Mortgage Strategy
7 September 2009

  • 35,000 Could miss out on tax break

    7 Sep 2009

    Abbey has warned that up to 35,000 home buyers are in danger of missing the Stamp Duty holiday deadline which expires at the end of the year.

  • 60 Seconds with.....David Copland

    7 Sep 2009

    You’ve had to take a step back from the market recently. has that helped you refocus?Yes. Lenders are more concerned about margin and risk and with its controlled distribution the Pink group is in a prime position to capitalise on this. We have two networks with 660 business writers in total, can tranche manage funding lines through our web-based booking system and help with front-end processing through our packaging arm, BDS.

  • A blind and silent watchdog is little use to the industry

    7 Sep 2009

    The reason that lenders can price direct deals cheaply is that they do not have the cost of providing advice, with all the restrictions and risk of complaints this involves.

  • Abbey and A&L launch broker exclusives

    9 Sep 2009

    Abbey for Intermediaries and Alliance & Leicester Intermediary Sales have reduced their four-year fixed rates by 0.10% and launched two new broker exclusives.

  • Abbey disciplined two staff in 2007 for misconduct

    7 Sep 2009

    Abbey has revealed that it sacked one staff member and disciplined another in 2007 for booking customers onto mortgage rates that had been withdrawn.

  • An opportunity for brokers to shine

    7 Sep 2009

    As the ancient Chinese saying goes, may you live in interesting times. With the impact of the credit crunch continuing to be felt, businesses and those who run them are looking at many decisions in a fresh light.

  • Anti-repossession campaign launched

    8 Sep 2009

    Housing minister John Healey has today launched a national campaign to help struggling homeowners take control of their finances and avoid repossession.

  • Antoniades gets group director role at MCIFA

    7 Sep 2009

    Fahim Antoniades has joined London-based Mortgage Centre IFA as group director.

  • Arrears in sub-prime RMBS could worsen, says Moody's

    7 Sep 2009

    Arrears in sub-prime residential mortgage-backed securities are continuing to rise and are likely to get worse, Moody's has warned.

  • Ask about returns rather than prices

    7 Sep 2009

    The first question most prospective lead buyers ask providers is how much leads cost.

  • AToM picks Hearn to build introducer arm

    7 Sep 2009

    All Types of Mortgages has recruited Phil Hearn, former national account manager at GE Money Home Lending, to develop its Refer Direct introducer business.

  • B2L enquiries jump but deals drop

    7 Sep 2009

    Enquiries for buy-to-let mortgages have increased by nearly 50% since August 2008, while the number of available products has fallen by more than 70%, research from Moneysupermarket.com reveals.

  • Bank holds base rate at 0.5%

    10 Sep 2009

    The Bank of England has held the bank base rate at 0.5% for the sixth month in a row.

  • Be realistic about the cost of cover

    7 Sep 2009

    I was surprised to read recently that only eight out of 14 protection providers accept more than 80% of customer applications at ordinary rates.

  • Being a mortgage adviser at HSBC must be an easy job

    7 Sep 2009

    After seeing the details of HSBC's new 1.99% two-year fixed deal I can only say that with rates that low, maybe it's worth getting a job at HSBC as a mortgage adviser.

  • Brokers are losing their cool in the face of FSA nonsense

    7 Sep 2009

    After reading last week's article on the FSA saying it's OK for lenders to cut out brokers all I can say is - what a load of nonsense.

  • Brokers sceptical as HSBC unveils its lowest ever mortgage at 1.99%

    7 Sep 2009

    HSBC launched its lowest ever mortgage rate at 1.99% last week, but brokers have given the deal a lukewarm reception.

  • Brokers thinking of leaving the market can make money with the right partner

    7 Sep 2009

    It is said that up to 50% of broker firms will have left the market by the end of the recession.

  • BuildStore names sales director

    7 Sep 2009

    BuildStore has appointed David Murphy, former head of national accounts at BM Solutions, as sales and marketing director of its financial services division.

  • Cattles closes 30 out of 180 Welcome branches

    7 Sep 2009

    Cattles is closing 30 of its 180 Welcome Financial Services branches and has placed 510 staff into consultation.

  • Caution urged despite increase in sales

    11 Sep 2009

    Acadametrics has warned of being over-optimistic on recovery as its data sees the number of homes being sold each month double since January.

  • Clients are open to talking about cover

    7 Sep 2009

    In testing economic times such as these most individuals are forced to reconsider their priorities.

  • Confidence edges upwards in August

    9 Sep 2009

    The Nationwide Consumer Confidence Index recorded a two point increase in August to 63, up from 61 in July, the highest the index has been since May 2008.

  • Co-operative Financial Services' profits rise 11%

    11 Sep 2009

    The Co-Operative Financial Services has posted an interim profit of £81.4m, an 11% increase on the same time last year.

  • Cover firms pay out on around 90% of CI claims

    7 Sep 2009

    Insurers Scottish Provident and Aviva revealed last week that they are paying out on around 90% of all critical illness claims.

  • Debt problems are up more than a quarter, says CAB

    7 Sep 2009

    Citizens Advice has revealed that it is handling 9,300 new debt problems as well as 8,000 new benefit problems every day.

  • DPS distances itself from InventoriesRUs

    7 Sep 2009

    The Deposit Protection Service released a statement last week saying it has no association with InventoriesRUs. It adds that it has taken legal advice concerning statements issued by the firm in which the service is cited. The DPS says that it does not recommend the services of InventoriesRUs and does not in any way verify claims made by the company.

  • Estate agent cut out my client after I queried cashback

    7 Sep 2009

    I was interested to read the lead news story in last week's Mortgage Strategy regarding the underhand tactics used by estate agents to keep mortgage advice inhouse.

  • Estate agents see pick up in August

    8 Sep 2009

    August results from the Agency Express Property Activity Index showunusually high levels of housing market activity in most cities and regionsacross the UK.

  • Ex-Chase de Vere director launches technology firm

    10 Sep 2009

    Michael Schaefer, formerly director at Chase de Vere Mortgage Management has launched technology company Cirrus ICT.

  • Fees charged by lenders are part of products' structure

    7 Sep 2009

    I am writing with regard to HSBC's 1.99% two-year fixed rate that was launched last week (Mortgage Strategy Online).

  • First direct launches offset tracker range

    8 Sep 2009

    First direct has launched a offset tracker mortgage which tracks the Bank of England base rate plus 2.29% for the life of the loan.

  • Flexible deals get most complaints

    7 Sep 2009

    Complaints about flexible mortgages to the Financial Services Authority outweigh those related to sub-prime and self-cert mortgages combined.

  • Fractional owners need legal advice

    7 Sep 2009

    Fractional ownership is a reinvention of the old co-ownership concept, whereby a property was divided into four separate deeds.

  • Fraud Office probes £45m mortgage fraud by gang

    7 Sep 2009

    The Serious Fraud Office is investigating a £45m mortgage fraud case in which an organised gang is suspected of having colluded with corrupt solicitors and surveyors.

  • Frustration rules as market logic remains on hold

    7 Sep 2009

    The UK mortgage market is a tricky sector to make sense of at the moment. There's a feeling that we are heading towards a slightly more normal market but we must be cautious about what constitutes normal.

  • FSA must wield power wisely

    7 Sep 2009

    News last week that the Financial Services Authority had withdrawn the permissions of Steven Moorley, head of failed network Premier Network Group, and banned him from performing the function of chief executive was a sign of the regulator stepping up its oversight of the industry.

  • FSA strips broker of permissions for unpaid fees

    10 Sep 2009

    The Financial Services Authority has cancelled the permission of Peter David Alexander, trading as David Crane Mortgage Broker for unpaid fees.

  • FSA withdraws approved status of network boss for AR failings

    7 Sep 2009

    The Financial Services Authority has withdrawn the approved status of Steven Moorley, director of failed network Premier Network Group, for allowing appointed representatives to potentially commit fraud.

  • Government launches repossession campaign

    8 Sep 2009

    Housing minister John Healey has today launched a national campaign to help struggling homeowners take control of their finances and avoid repossession.

  • Half of all mortgages now come with a percentage fee

    7 Sep 2009

    Research by MoneyExpert.com has found that just under half of all mortgages now come with a percentage fee, with the highest fees rising by a massive 25% over the last year.

  • Halifax mulls closing 300 agency counters

    7 Sep 2009

    Halifax is considering closing up to 300 of its agency counters, with 26 already marked for closure.

  • Hang on in there and benefit from good times ahead

    7 Sep 2009

    With the second anniversary of the credit crunch fast approaching I thought it would be appropriate to take a look at the mortgage market past, present and future.

  • Hard times

    7 Sep 2009

    While Mole has every sympathy for brokers who have fallen on hard times he can't help but question whether one former adviser has taken things a bit too far in her attempt to earn some extra cash.

  • Home & Capital signs deals to service In Retirement loans

    11 Sep 2009

    Equity release specialist Home & Capital has taken over operational responsibility to administer a portfolio of around 1,000 home reversion plans originated by In Retirement Services, which is now in administration.

  • Home Buyer Systems teams up with Easier2move

    8 Sep 2009

    Home Buyer Systems has teamed up with online HIPs and conveyancing provider, Easier2move.

  • Honesty will help foil the fraudsters

    7 Sep 2009

    When Chelsea Building Society recently revealed it had been hit by fraud totalling £41m it was a eureka moment.

  • Housing market picks up in August

    8 Sep 2009

    August results from the Agency Express Property Activity Index showunusually high levels of housing market activity in most cities and regionsacross the UK.

  • It is the industry's responsibility to promote EPCs

    7 Sep 2009

    The National Landlords Association recently stated that tenants are ignoring Energy Performance Certificates and as a result landlords are questioning the need for them.

  • It seems that size matters when it comes to FSA rules

    7 Sep 2009

    With regard to your recent article revealing that the FSA reckons it's OK for lenders to cut out brokers, it appears there is one set of rules for large national companies which the FSA is too inefficient to regulate and another set of rules for smaller firms.Name & address supplied

  • It's a question of give and take with HSBC's fixed deal

    7 Sep 2009

    HSBC's two-year fixed deal has an attractive rate, so where's the catch? Well, that would be the arrangement fee of £1,199. It is giving with one hand and taking with the other.

  • John Cupis joins AMI board

    7 Sep 2009

    The Association of Mortgage Intermediaries has appointed John Cupis, managing director of mortgages and general insurance at Sesame, to its board.

  • John Maclean leaves Link Lending

    8 Sep 2009

    John Maclean, managing director of Link Lending is leaving the bridging lender to set up a new venture.

  • John Maclean leaves Link Lending

    8 Sep 2009

    John Maclean, managing director of Link Lending is leaving the bridging lender to set up a new venture.

  • Just 29% have faith in the banking industry

    7 Sep 2009

    Datamonitor's latest survey reveals that while 59% of the world's consumers trust their own banks only 29% trust the banking industry. Trust in primary banks is particularly high in Asia, falling away in the UK where the figure is 50% and Italy where it is just 42%.

  • KPMG sees modest rise in employment

    10 Sep 2009

    A report from the Recruitment and Employment Confederation and KPMGshows there has been a marginal increase in both permanent and temporary staff appointments.

  • Let's just hope the Tories get shot of the FSA next year

    7 Sep 2009

    I was interested to read the article entitled 'Fury as FSA says it's OK for lenders to cut out brokers' (Mortgage Strategy August 31).

  • Letting investors grab their chance

    7 Sep 2009

    Opportunity often turns up in the most unlikely places. How likely did it seem that England would win the Ashes when we were watching that resolute batting performance by Monty Panesar in Cardiff? But shrewd gamblers made a healthy return by backing the right result.

  • Life cover can be a question of trust

    7 Sep 2009

    In a downturn clients' focus tends to shift from 'nice to have' towards more fundamental requirements.

  • Lloyds extends B2L limit to all HBOS brands

    11 Sep 2009

    Lloyds Banking Group is changing its buy-to-let lending policy on HBOS brands so that landlords can only borrow on a total of nine buy-to-let properties across the group.

  • Loan sharks target big banks

    11 Sep 2009

    Loan sharks are using big banks to launder their illegal gains from lending without a consumer credit licence.

  • Majority of brokers charging fees

    9 Sep 2009

    Research has found that the majority of mortgage intermediaries - 61% have already started charging their clients fees for sourcing mortgages.

  • Marketwatch 07/09/2009

    7 Sep 2009

    Swaps had a mixed week, with shorter term money increasing slightly and longer term money falling a smidge. Three-month LIBOR is down to 0.67%.

  • Media Spotlight: Keynes - The Return of the Master By Robert Skidelsky

    7 Sep 2009

    Economist-bashing has become a popular pursuit since the advent of the crash. Numerous critics have called for the profession to bin looking on economics as a science - something akin to describing gravity and other physical laws - and instead apply some of the rules of risk and uncertainty as laid down by John Maynard Keynes.

  • Moore Blatch links up with The Charlbury Group

    11 Sep 2009

    Repossessions lawyers Moore Blatch have linked to a system from The Charlbury Group which allows parties involved in repossessions to exchange data more easily.

  • Mortgage broker fined £6,000

    10 Sep 2009

    A mortgage broker has been fined £6,000 at the City of Westminster Magistrates Court in the Financial Service Authority’s first criminal prosecution for change of control failures.

  • Mortgage products remain stable in August

    8 Sep 2009

    The number of mortgage schemes available to brokers has remained stable shows data from Mortgage Brain’s Monthly Product Analysis.

  • Mortgageforce sees applications rocket

    7 Sep 2009

    Mortgageforce has seen a 55% rise in mortgage applicants in the past six months. It attributes this to an uplift in remortgages and first-time buyers.

  • MTE boosts its market share by 77% in a year

    7 Sep 2009

    The Mortgage Trading Exchange has increased its share of transactions processed by 77% in the past 12 months.

  • NACFB warns brokers over commercial fraudsters

    9 Sep 2009

    The National Association of Commercial Finance Brokers has renewed its warning to residential mortgage brokers over commercial loan fraudsters.

  • Net loss

    7 Sep 2009

    Mole is pleased to note that even the wealthy are still working hard to pay off their mortgages.

  • Network Data’s HQ sold

    8 Sep 2009

    Network Data’s headquarters Botleys Mansion has been sold to Bijou Wedding Venues.

  • New voice

    7 Sep 2009

    With a large number of lenders having left the market in the past two years Mole imagines that the Council of Mortgage Lenders is trying all sorts of ways to keep costs down.

  • New-build finance will be next crisis

    7 Sep 2009

    Following on from my comments last week about a long-awaited upsurge in new housing start-ups, I am concerned about how these new-builds will be financed.

  • NLA claims millions wasted on new benefit payment system

    7 Sep 2009

    The National Landlords Association claims that millions of taxpayers’ money is being wasted by a new method of paying housing benefit, the Local Housing Allowance.

  • No wonder lenders don't bother to use brokers anymore

    7 Sep 2009

    I've been interested to read the recent string of articles in Mortgage Strategy on dual pricing.

  • Northern Rock launches tracker range

    7 Sep 2009

    Northern Rock has launched a tracker range, with a two-year flexible base rate tracker available at 3.29% for both purchase and remortgage.

  • Northern Rock launches tracker range

    8 Sep 2009

    Northern Rock has launched a tracker range, with a two-year flexible base rate tracker available at 3.29% for both purchase and remortgage.

  • Now's the time to snap up a new-build house

    7 Sep 2009

    SmartNewHomes.com says a combination of factors makes this the best time to buy a new-build home. The website says new-build prices are down nearly 20% on their peak in July 2007 and are now comparable with the second-hand market, despite the superior energy efficiency, design standard and other cost-saving benefits of buying new.

  • OFT refuses permission for broker to collect debts

    9 Sep 2009

    The Office of Fair Trading has refused to extend a credit broker's licence to allow him to collect debts.

  • Oops I did it again - Trouble with the HSBC

    10 Sep 2009

    Last week was particularly interesting as HSBC released the latest in their line of headline grabbing products at an extraordinary rate of 1.99%, and I was asked to provide a comment.

  • OpenConvey teams up with eGateway

    11 Sep 2009

    eGateway has appointed online conveyancing referral portal OpenConvey to its panel of product and service providers.

  • Out of reach

    7 Sep 2009

    In theory, the principle of shared equity and shared ownership schemes is sound. The idea is to help individuals who cannot otherwise get on the property ladder either through loans or by allowing borrowers to buy shares in properties.

  • Party line

    7 Sep 2009

    Mole is pleased to see that not all brokers are giving in to doom and gloom. Dorset-based brokerage Debbie J. Boyes recently celebrated its fifth anniversary by hosting a party for clients.

  • PMS expands Wills service

    7 Sep 2009

    PMS has expanded its Wills referral scheme and the service is now available in Scotland via Walker Laird solicitors.

  • Repayments outstripped lending in July for first time in 16 years

    7 Sep 2009

    Mortgage repayments outpaced new lending in July for the first time since 1993 with the Council of Mortgage Lenders warning that negative lending could strike again this year.

  • Return of FTBs hailed as positive market indicator

    7 Sep 2009

    The National Association of Estate Agents' market survey for August shows the number of first-time buyers rose by 36% in the month.

  • Revitalised US homes market gives us all hope

    7 Sep 2009

    Recent statistics from the US show signs of a long-awaited recovery in the housing market.

  • Rogue estate agents must face the music

    7 Sep 2009

    With the number of property transactions rising the estate agency profession seems to be in a positive mood.

  • RPS links up with Ingard

    7 Sep 2009

    Sale-and-rent-back provider Residential Property Solutions has agreed a strategic relationship with Ingard Financial.

  • Selling power of the supernatural can't be ignored

    7 Sep 2009

    All of us enjoy being frightened and we all have a fascination with horror and the macabre.

  • Shadow MPC

    7 Sep 2009

    This month's decision: Hold

  • SHIP welcomes wider remit for AMI committee

    7 Sep 2009

    Safe Home Income Plans has welcomed the expansion of the remit of the Association of Mortgage Intermediaries' equity release committee to include all issues relating to the retirement market.

  • South-east London tops card fraud poll

    7 Sep 2009

    South-east London has been deemed the worst postcode in the UK for card fraud with an estimated 66,000 fraudulent transactions worth a whopping £18m over the last 12 months.

  • TBMC gives non-regulated brokers access to products

    9 Sep 2009

    Buy-to-let and commercial specialist The Business Mortgage Company is offering non-regulated brokers access to lenders' products.

  • The great banking error

    8 Sep 2009

    When Yellowhammer, a trendy advertising agency famous for its “Heroin screws you up” public health campaign, won the Barclays’ account back in the 1980s, the team assigned to the business had a banner across its open plan office bearing a pithy message, “banking makes you blind”.

  • The perils of house price headlines

    7 Sep 2009

    As I have pointed out before there's a name in journalist-speak for the summer - it's called the silly season and it provides an excuse for normally pensive City scribes to get excited about life. This is why we find killer chipmunks marauding through the Channel Tunnel, great white sharks off the coast of Cornwall and the occasional UFO hovering overhead.

  • Time to give equity release a new name

    7 Sep 2009

    Have you ever had a eureka moment when you have a great idea, only to realise it has probably been thought of before by cleverer people than you who thought they would be ridiculed for mentioning it?

  • TMA launches TMA Large Loans

    7 Sep 2009

    The Mortgage Alliance has launched TMA Large Loans through a strategic affiliation with specialist broker largemortgageloans.com.

  • TMA offers Abbey semi-exclusives

    9 Sep 2009

    The Mortgage Alliance is offering two semi-exclusive two-year fixed rate homebuyer and remortgage products from Abbey for Intermediaries.

  • TrigoldCrystal offers data transfer through Paymentshield

    10 Sep 2009

    TrigoldCrystal has launched a two-way data transfer between its sourcing system and Paymentshield’s Inertia software.

  • Turner is surely the toast of Tokyo

    7 Sep 2009

    Events last week confused me even more than usual. I'm not thinking about the release of Lockerbie bomber Al Magrahi. That's a cut and dried case - you either believe the Scots are compassionate or that the price of oil has gone up.

  • Two commercial loan specialists in fraud allegations

    7 Sep 2009

    The National Association of Commercial Finance Brokers has referred two individuals purporting to be commercial loans specialists to the police for alleged fraudulent activity.

  • Zebra appointed to RPS rent-back panel

    7 Sep 2009

    Residential Property Solutions has appointed Zebra Homeloans to its sale-and-rent-back panel.

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