Mortgage Strategy
8 November 2004

  • 3.37bn boost for council houses

    9 Nov 2004

    The government is proposing councils in England should have allowances totalling 3.37 billion to improve the management and maintenance of their council homes.

  • 75% of public dont know IHT threshold

    8 Nov 2004

    Despite being one of the most criticised forms of taxation, new research by Barclays reveals that almost three quarters of those questioned were unable to correctly identify the current IHT threshold.

  • A themed approach to regulation

    8 Nov 2004

    Intermediaries should be aware of the broad themes in the FSA's approach to regulating the mortgage market - and the differences from the old MCCB techniques, says Ben Stafford

  • Alliance & Leicester launches 4.99% 5-year fix

    10 Nov 2004

    Alliance & Leicester has launched a five year fixed rate at 4.99% - making it one of the cheapest long-term fixed rates in the market.

  • AMI calls on industry to help make regulation work

    8 Nov 2004

    The Association of Mortgage Intermediaries is calling on the industry to help make regulation work - and for firms to provide examples of where it is failing.

  • ARs could not trade for days

    8 Nov 2004

    Mortgage Next appointed representatives were unable to trade for the first few days of Financial Services Authority regulation amid rumours the network had failed to submit all the forms required for authorisation.

  • As a result of regulation, will choice be eroded as lenders narrow their product ranges?

    8 Nov 2004

    Two experts discuss whether problems in implementing regulation will hit customer choice and service in the mortgage market

  • Bank accounts from credit unions a step closer

    10 Nov 2004

    ABCUL, the Association of British Credit Unions, has entered into the next phase of its plans to enable credit unions to offer a wider range of financial services to their members, including access to cash through ATM machines, and direct debit facilities.

  • Bolton's fixation with sub-prime market looks like paranoia

    8 Nov 2004

    Michael Bolton has provided us all with much amusement in his time at BM Solutions. Many of us have become connoisseurs of the Bolton wind-up, particularly when he manages to elicit responses from the mortgage equivalents of 'Disgusted of Tunbridge Wells'.

  • Branding is key in mortgage sector

    8 Nov 2004

    Sally Laker, managing director of Mortgage Intelligence, says that in a sector that sells 'intangible' goods such as the mortgage industry, creating a well-thought-out brand identity is vital

  • Bridget Jones grows up

    8 Nov 2004

    Far from simply being a stereotype for thirtysomething singledom, new research from Lloyds TSB 50+ shows that the 'Bridget Jones lifestyle' is also striking a cord with the footloose over 50s.

  • Bristol & West Mortgages refreshes product range

    9 Nov 2004

    Bristol & West Mortgages has refreshed its core range, improving its rates to offer a 5-year fixed rate at 5.35% available up to 95% LTV.

  • Broker backlash over lender failings

    8 Nov 2004

    Brokers have hit out at lenders for letting them down and not being ready for Mortgage Day, with many lenders accused of being unable to produce compliant Key Facts Illustrations.

  • Buy to let set for decade of further growth - Charcol

    8 Nov 2004

    As many as 300,000 more properties will be bought as buy to let investments over the next decade, according to a report from Charcol in conjunction with independent research agency, Mintel.

  • CETA receives notification of full authorisation

    9 Nov 2004

    General insurance network CETA has received its Part IV Grant of Permission notice from the FSA, confirming that it is fully authorised to operate as a Principal, when general insurance regulation is introduced on January 14 2005.

  • Charcol is first off the regulation block

    8 Nov 2004

    Charcol arranged the UK's first mortgage offer under statutory regulation within minutes of the new rules coming into force, thanks to BM Solutions' 24/7 online service.

  • Charcol launches Webline white-labelled service

    10 Nov 2004

    Charcol has launched a white-labelled portal solution, powered by Webline, for its mortgage advisers at 12 regional branches.

  • Cheltenham & Gloucester to outsource jobs to India

    9 Nov 2004

    Lloyds TSB is planning to transfer 1,000 jobs to India from the UK by the end of 2005 including positions in mortgage subsidiary C&G.

  • CML says Gordon Brown should lower property taxes

    9 Nov 2004

    The CML's pre-Budget statement, published today, argues that property-based taxes in the UK are already among the highest in the developed world and should be indexed in line with house price inflation.

  • Compensation Scheme publishes newsletter

    8 Nov 2004

    The Financial Service Compensation Scheme has published a special edition of its industry newsletter, OUTLOOK, for newly authorised mortgage firms. Directly authorised firms should receive this next week. It explains the role of the Scheme, the type of claims FSCS might cover and the amount of compensation the Scheme can pay for mortgage claims. Copies can be downloaded at the FSCS website

  • Conti urges caution before buying property abroad

    12 Nov 2004

    Overseas mortgage specialist Conti Financial Services is urging financial advisers to ensure clients get advice before any overseas property purchase.

  • Court judgement on credit card consumer protection

    12 Nov 2004

    The High Court has ruled that the consumer protection given by the Consumer Credit Act does does not generally apply to overseas transactions.

  • Coventry launch new FTB deals

    9 Nov 2004

    Coventry today launched new mortgages available to first time buyers, house movers and remortgagors.

  • Cybercrime to rocket if security stays on the backburner

    9 Nov 2004

    Fraud litigation experts at City law firm Philippsohn Crawfords Berwald have issued a warning about the failure of internal security. If unchecked, this could unleash a powerful wave of cybercrime.

  • Cybercrooks growing in sophistication

    8 Nov 2004

    Fraud litigation experts at Philippsohn Crawfords Berwald, a leading City law firm, have issued a warning about the increasing prowess of internet fraudsters, in exploiting technology for means of extortion.

  • Dear Delia

    8 Nov 2004

    Miss Clements commutes from Leicester to Birmingham but is finding the travelling tiring. She does not want to sell her present property and has found a new flat in Birmingham for 175,000. She would ideally like to remortgage and consolidate 11,550 of credit card debt. Miss Clements would like to pay as little as possible and have very low or no early redemption penalties. She has savings of 10,000 which could be used but she would prefer not to do so. What are her options?

  • Ellis appointed CII public affairs director

    8 Nov 2004

    The Chartered Insurance Institute has announced the appointment of John Ellis as the Institutes first group public affairs director.

  • Expo helps mortgage advisers build contacts

    12 Nov 2004

    Visitors to Mortgage Business Expo will be able to make industry contacts via their mobile phone.

  • Financial health matters

    8 Nov 2004

    The Financial Services Authority has a goal with regard to financial capability: "We share a vision of better informed, educated and more confident citizens, able to take greater responsibility for their financial affairs and play a more active role in the marketplace for financial services."

  • FIRST NATIONAL LAUNCHES ENHANCED PRODUCT RANGE

    8 Nov 2004

    First National, a GE Company has announced improvements to its first mortgage portfolio.

  • First signs

    8 Nov 2004

    The first customers in the UK to receive a regulated mortgage offer signed up in the wee hours of Mortgage Day, but how is the industry coping with the transition to FSA regulation generally? Robyn Hall investigates

  • Focus on employees' competence

    8 Nov 2004

    The assessment and monitoring of the competence of each individual employed by a regulated firm will be a difficult task without using a system such as Competent Adviser, says Frank Eve

  • Footprints on DIPs cut borrowers' mortgage options

    8 Nov 2004

    Borrowers are having their mortgage options drastically reduced by footprints left on their credit records by decisions in principle, industry sources warn.

  • Frustrated brokers hit out at Trigold FSA preparations

    8 Nov 2004

    Trigold has come under fire from frustrated brokers who say it was inadequately prepared for the regulatory regime.

  • FSA publishes details of first non-authorisations

    8 Nov 2004

    The FSA has published details of the first group of mortgage firms whose applications for authorisation have been rejected.

  • Going commercial is no easy option

    8 Nov 2004

    Brokers looking to move away from the highly regulated residential sector may consider moving into commercial mortgages but pitfalls lie ahead for the inexperienced, says Mark Stephens

  • Gordon Browns economic miracle is all talk

    8 Nov 2004

    Following a series of disturbing reports about the state of the economy last Friday, the Shadow Chancellor, Oliver Letwin, says Gordon Brown is all talk.

  • How Was It For You?

    8 Nov 2004

    Well, the mountains did not crumble to the ground, the oceans did not freeze over, and the sun remained resolutely fixed in the sky so the most important event ever to happen to the mortgage industry passed with barely a ripple as far as the outside world is concerned.

  • Inflation Report points to downside risks

    10 Nov 2004

    The Inflation Report published by the Bank of England this morning was a little more downbeat than expected and this was reflected in a sharp rally in the money markets.

  • ING Direct could launch mortgage range soon

    8 Nov 2004

    Savings bank ING Direct is drawing up plans to join the mortgage market next year, say industry sources.

  • Insurers pay one-off 1.5m to FSCS

    9 Nov 2004

    Insurers today agreed to pay a one-off extra 1.5 million to help IFAs meet their unexpected increase in the FSCS Levy.

  • Internet Insite

    8 Nov 2004

    Mortgage Strategy's weekly guide to what's hot and what's not on the web. Jeff Sutherland-Kay checks out the websites of brokers, lenders, mortgage clubs, mortgage networks and packagers

  • Investment scam man gets four years in prison

    10 Nov 2004

    Newcastle Crown Court today sentenced Malcolm Varrick to four years imprisonment on 10 counts of deception and 10 counts of false accounting totalling 1.16 million.

  • L&G members' M-Day blow

    8 Nov 2004

    Nearly half of Legal & General's appointed representatives were left high and dry on Mortgage Day after the Financial Services Authority failed to put their authorisation numbers online.

  • Latest NDL onsite lender is First National

    10 Nov 2004

    First National has joined Network Data's growing panel of on site lenders, alongside GMAC-RFC, SPML, Preferred Mortgages and London Mortgage Company.

  • Lemon Squeezy launches Financial Promotions Support

    10 Nov 2004

    Lemon Squeezy Marketing, a marketing consultancy firm specialising in the Financial Services industry, is pleased to announce the launch of Financial Promotions support.

  • Lenders' service standards should be clearly set out

    8 Nov 2004

    I thoroughly enjoyed the letters in MS October 25 issue regarding the merits of service etc. over best rates, but how does one measure service?

  • Lending criteria holding back graduate FTBs

    8 Nov 2004

    New findings from the Scottish Widows Bank Graduate First Time Buyer Report show that three of the top five biggest factors that would help graduates get on the property ladder are all related to lending criteria.

  • Let's band together to see off poor KFI practices

    8 Nov 2004

    Bill Armstrong's letter in the October 25 issue suggesting fraudulent KFI documentation will be given to clients by lenders' high street offices is absolutely right.

  • LIA holds post M-Day workshops across the UK

    10 Nov 2004

    The LIA are holding a series of post M-Day workshops for advisers on how to provide mortgage advice in a regulated market.

  • LMS changes image to prepare for expansion

    8 Nov 2004

    LMS, a provider of conveyancing and surveying support services to IFAs, brokers and lenders, is carrying out a major overhaul of its corporate identity ahead of expansion.

  • Lord Hunt to head Professional Standards Board

    10 Nov 2004

    The Rt Hon the Lord Hunt of Wirral has been appointed as the first independent Chairman of the Professional Standards Board of the Chartered Insurance Institute.

  • Making a good first impression can reduce customer churn

    8 Nov 2004

    The impression that the borrower gets from their initial contact with the intermediary and the lender is the key to the long-term success of the relationship, says Tony Capon

  • Many questioned Gooding's position as AMI chairman

    8 Nov 2004

    To spare the loyal readers of MS, rest assured that I do not wish to stoke up yet another debate regarding Charles Gooding. However, I feel obliged to respond to Mark Mountney's letter in the November 1 issue.

  • Market watch

    8 Nov 2004

    Swaps closed up slightly in a deathly quiet week for rate changes as most lenders had their eye on other matters.

  • Marketing Brief

    8 Nov 2004

    Support is critical in the mortgage industry. Jeff Sutherland-Kay's A-Z review rates the marketing material that support service providers issue to help brokers with sales and business development

  • Merrill Lynch acquires Mortgages PLC

    8 Nov 2004

    Merrill Lynch last week announced it had acquired Mortgages PLC. Mortgage Strategy exclusively revealed that US giant Merrill would acquire the sub-prime lender in July this year.

  • Mervyn's mind games

    12 Nov 2004

    The Bank of England Inflation report struck a more dovish tone than the market expected. The risks to the outlook shifting from being broadly balanced to somewhat on the downside.

  • MEX achieves full online processing

    8 Nov 2004

    Mortgage Express managed to get its full online processing system online yesterday, meaning complaint online Key Facts Illustrations are now available to brokers.

  • Michael Bolton cannot have it both ways on sub-prime

    8 Nov 2004

    If speed, quality of service, underwriting stance and so on were as irrelevant to a product recommendation as Michael Bolton says (Mortgage Strategy Letters November 1), then the FSA would not have included them within the MCOB.

  • Moneyfacts launches KFI hub

    8 Nov 2004

    Moneyfacts has launched the Mortgage KFI Hub to provide intermediaries with access to accurate, compliant KFIs.

  • Mortgage firms don't write business, advisers do

    8 Nov 2004

    In your Letters page of November 1, Messrs Malone and Baxter start off by saying 'We told you so' on the basis that 70% of mortgage firms have gone directly authorised.

  • Mortgage Strategy crowned cream of the crop

    11 Nov 2004

    Mortgage Strategy was crowned Personal Finance Trade Magazine of the Year last night at the Bradford & Bingley Personal Finance Media Awards.

  • Mortgage Trust launches lowest B2L fixed rate

    10 Nov 2004

    Mortgage Trust has launched a buy-to-let fixed rate at 5.45% the lowest in the market exclusively to Mortgage Intelligence members.

  • mortgageforce finalist in CBI awards

    10 Nov 2004

    mortgageforce has been shortlisted in the Confederation of British Industrys "Growing Business Awards", described by Chancellor Gordon Brown as the "premier showcase of enterprise in the UK".

  • MPLC appoints group risk director

    10 Nov 2004

    Mortgages PLC has appointed Bill Purves to the position of group risk director.

  • N&P reduces fixed rates

    12 Nov 2004

    Norwich and Peterborough is reducing rates on its UK and Spanish fixed rate mortgages, with effect from November 15.

  • Nationwide challenges CBI on outsourcing

    12 Nov 2004

    Nationwide is challenged the CBI over its comments implying that jobs being outsourced abroad are low value and unskilled.

  • NLA launches new publication

    8 Nov 2004

    The new journal of the National Landlords Association has now been launched. The new publication, called UK Landlord, supersedes the NLA Newsletter, which provided so much information and advice to NLA members over the years.

  • NLA links up with Swansea.

    10 Nov 2004

    The National Landlords Association (NLA) has teamed up with the City and County of Swansea in a bid to help with their Landlords Forum and to promote further co-operation between landlords and the council.

  • Normal service will be resumed

    8 Nov 2004

    Despite initial niggles in the transition to FSA regulation the job of the mortgage intermediary remains essentially the same and it will soon be back to business as usual, says Neal Smith

  • OFT launches education strategy

    8 Nov 2004

    A better co-ordinated approach to consumer education in the UK has been published by the OFT.

  • On the beat

    8 Nov 2004

    One of the threats of regulation was that customers would be driven toward the direct market. So I was not surprised to see a television advert with a direct response number - the phrase 'or contact your financial adviser' seemed strangely to be missing. And the country's leading supermarket chain announced a three-year discount. Unseemly haste or was the timing simply 'coincidental'?

  • One size MPPI policies must change

    8 Nov 2004

    General insurance network CETA is calling for MPPI policies to be more flexible and capable of meeting borrowers individual financial circumstances.

  • Park Row restructure is prompted by Royal Liver

    8 Nov 2004

    Park Row Independent Mortgages has been absorbed into Park Row Associates due to changes instigated by parent company Royal Liver, say sources within the group.

  • Platform launch new fixed rates

    8 Nov 2004

    Platform is enhancing its Buy to Let and self-certification product ranges significantly, with the addition of three new, aggressively priced 2 and 5-year fixed rate products.

  • PMS prepares to enter the limelight

    8 Nov 2004

    Premier Mortgage Service has expanded its panel of lenders and plans to launch a consumer awareness campaign now the market has become regulated.

  • Regulation causes chaos in industry

    8 Nov 2004

    So how was it for you then? By all accounts the first week of mortgage regulation was not a happy one. Complaints have been almost endless. Names have been missed from the Financial Services Authority register leaving brokers unable to trade.

  • Regulation cost industry 500m

    12 Nov 2004

    Moneyfacts says the cost of mortgage regulation to the finance industry is estimated at 500m.

  • Skipton reduces fixed rates

    10 Nov 2004

    Skipton has re-launched its fixed rate mortgage range and reduced the rates on each product.

  • Soft landing? You wish

    8 Nov 2004

    Halfway through the month, the Governor of the Bank of England warned financial markets that interest rates are unlikely to have peaked on the basis that the combination of low and stable inflation and continuously falling unemployment must come to an end at some point, and may already have done so.

  • TBMC Smash through the 1bn barrier

    9 Nov 2004

    Cardiff based Buy to Let specialist processor, The Business Mortgage Company has smashed through the 1bn mark for new business applications received since the start of January 2004.

  • TFC says client money ruling will be fairer for clients

    8 Nov 2004

    Packager firm The Finance Centre has hailed the Financial Services Authority's rulings on client money as giving a fairer deal to borrowers and hopes they will help drive down survey and valuation costs.

  • The Hanley use xit2 to speed up val process

    9 Nov 2004

    The Hanley says it will be using Xit2s online Valuation Exchange to instruct valuations which will be panel managed by SecureMove Property Services.

  • The Key to efficient mortgage management

    8 Nov 2004

    With all the talk centring on Mortgage Day and the implementation of processes compliant with Financial Services Authority regulations over the past few weeks, I thought I 'd bring to light a new technological product.

  • The Mortgage Mole

    8 Nov 2004

    Digging the dirt in the mortgage world

  • The Mortgage Works sharpens rates

    9 Nov 2004

    The Mortgage Works has cut interest rates across its mortgage portfolio and extended all end dates on fixed and discounted rate products to 31 January.

  • The question is, where have all the ARs gone?

    8 Nov 2004

    Despite most networks boasting as far back as 12 months ago that they already had ARs on their books, it turns out that many networks still have none at all

  • TMO launches 6.75% light adverse deal

    10 Nov 2004

    The Mortgage Operation has launched a 6.75% light adverse 2% discounted product available up to 90% LTV.

  • Tougher restrictions to insolvency laws

    9 Nov 2004

    A woman from Birkenhead has become the first person to agree that she was guilty of 'unfit conduct' in the period leading up to her bankruptcy.

  • UK banks have closed more than 1,000 branches

    9 Nov 2004

    UK banks are the most crowded in Europe, serving on average over 5,000 people per branch, more than five times the average in Spain, research from Datamonitor reveals.

  • Wales remains property hotspot

    8 Nov 2004

    HM Land Registrys latest property price report published yesterday shows that Wales had the highest average price increase for the second quarter in a row.

  • We must explain CI cover better

    8 Nov 2004

    Critical illness cover is a hard sell due to client misconceptions of what is and is not covered

  • Will clients pay more under regulation?

    8 Nov 2004

    The FSA regime is finally with us and while the intention of statutory regulation is to protect the consumer, there are concerns that training costs and processing delays could push up the price the customer pays.

  • Work begins on new Chelsea call centre

    8 Nov 2004

    After months of planning, Chelsea has started building work on its new call centre in Cheltenham.

  • Zero compliance costs for partnership

    8 Nov 2004

    Melton Mowbray and Stafford Railway have completed a cost-free computer system update to comply with new mortgage regulations, thanks to a partnership with the Newcastle.

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