data screens to complete.A panel of specialist conveyancing solicitors has been chosen, based on their electronic capability and their record. ...

  • When clients want their money fast

    6 Feb 2006

    Having reviewed the equity release market for 2005 and looked ahead to 2006, now is a good time to look at which providers are impressing our clients most. Service standards never fall far from the top spot in the list of consumer gripes with equity release.

  • Wolton appoints senior surveyors

    6 Feb 2006

    Wolton Commercial, a division of Wolton Chartered Surveyors, has made three appointments.Anthony Bellis, Una Heywood and Stephen Reed have been recruited as senior commercial surveyors.

  • Worry over property sites

    6 Feb 2006

    Guidelines issued by the Office of Fair Trading have raised concerns that property websites will need to be classed as estate agencies, meaning extra costs to the seller.The OFT has published guidance on what constitutes estate agency work for the purposes of the Estate Agents Act. The guidance, which is intended to provide greater clarity and consistency for consumers and businesses, has sparked fears that customers hoping to save money by selling online will face charges as high ...

  • Zeus buys controlling stake in Catalyst

    10 Feb 2006

    Bridging loan firm Catalyst Securities has revealed Zeus Capital Holdings, the holding company for the Zeus Capital Group, has bought a controlling stake in the company from US institution Eurolink America LLC.

Poll

Do you recommend fast-track to customers?

Current Issue

Lending Zone
petitions
debate
Define Advice
Advanced search