Mortgage Strategy
6 March 2006

  • Banks are top choice for advice

    6 Mar 2006

    Banks and building societies are top choice for financial advice, with more than 26.4 million adults using them to get help with their finances, research from MoneyExpert.com and Defaqto reveals.

  • A note of despair in Culhane's thoughts on packaging

    6 Mar 2006

    From Paul Brett Mike Culhane's analysis piece in Mortgage Strategy's February 6 issue throws up some interesting pointers about how the Oakwood lender might seek to distribute its products when it launches later this year. But in warning packagers to stay out of lending, I sense there might be a note of desperation. Let's face it, lending is not rocket science, particularly when you look at the level of expertise available from funding sources for those wishing to become ...

  • A pain in the hip

    6 Mar 2006

    If Home Information Packs are introduced they won't work, and anyway they are yesterday's solution to yesterday's problem, says Drew Wotherspoon

  • A&L appoints two to its commercial property team

    9 Mar 2006

    Alliance & Leicester Commercial Bank has made two senior appointments to its commercial property team.

  • A&L says it expects interest rates to remain stable

    9 Mar 2006

    Alliance & Leicester says it expects interest rates to remain unchanged for the next few months following the Monetary Policy Committees decision to hold the rate at 4.5%.

  • Abbey launches new build and flexible range

    10 Mar 2006

    Abbey has launched a range of new build and flexible mortgage products.

  • All change on the lending front in 2006

    6 Mar 2006

    The specialist mortgage markets are all the rage for new entrants and hardly a week goes by without talk of another new lender.

  • All-Party Group reports better performance for mutuals

    7 Mar 2006

    The publication of the report of a short inquiry by The All-Party Parliamentary Group for Building Societies & Financial Mutuals into the true cost of demutualisation has been welcomed the Association of Mutual Insurers.

  • AMI web page on equity release

    6 Mar 2006

    The Association of Mortgage Intermediaries has launched a web page providing information on equity release products plus a good practice factsheet. AMI believes standards of advice given to equity release consumers should be raised.

  • Arithmetic favours the secured loan option

    6 Mar 2006

    All markets evolve and the secured loan sector is no exception.

  • AWD Moneyextra urges Brits to avoid Inheritence Tax

    7 Mar 2006

    AWD Moneyextra says its time Britons got some will power and made sure that more of their assets stay in the family and out of the taxmans hands.

  • Back to the future

    6 Mar 2006

    After several incarnations, legendary broker John Charcol is independent once more and, under the stewardship of managing director Peter Barrett and chairman Ian Darby, is poised to reach new heights, says Barney McCarthy

  • Bank of England holds interest rate at 4.5%

    9 Mar 2006

    The Bank of England has held interest rates at 4.5% for the eighth month in a row.The Bank of England's Monetary Policy Committee last reduced interest rates 0.25% to 4.5% on August 4 2005.

  • Bankhall agrees PII deal with PYV

    7 Mar 2006

    Bankhall has agreed a deal with specialist professional indemnity insurers PYV to provide PII cover at preferential terms for its members.

  • BBB to go into administration

    6 Mar 2006

    Berkeley Berry Birch is to go into administration following the proposed sale of network Berkeley Independent Advisors to Tenet Group. The Financial Services Authority gave BBB until February 27 to prove it was able to plug the 11m capital adequacy deficits of two subsidiaries, BIA and Birch & Nobel Financial Planning (Weston). The latter has since been transferred to the BIA network.The Group will be served its final notices no later than March 9.

  • Bird flu cover

    6 Mar 2006

    Britishinsurance. com is advising consumers that with the threat of bird flu, they must ensure they are covered by their payment protection policies. Simon Burgess, managing director of Britishinsurance. com, says: "We'll have enough to worry about if it reaches the UK so the least I can do is reassure customers their mortgage, loan or credit card payments will be protected."

  • BM and TMB see falls in lending

    6 Mar 2006

    BM Solutions and The Mortgage Business saw gross mortgage lending drop, HBOS' results for 2005 have revealed.BM Solutions saw a drop in gross mortgage lending from 13.3bn in 2004 to 12.4bn in 2005. Sources say while this was in line with forecasts, the 2005 results include a significant amount of prime lending to prop up HBOS' other brands.However, Nigel Stockton, director of HBOS intermediary mortgages, says that across the five brands, trade has been up by around 40% to 50% ...

  • Bolton charges 10,000 per day for consultancy

    6 Mar 2006

    Celebrity Big Brother's Chantelle is 5,000 cheaper than Michael Bolton, who is offering his services for 10,000 per day as chief executive at MBAC Consulting, it emerged last week.The consultancy firm's website has now been launched at www.mbac-consulting.co.uk advertising Bolton's, Alan Cleary's and John Nixon's services. MBAC Consulting is offering a service covering everything from credit to distribution.The three men are part of the original Famous Five who left HBOS ...

  • Britishinsurance.com launches competitive PPI product

    6 Mar 2006

    In a bid to give consumers greater control over their payment protection insurance costs, britishinsurance.com has launched, via its website, www.shelter.co.uk a policy that guarantees no change in the level of premiums or cover for five years.

  • Brokers agree that SPASU should be stamped out

    6 Mar 2006

    A whopping 65% of Mortgage Strategy Online readers last week endorsed Mortgage Strategy's Stamp out SPASU campaign, wholeheartedly agreeing that the product should be banned. Just 35% disagreed with this.This week Mortgage Strategy asks: "Is employing a private detective to spy on rivals part of your business plan?"Q: Should single premium accident, sickness and unemployment cover be banned?

  • Build-to-sell deals unveiled

    6 Mar 2006

    BuildLoan, the intermediary arm of self-build specialist BuildStore, is starting to lend on self-build properties for selling on.John Hay, head of product development at BuildStore, says the products have been designed to fill a gap in the market.BuildLoan will be offering two products through Heritable Bank and Hampshire Trust for residential properties.Hay says: "No other provider offers these types of products. Although we already do products for self-builders who choose ...

  • Buyers pay for a step up the ladder, says Hometrack

    7 Mar 2006

    Research from Hometrack reveals how much extra an average homeowner will need to pay to make a step up the housing ladder.

  • CC publishes study into PPI and store cards

    7 Mar 2006

    The Competition Commission has published its final report on store cards, which concludes there is an adverse effect on competition in connection with the supply of consumer credit through store cards and associated insurance in the UK.

  • Chris Baguley joins Blemain Group

    10 Mar 2006

    Bridging Finance and Lancashire Mortgage Corporation divisions of the Blemain Group have appointed Chris Baguley, as corporate lending director.

  • CII calls for better MPPI knowledge

    9 Mar 2006

    The Chartered Insurance Institute is calling on the industry to raise the levels of knowledge and capability of those who sell mortgage payment protection insurance if it is to avoid adverse comment from the Financial Services Authority.

  • Cluttons seeks Rodea replacement

    10 Mar 2006

    Cluttons Private Finance is on the hunt for a senior leader in the industry to replace technical director James Rodea, who revealed he was leaving the firm for Savills Private Finance on Wednesday.

  • CML urges chancellor to Step Up Stamp Duty threshold

    7 Mar 2006

    This months Budget represents an opportunity for the chancellor to reverse the spiralling growth of tax on home-ownership, says the Council of Mortgage Lenders.

  • Commission does not justify selling single premium MPPI

    6 Mar 2006

    From Chris Shelton I have been an avid reader of Mortgage Strategy's letters pages of late, some fantastic topics of debate being on the agenda. First came Home Information Packs, which are causing widespread concern, and now we have single premium MPPI. It was interesting to see both sides of the latter story being put forward in the February 27 issue - a case of good sense and complete stupidity. First we had Simon Burgess who recognises what a con these polices are and then ...

  • Complete launches TCF initiative

    6 Mar 2006

    The Complete Network has launched its latest Treating Customers Fairly initiative.

  • Compliance.co.uk merges with Grainger Consulting

    9 Mar 2006

    Compliance.co.uk has merged with Grainger Consulting consolidating the firms position as the largest firm of independent compliance advisers in the UK, being retained by more than 200 Financial Services Authory-registered businesses. Manchester-based Grainger Consulting is a compliance firm which has been operating in the institutional and specialist financial planning sectors for 13 years. In addition to financial planning firms, Grainger Consulting deals with collective investment ...

  • Conservatives' HIP attack is unsubstantiated, says haart

    9 Mar 2006

    The Conservatives attack on home information packs claiming that they will be a roadblock to ownership is unsubstantiated, says haart estate agents.

  • Conservatives' HIP claim is fundamentally wrong, says LMS

    9 Mar 2006

    The Conservative party's claim that Home Information Packs will seriously affect first-time buyers is fundamentally wrong, says Andy Knee, managing director of LMS. Knee says: HIPs will make little difference to the overall cost of buying and selling a home as they will simply redistribute part of the total cost from buyer to seller. What they will do is bring forward much of the information and processes already used in a transaction and so enable it to go through more quickly.

  • Consumer confidence falls again, says Nationwide

    8 Mar 2006

    Consumer confidence has fallen for nine of the past 12 months as people take an increasingly pessimistic view of the economy and labour market.

  • Cost of running a house increases by 7%, says Halifax

    8 Mar 2006

    The cost of owning and running a house rose by 7% in the financial year 2004/05, more than three times the rate of consumer price index inflation, says research by Halifax based on the latest Office of National Statistics data.

  • Coventry introduces capped rate product

    8 Mar 2006

    The Coventry is introducing a capped rate mortgage on Friday March 10.

  • Curriculum Vitae - Richard Spinks

    6 Mar 2006

    "I never have embarrassing moments as I work for a mortgage lender"

  • D&D Homecare appoints Peta Matthews as marketing and communications manager

    7 Mar 2006

    As part of its ongoing development D&D Homecare has appointed Peta Matthews as its marketing and communications manager.

  • DA brokers overlook compliance basics, says Mortgage Next

    9 Mar 2006

    Mortgage Next is advising directly authorised brokers to ensure they dont overlook the basics when it comes to compliance.

  • Dear Delia

    6 Mar 2006

    Dear Delia Mr. and Mrs. Sanderson bought their property from Manchester City Council in November 2004 under the Right to Buy scheme. They believe the house is worth 95.000 today and their mortgage balance is 55,000. The couple are looking to raise 11,000 to pay for their daughter's wedding and consolidate their credit cards which have a combined balance of 8,500.

  • Details could be left out of HIPs

    6 Mar 2006

    A loophole in the Home Information Pack regulations means a property could be marketed with an incomplete HIP 14 days after the provider has started to gather information for the pack. This news comes at a time when the mortgage industry has its daggers out for HIPs, branding them a waste of time.Ray Boulger, senior technical manager at John Charcol, says: "Information not easily obtained in that time could well include important legal details on leasehold properties, and maybe ...

  • England's cities could be among best in Europe, says ODPM

    8 Mar 2006

    England's cities have the best chance since the end of the 19th century to join Europe's top performing cities, says an independent report to the Office of the Deputy Prime Minister led by Professor Michael Parkinson.

  • EU should follow our model, says AMI

    6 Mar 2006

    The Association of Mortgage Intermediaries says it will call on the European Union to follow the UK's regulatory model if it decides on integration of member state markets.A Green Paper looking at proposed integration is due out soon.Chris Cummings, director-general of AMI, says: "Brussels is a huge regulatory machine and if it decides to integrate mortgage markets it will mean more work for the UK market, which is something we do not need."If Europe wants to regulate we ...

  • European house price inflation more buoyant in the North, says RICS

    7 Mar 2006

    European house price inflation hotspots are shifting from the sunny south to Northern Europe, reveals an independent survey.

  • EXCLUSIVE: Rodea quits Cluttons to rejoin Savills

    8 Mar 2006

    James Rodea has revealed he is leaving his position as commercial director at Cluttons Private Finance after 18 months to rejoin Savills Private Finance.

  • Expo Scotland attracts 897 visitors

    7 Mar 2006

    The first Mortgage Business Expo, Financial Services Scotland attracted 897 attendees, organiser's statement prior to ABC submission, to the one day event, at the SECC in Glasgow.

  • Exweb reveals e-commerce integration progress

    8 Mar 2006

    The Exchanges quotation and new business service Exweb has revealed further progress with the launch of an e-commerce integration.

  • Fairbairn voted one of best small companies to work for

    7 Mar 2006

    Fairbairn has been voted one of the best small companies to work for by this years Sunday Times 100 Best Small Companies to Work For Listing, published this month.

  • Fast-track legal service launched

    6 Mar 2006

    Irish Title and London & European have launched a fast-track legal process to speed remortgages. The process controls and manages transactions through a central point a central point, havling the time from offer to completion.

  • Flirting is natural but crudity demeans us all

    6 Mar 2006

    The Apprentice is back on TV, and Sir Alan Sugar is madder and badder than ever. The new series has caused controversy already, with Sir Alan growling that the women in the boardroom have misused their feminine wiles.

  • Freedom joins AMPD

    10 Mar 2006

    The Alliance of Mortgage Packagers and Distributors has revealed Freedom Lending has joined its panel of lenders.

  • FSA accused of being soft on rogue adverts

    6 Mar 2006

    The Financial Services Authority has been accused of dragging its feet by failing to take enforcement action against firms that fail to comply in their consumer advertising.Speaking at the London Mortgage Business Expo last November, Chris Atkinson, manager of the communications and strategy team for financial promotions at the FSA, warned the regulator would come down hard on firms that continued to ignore criteria for financial promotions.The FSA says it continues to monitor ...

  • FSA confirms training and competence rules

    7 Mar 2006

    The Financial Services Authority has confirmed its detailed rules on training and competence will not apply from next year to those individuals in financial firms who deal only with wholesale or non-private customers.

  • FSA hosts PII insurers and brokers forum

    10 Mar 2006

    The Financial Services Authority hosted the latest Professional Indemnity Insurance Insurers and brokers forum on March 8, which was attended by representatives from 18 firms.

  • FSA should help raise the profile of equity release

    6 Mar 2006

    From Andrea Rozario I have been in the mortgage industry on and off for 13 years and last year took the plunge and decided to work in equity release and specialise in this area, as you need to concentrate your efforts in keeping abreast of the products and compliance. But the obstacles to growing my business have been many, brought about by over-zealous compliance, misconceptions, and a poor portrayal of the benefits of equity release. It is imperative that the consumer is protected, ...

  • Germany to be property hot spot, says Assetz

    7 Mar 2006

    With unemployment falling and a preference for home ownership reported to be on the increase Germany is likely to turn into one of the hottest property markets in Europe after fifteen years of static prices, reports Assetz.

  • Get the facts straight about the Abbey charges incident

    6 Mar 2006

    From Jayne Reynolds In the interests of accuracy I would like to point out that Peter Mounty's column in the February 20 edition contained a number of incorrect statements. In particular, Mounty refers to "Abbey's recent courtroom defeat" and says, "the court concluded the charges were disproportionate to the true cost of the work involved. It subsequently awarded significantly more comp- ensation to the customer than he's been claiming." In fact, this case never went to ...

  • GHL Group launches enhanced proposition

    6 Mar 2006

    Guaranteed and Genesis Home Loans have recently held two network conferences to launch their enhanced proposition which will offer both added benefits and a range of services to its members.

  • Give FTBs a break from confusion

    6 Mar 2006

    A number of recent surveys point to the same thing - consumers find mortgages completely confusing.

  • GMAC considers instant offer

    6 Mar 2006

    GMAC-RFC is rumoured to be launching an instant offer by the end of this year.This comes on the back of the company confirming that it is looking at automatic valuations.GMAC-RFC was one of the first companies to introduce automated online systems.Jeff Knight, director of marketing at GMAC-RFC, says: "We may do it or we may not, but we're certainly not going to stand still."We've got to look at new things all the time, whether it is from a product or a technical point ...

  • GMAC-RFC 68th best company to work for

    6 Mar 2006

    GMAC-RFC had its first ever feature in the Sunday Times 100 Best Companies to work for in the UK, coming in at 68th. Last year the Best 100 canvassed the views of over 80,000 employees in its bid to find the best 100 companies to work for in the UK. The list is predominantly derived from the views of employees and represents a benchmark of worker satisfaction. It identifies the best practice and ranks companies according to eight key factors: leadership, my manager, personal ...

  • GMAC-RFC appointment

    6 Mar 2006

    GMAC-RFC has appointed Helen Mason as corporate accounts manager.Mason joins from BM Solutions and will be responsible for developing the company's corporate accounts across the country.

  • GMAC-RFC appoints director of asset sales

    8 Mar 2006

    GMAC-RFC has promoted Craig Beresford as director of asset sales.

  • Government lifts 2.4 million out of poverty, says DWP

    9 Mar 2006

    Since 1997 the government has lifted 2.4 million people out of relative poverty after housing costs are taken into account - including 800,000 children and a million pensioners, says figures released by the department for work and pensions.

  • Grasp the equity opportunity

    6 Mar 2006

    Dean Mirfin, business development director at Key Retirement Solutions, has warned that demand for equity release will wane unless advisers take hold of the market now. He was speaking at the Mortgage Business Expo in Scotland last week. Mirfin says: "We are at a crossroads, and the market must take a hold of itself, because if it doesn't, demand for these products will wane. The demand will still be there among consumers but there will be no advisers to deal with that demand."He ...

  • Hackers target Rightmove website

    10 Mar 2006

    Internet security and strategies company Positivum Consulting has revealed Rightmove had its Google position smashed by hackers on the day it floated on the stock exchange for 425m.

  • Hammondsdirect buys IT solution to produce HIPs

    10 Mar 2006

    Hammondsdirect has bought an IT solution from communication management specialist Docucorp to help automate the production of Home Information Packs.

  • Hamptons unveils expansion plans

    6 Mar 2006

    Hamptons International Mortgages has unveiled details of its growth plans for 2006.The parent company - Hamptons Estates - plans to relocate to prestigious premises in London's Grosvenor Square, across from the American embassy. It has recently opened offices in Edinburgh and Leeds and further openings are due this year.HIM has agreed terms with a number of appointed representative firms, the largest being Network Mortgage Services in east london.Kevin Duffy, managing director ...

  • HBOS' Nigel Stockton hits 40

    9 Mar 2006

    Nigel Stockton, managing director of HBOS Intermediary Mortgages and Birmingham Midshires hit the big 40 today. Stockton, who lives in Reigate, Surrey, looks after four of the five HBOS intermediary brands - The Mortgage Business, Bank of Scotland Mortgages, Halifax Intermediaries and, of course, BM Solutions. Stockton started out as a graduate trainee at NatWest and stayed at the bank for 12 years, carrying out a variety of roles including lending to medium-sized businesses ...

  • Help your clients ask all the right questions

    6 Mar 2006

    AMI and Mortgage Strategy have developed the Release it Right campaign to enable firms to approach this area of business in a more professional manner.

  • High street lenders are the worst PPI culprits

    6 Mar 2006

    From Michael Nicholls I'd like to comment on Isabelle Kassam's column that seems to point an accusatory finger at brokers selling PPI cover (Mortgage Strategy February 20) She completely ignores the biggest kids on the block - the good old high street lenders. We deal with hundreds of self-employed clients who have been sold or forced to take out unnecessary and inappropriate loan protection products. Can this be a smaller or less serious problem than the now relatively

  • HIP consolidation predicted

    6 Mar 2006

    e.surv predicts a major consolidation of providers will accompany the implementation of Home Information Packs in 2007.Richard Sexton, business development director at e.surv, says: "Pack providers have overestimated the market and there will be consolidation even before the launch. If you total up how many packs the providers are predicting it comes to four million - well above what the Office of the Deputy Prime Minister estimates the market will be."He also envisages lenders ...

  • HIP joint venture

    6 Mar 2006

    The Live Organisation and e.surv have joined forces to ensure delivery of a Home Information Pack solution to their customer bases.

  • HIPs a serious concern, says Caroline Spelman

    9 Mar 2006

    Conservatives have visited Leeds to highlight the problems facing first-time buyers in getting on to the housing ladder.

  • Home Funding and West LB launches Basinghall Finance JV

    8 Mar 2006

    New lender Basinghall Finance has been launched today as a joint venture between Home Funding and West LB Capital Markets.

  • Homebuyer Show backs buy-to-let hotel schemes

    9 Mar 2006

    Property investment neednt just mean buy-to-let or overseas properties, says The Homebuyer Show, as canny investors are discovering opportunities to make money from the property market can include land, leisure businesses and even hotel rooms.

  • Howes Percival wins regional firm of the year award

    7 Mar 2006

    Commercial law firm Howes Percival has been named as 2006 regional firm of the year.

  • HPC and GHL join forces

    8 Mar 2006

    Over 200 mortgage brokers gathered at Aston Villa FC and Gillingham FCs football grounds recently to hear about the relationship between Hanover Park Commercial, a member of the Erinaceous Group, and Genesis Home Loans Group.

  • HSBC profits of 11.5bn

    6 Mar 2006

    HSBC has revealed its biggest profits ever by a UK high street, making a pre-tax profit of 11.5bn in 2005.

  • I should have the option of recommending equity release

    6 Mar 2006

    From George Chappell As an IFA and mortgage adviser I can see the benefits of equity release. While it may not be right for every client, it will be for some. This is why I am an adviser - to advise clients on the options and their pros and cons. I passed CF7 last month and intend to move into the equity release market. If I do my job properly, following all the rules and guidelines, what should I be afraid off? It is no different from me advising my client not to make a ...

  • Identify your HIP opportunities now

    6 Mar 2006

    I came across an interesting statistic recently but can't remember where I read it so sorry, unvalidated data is about to be quoted.

  • IFAP launches Eye Team advertising campaign

    9 Mar 2006

    IFA Promotion has launched a new-look consumer advertising campaign designed to enhance its marketing efforts for its 9,000 strong independent financial adviser membership, by refreshing the brand and increasing its reach to consumers and businesses searching for a local IFA.

  • Insurance industry faces real opportunity, says CII

    7 Mar 2006

    Increasing consumer confidence and awareness in the need for long term savings, combined with the Financial Services Authoritys principle based approach is creating a real opportunity for the industry, says Chartered Insurance Institute. This is the key message that CII president Peter Hales will deliver to an audience of 250 insurance and financial services industry leaders and key influencers, including guest speaker Stephen Timms the minister for pensions, at the annual Presidents ...

  • Interact with your clients on the net

    6 Mar 2006

    Consumer-facing online interfaces from firms such as Screen Business could save brokers time and enhance the service they offer clients as well, says Frank Eve

  • Intermediaries referring equity release business, says KRS

    8 Mar 2006

    Key Retirement Solutions, the specialist IFA for the equity release market, says increasing numbers of IFAs are realising how much additional income can be generated by referring equity release business to specialist firms rather than transacting it themselves.

  • IQ could be the next challenge for CII

    6 Mar 2006

    In the words of David Bowie, things are ch-ch-changing in the world of critical illness insurance. What with the Association of British Insurance's guidance on clarity and its review of CII, there is no doubting the product's positive push into the 21st century.

  • Jowell could have known about deal

    6 Mar 2006

    MP Tessa Jowell is likely to have been aware that the 625,000 mortgage on her home had been paid off, despite her claims to the contrary, says Mortgage Express. Jowell denies any knowledge of the 344,000 allegedly paid to her husband David Mills in return for his testimony in a corruption enquiry into Italian premier Silvio Berlusconi. Mills later used the money to pay off the mortgage on the couple's home.However, evidence from Mortgage Express now suggests that she could have ...

  • Keep communications clear and simple

    6 Mar 2006

    Companies are increasingly recognising the value-adding potential of effective communications. Favourably received external communications can positively influence customer opinion. Internally, information can motivate employees. Happy staff make better company ambassadors who are more likely to influence customer relationships, leading to increased sales. It's hardly rocket science.

  • Kensington launches range to offer brokers choice

    6 Mar 2006

    Kensington Mortgages has launched a broad product range called Kensington Choices.Rates have been rates reduced by up to 1.60% in certain categories and there are two product sets - Simple Choices and Extra Choices.Simple Choices, based on simplicity and ease of use, is for introducers used to prime propositions and Extra Choices, based on more product and rate options, is for introducers more familiar with Kensington's products and with specialist lending in general.The ...

  • Kensington to respond to disgruntled packagers

    10 Mar 2006

    Kensington says it intends to respond to pressure from the packager community and address concerns regarding the fees on its recently launched product range.

  • Lambeth and Portman to merge

    6 Mar 2006

    The directors of Lambeth and Portman have agreed to a merger.

  • Land Registry to attend Homebuyer Show

    9 Mar 2006

    Visitors to this years Homebuyer Show will have the opportunity to access Land Registry title registers, plans and records and put their questions to senior Land Registry personnel as the government body responsible for registering land ownership showcase their service at the show.

  • Land tax could stifle development

    6 Mar 2006

    A land tax proposed by the government may stifle housing development and is based on a misunderstanding of how the property market operates, says the Royal Institution of Chartered Surveyors. The Planning Gain Supplement would be paid by developers as a portion of the uplift in land value when planning permission is granted.But RICS says waiting for the government to do essential infrastructure work could discourage development.

  • Lehman could be funding A&L's move into sub-prime

    6 Mar 2006

    Alliance & Leicester's intention to move into the near prime, sub-prime, self-cert and buy-to-let markets is believed to be financially backed by American investment bank Lehman BrothersSally Lauder, spokeswoman for A&L, refused to comment on whether Lehman Brothers was its financial backer, but confirmed that it is in negotiations with a partner to purchase the assets.A partnership would mean A&L will distribute products and earn money from fees but these won't be held on its balance ...

  • Lenders and providers that dismiss Wales will lose out

    6 Mar 2006

    From Julia DeBattista On a holiday in Las Vegas, my husband did a bungee jump and the event was videotaped. On watching the recording I was amused when, just as he was about to jump, my husbandshouted: "This one's for Wales!" to which the American gentleman with the video recorder replied "Yup. Save the whales, save the whales." America is a large country and we know it represents the whole world to Americans. Lovely people though they are, their grasp of the rest of the globe ...

  • Lenders defend Origo costs

    6 Mar 2006

    Lenders have dismissed concerns that the cost of creating open standards in the mortgage industry will be passed on to consumers.Origo, the financial services industry standards body, has gained significant financial backing from 13 lenders, believed to amount to around 125,000.Paul Pettitt, managing director of Origo, has been quoted as saying standards cost the life and pensions industry 400,000 a year.One source tells Mortgage Strategy this cost to lenders may ...

  • Lenders will enter a buoyant sector

    6 Mar 2006

    Last week brought more great news for the equity release market with New Life Mortgages announcing a rate cut on its high LTV product.

  • Loans.co.uk 10th best company to work for

    7 Mar 2006

    Loans.co.uk was voted the 10th best company to work for in the Sunday Times Top 100 on March 6.

  • London flat prices rise by 1.4%

    8 Mar 2006

    Flat prices increased by an average of 1.4% in February across Canary Wharf, Shad Thames, Wapping and Bow, shows the latest survey of property prices in the City from London estate agency Felicity J Lord.

  • Loose talk costs clients dear in the longer term

    6 Mar 2006

    Loose accusations of irresponsible lending are a pet hate of mine. They appear frequently in the media, yet are hardly ever supported by evidence.

  • M2i offers fully integrated version of MortgageStream

    6 Mar 2006

    m2i is offering a fully integrated version of its MortgageStream case management software to all its members.

  • M2i sets more dates for training and competence workshops

    8 Mar 2006

    Following the success of the Training and Competence workshops last year, m2i has set dates for its Treating Customers Fairly workshops which are due to commence on March 15.

  • Market Watch

    6 Mar 2006

    Swaps rose fairly substantially last week.

  • Marketing Brief

    6 Mar 2006

    Support is critical in the mortgage industry. Kevin Paterson's A-Z review rates the marketing material that lenders issue to help brokers with sales and business development

  • McCarthy to head ODPM HIP team

    6 Mar 2006

    Richard McCarthy is to replace Cathy Cant as product leader after the Office of the Deputy Prime Minister reshuffled its Home Information Pack team.Fears that the June 2007 implementation deadline for the introduction of HIPs will not be met are believed to be the driving force behind the reshuffle which will see McCarthy, currently director- general of places, planning and communities at ODPM, leading the programme and chairing the project board.A spokeswoman for the ODPM says: ...

  • Millfield - another IFA with bird flu?

    6 Mar 2006

    Like migrating flocks spreading bird flu, profitability for top IFA firm Millfield seems ever elusive and on the wing as it moves from one deadline to the next, says Richard Griffiths

  • Mortgage Next launches self-cert mortgage

    6 Mar 2006

    Mortgage Next has launched a two-year discounted self-cert mortgage, available via members of the Mortgage Next Network and directly authorised brokers registered with Mortgage Next Partners.

  • Mortgage Next relaunches M+ range

    10 Mar 2006

    Mortgage Next has relaunched its M+ range of mortgages, funded by The Mortgage Business.

  • Mortgage Promotions appoints eConveyancer to provide HIPs service

    9 Mar 2006

    Mortgage Promotions has appointed eConveyancer to provide a Home Information Pack service, when the documents become a compulsory part of house sales in June 2007.

  • MPLC appoints Paul Gould to its board

    8 Mar 2006

    Mortgages PLC has strengthened its board with the appointment of Paul Gould as strategic development director.

  • Multi-channel is the way ahead

    6 Mar 2006

    Welcome to this special edition of Mortgage Strategy, edited by Drew Wotherspoon of John Charcol fame.

  • Near prime options

    6 Mar 2006

    UK investors' appetite for overseas property is undimmed despite it not being able to be included in self invested personal pensions, says Conti Financial Services.

  • Network targeted by spies

    6 Mar 2006

    Home of Choice has fallen victim to what police describe as an espionage attack after a break-in at its office in Chippenham.

  • New Life reduces lifetime mortgage interest rates

    6 Mar 2006

    New Life Mortgages has reduced the interest rates across its lifetime mortgage product range.

  • Northern Rock introduces changes to product range

    9 Mar 2006

    Northern Rock has made changes to its product range with effect from Monday March 13.

  • Offset mortgages best suited to higher rate tax payers, says Defaqto

    6 Mar 2006

    Current account and offset mortgages are best suited to higher rate taxpayers who have above average savings and are prepared to commit for the long term, says a report from Defaqto, the financial research company.

  • Only one in four retirees have enough money

    10 Mar 2006

    A report into retirees attitudes towards equity release products by Scottish Widows Bank reveals only one in four retirees expect to have enough money to do all the things they want to in retirement.

  • Openwork restructures mortgage panel

    6 Mar 2006

    Openwork, the 2300 strong multi-tie distribution business has restructured its mortgage panel by introducing a three-tiered structure for its 37 lenders.

  • Oryen to pilot generic applications

    6 Mar 2006

    Packager Oryen is to pilot an online generic application later this month.Subject fields on the form will automatically pre-populate with information, meaning brokers have to only key in information once when they complete the initial online enquiry at point-of-sale.The company will pilot the system with its larger introducers first. The plan is then to roll it out across the country.This news comes on the back of a record 312% increase in applications for January this year ...

  • Outsourcing must benefit clients

    6 Mar 2006

    Lenders can cut costs and better focus their resources by outsourcing services but these benefits should not come at the expense of customer service, says Peter Brennan

  • Overseaspropertybroker.com warns over purchasing property in Dubai

    7 Mar 2006

    Overseaspropertybroker.com believes the current trend for purchasing property in Dubai will reveal itself to some investors who have bought off-plan in the United Arab Emirates over the last couple of years, as a scandal waiting to happen.

  • Paymentcare slams single premium PPI products

    6 Mar 2006

    Single premium payment protection insurance policies are never in the clients best interest with mortgage payment protection insurance being the worst offender, says Paymentcare. Shane Craig, managing director of Paymentcare, has slammed brokers for selling borrowers a limited period of cover, usually five years, where they pay for it over the whole term of their mortgage. He says: The unnecessary interest accrued is ruinous. Paymentcares comprehensive range of monthly ...

  • Platform intergrates clickdecision with packagers' technology

    9 Mar 2006

    Platform is integrating its online clickdecision tool with a number of selected packagers internal systems using XML technology. This move will mean Platforms decision tool can be used in conjunction with its own bespoke technology to create greater efficiencies and save hours of labour.

  • Prestbury launches Bsure for DAs

    7 Mar 2006

    Prestbury has launched a Financial Services Authority direct proposition in partnership with UK lenders and life offices.

  • Principality launches Welsh focused range

    8 Mar 2006

    Principality has launched a mortgage range focusing on the needs of Welsh consumers.

  • ProACT Financial to launch two niche brands

    6 Mar 2006

    ProACT Financial has recently doubled the size of its specialist mortgage team and plans to launch two niche brands as part of its marketing strategy ProACT Private Finance and Homeloans4U.

  • Property clubs off the hook

    6 Mar 2006

    The Financial Services Authority has decided against tightening the regulations involving property investment clubs.Last year the regulator considered expanding its remit to include property investment clubs after calls to protect consumers from unscrupulous clubs that charge their members thousands of pounds.In its newly published guidelines, the FSA says a property investment club that does not have control of its day-to-day running will be considered a collective investment ...

  • Propertyfinder.com record number of hits in February

    6 Mar 2006

    Propertyfinder may be closing the gap with Rightmove after a record 1.2 million buyers, sellers and renters visited propertyfinder.com in February.

  • Rate challenges can be misleading

    6 Mar 2006

    Mortgage deals that challenge consumers to save money on their repayments have been slammed as sending out the wrong message to consumers.NatWest is offering customers of Halifax, Abbey, Lloyds TSB and Cheltenham and Gloucester 1,000 if it can't lower their monthly repayments by a remortgage. This cash incentive has quadrupled since last autumn when the lender offered 250 if it could not beat a rival's price.Nationwide has also offered mortgage challenges in the past, the most ...

  • Rents rise

    6 Mar 2006

    Rents are rising as tenants return to the lettings market, says the Royal Institution of Chartered Surveyors in its lettings survey.Chartered surveyors report the biggest increase in tenant demand for four and a half years, with 27% more reporting a rise in new lets than a fall.

  • Richard Griffiths' being so wrong damages everyone in the industry

    6 Mar 2006

    From Richard Coulson At Home of Choice we are not journalists but if we were, we'd want to get our facts right. We do have a compliance director, one of the best in the industry, and he thinks getting the facts right is pretty important too - vital, he says, if you're going tourge the Financial Services Authority to take action. Richard Griffiths' article 'When will the FSA crack down?'(Mortgage Strategy February 27), for something clearly designed to catch the regulator's eye, ...

  • RICS welcomes interest rate hold

    9 Mar 2006

    The Bank of England's decision to hold interest rates at 4.5% has been welcomed by the Royal Institute of Chartered Surveyors.

  • Satellite packaging can benefit all

    6 Mar 2006

    Satellite packaging provides an important service in the mortgage process and firms that undertake this function can gain greater control and make higher proc fees, says Payam Azadi

  • Scarborough joins forces with The MT Group

    6 Mar 2006

    The Scarborough is joining forces with The Mortgage Times Group to increase its levels of intermediary business.

  • Scottish Widows sees 31% increase in loans and advances

    8 Mar 2006

    Scottish Widows Bank, the telephone-based mortgage and deposits bank, reports mortgage lending grew substantially in 2005 with loans and advances to customers increasing by 31% to 4.6bn.

  • Single premium products never have been justifiable

    6 Mar 2006

    From Danny Christ The Mortgage Strategy campaign to Stamp Out SPASU has 100% backing from us. We have never arranged such a patently unfair product. I believe SPASU is simply not justifiable in this age of treating customers fairly - in fact, it never was.

  • Societies keen on white label plan

    6 Mar 2006

    TML Financial Solutions says it has been approached by a large number of societies enquiring about its affinity programme that offers firms a white label solution for sub-prime business.The move by TML, part of the Kensington Group, to offer organisations a simple way of branching out into sub-prime has added to the speculation that it won't be organisations like DB Mortgages and Oakwood that will be the main competitors in the sub-prime market but rather the smaller societies.Richard ...

  • Society lent 68.4m in 2005

    6 Mar 2006

    Market Harborough reports 68.49m gross total lending in its results for the financial year ending December 31 2005

  • Some politicians are financially literate

    6 Mar 2006

    Every so often a news story renews your faith in mortgage advisers and lenders.

  • Sourcing systems should have a total cost column

    6 Mar 2006

    From Paul Ormerod I read with interest Brian Evans' letter in Mortgage Strategy (February 20) and agree with his comments, but what can one do? They say accountants who find accountancy too exciting become actuaries. And that's what you need to be to unbundle all the add-on fees. I was sourcing a 180,000 buy-to-let deal on Trigold recently and, having clicked on 'sort by rate', the screen filled with arrangement fees of 2,741 and 2,284 and you have to go down 20 places get ...

  • Spanish villas rise in popularity, says N&P

    7 Mar 2006

    Norwich and Peterborough says detached and semi-detached villas in Spain have increased in popularity, while the number of people buying apartments and terraced properties fell during 2005.

  • SPASU cover is geared for greed and goes against TCF

    6 Mar 2006

    From Istvan Koszegi Single premium ASU cover is a policy which is geared towards greed. In my opinion this product also goes against the Financial Services Authority's Treating Customers Fairly initiative.

  • SPML extends end dates on deals

    6 Mar 2006

    Southern Pacific Mortgages Limited has extended the end dates on its fixed and discounted rates.SPML's two-year discounted rate has been raised from 0.85% to 1.00% and the end date on its 1.00% discounted rate secured loan product has been extended from March 1 to June 1

  • Spring Move rejects Tory calls to scrap HIPs

    9 Mar 2006

    Home buying misery means more than 40,000 house deals are falling through each month, says research by Spring Move.

  • Stamp Duty penalises first-time buyers, says RICS

    6 Mar 2006

    Stamp Duty Land Tax is unfair to people on lower incomes, penalises first-time buyers and is in urgent need of reform, says the Royal Institution of Chartered Surveyors.

  • Stuart Aitken resigns at SPML

    9 Mar 2006

    Stuart Aitken has resigned as director of credit at Southern Pacific Mortgages Limited after nine years with the company.

  • Talk to us about free range HIP opportunities for brokers

    6 Mar 2006

    From Alan Dring I'd like to thank Tom Gardiner for what I interpret as a complimentary assessment of the articles I am doing in Mortgage Strategy in the February 20 issue on the letters page. It would be good to catch up and chew the cud, as I believe that as I write this he is off work. In the meantime, for what it's worth, I think Home Information packs will happen and am preparing for them. However, all the eConveyancer eggs are not in the same basket and I would ...

  • Tenet completes BBB deal

    6 Mar 2006

    Tenet has completed a deal with Berkeley Berry Birch to take over the activities of its major subsidiary companies.

  • The Derbyshire reveals record results for 2005

    6 Mar 2006

    The Derbyshire has revealed record results for 2005, with a 29% rise in gross mortgage lending to 1,390m.The society reports asset growth of 15.7% to 5.09bn, and an 18% growth in retail savings balances to 2.95bn. The group's pre-tax profit was up 21% to 17.7m from the previous year.Peter Richardson, chief executive of The Derbyshire, says: "The launch of our specialist lending brand Salt into fast-growing markets was an important milestone and will enable us to deliver enhanced ...

  • The Money Centre processes record number of buy-to-let mortgages in 2005

    8 Mar 2006

    The Money Centre processed 1.4bn worth of buy-to-let mortgage applications in 2005.

  • The Mortgage Shrew

    6 Mar 2006

    High flying Hot news from the John Charcol high fliers trip to Dubai. The top business writers for 2005 were all enjoying sun and sand throughout last week and even found time for the odd round of golf.What was surprising, as highlighted in this week's picture caption below, was that Nick Welton, a top broker from arch rival Savills, made it on the trip. Drew the Shrew is unaware whether he managed to infiltrate the trip or was invited but it seems more and more brokers ...

  • The Yorkshire reports growth in mortgage balances

    7 Mar 2006

    The Yorkshire has reported a mortgage balance growth of 7.7% in 2005 with its overall growth doubling from figures in 2004.

  • This industry needs more girl power

    6 Mar 2006

    If you're reading this the chances are you're over 45 and male. Nothing wrong with that you may think, but it's worrying for the future of the intermediary market.

  • This will be another good year for B2L

    6 Mar 2006

    This year has started with a strong buy-to-let market. I have read numerous industry articles by lenders and letting agents and most agree that buying a home to let out is still an attractive commercial proposition.

  • TMB expands sales team

    7 Mar 2006

    The Mortgage Business, the specialist and packager focused lender has expanded its sales team with two new additions.

  • TMO appoints key account manager for North West

    8 Mar 2006

    The Mortgage Operation has appointed Mike Hibbert as key account manager for the North West focusing on the Chester, Liverpool and Manchester region.

  • Treat retention fees with care

    6 Mar 2006

    Mortgage Next is recommending that brokers carefully consider the implications of lender retention strategies before taking up offers of fees in return for advising borrowers to stay with their existing lenders.

  • UCB Home Loans reveals rate changes

    10 Mar 2006

    UCB Home Loans, the specialist lender of Nationwide, is increasing the interest rates on its buy-to-let two-year fixed rate products by 0.1% with effect from March 13, as a response to an increase in the cost of funding.The buy-to-let two year flexible rate has increased to 5.19% from 5.09%. The buy-to-let two year flexible fixed rate for remortgages only has increased to 5.29% from 5.19%.

  • US firm to offer commercial loans via brokers

    6 Mar 2006

    Miami-based financial firm Bayview Financial is opening a UK branch of its commercial loans arm InterBay Funding in May.Mortgage Strategy exclusively revealed last November that the US mortgage finance and real estate investment company was looking to expand to the UK.InterBay Funding lends in the US through independent brokers to help small businesses purchase commercial property. It will offer small commercial loans via IFAs and brokers.The UK division will be headed ...

  • Useful reminders of the FSA rules

    6 Mar 2006

    The guides to the FSA's Handbook for small mortgage and insurance brokers will be useful when reminders of MCOB and training and competence requirements are needed, says Bill Warren

  • VEF appoints BDM

    6 Mar 2006

    Travis Hickey has been appointed as business development manager for the new-build division of French Property specialists VEF.

  • Victoria Mortgages completes sale of its first pool of mortgages

    10 Mar 2006

    Victoria Mortgages has successfully completed the sale of its first pool of mortgages to an undisclosed London financial institution.

  • Walton welcomes chance to rejoin John Charcol

    6 Mar 2006

    Ron Walton, the top business writing consultant at John Charcol throughout the 1990s and a previous managing director, has returned to the company, joining John Charcol Associates.JCA is the recently created self-employed division of John Charcol for top business writers.Walton joined the company soon after it launched in 1974 and continued to work there until Bradford & Bingley bought the business, leaving as deputy chairman. Walton has been pursuing other business interests ...

  • Warning on HIPs

    6 Mar 2006

    Brokers have been warned that the introduction of Home Information Packs in the UK and Property Information Packs in Scotland could lead them to having to supply information in a similar way to estate agents. Speaking at the Mortgage Business Expo Scotland, Alison Hatrick, chairman of the Scottish Branch Committee National Association of Estate Agents, says: "This could produce an obligation for brokers to provide information to the consumer and could disadvantage brokers that are tied ...

  • We do not intend to sell cover through the back door

    6 Mar 2006

    From Jeff Knight I wish to reply to Nigel Pamment's letter in the February 27 issue. First, I would like to stress that GMAC-RFC has no intention of selling ASU and buildings and contents cover to intermediaries' clients through the back door. We offer block buildings and contents insurance cover, as would be expected, and that is that. We prefer intermediaries to do the selling. Second, the issue of the supplementary form is extremely rare and only required if our online system, ...

  • Website assistance

    6 Mar 2006

    IFA Promotions has rebranded its website, as it encourages brokers to set up their own websites. Karen Barrett, marketing director at IFA Promotions, says brokers could lose a substantial amount of business as consumers will prefer to seek advice from lenders that have websites.

  • West Brom changes buy-to-let lending policy

    10 Mar 2006

    The West Brom has made significant changes to its buy-to-let lending policy.

  • What introducers still need to know about endowment shortfalls

    8 Mar 2006

    Endowment claims continue to remain at high volumes. A number of claims management companies have aggressively created a market in making claims against providers and advisers.

  • When an adviser does not advise

    6 Mar 2006

    It should come as no surprise that the public don't seek the advice of intermediaries in arranging mortgages when in some cases that advice is negligible, says Sue Read

  • When is it justifiable for brokers to recommend single premium asu cover?

    6 Mar 2006

    SPASU should be sold in accordance with FSA guidance and on a yearly basis, otherwise it is unlikely to have a future, say our experts

  • Win Guinness in TMP St Patrick's Day competition

    6 Mar 2006

    The Mortgage Partnership has launched a 'Spot the Leprechaun' competition as part of the run-up to St Patrick's Day celebrations.In association with Irish-owned Capital Home Loans, TMP is inviting brokers to visit its website www.themortgage-partnership.com and enter to win a crate of Guinness.The competition is part of TMP's online strategy for 2006. The North-West based packager is redesigning its website to improve its appearance and functionality for brokers and bring it ...

  • Wotherspoon throws weight around at MS

    6 Mar 2006

    Mortgage Strategy was last week under the control of John Charcol's very own head of communications Drew Wotherspoon.John Garfield, John Charcol's enigmatic chief executive, bid 9,000 at the Broomstick Ball in October to edit the magazine for a week, with all money going to help charity Cancer Research.Wotherspoon was Garfield's chosen man to whip the hacks at Mortgage Strategy into shape. He displayed a firm hand and swift wrist in everything he did, from chairing ...

  • Would you shop for your mortgage on the internet?

    6 Mar 2006

    Consumers are increasingly doing their shopping online so it's no surprise that mortgage companies have also got in on the act. Internet applications save lenders money and represent a large market share for brokers. But are consumers as confident shopping online for a mortgage as they are for groceries?So, this week Mortgage Strategy asks...

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