Mortgage Strategy
8 August 2005

  • A better read than John Grisham

    8 Aug 2005

    As a summer holiday beach read you can't beat the latest FSA guidance material. Maybe not, but authorised firms ignore the regulator's publications at their peril, says Richard Griffiths

  • A&L becomes latest lender to enter buy-to-let sector

    8 Aug 2005

    Alliance & Leicester has become the latest lender to enter the buy-to-let market, revealing the move in its half-year trading statement.The launch comes just a week after First Active targeted the buy-to-let sector through intermediaries, focussing on remortgaging.A&L cites the increasing popularity of buying residential property to rent out privately, the maturity of the market against the backdrop of stable house prices and the growing sophistication of landlords as its reasons ...

  • Abbey and A&L pull out of shared equity scheme

    11 Aug 2005

    The governments plans to build affordable homes under its shared equity scheme have been dealt a blow with two of the UKs biggest lenders pulling out of discussions to be part of the initiative.

  • Abbey welcomes base rate decision

    8 Aug 2005

    Following the recent decrease in the Bank of England's base rate from 4.75% to 4.50%, Abbey is to make changes to its mortgage and savings rates.

  • Abiding by the debt collectors' bible: results of OFT guidance

    10 Aug 2005

    A review to find out how the Office of Fair Trading's guidance to debt collectors has changed behaviour in the sector has been launched.

  • ABN AMRO Trust achieves cross-jurisdictional consistency with edgeConnect

    11 Aug 2005

    Using edgeConnect, ABN AMRO Trust has been able to standardise its processes across each jurisdiction, providing each user with a consistent way of working, regardless of location and business function/business role. The rules based technology enables regulations for each jurisdiction to be seamlessly integrated into the system to ensure compliance with local and international guidelines.

  • Accord unveils product to help professionals

    8 Aug 2005

    Accord is launching a professional 100%-plus mortgage which allows the customer to borrow up to 115% of a property's purchase price.This follows the success of Accord's professional mortgage which, like the new one, is only available to professionals such as doctors, dentists, vets, solicitors, lawyers, and accountants.The three-year fix has a rate of 5.44% until September 30 2008, while the five-year fix has a rate of 5.49% fixed until September 30 2010. Both have an offset ...

  • Ads for tenancy deposit scheme

    8 Aug 2005

    The government is advertising for organisations to run its proposed tenancy deposit schemes from October 2006.The schemes, which will offer protection for more than 740m of assured shorthold tenancy deposits, are advertised in European Journal.There are two adverts, one relating to a single custodial scheme, and the second regarding insurance-based schemes.For the custodial scheme, landlords' agents will be required to pay the deposit to a designated third party. ...

  • Advantage products

    8 Aug 2005

    Branded-based mortgage arranger Advantage Home Loans has launched a range of products through its S500 range which is funded by Southern Pacific Mortgages Limited. The range is spread over eight schemes including near prime, minor, light, medium and heavy adverse, fast-track, Right to Buy and buy-to-let.Product details include two and three-year fixed rates from 5.54% with no early repayment charge overhang, and 2.25% discount across the range until December 1 2006. Higher lending ...

  • Alan Dring to leave Standard Life Bank

    10 Aug 2005

    Alan Dring has quit Standard Life Bank after seven years to pursue a new opportunity closer to his home in Staffordshire.

  • All Black jets in to beef up Tykes

    8 Aug 2005

    All Black legend Justin Marshall (pictured) arrived in Leeds last week after the long trip from his native New Zealand and went straight to a Leeds Tykes rugby summer school to be greeted by 140 seven to 16 year olds.The summer schools, sponsored by Leeds & Holbeck, have been a great success and more are planned throughout the region.Marshall has just signed to the Tykes and the team have high hopes for the Premiership next season, having won the Powergen Cup earlier this year.With ...

  • AMI admits FSA disclosure findings are a wake up call

    11 Aug 2005

    The Association of Mortgage Intermediaries has responded to the Financial Services Authoritys mortgage disclosure mystery shopping exercise, calling the result the final wake up call for the industry.The FSA has published results of the mystery-shopping undertaken on lenders and intermediaries in order to assess disclosure processes.

  • AMI Census

    8 Aug 2005

    The Association of Mortgage Intermediaries' August Mortgage Intermediary Census opens tomorrow, to measure firms' awareness of Treating Customers Fairly. Firms can register and take part at the AMI website.

  • AMI says it can help with RMAR forms

    8 Aug 2005

    The Association of Mortgage Intermediaries is reassuring brokers that they do not need to employ accountants to help fill in their Retail Mediation Activities Report forms.Some brokers are worried they will be forced to employ an accountant if the Financial Services Authority fails to offer sufficient support.Sole trader Alan Reynolds says: "My problem, as with many other sole traders, is that I do not employ an accountant and do not even understand some of the terms used ...

  • Autumn boom predicted

    8 Aug 2005

    Propertyfinder.com says mortgage transactions could hit their highest level since May 2004 by November this year. Jim Buckle, managing director of propertyfinder.com, says: "Now that interest rates have been cut we expect transactions to strengthen into the autumn."

  • B&B urges buyers to shop for pole position

    8 Aug 2005

    Last year saw over two and half million new car registrations take to the roads, and with the release of the latest number plates next month set to whip up a seasonal frenzy of car purchasing, Bradford & Bingley warns buyers to look carefully at their finance options before they leap into the driving seat.

  • B2L seminars

    8 Aug 2005

    Cardiff-based buy-to-let and commercial specialist packager The Business Mortgage Company has held its first two seminars in Cardiff and Birmingham. Using a round table format, four presentations were given on buy-to-let and commercial mortgages to groups of local brokers.

  • B-A multi-ties

    8 Aug 2005

    The Burns-Anderson Independent Network has revealed details of its multi-tie partnerships following a rigorous selection process.The agreement will be for the ranges of five providers - AXA, Friends Provident, Legal & General, Scottish Equitable and Standard Life.Mike Hughes, chief executive at B-A, says: "The five were selected from a short list following invitations to tender. It was a difficult decision but we made it following strict, objective criteria."

  • Base rate cut prompts Opus to reprice deals

    8 Aug 2005

    Opus has revealed that following the Bank of England's decision to cut the base rate by 0.25%, it will lower rates across its product range.This will mean immediate benefits to brokers, with enhancements to its exclusive base rate linked products including the tracker range funded by Mortgages PLC.These lower rates are further enhanced by a cashback option and proc fees of 1.5%.The packager says that, with many lenders' rates linking products to LIBOR or setting their own ...

  • Base rate cut restores faith in the UK housing market

    8 Aug 2005

    The Bank of England cut the base rate last week to 4.50%, the first reduction in two years, restoring faith in the housing market.Predicted by many, the 0.25% cut will give a much-needed boost to the economy.Ray Boulger, senior technical manager at John Charcol, says: "The cut has been fully discounted by market professionals but about half the population was expecting the next base rate change to be upward. So the effect on consumer confidence should be magnified as many have ...

  • Beacon launches lender

    10 Aug 2005

    Beacon, the financial services group headed by former Future Mortgages chief executive Mark Abbott, has launched a lender, Beacon Homeloans.

  • Bear Stearns fined over CFD transgressions

    8 Aug 2005

    The FSA has fined Bear Stearns International Limited 40,000 for failing to report Contracts For Differences transactions. During a review of trading, the FSA discovered that BSIL had inadvertently failed to report any of its CFD transactions to it since August 2001, which is when the firm began to undertake CFD business.

  • Bid for the lead in the generation game

    8 Aug 2005

    An auction-based format and the ability for intermediaries to bid for leads by mortgage type and value sets Leadbay apart when it comes to lead generation providers, says Frank Eve

  • BIM's 1st Start deal is not an irresponsible lending product

    8 Aug 2005

    From Mike Joyce

  • BM executives promoted to HBOS B2B team

    11 Aug 2005

    Michael Bolton, managing director of BM Solutions and Halifax Intermediaries, is to become head of HBOS specialist mortgages.

  • Borrowers pay the price while remortgage opportunities are undiscovered

    10 Aug 2005

    Some 800,000 borrowers have either come to the end or are about to come to the end of their cheap fixed rate deals taken out two years ago. Despite this, however, CML figures show that remortgage levels, as a proportion of total lending, continue to drop - falling in June for the sixth consecutive month. Moreover, the figures remain considerably down on last year. Given the payment shock that many borrowers will be facing jumping from rates as low as 3.3% to around 6.5% this apathy is ...

  • Borrowers remortgage to pay off credit cards

    8 Aug 2005

    latest research from national brokerage Cartel reveals almost 50% of borrowers are remortgaging just to pay spiralling credit card debts.The brokerage says once borrowers have used the money from remortgaging to clear debt, they head straight back to the shops to rack up more.Some 47% of borrowers contacting call centre specialist Quay Communications, which is owned by Cartel managing director Carl Wright, said credit card debts would be top of their list of debts to pay off, ...

  • Borrowers still prefer fixes

    8 Aug 2005

    Despite the drop in base rate, research from Mortgages Direct reveals more borrowers are opting for fixed rate deals. It says borrowers are wary that the low rates will not hold, with a staggering 93% of borrowers opting for fixed rate deals of two to five years.Peter Gladdy, director of Mortgages Direct, says: "Although the interest rate has dropped, consumers are showing little confidence that it will remain low. Borrowers are becoming more cautious and are securing their loans ...

  • British parents fail to adequately cover families

    8 Aug 2005

    Research from Scottish Widows reveals that British families are failing to review their finances after a major life event such as the birth of a child.

  • Brokers back specialist graduate products

    8 Aug 2005

    More than half of intermediaries who voted in our straw poll last week believe graduate mortgages are a worthwhile niche product.Of those who participated, 57% say they fill a role while 43% disagree, given the other products that are available for first-time buyers.With the Monetary Policy Committee voting last week to cut rates for the first time in two years by 0.25% to 4.50%, this week's straw poll asks whether you think there will be further cuts this year.To take part ...

  • Build costs of complaining into compensation payouts

    8 Aug 2005

    From Ray Cohen Nigel Pamment complains about endowment claims firms and says customers are being stung (Mortgage Strategy Letters August 1). But some major companies' responses to customers complaining direct include attempts to bamboozle with legal jargon, fob off, wrongly reject and offer lower than the prescribed amount to poor, unsuspecting policyholders. Is it any wonder people turn to endowment claims firms? Most of these consumers are not financially aware. That is why ...

  • Buy-to-let intermediaries expected base rate cut

    8 Aug 2005

    Buy-to-let intermediaries widely predicted the interest rate cut this month, Mortgage Trusts August buy-to-let intermediary forecast shows.

  • c2 financial makes appointments

    9 Aug 2005

    c2 financial has appointed Rhodri Lewis and Alex Adams, both of whom are joining the company in a sales capacity from MD Nationwide.

  • Capital Home Loans enters sub-prime market with MPLC

    12 Aug 2005

    Capital Home Loans, the specialist lender which includes the Irish Permanent brand, has launched into the sub-prime sector by launching a distribution agreement with Mortgages PLC.Under the terms of the deal CHL will market the entire Mortgages PLC product range to intermediaries under the CHL Sub-Prime brand.

  • Cartel expects more cuts

    8 Aug 2005

    Brokerage Cartel says it expects further rate cuts after last week's reduction in the base rate.Carl Wright, managing director of Cartel, says: "We expect further cuts in six to eight months' time. This will be welcome news for households. The 0.25% cut should give a much-needed boost to the housing market and assist those looking to see property values increase."With the investment market also showing signs of stagnation, this cut will give buy-to-let investors with confidence."

  • Casemaster announces launch of Victoria Mortgages

    10 Aug 2005

    Casemaster the online processing system recently launched by Mortgage 2000 announces the addition of new panel member, Victoria Mortgages.

  • Cautious welcome for lender table

    8 Aug 2005

    Intermediaries and lenders have welcomed Openwork's decision to produce a league table of lenders, but warn it must be a fair representation.Openwork revealed last week that it is to produce a quarterly league table that ranks lenders in terms of service levels, proactiveness, new business and the competitiveness of their products.The mortgage advisers' panel will consist of 200 advisers across the network who will fill in a detailed questionnaire covering areas such as the ...

  • Changes at the top of Bankhall

    10 Aug 2005

    Bankhall has moved to the next stage of its evolution by announcing changes at senior level affecting the current joint chief executives Paul Hogarth and Simon Taylor, as well as the current managing director Peter Mann.

  • Changes mean the onus is on the broker as usual

    8 Aug 2005

    From Brian Humphreys I recently received a mortgage offer from SPML via packager Admiral, with 150 title insurance added. My client spoke to the lender direct and decided against the title insurance so I faxed the packager requesting a new offer. The following week, I received a phone call from the packager saying the lender has requested confirmation by fax from me that a new KFI has been issued with title insurance removed. Could someone tell me (and Trigold) how to produce ...

  • Chelsea reduces SVR to 6.49%

    8 Aug 2005

    Chelsea is reducing its SVR from 6.74% to 6.49%.This is in response to the recent reduction in the Bank of England base rate on August 4.The rate will come into immediate effect for new borrowers, and will come into effect for existing borrowers on September 1.

  • Chelsea reduces SVR to 6.49%

    8 Aug 2005

    Chelsea is reducing its SVR from 6.74% to 6.49%.This is in response to the recent reduction in the Bank of England base rate on August 4.The rate will come into immediate effect for new borrowers, and will come into effect for existing borrowers on September 1.

  • Children change lives in more ways than one

    8 Aug 2005

    The launch of Child Trust Funds earlier this year highlighted the changing financial situation of families. When people are starting or extending their family, they are also changing their financial needs.Whether most people appreciate this or not is open to debate so we at Scottish Widows thought we'd explore it a little deeper and find out what difference having a family makes to peoples' ideas of their finances.It would be fair to say that when many people consider their ...

  • Comparison is a useful tool in selling reversions

    8 Aug 2005

    It's not surprising that a requirement of Financial Services Authority rules under MCOB is that you should consider with your clients the effect that equity release may have on their estate, and assess how much of a priority this is for them.A concern for many consumers is the effect of deals on inheritance - their desire to maintain some value in their property for their beneficiaries - and how to quantify this.The first point to get across is that a deal will have an effect ...

  • Complete franchise

    8 Aug 2005

    Complete Mortgage & Loan Services has signed its latest franchise agreement with Southampton-based Fee-Saver Mortgages.The newly named firm, CMLS Botley, will be a franchised mortgage packaging operation that has access to the full range of CMLS' lender panel and exclusive products.Fee-Saver Mortgages/CMLS Botley has 11 staff and offers broking and packaging for both residential and commercial mortgages.

  • Concern over loans for key workers

    8 Aug 2005

    Concern is growing among key workers over the diffi culty in obtaining loans for government-backed affordable housing schemes.Workers such as teachers, nurses and firemen are assisted by the schemes but some are experiencing difficulties in obtaining mortgages because of agreements that place conditions on the sale of the home.The covenants are put in place to ensure properties are always available for key workers by insisting they can only be sold onto people in those professions. ...

  • Coventry launches insurance service

    8 Aug 2005

    Coventry has launched CoventryLet, an investment property insurance service offering various levels of cover.The policy is arranged by Heath Lambert Insurance Services and has been designed to give cover to landlords as well as giving protection to people letting out their homes.CoventryLet has no limits to the number of properties that can be insured on the same policy. Buildings or contents insurance or combined cover can be purchased and customers are able to specify extra ...

  • Curriculum Vitae - Mike Davies

    8 Aug 2005

    "I sent garlic butter showering accross the front of my shirt"

  • Dear Delia

    8 Aug 2005

    Dear Delia My client Jason wants to purchase his first buy-to-let property for 215 000. He has a residential mortgage and 55,000 for a deposit. Despite the rental being 990 per month a number of lenders have rejected his application as the property is six months into a three-year company let. He wants to ensure his monthly payments do not increase in the first couple of years.

  • Don't moan about complainants

    8 Aug 2005

    Nobody wants to be called a moaner but complaining can be good if it results in fairer outcomes for consumers and contributes to raising standards among supplier firms, says Bill Warren

  • e.surv welcomes interest rate reduction

    9 Aug 2005

    The predicted reduction in interest rates has been welcomed by e.surv and its lender clients.

  • eg Solutions appointed to strategic role at Portman Group

    10 Aug 2005

    Eg Solutions plc, the operations management specialists, have been appointed to drive operational excellence within Portman Building Society, supporting the Society's five-year strategy to deliver growth while reducing costs.

  • em- launches five exclusives with Preferred

    12 Aug 2005

    Leading mortgage packager em- is offering five exclusives with lending partner, Preferred.

  • Equity release market sees moderate growth, says CML

    9 Aug 2005

    The equity release market has seen modest growth in the second quarter of 2005, data published by the Council of Mortgage Lenders reveals.

  • Exclusive Connections launches on-line DIP

    12 Aug 2005

    Exclusive Connections has launched an online submission service with its new on-line DIP and generic application forms.

  • Experian warns of 75 % increase in personal bankruptcies

    10 Aug 2005

    Personal bankruptcy figures in England and Wales have reached their highest level for three years, according to information from Experian, the global information solutions company.

  • F & C warns cash-strapped students should be hungry for better returns.

    10 Aug 2005

    With the annual cost of funding a university education now estimated to be at least 8,500 many parents will be wondering how they can fund their child's time away from home.

  • Financial and legal arrangements engage Civil Partners

    10 Aug 2005

    Clerical Medical is engaging with the 3.2million gay adults in the UK*, ahead of the Civil Partnerships Act coming into force.

  • FSA warns about unauthorised motor 'insurer'

    10 Aug 2005

    The Financial Services Authority is warning consumers about a company called 'H&O Insure Limited' which it believes is offering invalid motor insurance policies to the general public. Policies issued under this name have come to light in the Birmingham area, but the extent and location of all the sales of such policies are not known.

  • FSA's mystery shopper survey uncovers disclosure complacency

    11 Aug 2005

    Mystery shopping by the Financial Services Authority has found that many mortgage firms are not yet complying with its regulations on the provision of disclosure documents to customers.

  • GI firms struggle to comply

    8 Aug 2005

    Six months on from General Insurance Day firms are continuing to find regulation a struggle, leading compliance specialist Huntswood has revealed.Huntswood's poll of leading insurers reveals that nearly one-third of insurers are most anxious about the issue of suitability of advice, while just over a fifth state that training and competence cause them most discomfort.In the run-up to GI-Day, Huntswood research confirmed brokers' compliance costs had doubled to cope with regulation, ...

  • Halifax research reveals 5% rise in housing costs

    12 Aug 2005

    Research by Halifax, based on the latest Office of National Statistics data, shows that the cost of owning and running a house rose by 5% in 2003/04.

  • HML highlights the need for contingency plans

    9 Aug 2005

    Homeloan Management has taken the opportunity to review its business continuity planning procedures in the aftermath of the terrorist attacks in London on July 7.

  • House prices static this year

    8 Aug 2005

    There has been virtually no change in the average house price since the beginning of 2005, the latest Halifax House Price Index reveals.The annual rate of house price inflation continues to slow, falling to 2.3% in July, the lowest rate of growth since 1996.Affordability is in line with the long-term average. Last week's base rate cut will reduce mortgage payments as a proportion of gross income for the average new borrower from 20% to 19% - the average for the past 20 years ...

  • Housing market takes summer break

    11 Aug 2005

    House prices stalled over the last month, recording a slight decrease of 0.3% from June to July, says SmartNewHomes.com

  • Housing market takes summer break

    12 Aug 2005

    House prices stalled over the last month, recording a slight decrease of 0.3% from June to July 2005, according to data released today by SmartNewHomes.com, the UKs leading new homes website.

  • How does the issue of money laundering affect your business?

    8 Aug 2005

    Anti-money laundering procedures may irritate clients but they are important in the fight against crime and terrorism, say our experts

  • I want my clients to sleep at night

    8 Aug 2005

    Financial advisers take more care to ensure their clients are treated fairly than sales people in most industries - with or without statutory regulation, says Sue Read

  • Insolvencies hit record high

    8 Aug 2005

    The second quarter of 2005 has seen the highest ever number of personal insolvencies in England and Wales at 15,394.And corporate insolvencies are also on the rise. The latest increase is 12.5% higher than the previous quarter and 6% higher than the same period in 2004, according to statistics from the Department of Trade and Industry.Mike Gerrard, a personal insolvency specialist at Grant Thornton, says: "The mountain of personal debt continues with no peak in sight. The problem ...

  • Interest grows in standalone MTE

    8 Aug 2005

    Mortgage Brain has revealed that its standalone version of the Mortgage Trading Exchange, available to the entire intermediary market, has received substantial interest on the back of Mortgage Strategy's MTE for All campaign.Since its launch less than a month ago, around 2,000 brokers have pre-registered and it is thought several large corporations have also expressed an interest.MB chief executive Mark Lofthouse says: "The MS campaign and the success of MTE Standalone ...

  • Internet Insite

    8 Aug 2005

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Kevin Paterson, sales director at Park Row Associates, takes a look at lender websites, working his way from A to Z

  • Is Veronica a popular name in Mumbai?

    8 Aug 2005

    At the weekend I conducted my first independent market research survey, though I confess my poll sample was probably not truly representative. My local pub is principally a meeting place for miscreants and malcontents, which is why my results won't be published.That said, I suspect that even the jaundiced views of those still capable of uttering an opinion after four pints of Black Rat and three pickled eggs will strike a chord with those of a more sophisticated palate.The opening ...

  • It's war as lenders battle it out over fixed rate pricing

    8 Aug 2005

    Bradford & Bingley says lenders have plunged headlong into a fixed rate pricing war.Duncan Pownall, mortgage development manager at B&B, says that over the past few weeks the society has seen fixed rates fall a number times as the big two, Nationwide and Halifax, battle it out.While there may yet be peace in our time, Pownall says pricing will increasingly become an issue over the coming months, especially after last week's base rate cut to 4.5%.Both Nationwide and Halifax ...

  • JPMorgan INVEST selects 1st as technology partner

    8 Aug 2005

    JPMorgan INVEST, a company recently launched by JPMorgan Asset Management, has selected 1st as its technology partner.

  • Kensington launches branded initiative

    8 Aug 2005

    Kensington Mortgages has launched its first branded lending initiative, initially involving seven packagers.The seven are Advantage, em-financial, Praxis, Solent Mortgage Services, The Finance Centre, Complete Mortgage & Loan Services and Mortgage Next.The initiative gives packagers dual branding of products, production of the offer pack at the packagers' offices, semi-exclusive deals, on-site underwriting and an integrated website to provide branded decisions and approvals ...

  • Kindest cut for the housing market

    8 Aug 2005

    Things could be on the up for mortgage brokers and lenders, with last week's cut in the Bank of England base rate to 4.50% set to boost the slowing housing market.

  • L&H unveils deal to help first-time buyers

    8 Aug 2005

    Leeds & Holbeck has launched a 5.79% five-year fixed rate shared ownership mortgage.The product, fixed until November 1 2010, also allows customers to borrow up to 100% of their share in the property without paying a higher lending charge.Features include a 5.79% shared ownership fixed until 1 November 2010, with 100% of borrower's share available and no higher lending charge. It is available up to 75% LTV and has free mortgage payment protection for six months, which includes ...

  • Lenders continue to buy software

    10 Aug 2005

    Research commissioned by Unisys, the global IT services organisation has revealed that despite heavy financial investment in 2004 to meet the requirements of Mortgage Day, two thirds of mortgage providers surveyed will continue to invest in IT systems over the next two to three years.

  • Limited edition B2L tracker from BMS

    8 Aug 2005

    BM Solutions has launched a limited edition buy-to-let summer special lifetime tracker at 4.89%.The product has a 1.5% arrangement fee and three years of early repayment charges.It also has a rental calculation of 125% of Bank base rate plus 0.39% and an additional calculator to assist brokers can be found at www.bmsolutions.co.ukAll BMS buy-to-let products have portability features which mean that borrowers can change their property whilst retaining the most suitable rate for ...

  • London is best for students

    8 Aug 2005

    Research by the Royal Bank of Scotland claims London is the most cost-effective place to study.The surprising revelation is based on the findings of the Student Living Index which show that while the average London student spends 243 per week on living and housing costs, they also earn 150 from part-time work.Students in London earn the highest incomes to offset day-to-day living costs.The research, conducted in 24 British university towns, claims students in London can ...

  • Management shake-up at HBOS

    11 Aug 2005

    HBOS has announced key senior appointments to its new business-to-business division.

  • Market Watch

    8 Aug 2005

    Swap rates edged up this week. I don't think we will be seeing any more lenders reducing their fixed rates until this trend reverses.

  • Moneyfacts warns of further savings cuts

    9 Aug 2005

    Moneyfacts, says As expected, many banks and building societies have been cutting the savings interest rates on their accounts following the recent 0.25 per cent base rate cut.

  • Mortgage 2000 launches adverse products

    9 Aug 2005

    Mortgage 2000 is launching a three-year stepped discounted range of adverse products, funded by Freedom Lending. The product incorporates a 1.75% discount at year one, 0.6% at year two and 0.3% at year three.

  • Mortgage Promotions launches office insurance product for registered users

    10 Aug 2005

    Mortgage Promotions announced today that it had launched an office insurance product for the use of Mortgage Promotions registered users and their customers. The product has been put together for Mortgage Promotions by IIS, in conjunction with a specialist underwriting agency. The policy provides a very wide range of protection at a very competitive premium.Explaining the rationale for the new product Nick Baxter (mortgage promotions director) says, We have always said we want ...

  • Mortgages PLC completes 750m securitisation

    9 Aug 2005

    Mortgages PLC has completed its seventh securitisation deal for a total of 750m.

  • MS deputy editor to go back to her roots

    8 Aug 2005

    Mortgage Strategy deputy editor Rosemary Gallagher has decided to return to her roots in Scotland next month after seven years in London.Gallagher has been deputy editor for almost two years and is leaving MS on Friday August 26 to join Connect Communications, a contract publishing company in Glasgow.And from August 29 you'll be able to read her exciting new column. 'Gallagher' will leave no stone unturned and her hard-hitting column is sure to be the most talked about ...

  • Nationwide reduces mortgage rates

    11 Aug 2005

    Nationwide has made a reduction in its tracker mortgages of 0.25% and its base mortgage rate ) of 0.10% for both new and existing borrowers from September 1.

  • Newcastle to close 19 branches

    8 Aug 2005

    Newcastle has taken the difficult decision to close 19 branches.

  • ODPM gives councils more planning power

    8 Aug 2005

    The Office of the Deputy Prime Minister has given new powers to local planning authorities to put pressure on developers to deliver on planning permission and speed up the planning system.Changes in the Planning and Compulsory Purchase Act aim to reduce the uncertainty caused by speculators who benefit from increases in land value upon receiving planning permission but have no intention of development.The latest reforms mean local authorities will have greater powers to decline ...

  • Optoma management expands and targets north

    12 Aug 2005

    Optoma Broker Solutions has announced a reorganisation that will see chairman and chief executive Andrew Seymour and operations director Harpal Singh assume overall management of the business, while managing director Matthew Bright leaves to pursue other opportunities.

  • Owners unaware of rate changes

    8 Aug 2005

    First Active says two-thirds of home owners don't know what rate they will have to pay when their initial deal period ends, and only 33% will bother to find out.Research shows older people are the worst, with 71% of over-55s not knowing what their rate will be, meaning they are unaware of how much they could save by switching deals.Not surprisingly, this makes the over-55s the most loyal, with 88% of them saying they plan to stick with their existing mortgage provider.By ...

  • Personal finance development meetings declared a success in the regions

    11 Aug 2005

    The first six months of regional meetings by the Personal Finance Society have struck the right note.

  • Pink promotes BMS exclusive

    8 Aug 2005

    Pink Home Loans is promoting a two-year self-cert exclusive fixed rate product, funded by BM Solutions at 4.99% with free valuation.The product has no extended tie-in period and reverts to base rate plus 1.75% after the fixed rate period.It is available up to 85% LTV with no higher lending charge and is available for purchases and remortgages. First-time buyers are also accepted.David Copland, marketing director at Pink, says: "This product will be ideal not only for those ...

  • PISCES chairman

    8 Aug 2005

    Mark Riddick is the new chairman of Property Information Systems Common Exchange Standard. Riddick, CEO of Searchflow, takes over from Adam Ward of the Royal Institution of Chartered Surveyors, who remains on the board.

  • Refer your B2L clients to a letting agent

    8 Aug 2005

    In my never-ending quest for income streams for mortgage intermediaries I have uncovered an opportunity that will suit many. It lies within the buy-to-let market and could result in a residual income if you have good negotiating skills.There are no statistics available, but my research suggests most people with buy-to-let property choose to use the services of a letting or property management agent. Most people realise that letting or managing a property can be time consuming, but ...

  • Renaissance in the personal loans market

    10 Aug 2005

    Commenting on Northern Rock and Abbey this week lowering its personal loan rates following the base rate cut, Stuart Glendinning, director of personal loans at price comparison website, moneysupermarket.com, says: "These rate cuts firmly indicate a renaissance in the personal loans market, with renewed competition stirring it back to life. In this environment of lowering interest rates, if consumers are looking to borrow, apply for a loan, or consolidate debts, now is the time to do it cheaply.

  • Rural finance sector specialists R&BS receive accreditation

    12 Aug 2005

    Rural and Business Specialists Ltd, dedicated farm-finance and rural property mortgage consultants, have recently received accreditation from the National Association of Commercial Finance Brokers (NACFB). The accreditation is awarded based upon recommendations from within the financial services industry in recognition of adherence to protocols established by the NACFB, and the delivery of outstanding service. Since the company was formed over a year ago by directors Jim ...

  • Saving for a rainy day with Alliance and Leicester

    10 Aug 2005

    The old adage of putting some money in a jar for a rainy day is now a thing of the past, with only 21% of us saving regularly and the majority (52%) say that they could afford no more than 500 if an emergency arose, according to research from Alliance & Leicester Savings*.

  • Scarborough launches core range

    8 Aug 2005

    Scarborough has launched a core range of mortgages with a choice of fixed rates, variable trackers, cashbacks and buy-to-lets.The society says it is trying to provide a fair, long-term deal to both new and existing customers with this range. Customers will start with one rate but when the initial deal ends they will move to another for the remaining life of the mortgage.Rates are base plus 0.99%, or base rate plus 1.49% for buy-to-let mortgages.Distinctive features of the ...

  • Second charge cover shock

    8 Aug 2005

    Second charge lenders have come under fire from brokers for not fully explaining the cost of payment protection they offer with loans.In a recent case involving second charge lender First Plus, brought to light by Debbie Boyes at Professional Mortgage Advisers, clients ended up paying thousands of pounds for five years of cover because the Rule of 78 was in place when the deal was done.Boyes' clients wanted to redeem the loan they had taken out with First Plus and she was shocked ...

  • Security in some Indian call centres better than UK

    8 Aug 2005

    Security in some Indian call centres is better than in the UK, says the Financial Services Authority.The FSA visited 10 offshore operations in India that provide services to banks and insurance companies to investigate risk management practices and the nature of risks associated with offshoring.It found security to be good and in some cases more controlled than in the UK, with staff not allowed to take mobile phones, bags or cameras to their work stations. If bags are permitted, ...

  • Select & Protect says it gives maximum return from minimum effort

    11 Aug 2005

    Select & Protect, a general insurance and mortgage payment protection insurance specialist, says it has received a considerable amount of interest from since the launch of I-Link at the end of June.

  • Ship welcomes Defaqto Report in the equity release debate

    11 Aug 2005

    Safe Home Income Plans, the industry body representing over 90% of the equity release market has welcomed the recent Defaqto Report which warned of the cost to lenders of providing a no negative equity guarantee with these products.

  • Society lends helping hand to borrowers

    10 Aug 2005

    Two years after the cheapest ever fixed rate mortgages became available, Yorkshire is launching a limited issue, stepped rate mortgage only available to existing borrowers.

  • Sources of change

    8 Aug 2005

    As the influence of e-commerce grows, sourcing systems are once more adapting to meet the changing needs of professionals, says Mark Lofthouse

  • SPML launches integrated range

    8 Aug 2005

    SPML has unveiled its integrated product range, incorporating features designed to enable brokers to meet the requirements of their sub-prime customers.The range consists of eight products covering the full sub-prime credit spectrum of near prime, minor adverse, light adverse, medium adverse, heavy adverse, fast-track, buy-to-let and Right to Buy.Products include fixed and discounted options. Fixed rates have two or three-year options and rates are from 5.54% with no early repayment ...

  • SPML unveils new online DIP facility

    12 Aug 2005

    Southern Pacific Mortgage Limited has unveiled the latest facility on offer from its electronic trading platform: the online decision in principle.

  • SPPL appoints sales manager

    8 Aug 2005

    Southern Pacific Personal Loans has appointed Marie Kennedy as national sales manager, reporting to sales and marketing director John Prust. Kennedy is returning to SPPL after a short period working in the secured loans packaging sector. She now heads a team of five account managers that has national coverage across England, Wales and Scotland.

  • Standard Life Bank links up with Mortgage 2000

    9 Aug 2005

    Standard Life Bank has linked up with Mortgage 2000 to enable all its members to place business online via the Mortgage Trading Exchange.

  • Statutory watchdog has real teeth

    8 Aug 2005

    Voluntary regulation was effective but the FSA's recent enforcement actions prove it is a stronger watchdog and this is a good thing for consumer protection, says Brad Baker

  • Supporting aid to Niger, Leeds & Holbeck set for a change of name and heart

    10 Aug 2005

    Leeds & Holbeck Building Society, which changes its name to Leeds Building Society on 12 September 2005, has today launched a special account for people across the UK to donate to the Disasters Emergency Committee (DEC) -Niger Crisis Appeal.

  • Swansea and Neath Port Talbot join NLA

    9 Aug 2005

    Swansea City and County Council and Neath Port Talbot County Borough Council have joined the National Landlords Association.

  • Talk is cheap

    8 Aug 2005

    Mortgage pundits love to talk but do they follow their own advice? Here Mira Butterworth asks them if they put their money where their mouths are.

  • Taylor's Tour.....

    8 Aug 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

  • The Derbyshire launches buy-to-let fix at 4.69%

    9 Aug 2005

    The Derbyshire has launched a buy-to-let mortgage with a fixed rate of 4.69%.

  • The Derbyshire launches Euribor mortgages

    9 Aug 2005

    The Derbyshire is launching two mortgage products which will track European interest rates instead of British ones.

  • The Finance Centre opens London office

    12 Aug 2005

    In a move to improve regional capacity, The Finance Centre has opened another new office, situated on Euston Road, North London.

  • The fuss about SIPPs is just cruel hype

    8 Aug 2005

    Sometimes the build-up to an event is simply not justified. In this instance, I refer to the much-vaunted pension changes in April 2006. The Sunday papers are full of information about what is taking place. It's a bonanza - come one, come all and sign up now. You can't possibly miss out. Heard it all before? Of course you have. It's hype.The problem is that appetites have been whetted and expectations raised and it strikes me that it will be down to intermediaries to explain the ...

  • The Mortgage Mole

    8 Aug 2005

    HEAD STARTMore from Bolton's 40th and this missive from a guest last seen on his knees begging to go home with MS features editor Mira Butterworth. "As I explained , I always get on my knees before exiting a black cab because the door tends to knock off my turban if I get out in a more lithesome manner. The result is I have to refold without a mirror and end up looking like a Pathan freedom fighter from the Afghan hills circa 1986. You would agree looking like the aforementioned ...

  • TMU and Exclusive are not linked as Griffiths suggests

    8 Aug 2005

    From Claire Houston Richard Griffiths' article in your July 11 issue was an interesting piece but I would like to clarify one fact. Griffiths makes a comment regarding The Mortgage Union on the FSA register. I would like to make it clear that The Mortgage Union and Exclusive Connections are separate companies and are not linked in any way, as the article suggests. Claire HoustonCommunications executiveExclusive ConnectionsPeterboughBy Email

  • Trigold looks into possible glitch in 'total to pay' filter

    8 Aug 2005

    Trigold may be suffering from a technical glitch with its 'total to pay' filter which could mean its 23,000 users cannot rely on it to source the best deals for clients.Last week, a broker contacted Mortgage Strategy to say he had reported the glitch which leads to deals being rated solely in terms of monthly repayments rather than taking fees into account. Patrick Bryan, director of Northern Ireland-based Select Mortgage and Financial Solutions, says he reported the problem ...

  • Trigold to offer Casemaster

    8 Aug 2005

    Trigold is to offer and promote sourcing system rival Mortgage 2000's Casemaster software to its users.The Casemaster web-based system allows intermediaries to process mortgage applications from submission to offer stage, including instructing references and controlling the timing of valuations. The technology guides intermediaries through the underwriting process from credit search to offer using guides tailored to lender's requirements.Bill Safran, CEO of Trigold, says: "We ...

  • UCB announces competitive fixed rate reductions

    12 Aug 2005

    UCB Home Loans, the specialist lender of Nationwide, today announced a further drop in fixed rates on its self-certification and buy-to-let mortgage range - the fourth reduction in recent months.

  • Vesta increases Mortgages PLC procuration fees

    9 Aug 2005

    Vesta Mortgage Packaging is increasing its procuration fees to 1.4% for all Mortgages PLC super light, light, medium and heavy mortgage completions up to October 31. Mark Leaper, managing director of Vesta Packaging, said: Procuration fees of this magnitude are among the best you will find anywhere in the market.

  • Vesta launches fixed rate sub-prime deal

    8 Aug 2005

    Vesta Packaging has launched a two-year fixed rate sub-prime mortgage, with no extended tie-in.The product allows up to 1,000 of CCJs per applicant, one month of mortgage arrears at the time of application and bankrupts, as long as they were discharged at least 18 months ago.Mark Leaper, managing director of Vesta, says: "There aren't many products out there that offer such adverse flexibility with comparatively low rates and no extended tie-in.This mortgage has been launched ...

  • Warning on conflict of interest in borrowing

    8 Aug 2005

    Borrowers who work in the mortgage industry should think twice about taking out a mortgage with the company they work for.The warning comes in this week's Mortgage Strategy cover feature, which asks lenders and brokers about their own mortgages.Bill Warren, compliance director director of Complete Mortgage & Loan Services and a Mortgage Strategy columnist says, from a compliance perspective, it's best to keep borrowing separate from the company you work for and ...

  • When costs are not clear comparison is impossible

    8 Aug 2005

    From Campbell Robertson

  • Will lenders benefit from being ranked?

    8 Aug 2005

    Last week Mortgage Strategy revealed that Openwork plans to cut its lending panel to less than 30, naming lenders who fail to meet its standards.The company says it only wants those lenders on its panel which can offer the best propositions to its advisers.It will also be producing a league table listing lenders in terms of their service levels, their proactiveness, new business and the com- petitiveness of their products.The tables will be issued quarterly, starting ...

  • Yorkshire unveils another divorce deal

    8 Aug 2005

    Yorkshire is launching a second version of its divorce mortgage for borrowers who don't need the 100% LTV option.Launched at the beginning of July, the Fresh Start mortgage was designed to meet the needs of divorcees and those going through a relationship break-up.The new product is available up to 95% LTV and still provides 0% interest for the first six months. This will be followed by a fixed rate of 5.09% until December 31, 2010, giving an average five-year rate of 4.58%.Other ...

  • Yorkshire's tracker credit card rate reduced

    9 Aug 2005

    Yorkshire has reduced the rate charged on its Tracker credit card, in line with last weeks base rate cut.

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