Mortgage Strategy
8 October 2007

  • Numbers up for Wembley event

    8 Oct 2007

    GMAC-RFC now has 75 guests attending its Treating Customers Fairly Partners conference later this week. The event will be held on October 9 in the Pitch View Room at Wembley Stadium.

  • 1st unveils new broker technology

    10 Oct 2007

    1st, a Vertex company, yesterday used the platform of its 2007 Annual User Conference to unveil new technology.

  • 3Xd GI plan to rival Paymentshield

    8 Oct 2007

    The three ex-Paymentshield directors behind 3xd have launched a general insurance proposition for brokers.

  • A welcome crackdown on bad ads

    8 Oct 2007

    The regulator is getting tough on firms not complying with financial promotions rules so small firms in particular should ensure they get their act together, says Nick Battersby

  • A&L disputes Panorama claims

    11 Oct 2007

    Alliance & Leicester has disputed allegations made by the BBC’s Panorama investigation that it lends up to 10x income.

  • Abbey cuts five and two-year rates

    11 Oct 2007

    Abbey has cut rates on its five and two-year fixed rate deals which come into effect October 12.

  • Abbey cuts rates on long-term fixes

    8 Oct 2007

    Abbey is to cut rates on its long-term fixed rate deals from Friday. Five-year fixed rates will be reduced by up to 0.36%, due to a fall in long-term swap rates. It will also cut rates on 10-year fixed rates by up to 0.25%. Five-year fixed rates will be available from 5.98%, while 10-year deals will start at 5.99% up to 90% LTV.

  • Abbey withdraws from Concert

    8 Oct 2007

    Rumours are rife that Concert Mortgages has been canned following Abbey's withdrawal from the joint venture with Merrill Lynch.

  • ABI wants swift action on floods

    8 Oct 2007

    The Association of British Insurers has urged the government to move quickly to reduce flood risks. Following a meeting with ministers last week, ABI has called on the government to bring forward its plans to boost spending on flood defences.

  • Academic warns of drop in overseas prices

    8 Oct 2007

    Brits who have bought holiday homes abroad could see their values drop, property experts warn.

  • Advantage launches exclusive with PMPA

    8 Oct 2007

    Advantage has launched its second exclusive deal on the ADV sub-prime product range with packager association Professional Mortgage Packagers Alliance,. As part of the exclusive, members of PMPA now have access to four ADV sub-prime product categories.

  • Advantage will cut 90 staff

    8 Oct 2007

    Advantage has confirmed that it will reduce its workforce by 90 staff members as a result of the prevailing market conditions. The Morgan Stanley-owned lender will make the cuts as part of a business restructure. It has also pulled its ADV2 secured loan range from the market. The range, which was available through only a handful of brokers, was launched earlier this year.

  • AFB voices OFT licence concerns

    8 Oct 2007

    The Association of Finance Brokers has raised concerns about the Office of Fair Trading's consultation on the draft guidance for its consumer credit licences. It warns that the proposals to look at firms' policies for irresponsible lending when approving or renewing licences could limit the availability of advice.

  • Amber to withdraw self-cert unlimited adverse

    12 Oct 2007

    Amber Homeloans is to withdraw its self-cert unlimited adverse products.These products will be removed from Amber’s online decision in principle, key facts illustration and from sourcing systems at the close of business on Monday October 15. All direct cases must be received by close of business on October 19 while the deadline for packaged cases is November 12.

  • Andrew Tailby-Faulkes, tax partner at Ernst & Young

    8 Oct 2007

    "Any changes to the non-domiciled tax regime should be carefully thought through before a flat penalty is imposed on individuals. This could hit the City hard and have an adverse economic impact."

  • Appeals scheme up for gong

    8 Oct 2007

    A joint project by the Royal Institution of Chartered Surveyors and the Valuation Office Agency to make it easier for clients to appeal against rating assessments has been nominated for an award. The scheme is up for an Institute of Revenues Rating and Valuations gong for improving the appeals process.

  • As house price inflation starts to slow, has the buy-to-let market peaked??

    8 Oct 2007

    Social trends and the continuing shortage of housing mean the buy-to-let sector will continue to grow, according to our experts

  • Assurant acquires MPPI specialist

    8 Oct 2007

    Assurant Solutions UK has acquired mortgage payment protection insurance distributor Centrepoint Insurance Services.

  • Axed Wave staff could get nothing

    10 Oct 2007

    The 26-odd Wave employees whose jobs are at risk of redundancy might not receive any redundancy payment as they have been there less than a year.

  • Barratt new-build deposits deferred

    8 Oct 2007

    One of Britain's biggest house builders has joined a scheme enabling borrowers to defer deposits when they buy its new-build properties. Barratt says its decision to sign up to the Zurich Property Deposit Guarantee will make it easier for home owners to buy. The move comes a week after the developer said its sales fell in mid-September.

  • BDS to launch sub-prime sourcing system next month

    8 Oct 2007

    BDS Mortgage Group is launching a sourcing system called Gravity.

  • Be bold about asking for commitment fees

    8 Oct 2007

    Commercial mortgages that offer complete flexibility in terms of type, rates, terms and fees are now available.

  • Bidders list for Northern Rock grows, reports claim

    8 Oct 2007

    US investment funds Apollo Management and Blackstone are the latest parties interested in buying out Northern Rock, the Wall Street Journal claims.

  • Biker BDM goes the extra 400 miles for clients

    8 Oct 2007

    Talk about rushing to beat the rates.

  • Blackandwhite.co.uk looks to make 50 redundant

    9 Oct 2007

    Blackandwhite.co.uk is asking staff to take voluntary redundancy in a bid to shed 50 employees.

  • Bolton attacks Charcol's Boulger

    8 Oct 2007

    Michael Bolton has launched an unprecedented attack against mortgage guru Ray Boulger in the pages of this week's Mortgage Strategy.

  • BoS names head of premier team

    8 Oct 2007

    Craig Brown has been appointed head of the Bank of Scotland mortgages premier team, which specialises in looking after high net worth clients. He will spearhead the continuing growth of the team.

  • Brave BA flies in face of downturn

    8 Oct 2007

    Kevin Paterson takes a weekly look at the latest developments in the market and brings you what's hot and what's not in the world of mortgages

  • Brits see letting potential of second homes, says Nationwide

    9 Oct 2007

    Letting out a property is the most popular reason for buying a second home, says Nationwide.

  • Brokers can read between the lines and see packagers' value

    8 Oct 2007

    It has taken almost 12 weeks of mortgage market meltdown stories hitting the newswires before speculation about the survival of packagers became worthy of editorial - this is progress.

  • Brokers demand product innovation

    10 Oct 2007

    Brokers want to see more innovation in the mortgage market, a study by Charterhouse Research has revealed.

  • Brokers fear sub-prime repercussions, says AToM

    8 Oct 2007

    Latest research All Types of Mortgages shows that 78% of mortgage brokers believe that the current crisis created by poor underwriting and pricing strategies in the US will continue to have repercussions and result in higher rates for UK borrowers.

  • Brokers told to grasp HIP nettle

    8 Oct 2007

    Brokers have been told to get over their negativity surrounding Home Information Packs and grasp the opportunities they offer.

  • BTL investors to cash in on CGT change

    10 Oct 2007

    Buy-to-let investors and second home owners could scoop big tax savings from proposals in the pre-Budget Report to move to a single 18% Capital Gains Tax rate.

  • C&G withdraws 100% range

    8 Oct 2007

    Cheltenham & Gloucester is withdrawing all its current 100% products from Monday October 8.

  • Cable says Brown asleep on the job

    8 Oct 2007

    Liberal Democrat shadow chancellor Vince Cable says Gordon Brown has been asleep on the job in a lead-up comment to Tuesday’s pre-Budget report.

  • Case tracking from Bridgewater

    8 Oct 2007

    Bridgewater Equity Release has launched a case tracking facility on its online system EQUiP. It has been developed in conjunction with Bridgewater's solicitor partners, Dickinson Dees and Hammonds, and allows brokers to monitor the progress of cases through the legal process. Solicitors log progress, giving brokers information which can be accessed 24 hours a day.

  • Checkmate a hopeful sign for the market's future

    8 Oct 2007

    Stephen Knight and Martin Finegold's joint venture, Checkmate Mortgages, is a sign that the market is on course for a swift recovery.

  • CHL adds four BDMs as expansion drive begins

    8 Oct 2007

    CHL Mortgages has kicked off its plan to expand its sales team by 20% with the appointment of four specialist BDMs.

  • CHL appoints four BDMs

    10 Oct 2007

    CHL Mortgages has appointed four new BDMs across the Midlands and the North.

  • CHL launches new B2L fixed rates and self-cert trackers

    9 Oct 2007

    CHL Mortgages has added three new fixed rate products to its buy-to-let range.

  • Clive Kornitzer, chief operating officer of Abbey Mortgages

    8 Oct 2007

    "Apart from the cost of homes, Stamp Duty is the biggest barrier to entry to the housing market. Rising prices have meant that the average cost of a home has surpassed the Stamp Duty threshold, leaving more people paying high taxes."

  • CML predicts base rate cut in November

    8 Oct 2007

    The Council of Mortgage Lenders has predicted that the Bank of England will cut interest rates next month.

  • CML's failure to stick up for brokers will help to perpetuate negative stereotypes

    8 Oct 2007

    File on 4's expose of the mis-selling of self-cert products in the sub-prime sector, which was broadcast by BBC Radio 4 recently, made for sad listening as brokers were once again singled out for inflating borrowers’ incomes to secure larger loans.

  • Commerce Centre launches partnership with Grant Thornton

    8 Oct 2007

    The Commerce Centre has launched a debt advisory service for its clients with Grant Thornton.

  • Commercial First bubbly and budget offer

    10 Oct 2007

    A bottle of champagne and a marketing budget are the rewards offered to authorized Pink Home Loans representatives who complete Commercial First packaged deals before December 31.

  • Commercial First sponsors ascent of Mont Blanc

    8 Oct 2007

    Commercial First has sponsored the ascent of Mont Blanc and Gran Paradiso (Italy’s highest mountain) by Nathan Calcott, the lender’s further advance manager.

  • Complete unveils details of annual awards gala

    8 Oct 2007

    Complete Mortgage and Loan Services has unveiled details of its inaugural annual awards gala event, taking place on October 25 at Southampton Football Club.

  • Confidence in house prices weakens, says RICS

    11 Oct 2007

    House price confidence weakened further with demand slowing but supply remaining very constrained, reveals the Royal Institution of Chartered Surveyors’ UK housing market survey.

  • Consortium takes ABN Amro for£71.1bn

    10 Oct 2007

    Fred Goodwin, chief executive of the Royal Bank of Scotland, has announced the tri-bank consortium will take over control of ABN Amro as of October 17.

  • Convex urges brokers to cash in on conveyancing

    10 Oct 2007

    Convex Conveyancing is urging brokers to look at conveyancing referrals as a way to supplement their income.

  • Credit crunch is no excuse for giving clients worse deals

    8 Oct 2007

    I recently had a visit from the BDM of a sub-prime lender. His opening gambit was to say ignore the rates and LTVs in the product guide as they are all going up soon. When I pressed him for the reasons behind the hikes, he said that since everyone else was putting up their rates and LTVs, they might as well do so too.

  • Crown to spread equity release word

    8 Oct 2007

    Crown Equity Release is to host a series of free seminars to educate brokers about equity release.

  • CurriculumVitae: Richard Stevenson

    8 Oct 2007

    "Everyone should seize the opportunity to live and work in a different country."

  • D&D Homecare to adopt new parent's brand

    8 Oct 2007

    D&D Homecare, recently acquired by Assurant Solutions, will adopt its parent company’s brand.

  • Dear Delia

    8 Oct 2007

    Dear Delia Phil has found a five-bedroom house he wants to purchase as a buy-to-let. The property has a purchase price of £315,000 and would be ideal as a student let. Phil is looking at an estimated monthly rental income of £1,650 but has been advised that the property may require a houses in multiple occupation licence. What impact will this have on his purchase and will it affect his ability to obtain a mortgage?

  • Eco-towns could be a bridge too far

    8 Oct 2007

    In his first Labour Party conference speech as Prime Minister, Gordon Brown announced ambitious plans to double the number of eco-towns to be built from five to 10. But can he deliver?

  • Edeus reports healthy registration levels

    9 Oct 2007

    Edeus has reported an average of 137 registrations per week since mid-August despite the credit crunch taking a bite out of the market.

  • Edeus slashes adverse LTVs to 80%

    12 Oct 2007

    Edeus will be reducing maximum LTVs from 85% to 80% on adverse products and 75% on adverse self-cert from the close of business tonight.In an email to brokers, the lender says: “Until the market returns to normality following this ongoing period of volatility, it is vital that a responsible lending policy is maintained. “Therefore for the time being, we will need to make prudent changes to products and criteria at short notice.”

  • Edeus withdraws fixed rates

    11 Oct 2007

    Edeus has contacted all of its packagers to inform them that it is withdrawing all of its fixed rate products.

  • e-loan.co.uk launches commercial packager

    10 Oct 2007

    Packager e-loan.co.uk has launched into the commercial mortgage market with Activate Commercial Finance.

  • Energy assessors underpaid

    8 Oct 2007

    Energy assessors are getting the short end of the stick when it comes to Home Information Packs, says Hip Hip Hooray.

  • Exclusive Connections launches payment shock products

    8 Oct 2007

    Exclusive Connections, the national packager association, has launched exclusive deals from Mortgage Express which are described by the lender as its "payment shock buster".

  • Exercise caution

    8 Oct 2007

    Self-cert is an important area of business for brokers but they must protect themselves against accusations of encouraging clients to lie, says Scott Coghill

  • Expo reveals AMI seminar line-up

    8 Oct 2007

    The Mortgage Business Expo London has revealed the line-up for its Association of Mortgage Intermediaries seminars. Chaired by new AMI director Richard Farr, the seminars will cover business development, the Financial Services Authority's agenda for mortgages, help for first-time buyers, the developing role of packagers and housing market economics.

  • FirstPlus forced to change advert

    8 Oct 2007

    FirstPlus has been forced to change an advertisement featuring Carol Vorderman after it was deemed misleading by the Advertising Standards Authority.In the advert, Vorderman states: "A FirstPlus home owner loan can help you get your finances back on track". And at one point in the ad, the on-screen text reads 'home owners only'. But a viewer complained after he was rejected for a loan because he owns his home outright and the product is only available toconsumers with mortgages.

  • Fitch gives NR asset thumbs up

    8 Oct 2007

    Fitch Ratings says Northern Rock's asset quality is good. NR's share price fell to 132p at one point last week.

  • Friends Prov reports 7% increase in life and pension profit

    8 Oct 2007

    Friends Provident has reported a 7% increase in life and pensions new business profits to £95m.

  • FSA called on to take tougher line with rogue brokers

    8 Oct 2007

    Ray Boulger has rebuked the Financial Services Authority for not coming down harder on unscrupulous brokers.

  • FSA grilled over Northern Rock

    9 Oct 2007

    The Financial Services Authority has admitted that it has “learned serious lessons” over its supervisory regime in light of the Northern Rock crisis.

  • FSA heads North for surgeries

    12 Oct 2007

    The Financial Services Authority is h0olding free surgeries for financial advisers, mortgage intermediaries and general insurance brokers in Newcastle, Sunderland and Durham from October 16 to 18. Surgeries are one-to-one appointments, lasting up to one hour, with a member of FSA staff at which firms can raise any regulatory queries and discuss whatever they need help with. Places for the surgeries can be booked online on the FSA website.

  • FSA makes Chris Pond financial capability director

    8 Oct 2007

    The Financial Services Authority has appointed Chris Pond as director of financial capability.

  • FSA should show distinction between MPPI and PPI, says CETA

    8 Oct 2007

    The Financial Services Authority should make explicit the distinction between its positive view of advised sales of mortgage payment protection insurance and its criticisms of other parts of the loan cover market, says CETA.

  • FSA to launch PPI comparison tables for buyers

    8 Oct 2007

    The Financial Services Authority is launching comparison tables for payment protection insurance from March 2008.

  • FTBs will come flocking back soon

    8 Oct 2007

    Despite the turmoil in the lending markets, there are early indications that first-time buyers are poised to return to the market in significant numbers, says Sally Laker

  • German banks in strong stead to take on market turbulence

    8 Oct 2007

    Fitch Ratings has said German banks are well-positioned to withstand market turbulence.

  • GMAC-RFC job cull could reach 266

    10 Oct 2007

    GMAC-RFC has confirmed that the 200 redundancies announced yesterday do not include the High Street Home Loans workforce of 66, who are also at risk of redundancy.

  • GMAC-RFC reduces offer validity to three months

    8 Oct 2007

    GMAC-RFC has reduced the period that new offers remain valid from four-months to three.In an email to partners, it warned that as of Saturday October 6, new offers will only be valid for this shorter period.

  • GMAC-RFC to axe HSHL and 200 members of staff

    9 Oct 2007

    GMAC-RFC is set to close High Street Home Loans on top of axing 200 members of staff.

  • Halifax Intermediaries launches broker news feed

    10 Oct 2007

    Halifax Intermediaries has launched a RSS news feed to provide brokers with the latest news without having to log on.

  • Harpenden appoints new chief executive

    12 Oct 2007

    Harpenden has appointed Paul Marsden as its director and chief executive.

  • HBOS upbeat despite ditching targets

    8 Oct 2007

    HBOS says it still intends to be the UK's number one lender, despite scrapping its annual market share net lending targets and putting the amber light on mortgage growth.

  • House price inflation continues to slow

    8 Oct 2007

    House price inflation continued to cool last quarter, latest indices from Nationwide and Halifax show.

  • IMLA brands Panorama expose as "sensationalist"

    9 Oct 2007

    The Intermediary Mortgage Lenders Association has branded the Panorama investigation into the sub-prime sector as “unduly sensationalist”.

  • Independence needed more than ever

    8 Oct 2007

    Imagine you went to your GP with a headache and he diagnosed you with the flu. Surprised by his response, you ask him if he's sure.

  • Industry calls on government to help FTBs

    8 Oct 2007

    Lenders have backed the New Home Marketing Board's call for the government to introduce sweeping measures to help first-time buyers.

  • Industry reacts to Darling's pre-Budget report

    10 Oct 2007

    Yesterday's pre-Budget report outlining a rise in the Inheritance Tax threshold and changes to the non-domicile capital gains tax have provoked mixed response from the industry.

  • Insurance broker banned by FSA for leaving clients uninsured

    11 Oct 2007

    An insurance broker has been banned from conducting regulated activities by the Financial Services Authority after two insurance brokers reported that he had left clients uninsured.

  • Investors can further protect themselves using FSCS, says Cheshire

    10 Oct 2007

    Investors can enhance their protection under the Financial Services Compensation Scheme without having to move money into new accounts, says the Cheshire.

  • Is the Tory Stamp Duty pledge a vote-winner?

    8 Oct 2007

    The Conservative Party last week pledged to scrap Stamp Duty for first-time buyers purchasing homes for less than £250,000. It says this and other tax cuts will be paid for by a £25,000 levy on non-domiciles. Shadow chancellor George Osborne estimates the move will benefit nine out 10 first-time buyers. So this week Mortgage StrategyTory Stamp Duty pledge a vote-winner?

  • It's natural to lie to get what we want

    8 Oct 2007

    September 2007 was not one of the financial services industry's finest months.

  • IVA firm and Grant Thornton team up to help clients in debt

    8 Oct 2007

    Enterprise Debt Solutions, a debt management and individual voluntary arrangement service, has teamed up with Grant Thornton to offer solutions to indebted consumers.

  • Kensington: "It's bloody shitty out there"

    11 Oct 2007

    “It's bloody shitty out there”, was the sensational admission by Kensington Mortgages chief executive Alison Hutchinson at the lender's annual party last night.

  • Key Business Finance appoints sales director

    8 Oct 2007

    Finance provider for the legal profession Key Business Finance has appointed David Moran as sales director.

  • KRS in equity release deal

    8 Oct 2007

    Key Retirement Solutions and Derbyshire Independent Financial Services are partnering up for equity release client introductions. All Derbyshire IFS' equity release business will be introduced to KRS.

  • LeadPoint offers leads by text

    8 Oct 2007

    LeadPoint has launched an SMS lead delivery service. As well as receiving leads by email, all LeadPoint subscribers can now choose to have them sent straight to their mobile phones.

  • Lexicon appoints compliance boss

    8 Oct 2007

    Paul Williams has been appointed compliance and operations director of Lexicon Group with responsibility for Robert Sterling and Lexicon Mortgages. Williams resigned as compliance director of Hamptons Mortgages in July.

  • Lexicon signs five-year EPC deal with British Gas

    8 Oct 2007

    Lexicon Energy has signed a five-year contract with British Gas to be its exclusive Energy Performance Certificate provider for businesses from January 2008.

  • LMS launches Ricky 'The Hitman' Hatton competition

    11 Oct 2007

    LMS is offering all brokers and estate agents the chance to win a six day trip to Las Vegas to see boxer Ricky ‘The Hitman’ Hatton live in action in December.

  • Majority of brokers prefer to cut out packagers

    8 Oct 2007

    Recently John Malone, managing director of Premier Mortgage Service, urged brokers to cut out packagers and go direct to lenders.

  • Market chaos could hold back B2L

    8 Oct 2007

    The credit crunch could take a toll on the buy-to-let sector, with some highly leveraged landlords in London and the South-East already feeling the pinch, says Justine Tomlinson

  • Market turmoil is helping landlords

    8 Oct 2007

    The rental sector is experiencing a boom, says Landlord.co.uk. The buy-to-let portal says market turmoil and the Northern Rock crisis have prompted clients to rent rather than buy. It adds that landlords using the website have reported a 20% increase in rents.

  • Marketwatch

    8 Oct 2007

    Swaps continued to fall last week, which is encouraging.

  • Martin Ellis, chief economist at Halifax

    8 Oct 2007

    "We are calling on the government to raise Stamp Duty thresholds to reflect the rise in house prices over the past decade, and to commit to continue to do so in the future."

  • Me & My Car

    8 Oct 2007

    I’m a car connoisseur but sometimes practicalities are more important than looks and that’s why I opted for a Nissan Murano 4x4 – it’s the ideal car for the family, says Cathy Wright

  • Money Partners moves to Bromley

    8 Oct 2007

    Money Partners Touch has upped sticks to Bromley, south London and will now be based in the Title House development. Its 7,000 sq ft premises will allow for future expansion.

  • Mortgage Brain bash set to pay off for charities

    8 Oct 2007

    Mortgage Brain says it has already raised more than £50,000 in sponsorship and donations for its fund-raising birthday party later this month.

  • Mortgage Bureau recruits head of sales

    9 Oct 2007

    Mortgage Bureau has recruited Paul Lipton-Rose as head of sales.

  • Mortgage networks get it together

    8 Oct 2007

    The past quarter has seen some important consolidation moves in the mortgage network sector, including Manchester buying PMPN, says Richard Griffiths

  • MPLC departure

    8 Oct 2007

    Mark Harrison,head of sales at Mortgages PLC, has left the lender.

  • MPLC hikes fixed rates by up to 1%

    11 Oct 2007

    Mortgages PLC is increasing its two and three year fixed rates by between 0.3% and 1%.

  • MPs to grill FSA

    8 Oct 2007

    The Financial Services Authority will come under fire from MPs tomorrow forits handling of the liquidity crisis that caused a run on Northern Rock.

  • Network Data's lead is cut

    8 Oct 2007

    Just 50 appointed representative firms separate the top two mortgage networks in Network Data chief executive Richard Griffiths' Q3 round-up of the mortgage market.

  • New B2L investors should diversify, says Property for Life

    12 Oct 2007

    Property for Life is advising new property investors to spread their risk by diversifying early.

  • New housing allowance to affect landlords, says NLA

    12 Oct 2007

    The National Landlords Association has said the new Local Housing Allowance for housing benefit recipients will have far-reaching implications for landlords who provide accommodation to people on benefit.

  • Northern Rock issues withdrawal watch

    12 Oct 2007

    Beleaguered lender Northern Rock has issued a “withdrawal watch” indicating reduced LTVs and rate increases.

  • NR confirms guarantee arrangements with Treasury

    9 Oct 2007

    Northern Rock has confirmed that new guarantee arrangements have been agreed with HM Treasury.

  • OEA unveils review scheme

    8 Oct 2007

    The Ombudsman for Estate Agents has launched an independent review process for consumers who are not satisfied with the service they have received from the body.

  • Offer more services in tough times

    8 Oct 2007

    The next few months are going to be hard for brokers who don't offer a broad range of services, from buy-to-let advice to insurance and financial planning, says Mark Harris

  • Optoma introduces completions teams

    9 Oct 2007

    Optoma Broker Solutions has introduced a completions team to assist brokers to complete their cases.

  • Organic growth is the key to success

    8 Oct 2007

    In my rundown of networks for Q2 2007, I highlighted the ones that were strengthening based on the number of appointed representative firms they had at the time. On the same basis, during Q3 2007 Openwork moved from strengthening to slowing, having lost 34 AR firms. Sesame and Network Data have also shed ARs.

  • Originations up 20% at Openwork

    8 Oct 2007

    Openwork has increased mortgage originations by more than 20% across its lender panel. The financial services distribution network, which includes more than 2,600 advisers, is poised to meet its sales target of £21bn for 2007. It says sales are up across the board, with most lenders seeing significant growth.

  • Packagers are the best bet for brokers in turbulent times

    8 Oct 2007

    John Malone’s arguments (Mortgage Strategy October 1) for why brokers should deal directly with lenders in the current environment actually supported the opposing view.

  • Packagers can ease sub-prime pain

    8 Oct 2007

    Feedback from visitors to the Mortgage Business Expos reveals that brokers are seeking new sub-prime relationships. This presents packagers with a great opportunity to hammer home the point that there's never been a better time to use their services.

  • Packagers start to woo traditional lenders

    8 Oct 2007

    Many packagers are striving to get more balance sheet lenders on their panels to minimise the impact of the credit crunch on business.

  • Panorama to look at Thamesmead fraud

    8 Oct 2007

    Tonight’s Panorama investigation will look at a home buyer who was the victim of the much-publicised Thamesmead property fraud.

  • Paragon urges landlords to sign up for TPD

    8 Oct 2007

    Paragon Mortgages is warning the 75% of landlords who’ve failed to sign up for a tenancy deposit payment are leaving themselves open to hefty fines and possible legal action.

  • Party to scrap HIPs as a matter of urgency

    8 Oct 2007

    The Tories will scrap Home Information Packs as a matter of urgency if elected to power.

  • Picture forced to scrap television ad

    10 Oct 2007

    Picture Financial Services has been told to scrap one of its television ads after it was deemed to treat the subject of secured loans too light-heartedly.

  • Pink and Colonial extend joint offer

    8 Oct 2007

    Pink Home Loans and master broker Colonial Secured Loans have extended their joint enhanced commission offer to December 31.

  • Pink coffee break for cancer research

    8 Oct 2007

    Pink Home Loans employees started September 28 with a cup of java in support of cancer research. The team at Pink joined the World's Biggest Coffee Morning in its bid to raise money for Macmillan Cancer Support, and also held a raffle that raised £201.45.

  • Pink reports strong attendance at Q3 seminars

    11 Oct 2007

    Pink Home Loans reports strong attendance at its Q3 seminars held during August and September for appointed representatives.

  • Plans to hike IHT threshold to £1m

    8 Oct 2007

    The Conservatives have pro-mised to ring the death knell for death taxes by raising the threshold for Inheritance Tax to £1m. The threshold is currently £300,000.

  • Platform appoints head of credit risk

    9 Oct 2007

    Platform has appointed Piero Bassu to the post of head of credit risk within its risk and compliance Department.

  • Platform launches two-year fix with L&G

    11 Oct 2007

    An exclusive two-year fixed rate mortgage, funded by Platform is being launched by the Legal & General Mortgage Club.

  • Platform names Jason Berry as head of sales

    8 Oct 2007

    Platform has promoted Jason Berry to head of sales.

  • Playing the numbers game with NR

    8 Oct 2007

    Northern Rock's service was the subject of my first column and I return to it this week, with a sorry tale of trying to track down some simple information by phone, says Sue Read

  • Pre-Budget report out this week

    8 Oct 2007

    Chancellor Alistair Darling will present his first pre-Budget report on October 9. Ian Luder, tax partner at Grant Thornton, says Stamp Duty is the best weapon the government has to help people onto the property ladder. He also speculates that Darling could score some grey votes by changing the Inheritance Tax threshold.

  • Pre-Budget: Darling fails to Step Up Stamp Duty

    9 Oct 2007

    The new chancellor has failed to Step Up Stamp Duty in his first pre-Budget report.

  • Pre-Budget: Darling raises IHT to £600,000 for couples

    9 Oct 2007

    Alistair Darling has raised the Inheritance Tax threshold to £600,000 for married couples and those in civil partnerships.

  • Pre-Budget: Darling to bring empty properties into use

    9 Oct 2007

    The chancellor has unveiled a new focus on bringing empty properties back into use in his pre-Budget speech.

  • Pre-Budget: Darling to make NR statement later this week

    9 Oct 2007

    The chancellor has promised to make a full statement regarding Northern Rock later this week.

  • Pre-Budget: Darling to spend £4bn by 2010 to renovate poor housing

    9 Oct 2007

    The chancellor Alistair Darling has unveiled a £4bn budget for the next three years to help people renovate poor quality homes.Darling says: "We have 70% home ownership in the UK - that is two milllion more than 10 years ago. "But we need to do more."He says the government will build 240,000 new homes by 2016 - an increase of three million between now and then. He will also invest the £4bn to ensure properties are not unlived in.

  • Pre-Budget: New homes budget up to £10bn for 2010/11

    9 Oct 2007

    The chancellor Alistair Darling has revealed that spending on housing will increase to £10bn for 2010/11, up from £8.8bn this year.

  • PTP launches franchise website

    8 Oct 2007

    Personal Touch Packaging Northern Ireland has launched a PTP franchise partner website, the first of 19 that will be launched by the packager over the next three months.

  • Purchase and remortgages down as B2L flourishes, says CML

    9 Oct 2007

    House purchase and remortgage lending activity fell in August, while buy-to-let continued to boom, says the Council of Mortgage Lenders.

  • Quick Bridge launches new buy-to-let bridging loan

    10 Oct 2007

    Quick Bridge has launched a buy-to-let bridging product aimed at investors who want to a portfolio without the need for a deposit.

  • Radio exposé of sub-prime

    8 Oct 2007

    An exposé of the mis-selling of sub-prime mortgages to vulnerable clients was scheduled to air on Radio Five Live on October 7 as Mortgage Strategy went to press.

  • RBS increases rates on two-year fixed remortgages

    9 Oct 2007

    RBS Intermediary Partners is introducing higher rates on three of its First Active two-year fixed rate remortgages on October 11.

  • RBS step closer to ABN

    8 Oct 2007

    Fortis, the Royal Bank of Scotland, Santander and Retirement Fund Solutions Holdings have satisfied the conditions of their offer for ABN Amro.Thus far, 1,590,339,614 ABN AMRO ordinary shares have been tendered or will be contributed. These represent approximately 86% of ABN AMRO ordinary shares.The banks expect to make an announcement on whether or not the offer will be declared unconditional by October 12.

  • RBS unveils repeat proc fee and streamlined process

    10 Oct 2007

    Royal Bank of Scotland Intermediary Partners will be introducing a repeat procuration fee along with a streamlined application process for ‘like-for-like’ switching on its range of First Active remortgages from November 1.

  • Redundancies at lenders

    8 Oct 2007

    Unity Homeloans has confirmed it is making staff redundancies. At the time of going to press it was unclear how many workers will be laid off, but one source says the entire workforce will be affected. And Victoria Mortgages' administrator KPMG confirms that the lender has made nearly all its staff redundant as of Friday. A core group of around six employees will be retained to service existing mortgages.

  • Reforms mooted for B2L taxation

    8 Oct 2007

    The Institute of Directors has proposed sweeping reforms to the buy-to-let tax structure, which some pundits warn could deter landlords.

  • Regency appoints new national sales director

    10 Oct 2007

    Regency mortgages has appointed Mo Shaikh as national sales director.

  • Response to probe was disappointing

    8 Oct 2007

    The BBC stirred the industry's pot recently with its File on 4 investigation, which found that some sub-prime brokers have been encouraging consumers to lie about their income to secure larger self-cert mortgages.

  • RICS urges gov to do more to encourage energy efficiency

    12 Oct 2007

    The Royal Institution of Chartered Surveyors says the government must do more to encourage energy efficiency and low carbon living.

  • Rooftop withdraws self-cert range

    8 Oct 2007

    Rooftop Mortgages is ditching its current self-cert range on Wednesday October 10. The lender says it will be replacing the current self-cert option with a new range of products over the coming weeks.All cases must be submitted to Rooftop's underwriting team by October 31.

  • Safran leaves Trigold to start own business

    8 Oct 2007

    Bill Safran is to step down as chief executive officer of Trigold to pursue other business interests.

  • Scottish Widows launches application text msg service

    8 Oct 2007

    Scottish Widows Bank has launched a free text messaging service designed to keep customers and financial advisers up-to-date on the progress of their mortgage application.

  • Seek out new income streams this autumn

    8 Oct 2007

    The jury is out on the amount of business brokers will lose as lenders rethink their criteria and return to effective underwriting scrutiny - that is, until the next time they are behind on their lending targets.

  • Sesame to host national conference

    11 Oct 2007

    Sesame will be holding its first national conference the Sesame Symposium at the Park Plaza, Riverbank Hotel in London on December 6.

  • Single PPI mis-selling is in urgent need of a clean-up

    8 Oct 2007

    Single PPI mis-selling is in urgent need of a clean-up From Laurence Hughston It seems that at last the Financial Services Authority is going to come down hard on firms mis-selling single premium payment protection insurance. But why has it taken so long?

  • Sir Carsburg to review residential property sector

    12 Oct 2007

    Sir Bryan Carsburg, former director general of the Office of Fair Trading, is conducting a review to reform the residential property sector.

  • Snap election could be Brown's best bet

    8 Oct 2007

    In one of those unexplainable quirks of politics, the polls show that Prime Minister Gordon Brown's ratings have actually risen following the Northern Rock debacle. You can only assume that the public was under the impression that Brown and chancellor Alistair Darling intervened like white knights to save an ailing bank and its vulnerable investors.

  • Spicerhaart urges balance sheet lenders to offer sub-prime

    10 Oct 2007

    Spicerhaart Financial Services is urging balance sheet lenders to expand their business into the sub-prime arena.

  • Stock Picker

    8 Oct 2007

    It was another turbulent week for Northern Rock shareholders. Its shares crashed a further 26% on Monday before clawing back most of those losses during the week as takeover speculation reigned.

  • Stroud & Swindon chops up product line

    9 Oct 2007

    Stroud & Swindon is chopping and changing its product line with alterations coming into effect from October 11.

  • Students benefit landlords

    8 Oct 2007

    Investor portfolios that in-clude student properties yield 25% better returns than those without them, says Paragon.

  • Swift alters underwriting criteria

    12 Oct 2007

    The Swift group is making further changes to its underwriting criteria.

  • Swift hits out at BBC over repossession claims

    9 Oct 2007

    Swift Advances has hit out at the BBC for comparing “apples and pears” in the repossession figures for its Panorama and Radio Five Live investigation.

  • TCF compliance impossible

    8 Oct 2007

    The Financial Services Authority will find it impossible to get 18,000 financial advisers compliant with its Treating Customers Fairly initiative, says Prestbury.

  • TFC Homeloans to close Glasgow and London offices

    10 Oct 2007

    TFC Homeloans is to close its offices in Glasgow and London as a reaction to the slow down in the specialist mortgage sector.

  • The Mortgage Mole

    8 Oct 2007

    Digging the dirt in the mortgage world...

  • Time for a change, says Paradigm

    8 Oct 2007

    Paradigm Mortgage Services launched last week. It is open to directly authorised firms and will offer brokers access to lenders covering the whole of the market. Bob Hunt, chief executive of Paradigm, says: "We want to challenge the value chain dynamic and inspire a new style of relationship between distributors and manufacturers."

  • Time to treat brokers selling PPI fairly

    8 Oct 2007

    Payment protection insurance is an issue that is likely to turn ugly soon. As more mis-selling claims come in, it's becoming like pass the parcel and increasingly, brokers are being left holding the parcel when the music stops.

  • Tories pin hopes on property tax cuts

    8 Oct 2007

    Conference season is in full swing and once again housing issues have been at the forefront of the political agenda.

  • Tories pledge to help FTBs

    8 Oct 2007

    The Conservative Party has pledged to scrap Stamp Duty for first-time buyer purchases under £250,000.

  • Tories' tax plans don't go far enough

    8 Oct 2007

    Raising the Inheritance Tax threshold to £1m from £300,000, as proposed last week by shadow chancellor George Osborne at the Conservative Party conference, would be welcomed by many home owners.

  • Toughing it out

    8 Oct 2007

    Edeus' model is strong and the specialist lender will thrive when the market returns to normal, chief executive Michael Bolton tells Robyn Hall

  • Tread carefully with lifetime lease options

    8 Oct 2007

    Following the growing coverage of so called sell-and-rent-back deals, I've been approached by a number of colleagues who have come across similar plans.

  • Trustguard profits from credit crunch

    8 Oct 2007

    Trustguard has reported a surge in secured loans business as the credit crunch's impact continues.

  • UBS reveals major Q3 losses

    8 Oct 2007

    UBS made losses of between 600m and 800m Swiss francs in Q3, but new chief executive officer Marcel Rohner has promised investors he will restore its fiscal discipline.

  • Up to 60,000 predicted see fix rate deals end by August 2008

    10 Oct 2007

    Between 40,000 and 60,000 households will see their fixed rate deals end every month between now and August 2008, says mform.co.uk.

  • Virgin makes bid for Northern Rock

    12 Oct 2007

    Virgin Group has made an offer to buy troubled lender Northern Rock, backed by a consortium of investors.

  • Virgin reported to be in talks with Northern Rock

    12 Oct 2007

    Virgin Group is reported to be in talks to form a consortium with Northern Rock.

  • Voluntary redundancies in Network Data's packaging division

    12 Oct 2007

    Network Data is making voluntary redundancy available in its packaging team as a result of the credit crunch.

  • Vote with your feet on unfair taxes

    8 Oct 2007

    The Conservative Party's idea of slashing Stamp Duty and Inheritance Tax were no doubt music to the ears of first-time buyers and pensioners last week. The Tories outlined measures to raise the Stamp Duty threshold to £250,000 for first-timers and IHT to £1m.

  • Warning over warranties

    8 Oct 2007

    Brokers are being urged to check lenders' requirements for warranties on new conversions before submitting cases.

  • Watchdog exposes sell-and-rent-back problems

    11 Oct 2007

    A BBC Watchdog report has exposed the problems behind sell-and-rent-back schemes.

  • Wave confirms redundancies

    10 Oct 2007

    Wave has confirmed that it will be making a number of redundancies across its business as a result of the credit crunch.

  • West Brom appointment

    8 Oct 2007

    West Bromwich for Intermediaries has appointed Keith Green as senior product manager. Green was previously a product manager at Bank of Scotland, and in his new role will report to Martyn Bell, head of mortgage products for residential lending.

  • White Label Loans pilots product range

    10 Oct 2007

    West Bromwich’s new secured lender is to be named White Label Loans - not White Label Lending as reported elsewhere.

  • Women can help their men survive cancer

    8 Oct 2007

    Every year at the political party conferences, all sides are keen to parade their new policies and this year was no exception.

  • Woolwich ad claim bears no similarity to its poor service

    8 Oct 2007

    I was prompted to articulate my feelings about Woolwich after seeing an advertisement in your magazine singing its praises.

  • Woolwich alters buy-to-let offering

    8 Oct 2007

    Woolwich is altering its buy-to-let lending policy in reaction to what it says is the increasing strength of the rental market.

  • Woolwich launch below base rate tracker

    10 Oct 2007

    Woolwich is launching a product to take advantage of any future drop in interest rates, which some experts expect in 2008.

  • Woolwich needs to improve its online system and quickly

    8 Oct 2007

    After speaking to a new office-based contact at Woolwich recently and following the launch of its 5.59% fixed rate deal, I decided to give the lender another chance.

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