Mortgage Strategy
7 November 2005

  • Government publishes proposed council housing subsidy allocations

    7 Nov 2005

    The government today published its proposed council housing subsidy allocations for individual housing authorities for 2006-07. As far as possible the same formulae will apply for 2007-08.

  • Secured loan service from LIME

    7 Nov 2005

    Lifetime Insurance Mortgage Experts now offers a secured loan service, in partnership with Norton Finance.Secured lending grew in 2005 to an all time high of 8.9bn in August, and the number of people choosing a secured loan as opposed to a further advance or remortgage has also risen. LIME says many clients are tied into their mortgages and, as redemption penalties rise, secured loans are a realistic alternative.LIME members and clients can receive training on secured loans ...

  • 80% of IFAs are aware of TCF initiative

    11 Nov 2005

    The Association of Independent Financial Advisers has published the results of its survey on Treating Customers Fairly.

  • AMI warns intermediaries to get ready for HIPs

    11 Nov 2005

    The Association of Mortgage Intermediaries has warned mortgage intermediaries yesterday to carefully consider the introduction of Home Information Packs and the impact they will have on their business.

  • Another way to pay for jet-to-lets

    7 Nov 2005

    Using a foreign exchange specialist rather than a high street bank when organising the finance for an overseas mortgage offers benefits to clients and brokers, says Marc Morely-Freer

  • ARLA launches landlord survey

    8 Nov 2005

    The Association of Residential Letting Agents is urging landlords to complete its online survey.

  • Assembling deals on flat-pack homes

    7 Nov 2005

    Brokers might not yet have been asked to find a client a mortgage for their dream home from IKEA but the question could be raised soon.

  • AToM receives Investors in People standard

    9 Nov 2005

    All Types of Mortgages has received the Investors in People standard.

  • Aussies take control of Propertyfinder.com

    7 Nov 2005

    Media magnate Rupert Murdoch's News International and Australian website Realestate.com.au last week jointly bought UK property portal Propertyfinder.com.The two firms purchased 95% of Asserta Holdings - which owns Propertyfinder.com - for 14.3m.The new owners say the deal means Propertyfinder.com and its customers will benefit from the skills and capabilities of News International as well as those of Realestate.com.au.The aim of the move is to shake up the online portal ...

  • Average property value over 200,000, says Moneynet

    9 Nov 2005

    Moneynets mortgage research data for October reveals the overall average property value was 208,333.

  • Avoid this West Brom penalty mortgage

    7 Nov 2005

    If I were to observe: "It's a funny old game, innit?" you'd immediately know I was talking football wouldn't you? Maybe not, because thanks to West Bromwich I could be talking about the mortgage business.

  • Bank of England freezes interest rate

    10 Nov 2005

    The Bank of England Monetary Policy Committee has kept interest rates on hold at 4.5% for November.

  • Bank of Ireland restructures senior management team

    9 Nov 2005

    Bank of Ireland today announced changes to its senior management team.

  • Battle for near-prime arena hots up

    7 Nov 2005

    Since the early 1990s, the sub-prime sector has matured into an industry in its own right. But a battle is now developing between advanced specialist lenders and traditional prime lenders.

  • BDS teams up with Mortgages 4 You

    8 Nov 2005

    BDS has announced a service for mortgage brokers through a partnership with overseas mortgage specialist Mortgages 4 You. Through the BDS contact line, brokers can access specialists in the provision of mortgage solutions for clients wishing to purchase overseas property. Mortgages 4 You has established relationships with numerous lenders in Spain, France, Portugal, Florida and Cyprus and provides impartial advice tailored to individual circumstances.

  • Beating the blame and claim bandits

    7 Nov 2005

    Lovers of Radio 4's The Archers will not be surprised to hear its true to life story lines included the rising cost of public liability insurance last month.

  • Blemain appoints divisional sales manager

    7 Nov 2005

    The Blemain Group has appointed Nicholas Jones as divisional sales manager for the Midlands, northern England, north Wales and Scotland. Jones was previously business development manager for the Blemain Group and has also worked for Compass Finance and the Bank of Scotland. With more than eight years experience in the loans and mortgage industry, his main roles have been developing and enhancing relationships with brokers and networks.

  • BMS opens Self-cert 90 to whole of market

    7 Nov 2005

    BM Solutions has gone whole of market with its Self-cert 90 product.Piloted from September on a limited number of appointed representatives, it has now widened the net of its distribution to give all brokers an opportunity to offer the product to clients.BMS will review the progress of the product over the next couple of months.Tim Hague, director of BMS, says: "Our pilot of Self-cert 90 has beenreally popular, so I am looking forward to assessing the whole of market response."

  • BoE battles to recuperate 70m BCCI legal fees

    11 Nov 2005

    The Bank of England today launched its bid to recuperate more than 70m of legal fees from its 12-year dispute with Deloitte, the liquidator of the fraud-ridden Bank of Credit and Commerce International.

  • Borrowers continue to opt for fixed rates

    10 Nov 2005

    Mortgages Direct, the financial subsidiary of Spicerhaart, has revealed that more borrowers are continuing to opt for fixed rate deals because they arent convinced low level of interest rates will hold.

  • BoS rates on hold

    7 Nov 2005

    Bank of Scotland Mortgages has decided to maintain its large loan and mainstream rates for as long as possible.

  • Brokers split on merits of business back stabbing

    7 Nov 2005

    All's fair in love and war, but when it comes to business 54% of brokers say dirty tricks campaigns against competitors are not acceptable.But 46% of Mortgage Strategy Online readers polled in this week's straw poll say there's nothing wrong with a bit of back stabbing.This week MS asks: "Will the introduction of Home Information Packs have a negative affect on the intermediary market?"Visit www.mortgagestrategy. co.uk and have your say.

  • Broomstick Ball raises 159,000

    7 Nov 2005

    The mortgage industry turned out in force last week for the seventh Broomstick Ball, held at The Marriott hotel on London's Grosvenor Square and organised by Deirdre McManus, head of sales at Bristol & West Mortgages.The event is the only one in the industry calendar at which lenders and brokers come together, forget rivalries and join forces to raise money for Cancer Research.McManus started the Broomstick Ball in 1998 when a colleague at Bristol & West was diagnosed with breast ...

  • Burgesses rebrands to British Insurance

    9 Nov 2005

    Payment protection insurance specialist Burgesses has changed its company name to British Insurance, to be known by the trading name britishinsurance.com.Any company wishing to incorporate the word British in its title requires the approval of the Secretary of State for Trade and Industry, and this is normally only given ifthe organisation can demonstrate pre-eminence in its field via supporting evidence from an independent source, such as a government department or trade association.The ...

  • Buying abroad could boom

    7 Nov 2005

    Barclays says the number of Brits who buy property abroad will double to 4.4 million. It says 37% of people are considering buying a place in the sun. Spain is the most popular choice of destination, closely followed by the US and France. Just 8% are worried about paying too much for a property.

  • C2 extends cashback offer

    7 Nov 2005

    c2 financial has extended its cashback offer to Victoria Mortgages' heavy adverse range as well as to Mortgages PLC's entire range, excluding near prime.The increase in broker proc fees to 1.25% with the addition of a 0.75% customer cashback and free valuation now extends across SPML, GMAC-RFC, Victoria and MPLC.c2 financial intends to extend the incentive to more sub-prime products over the next two to three months. It will be available on new applications received after the ...

  • Caudwell Group up for sale

    9 Nov 2005

    The Caudwell Group, who announced its plans to launch into the UK mortgage market just over a month ago, is up for sale.

  • Charles Haresnape appointed MD of Bank of Scotland Mortgages

    7 Nov 2005

    Bank of Scotland Mortgages has appointed Charles Haresnape as managing director.

  • CMD and TMA to work together

    7 Nov 2005

    November sees the launch of the working relationship between Commercial Mortgage Desk and The Mortgage Alliance.

  • CML scotches repossessions rumour

    7 Nov 2005

    The Council of Mortgage Lenders has branded rumours the recent rise in repossession orders has been fuelled by dodgy sub-prime and self-cert mortgages as pure speculation.One industry pundit contacted Mortgage Strategy to say that they had heard from a government source that the rise in repossession orders was "predominantly in the sub-prime market and almost entirely in the self-cert sector".Figures out last week from the Department of Constitutional Affairs revealed ...

  • Combined loan

    7 Nov 2005

    Coventry has launched MOREgage, a combined mortgage and unsecured loan for first-time buyers and movers looking to not only buy a home but also cover the associated costs.

  • Compliance help for brokers

    7 Nov 2005

    Comprehensive compliance support is available to intermediaries, despite a recent survey that highlighted their dissatisfaction with the support offered by providers.CeMAP Regulatory Services, a division of the Institute of Financial Services, offers a service for brokers which includes a helpdesk, a monthly newsletter and unlimited access to its website for a fee of 85 plus VAT for 12 months' subscription.The impartial compliance guidance service was launched in a partnership ...

  • Consumers feel misled by ads

    7 Nov 2005

    An online survey by Moneyfacts.co.uk shows 55% of consumers feel they have been misled by an advert offering a headline- grabbing interest rate. The survey also shows that 16% of consumers have made an official complaint about a financial services company. Emma Butler, editor of Moneyfacts.co.uk, says: "The idea of an advert is to lure customers. But there are rules that are supposed to stop consumers being mis-sold financial products."

  • Costly business

    7 Nov 2005

    The cost of implementing FSA regulation has been higher than expected for the industry, with compliance being the biggest drain on brokers' pockets, says Harvey Jones

  • Curriculum Vitae - Simon Burgess

    7 Nov 2005

    "I insured prostitutes against backache"

  • Dashboard and Goldsmith Williams launch electronic trading initiative

    8 Nov 2005

    Dashboard Software, the web-based solution for mortgage intermediaries, and Goldsmith Williams, the direct conveyancing firm, have announced the launch of a joint electronic trading initiative.

  • Dataco provides information technology at Expo

    7 Nov 2005

    Touch-screen information points will be available at the Mortgage Business Expo London so delegates can tailor their visit to their individual business needs.

  • Dear Delia

    7 Nov 2005

    Dear Delia Naomi has sold her buy-to-let property and is looking to buy again with Paul, her partner. They have found a property for 145,000 and Naomi is putting down a 52,000 deposit. They have a joint income of 45,000.

  • Derbyshire launches sub-prime lender

    7 Nov 2005

    The Derbyshire is launching a standalone sub-prime brand today. Industry sources say the society had a choice of three names - Pepper, Salt or Butter - and has decided on Salt.From near-prime to heavy sub-prime, products will be available through a limited number of packagers but the aim is ultimately to go direct through brokers.Three packagers - Abacus, Praxis and Pink Home Loans - are signed up with four to five others in the pipeline.An industry source says: "Sub-prime ...

  • Dunfermline buys portfolio

    7 Nov 2005

    Dunfermline has added a further 56m to its mortgage book through the purchase of a portfolio of residential investment loans from Southern Pacific Mortgages Limited.

  • Elephant plans to seek AIM listing this month

    7 Nov 2005

    Elephant Loans & Mortgages is planning to seek a listing on the Alternative Investment Market on November 18.ARM Corporate Finance is acting as the company's adviser and SVS Securities is its broker.Some 21.6 million new ordinary shares are being issued at 3p per share. Assuming subscription in full, this will represent 10.34% of the issued share capital of the company immediately following the listing, equating to 650,000 gross proceeds for the company.Elephant operates ...

  • Encore announces two-way link to MortgageStream

    9 Nov 2005

    Mortgage 2000s sourcing system Encore has announced it is to extend its offering of connectivity to back office systems by launching a two-way link with MortgageStream.

  • Estate Agents fined for flyboarding

    11 Nov 2005

    Two Kensington estate agents have been fined more than 18,000 for littering the streets with fake to-let boards.

  • Finance industry praised for fighting crime

    8 Nov 2005

    Key figures from the Home Office, the Metropolitan Police and the Serious Organised Crime Agency have praised the contribution made by the financial services industry to fighting corporate crime at the Finance and Leasing Associations recent financial crime conference. Leigh Lewis from the Home Office singled out FLA members for special praise as sponsors of the Vehicle Fraud Unit as an "excellent example of business taking its share of the responsibility for tackling financial ...

  • Free valuations on B2L product

    7 Nov 2005

    Capital Home Loans is offering free valuations on a 85% LTV three-year fixed rate buy-to-let mortgage at 4.89%.This is the latest free valuation offer from CHL and applies to properties valued up to 500,000.The buy-to-let product, which is also available from CHL's Irish Permanent brand, is fixed until January 31 2009.At the end of the fixed rate period, the deal reverts to Bank base rate plus 1.24% for the term.Mike Healy, head of sales at CHL, says: "This is one of ...

  • FSA says TCF applies to all firms

    7 Nov 2005

    Many small brokerages and sole traders fail to realise how Treating Customers Fairly applies to them, despite efforts by the Financial Standards Authority to highlight the issue.In a speech at the 'Treating Customers Fairly: progress and future plans' conference on October 4, Clive Briault, managing director of retail markets at the FSA, told delegates: "Treating customers fairly does apply to all regulated firms."Linda Will, managing director of Accord Mortgages, says feedback ...

  • FSA sets out details of post-implementation reviews

    7 Nov 2005

    The Financial Services Authority has set out further details of the post-implementation reviews of the mortgage and general insurance regimes.

  • FSA should make us all charge fees

    7 Nov 2005

    All intermediaries should live off fees rather than commission and it would be a good thing if the regulator had the bottle to impose this on the industry, says Sue Read

  • FSA updates emerging retail risks webpages

    11 Nov 2005

    The Financial Services Authority has updated its webpages detailing how it identifies and responds to emerging risks in the UK financial retail market.The pages set out its recent and upcoming thematic work undertaken by looking at a range of issues across a sample of retail firms. This work has included sale practices of Payment Protection Insurance, Regulation S Stock and a review of venture capital trusts promotions from a sample of 15 VCT Investment Managers.

  • FSA warns on PPI selling practices

    7 Nov 2005

    The Financial Services Authority has called on firms to take urgent action to ensure their selling practices for payment protection insurance are in line with regulatory requirements.The warning follows a programme of FSA visits and mystery shopping that uncovered poor selling practices and a lack of proper compliance controls.Firms that sell PPI and insurers that provide the policies will be receiving detailed feedback on the FSA's findings and will have to address any problems. ...

  • GE to launch range of deals through RAMP

    7 Nov 2005

    GE Money Home Lending plans to launch its products into the packager market exclusively via the Regulatory Alliance of Mortgage Packagers.The lender has confirmed to Mortgage Strategy that it has been working with RAMP for some months looking at a proposition for an exclusive deal with its members.Duncan Berry, director of mortgage sales at GE Money Home Lending, says: "We have been a strong supporter of RAMP since its inception and continue to work closely with it. We ...

  • GMAC and CSFB complete 592m issuance of notes

    7 Nov 2005

    GMAC Commercial Mortgage Europe and Credit Suisse First Boston have completed a 592m offering of commercial mortgage-backed, floating and variable rate notes issued by Cornerstone Titan.

  • GMAC-RFC links up with The Mortgage Service

    9 Nov 2005

    GMAC-RFC has announced its remote processing partnership with Exeter-based The Mortgage Service.

  • Go easy on your rivals to please FSA

    7 Nov 2005

    Some of the most important FSA's Principles for Business focus on management and market conduct - including not trying to damage the reputations of competitor firms, says Bill Warren

  • HoC appoints ex-Zurich man

    7 Nov 2005

    Home of Choicehas appointed former Zurich employee Frank Lowe as its national estate agency director.Lowe will recruit estate agency practices into the Home of Choice network either as appointed representatives or as introducers.

  • Homes plan faces green opposition

    7 Nov 2005

    The Countryside Agency and English Nature are poised to throw a spanner in the works of deputy prime minister John Prescott's Sustainable Communities Plan to build millions of affordable homes across the country.The two agencies, soon to merge, are partners in the scheme and are advising the government on the east of England part of the plan. They have now raised concerns about its effects on the environment.Each region will be responsible for producing its own action plan to ...

  • House prices on hold

    7 Nov 2005

    The Halifax House Price Index shows prices in October remained unchanged. Though price movements during recent months show the market has strengthened, static prices in October suggest that another sustained period of sharply rising property values is not on the cards.

  • HSBC only top 10 lender not to increase mortgage margin

    11 Nov 2005

    HSBC has revealed it is the only top ten mortgage lender not to increase its mortgage margin over Bank of England base rate since July 2000.

  • Huntswood to sponsor FSF regulatory strategy group

    9 Nov 2005

    Huntswood, the provider of professional services to the retail financial services industry, has announced its sponsorship of the Financial Services Forum's new regulatory strategy group. The group will focus on the strategic issues and challenges that come with increasing regulation, and is aimed at those who are responsible for their companies regulatory strategy.

  • I take pleasure in placing Paragon clients elsewhere

    7 Nov 2005

    From Richard Boundy I prefer not to jump on bandwagons but the letter from Peter Willingham of Accelerated Mortgages (Mortgage Strategy October 31) stirred me into action. Paragon is the most arrogant, ruthless and intermediary-averse lender in the market. Not only does it not pay me for further advances, applied for by my portfolio clients, it won't pay me. Worse, it still expects me to provide insurance information and intervene in the case of further underwriting requirements. ...

  • I would like The Woolwich to pay up for wasting my time

    7 Nov 2005

    From Simon Fisher It's about time lenders were made to pay for wasting our time. My experience last week with The Woolwich was frustrating and costly. My client owns a property his mother lives in and wanted to increase the mortgage with the potential to drawdown 20,000. I checked the intricacies of the case with the intermediary support centre, as I can rarely get hold of my BDM and they said the lending guide confirmed the case fitted criteria. I made an appointment ...

  • IFAs call for innovation in home reversion sector

    7 Nov 2005

    Independent financial advisers are calling for providers to show more innovation in home reversion schemes, says Bridgewater Equity Release.Peter Couch, managing director of Bridgewater, says advisers must be able to give clients what they need, whether it be as much cash as required, a specific release amount, regular payments over time or the ability to release further equity in the future.Couch says: "If we meet the demands of IFAs and customers I would not be surprised to ...

  • I'm still waiting for a call from my B&W BDM, Deirdre

    7 Nov 2005

    From Steve Langrick I always enjoy the letters pages in Mortgage Strategy and last week's offerings (October 31) were better than most. Particularly Deirdre McManus and her posse of BDMs waiting for our call. I registered on Bristol & West's broker site in August and received an email to confirm my registration. Did I then get details on who my BDM was? Nope. Did it not have some news to share on its lifetime mortgage rates? Has it launched nothing in the past two months ...

  • Infinity expands sales team

    10 Nov 2005

    Infinity has appointed two business development managers to its sales team.

  • Infinity launches Infinet

    7 Nov 2005

    Infinet, the first web-based full mortgage administration system from Infinity Mortgages has been launched.

  • Insolvencies rise

    7 Nov 2005

    The Department of Trade and Industry has published statistics on insolvencies in Q3 2005. There were 3,389 liquidations in England and Wales, an increase of 0.3% on the previous quarter.

  • Insurance broker under fire again

    7 Nov 2005

    Insurance brokerage Mortgage Protection UK has come under fire for unpaid commissions again.Alan Campbell, proprietor of Inglenook Financial Services, contacted Mortgage Strategy after battling with MPUK for six months to claim unpaid commission, to no avail. Inglenook is owed three years' commission by MPUK totalling over 300.Campbell says: "It may only be 300 but MPUK should not be able to get away with it. I only have a few clients left with it. I keep trying to move ...

  • Insurer highlights flood risk

    7 Nov 2005

    A report by insurer More Thn warns that five million people in the UK are at risk of flooding, with 1.5 million being at high risk.One of the concerns in the report is that around 200,000 properties are planned to be built in flood risk areas. Also, the future of the Thames Barrier is uncertain. Substantial development is planned behind the barrier, which is only designed to be effective until 2030. Planned development and ageing defences could leave many households and businesses ...

  • Internet Insight

    7 Nov 2005

    Mortgage Strategys weekly guide to whats hot and whats not on the web. Kevin Paterson takes a look at lender websites, working his way from A to Z

  • Is it time for a rethink on Right to Buy?

    7 Nov 2005

    The Right to Buy scheme celebrated its 25th anniversary last week. First introduced in 1980, Right to Buy is aimed at secure tenants of local authorities and those assured tenants of registered social landlords or housing associations who previously held secure tenancies with local authorities.But a report last week from housing charity Shelter warned social housing was in crisis. Shelter says if the impact of overcrowding is the same across all types of housing, 268,000 children in ...

  • It's too early for doom mongers to write off HIPs

    7 Nov 2005

    Draft regulations on Home Information Packs published by the government last week have met with a mixed reaction from the mortgage industry.Though the market has long been aware of the plans to implement the packs and speculation regarding their content has proved largely accurate, publication of the laws has brought a fresh wave of cynicism. There is concern that the market for carrying out Home Condition Reports will be saturated by opportunist firms employing inspectors unqualified ...

  • John Charcol launches offset product

    8 Nov 2005

    John Charcol has launched a three-year tracker offset at Bank of England base rate plus 0.19% and an APR of 5.6%.

  • Labour to invest in schemes to cut homelessness

    7 Nov 2005

    The government is to invest over 32m in developing ways to tackle homelessness.The Homelessness Innovation Fund is part of the government's strategy to cut the number of households in temporary accommodation by 50% by 2010.Funded schemes across England are expected to reduce the number of households in temporary accommodation by 4,000 and prevent 2,400 new cases of homelessness.The successful bidders were named last week. One is the Cross Authority Lettings Agency project ...

  • Lack of knowledge about Homebuy could hinder first-time buyers

    10 Nov 2005

    A survey has reveal a widespread lack of knowledge amongst estate agents about the governments Homebuy scheme, designed to get first-time buyers onto the property ladder by purchasing a home on the open market in certain areas for 75% of the asking price.

  • Landlords wary of benefit tenants

    7 Nov 2005

    Over half of landlords and letting agents polled on the Local Housing Allowance Pathfinders scheme say it has made them less likely to want to let to Housing Benefit tenants.Awareness of the scheme was common among respondents. Some 85% of landlords and letting agents had heard of the benefit.

  • Largest study on lender technology is complete

    7 Nov 2005

    The 2005 Mortgage Lender Intermediary Technology Benchmark Study, carried out by Frank Eve Consulting, is now complete.The study is the largest and most detailed of its type in the industry.It offers lenders information on how to improve efficiency, increase site usage and boost their understanding of competitive positioning and market share.The study benchmarks 24 lender intermediary websites and provides an assessment of best practice in intermediary distribution technology.In ...

  • Lead Generation

    7 Nov 2005

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

  • Leeds launches base rate tracker

    8 Nov 2005

    Leeds has launched a base rate tracker mortgage at 0.14% above Bank of England base rate.

  • Leeds sees possessions fall

    7 Nov 2005

    Leeds has seen a 12% fall in possession actions in Q3 2005 compared with the same period in 2004, and a fall of 24% for the year to Q3 compared to the same period last year. This is despite a government report highlighting a 55% rise in actions in Q3.

  • Lenders are preparing to attract business direct from broker sector

    7 Nov 2005

    From Simon Mouncher We are now a year into regulation and the market seems to have settled well. Every week we read reports on record levels of business so the doom that was expected, along with the end of packaging, hasn't happened. Or has it? For the past 12 months lenders have talked about cutting the number of packagers they allow but this hasn't happened, so is it a case of all talk no action? Not quite. Remember lenders are investing heavily in online binding decisions. ...

  • Lending volumes top 18bn at L&G

    7 Nov 2005

    The Legal & General Partnership says that since Mortgage Day, it has seen lending volumes of 18.5bn.L&G went through a huge transformation pre-Mortgage Day to ensure its firms had enough compliance support to be able to trade successfully in the regulated environment.A risk-based technology system featured heavily in this, designed to help advisers meet regulatory and reporting requirements. So far, over 250,000 customers have been advised using a point-of-sale system introduced ...

  • Let's celebrate success of Right to Buy

    7 Nov 2005

    It's a big time for anniversaries. Of course it is the 12 months since the start of statutory regulation, and didn't that just grab the headlines in the trade press?

  • Lies, damned lies and statistics

    7 Nov 2005

    Disraeli said the above and the old clich?till rings true today when considering the claimed numbers of advisers and firms registered as members of mortgage networks, says Richard Griffiths

  • Lifestyle factors drive equity release

    7 Nov 2005

    While 2005 may be a year of consolidation for the equity release market as a whole, demand is clearly there. The challenge, as always, is to spot and court the potential clients.

  • Living spaces annual review launched

    8 Nov 2005

    Green spaces minister Baroness Andrews today launched the living spaces annual review 2004/05 that shows more than 3m has been given out to local communities in the North-West as part of the government's living spaces scheme.

  • London & European rebrands and relocate to the City

    7 Nov 2005

    London & European has moved into the heart of the City and has rebranded its image.

  • Looking beyond the high street could save 3,000

    7 Nov 2005

    New research reveals that consumers who look beyond their high street loan provider of loan protection insurance could save well over 3,000 over five years on a 7,500 loan. The research from specialist insurance website www.protection-insurance.com, which compares the cost of protecting a loan via the top 10 lenders, warns against the hard sell approach sometimes employed by these organisations. Simon Burgess, spokesman for protection-insurance.com, says: "Lenders encourage ...

  • M&G announces property portfolio launch

    7 Nov 2005

    M&G has announced the launch of the M&G Property Portfolio on November 8.

  • M2000 to recruit head of operations

    7 Nov 2005

    Mortgage 2000 Finance Group is looking to appoint a head of operations to run mortgage processing facilities offered by a number of its distribution channels, and a key account manager to manage the relationship with the groups' top 100 intermediaries.

  • MAB predicts broker casualties in 2006

    8 Nov 2005

    There will be more business casualties among broker firms in the next two years the Mortgage Advice Bureau warns.

  • Market Watch

    7 Nov 2005

    Swaps started to edge down before streaking ahead of their recent highs.

  • Marlborough rebrands as Vertex Financial Services

    7 Nov 2005

    Marlborough Stirling has officially rebranded as Vertex Financial Services, following its acquisition by Vertex Data Science in May.

  • MEX completes 6,000th lifetime mortgage application

    11 Nov 2005

    Mortgage Express has revealed it completed its 6,000th lifetime mortgage application this week.

  • M-Next expands overseas offering

    7 Nov 2005

    Mortgage Next has joined forces with International Property Sales to expand its offering in the overseas property arena.IPS offers mortgages upto 80% LTV, selling properties to clients from a worldwide portfolio.Lee Connolly, director of IPS, says: "This is a great opportunity for mortgage advisers to get a new income stream. Many clients dream of a place in the sun and raising finance has never been easier. We are offering sustainable commissions, exclusive to Mortgage Next ...

  • Moneyquest appoints its first chairman

    10 Nov 2005

    Moneyquest, the telephone and online mortgage, insurance and loan brokers, appointed Angus McSween as its first chairman.

  • Morgan Stanley might take Advantage

    7 Nov 2005

    US Financial giant Morgan Stanley is rumoured to be looking to buy Advantage Home Loans in a deal that could be announced in the next few months.One source tells Mortgage Strategy that the deal could be finalised as soon as December, and Advantage will soon be calling in its sales team to discuss the plans. A senior industry source says Morgan Stanley is "hungry to join the race" started by its investment banking competitors and wants to get "closer to the collateral". The ...

  • Mortgage Bureau adds Rooftop to lender panel

    8 Nov 2005

    Mortgage Bureau has added Rooftop Mortgages to its panel and members will receive free valuations for the rest of the year on all Rooftop Mortgages products accessed through Rooftop Direct.

  • Mortgage Excellence and De Wood Mortgages merge

    9 Nov 2005

    Mortgage Excellence has announced its merger with De Wood Mortgages. De Wood Mortgages has moved its business into the Mortgage Excellence offices in Stanmore and has been integrated into the infrastructure.

  • Mortgage Intelligence appoints financial director

    8 Nov 2005

    Mortgage Intelligence has appointed Phil Davies as financial director and company secretary.

  • Mortgage Talk takes The Big Challenge

    7 Nov 2005

    Staff at Rotherham-based independent mortgage adviser Mortgage Talk will be taking part in BBC Radio Sheffield's The Big Challenge later this month.

  • MortgageStream launches branded software for PMS members

    8 Nov 2005

    MortgageStream has launched a branded version of its case management software for Premier Mortgage Service members.

  • MPs to probe demutualisation

    7 Nov 2005

    The Parliamentary All-Party Group for Building Societies and Financial Mutuals is to conduct a short inquiry into the true cost of demutualisation.The Group will hold three hearings in November, during which evidence will be taken from witnesses from within, and outside, the mutual sector to determine whether customers of demutualised companies are now paying back their windfalls in higher costs. The Group wants written evidence from interested parties.

  • NAB releases annual results

    9 Nov 2005

    The National Australia Bank Group has released full year results for its UK banking and wealth management operations, announcing cash earnings before tax of 297m for the 12 months to September 30.

  • Net valuations

    7 Nov 2005

    Hometrack has launched an online service allowing home owners and buyers to value a property to a level only previously available to high street mortgage lenders. The service could revolutionise the house buying process as the public can use the figures to negotiate on the price of a property or ensure an estate agent's valuation is correct.

  • Network Data launches proposition for DA firms

    7 Nov 2005

    Network Data has launched a proposition for directly authorised brokers.It offers a range of benefits including access to exclusive mortgage and insurance products and free access to Network Data's mortgageLink software which includes integrated access to the Mortgage Trading Exchange.Registration is free and also includes free software training courses and business development workshops, access to an exclusive online conveyancing service from Network Conveyancing, lead generation ...

  • New home prices down 2.4% in October

    7 Nov 2005

    SmartNewHomes.com has released its latest monthly report that shows new home prices dipped last month.

  • NLIS yet to offer searches via private suppliers

    9 Nov 2005

    OneSearch Direct, the private search company, says the National Land Information Service has yet to offer official local searches via private suppliers and loosen control of its brand and software despite a report from the Office of Fair Trading recommending changes in the local search market.

  • NU backs education scheme

    7 Nov 2005

    Norwich Union is to become a partner in a project to create a National Financial Services Academy as part of its plan to support local education.There will initially be three centres with one in Norwich, where the insurance giant employs about 10% of the student body. NU hopes the Norwich centre will boost the calibre of potential employees.The other centres will be in London and Manchester.Kerry Jones, HR recruitment manager specialist at NU, says: "We are delighted to ...

  • Online help with conveyancing

    7 Nov 2005

    eConveyancer, the online system for instructing conveyancers, is to be made available to Mortgage Promotions' brokers.eConveyancer gives brokers an easy way to select and instruct a conveyancer on behalf of their client, then monitor the conveyancers' progress. The system gives intermediaries access to a panel of solicitors comprising more than 140 firms, and 500 conveyancing specialists.

  • Over 50% of consumers think equity release is risky

    7 Nov 2005

    Research by Key Retirement Solutions has revealed 56% of consumers believe equity release is risky, suggesting the general public has serious misconceptions about these products.

  • Paymentcare backs FSA action of selling practices for PPI

    8 Nov 2005

    Paymentcare, the standalone payment protection insurance broker, has given its full support to the Financial Services Authoritys call for firms to take urgent action to ensure selling practises for PPI are in line with regulatory requirements.

  • Pensioners will be hit hardest by hike in Council Tax bills

    7 Nov 2005

    Pensioners will not be able to cope with Council Tax bills when they rise again next year, says Key Retirement Solutions.The rise will mean Council Tax will have virtually doubled since Labour came to power nine years ago, and will cost home owners at least an extra 100 per year.There have already been a number of high profile protests at the increase in Council Tax this year, with two pensioners refusing to pay the above inflation rises in their bills and subsequently being ...

  • Pink's revamped broker site goes live

    7 Nov 2005

    Pink Home Loans' website for the intermediary market went live last week.The site has been redesigned to improve navigation, make information more accessible and give intermediaries a greater understanding of what Pink offers.The website will give existing introducer members better access to other income revenues, with more information online. This should reduce the need to make a phone call to Pink.The site's My Account Tool provides details of the introducer's business ...

  • PMPA escapes heavy fine

    7 Nov 2005

    The Professional Mortgage Packagers Alliance has avoided criminal charges and a hefty fine after failing to file its annual return.This was due on September 15 after which it had 28 days (until October 13) to file it. Failing to file an annual return is a criminal offence and leaves companies at risk of prosecution and a fine of up to 5,000.The PMPA says the problem arose after paperwork was sent to its old registered address rather than its new location.Ian Nelson, chief ...

  • Prestbury comments on a year of regulation

    9 Nov 2005

    Prestbury says that a year after mortgage regulation it believes there is now a clear indication of who are the winners and losers in the mortgage market.

  • Prestige Acceptance showcases its personal service at Expo

    11 Nov 2005

    Prestige Acceptance will showcase the benefits smaller firms can offer advisers at next weeks Mortgage Business Expo.

  • Prime central London house prices up 1.1%

    8 Nov 2005

    Residential house prices in prime central London locations increased by 1.1% in October despite price falls in the mainstream national markets.

  • Quest to demonstrate HIP technology at Expo London

    7 Nov 2005

    Quest Associates, the IT solutions provider to the UK property sector, is inviting visitors to unlock their Home Information Pack potential throughout the Mortgage Business Expo London on November 16 and 17 at Earls Court 2.

  • Report serves the interests of non-advising sellers like Tesco

    7 Nov 2005

    From Kevin Carr The report into the selling of life insurance published by Consumer Intelligence is clearly drawn up to further the cause of Consumer Intelligence's main clients, the non-advising protection sellers such as Tesco, Direct Line and many others. I believe this report to be both contradictory and flawed in its understanding of the market. For example, the report misses several important points such as the fact that consumers automatically lose their right to seek ...

  • Rise above the crowd on the web

    7 Nov 2005

    Making sure you are seen prominently on the internet and linking up with firms that can channel traffic to your website are two important elements of an online strategy, says Frank Eve

  • Rogue clients must be warned off now

    7 Nov 2005

    There are worrying signs that consumers are getting the better of the Financial Services Authority and mortgage brokers. When we addressed the issue of regulatory costs for our cover feature, starting on page 38, we found one of the main cost concerns is the threat of complaints - justified or otherwise - from consumers.

  • Rooftop to introduce BDM team at Expo

    8 Nov 2005

    Rooftop Mortgages will be introducing its six strong business development managers team at Mortgage Business Expo London on November 16 and 17. The team consists of Jim Baker for the North-West, Mia Bristow for the South-East, Richard Clare for London and Anglia, Charlotte Holley for Central, Mandy Jones for the south Coast, and Steve Wanstall for service centre and direct. Expo attendees can meet the team, including underwriters and the senior team, on stand G12.

  • Roy Leighton is chair of FSPP

    7 Nov 2005

    Roy Leighton has taken over as chairman of the Financial Services Practitioner Panel.He succeeds Jonathan Bloomer, who assumes the role of deputy chairman for one year. Leighton is chairman of Nymex Europe. The Panel is a statutory body that represents the spectrum of regulated firms and the interests of practitioners.

  • Salt to launch next week

    7 Nov 2005

    Derbyshires specialist lending brand Salt is to be unveiled on November 14.

  • Scarborough to work with mortgage club

    7 Nov 2005

    Scarborough has signed an exclusive deal with mortgage club Portfoleo.The society says it hopes to build its presence in the broker market through its relationship managers.Through Portfoleo, the society will be offering a three-year tracker buy-to-let deal at base plus 0.79% for three years, stepping up to base plus 1.49% for the remainder of the term. The product also offers an arrangement fee of 595 and a maximum LTV of 80%.The deal signals Scarborough's emphasis on developing ...

  • Sesame chooses Assureweb

    7 Nov 2005

    Sesame has chosen Assureweb to power its Select multi-tie proposition in a deal designed to offer increased efficiency for advisers throughits e-enabled service. The Select proposition offers a broad rangeof products from AXA, Legal & General, Norwich Union, Prudential and Standard Life.

  • SHIP figures show increase in home reversion business

    7 Nov 2005

    Safe Home Income Plans, the UK equity release industry body, has today released its Q3 figures that show a significant increase in home reversions business written.

  • Should mortgage express have named and shamed the bdm advising brokers how to mis-sell self-cert?

    7 Nov 2005

    The industry must be seen to be clean but inappropriate naming and shaming risks blunting the enthusiasm of salespeople, say our experts

  • Software alliance

    7 Nov 2005

    Focus Business Solutions has formed a partnership with Dashboard Software to deliver a suite of mortgage technology solutions.

  • Speed-trap launches web analysis tool

    7 Nov 2005

    E-business intelligence firm Speed-trap has announced the launch of BusinessAlerts, a web analysis tool which provides real-time automated e-mail and SMS alerts for e-businesses. By utilising the data collected by Speed-traps Dynamic Collection technology, BusinessAlerts automatically warns key teams and individuals in any online enterprise when their customers or systems start to behave abnormally.

  • Taylor's Tour.....

    7 Nov 2005

    Henry Taylor's day job is running a mortgage broking business in Eastbourne on the south coast of England, when not taking part in the Seat Cupra Championship

  • Tenet sets a 'live in five' challenge

    11 Nov 2005

    Tenet, which recently launched a web building facility, has set itself a live in five challenge - to have pre-approved sites built and live on the web within five minutes.

  • The Mortgage Mole

    7 Nov 2005

    Ray's HauntThe Building Societies Association attempted to scare Strategy's hardened hacks and the industry's bravest with a ghost walk in London last week to mark Halloween. Starting outside the Royal Exchange, the route took in dark alleys and deserted churchyards around the City and was led by ghost author and researcher Richard Jones, resplendent in Dickensian attire.The tale was told of a ghost who haunts the Bank of England. Rumours the ghoul is related to mortgage ...

  • The Woolwich said yes and then no to my application

    7 Nov 2005

    From Steve Neale I recently met a client looking to buy a property, whose current mortgage is with The Woolwich tied on a fixed rate until June 2006. It made sense to stay with it until the rate expired and review the mortgage then. The new mortgage amount meant a stretch of income was needed so I rang my BDM who told me to ring an underwriter. I did this, explaining the need for an income stretch (19 years of mortgage experience tells me to be specific when discussing incomes) ...

  • Think about HIPs, says AMI

    7 Nov 2005

    Senior figures from the mortgage industry met the Association of Mortgage Inter- mediaries last Wednesday to discuss how Home Information Packs will affect business and the housing market.The meeting was arranged in light of the publication of draft government regulations on October 31 that set out the cost and contents of HIPs.Ben Stafford, head of policy at AMI, says: "The industry has been so caught up with regulation that there's been a tendency to lose sight of other important ...

  • Time to take a fresh look at marketing

    7 Nov 2005

    Brokers are in a good position to make themselves the central contact for all their clients' needs and in the process build loyalty within their client base, says Payam Azadi

  • Tortured figures will tell you anything

    7 Nov 2005

    Just past the first anniversary of Mortgage Day, it's time to bring a smile to the lives of my fellow brokers. Despite the views of those who wear rose tinted glasses, the past year has been a tough one for most brokers. So this week the focus is on the funny side of statistics.

  • UCB increases rates on self-cert products

    11 Nov 2005

    UCB Home Loans, the specialist lender of Nationwide, is increasing interest rates on its self-cert two year fixed rate mortgages by 0.15% to reflect recent movements in the money markets.

  • Unisys launches mortgage modules

    7 Nov 2005

    Unisys has launched a major extension to its Unisys Financial Services Solution. Mortgage Origination modules enable the management of processing requirements by mortgage providers, with the ability to meet FSA requirements.

  • United Group warns brokers about HIPs

    9 Nov 2005

    The United Group, owners of eConveyancer and United Surveyors, is encouraging mortgage brokers to start making plans for the launch of Home Information Packs, which will be trialled in the UK in June next year prior to a full launch in 2007.

  • Unsecured loans solution for timeshare industry

    7 Nov 2005

    HMC Funding has launched an unsecured personal loans facility for the timeshare industry.Ron Howell, director of HMC Funding, says: "For many years, the industry has been constrained by lack of choice and innovation in its finance business. Customers are becoming disillusioned with current offerings."They are more educated on finance than ever before and are easily discouraged from purchasing products where interest rates are high. Clients also want choice and flexibility from ...

  • Weakening links

    7 Nov 2005

    With mergers and collapses, the mortgage network landscape is changing fast and the long-term success of the concept remains in doubt, says Rob Clifford

  • Welcome for HIPs

    7 Nov 2005

    Barnetts Solicitors has welcomed HIPs as a benefit to first-time buyers and potential cost cutter for customers.A spokesman says: "HIPs will make the whole home buying process more transparent by giving consumers more information upfront."

  • West Brom warning over branch closures

    9 Nov 2005

    It has recently been reported that more than 6,000 bank branches have closed in the UK since 1990. Figures from The Annual Abstract of Banking Statistics show that banks have reduced their network by 27% since 1995. Meanwhile, in the same period, the building society branch network has reduced by 5% and post offices by 18%.

  • Winner of Pink's 1000 Index survey announced

    9 Nov 2005

    Voting for Pink Home Loans 1000 Index is closed which means that another winner has been selected for expressing their views on key industry issues in Pinks latest survey.

  • Yorkshire donation

    7 Nov 2005

    The Yorkshire has funded a guide dog puppy through its first year of life via donated mobile phones. Over 1,500 old phones were donated by the society's staff and customers.

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