Mortgage Strategy
7 August 2006

  • Arrears warning

    7 Aug 2006

    Moore and Blatch has warned that lenders need to keep a watchful eye on arrears as the unemployed find it harder to regain work.

  • Consumer guide to equity release

    7 Aug 2006

    GE Life has launched a guide to equity release aimed at consumers, their families and financial advisers.It is intended to help families and older relatives explore ways of releasing equity and increasing income in retirement. GE Life also has a guide for solicitors in the pipeline to educate them about the benefits of equity release.

  • Lender changes sub-prime range

    7 Aug 2006

    London Scottish Mortgages has changed its range of sub-prime residential mortgages after a review in consultation with brokers and packagers.

  • Lenders slammed

    7 Aug 2006

    Liberal Democratshadow chancellor Vince Cable has criticised lenders for "irresponsible behaviour" following Lloyds TSB's move to increase provisions to cover bad debts.

  • Network strikes package deal

    7 Aug 2006

    Exclusive Connections and network Classic Network Solutions have signed an agreement whereby the former will be the sole provider of packaging services to 84 registered individuals at Classic.

  • "No sale, no fee" on Spring Move HIPs

    10 Aug 2006

    Homeowners selling their homes are to benefit from a no sale, no fee deal on Home Information Packs from specialist HIP provider Spring Move.

  • $8.4Trillion mortgage debt is no problem

    7 Aug 2006

    I was reading my favourite European mortgage magazine (Mortgage Strategy of course) recently when I saw the editorial about UK mortgage debt surpassing the 1trillion mark. I laughed. 1trillion? Folks, you have nothing on your former colonies.Let me tell you something about the US residential debt market. It's big, bad and ugly. OK, maybe the bad and ugly adjectives don't really apply although there are many consumer watchdog groups - non-profit organisations that claim ...

  • 5.8m donated through affinity accounts

    11 Aug 2006

    The Building Societies Association has revealed 5.8m was donated to various causes through affinity accounts in 2005.

  • 65% Say home inspectors should be compensated

    7 Aug 2006

    An overwhelming 65% of Mortgage Strategy Online readers think the government should compensate the would-be home inspectors who coughed up for the training and now have no jobs to go to.Following the government's decision to make the Home Condition Report element of Home Information Packs optional, a big question mark now hangs over what part qualified inspectors can play in the roll-out of HIPs, if any.This week Mortgage Strategy asks: "Will last week's base rate ...

  • A&L extends specialist mortgage range

    11 Aug 2006

    Alliance & Leicester is extending its current range of specialist mortgages.

  • Advantage joins ENC

    8 Aug 2006

    Advantage has become the latest lender to join ENC, the Enhanced Non-Conforming sourcing module on Trigold.

  • Advantage to host Flexishare workshops

    8 Aug 2006

    Advantage, a Morgan Stanley Group company, has revealed the dates and venues for its forthcoming mortgage intermediary Flexishare workshops. The workshops are set to start on August 16 at the Hilton Hotel in Glasgow and will then travel to nine other destinations across the country. The workshops will feature an presentation about Flexishare, a question and answer session and an opportunity to network with others at the workshop. The workshop dates are: 16th Aug Glasgow

  • AHIPP outlines HIP and HCR roll out

    11 Aug 2006

    The Association of Home Information Pack Providers has outlined the first stage of its regional roll out of Home Information Pack and Home Condition Reports.

  • AMI launches factsheet on European regulation

    7 Aug 2006

    The Association of Mortgage Intermediaries has launched its latest factsheet entitled A Guide to European Financial Services Legislation. The impact of the European Commission on UK financial services continues to increase.

  • Assetz launches new property fund

    7 Aug 2006

    Assetz Fund Management is to lauch a new property fund providing developer finance for a 75m mixed use scheme in Ipswich.

  • AToM adds edeus to lender panel

    9 Aug 2006

    All Types of Mortgages has welcomed lender edeus into the market place by joining its circle of trust packager panel.

  • AToM rethinks its terminology

    7 Aug 2006

    All Types of Mortgages is to stop using the term packaging and adopt a new industry classification, the catchy 'wholesale mortgage design and distribution'.

  • Bank of England may further increase interest rates

    9 Aug 2006

    The Bank of England has suggested that it may have to rise interest rates further in coming months in order to keep inflation on target at 2%.

  • Bankruptcies up by 66%

    7 Aug 2006

    Insolvency figures from the Department of Trade and Industry for Q2 2006 reveal a 66% annual rise in the number of people being made bankrupt.

  • Banks can't shy away from responsibility for bad debts

    7 Aug 2006

    From Ian Nelson

  • Better way to include energy reports in buying process

    7 Aug 2006

    Name and address supplied

  • Broker promotions will remain in FSA spotlight

    7 Aug 2006

    The Financial Services Authority will continue to monitor mortgage brokers' financial promotions, having found little improvement in the number of promotions meeting regulatory standards.While sectors such as investment have upped their game, the FSA says sub-prime and equity release financial promotions are still not up to scratch.Common failings identified in relation to sub-prime brokers in-clude the omission of or incorrect calculation of APRs, lack of or inaccurate risk ...

  • Brokers must wake up to EU threat

    7 Aug 2006

    The mortgage industry has had more than its fair share of government intervention over the past few years. Mortgage regulation cost a lot and produced lots of paper but there's no evidence that it has led to consumers shopping around more or getting better mortgage deals.

  • Buy-to-let here to stay, says Moneyfacts

    7 Aug 2006

    The buy-to-let market will continue to grow after ten succesful years, says Moneyfacts.co.uk.

  • Can single premium MPPI policies ever be in clients' best interests?

    7 Aug 2006

    Aidan Plumridge is marketing and business development manager at Cassidy Davis

  • Cardiff Pinnacle appoints chief commercial officer

    10 Aug 2006

    Cardif Pinnacle has appointed Andy Swain as chief commercial officer with additional responsibility as executive director for the group's sales and marketing function.

  • Check out a way to improve advice

    7 Aug 2006

    The first round of lifetime mortgages mystery shopping by the Financial Services Authority in 2005 highlighted deficiencies in the advice offered to clients and in the sales process. More than 70% of advisers were not gathering enough information about clients before offering advice on equity release. To compound the problem many advisers were advising clients to invest the proceeds in products that were unsuitable for them and posed an unnecessary risk. And more than half were not advising ...

  • Chris Bevan joins Colbalt Capital

    10 Aug 2006

    Chris Bevan has joined Cobalt Capital as group business development manager, heading up the companies business development unit.

  • CML admits it doesn't have niche data

    7 Aug 2006

    The Council of Mortgage Lenders has admitted it does not have data on niche markets including self-cert and sub-prime, following its prediction that repossessions will rise 46% in 2006.Last week executive committee papers written by Sue Anderson, head of external relations at the CML, and Jim Cunningham, senior economist at the CML, were leaked by an unknown source. Both are on the CML's executive committee.Christopher Dean, press officer at the CML, says it is asking members ...

  • CML man to quit

    7 Aug 2006

    Peter Williams, deputy director-general of the Council of Mortgage Lenders, is to leave and become a self-employed consultant.

  • Comments from the pro-HIP lobbyists make me laugh

    7 Aug 2006

    From Peter Sowerby

  • Commercial First launches illustration facility

    7 Aug 2006

    Commercial First has launched an illustration facility that provides brokers and their customers with a one page concise summary of costs and charges for the commercial mortgage contract being offered.

  • Commercial First spells it out for borrowers

    7 Aug 2006

    Commercial First has launched an illustration facility to give clients a summary of the costs and charges of commercial mortgage contracts.The Commercial First Illustration, which is the first of its kind, contains details of the terms of a mortgage contract including payments during and after the fixed rate or interest-only period expires. It also makes clear all associated fees and early repayment charges payable.Andrew Montlake, partner at Cobalt Capital, says: "Commercial ...

  • Competition time

    7 Aug 2006

    Intense competition has been a defining characteristic of the mortgage market in recent years. The number of lenders has increased enormously and the sheer volume of deals now available to borrowers is staggering. As far as products are concerned, competition is pushing rates ever lower, taking lenders' margins with them.

  • Considering the renovation options

    7 Aug 2006

    A recent conversation with a friend who is considering buying nothing short of a wreck led me to think about mortgages for property renovation, especially as these deals are destined to become more popular in the coming years.

  • Conveyancing

    7 Aug 2006

    Easier2Move has teamed up with Thinc Destini Group to provide a conveyancing service to the group's advisers.

  • Curriculum Vitae

    7 Aug 2006

    Name: Penny Searles

  • Customers like brands that deliver

    7 Aug 2006

    The Sunday Times recently published a supplement entitled Superbrands to rank the strongest brands in Britain. An initial short list was narrowed down before a consumer survey was used to hone it to the top 500 brands. The podium positions were taken by Microsoft, the BBC and British Airways, all of which are clearly giant brands and not only in the UK. I turned to the 'Banks and financial' category to see which institutions received the branding plaudits.Perhaps the ...

  • Dear Delia

    7 Aug 2006

    Dear Delia, My client Steve is a professional landlord with a portfolio of 14 buy-to-let properties with a total value of 1.75m. He has an aggregate mortgage balance of 900,000. Steve wants to remortgage and expand his portfolio and is considering buying properties at auction so he will need to have finance in place. What are his options?

  • Don't rely on systems to source B2L deals

    7 Aug 2006

    The intermediary mortgage market is becoming more reliant on technology by the day and the future is likely to see this trend continue. I presume that everyone in our market uses one computer programme or another during their working week.

  • Dubai firm buys Hamptons for 82m

    7 Aug 2006

    Hamptons International - parent group of Hamptons Mortgages - was sold last week for 82m to Dubai-based Emaar Properties by owner Wheelock Properties.The group says the news will be a boost for the entire Hamptons UK operation including the estate agency business and the mortgage brokerage.Kevin Duffy, managing director of Hamptons Mortgages, says the change in ownership of its parent group will involve little initial change to the everyday running of Hamptons Mortgages.He ...

  • edeus adds BDS to packager panel

    10 Aug 2006

    BDS Mortgage Group has been selected by edeus as one of the packagers it will work with from day one.

  • edeus agrees partnership with Savills

    10 Aug 2006

    edeus, the new mortgage lender set to launch in September 2006, has agreed a strategic relationship with Savills Private Finance as its first national brokerage.

  • Edeus' circle of trust packagers revealed

    7 Aug 2006

    Edeus says it will not rule out talking to any packagers that want to join its 'circle of trust' panel, as it reveals the names of the first 15 firms and associations to join. The packagers on the panel are AMPD Packager Network, BDS Mortgage Group, Chase UK, Complete Mortgage & Loan Services, Connect Mortgage Group, Freehold, KGB Packaging, Manor Mortgages, Mortgagematch Home Loans, Mortgage Next , The Mortgage Partnership, Personal Touch Packaging, Professional Mortgage Packagers ...

  • edeus offers 75 extra proc fee

    7 Aug 2006

    Edeus is offering all intermediaries who register with it online before its launch an extra will 75 proc fee, on all business submitted prior to the end of the year.

  • Equity release market needs greater competition, says NU

    11 Aug 2006

    Norwich Union says the equity release market needs more high street providers, greater competition and a wider range of products if it is to continue growing.

  • Estate agents want to be regulated

    7 Aug 2006

    Research by property services group movewithus shows that 90% of estate agents would welcome the industry being regulated.

  • EXCLUSIVE: FSA confident network four will get it right

    8 Aug 2006

    The FSA says it is confident that the four networks it forced into halting AR recruitment while they get their systems in order will quickly recover and continue to operate in the market.

  • First-time buyers pay highest on record, says CML

    8 Aug 2006

    The average first-time buyer was paying 3.21 times their income to get amortgage in June - the highest figure on record - new data from the Council of Mortgage Lenders reveals.

  • Four join edeus' financial team

    7 Aug 2006

    Edeus last week made four appointments to complete its senior financial team which will work under chief financial officer Ian Lonergan. The four come from Gerrard Investment Management, HBOS, mortgageforce and the Cauldwell Group, parent of Phones4U.

  • FP Advance to provide transition planning services

    11 Aug 2006

    Brett Davidson has launched FP Advance, a company focused on the provision of transition planning services to adviser firms across the UK.

  • FSA appoints audit director

    7 Aug 2006

    Rosemary Hilary has been appointed director of the business review and audit division at the Financial Services Authority.

  • FSA fines Merrill Lynch International

    7 Aug 2006

    The Financial Services Authority has fined Merrill Lynch International 150,000 for failing to accurately report certain transactions to the FSA and previously the Securities and Futures Authority. Between September 1996 and January 2006, Merrill Lynch, which owns Mortgage plc, executed an estimated 1.2 million transactions in non-UK European equities.

  • GE Life cuts lifetime mortgage rate

    10 Aug 2006

    GE Life has lowered its lifetime mortgage interest rate from 6.09% to 5.95%.

  • GHL Group to appoint four new staff

    10 Aug 2006

    Guaranteed and Genesis Home Loans are to appoint four new members of staff including a Head of Packaging key management position.

  • Give us a break

    7 Aug 2006

    The government is keen to see more mortgage borrowers with some form of payment or income protection insurance, and targets that equate to doubling the number of protection policies in force are often talked up.

  • GMAC-RFC portfolio sale

    7 Aug 2006

    GMAC-RFC has completed its second portfolio sale to Oakwood Homeloans. The 330m deal comprised a pool of prime, buy-to-let and self-cert deals.

  • Government introduces energy inspectors

    7 Aug 2006

    The government has controversially announced plans to introduce energy inspectors, who will be trained specifically to carry out the Energy Performance Certificate.

  • Government takes rap for boom in ID checks

    7 Aug 2006

    The government has been blamed for home buyers' frustration at the high number of identity checks carried out as part of the buying process.Research carried out by Manchester Business School on behalf of fraud prevention specialist GB Group says the increase in buy-to-let and the strong housing market fuel almost two million checks in the estate agency sector each year.It says when a home is purchased a person may have their identity checked five times or more but this could ...

  • Halifax denies wanting to kill off remortgaging

    7 Aug 2006

    Halifax has denied that its reason for offering a retention fee is to kill off the remortgaging market.Alan Cleary, managing director of edeus, is warning brokers not to be fooled by the offer of a short-term fix but instead to consider the longer term implications.He says: "Lenders in the prime sector can't make money given the dynamics of today's prime business. A typical prime deal at 0.25% above the base rate will have a life of 2.6 years, down from seven years in the early ...

  • Halifax increases SVR

    8 Aug 2006

    Halifax has revealed it will be increasing its standard variable rate from 6.50% to 6.75%, following the interest rate rise.The increase for existing borrowers will come into effect at the same time as the increase in savings rates on September 1. Tracker mortgage customers will also see a 0.25% increase in rates, again effective from September 1.

  • Halifax system makes retention easy

    7 Aug 2006

    I'm surprised that Halifax's retention strategy has not caused more comment in the trade press. If other lenders follow Halifax's example and start paying brokers commission for retaining borrowers by arranging product switches and further advances, we could see a change in the way the remortgage market works.

  • Hamptons joins KRS equity release mortgage club

    7 Aug 2006

    Hamptons Mortgages has signed up to Key Retirement Solutions' equity release mortgage club, Lifetime Advisory Services.Following in the footsteps of Chase de Vere, which was LAS' first subscriber, Hamptons' qualified advisers will have access to training, integrated fact-finds and suitability reports, a research platform and end-to-end case tracking.Kevin Duffy, managing director of Hamptons Mortgages, says: "KRS is at the forefront of initiatives in the equity release market ...

  • HBOS market share rises to 22%

    7 Aug 2006

    HBOS' gross market share in the mortgage market increased to 22% in the first half of 2006 - a 1% in- crease on last year's figures, its interim results reveal.The results also show gross mortgage lending was 35.2bn as of June 30 this year, more than 7bn up on the same time last year.Nigel Stockton, managing director of HBOS Mortgage Intermediaries, says: "We're pleased with these numbers. Our improved net share proves we're not reliant on any individuals - including myself."HBOS ...

  • HIP commitment

    7 Aug 2006

    Home Information Pack provider MDA Advantage says despite the U-turn by the government, it is committed to the development and provision of a HIP service.

  • HIPS not gone for good, says Kent

    7 Aug 2006

    HIPS are not gone for good, says Trevor Kent former president of the National Association of Estate Agents and a leading HIP critic. Kent says: "What the government has actually said, unless there is a further U-turn is that HIPs will still be an expensive mandatory requirement on June 1 2007. The only change is that sellers will not, at the moment, be forced to pay for and include the 'survey ' element known as The Home Condition Report. As soon as a property goes on the market ...

  • Home owners get hot under the collar

    7 Aug 2006

    Last month was the hottest July since 1659, according to climate historian Philip Eden. The average temperature in England was 19.85C, with individual highs recorded at 36.5C, which is decidedly warm. Train tracks buckled, roads melted, commuters endured temperatures illegal for cattle transport and zoo animals cooled down by sucking blood flavoured ice lollies.

  • ifs reveals new name

    7 Aug 2006

    The Institute of Financial Services has been renamed ifs School of Finance. The new name has been chosen to be more representative of the ifs as it develops its financial education provision, both for the industry, and for consumers as an essential life skill. Mark Roberts, head of financial regulation and corporate and academic relationship management at ifs, says: For customers of our popular regulatory qualifications such as the Certificate in Mortgage Advice and Practice, ...

  • Income protection at the crossroads

    7 Aug 2006

    Alarming figures from Swiss Re show sales of term plans have plummeted 26% in the past two years despite continual cuts in product prices. Critical illness plans have dropped 15% in the same period, so is income protection in danger of becoming extinct? These figures are a wake-up call. They represent a substantial expansion in the protection gap to 170bn in 2005 compared with 130bn in 2002.

  • Infinity extends fixed rate promise

    7 Aug 2006

    Infinity has extended the expiry date of its fixed rate promise until August 31.

  • Is this a cunning plot or has Labour just cocked up again?

    7 Aug 2006

    From Danny Lovey

  • Job uncertainty

    7 Aug 2006

    Research from Prudential shows that one in 10 UK workers fear their jobs are in imminent danger. Yet over one-third of people say they have few or no savings in place should they lose their jobs or be unable to work.

  • KGB offers onsite underwriting from SMPL and Freedom

    7 Aug 2006

    KGB Packaging now has onsite underwriting facilities provided by South Pacific Mortgage Ltc and Freedom Lending.

  • Kylie is exception who proves the rule

    7 Aug 2006

    About a year ago one of the most successful and recognisable stars of the past decade was diagnosed with a disease that strikes over 1.2 million people every year. In May 2005, along with an estimated 3,500 women in the UK, Kylie Minogue was diagnosed with breast cancer.

  • Labour's house building incentives slammed

    7 Aug 2006

    Ruth Kelly, head of the Department of Communities and Local Government, came under fire last week over her plans to offer town halls housing incentives.The grants are aimed at local auth-orities with housing needs and will be given to those that take on new housing developments.Press reports have criticised the grants, likening them to "blackmail" and saying Kelly is planning to push up Council Tax for those town halls that refuse to build the homes.But a spokeswoman for ...

  • Landlords warned on rogue estate agents

    10 Aug 2006

    Landlords should beware of third-rate letting agents, warns risk consultants Leaseguard.

  • Legal package for employees

    7 Aug 2006

    Lawyer4Life has launched an employee package that adapts the L4L formula of lifetime legal advice to help employers offer a legal service for employees to assist with the recruitment, retention and rewarding of staff.

  • Lenders must see things differently

    7 Aug 2006

    I am a supporter of the management theories of Tom Peters. He was at the height of his management guru status in the late 1980s and early 1990s but his thoughts still ring true. More lenders should review his works and start to look at the way they treat their customers - from their customers' perspective.

  • Lenders rubbish idea of transferable exit fees

    7 Aug 2006

    Hamptons Mortgages' call for lenders to take on borrowers' exit fees from their previous lenders has been criticised by lenders.The London brokerage made the suggestion following the Financial Services Authority's call for lenders to implement justifiable and fair exit fees and consider whether borrowers think their terms might be unfair.Jonathon Cornell, technical director at Hamptons, says: "High administration and exit fees cannot be considered treating customers fairly. ...

  • Let brokers halt the MPPI slump

    7 Aug 2006

    Dubious selling practices and overpriced products have triggered a collapse of consumer confidence in income protection.

  • Listening to the consumer's voice

    7 Aug 2006

    Last week I explained in brief the role of the Financial Services Practitioner Panel and the Smaller Business Practitioner Panel. This week it's the turn of the Financial Services Consumer Panel. This panel was set up by the Financial Services Authority under the Financial Services and Markets Act 2000 and its role is to represent the interests of consumers of financial services.

  • London house prices fall by 1%, says haart

    7 Aug 2006

    The average London house price has fallen by a further 1% in July to 245,017 from 247,703 in June but prices are 8% higher than they were this time last year, research from haart estate agents reveals.

  • Marketing Brief

    7 Aug 2006

    National Countieswww.ncbs.co.uk

  • Marketwatch

    7 Aug 2006

    Swaps initially fell last week with one-year money edging below 5%, before rising above the previous week's levels. They are now at pretty much the levels they were three months ago.

  • Me & My Car

    7 Aug 2006

    I bought my first Aston Martin four years ago and was hooked. Despite it spending plenty of time in the workshop, with my DB9 I am in the presence of greatness, says Keith Dearling

  • Morale remains high at Platform

    7 Aug 2006

    Platform says morale is high among its staff despite the revelation last week that Guy Batchelor has resigned as sales and marketing director to join Lehman Brothers. Batchelor will join Lehman next January to take responsibility for franchise development in its European mortgage capital business, reporting to Chris Rupp, chief administrative officer of the business in Europe.In his new role Batchelor will work alongside the company's senior management team to develop strategies ...

  • Mouse Sale cuts out selling fee

    7 Aug 2006

    www.mousesale.co.uk will enable vendors and purchasers to sell and buy property privately without the need for a traditional estate agent and a selling fee.

  • MPPI withdrawal clause scrapped

    7 Aug 2006

    Bestinsurance.co.uk has scrapped a clause which allowed it to withdraw cover at 30 days' notice from its mortgage payment protection insurance products.

  • MS to mark fifth year with bumper issue

    7 Aug 2006

    Mortgage Strategy is celebrating its fifth birthday this year at London's Serpentine Gallery.To mark this special occasion, Mortgage Strategy will be producing a bumper supplement to be distributed on the night and in every copy of the magazine, looking back at the past five years.You will see all the news and views from yesteryear plus the best of Mortgage Mole, special friends and a new character, to boot.For advertising opportunities please contact Scott ...

  • MSN not one of the network four

    11 Aug 2006

    Mortgage Support Network has confirmed it is not one of the four networks recently forced by the Financial Services Authority to stop recruiting appointed representatives until they get their systems in order.

  • Nationwide appoints manager intermediary channel

    7 Aug 2006

    Peter Saint-Ruth has been appointed senior manager for the intermediary channel and product development at Nationwide.

  • Nationwide changes its fixed rate mortgage

    11 Aug 2006

    Following the recent changes in money market swap rates, Nationwide has changed its fixed rate mortgages, as from August 15.

  • Nationwide to build platform

    7 Aug 2006

    Nationwide is setting up its own online platform because it says the Mortgage Trading Ex-change can no longer offer the society the service it requires.

  • Networks branded immoral

    7 Aug 2006

    Richard Coulson, chief executive of Home of Choice, has attacked what he calls the immoral behaviour of some networks.Speaking on the first anniversary of Home of Choice, Coulson says app-ointed representatives are sometimes held back from joining it promptly because of contractual clauses placed on them by other networks which he says are behaving in an "immoral" way.He adds: "We have appointed 584 ARs but have 320 on the transfer list. Networks im-posing contractual obligations ...

  • New home prices down 1.6%

    11 Aug 2006

    New home prices were down last month by 1.6% , from 258,581 to 254,374 says SmartNewHomes.

  • Northern Rock increase variable rates

    8 Aug 2006

    Northern Rock is increasing its variable mortgage rates following the increase in the Bank of England Base Rate on 3 August 2006.

  • OFT slams PPI market

    8 Aug 2006

    The Office of Fair Trading has issued a damning report on the Payment Protection Insurance market, following an investigation triggered by a complaint from the Citizens Advice last September.The report highlights numerous problems including poor product value, inflated profits, a lack of transparency in the sales process and problems for consumers trying to compare and contrast the policies available across the market.The research discovered large profits being ...

  • People will have to work beyond 65

    7 Aug 2006

    Rising life expectancy and pressure on pensions and benefits mean more people will have to work beyond 65, says Economic Lifestyle.

  • Pink adds edeus to panel

    10 Aug 2006

    Pink Home Loans has appointed edeus to its packaged panel.

  • Pitt and Aitken join Kensington

    7 Aug 2006

    Brian Pitt and Stuart Aitken were welcomed back into the mortgage market last week as they joined Kensington Group to investigate opportunities in the specialist lending sector.Pitt resigned as director of sales and operations at Beacon Homeloans in May, two months after Aitken resigned as director of credit at South Pacific Mortgages Limited.John Maltby, group chief executive at Kensington, says: "Kensington Mortgages pioneered the specialist lending market in 1995 and earlier ...

  • Platform appoints divisional sales manager

    9 Aug 2006

    Platform, the intermediary lender of Britannia, has appointed Iain Dickson as divisional sales manager.

  • PMPA members increase business with GMAC-RFC

    10 Aug 2006

    Members of the Professional Mortgage Packagers Alliance have seen an increase in business from the GMAC-RFC's Partners range.

  • Politicians could distort B2L sector

    7 Aug 2006

    This year marks the 10th anniversary of the introduction of buy-to-let mortgages. Those who bought properties 10 years ago are likely to have seen stellar returns on their investment - the average house price has risen from just over 66,000 to nearly 180,000.

  • Portman reprices two-year fixed rates

    10 Aug 2006

    Portman has repriced its two-year fixed rates with new products available from Friday August 11 as a result of upward movement in swap rates.

  • Prestbury turnover increases by 45%

    7 Aug 2006

    Prestbury Holdings published its results last week for the six-month period to 30 April 2006 showing a 45% increase in turnover to 4.8m.

  • Prices rose by 0.6% in July

    7 Aug 2006

    House prices rose by 0.6% in July taking annual growth to 3.2%, says Hometrack.

  • Prices rose in July

    7 Aug 2006

    Halifax's house price index reveals house prices rose 0.2% in July following declines in May and June.

  • Promotion at Skipton

    7 Aug 2006

    Skipton has promoted Fraser McNeill, previously a risk manager, to its head of finance.

  • PT adds edeus

    7 Aug 2006

    Personal Touch Financial Services has added edeus to its panel of lenders.

  • Purely Mortgages sheds 19 staff

    10 Aug 2006

    Purely Mortgages has shed 19 of its 45 sales staff, the Times newspaper has reported.

  • Rake could hit housing market

    7 Aug 2006

    The first hike in interest rates for 12 months has sparked fears of a slow-down in the housing market.The Bank of England's Monetary Policy Committee increased interest rates to 4.75% last Thursday, having previously held them at 4.5% for 11 months running.It had been widely debated whether rates would change at all, with many expecting a hike to come later this year.Barry Naisbitt, chief economist at Abbey, says: "With economic growth at 0.8% in Q2 2006 and ...

  • Rate change will hit borrowers, say Lib Dems

    7 Aug 2006

    The Liberal Democrats say the rate change last week will hit those in debt, especially borrowers with variable rate mortgages.

  • RBS interest in brokers cools

    7 Aug 2006

    The Royal Bank of Scotland has admitted that it stepped back from the broker market in the first half of 2006. In its half-year results it says: "Intermediaries are an important distribution channel for mortgage products in the UK and we are an active participant in this channel, although there can be significant swings in volumes based on competitive pricing.In the first half of 2006 we stepped back from this market since, at the prevailing pricing, we considered the risk-reward ...

  • Record numbers opt for variable mortgages

    7 Aug 2006

    A record level of borrowers opted for variable mortgages in July, figures from Mortgages Direct show.

  • Refurbishment deal unveiled

    7 Aug 2006

    First Mortgage Options has launched a 100% LTV deal for buying properties that are in need of refurbishment.

  • Retention fees could tempt lazy brokers

    7 Aug 2006

    The thorny issue of proc fees is becoming even more prickly. Until recently my main concern was that some brokers were happy to churn their clients just to pocket the proc fees. When the time swung around for a mortgage review, a fresh home loan product and provider would be identified and the broker would enjoy another pay day.

  • Savills says prime country houses saw price rises of 5.2%

    10 Aug 2006

    Savills Private Finance says the prime country house market has started to power ahead following virtually no growth last year.

  • Sense and bravery - I love Sue Clarke

    7 Aug 2006

    This week I'd like to salute Sue Clarke, head of marketing at edeus - the mortgage lender created by former HBOS duo Michael Bolton and Alan Cleary - for her rip-roaring response to criticism of its advertising campaign.

  • Servicing is crucial for new lenders

    7 Aug 2006

    Much has been written about the new entrants in the sub-prime market with a focus on the front-end activities of these lenders. Products, technology and distribution channels have been covered in detail but little attention has been paid to how they operate behind the scenes. How will they service the assets they generate?

  • Some dreams aren't stolen but given away

    7 Aug 2006

  • Swift appoints regional account manager

    9 Aug 2006

    Swift has appointed Graeme Wade as regional account manager for the South of England.

  • Talk about a good way to get clients

    7 Aug 2006

    It's good to talk, so they say. Wasn't that in a BT advert? Several years ago I suffered from a mysterious persistent cough. After trying all sorts of medicines, linctuses and lozenges I trotted off to the doctor who was baffled. I then went through the gamut of hospital tests and treatments, X-rays, chest clinics and steroids. Nobody ever did find the reason for it and nothing ever cured it. But eventually it went away on its own.

  • The Money Centre responds to interest rate rise

    11 Aug 2006

    Lynsey Sweales, marketing and PR director at The Money Centre, says that hopefully brokers will have prepared for the interest rate rise.

  • The Mortgage Mole

    7 Aug 2006

    Super BowlThe Mortgage Strategy crew went bowling last week courtesy of Home of Choice. After Strategy's recent triumph in the alleys against BM Solutions, expectations were high but sadly, ace hack Rebecca took things a little too seriously. Never the most coordinated of individuals she hurled the ball as hard as she could, forgetting to let go. A messy collision halfway down the alley ensued, although ironically this was her best shot of the game.Fortunately, ...

  • There is a professional body for compliance consultants

    7 Aug 2006

    From Byron Greenhow In Bill Warren's article headlined 'Choose compliance help with care' (Mortgage Strategy July 17) he made a recommendation that I consider to be poor advice and technically incorrect. Warren suggested firms seeking consultants should prioritise those with MCCB backgrounds. For better or for worse, the Financial Services Authority took over from the MCCB in 2004 and from that point it was the FSA's regulations ...

  • Thinc Destini launches buy-to-let seminars

    8 Aug 2006

    Thinc Destini has launched a series of buy-to-let seminars throughout the UK.

  • Timescales are important to clients

    7 Aug 2006

    Interest rate, drawdown flexibility, LTVs and early repayment charges are the big ticket items for product selection in the equity release market. But thought must also be given to service standards.

  • TMP adds edeus to lending panel

    9 Aug 2006

    The Mortgage Alliance has added edeus to its panel of lenders.

  • TMP adds edeus to panel

    10 Aug 2006

    The Mortgage Partnership has added edeus to its packaged panel.

  • Two-hour completions predicted for next year

    7 Aug 2006

    The industry could see two-hour mortgage completions as early as next year, says the director of Close Mortgages, Bob Golden. Golden says that with automated valuation models, credit scoring systems and title insurance, processing applications will become much easier, especially for remortgaging. But he adds that small and medium-sized societies may lose out as they struggle to adapt.Speaking about the new players entering the market, Golden says these lenders are in a good ...

  • Use summer time to make living easy

    7 Aug 2006

    Recent weeks have seen not only the weather hot up but also the Financial Services Authority's attitude to the mortgage market. We have seen action taken against an individual and heard about the famous four networks.

  • Warning - more warnings on the way

    7 Aug 2006

    I have a list of crazy warnings that I find amusing. Some of my favourites are the sleeping pills that carry the warning 'May cause drowsiness' and the matches that have 'Caution - contents may catch fire' printed on the box.

  • Warning on perils of outsourcing

    7 Aug 2006

    Companies should be wary of outsourcing processes that distinguish them from the rest of the industry, says Kensington Mortgages.Ian Giles, director of marketing at Kensington, warns companies to be wary of outsourcing any processes that set them apart from their competitors.He says: "Differentiation is important. If you have a process that differentiates you from your competitors you should think twice before outsourcing it."If it is one of your firm's key selling points ...

  • West Brom provides online DIPs via Trigold

    8 Aug 2006

    West Brom for Intermediaries is now providing brokers with access to Decision in Principles via Trigolds E-Trading Centre. Mortgage intermediaries can use Trigold to source any West Brom for Intermediaries mortgage product, which include prime, sub-prime and buy-to-let mortgages, and complete an intelligent DIP form via the Trigold E-Trading Centre.

  • What good advice should I follow when advising on lifetime mortgages?

    10 Aug 2006

    Although the equity release market holds huge potential, and consequently presents great sales opportunities for mortgage brokers and IFAs, it is also one of the most controversial and complex areas of mainstream personal finance.

  • Who can trust this corrupt and hypocritical government?

    7 Aug 2006

    From Jim Gillespie

  • Would you be more cautious when buying property abroad?

    7 Aug 2006

    It has been estimated that more than a quarter of the properties in Marbella have been built illegally and it could cost up to 4.5bn to compensate those caught up in property scams. But will this scandal put people off buying property abroad or will it simply make them more careful?So, this week Mortgage Strategy asks...

  • You can choose to be a HIP loser or winner

    7 Aug 2006

    Now that we have had a couple of weeks to consider the government's decision to make the Home Condition Report element of Home Information Packs voluntary rather than compulsory, it is a good time to consider who are the winners and losers.

  • Young people live in twice as many homes as their grandparents

    8 Aug 2006

    British people move home more often than ever before and are planning for a lifetime of regular relocation according to new research from propertyfinder.com.

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