Mortgage Strategy
8 May 2006

  • 1000% APR loan shark netted

    10 May 2006

    A loan shark who preyed on some of the most vulnerable members of society has been sentenced at Birmingham Crown Court.

  • 11% of estate agents unaware of HIPs

    10 May 2006

    Easier2move, the online conveyancer, has released the results of its Home Information Pack Awareness Index, which shows 11% of estate agents still don’t know what HIPs are.

  • 72% Of brokers want government to cap exit fees

    8 May 2006

    A whopping 72% of Mortgage Strategy Online readers say the government should intervene to limit the exit fees charged by mortgage lenders.Just 28% of voters thought the market should be left to sort itself out.This week Mortgage Strategy asks: "Has the reshuffle of the Office of the Deputy Prime Minister thrown Home Information Packs into doubt?"

  • A&L may be target for Santander

    8 May 2006

    Alliance & Leicester is thought to be in talks with Spain's biggest bank Banco Santander after rejecting an offer from French bank Credit Agricole. It was reported last Friday in the newspaper City AM that the Spanish bank had made an offer of more than 6.5bn. A&L chief executive Richard Pym is reported to have indicated to potential suitors that 6.7bn would be enough to buy the company.

  • Amber boosts income multiples

    8 May 2006

    Amber Home loans has increased its income multiples to 4 x higher income plus 1 x lower, or 3.25 x combined incomes.

  • AMI enters pensions debate

    8 May 2006

    Chris Cummings, director-general of the Association of Mortgage Intermediaries, has called on the government to factor in the role of advice in the pensions debate or risk its policy failing.

  • AMI launches Credit Searches & Footprints factsheet

    11 May 2006

    The Association of Mortgage Intermediaries has launched its latest factsheet entitled Credit Searches & Footprints.

  • AMI launches credit searches factsheet

    11 May 2006

    The Association of Mortgage Intermediaries has launched its latest factsheet entitled Credit Searches & Footprints.

  • AMI members considering impact of HIPs

    10 May 2006

    The Association of Mortgage Intermediaries’ April Mortgage Intermediary Census on Home Information Packs has revealed a majority of AMI members are already considering how the introduction of HIPs will affect their businesses, although most believe home sellers will approach estate agents first to arrange their HIPs. The results of AMI’s census revealed 68% of members are considering the impact of HIPs on their businesses while 88% feel sellers will approach estate agents first ...

  • AMPD appoints operations director

    8 May 2006

    The Alliance of Mortgage Packagers and Distributors has appointed Eddie Smith as director of operations. He will take up the role in July. Smith was previously head of mortgage distribution for Buildstore and has vast experience in the mortgage industry.

  • Andrew Messenger to retire as CE and director of Westbrom

    11 May 2006

    Andrew Messenger is to retire as chief executive and director of the West Bromwich on September 30 2006.

  • APOLOGY FOR ESPIONAGE ARTICLE

    8 May 2006

    In Mortgage Strategy (March 20 2006) under the heading "Broker suspects espionage" it was stated that a mortgage broker in Carmarthenshire, south-west Wales, had tried to sabotage his ex-employee's new business and was "paying someone to spy" on it. We accept unreservedly that these allegations are untrue and should never have been published. We further accept that we mis-stated the background to the dispute between the broker and his ex-employee. We wish to apologise to the ...

  • Are some brokers scared by the idea of selling self-cert mortgages?

    8 May 2006

    Our experts are split, with one saying brokers fear the FSA when selling self-cert deals and the other believing they are not scared of these products

  • Bankhall to sell UKGI

    9 May 2006

    Bankhall, the largest compliance and business development supplier to the directly regulated intermediary market, has accepted an offer to purchase its interest in its commercial general insurance business UKGI to Total Broker Solutions headed by CII past president Bob Beckett.

  • Barclays boss has loan with HSBC

    8 May 2006

    Barclays chief executive John Varley was last week revealed to have his mortgage with rival bank HSBC.Varley took out the loan at a time when HSBC's standard rate was 5.5%, which was more than a percentage point lower than the standard rate at Barclays at the time.Barclays' finance director and deputy chairman also have their mortgages elsewhere, with one reported to have a loan with the Royal Bank of Scotland and the other with Lloyds TSB.But heads of other UK banks and ...

  • Barclays boss was right to shop around

    8 May 2006

    The boss of Barclays, John Varley, has hit the headlines for the wrong reasons - it's been discovered that he has his mortgage with rival banking giant HSBC.

  • Barclays unveils Dubai mortgages

    8 May 2006

    Barclays has launched a range of mortgages for the Dubai property market. The deals have been specifically designed to meet the requirements of buyers in the Emirate's booming property market.

  • BBA figures show lending is strong

    8 May 2006

    The Royal Institution of Chartered Surveyors says seasonal adjustment of British Bankers' Association figures on mortgage approvals in February paints a picture of strong lending. Research shows the number of new mortgage approvals for home purchases was a non-seasonally adjusted 85,698 in February, up 33% from the same time last year.

  • Blackberrys aid GHL's sales team

    12 May 2006

    Guaranteed and Genesis Home Loans says the introduction of BlackBerry technology to its business development managers and compliance teams has proved vital in helping to maintain a competitive advantage in the intermediary marketplace.

  • Blemain to exhibit at Mortgage Business Expo Manchester

    12 May 2006

    Blemain Group is presenting its products and streamlined underwriting system at Stand C2 at the Mortgage Business Expo to be held at the G-MEX Centre Manchester between May 17 and 18 2006.

  • BM appointment

    8 May 2006

    BM Solutions has appointed Iain Williamson as head of key accounts.

  • BoE freezes base rate again

    8 May 2006

    The Bank of England has held the base rate at 4.5% for the ninth consecutive month.

  • Bridging options

    8 May 2006

    North-West-based bridging finance firm Bridgebank Capital is set to launch at this year's Mortgage Business Expo in Manchester. Bridgebank will provide a range of bridging and short-term property finance options.

  • Brokers don't need to pay experts

    8 May 2006

    Many of the benefits brokers gain through outsourcing arrangements and using consultancy firms can be delivered better and more cheaply by good networks, says Richard Coulson

  • Brokers in dark over HMO rules

    8 May 2006

    Nearly three-quarters of buy-to-let advisers believe the wider broker community is not fully aware of the houses in multiple occupation regulations.Mortgage Trust's Buy-to-Let Intermediary Forecast reveals 72% of advisers say brokers are in the dark about HMO rules.

  • Bumper April for French agency

    8 May 2006

    April was a bumper sales month for French property agency VEF. The Docklands-based specialist recorded more sales in April than in any month since October 2004.

  • C&G updates affordability model

    11 May 2006

    Cheltenham & Gloucester is launching an updated version of its lending affordability model in order to accommodate borrowers’ changing needs.

  • Celebrity endorsed adverts putting borrowers' homes at risk

    9 May 2006

    Concern is growing that celebrity-led advertisements are leading borrowers to put their homes at risk, BBC one's Real Story uncovered last night.

  • Challenging times

    8 May 2006

    Mortgage clubs have worked well for brokers in squeezing higher proc fees and exclusive deals out of lenders but they face a challenge from disgruntled DA intermediaries, says Harvey Jones

  • Cheshire chairman

    8 May 2006

    Cheshire has appointed Robert Hough as chairman.

  • Clubs hit back at Broker Mosaic

    8 May 2006

    Mortgage clubs have hit back at Broker Mosaic's gripe with their distribution models.The online forum, which represents directly authorised firms, is in the process of setting up its DA Mortgage Club for DA firms that aims to rival traditional clubs by offering brokers 100% of proc fees.Broker Mosaic's Alan Howle says DA firms are disgruntled.He adds: "Traditional mortgage clubs are commercial entities. The issue for us is when networks offer club facilities to DA firms ...

  • Commercial specialist reaches out to brokers

    8 May 2006

    Business Lending Limited, the London-based specialist commercial lender, has appointed four specialist packagers to market its products to brokers.The four are Commercial Mortgage Solutions based in Bournemouth, JRC Commercial Mortgages from Huddersfield, Omega Commercial Solutions based in Welwyn Garden City and TFC Commercial of Warrington. As well as marketing, these firms will take enquiries, provide agreements in principle and process applications.Kevin Cooke, sales and ...

  • Co-operative banks guide to deciphering financial jargon

    8 May 2006

    The Co-operative Bank has put together a short guide to deciphering some financial jargon to enable more people to become good with money.

  • Curriculum Vitae - Alan Dring

    8 May 2006

    "I'm going to cut the strings on my wife's badmington racket"

  • Cut in Base Rate unlikely, says West Brom

    11 May 2006

    Todays Bank of England Inflation Report, in addition to the positive tone of recent economic data, suggested that the chances of a cut in the Base Rate this year have virtually disappeared.

  • DCLG successor to ODPM

    8 May 2006

    The Prime Minister has created a new Department for Communities and Local Government under Ruth Kelly's leadership.

  • Dear Delia

    8 May 2006

    My client is a 23 year old graduate on a salary of 21,000. He is looking to buy with a friend who earns a similar amount. They are looking at two-bedroom flats in new-build developments in the South-East. How much will they be able to borrow and what mortgage would you recommend? They also want advice on how to ensure everything is split 50-50.

  • Drawdown deals boom in Q1

    8 May 2006

    Equity release drawdown plans now account for almost 20% of new mortgage business, up from 7.7% in Q4 2005, Safe Home Income Plans' Q1 2006 results reveal.The figures also show that the 18 members of SHIP wrote a total of 279m in new business in Q1 of this year, an increase of 11% compared with the same period last year.Year-on-year, the value of written lifetime mortgage business increased 9.2% to 260m in Q1 2006.But comparing quarter-on-quarter, the value of new lifetime ...

  • eConveyancer launches HIP website

    9 May 2006

    eConveyancer, the online system which enables intermediaries to select and instruct conveyancers on behalf of their clients, has launched an enhanced website which provides comprehensive information about both the eConveyancer system and the imminent launch of Home Information Packs.

  • em- expands zero application fee to Future

    8 May 2006

    em- has expanded its offer of a zero application fee on all sub-prime business to include Future Mortgages.

  • Endowment policy customers are getting special treatment

    8 May 2006

    From Diane Saunders In a recent edition of the Observer newspaper (April 30) a full page in the business section was given over to a story with the headline 'Endowment court victory renews hope for compensation claims'. Vincent Cunningham was congratulated for securing compensation of 1,500 for a Friends Provident endowment shortfall. Is 1,500 such a victory? And consider the options he had since he received the first warning letter in 2000 - he could have spoken to an ...

  • Estate agents among least trusted people, says survey

    8 May 2006

    pressure for estate agents to be licensed has been stepped up with the revelation that they are among the three least trusted groups of professionals to be left alone in people's homes.Research from More Than shows 18% of people do not trust estate agents alone in their homes and 69% feel uncomfortable about estate agents showing potential buyers around their homes when they are not present.As a result, 51% try to ensure they are at home during viewings but 18% are too busy ...

  • EXCLUSIVE: Countrywide votes in Harry Hill as chairman

    11 May 2006

    Countrywide has confirmed that chief executive officer Harry Hill has been voted in as chairman of the estate agency chain, sparking speculation over who will replace him.

  • Figures contradict the market doom-mongers

    8 May 2006

    The old adage that as you get older life goes by quicker is, I am finding, true. We are already past the first quarter milestone of 2006. This is a time when corporate plans are revisited, sales targets assessed and forecasts revised.

  • Figures show sub-prime is becoming mainstream

    8 May 2006

    Research from Alliance & Leicester conducted exclusively for Mortgage Strategy highlights how mainstream the sub-prime market is becoming.The findings show that 18% of brokers do 20% to 29% of their business in the sub-prime area, while 29% do 10% to 19% and 20% do 1% to 9%, with 10% doing 30% to 39%.The average shows 22% of brokers' business is being done in the sub-prime sector.Mehrdad Yousefi, head of intermediary mortgages at A&L, says the findings are encouraging.He ...

  • Find a conveyancer via Pink's online system

    8 May 2006

    Pink Home Loans is launching an online system with eConveyancer which allows brokers to search and select conveyancers for their clients.The searches can be conducted using criteria such as location, cost and previous user ratings.Dev Malle, sales director at Pink, says: "The system offers intermediaries the ability to search from over 150 conveyancers at the click of a button. Not only does it save them time, but it also generates competitive referral fees for them."The ...

  • First-time buyer loans plummet

    9 May 2006

    Mortgages Directs April survey reveals that first-time buyer loans have plummeted to their lowest levels yet, with only 23% of all mortgages being taken out for first-time buyers compared with 47% in March.

  • Fixed rates to be replaced by trackers, says Woolwich

    10 May 2006

    Rapidly increasing SWAP rates mean that fixed rate mortgages are likely to become uncompetitive in the next two weeks with the best value to be found in tracker or discounted rates, says the Woolwich.

  • France makes buying easier for investors

    8 May 2006

    British investors looking to buy properties in France may find it easier thanks to a relaxation of lending criteria and the introduction of more flexible finance to allow France to compete more successfully with other international markets.Property adviser Assetz says French banks have traditionally required deposits of 15% to 20%, but in an effort to compete with the UK and Ireland, France is tailoring its finance to suit international investors.Mortgages of 100% are available ...

  • FSA accredited

    8 May 2006

    The Financial Services Authority has received two accreditation awards from the Financial Services Skills Council. The FSA's corporate learning section has been awarded Accreditation of Training Excellence for Firms and its industry training team has received Accreditation of Training Excellence for Training Providers.

  • FSA bans Waite from regulated activity

    9 May 2006

    The Financial Services Authority has banned Dr Albert Alphonso Carlyle Waite from carrying out any regulated activity in respect of credit unions for a wilful and persistent disregard for FSA rules.

  • FSA plans client money review

    8 May 2006

    The Financial Services Authority will undertake a review of the handling of client money by general insurance brokers this year. This decision follows pilot work which showed what the FSA calls a worrying level of failure by intermediaries to comply with rules on client money.

  • FSA reduces admin burden

    8 May 2006

    The Financial Services Authority says firms will no longer have to notify it of the roles and responsibilities of their FSA-approved senior managers each year. This move contributes to the commitment made by the regulator to cut the administrative burden it places on firms and also forms part of its better regulation agenda. While this is a relatively small rule change, it has been estimated that it could save the industry 2m per year in administration costs.

  • FSA releases roadshow and surgery dates

    9 May 2006

    The Financial Services Authority has published the latest programme of its free roadshows and surgeries to help small firms understand key regulatory issues.

  • Future to launch 100% LTV fixed range

    12 May 2006

    Future Mortgages, the secured lending business of CitiFinancial in the UK, is launching a range of 100% LTV fixed rate mortgages on May 15 2006.

  • GE launches packager initiative with RAMP

    11 May 2006

    GE Money Home Lending has developed a range of marketing activities to support the Regulatory Alliance of Mortgage Packagers lender of the month scheme.

  • Germany: High hopes

    8 May 2006

    Despite the German national football side being dogged by inconsistency, as the host nation we have strong expectations of World Cup success. We have heritage in the competition and hold second place in the all-time World Cup rankings, having won the trophy three times and been beaten finalist in the last tournament.

  • GMAC-RFC completes largest ever portfolio sale

    8 May 2006

    GMAC-RFC has completed its largest ever portfolio sale in the UK with Bradford & Bingley.

  • Goldsmith Williams to give advice on buying overseas at Mortgage Business Expo

    9 May 2006

    Goldsmith Williams Overseas will be speaking to visitors at this years Mortgage Business Expo in Manchester about how best to advise customers on buying property overseas.

  • Growth in buy-to-let sector, says UCB Home Loans

    9 May 2006

    A half-yearly report out from UCB Home Loans on buy-to-let has revealed continued growth in the sector.

  • HIP joint venture

    8 May 2006

    Home Information Pack provider Localhip has linked up with technology specialist Quest Associates to source and collate the contents of HIPs.

  • HIPs are weapons in retention battle

    8 May 2006

    I don't usually make bold predictions but when the prediction is a dead cert I don't mind putting my neck on the block.

  • HIPs division launched

    8 May 2006

    Spicerhaart has launched its Home Information Pack provider division, Hips.co.uk. Spicerhaart wants the division to become a leading provider when the packs are introduced as it will service all Spicerhaart estate agencies as well as other estate agents and lenders.

  • Home movers warned about risk of ID theft

    8 May 2006

    Online credit monitoring service MyCallcredit is warning home movers about the risk of identity theft during the process.The company says home owners must protect their identities before moving because fraudsters can obtain the personal information they need from the post or even old catalogues and rubbish.MyCallcredit says movers could be refused credit if they do not register their new addresses on the electoral roll and arrange for their mail to be re-directed in advance.Alison ...

  • Home of Choice launches Choice Worldwide

    8 May 2006

    Home of Choice has launched Choice Worldwide, an overseas property service for its appointed representative members.

  • Home preview service for busy buyers

    8 May 2006

    County Homesearch International has launched a service that provides a warts and all survey of a property including its build quality, local area information and transport links for time-strapped buyers.The aim is to provide facts about homes to prospective buyers who spot properties in magazines or on the internet but haven't got time to view them in person.CHI will arrange a viewing by one of its experts to provide an independent reality check on the property, assessing, for ...

  • Hong Kong: Government goals

    8 May 2006

    Hong Kong has participated in every World Cup qualification campaign since 1974, but is yet to carve out a genuine chance of reaching the finals. Our first attempt ended with a 3-1 defeat at home to Korea Republic. But there was cause for celebration in 1995 when the team recorded a record 9-1 triumph over Bangladesh in the qualifying stages.

  • House prices rise in 2006

    8 May 2006

    The latest Halifax House Price Index reveals prices increased by 2% in April and by 4.4% in Q1 of 2006.

  • House prices up by 5% says Land Registry

    9 May 2006

    The Land Registrys latest residential property price poll shows the average house price in England and Wales to be 192,745, an annual increase of 5.05%.

  • How does the conveyancing process differ for new build properties?

    10 May 2006

    When looking to purchase a new-build property, buyers will often be asked to exchange contracts and commit to the purchase even before the house is built. This is because housebuilders usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying.

  • How to fill in your RMAR properly

    8 May 2006

    Firms have been having problems filling in their retail mediation activities return forms correctly so the FSA has provided some handy tips on its website, says Bill Warren

  • Hungary: Market forces kick in

    8 May 2006

    While Hungary won't be participating in the 2006 World Cup it basks in the past success of Sandor Kocsis who scored four goals in one match against West Germany in the 1954 World Cup and 11 goals during his World Cup career.

  • IF launches one-year tracker

    8 May 2006

    Intelligent Finance has launched a one-year offset mortgage. It has a fixed rate of 4.55% for one year and reverts to a term tracker at base rate plus 0.69%.

  • IFS releases date of TCF masterclass

    8 May 2006

    The Institute of Financial Services is holding its next Treating Customers Fairly masterclass on Thursday September 7 2006.

  • Industry needs a HIP replacement

    8 May 2006

    The Home Information Pack dry run should involve a cost for sellers so the industry can assess the impact on discretionary sellers and suggest changes if necessary, says Stephen Knight

  • Insurance sales rocket 42% at Paymentshield

    9 May 2006

    Paymentshield has reported premium income of 186m for the last financial year, up by 42% from 132m the previous financial year.

  • KGB offers accesss to MT products

    8 May 2006

    Packager and Professional Mortgage Packager Alliance member, KGB Packaging, is offering access to the Mortgage Trust MT Select product, which is only available through a limited number of packagers.

  • Knight Funding offers 49 application fee for Platform products

    10 May 2006

    Knight Funding, a member of the Professional Mortgage Packagers Alliance, is offering a flat application fee of 49 on all applications for Platform core range products, excluding prime, received by June 30.

  • Knight says HIPs could end up being voluntary

    8 May 2006

    Stephen Knight, executive chairman of GMAC-RFC, says he believes Home Information Packs could end up being voluntary.Knight calls on the government to look at the alternative to making HIPs compulsory and argues that if they are so valuable to buyers, sellers will offer them anyway.He says: "There is always the political alternative of making HIPs voluntary. If they are so valuable to buyers, sellers will offer them and the government need not be involved in chasing down sellers ...

  • Labour MP calls for ban on unreasonable exit fees

    8 May 2006

    A Labour MP has called for a government ban on mortgage lenders charging what he calls unreasonable exit fees to borrowers looking to change providers.John Spellar, MP for Warley in the West Midlands, says he is concerned that lenders are locking people into deals with high exit fees.He says: "It's proper to charge people but lenders must justify these charges on grounds of cost. I want the Treasury to look at exit charges and consider whether they are reasonable or unreasonable."On ...

  • Labour policy distorts housing supply

    8 May 2006

    I spent the bank holiday weekend looking down on London from the lofty vantage point offered by a friend's flat in the Docklands. And as I admired the view I couldn't help but ponder how the government's housing policies are not just changing the face of Britain's towns and cities but also building flats that people no longer want to buy and helping to keep the price of larger properties high.

  • Landlords look to grow portfolios over the next 12 months

    12 May 2006

    Research from Paragon Mortgages shows that landlords have seen an increase in tenant demand and rising achievable rents over the past six months.

  • Launch DB Countdown

    8 May 2006

    After the bank holiday it's back to work with a bang as Matthew Russell falls over, the sales team grows and the week ends with a heated but satisfying review of progress, says Bill Dudgeon

  • Leeds launches three-year fixed rate mortgage

    11 May 2006

    Leeds has launched a three-year fixed rate mortgage specifically for shared ownership customers.

  • Legal firm offers instalment option

    8 May 2006

    Lawyer 4 Life, the membership-only legal services provider, has launched an instalment payment plan option for consumers.Clients can choose to pay a minimum deposit of 95 and spread the cost over a maximum of 10 years, with monthly costs starting at 12.08.L4L offers access to lifelong legal advice on a wide range of legal issues including personal injury, wills and probate and all aspects of conveyancing for a one-off payment of 1,995.Alan Kempson, director of L4L, says: ...

  • Lehman rumoured to be planning top staff reshuffle

    8 May 2006

    Lehman Brothers is rum-oured to be planning a reshuffle of senior staff at Southern Pacific Mortgage Limited, Preferred Mortgages and London Mortgage Company.Industry sources say the American investment bank is planning to create a head of mortgage sales role, overseeing its three mortgage lending arms. John Prust, sales and marking director at SPML, is hotly tipped as favourite for the job, which would mean Roger Taylor, director of sales and marketing at Preferred, would report ...

  • Lenders brace for year of market change

    8 May 2006

    There is not doubt that 2006 will be the year of new lenders, with a significant number being backed by investment banks. The flood of entrants has caused concern that a saturated market could spell disaster for established lenders and weaker entrants alike.In March, Tony Ward returned to the lending market with the launch of intermediary lender Basinghall Finance, a joint venture between his company Home Funding and German investment bank West LB Capital Markets.Ward says the ...

  • Lenders suffer from mortgage malaise

    8 May 2006

    In the middle of last week Ameriquest Mortgage, the US' largest sub-prime lender, announced it was closing its branch network, laying off a third of its workforce. That would be roughly 3,800 full-timers. The privately held, non-depository mortgage banker blamed the shutdown on declining production and a changing retail landscape. (Ameriquest is controlled by industry veteran Roland Arnall, a businessman and now US ambassador to the Netherlands.)But of course the story of the ...

  • Let clients make up their own minds on benefits of SPASU

    8 May 2006

    From Derek Green I'm sure that most of your readers will be heartily sick of the mud slinging by the anti-SPASU brigade by now, some of whom have vested interests in promoting their names and products. I appreciate that one cannot defend the indefensible but it is always the case that one or two rotten apples can spoil the barrel. Single premium ASU is not for everyone - it is for people who want low outgoings with a guaranteed premium which cannot be cancelled by the insurer ...

  • LMS says HIPs will go ahead

    8 May 2006

    The axing of John Prescott's brief at the Office of the Deputy Prime Minister last Friday will not mean the end of Home Information Packs, says LMS.Although Prescott retained his position as deputy prime minister and his elected position as deputy leader of the Labour Party in Tony Blair's latest reshuffle, he lost the ODPM from his portfolio. The ODPM covers housing, local government, regeneration, planning and urban and regional issues.Former education secretary Ruth Kelly ...

  • London house prices up 1.5% in April says haart

    8 May 2006

    The average London house price has risen for the seventh consecutive month by 1.5% in April says haart estate agents.

  • Long-term deals sharpen their image

    8 May 2006

    Although the spotlight is usually on products in the two to five-year market where borrowers tend to look and where the large volumes are placed, long-term deals are slowly but surely starting sharpen their image.

  • Look to Canada for the new wave of IT

    8 May 2006

    Systems used in the Canadian market streamline the process of submitting applications to lenders and could provide a model for developments in this country, says Frank Eve

  • March lending hits record high

    8 May 2006

    March's gross lending of 17.7bn was the highest March total on record, 11% above the previous highest total for the month which was recorded two years ago, says the British Bankers' Association.

  • Market watch

    8 May 2006

    Swaps continued to rise last week but compared with the frantic activity the previous week caused by most of the HBOS lenders repricing, it was pretty quiet. The cost of funding for a two-year fixed rate is now above 5%

  • Marketing Brief

    8 May 2006

    Support is critical in the mortgage industry. Kevin Paterson's A-Z review rates the marketing material that lenders issue to help brokers with sales and business development

  • Me & My Car

    8 May 2006

    My Jaguar X-Class Estate means no more entertainment for the neighbours when it snows and a cavernous amount of space for the regular French booze run for me, says Linda Will

  • MEX appoints two BDMs

    8 May 2006

    Mortgage Express has appointed two business development managers to its national sales team.

  • MEX strikes back following self-cert leaflet criticism

    8 May 2006

    Mortgage Express has defended its marketing literature for self-cert mortgages after a broker questioned the validity of the examples cited in its leaflet.The broker, who wishes to remain anonymous, says several of the case studies given in the leaflet are not clear-cut self-cert cases.In two scenarios, a nurse and a secretary earn significantly more than might be expected. This is because they earn extra income from overtime, rent from buy-to-let properties or commission.The ...

  • Mixed reports on FSA's equity release findings

    8 May 2006

    There are mixed reports about the findings of the Financial Services Authority's second mystery shopping exercise into the equity release market.The FSA has confirmed it has completed the first stage of the mystery shop with a round of broker visits, and is now undertaking the analysis stage of its investigation.Robin Gordon-Walker, spokesman for the FSA, says: 'We have completed the field work and are now on to the analysis stage and following up things that came out of the ...

  • Mortgage Choice integrates with Rooftop's ROAD

    8 May 2006

    Mortgage Choice, a Rooftop Specialist Centre, says it's the first packager in the UK to fully integrate with Rooftops web based processing system ROAD.

  • Mortgage Express appoints two BDMs

    8 May 2006

    Mortgage Express has appointed two business development managers to its national sales team.

  • Mortgage Express survey reveals a buoyant buy-to-let market

    9 May 2006

    Mortgage Express quarterly survey of UK landlords reveals that 83% of landlords are planning to either increase or maintain their portfolios in the next six months.

  • Mortgage Next offers extra 100

    8 May 2006

    Mortgage Next Network and Mortgage Next Partners are offering intermediaries the opportunity to earn an additional 100 on all packaged business received before June 30.

  • Mortgage Next Partners teams up with Sesame

    10 May 2006

    Mortgage Next Partners, which markets a range of support services to directly authorised mortgage brokers, has teamed up with Sesame to extend the range of services available via its Passport initiative.

  • Mortgage Talk takes on far flung franchisee

    9 May 2006

    South Devon based Nigel Green Property Sales and Rentals recently became South Yorkshire based Mortgage Talk's most geographically removed franchisee.

  • Mortgages PLC expands two-year fixed rate range

    11 May 2006

    Mortgages PLC has launched a two-year fixed rate mortgage which gives borrowers the option of having a 0.45% cheaper deal in return for a 1.5% arrangement fee (minimum fee 1500).

  • Mortgages PLC Golf Challenge

    11 May 2006

    Mortgages PLC 2006 PGA Golf Challenge will swing into action with the first regional qualifying event at Blackwell Golf Club on Friday May 19.

  • MortgageStream in PII tie-up

    8 May 2006

    MortgageStream has teamed up with Lloyd's of London insurer PYV. The tie-up means MortgageStream users who buy their professional indemnity cover from PYVwill qualify for a preferential rate on their insurance.

  • Movers on the rise, re-mortgages on the wane, says MMD

    8 May 2006

    My Mortgage Direct quarterly mortgage trends survey for Q1 2006 shows a significant increase in movers, re-mortgages fall off, buy-to-let interest picks up, first time buyers slow down and trackers remain borrowers choice.

  • MPLC completes securitisation deal

    8 May 2006

    Mortgages PLC has completed a securitisation deal worth 575m. The bonds, which are predominantly AAA-rated, have been issued via Merrill Lynch to investors including leading banks and insurance companies.

  • NAEA president sworn in

    8 May 2006

    Charles Smailes was sworn in as president of the National Association of Estate Agents for 2006 and 2007 at the Park Lane Hilton Hotel in London last Friday.

  • National Australia Bank says cost to income ratio improved to 62.9%

    11 May 2006

    National Australia Bank Group, owner of the Clydesdale and Yorkshire Banks, has released interim results for its UK banking and wealth management operations, for the six months ended March 31 2006.

  • National Counties launches lifetime mortgage

    8 May 2006

    National Counties has launched its second new lifetime mortgage in a month.

  • Nationwide gives to cancer charity

    8 May 2006

    Nationwide Life says that it will make a 1 donation to charity Macmillan Cancer Support for every life assurance, critical illness and income protection policy it sells between May 2 and July 31.

  • Nationwide, HBOS caught up in valuation scam

    8 May 2006

    Nationwide has confirmed that it has been caught up in what is believed to be a multimillion pound fraud involving false valuations on commercial properties.

  • Newcastle increases income multiples

    8 May 2006

    The Newcastle has increased its income multiples for mortgages within its first-time buyer range.

  • NLA provides Housing Act support

    10 May 2006

    The National Landlords Association is to provide a special information facility for all landlords to help them understand the new Housing Act now that the regulations arising from that legislation are coming into force.

  • No signs of house prices falling

    8 May 2006

    Despite conflicting data on the geographical distribution of housing hotspots it is clear that average house prices are on the rise, confounding the doom-mongers, says Sally Laker

  • Nobody tells the truth about lying

    8 May 2006

    When suggesting a self-cert solution for an inappropriate client nobody ever says the adviser will have to bend the truth or lie but that is what they mean, says Sue Read

  • Non-conforming confirms its value

    8 May 2006

    Any article that begins 'The future's bright, the future's non-conforming' will rightly engender eye rolling and tutting but I have always had a problem with the phrase sub-prime and I believe non-conforming more aptly describes what most of the lenders are about. It's worth spending some time reflecting on what has been achieved and how the future will map out.Rewind the clock 10 years and the sub-prime sector was emerging in its embryonic form. It would be fair to say that there ...

  • Ombusdman for Estate Agents calls for better consumer protection

    12 May 2006

    The annual report of the Ombudsman for Estate Agents for 2005 highlights a number of developments that will bring about a big increase in membership of a voluntary scheme, and hence a significant improvement in consumer protection for buyers and sellers who use estate agents.

  • Openwork adds Standard Life and TBMC to panel

    11 May 2006

    Openwork, the 2,350 strong multi-tie distribution business has added Standard Life and The Business Mortgage Company to its mortgage panel.

  • Openwork releases MAP survey

    8 May 2006

    Openwork, the directly authorised multi-tie network, has revealed the results of its regular Mortgage Advisory Panel survey.

  • Origin range enhanced

    8 May 2006

    Money Partners has enhanced its Origin range of products. Interest rate loadings for self-cert clients have been removed across the light adverse range.

  • People in branches serve me right

    8 May 2006

    Banks can tinker with initiatives until the cows come home but all we want is service that works. If you want the fastest route to madness try telephoning your bank.

  • Pitfalls of regulated buy-to-let deals

    8 May 2006

    I am not often given to praising the Financial Services Authority but in this instance I will make an exception.

  • Platform launches buy-to-let product

    8 May 2006

    Platform is launching a buy-to-let three year tracker with an 85% LTV at BBR +0.28% (rate currently 4.78%) for three years from completion and has no ERC overhang.

  • Platform unveils lowest B2L tracker

    8 May 2006

    Platform has launched its lowest buy-to-let three-year tracker product, following indications that the cost of fixed rate money is rising.Many industry analysts are forecasting an interest rate rise soon and the prices of fixed rates are coming under increasing pressure on the money markets.Lenders are thought to be poised to reprice their fixed rates upward over the coming weeks.Platform has introduced its tracker product in anticipation of this move, offering buy-to-let ...

  • Platform voted best self-cert lender

    10 May 2006

    Platform, the intermediary lender of Britannia, has scooped the prestigious Best Self-Cert Lender prize at the 2006 annual Mortgage Strategy Awards.

  • PMP to open processing centre in Edinburgh

    8 May 2006

    Primrose Mortgage Processing is to open a dedicated processing centre in Edinburgh in mid-June.

  • PMPA launches sub-prime product from Platform

    8 May 2006

    The Professional Mortgage Packagers Alliance has launched a sub-prime tracker product from Platform available exclusively through PMPA member packagers.

  • PMS figures herald profitable year

    8 May 2006

    Premier Mortgage Service saw 11bn in applications and 7.8bn in completions by the end of March 2006, reinforcing hopes for a good year ahead in the mortgage market.John Malone, managing director of PMS, believes 2006 is likely to be a reasonable year for purchases and remortgages due to achievable levels of affordability and attractive products from lenders.But he warns that the introduction of Home Information Packs, retention pressures, rising unemployment and the Treating ...

  • Prestige expands

    8 May 2006

    Prestige Group, the international property investment and development organisation, is expanding its sales network.

  • Prestige Group launches International Hotspots Index

    8 May 2006

    To celebrate its UK launch the property investment company, Prestige Group today released its first International Hotspots Index.

  • Primrose joins PMPA

    8 May 2006

    London-based Primrose Mortgage Processing is the latest company to join the Professional Mortgage Packagers Alliance.

  • Principality launches BTL product for Premier Mortgage Service.

    12 May 2006

    Members of Premier Mortgage Service can now take advantage of a new buy-to-let exclusive product from Principality.

  • Propertyfinder appoints CEO

    8 May 2006

    Propertyfinder.com has appointed Warren Bright as chief executive officer.

  • Protection providers will see commission rates slashed, says Berkeley Alexander

    11 May 2006

    Product providers offering payment protection insurance will soon have to get used to tailoring their products more closely to customers needs and taking smaller commissions, predicted Berkeley Alexander director Geoff Hall.

  • Prudential responds to drawdown debate

    8 May 2006

    Prudential has responded to comments made by the Personal Finance Society relating to equity release drawdown products

  • PT allocates first tranche of shares

    8 May 2006

    Personal Touch Financial Services has allocated its first tranche of shares to key accounts as a result of 2005 new business performance.

  • RAMP to expand

    8 May 2006

    The Regulatory Association of Mortgage Packagers is looking to expand its membership.

  • Rates rise

    8 May 2006

    Nationwide will raise the rates on its fixed rate mortgages from May 9.

  • Ray of hope for first-time buyers

    8 May 2006

    Homes are at their most affordable level since 2004, offering a glimmer of hope to thousands of first-time buyers, says Cheltenham & Gloucester.

  • Releasing it right

    8 May 2006

    With a little help from the Release it Right campaign brokers can cash in on the increasing public interest in equity release schemes, says Norman O'Donnell

  • Repossession actions rise

    8 May 2006

    The number of households in the early stages of repossession has risen sharply in 2006, figures from the Department for Constitutional Affairs reveal, with actions entered by lenders up 29%.

  • Retail slowdown

    8 May 2006

    The retail property industry has weakened due to the continuing consumer spending slowdown, says the Royal Institution of Chartered Surveyors.

  • RICS gives advice on subsidence

    12 May 2006

    Royal Institution of Chartered Surveyors is urging house-owners to keep an eye on their properties, as a winter of drought followed by a hot, dry summer could see their homes cracking under the strain.

  • Savills Private Finance takes over Goldridge de Beauvoir

    10 May 2006

    Savills Private Finance (Channel Islands), a new company wholly owned by Savills Private Finance, has today taken over Channel Islands brokerage Goldridge de Beauvoir.

  • Scottish Widows deal to help Spain home buyers

    8 May 2006

    Scottish Widows is launching an overseas mortgage for UK residents looking to buy in Spain.The product will be marketed under parent group Lloyds TSB's brand but Scottish Widows will be the product provider.With many brokers passing overseas mortgages to specialists, Scottish Widows says it aims to encourage more brokers to enter this market.Murdo McHardy, head of product development and marketing at Scottish Widows, says: "This is about giving confidence to brokers and ...

  • Scottish Widows has enhanced its product

    11 May 2006

    Scottish Widows says customers applying for a professional or flexible mortgage could now benefit from enhanced income multipliers.

  • Secured lending trade body comes under AMI umbrella

    8 May 2006

    Secured lending trade body the Corporation of Finance Brokers last week came under the umbrella of the Association of Mortgage Intermediaries, changing its name to the Association of Finance Brokers.The AFB is now a sister trade body of AMI.John Webster, chief executive officer of specialist lender Swift, says: "This alliance will help bring the two industries together so that they understand each other's markets and products. It will expand intermediaries' knowledge, which ...

  • Society chief executive

    8 May 2006

    Last week, Mortgage Strategy incorrectly referred to Mike Lazenby as chief executive of Market Harborough in the Title Deed column of the Time Out section. The chief executive of Market Harboroughis Philip Dearing.

  • Some wish HIPs were already here

    8 May 2006

    One of my best friends has just sold her house. The first viewer was prepared to pay the asking price, which prompted a huge sigh of relief from my pal.The prospect of a long drawn out schedule of viewings, juggled with all of life's normal requirements such as working and looking after kids was more than she could stand.So that quick decision and instant offer was welcomed with open arms.And then it started - the pre-Home Information Pack negotiation procedure.You see, ...

  • SPML appoints two BDMs

    9 May 2006

    Southern Pacific Mortgages Limited has appointed Philippa Atkinson its new business development manager for the North East.

  • SPML unveils online system

    8 May 2006

    Southern Pacific Mortgage Limited has launched its mortgage application online system. It is available to members of IFA networks that have SPML on their lender panels and to all SPML's packagers.

  • Spring Move calls for regulation of HIPs

    9 May 2006

    Spring Move is calling for the Home Information Pack industry to be better regulated to give people more protection from rogue companies producing sub-standard packs.

  • Strange tale of Halifax and the blank piece of paper

    8 May 2006

    From Neil Barnes The world has finally gone mad. I can't resist sharing our latest experience of Halifax with readers. Halifax's online applications require the completion of a declaration by the borrower that has to be faxed to its regional office. The declaration is a four-page document, with page four being blank. So we faxed back only pages one to three. Halifax decided not to offer the case until we submitted page four - a blank piece of paper. So we played ball ...

  • Sub-prime market has a bright future

    8 May 2006

    Sub-prime lending has been one of the big success stories of the mortgage market in the past 10 years.

  • Success all round at em- roadshows

    12 May 2006

    em- saw an exceptional turnout attend their roadshows at Leicester and Bolton on the May 10 and 11.

  • Surviving heart surgery is expensive

    8 May 2006

    The Healthcare Commission has launched a website for patients facing heart surgery.

  • Talk to the specialists when advising on overseas deals

    8 May 2006

    From Simon Conn In response to Richard Coulson's recent article (Mortgage Strategy April 24) I'd like to make some comments. I have been involved in the overseas mortgage market for over 25 years and can tell you that unfortunately not all the clients who buy properties abroad now are as financially literate as those who did so in the past. In the 1980s when interest rates were higher both here and abroad, and overseas loans were more restrictive or non-existent, clients ...

  • Tenet launches LIME International

    8 May 2006

    Tenet has launched LIME International, a simplified approach to overseas lending aimed at brokers who would like to write overseas business but lack experience in this area.

  • TFC exclusives via Platform

    8 May 2006

    TFC Homeloans, in conjunction with Thinc Destini Group, has launched a range of sub-prime exclusives via Platform.

  • TFC welcomes David Morgan as director of retail operations

    11 May 2006

    David Morgan has commenced work with The Finance Centre in the role of director of retail operations, based at the companys head office in Warrington, Cheshire.

  • The Exchange and 1st today launch processing service

    12 May 2006

    The Exchange and 1st today are launching what they call the "industrys first independent straight-through processing service" for financial intermediaries.

  • The Woolwich gets back on track

    8 May 2006

    Everybody knows that no SVR has ever beaten a good lifetime tracker and the launch of The Woolwich's flexible deal hammers this message home, says Drew Wotherspoon

  • The Woolwich launches new product range

    8 May 2006

    The Woolwich is to launch its new range of products focusing heavily on tracker mortgages.

  • TML says it has secured 15m applications

    9 May 2006

    TML Financial Solutions says it had secured 15m of affinity business applications for the first five months of the year.

  • Too many clients go direct to providers

    8 May 2006

    Continuing my theme of agonising over the number of clients who transact business direct with providers, the latest statistics from equity release trade body Safe Home Income Plans should not leave anyone in any doubt that this is a real problem for the industry if it is to remain safe.

  • Trigold founder sells his firm to Mortgage Brain

    8 May 2006

    Peter Heigho, one of the founders of sourcing system Trigold, has sold his mortgage software firm Client Data Systems to Trigold rival Mortgage Brain.Heigho was instrumental in the development of both the product and the business at Tri-gold but quit as sales director in September 2003. He went on to set up The Key, the trading name of Client Data Systems, which is a mortgage sales and compliance processing software system.Mortgage Brain says it made the acquisition to increase ...

  • Trouble at the top threatens HIPs

    8 May 2006

    Labour suffered a devastating defeat in last week's local council elections, leaving the government in tatters as Tony Blair reshuffled a crumbling cabinet.

  • Tudor Mortgages adds Platform to onsite underwriting list

    11 May 2006

    North London packager Tudor Mortgage & Finance has added Platform to its list of lenders who provide onsite underwriters.

  • UCB boosts its BDM force to 18

    8 May 2006

    UCB Home Loans is expanding its team of business development managers to 18, and the lender plans to increase this number further in the future.

  • UK Personal Finance signs up Assurant Solutions

    9 May 2006

    UK Personal Finance has signed-up to the Matrix, a mortgage payment protection insurance from Assurant Solutions. David Burrows, managing director of UK Personal Finance Ltd, says: We believe there is a need to substantially increase the sale of Mortgage Payment Protection in the UK to ensure that homeowners are adequately protected and repossession numbers are kept to an absolute minimum.

  • Unity appoints on-site underwriter

    8 May 2006

    Unity Homeloans has appointed Moira Thompson as senior on-site underwriter.

  • US: Facing slow decline

    8 May 2006

    This year will be the US' fifth straight World Cup finals appearance, although this is partly due to the easy opposition we face in qualifying rounds. Our lack of experience against tougher opposition limits our chances of making the latter stages of the tournament this summer.

  • Valuation choice

    8 May 2006

    Clydesdale Bank and Yorkshire Bank will use UKValuation's ProVal Automated Valuation System throughout their UK operations.

  • West Brom appointment

    8 May 2006

    West Brom has appointed Neil Robson as senior account manager. He will be responsible for intermediary mortgage sales in south London and Kent.Liverpool Victoria has appointed Mike Rogers as group chief executive. He joins on May 15 from Barclays.

  • Would you buy a property from supermarket giant ASDA?

    8 May 2006

    ASDA is planning to be the first UK supermarket to move into the property market by launching a service called Homes@Supermarkets. Customers will be able to browse properties for sale while shopping for their weekly fruit and veg. But do they trust ASDA enough to buy a house from it?

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