Mortgage Strategy
7 June 2004

  • A one-stop lending service for brokers

    7 Jun 2004

    Platform Platform began as Bear Stearns Home Loans in 1989 and, apart from a four-year period administering other lenders' loans, has more than 10 years' experience in the UK centralised lending sector. In 2001, Platform Home Loans was purchased by Britannia for £55m. Two years later Platform Home Loans and fellow Britannia mortgage lending subsidiary Verso merged to become one-stop intermediary lender Platform. The firm employs more than 250 staff, with ...

  • A&L selects Nedstat to streamline e-commerce systems

    8 Jun 2004

    Nedstat, the European leader in website analytics, has been selected by Alliance & Leicester for a second year to streamline its e-commerce systems. A&L says Sitestat, Nedstat's flag-ship solution, has enabled it to revitalise the presentation of key financial products and services online, enhancing the company's return on investment from e-commerce, and improving customer service. Sitestat enables A&L to monitor the movements and trends of its customers online. ...

  • Abbey creates online protection link on Trigold

    11 Jun 2004

    Users of the Trigold sourcing system Prospector Plus can now click straight through to Scottish Provident's online quotations on disk system for a protection quote with no need to re-enter client details. The technology has been developed by Abbey for Intermediaries in partnership with Trigold in order to make it easier for IFAs to carry out an integrated mortgage and protection sales process. Applications for Scottish Provident protection business will be automatically ...

  • Abbey to raise SVR and base rate tracker by 0.25%

    10 Jun 2004

    Abbey has raised its SVR and base rate tracker mortgages by 0.25% following the latest Bank of England rate hike. Abbey's standard variable mortgage rate will increase by 0.25% to 6.50%. Variable tracker rate mortgages, which automatically follow changes in the base rate, will increase by 0.25%. Rates will change at the beginning of July for existing borrowers and on June 14 for new business.

  • Amber sells £22m self-cert prime mortgage assets to Ipswich

    11 Jun 2004

    Amber Homeloans has announced the sale of self-certification prime mortgage assets worth around £22m to the Ipswich. Ipswich says this portfolio sale will allow it to further develop its mix of lending business. It says borrowers will not see any change to the terms and conditions of their mortgage as a result of this transaction but will benefit by gaining membership rights as they become customers of a building society. Gordon Jolly, managing director of Amber, ...

  • AMI look into working more closely together

    7 Jun 2004

    The Association of Mortgage Intermediaries and the National Association of Commercial Finance Brokers are looking at ways of working more closely together in the future. Mortgage Strategy has seen a memo from Keith Heron, chief executive of the NACFB, describing recent developments as an "opportunity to work together". He says: "As you are probably aware, NACFB members have a substantial share of the market and if we are able to bring in AMI members under a common code, ...

  • Are you really up to the job? Prove it

    7 Jun 2004

    Are you sufficiently competent to do your job? Are your colleagues and indeed, is your boss? Regardless of your experience in the financial services industry or your years as a mortgage adviser, the FSA regime brings with it the obligation to prove this. Many advisers at last month's Mortgage Business Expo mentioned training and competence as a grey area of the new regime. It shouldn't be. While regulation has been designed to stamp out instability and market or point-of-sale ...

  • Bananas Inc joins up with SPML to launch discounted light adverse deal

    10 Jun 2004

    Branded lender and packager Bananas Inc has joined forces with Southern Pacific Mortgage Limited to launch a discounted light adverse mortgage targeting those with moderate credit history problems.   The semi-exclusive self-certification tracker product is at LIBOR plus 2.5% with a discount of 1.5% until September 2005, giving an initial interest rate of 5.65%. The product allows up to £3,000 in unsatisfied CCJs, two missed mortgage payments over the past 12 months, one missed ...

  • BANK OF ENGLAND RAISES INTEREST RATES BY 0.25%

    10 Jun 2004

    The Bank of England's MPC committee today voted to raise interest rates by 0.25%. A statement from the Bank says: "The global economic recovery is continuing. In the United Kingdom, official data and business surveys suggest that output growth remains around, or above, trend. Household spending, public consumption and investment have all grown strongly and the housing market remains buoyant. "The labour market has tightened further. CPI inflation has been below the ...

  • Base rate rise will hit buy-to-let investors hard, says Landlord Mortgages

    10 Jun 2004

    Specialist buy-to-let broker Landlord Mortgages says the Bank of England base rate hike will deal a blow to buy-to-let investors. Lee Grandin, managing director of Landlord Mortgages, says: "Today's rate change will result in a significant blow to buy-to-let landlords, the vast majority of whom have variable interest rate mortgages. In the short-term, the change will see the immediate cash flow of many landlords reduced. "However, the lack of good rental property ...

  • BDS adds discount to SPML LIBOR trackers

    7 Jun 2004

    BDS Mortgage Group has unveiled an additional discount on a range of LIBOR tracker schemes from specialist lender SPML, negotiated exclusively by PMPA for it's members. SPML, the dedicated intermediary lender has increased the discount on nine of its standard products interest rates, from as low as LIBOR plus 2.75%. Highlights of the products include a 90% self-cert, for both employed & self employed, an unlimited capital raising - 90% - with no bank statements ...

  • Blue Sky

    7 Jun 2004

    Rising corporate debt looms threateningly around the world, and highly leveraged firms rightly focus on maintaining liquidity. Often it takes more than cutting costs to stay afloat, however. Companies in this predicament must also revisit key strategies - in particular, product marketing. Financial distress scares customers, and if customers go away, revenues dry up, and liquidity concerns can quickly become cash flow crises. Although Management 101 suggests that corporations ...

  • BM Solutions hits 90% online business in 18 months

    10 Jun 2004

    BM Solutions is celebrating the 18-month anniversary of BM Solutions Online in style after revealing that nine out of 10 of its mortgage intermediaries now submit business via its online service. During the last year and a half BM Solutions says it has launched an online cast-iron mortgage offer; has automated procuration fee payments direct into brokers' bank accounts and has launched its owl compliance campaign designed to draw attention to the compliance benefits of online ...

  • BMS aims to show how online services can help

    7 Jun 2004

    BM Solutions has launched its 'Owl' campaign, which aims to highlight the role of online services in meeting the compliance burden The company says it is one of the few lenders in the market to have announced its plan to offer a fully compliant and guaranteed KFIs. The campaign, which includes advertising and direct mail depicts an owl in night vision goggles, emphasises the power and efficiency of compliant online services. Its award-winning BM Solutions Online service ...

  • Bol picks Soden successor

    7 Jun 2004

    Bank of Ireland is searching for a new boss following chief executive Michael Soden's shock resignation last week after he confessed to viewing pornographic material on his office computer. The 57 year old quit his £1m-a-year post after an internal check of the company's internet system revealed the breach of company regulations. There is speculation that Soden might have accidentally accessed porn while browsing escort sites ahead of a trip to Las Vegas. With ...

  • Boom squeezes out Welsh FTBs

    7 Jun 2004

    Wales has seen the biggest house price increases in the UK over the past 12 months, making property increasingly unaffordable for first-time buyers. Swansea has done particularly well, with 55% property price growth between April 2003 and April 2004, based on Halifax figures. A former council house in Swansea sold for a record £260,000 at the end of May, believed to be the highest price ever paid for an ex-council house in Wales. The Cardiff market, where the boom ...

  • Brokers say key worker scheme fails London buyers

    7 Jun 2004

    Brokers have criticised the government's key worker living scheme, arguing that it does not go far enough to help key workers meet the inflated property prices of the South-East. The scheme offers several options including equity loans of up to £50,000 to help key workers buy a home on the open market or a new property built by a registered social landlord. But Mark Osland, director of Croydon-based Fidelius, says this still leaves many properties out of reach ...

  • CA exposé excluded brokers

    7 Jun 2004

    No IFAs or independent mortgage brokers were included in the survey by the Consumers Association for Which? that accuses the financial services industry of being "rife with poor advice and questionable sales tactics". The year-long undercover investigation, the results of which were published last week, limited its research to 39 banks, building societies and estate agents. Researchers posing as first-time buyers to test the advice given on insurance products sold with ...

  • CA voices concern over consumer credit rules for lenders

    10 Jun 2004

    The Consumers' Association has warned that the new rules for lenders on consumer credit may not go far enough to address confusion in the marketplace. The Department of Trade and Industry yesterday announced that all consumers will, for the first time, get clear and detailed information about their credit agreements from lenders before they sign up, enabling them to shop around for the best deal. But Doug Taylor, campaign team leader at the Consumers' Association, ...

  • Capital Home Loans launches buy-to-let tracker

    11 Jun 2004

    Capital Home Loans has launched a buy-to-let tracker mortgage at Bank base rate plus 0.65% with a completion fee of 0.5%. The lender is targeting the tracker, which is tied to base rate plus 0.65% until June 2007, at landlords who may have been involved in buy-to-let for some years and who require LTVs up to 65%. Trevor Child, marketing manager at Capital Home Loans, says: "There is a large and growing body of landlords who have had a successful portfolio of properties ...

  • CII promotes Pathways training software

    8 Jun 2004

    Pathways, which delivers a defined career guide for aspiring financial advisers, is promoting its software to both graduates and managers who are serious about professional training for financial services. Developed by the CII, trade bodies and organisations including Norwich Union, Zurich, Origen and Aegon, the software provides practical career guidance, information and tools for both individuals and their managers. Pathways facilitates a structured career path from ...

  • CMLS offers 90% LTV self-cert deal from Future Mortgages

    11 Jun 2004

    Complete Mortgage and Loan Services is offering an exclusive 90% LTV self-certification mortgage with a three-year discount from Future Mortgages, negotiated through the Mortgage Distributors Cooperative. Offered with prime and mild adverse credit status options, the discounts are 2.25% in year one, 1.75% in year two and 1.25% in year three. No MIG is charged or overhanging redemption period. A key feature of the product is that two normal Future Mortgages restrictions ...

  • CMLS offers 95% LTV sub-prime tracker from Birmingham Midshires

    10 Jun 2004

    Complete Mortgage and Loan Services is offering a 95% LTV sub-prime base rate tracker from Birmingham Midshires, which is available from a limited number of packagers including PMPA members. The 95% LTV is applicable to properties worth up to £150,000. The rate stands at Bank of England base rate plus 2.69% for the first two years, with early redemption charges only extending over the initial two-year period at 5% in year one and 4% in year two. In a feature ...

  • Conveyancing arm is rebranded

    7 Jun 2004

    Sherrards Solicitors, the Hertfordshire-based legal firm has rebranded its volume conveyancing and remortgaging division as 'Homefast Property Lawyers'. Homefast is currently handling some 2000 transactions a month nationwide and provides services to three of the top five estate agency chains in the UK as well as five of the top 10 lenders. It also acts for larger intermediary firms and packagers. The Homefast proposition combines the latest technology ...

  • Co-Op SVR hike shocks brokers

    7 Jun 2004

    Co-Operative bank has been slammed by brokers for raising its SVR by 0.45% from 5.34% to 5.79%. But the lender says that such a large rise was necessary to allow it to offer a better range of discounted products to attract new borrowers. Paul Lawler, spokesman for the Co-Op says: "We're stuck between the devil and the deep blue sea. The companies that are offering bigger discounts also have SVRs that are a lot higher. We have repositioned but our overall package is ...

  • Countrywide interested in B&B assets

    7 Jun 2004

    Countrywide is the latest estate agency to declare an interest in buying Bradford & Bingley's estate agency and surveying divisions which are being disposed of by the group because they are not core to the business. Mortgage Strategy exclusively revealed on May 17 that B&B's estate agency was to be sold off days before the group put that division, Charcol, its mid-to-high net worth IFA businesses, its property services business and its surveyor, SecureMove on the ...

  • Curriculum Vitae - Victor Jannels

    7 Jun 2004

    Name: Victor Jannels Age: 57 Company: All Types of Mortgages Job Title: Group Managing Director Where do you live? Horsham Describe your current job: I am managing director of the AToM group of companies and also a director of The Professional Mortgage Packagers Associates. In this role I am responsible for the public relations and marketing for the group. PMPA represents the interests of packagers ...

  • Dear Dippy

    7 Jun 2004

    Dear Dippy: Solicitor Mr Reznor earns £44,000 plus a potential bonus in his new job. His wife is expecting their third child so they have outgrown their house valued at £150,000. Their mortgage is £75,000 and they have savings of £30,000. They found a plot of land costing £100,000 and want to build a house while staying in their present home. They estimate building costs of £90,000. What are their options? Dippy says: New builds seem ...

  • Do we need to track non-verified loans?

    7 Jun 2004

    The Council of Mortgage Lenders recently published figures on self-certification and fast-track lending showing that income non-verified lending amounted to £147bn or 19.2% of total mortgage balances at the end of 2003. However, the CML will not confirm whether it will provide up-to-date INV statistics on a regular basis. So Mortgage Strategy asks: Should the CML do a regular monthly survey of self-cert and fast-track lending to provide accurate data on the size ...

  • Eight in 10 landlords report stable and increasing demand for rental properties, survey shows

    8 Jun 2004

    More than eight in 10 of landlords report demand for rental properties from tenants is either stable or increasing, Paragon Mortgages' second quarter survey of UK landlords reveals. Only 14% of landlords identified any deterioration in demand. Well over half describe tenant demand as stable, while over a quarter are experiencing growth in tenant demand. A small but significant minority of 3% described tenant demand as booming. Paragon Mortgages' managing director ...

  • em-financial adds three additional BDMs

    7 Jun 2004

    em-financial has announced the appointment of three additional business development managers to increase the company's national sales support. Daniel Spragg has been appointed as the business development manager for the Midlands, Jo Brookes will cover the South-Coast, and Mandy Jones will cover central London. Guy Garrard, em-financial's business development director, says: "I am delighted to welcome all three on board, and am confident that these additional appointments ...

  • eMoneyfacts launches compliance centre for brokers

    9 Jun 2004

    IFA web portal eMoneyfacts has launched a compliance centre offering help and advice for mortgage brokers preparing for FSA mortgage regulation. The service, which is free to all Moneyfacts subscribers, includes easy access to an experienced panel of compliance experts. If a broker cannot find the answer to a question on the site or if they want advice, they can email the panel. It says the panel will then suggest practical solutions based on their experience as regulators, compliance ...

  • Enable completes first induction course for ARs

    11 Jun 2004

    Enable Mortgage & Insurance Network, part of the Skipton group, has completed its first induction course for appointed representatives. The first enable members completed their two-day course in Chichester, West Sussex on June 8. The network says it has courses scheduled right up until regulation day for mortgages. The two-day course covered FSA compliance, product and technology training and selling practices. The course culminated in observed role play, examinations ...

  • First Active to target UK brokers

    7 Jun 2004

    Royal Bank of Scotland is planning an aggressive attack on the mainstream UK mortgage market with the launch of its First Active brand distributing products solely through intermediaries on June 14. First Active was founded in 1861 in Ireland as the mutual Workingman's Benefit, changing to First National in 1960 and then converting to a public company in 1988. It previously entered the UK market in conjunction with Britannic as Britannic Money, but this was bought ...

  • Five-a-side teams line up for soccer contest

    7 Jun 2004

    This week brings further details of the teams taking part in the charity five-a-side football tournament between The Mortgage Works, eight top London brokerages and Mortgage Strategy at Wapping's John Orwell Sports Centre on June 21. The tournament, to take place just hours before England face Crotia in Euro 2004, has been split into two groups. In group one will be Chase de Vere, Square Mile Mortgage Finance, Mortgage Strategy, The Mortgage Works and Hamptons International ...

  • Fixed rates versus variable rates

    9 Jun 2004

    The fixed versus variable rate debate has built momentum in the wake of the publication of David Miles' report to the chancellor for the March 2004 budget. The chancellor believes that homeowners fluctuating between one-mortgage lender to another heavily influences the unsteady market in the UK. Miles' recommendation of fixing customers to longer term mortgages, as seen in the USA, could have stabilising effects in the economy and avoid the repetition of the property recession of ...

  • Frank Eve Consulting launches lender website study

    9 Jun 2004

    Frank Eve Consulting has launched the 2004 Mortgage Lenders' Intermediary Websites Benchmark study - the third annual study of how UK mortgage lenders use internet technology to automate their intermediary lending channel. The consulting company says the study is the only survey in the UK that analyses how lenders and intermediaries use internet technology to speed-up the lending process. It says the study will also be the first to undertake detailed research into how intermediaries ...

  • Genesis adds five high LTV products to Minerals product range

    8 Jun 2004

    Genesis Home Loan has added a five high loan-to-value products to its Minerals range of non-conforming products. Genesis says the products - three at 90% LTV and two at 95% LTV - remain consistent with the rest of the range in that they offer clients a competitive rate basedon them having either CCJs or arrears. It says this 'menu' style of lending ensures that clients do not pay for adverse credit that they have never incurred. The products can also accommodate ...

  • Genesis unveils latest franchise

    7 Jun 2004

    Genesis Home Loans has unveiled F-T Mortgages as the latest of its network franchises due to be rolled out nationwide.   Based near Bristol, F-T Mortgages will now operate as Genesis Bristol & Avon.   Tom Haines, director of Genesis Bristol & Avon, says: "I have known and trusted the people at Genesis for many years. This is a people business, so it was good to have the confidence from the start that the company can offer the best products and service to its intermediaries, ...

  • Good start for new build deal

    7 Jun 2004

    Accord Mortgages has signed over 30 broker firms to the new build mortgage deal it launched in March this year. The deal is designed as an exclusive product for intermediaries who specialise in arranging mortgages for people buying new homes, often working in conjunction with the builder. The Yorkshire subsidiary says a number of the brokers signed up are sizeable firms and that its development team has already identified another tranche of potential candidates. It anticipates ...

  • Halifax climbdown only temporary

    7 Jun 2004

    Halifax is still planning to go ahead with plans to remove the 10% drawdown facility on its entire fixed rates product range despite protests from brokers. Mortgage Strategy reported last week that Halifax had decided against removing the ability to pay up to 10% of the mortgage early across its range. However, sources say that the climbdown is only temporary and that removing the facility from just one of its tracker range options was a stop-gap measure. The ...

  • House prices 64 times higher since first European Championship

    11 Jun 2004

    House prices are 64 times higher since the first European Championship, a report from Nationwide reveals. In a special football-related report, ahead of the Europe 2004 Championships, Nationwide reveals that house prices have risen 19% per year since Sven Goran became coach of the England team, while house prices are more than 2.5 times higher since Euro 1996. Alex Bannister, Nationwide's group economist, says: "Much has happened to the housing market since the first ...

  • House prices increase by 2.2% in May, Halifax index reveals

    9 Jun 2004

    House prices increased by 2.2% in May taking the average UK house price to £157,849, the latest Halifax house price index reveals. The survey also shows that the number of first-time buyers as a percentage of all homebuyers dropped back to 28% after successive increases in February and March. This proportion remains well below the long-term historical average of nearly 50%. The total number of first-time buyers is likely to remain low this year following a 33% drop in 2003 ...

  • Housing havoc predicted

    7 Jun 2004

    Prudential is predicting a property nightmare for baby boomers who are relying on their homes to fund their retirement. A report commissioned by the Pru from Datamonitor called Equity Release in the UK suggests four million homeowners are relying on their properties to form part of their pensions in retirement and that if they all sell up and downsize to access the equity it could unleash housing havoc. The result would be first time buyers competing head-on with baby ...

  • How many times do I have to tell you the answer, MS?

    7 Jun 2004

    From Barry Cash Three times in recent months you have got 40% of the answers wrong in Mortgage Master or Mortgage Moron. Last week, despite my sending you the correct answers you again got question 4 wrong in your response on the Letters page. The deeds to a mortgaged property are held by the mortgagee so the answer is C, not the answer provided by Peter Motson. This is not the obvious answer but it is correct. Consider this explanation: An employer offers ...

  • I'm over the moon about football charity effort

    7 Jun 2004

    From Alan Cleary Following up on last week's 'The Mortgage Premiership' feature, I am writing to congratulate the winning broker team, 'We're Never Satisfied', who deservedly won the match 5-4 on penalties, trouncing my overweight and under-skilled lender team. I'm sure all Mortgage Strategy readers could tell by the forlorn look on my face that we took a real beating from Les Bleus! I would also like to confess that the referee does indeed work ...

  • Inter-Alliance holds merger talks with Millfield

    9 Jun 2004

    London-based adviser firm Inter-Alliance has made a formal announcement saying it is in talks with rival firm Millfield to merge the two companies. The two firms had been in talks previously to merge, but the discussions failed due to technical issues. Stuart Wilson, mortgage development director at Inter-Alliance, says if the firms merged it would mean bigger distribution where its number of members would exceed 2,000. He says: "This is a sign of the times where ...

  • Inter-Alliance signs five major mortgage clubs

    9 Jun 2004

    Inter-Alliance says it has taken another step towards achieving an all-of-market lender proposition by agreeing terms with five major mortgage clubs. The clubs include Mortgage 2000, Pink, TMA, Legal & General and Source. Inter-Alliance says the inclusion of these mortgage clubs is seen as an effective means of securing the best terms for those conducting mortgage business through Inter-Alliance, Sage Financial and TRINON. Helen Davis, distribution development ...

  • Interdependence fined £125,000 by FSA

    9 Jun 2004

    The Financial Services Authority has fined Interdependence £125,000 for serious failings in the supervision of appointed representatives who were advising customers to withdraw cash early from their pensions. The FSA concluded that the ineffectiveness of the firm's systems and controls led to the risk that several hundred customers may have been mis-sold these contracts. Interdependence is currently undertaking a past business review of a sample of 65 pension ...

  • Internet Insite

    7 Jun 2004

    I'm in Exeter this week on my around Britain tour of broker websites, where looking at the sites of Professional Mortgage Services and Kelly Mortgage Solutions had me shaking my head. So, a reminder of some basic principles. Assuming that the right prospects have found their way to your website, you've then got to gain their attention and hold it. This means providing relevant and useful information which is easy to find and understand, with interactivity through calculators and ...

  • investors replace pensions with property, reveals PISN

    7 Jun 2004

    A survey carried out by the Property Investor Show North has revealed that property investors are increasingly relying on bricks and mortar to provide for their future wealth, rather than pensions and savings. Over 80% of landlords responding to the survey stated that they were relying on their buy-to-let properties for their future wealth while only 5% are depending on savings and none at all on a pension scheme. Nick Clark, managing director of the Property Investor ...

  • Junk mail just pips banks and estate agents in UK hate poll

    7 Jun 2004

    The results of the BBC's 'Brassed Off Britain' series were announced last night, with junk mail top of the list ahead of banks, call centres, mobile phone companies, and estate agents. Other industries in the poll included the railways, deliveries, car salesman, home improvement companies, holidays and car salesmen. Peter Bolton King, chief executive of the National Association of Estate Agents appeared on the programme to defend the agents. He says: ...

  • Landlord Mortgages launches free online forum for buy-to-let investors

    10 Jun 2004

    Specialist buy-to-let broker Landlord Mortgages has launched www.houseChat.co.uk - a free online forum for buy-to-let investors. Landlord says its website offers an independent forum for buy-to-let investors to share valuable information and knowledge. Investors who log on to www.houseChat.co.uk and register for the free service can access a discussion board with top tips from other member landlords and a Q&A section; information on upcoming events; answers to buy-to-let ...

  • Leasehold and lenders' liability

    7 Jun 2004

    The subject of freehold and leasehold estate is contained in the syllabus of each of the CeMAP papers. As readers will know, freehold estate - known in legal terms as 'ownership in fee simple' - is the highest form of land ownership in England and Wales. Although a freeholder owns the property, there may be restrictions placed upon it. For example, the local authority may impose conditions on the use of the property and the owner will be subject to planning legislation. Freehold ...

  • Lenders downplay petrol inflation sales fears

    7 Jun 2004

    Lenders are playing down the effect that the cost of petrol shooting up to £4 a gallon will have on the capacity of their sales staff to travel around the country. Jeff Knight, head of marketing services at GMAC-RFC, says: "This won't be a problem but if there was a petrol strike, people would be unable to drive. And even then our sales team have laptops and phones." And Paul Fincham, spokesman for Halifax, says: "In terms of travel policy, our people are already ...

  • Lib Dems say new consumer credit laws long overdue

    10 Jun 2004

    The Liberal Democrats have responded to the new consumer credit laws for lenders, saying the legislation is long overdue. The rules are designed to make credit agreements and loan adverts clearer. Liberal Democrat shadow secretary of state for trade and industry Malcolm Bruce says: "The blunt truth is credit companies have led the public by the hand into unprecedented levels of consumer debt. Consumers have been overexposed to easy credit and made immune to theperils ...

  • Lighthouse Group to offer Select & Protect products

    11 Jun 2004

    IFA firm Lighthouse Group has agreed terms with Select & Protect to offer its products across the Lighthouse company. The deal is effective immediately. Select & Protect's products will be delivered through LighthouseLoan, a new service which provides Lighthouse Group's advisers within Berkeley Woodhouse Associates, Temple Financial Planning and Lighthouse Practices with streamlined access to mortgage and protection products. Simon Hood, Select & Protect chief executive, ...

  • Loans hit £16.1bn in April

    7 Jun 2004

    The British Bankers Association has revealed that gross new mortgage lending totalled £16.1bn in April. This was the strongest total since last November and reflects the high approval volumes seen in March. After seasonal adjustment there was a record rise in net lending of £6.4bn. By contrast, approvals in April were some 15% weaker than in March, partly reflecting the lower number of business days in the month. There were 227,700 loans approved with a total ...

  • Lunch please, but hold the volume override

    7 Jun 2004

    Just how many freebies and extra services is a principal allowed to tempt you with before it becomes guilty of offering inducements? Does a trip to the races count, or throwing in a free sourcing system as part of your membership package? What about so-called 'volume overrides', which encourage you to submit a certain amount of business? If you ask the FSA you will not get a direct answer. You will instead be politely referred to MCOB 2.3, which deals with inducements, and ...

  • Marketing Brief

    7 Jun 2004

    The Mortgage Expo in Manchester is still fresh in my memory as I write this column, especially the wide variety of promotional stands and giveaways that were on show (no bunny girls of course this time!). The material used at exhibitions is as much a part of the intermediary communications mix as product guides and it's always interesting to see what's available. One exhibitor set great store by not having anything at all to give away, while on other stands you couldn't move for ...

  • MCCB reveals results of renewal period

    7 Jun 2004

    The Mortgage Code Compliance Board has revealed the results for its final registration renewal period. Figures released by the Board show that 9,961 intermediary firms, who are responsible for 36,924 sales staff, have renewed their MCCB registrations for the final period of non-statutory regulation leading up to Mortgage Day on October 31 2004. In addition 549 new firms had applied to join the register, making a total of 10,510 firms - responsible for 37,949 sales staff ...

  • MEX buys second tranche of GMAC portfolio

    7 Jun 2004

    Mortgage Express has completed the purchase of a mortgage loan portfolio from GMAC-RFC for around £114m. The purchase is the second arising from an agreement announced in last December to acquire from GMAC-RFC between £400m and £1.4bn of loans during 2004 in four tranches. The total acquired by Mortgage Express so far in 2004 is £594m. All lending in the portfolio is secured on UK residential property and has a similar credit risk profile ...

  • MEX says lifetime customers are protected from base rate rise

    10 Jun 2004

    Mortgage Express has responded to today's decision by the Bank of England's Monetary Policy Committee to raise the base rate to 4.5%, saying that its lifetime customers are protected from the increase. Tim Sturley, head of business development at Mortgage Express, says: ''Lifetime customers are generally viewed as vulnerable, but all of our lifetime customers are on a fixed rate for the life of their mortgage, which means that they are protected from this and future ...

  • Moneyfacts rebuilds mortgage databases to produce accurate KFIs

    8 Jun 2004

    Moneyfacts has announced details of its preparations for mortgage regulation. Moneyfacts says the scale of the new data that will be required to produce accurate and comprehensive KFIs has led it to completely rebuild its mortgage databases over the last 12 months. It says this extensive work has been guided by the results of research conducted with all lenders in the UK, starting last October. This research has focused on the additional information required to produce ...

  • Mortgage Next announces key appointments to team

    8 Jun 2004

    Mortgage Next has announced several key appointments to its team. Jan Herlock has been appointed as regional sales manager providing support to brokers in the South West region and will report to sales director Mal McConechy. Herlock previously worked with Mortgage Express for nine years, where she had responsibility for sales in the South East, as well as liaison with mortgage clubs, packagers, and distributors. Jeanette Bell has been appointed network sales co-ordinator ...

  • Mortgage Next launches DIP facility for AR applications

    8 Jun 2004

    Mortgage Next has launched a decision in principle facility which it says enables brokers to quickly establish if their application for appointed representative status is likely to be successful. The DIP form, which Mortgage Next says is the first of its kind, requires brokers to answer 12 short questions and can be completed in a few minutes. The form can then be faxed or posted back to Mortgage Next, which will give an immediate assessment of the broker's likelihood of making ...

  • Mortgage Times launches online pure protection proposition

    9 Jun 2004

    Mortgage Times has launched its online pure protection proposition, Direct Times. Brokers will now be able to submit business directly via its website, www.directtimes.com to all major product providers including BUPA, Friends Provident, Legal & General, Scottish Equitable, Norwich Union Scottish Provident and Scottish Widows. Mortgage Times says as well as delivering a fast and efficient service, members can benefit from enhanced rates of commission on all pure protection ...

  • Mortgage Trust launches fixed rate deal at 5.99%

    10 Jun 2004

    Mortgage Trust has launched its latest fixed rate product with a rate of 5.99% fixed until September 30 2005. The rental calculation is based on the fixed rate and the product has a maximum LTV of 85% with no early redemption charges applicable beyond the fixed rate duration. Mortgage Trust says the product is ideal for property investors looking for the certainty of a low rate for a set period.   Mortgage Trust also charges no MIG and offers full flexibility giving investors ...

  • Mother-of-three forced to live in her car

    7 Jun 2004

    A 41-year-old mother-of-three has been reduced to living in her Mercedes 230 car after her £1m house was repossessed by Mortgages PLC - despite her attempts to clear the debt. The plight of businesswoman Samantha Von Daniken first came to light in The Sunday Telegraph last month after MPLC foreclosed on £546,000 of mortgage debt. But Von Daniken claims she was defrauded by her former partner, Simon Clive, whom she alleges remortgaged her onto an MPLC self-certification ...

  • Nationwide announces changes to valuation fee structure

    9 Jun 2004

    Nationwide has announced it will be changing its valuation fee structure from June 10. Nationwide says following this change, the mortgage valuation fees for home buyers will remain competitive. There will be no change for remortgage borrowers and existing customers applying for additional borrowing, who do not have to pay a valuation fee. The fees will be £175 for properties worth £50,000 or less; £210 for properties between £50,001 and £100,000; ...

  • New landlords urged not to rush into tenancy agreements

    8 Jun 2004

    Prospective landlords attending last weekend's Invest in Property Show in London were warned that short cuts could prove costly when entering into tenancy agreements. Speaking at the buy-to-let seminar, Tim Wakelin of letting insurance specialist Letsure, pointed out that failure to take up references on prospective tenants could lead to months of unpaid rent and substantial amounts to gain legal possession. He told the audience that the all-too-common practice of ...

  • New rules for lenders in consumer credit shake-up

    10 Jun 2004

    Consumer minister Gerry Sutcliffe yesterday announced that all consumers will get clear and detailed information about their credit agreements from lenders before they sign up - enabling them to shop around for the best deal. Sutcliffe also said excessive charges for settling an agreement early will be replaced with a new fairer system. The move is the first set of regulations in the government's shake-up of the consumer credit market, aimed at increasing transparency ...

  • Newcastle signs first buy-to-let customer to NMSL subsidiary

    9 Jun 2004

    The Newcastle has signed up its first buy-to-let customer to a new subsidiary set up to provide mortgage processing services for other financial providers. Newcastle Mortgage Services Limited was launched in response to a growing demand for the society's processing capacity. It has just confirmed an agreement with buy-to-let specialist Portfolios of Distinction. Newcastle says strong relationships with national house builders and developers means POD has an extensive ...

  • Normality is the road to nowhere

    7 Jun 2004

    The issue here is how an organisation differentiates its products or services and the authors use US-based mobile phone operator Nextel Communications as an example that supports their view. Nextel has had a unique long-range 'walkie-talkie' feature to differentiate its service from other operators' offerings. But this capability, which is enabled by Motorola iDEN technology, made Nextel handsets incompatible with the cellular networks. By 2000, Nextel's debt had grown ...

  • Official clarification on PII

    7 Jun 2004

    From Eleanor Linto I write to clarify a point in the article 'How you can avoid a PI headache' (Mortgage Strategy May 24). Our final rules set out the minimum levels of indemnity for insurance and mortgage mediation activities respectively. For a firm carrying on insurance mediation this is e1m for a single claim and in aggregate e1.5m or, if higher 10% of annual income up to £30m. For a firm carrying on mortgage mediation the requirement is either (i) ...

  • One in two homeowners will remortgage after 1% rise in base rate

    11 Jun 2004

    One in two homeowners say they would remortgage when rates rose by 1%, says The MarketPlace at Bradford & Bingley. Research carried out by The MarketPlace in October last year found that one in two homeowners would only consider remortgaging if rates were to rise by 1%. Since then, rates have risen from their historic low of 3.5% to today's figure of 4.5%. The MarketPlace says with yesterday's base rate rise, the fourth in eight months, now is the time to lower ...

  • OneSearch Direct completes record 350,000 local searches over year

    10 Jun 2004

    Electronic local search provider OneSearch Direct has completed a record 350,000 local searches over the last year, as it celebrates the first birthday of its nationwide service in England. Backed by 3i and HBOS, OneSearch Direct says it is now the largest private supplier of local searches in the UK and the company is anticipating a turnover in excess of £11m this year. Richard Megson, sales and marketing director of OneSearch Direct, says: "We have now been ...

  • Optoma Broker Solutions appoints Platform to mortgage club panel

    11 Jun 2004

    Optoma Broker Solutions has appointed Platform Homeloans to its mortgage club panel. Optoma has been packaging for Platform for the last 18 months and will continue with this arrangement. It says since 2003, business has increased 230% with Platform. Andrew Seymour, chairman and chief executive at Optoma, says: "We are thrilled that we can now offer our brokers the option to take the direct or packaged route with Platform. We are committed to understanding brokers ...

  • Over nine in 10 overseas homeowners keen to buy more properties abroad, survey shows

    8 Jun 2004

    Over nine in 10 overseas homeowners intend to buy more properties abroad, with half planning further purchases within the next year, a survey by the Property Investor Show North reveals. The survey shows confidence in the overseas market is strong, with the expansion of the EU, rocketing house prices in the UK and the strength of the pound fuelling further investment. Almost one in five foreign homeowners now own more than one overseas property. PISN says investment remains ...

  • Packager network formed

    7 Jun 2004

    The Professional Mortgage Partnership network has been launched by five packagers with the aim of recruiting 250 member brokers by Mortgage Day. The packagers behind the new Darlington-based network are Amity Mortgages, Knight Funding, Offering People Mortgages, Premier Mortgage Packagers and Premier Mortgage Centre. PMP says brokers do not have to guarantee a minimum level of business to join as it is confident its service and support will help members achieve their ...

  • Packagers have no choice when it comes to regulatory status

    7 Jun 2004

    Letter of the week From Chris Gardner Last week's editorial and lead story on page 4 (Mortgage Strategy May 31) made for interesting reading but one thing bothers me: it appears that many in the mortgage market are unable to grasp the fact that to be regulated by the FSA you have to be carrying out a regulated function. True business-to-business or pure packagers do not carry out any regulated functions and therefore cannot be regulated - even if they want to be. Therefore, ...

  • Pink launches fixed buy-to-let product with MEX

    10 Jun 2004

    Pink Home Loans has launched an exclusive fixed rate buy-to-let mortgage in association with Mortgage Express. The product offers an initial pay rate of 5.89% fixed until September 3 2007. The product offers flexible features including overpayments, underpayments and drawdown facilities. Buy-to-let investors can also save £150 off the application/ valuation fee on loans over £150,000 if submitted via the packaged route.

  • Pink launches sub-prime tracker offering 95% LTV

    7 Jun 2004

    Pink Home Loans has launched a new sub-prime product in association with BM Solutions that offers 95% loan to value for borrowing of up to £150,000. The product tracks the Bank base rate at 2.69% for two years, offering an initial pay rate of 6.94%. A maximum of £2,000 CCJs are acceptable as long as none have been registered in the last 12 months, and a maximum of two months arrears can be considered, provided they have not increased over the past 12 months. ...

  • Platform sheds sub-prime image

    7 Jun 2004

    A boom in buy-to-let and self-cert is changing Platform's traditional reputation as a sub-prime lender. Following Platform Home Loans's merger with buy-to-let and self-cert lender Verso in Febuary last year, applications have boomed from £800m to £3bn completions a year. Although 45% of the total business is still sub-prime, buy-to-let and self-cert now form 30% and 25% of volumes respectively. The lender is now looking at sectors including equity release. Guy ...

  • Point-of-sale systems are crucial

    7 Jun 2004

    This week I take a look at the point-of-sale systems on offer from the networks. With POS there are really two separate considerations; what you should be looking for in a system, and what is being offered by the networks. The latter question is easily answered - it varies from one network to another. Home Loan Partnership offers Encore free of charge; Network Data provides mortgageLink free; others offer Trigold and/or Mortgage Brain free, while the rest allow ARs to ...

  • Premier Mortgage Service facility is still available

    7 Jun 2004

    From John Malone In a recent article, Richard Griffiths questioned the Premier Mortgage Service proposition in the changing mortgage market (Mortgage Strategy May 24) . I would like to reassure all your readers - and our many users - that the traditional Premier Mortgage Service facility i.e. yellow label and procuration fee direct payment, is very much still available today and, furthermore, will be available in the future. To suggest anything else is misleading ...

  • Rate rise indication of further hikes to come, warns the Yorkshire

    10 Jun 2004

    The Yorkshire says the latest base rate rise is a strong indicator of further rate hikes to come. The Monetary Policy Committee's decision to increase Bank of England base rates by a further 0.25% for the second consecutive month was no surprise to the industry.Many factors are considered to have affected the decision including strong economic growth, strong consumer spending, a buoyant housing market and strengthening labour market. Chris Parrish, head of treasury ...

  • Rate rise to cool market and damage confidence, says Spicerhaart

    10 Jun 2004

    Estate agency group Spicerhaart says today's rate rise will cool the housing market and damage confidence. Russell Jervis, managing director at Spicerhaart, says: "This interest rate rise, if its hidden aim was to cool the housing market, is superfluous. Our current figures show that since the last rate rise the market has definitely cooled. New buyer applicants are down 18% in the first quarter of 2004.   "Property is staying on the market longer and the average selling ...

  • Rate rise will boost remortgaging market, says homefast

    10 Jun 2004

    Remortgaging specialist homefast says the base rate rise will further boost the remortgage market. John Brian of homefast says: "Following today's rise and with interest rates widely expected to exceed 5% by the end of the year there is a huge incentive for people to remortgage. The most popular mortgages are likely to be short-term fixed mortgages due to the great headline rates provided by Britannia and the Co-operative Bank, which both have a two-year fixed at 4.79%. "Remortgaging

  • Rate rise will hit first-time buyers hard, says Lib Dems

    10 Jun 2004

    The Liberal Democrats have warned that the Bank of England base rate rise will hit first-time buyers hard. Vince Cable, Lib Dem shadow chancellor, says: "People want to know that their homes are secure in uncertain times. Today's interest rate rise is going to cost an average first-time buyer £250 extra a year on their mortgage. If interest rates continue to rise, or house prices start to fall, many could find themselves in difficulty. "The Bank is caught between ...

  • Rate rise won't have adverse effect on equity release, says KRS

    10 Jun 2004

    Key Retirement Solutions says the Bank of England base rate rise should not have an adverse effect on the equity release market. Colin Taylor, managing director at KRS, says: "Whilst we have recently seen the Bank of England base rate increase on four separate occasions over the last few months, we have actually seen interest rates for equity release plans come down during this period. This is because of increased competition from more product providers entering into the equity ...

  • Savills launches student buy-to-let development

    7 Jun 2004

    FPD Savills has launched a unique buy-to-let opportunity on behalf of Nottingham-based Bournston Developments. The Junxion, the University of Lincoln's latest student accomodation has been designed as 99 city centre apartments and are being offered for sale as a new concept in buy-to-let. Situated in the very heart of Lincoln, close to the university, each apartment which has planning permission for residential use, comes fully furnished and has been designed with ...

  • Savills not surprised by base rate rise

    10 Jun 2004

    Following todays Bank of England Monetary Policy Committee announcement of a base rate rise of 0.25%, Savills Private Finance says the rise has come as no surprise as the Bank has become increasingly worried about high levels of consumer debt. Savills says the increase has also opened up the debate as to whether borrowers should be opting for tracker or discount mortgages. Simon Jones, director at Savills Private Finance, says: "This rise is the fourth 0.25% increase ...

  • Savills sells UK's largest mortgage

    7 Jun 2004

    Savills Private Finance has overtaken Chase De Vere Mortgage Management as the broker behind the largest-ever mortgage arranged in the UK - a staggering £15.2m deal. The loan, arranged by Savills' managing director Mark Harris, was taken out by an unnamed foreign businessman on a five-storey property in plush Belgravia in central London. Chase De Vere arranged what was believed to be the largest-ever residential mortgage in 2001, at £12.9m. The latest ...

  • Scottish Widows appoints IT director

    8 Jun 2004

    Scottish Widows has appointed Chris Torkington as IT director. Torkington will be responsible for directing and controlling Scottish Widows' IT division to ensure that all IT development meets the company's current and future needs and provides a compliant and secure technology environment. He joins Scottish Widows from his current role as chief executive of Rural Regeneration Cumbria, England's first rural regeneration company. He set up the company in 2003 ...

  • SDS Applications to install MAPS system at Mortgage Finders

    8 Jun 2004

    Mortgage processing technology provider SDS Applications is to install the SDS MAPS system at Birmingham-based Mortgage Finders UK. The SDS system will provide a web-based service that will be available to all of Mortgage Finders' introducer partners. The system features 24-hour access via the internet for individual introducers with access to online application forms, status tracking facilities and statistical information. SDS says MAPS automates the mundane ...

  • Service record should be considered at next Awards

    7 Jun 2004

    From Mark Osland Your awards supplement was well received but maybe next year you should take service into account. For example, Mortgage Express wins Buy-to-Let Lender of the Year yet, whilst I appreciate it has some good products, if there is a lender with worse service I would be surprised. It is virtually impossible to get hold of. Just try ringing it as I have - the phone system will not take messages and, worse, cannot even put you in a queue - supposedly because ...

  • Sesame in KFI data pledge

    7 Jun 2004

    Sesame is the first network to take responsibility for ensuring that Key Facts Illustrations brokers obtain from its customised versions of Mortgage Brain and Trigold are accurate and comply with FSA rules. Although Network Data provides a guarantee that information from its own sourcing system, MortgageLink Enterprise Edition is correct, Sesame says it is the first to commit to giving such a reassurance on data from third party systems. Sesame says the move will save ...

  • Simply Lifetime launches guide to lifetime mortgage regulation

    7 Jun 2004

    Simply Lifetime has launched a guide for intermediaries on the new FSA rules to selling Lifetime Mortgages. Called 'Enlightenment', it explains how the sales process will differ under the new FSA rules, specifically looking at how suitable advice must be given. It is also aimed at lenders and distribution networks examining how the new rules will impact on their business. James Mayne, compliance partner at Simply Lifetime, says: "Research has shown that many intermediaries ...

  • Skipton launches discount, fixed and tracker product ranges

    8 Jun 2004

    Skipton has launched a range of mortgages including discounts, fixes and trackers with rates starting from 3.59%. Key features of the products include a flexible three-year fixed rate mortgage at 5.69% fixed until September 30 2007; flexible five-year fixed rate mortgage at 5.79% fixed until September 30 2009; flexible three-year capped rate Mortgage at 4.99%, capped at 5.75%; flexible three-year stepped discount Plus mortgage with an initial rate of 3.59%; flexible base rate ...

  • Speculation mounts over Deutsche Bank and Barclays merger

    9 Jun 2004

    Speculation is mounting that Deutsche Bank, the world's third biggest bank, has set its sights on Barclays as a possible merger partner. The German bank, which has said it wants to link up with a foreign operator, it believed to have settled on three possible partners including Barclays, Netherlands-based ING and Switzerland's Credit Suisse. German reports say Deutsche's chief executive Josef Ackermann announced his three choices to the bank's board back in ...

  • Stop cruel treatment of a kind husband and father

    7 Jun 2004

    From Mrs xit2 Man I am writing this letter to complain about the treatment that my husband has received in you magazine. He is very proud of his work as the xit2 man and works tirelessly both at the office and in the competition in Mortgage Strategy each week. As a good-natured and gentle soul, my husband is not given to complaining but I cannot sit idly by while you relentlessly place him in such dangerous situations. Over recent weeks you have made him jump off ...

  • Tenet buys Premier Protection network

    7 Jun 2004

    IFA group Tenet, which owns mortgage and general insurance network Lime, has bought Premier Protection network for an undisclosed sum and says further acquisitions could follow. Pure protection network Premier, which will retain its brand name, has around 2,500 non-regulated advisers. The move brings Tenet's total number of members to around 5,000. Premier will continue to trade independently within the Tenet group and will be run by its existing management team of ...

  • Thank you for supporting the British Liver Trust

    7 Jun 2004

    From Roger Rackstraw Thank you for your support for the British Liver Trust through the MS Detox Relay Rally - and thanks for the substantial cheque, too. As a small charity we are not blessed with many corporate supporters so it was exciting to have the backing of Mortgage Strategy. Please pass on our thanks to the team who took part and of course to the companies and individuals who sponsored them including Accord Mortgages, Mortgages PLC, Skipton Building Society, ...

  • The Cheshire announces two senior level appointments

    10 Jun 2004

    The Cheshire has announced two senior level appointments. Robert Mee has been appointed as a non-executive director and Noelle Brelsford to the newly-created executive post, head of eChannels. The appointments are made as the society continues to grow and shortly before it expands into Manchester, with a new branch opening in the city centre later in the summer. Mee has recently retired following a 30-year career with the Bank of Scotland group. After a number ...

  • The first-time buyers won't be back soon

    7 Jun 2004

    The volume of first-time buyers entering the market has fallen steadily year on year to 29% of all mortgage lending in 2003 following a peak of 47% in 1999. Forecasts early this year predicted that FTB activity is likely to settle at 29% for 2004 and 2005. First-time buyers are seen as the property market's 'engine room'. The accepted wisdom is their entry into the market stimulates activity enabling existing homeowners to move up to the next property level. There ...

  • The FOS says it does take interest in buy-to-let deals

    7 Jun 2004

    From SJ Reader Perhaps Neal Smith could clarify the comments in his article 'Don't take chances with buy-to-let' wherein he states that the FOS does not have any jurisdiction over buy-to-let transactions. Having attended an FOS seminar recently it was stressed that the FOS can and does deal with buy-to-let. In fact it was asking firms to opt for voluntary jurisdiction on this basis. Minster Mortgages By email

  • The Mortgage Mole

    7 Jun 2004

    Losers "What a shambles" "A complete farce" "Sweet FA to do with this market". Just some of the comments made to Mole following the hilarious efforts of a certain publishing company to host their first 'Mortgage Awards' at London's Quaglino's restaurant last Wednesday. With lenders picking up awards for sectors they don't operate in and a packager/network winning a gong whilst having less than 30 ARs under its belt (and having claimed 12 months ago: "We don't ...

  • The MPC is likely to raise the base rate

    7 Jun 2004

    Interest rate swaps Swap rates continued to increase last week which means that in the past three months they have gone up by roughly 0.66%. • One-year money is up 0.10% to 5.26% • Two-year money is up 0.11% to 5.45% • Three-year money is up 0.12% to 5.55% • Five-year money is up 0.13% to 5.61% Although lenders continued to reprice their fixed rates upwards, fewer did so than in previous weeks. Lenders to have repriced fixed rates ...

  • The options for the unauthorised

    7 Jun 2004

    If you are still undecided on the direct authorisation versus appointed representative choice I expect you are trawling through the various networks' propositions to see if AR is the route for you. But don't be fooled into thinking that the remaining 150 days or so before statutory regulation is only the phase in which to decide which principal to choose - the door to direct authorisation is not yet closed. Granted, the FSA has said it will only guarantee to complete the direct authorisati

  • Time to take your heads out of the sand, small packagers

    7 Jun 2004

    From Peter Beaumont During the past couple of months I have spent a great deal of time talking to packagers about impending regulation. Most of the larger packagers have well-defined strategies in place to take them up to Mortgage Day and beyond. Smaller packagers, on the other hand, are not in such good shape and many seem quite happy to bury their heads in the sand and pretend regulation has nothing to do with them. By the end of April the FSA had received 3,684 ...

  • Tories play the 'home' card as the parties look to woo Mr Average

    7 Jun 2004

    Ding-ding - round two of the battle for the high ground on housing has started. In the red corner we have John Prescott, armed with the Barker report and facing down criticism of a leaked government report on the environmental impact of building new homes. In the blue corner is little-known Tory spokesman John Hayes, announcing the priorities that would form the basis of housing policy for a future Conservative government. Launching the Tories' vision, Hayes said: "I propose that the ...

  • UK homeowners expecting the worst, reveals Direct Line

    7 Jun 2004

    Direct Line reveals that as UK economists predict that mortgage interest rates may reach 5% by the end of the year, UK homeowners are expecting the worst from the Bank of England's MPC meeting on June 10. Its monthly mortgage interest rate index examines the views of both UK homeowners, industry experts and personal finance journalists, on what they think will happen to interest rates. The number of UK homeowners that think rates will go up this month has jumped ...

  • Welsh good times leave FTBs behind

    7 Jun 2004

    House prices are racing ahead in Wales, rising by 36% over the past 12 months compared with 19.1% across the UK as a whole. But this heating up of the market is leading to fears that if there is a housing market crash, Wales will be hit hard. The country escaped serious fallout from the last crash because its prices never reached the heights of those in London and the South-East, but it might not be so lucky this time round. The starting point of the Welsh boom was Cardiff, ...

  • Welsh hotspot

    7 Jun 2004

    The Welsh property price boom continues unchecked with the UK's biggest house price increases during the past 12 months - up by a whopping 57% in some areas. Wales has effortlessly outstripped most of the UK, boasting four of the top 10 counties with the biggest gains in property prices. In Gwynedd, prices rose by a stonking 57%, closely followed by the former county of West Glamorgan at 56%. The former counties of Mid-Glamorgan and Dyfed both saw rises above 30% according ...

  • West Brom hopeful on M25 B2L but lending ban stays

    7 Jun 2004

    The buy-to-let market in London is showing signs of recovery, says West Bromwich. But despite this, it is refusing to lend on properties within the M25 with the relaunch of its buy-to-let product. Richard Early, assistant manager of credit and risk at West Brom, says: "West Brom's perception of the London housing market is that it is overheating. Supply and demand have been out of kilter for some time. But there are signs that the market is equalising." The revamped ...

  • West Bromwich anounces record results

    10 Jun 2004

    The West Bromwich has delivered record business results for the seventh consecutive year, with lending up 55% to £1.6bn. The results show the society's growth rate is up 17% to a record £5bn assets; group pre-tax profits up 11% to a record £30.6m; net saving balances up £249m and mutuality benefits of £25m passed on to members. West Brom says the extra value delivered is demonstrated through the society's interest rate margin which, ...

  • What are the qualities that will give a network staying power after Mortgage Day?

    7 Jun 2004

    Shaun Godfrey is Group Sales Director Of Bankhall It has been clear to me for some time now that there isn't enough cake to go round. Quite why so many potential networks have applied to become principals is a mystery to me. I can only presume that they have crunched the numbers and are confident they can launch an attractive proposition for brokers and make it pay. But I am not sure why any appointed representative would want to put their business at risk by opting for a ...

  • When doing-up is the smart option When the funds are released

    7 Jun 2004

    With a chronic shortage of new houses being built, the British housing stock is ageing. One in six owner-occupied houses were built before 1960 with more than one in four built before 1945. Fashions change and buildings need maintenance, and yet much of the housing stock remains unchanged from its original concept and is in need of improvement. Government statistics show that one in three owner-occupied homes are now classified as 'non-decent'. There are many benefits in ...

  • Yorke to help develop NGM

    7 Jun 2004

    Tony Yorke has joined the management team of Cardiff-based Next Generation Mortgages with a remit to expand the work of the organisation's marketing and new business teams. Yorke, 38, joins NGM as director of marketing and business development on July 1 from Axis, the financial services public relations company he co-founded. Prior to establishing Axis he was part of the management team that launched igroup into the UK's specialist lending market. He intends to ...

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