Mortgage Strategy
9 June 2008

  • Changing perceptions is challenging work

    12 Jun 2008

    Sometimes it seems like the only time intermediaries are in the consumer press is when they are being fined by the Financial Services Authority.

  • Time to disturb the client?

    10 Jun 2008

  • Where does it all end?

    10 Jun 2008

  • 17% drop in products in May, says Trigold

    11 Jun 2008

    The number of broker products is down 17% from April, reveals Trigold.

  • 80% max LTV on buy-to-let from Leeds

    9 Jun 2008

    Leeds has increased the maximum LTV on its buy-to-let products to 80%.

  • 95% take-up for RBS right issue

    9 Jun 2008

    Shareholders have bought up more than 95% of the Royal Bank of Scotland’s £12bn rights issue, the bank reveals this morning.

  • AFB reveals dinner sponsors

    9 Jun 2008

    The Swift Group, Blemain Finance, Freedom Finance and solicitors, Walker Morris are to sponsor the Association of Finance Brokers second annual dinner, to be held at Drapers Hall in the City of London, on 1 July 2008.

  • AFB seeks board nominations

    9 Jun 2008

    The Association of Finance Brokers started taking nominations for three positions on its board last Friday. The positions are split between small, medium and large firms. To be considered, AFB members must be nominated by two membersfrom the same constituency, one of whom can be from their own firm.

  • Affirmative teams up with Mortgage Times

    9 Jun 2008

    Bridging specialist Affirmative and Mortgage Times are working together to help grow business for both parties under a new agreement.

  • Alas the canteen's gone - but we still have intermediaries

    13 Jun 2008

    Richard Farr, director of the Association of Mortgage Intermediaries, believes that dual pricing and trying to drive mortgage business through branches are as outmoded as the staff canteen and outsourcing overseas

  • AMI to launch consumer campaign

    12 Jun 2008

    The Association of Mortgage Intermediaries is about to launch a consumer campaign to promote the value of mortgage advice to the wider public.

  • AMI urges FSA to leave bright ideas for later

    12 Jun 2008

    Speaking at the Association of Mortgage Intermediaries annual dinner last night, Chris Cummings, director-general of AMI, urged the Financial Services Authority to focus on the essentials, and leave the bright ideas for later.

  • An act of charity by Sir James

    13 Jun 2008

    A panel at the Merrill Lynch conference on whole loan sales in London last month was asked what advice members would give Sir James Crosby, formerly of HBOS and now leading the Treasury's working group on mortgage finance that has been charged with saving the mortgage market?

  • Arm yourself with evidence to fight off mis-selling claims

    13 Jun 2008

    ST StandfirstRoss McAdam, director of iiCon, believes that the risk of being sued for mortgage mis-selling could be the next big thing as borrowers are unable to remortgage when their two-year fixed rate deals come to an end

  • Assurant reveals reservations over PPI remedy

    9 Jun 2008

    Assurant Solutions has made public its reservations over the Competition Commission’s proposed remedy over payment protection insurance.

  • Astra goes against the trend with lower rates

    10 Jun 2008

    On Monday June 9 Astra Mortgages, the intermediary arm of Norwich and Peterborough Building Society, celebrated its successful first full three months in the market by bucking the trend - it reduced the cost of its tracker mortgages and reduced a number of other variable rates.

  • B&B hikes rates for new clients

    9 Jun 2008

    Bradford & Bingley has raised rates by up to 0.55% for new borrowers from today. Rates on its standard two and three-year fixed rate deals have risen by 0.2%.

  • B&B rights issue sub-underwritten by top five banks

    10 Jun 2008

    The top five UK banks are to sub-underwrite Bradford & Bingley’s recently revised rights issue.

  • B2L experts say sector is healthy

    9 Jun 2008

    The buy-to-let industry has hit back at speculation the rental market is on the verge of collapse, saying demand is so high it may not be met.

  • BBA figures show 40% fall in loan approvals

    13 Jun 2008

    Lending figures for April from the British Bankers Association provide a mixed picture with loans approved for house purchase at 5.9bn - a year-on-year fall of 39.1% - but gross lending, at 17.8bn, just 6.3% down on last year.

  • BBA puts forward proposals on global supervision

    10 Jun 2008

    The British Bankers' Association has put forward proposals to strengthen how banks operating in different countries are supervised.

  • BBA unveils changes to LIBOR

    10 Jun 2008

    The British Bankers' Association unveiled a package of changes to the governance of LIBOR at its annual conference today.

  • BDA integrates with Acorn Money Management

    9 Jun 2008

    The Business Debt Advisor has unveiled plans to integrate with Acorn Money Management.

  • BDS launches direct club

    10 Jun 2008

    BDS Mortgage Group is today launching its direct club offering to brokers, with the addition of a 24-hour payment facility for proc fees.

  • BDS Mortgages launches direct club

    10 Jun 2008

    The BDS Mortgage Group has launched its direct club offering to brokers with the additional enhancement of a 24 hour payment facility for procuration fees.

  • Because we care

    9 Jun 2008

    Mole has been contacted by Conservative shadow housing minister Grant Shapps to make a small correction to a story in last week's Mortgage Strategy.

  • Better coverage

    9 Jun 2008

    Brokers and providers must work together to boost MPPI's image and take-up while distancing it from PPI in the minds of consumers, says Phil Whitehouse

  • BoE says financial turmoil not over yet

    10 Jun 2008

    The Bank of England governor has revealed the UK is passing through the most prolonged period of financial turmoil that most in the banking industry can remember.

  • Bored housewife takes out loan to kill husband

    11 Jun 2008

    A bored housewife took out a £4,500 home improvement loan with Welcome Financial Services to help pay for her husband to be killed.

  • Bridgewater welcomes solicitors' alliance

    9 Jun 2008

    Bridgewater Equity Release has welcomed the formation of the Equity Release Solicitors’ Alliance saying it represents good news for the sector.

  • Brokers back PPI reform

    9 Jun 2008

    Insurance brokers have backed recommendations by the Competition Commission to make the payment protection insurance market more competitive.

  • Brokers can take the lead online

    13 Jun 2008

    Sally Laker, managing director of Mortgage Intelligence, argues that the confusion surrounding comparison websites gives mortgage and insurance brokers the chance to champion consumers when it comes to guiding them through the general insurance maze

  • Brokers divided on likelihood of recession

    9 Jun 2008

    Some 53% of Mortgage Strategy Online readers think Nationwide's latest house price index revealing that house prices fell 2.5% between April and May does not point to a recession. But 47% think the fall is bad news.

  • BSA expands mortgage service in battle for members

    12 Jun 2008

    The Building Societies Association is to expand its mortgage service as it battles with the Council of Mortgage Lenders for the allegiance of mutual members.

  • BSA members suffer as net lending plummets

    9 Jun 2008

    The Building Societies Association last week revealed that net lending among its members has plummeted over 40% year-on-year.

  • BuildLoan offers self-build three year tracker

    10 Jun 2008

    BuildLoan is offering an exclusive self-build three year tracker product to intermediaries with Skipton.

  • Bung

    9 Jun 2008

    Less charitably, edeus chief executive Michael Bolton told Mole at an industry bash last week that as far as he was concerned, the £5,000 payment to the Conservatives was a cash for honours-style arrangement.

  • Business Debt Advisor integrates with Acorn Money Management

    9 Jun 2008

    Manchester based business debt advisory service, The Business Debt Advisor, has integrated with Acorn Money Management.

  • Business owners risk chaos by not writing wills

    11 Jun 2008

    A leading law firm says business owners can cause big problems for their firms and families by not making wills.

  • C&G to launch all weather mortgage

    9 Jun 2008

    Cheltenham & Gloucester will be offering an All Weather Mortgage exclusively to brokers from tomorrow.

  • Cable questions lender scruples

    9 Jun 2008

    Liberal Democrat shadow chancellor Vince Cable last week cast doubt on the commitment of sub-prime lenders to negotiate fair terms with struggling borrowers.

  • Carpetbaggers fear as Irish Nationwide sale stalls

    13 Jun 2008

    The international credit crisis will delay the sale of Irish Nationwide Building Society for another two years, members have been told.

  • Catholic falls victim of regulatory burden

    10 Jun 2008

    The Catholic Building Society has become victim of the rising cost of regulation and has agreed to a merger with the UK’s fifth largest building society, the Chelsea.

  • CEBR predicts estate agency cull

    9 Jun 2008

    The Centre of Economic and Business Research says the estate agency sector is likely to see 15,000 jobs lost as output drops by 3%. John Ward, managing economist at the cebr, adds: "The nature of the economic cycle will determine when different sectors face the worst. The slowdown has been led by the housing and financial sectors so estate agents and architects will be the first to suffer."

  • CETA calls for fast-track PPI reform

    10 Jun 2008

    CETA Insurance has called for changes to payment protection insurance sales to be put into place quickly to bring a speedy halt to consumers overpaying for protection.

  • Chelsea and Catholic to merge

    9 Jun 2008

    The boards of directors of Chelsea and the Catholic have agreed in principle for the two mutuals to merge.

  • Chelsea to withdraw some SVR deals

    9 Jun 2008

    Chelsea is withdrawing a number of SVR discount mortgage products tomorrow.

  • CHL Mortgages publishes arrears advice for customers

    11 Jun 2008

    CHL Mortgages has added a range of information to its website to help customers looking for advice on arrears.

  • CHL will return to market this year

    9 Jun 2008

    CHL Mortgages says it remains committed to residential and buy-to-let lending and pledges it will return to the market later this year.

  • Clear thinking will see us through

    9 Jun 2008

    The Association of Mortgage Intermediaries claims it has evidence that the price disparity between di-rect and broker products is getting smaller.

  • CML disputes BBC negative equity claim

    10 Jun 2008

    The Council of Mortgage Lenders has hit out at the BBC's claim today that more than 23,000 people in the UK are already in negative equity.

  • CML launches standards for new-build sales

    11 Jun 2008

    The Council of Mortgage Lenders is launching standards for industry professionals who act for lenders on new-build property transactions.

  • CML reveals rise in fixed rate take up

    12 Jun 2008

    The proportion of borrowers taking out fixed rate products increased to 59% in April from 54% in March, says the Council of Mortgage Lenders.

  • Complete introduces online DIP facility for brokers

    11 Jun 2008

    Complete Mortgage and Loan Services has launched an online Decision In Principle online facility that enables brokers to submit mortgage cases for packaging online.

  • Contracts still unfair, says FSA

    9 Jun 2008

    A Financial Services Authority review has found that firms are still drafting unfair contract terms, going against the principles of Treating Customers Fairly. More than half the contracts reviewed by the FSA contained variation terms which allow firms to impose changes without customers' agreement.

  • Crunch boosts demand for UKV's Portfolio Risk Analysis service

    13 Jun 2008

    UKValuation Limited believes that the 50bn Bank of England injection into the mortgage market is driving massive interest in its Portfolio Risk Analysis service.

  • Crunch drunk love

    9 Jun 2008

    Although the credit crunch has had a negative impact on most industries, Mole was intrigued to read that for one business at least it's been a boon.

  • Desperate of Downing Street

    13 Jun 2008

    She bonked in Balmoral and boobed in Bristol where she allowed conman Peter Foster - then partner of her style guru Carol Caplin - to become involved in her purchase of two buy-to-lets flats.

  • Difficult times and decisions

    13 Jun 2008

    Michael Coogan, director general of the Council of Mortgage Lenders, explains the reasoning behind the CML's revised mortgage market forecast and comments on the dual-pricing issue

  • Directors of y3s group buy out major shareholder

    10 Jun 2008

    Matt Cottle and Barney Drake, directors of y3sloans.com and its associated subsidiaries Intelligent Loans and b2b Loans & Mortgages, have completed a deal which takes them to full ownership of the business.

  • Dual pricing threat is over, says AMI

    9 Jun 2008

    The Association of Mortgage Intermediaries claims it has evidence that lenders have stopped dual pricing.

  • e.surv sees 26% rise in repossession valuations

    9 Jun 2008

    e.surv Chartered Surveyors has reported a 26% rise year on year in the demand for post-possession valuations.

  • EC to extend consumer class

    13 Jun 2008

    The European Commission is launching a 1m project to extend Dolceta - the development of online consumer education tools for adults - with a module to help teach financial literacy in schools.

  • Ecology says it still offers an ethical alternative

    10 Jun 2008

    With the Catholic’s proposed merger with the Chelsea Building Society now out in the open, the Ecology Building Society is reminding investors that it is still around as an ethically minded financial institution for people with ethical concerns.

  • Edeus launches asset quality assessment service

    13 Jun 2008

    Mortgage market specialist edeus is launching an asset quality assessment service to help lenders understand the current risks of all the mortgages in their asset pools.

  • Emhikes proc fees on First National products

    9 Jun 2008

    Mortgage Strategy can exclusively reveal that em-financial will hike proc fees by up to 1% on GE Money Home Lending's Lite and Ultra Lite ranges via First National from today.

  • End isn't nigh for house prices

    13 Jun 2008

    Fear of house price falls has raised the spectre of negative equity once again, so how exposed are lenders and borrowers? Gary Styles, strategy, risk and economics director at Hometrack, has some reassuring answers.

  • European non-conforming lending on hold

    13 Jun 2008

    Expansion of the embryonic European non-conforming mortgage market - estimated to be worth 400-1,200bn in the medium term - is unlikely while the global economic turmoil continues.

  • Fair's fair - give firms a chance

    13 Jun 2008

    Despite the credit crisis Michael Coogan says his thoughts have been dwelling on the FSA's Treating Customers Fairly initiative - and who can blame him?

  • FirstPlus quits as FISA member

    9 Jun 2008

    There are concerns about the future of the Finance Industry Standards Association after one of its most influential lender members quit.

  • Fitch assesses top five lenders

    9 Jun 2008

    Fitch Ratings has assessed the strength of the UK's top five lenders based on their market exposure.

  • Focus should be on long-term value

    9 Jun 2008

    The consumer media should focus on the long-term value that property investments provide rather than talking down the housing market to sell newspapers, says Sally Laker

  • FSA bans Belfast broker

    9 Jun 2008

    The Financial Services Authority has banned a Belfast-based mortgage broker for knowingly submitting false mortgage applications.

  • FSA bans London-based brokers

    9 Jun 2008

    The Financial Services Authority has banned three South London-based mortgage brokers for submitting false applications backed by faked documents.

  • FSA demands stress tests

    9 Jun 2008

    The Financial Services Authority is asking lenders not covered by Basle II to stress test new loans that they originate or buy for a 40% fall in house prices.

  • FSA fines broker for self-cert failings

    10 Jun 2008

    The Financial Services Authority has fined Andrew Jeffreys (trading as Chepstow Financial Services) £10,500 for sales failures relating to self-cert mortgages.

  • FSA may stall Mifid proposal

    9 Jun 2008

    The Financial Services Authority may postpone until early 2009 the implementation of measures that could result in packagers being indirectly authorised.

  • FSA says Basel II committee cannot delay

    10 Jun 2008

    The Financial Services Authority chairman has urged the Basel II committee to hurry up and institute global processing guidelines, or else allow individual countries to commit to individual regulation.

  • FSA should back brokers and oppose dual pricing

    9 Jun 2008

    John Malone's recent open letter to brokers asking us to back off lenders and giving reasons why they are offering better direct deals is like the proverbial red rag to a bull.

  • FSA unveils plans for name and shame regime

    13 Jun 2008

    The Financial Services Authority is considering naming and shaming financial institutions in a league table of firms which have a record of poor customer care.

  • FSA unveils short-selling disclosure regime

    13 Jun 2008

    The Financial Services Authority has released a disclosure regime to oversee short-selling during rights issues.

  • Goldsmith Williams cuts remortgage fee

    13 Jun 2008

    Goldsmith Williams, the direct conveyancing firm, has reduced its fixed fee for all remortgage work to 299, in a move designed to help brokers treat their customers fairly.

  • Goldsmith Williams slashes remortgage fee

    13 Jun 2008

    Direct conveyancing firm Goldsmith Williams has slashed its fixed fee for all remortgage work to £299 to help brokers treat their customers fairly.

  • Gordon Brown - the hill gets even steeper with every step

    13 Jun 2008

    Following a sequence of events which saw a climax at the Crew and Nantwich bi-election, John Rowland, analyst at Cicero, asks can it get worse for Gordon Brown?

  • Government allocates 10m to debt

    13 Jun 2008

    A new 10m package of measures to support homeowners facing difficulties with their mortgage repayments has been announced by the Chancellor of the Exchequer, Alistair Darling and housing minister Caroline Flint.

  • Green badges and resources

    13 Jun 2008

    While Lloyds TSB is engaged in a massive poster and newspaper campaign to promote its Airmiles Mortgage (who would have thought it necessary to advertise mortgages when so many lenders are rationing theirs?), other lenders are polishing their green credentials.

  • Harle's attack says more about her than Mosaic

    9 Jun 2008

    Gemma Harle's recent letter implies that Mosaic Mortgage Club's campaign to end dual pricing is disingenuous (Mortgage Strategy May 26). I find this astonishing.

  • HBOS offers us a glimmer of hope

    13 Jun 2008

    Nationwide's results, published on May 22 - a couple of weeks after our interview with chief executive Graham Beale - help to put the society's business strategy and the current state of the mortgage market into perspective.

  • Heritable Bank backs CML new-build standards

    12 Jun 2008

    Heritable Bank is calling the Council of Mortgage Lenders’ plan to establish industry standards for the valuation of new-build property an “excellent example of cross-industry cooperation.”

  • HIPS acceptance is growing says Land Registry

    13 Jun 2008

    Home Information Packs are becoming more accepted, Ted Beardsall, the deputy chief executive of Land Registry said today.

  • Hodge Equity Release to host seminars

    9 Jun 2008

    Hodge Equity Release is running a series of seminars for brokers considering moving in to the equity release market.

  • Home Buyer launches revamped web offering

    9 Jun 2008

    Home Buyer Systems has unveiled its revamped products and compliance website.

  • Hometrack to offer pre-sale property report

    11 Jun 2008

    Hometrack is launching a pre-sale property report which combines an automated valuation with pre-approved insurance cover.

  • House builders welcome CML move over new-builds

    11 Jun 2008

    The Home Builders Federation and Homes for Scotland have jointly backed the Council of Mortgage Lenders’ plan to launch a disclosure of incentives form.

  • Household costs fuelling increase in fixed IVAs

    9 Jun 2008

    The rise in household costs is driving increasing numbers of debtors to go for the fixed cost option of an IVA says comparison site IVA.com.

  • Housing transactions down but so to is the rate of house price depreciation

    10 Jun 2008

    The latest RICS UK housing market survey, released on 10 June, shows that the rate of house price falls decreased slightly in May but the average number of transactions per surveyor fell further.

  • Identity fraud cases leap 66% to 6,000 victims

    13 Jun 2008

    More than 6,000 victims sought help from Experians victims of fraud team during 2007, compared with just over 3,500 in 2006. This represents a 66% increase in identity fraud activity reported to the information services company.

  • Insurance could mean end of deposits

    9 Jun 2008

    Landlords are being offered an insurance product which could do away with the need for them to take deposits from tenants.

  • It's been fun but I'm getting out of the broking game

    9 Jun 2008

    It's been fun but I've had enough. I've just sent yet another client to speak directly to a lender, and it took me less than five minutes to work out that he was better off avoiding my substandard whole of market offerings.

  • It's time for some imaginative thinking

    9 Jun 2008

    In times of crisis there's a tendency to look back to see if we can glean any lessons from history so I thought I'd revisit 1974.

  • John Charcol in tie-up with Conti

    9 Jun 2008

    John Charcol has linked up with Conti Financial Services to provide overseas mortgages. Conti will process cases for £95 - £50 less than John Charcol was charging for its service.

  • Just 9% of home buyers offered flood reports

    10 Jun 2008

    A tiny minority of borrowers have been offered environmental or flood reports when purchasing property, a YouGov survey reveals.

  • Just Retirement appoints chief operating officer

    9 Jun 2008

    Just Retirement has appointed Patrick Gale as chief operating officer and a board director with immediate effect.

  • Keenan aims to make Sense

    9 Jun 2008

    Sense Lending is the name of the bridging lender that will soon be launched by Steve Kee-nan, co-founder of Prestbury Financial and Prestbury Holdings, following his resignation from the firm last week.

  • Kensington's range of investment deals is an opportunity for brokers

    9 Jun 2008

    I was pleasantly surprised to read an article about Kensington launching a range of investment products as in the current environment not many lenders are active in the mortgage market, let alone launching products (Mortgage Strategy June 2).

  • KRBS announces capital restructuring plans

    13 Jun 2008

    Kent Reliance, the UK's fastest growing building society over the last 10 years, has announced a capital restructuring that will yield an exceptional one-off pre-tax benefit of £8.5m.

  • Kudos for Nationwide's civic stance

    13 Jun 2008

    Nationwide has struck gold in the Business in the Community Corporate Responsibility Index, published on May 25.

  • Lack of high LTVs blamed for market downturn

    9 Jun 2008

    A lack of high LTV mortgages are to blame for the mortgage market's downward spiral and not interest rates, says Moneyextra.com.

  • Lehmans predicts £1.4bn loss

    9 Jun 2008

    Lehman Brothers, owners of UK mortgage brands Preferred Mortgages and Southern Pacific Mortgage Limited, expects net losses of £1.4bn and a £354m downturn in net revenues in Q2 2008.

  • Lehmans replaces president and demotes chief finance officer

    13 Jun 2008

    Lehman Brothers has replaced its president and demoted its chief financial officer.

  • Lenders air arrears concerns at HML round table

    11 Jun 2008

    An event organised by HML has given lenders the chance to discuss ways to tackle rising arrears and repossessions.

  • Lenders defend loan books

    9 Jun 2008

    GMAC-RFC and Kensington defended the quality of their lending last week after Bradford & Bingley revealed arrears had arisen in the loan books it bought from them.

  • Lenders must get BDM balance right

    9 Jun 2008

    Overworked lenders' BDMs still seem keen to talk to brokers when they would be more gainfully employed helping out in processing departments, says Sue Read

  • Lenders squeeze brokers' fees

    13 Jun 2008

    Lenders in the Irish Republic are putting the squeeze on mortgage brokers, halving their commissions in many cases.

  • Lenders will regret their bean counting

    9 Jun 2008

    Although no-one would dispute that life in the mortgage market is tough at the moment and hundreds of estate agencies and brokers are folding, our situation is not without precedent.

  • Lending market is operating suspiciously like a cartel

    9 Jun 2008

    With an increasing number of lenders repricing or restructuring their product ranges to deter new borrowers, I'd like to draw readers' attention to Article 81 of the Treaty of Rome.

  • Let's show what we bring to the party

    9 Jun 2008

    Dual pricing and the credit crunch are making life difficult for brokers so it's time we fought back by showing borrowers how valuable our advice can be, says Drew Wotherspoon

  • Let's start an ideas forum to generate crunch solutions

    9 Jun 2008

    Danny Lovey's idea expressed in last week's leader to kick-start the market is interesting (Mortgage Strategy June 2), but he is naive if he thinks that far better people than he or I have not already debated similar ideas.

  • LifeSearch referral fees confidential

    9 Jun 2008

    The referral fee offered by LifeSearch Expert is not 600 as stated in a news story last week. This is the average commission brokers could receive if they sold protection deals to clients. Referral fees paid by the firm are confidential and differ from broker to broker.

  • Linda Will joins Stroud & Swindon

    10 Jun 2008

    Linda Will, the former managing director at Accord Mortgages, is to take up the post of sales and marketing director at Stroud & Swindon from July 14.

  • Links in the mortgage chain of blame

    9 Jun 2008

    In this first edited extract from his new book Chain Of Blame, Mortgage Strategy's US editor Paul Muolo tells the inside story of how the US mortgage market boomed then crashed

  • Lloyds TSB reveals 387m write-down

    13 Jun 2008

    Lloyds TSB says it is on track to deliver a good performance in the first half of 2008, despite a 387m write-down through its wholesale and international banking units.

  • Lloyds TSB to rescue NR clients

    9 Jun 2008

    Lloyds TSB has entered into a three-year deal with Northern Rock that allows clients nearing the end of fixed rate products with NR to switch to Lloyds TSB without legal or valuation fees.

  • Loanmakers operating board resigns

    12 Jun 2008

    Tim Wheeldon, managing director of Loanmakers, and the rest of the operating board are said to have resigned.

  • Loanmakers operating board resigns

    12 Jun 2008

    Tim Wheeldon, managing director of Loanmakers, and the rest of the operating board of Loanmakers are said to have resigned.

  • Maggie Cresswell appointed to Prestbury board

    9 Jun 2008

    Maggie Cresswell, has been promoted to complaince director at Prestbury Holdings.

  • Make clients' holiday money go further

    9 Jun 2008

    Summer has finally arrived and many consum-ers' thoughts will be drifting towards their couple of weeks away in the sun.

  • Managers under the microscope

    13 Jun 2008

    Recent pronouncements by the Financial Services Authority have made it clear that the decisions made by senior managers will come under greater scrutiny, says Philip Tebbatt

  • Marathon Money

    9 Jun 2008

    Mortgage Strategy brings you a rundown of the industry figures putting their bodies on the line in Septembers Berlin Marathon to raise money for charity

  • Market watch 09 June 2008

    9 Jun 2008

    Swaps increased again last week but at least the rises were relatively modest compared with some of the dramatic surges we have seen recently. Three-month LIBOR is 5.87%, so not much change there.

  • May Pod be with you

    9 Jun 2008

    The second Mortgage Strategy Podcast, sponsored by Mutual One, sees Gerry Bell, head of mortgage marketing at GE Money Home Lending, talk about the future of the firm.Industry pundits discuss the highs and lows of the market and Ray Boulger, senior technical manager at John Charcol, is back with his joke of the week.Go to www.mortgagestrategy. co.uk/podcast.html to tune in.

  • McCain's not the sub-prime answer

    13 Jun 2008

    We all hope the US sub-prime crisis will be done with by the time the next US president moves into the White House but if it isn't, don't hold out too much hope for Republican John McCain sorting it out, should he win.

  • Mike Lazenby in the lock-up, but it's for a good cause

    13 Jun 2008

    At 6.30pm on Wednesday May 14 Mike Lazenby, chief executive of Kent Reliance Building Society, surrendered himself at Medway Police Station and was taken into custody. John Murray reports

  • M-Next adds to lender panel

    9 Jun 2008

    Mortgage Next has added Blemain Finance and Cheshire Mortgage Corporation to its lender panel.

  • Modus joins Paradigm as partner member

    12 Jun 2008

    Modus Mortgage Network has been added to Paradigm Mortgage Services' raft of partner members.

  • Modus Mortgage Network joins Paradigm

    12 Jun 2008

    Modus Mortgage Network has become the latest mortgage network to sign up as a partner member of Paradigm Mortgage Services.

  • Money Partners cuts broker access in product revamp

    13 Jun 2008

    Money Partners has revised its product range and reduced brokers' access to deals in sweeping changes to its intermediary distribution strategy.

  • MORE REGULATORY CHANGE?

    12 Jun 2008

    Nick Battersby, compliance director, Regulatory Alliance of Mortgage Packagers

  • Mortgage Next offers MortgageStream

    9 Jun 2008

    Mortgage Next is offering its appointed representatives and directly authorised members access to the MortgageStream case processing system.

  • Mortgage Partnership rebrands to Modus Mortgage Network

    10 Jun 2008

    The Mortgage Partnership has rebranded to the Modus Mortgage Network.

  • Most sub-prime related bank losses have been disclosed

    13 Jun 2008

    On May 14 Fitch Ratings issued a report stating that global banks had already written down more than 80% of their losses from subprime mortgage assets.

  • Movers & Shakers

    13 Jun 2008

    It's not nice anymoreBank of England governor Mervyn King's pronouncement that the nice decade is over has a certain resonance not usually associated with an acronym*, for it surely is not nice that a 10-year period of non-inflationary continuous expansion is behind us.

  • Multiple signs of housing slowdown

    9 Jun 2008

    It's not just lenders, brokers and estate agents that are struggling with the credit crunch, as ancillary workers such as gardeners and electricians are up against it too, says Simon White

  • Mutuals show strength in adversity

    9 Jun 2008

    This may seem unusual coming from a packager but I'd like to address the subject of mutuality in today's mortgage market.

  • New clients can't access A&L SVR

    9 Jun 2008

    New customers can no longer access Alliance & Leicester's SVR, which now stands at 7.19%. The lender has also launched a product range which includes a two-year base rate tracker at 5.89%, which reverts to the base rate plus 1.49%. The deal has a maximum LTV of 75% and a 2% arrangement fee.The range also includes a two-year fixed rate product at 6.14%.

  • Newcastle invest for charity

    13 Jun 2008

    Newcastle scooped the Stock Market Challenge Red Braces at the annual Newcastle Stock Market Challenge.

  • Newcastle to launch broker savings products

    9 Jun 2008

    Newcastle has today unveiled its plans to launch a range of broker savings products.

  • NLA optimistic about B2L market

    11 Jun 2008

    The National Landlords Association says buy-to-let's fundamentals remain strong.

  • No room for original thinkers like Lovey in today's market

    9 Jun 2008

    I have to admit I laughed out loud when I read last week's leader (Mortgage Strategy June 2).

  • Norwich Union to slash jobs

    9 Jun 2008

    Norwich Union expects to make between 1,500 and 1,800 staff redundant as a result of streamlining its business. The insurer says its products and processes are too complex and spread across too many locations.

  • Note of commercial optimism

    13 Jun 2008

    British Land, the UK's second largest real estate investment trust, has reported a £1.9bn write-down, but Julien Holmes, managing director of Crown Mortgage Management, believes it is not all doom and gloom in the commercial property market

  • NR customers should shop around, says mform

    10 Jun 2008

    Northern Rock customers switching to new loans with Lloyds TSB could get better deals elsewhere, mform.co.uk warns.

  • Number 10 can learn from the ghost of a crisis past

    13 Jun 2008

    The Bank of England's Special Liquidity Scheme is not the first example of state intervention in the mortgage market. In 1974 Harold Wilson's Labour government gambled the equivalent of £9bn to combat a mortgage famine. John Murray takes a trip down memory lane

  • Number of people taking out IVAs soars

    10 Jun 2008

    Figures from The UK Insolvency Helpline, a UK debt advice organisation show a massive increase in the amount of Individual Voluntary Arrangements being taken out by consumers.

  • Opal Home Loans appoints BDM

    9 Jun 2008

    Opal Home Loans has appointed Neil Calver as a business development manager. Tthe Essex based packager specialises in catering for high street mortgage declines and the placement of difficult mortgage enquiries.

  • Open Door plans debt management service

    9 Jun 2008

    Open Door Solutions is to launch a debt management proposition called Open Door Debt Solutions.

  • Optimist with feet on the ground

    13 Jun 2008

    As chief executive of Nationwide Building Society, the UK's second largest lender, and an industry leader party to recent talks with the prime minister, Graham Beale has an insider's view of where the mortgage market is heading

  • Paradigm extends protection panel

    9 Jun 2008

    Paradigm Mortgage Services has today added BUPA Individual Protection to its preferred protection panel.

  • Paragon on strong footing

    13 Jun 2008

    Buy-to-let mortgage specialist Paragons interim results for the six months to 31 March that show underlying profits of 38.4m and 987.6m of new lending with its entire 11bn portfolio match funded to maturity.

  • Paymentcare.co.uk reminds brokers of PPI value

    12 Jun 2008

    Paymentcare.co.uk is reminding brokers that rising unemployment will make Payment Protection Insurance more important in the coming months.

  • Pensioners face mortgage debt time bomb

    11 Jun 2008

    A third of consumers in or nearing retirement could owe as much as £207bn in outstanding mortgage debt, a report from Key Retirement Solutions reveals.

  • Phil Nunnerley, chairman, Finance Industry Standards Association

    10 Jun 2008

    Reaching retirement for most people means getting out a pair of comfortable slippers, spending hours in the garden, and generally relaxing, but not for Phil Nunnerley, the new chairman of the Finance Industry Standards Association.

  • Pink adds Platform to packaged panel

    11 Jun 2008

    Pink Home Loans is offering intermediaries the option to send applications to Platform via Pinks packaged submission route.

  • Pink adds Platform to packaged panel

    11 Jun 2008

    Pink Home Loans is offering intermediary customers the option to send applications to Platform via Pink’s packaged submission route.

  • Platform blames crunch for packager panel cull

    9 Jun 2008

    Platform has blamed the economic slowdown for its decision to slash 60 firms from its packager panel last week.

  • Platform goes end-to-end

    13 Jun 2008

    Platform, the intermediary lender of Britannia, has launched a new lending services department which incorporates a mortgage processing division and a service management division.

  • Property International appoints sales directors

    9 Jun 2008

    Property International has appointed two sales directors to meet investor demand.

  • PTP director in rumoured management buyout

    12 Jun 2008

    Rob Jupp, managing director of Personal Touch Packaging, is rumoured to be in the final stages of a management buyout.

  • Ratings firms plan to dodge blame

    9 Jun 2008

    Fitch, Standard & Poor's and Moody's are in discussion with New York's attorney general about a deal which could absolve them of responsibility for the sub-prime crisis. The ratings agencies have faced criticism over their delayed reaction in warning investors of the risks involved.

  • RBS chief says bank still open for business

    11 Jun 2008

    The group chief executive of Royal Bank of Scotland says the bank is “very much open for business” in a pre-close trading update.

  • RBS IP unveils two and five-year fixed deals

    12 Jun 2008

    RBS Intermediary Partners is adding three new fixed rates products to its range of mortgages from tomorrow.

  • Regulation forcing societies into mergers, says Defaqto

    9 Jun 2008

    Financial research firm Defaqto says the need to comply with regulations is forcing mergers among smaller building societies.

  • Regulator to come down hard on mortgage fraud

    13 Jun 2008

    The Financial Services Authority's attitude to mortgage fraud is hardening, even though the scale of the problem, at estimated £400m over two years, is small in relation to business volumes, and it is acknowledged that lenders are not at systemic risk as a result.

  • Reinventing Bradford & Bingley and the Crawshaw factor

    10 Jun 2008

    Steven Crawshaw, late of Bradford & Bingley, belongs to an exclusives brotherhood of chief executives who disliked talking to the press. Among the other members of that club are Adam Applegarth, late of the Northern Rock, and Ian Harley who came unstuck at Abbey National and handed over the helm to Luqman Arnold who was to give the business a Spanish flavour.

  • RICS changes its rule book

    11 Jun 2008

    The Royal Institution of Chartered Surveyors has made changes to its rule book.

  • Rumours over new BoE deputy governor

    9 Jun 2008

    Charlie Bean is rumoured to be set to replace Rachel Lomax as deputy governor of the Bank of England.

  • Savills appoints new development land associate

    13 Jun 2008

    Estate agent Savills has appointed Ivor Lafford as an associate of its development department at Milton Keynes.

  • Secured Solutions launches website

    10 Jun 2008

    Southend based second charge master broker, Secured Solutions has launched a new website.

  • Secured Solutions rolls out broker website

    10 Jun 2008

    Secured Solutions has launched a product and services website for brokers.

  • Sheltering customers from rainy days

    9 Jun 2008

    Brokers are good with figures and they'll understand that the cost of living is spiralling.

  • Skipton launches fixed rate range

    10 Jun 2008

    Skipton is launching a range of fixed rate products today.

  • Specialist Commercial Finance joins Trigold

    12 Jun 2008

    Specialist Commercial Finance has joined the Trigold Commercial mortgages panel as a master broker, offering brokers access to high street commercial lenders.

  • Squatting 101

    9 Jun 2008

    With repossessions on the rise, there's a handy guide book available for those on the prowl for places to squat.

  • Survey claims consumer confidence at record low

    9 Jun 2008

    The British Retail Consortium has found that consumer confidence is at the lowest since polling began in 2003.

  • Surveyor transactions lowest since 1978

    10 Jun 2008

    The Royal Institution of Chartered Surveyors reports that while the number of surveyors reporting a slide in house prices fell in May, transactions per surveyor are now at their lowest since 1978.

  • SYH sounds rent-back warning

    9 Jun 2008

    SYH Charterhouse has warned struggling borrowers not to be taken in by mortgage rescue companies. The firm, which arranges home reversion plans, says unregulated sale-and-rent-back companies are targeting vulnerable clients. It adds that sale-and-rent-back deals do not offer secure tenancies and feature prohibitive terms and conditions designed to cause evictions.

  • TBMC sourcing system available to Your Move

    9 Jun 2008

    Financial advisers at estate agency Your Move can now use a white labelled version of The Business Mortgage Company's buy-to-let sourcing system. Accessed via Your Move's extranet, the system includes a rental calculator and a generic application form that allows brokers to submit buy-to-let deals accepted by the lenders TBMC deals with.

  • The month at a glance

    13 Jun 2008

    House prices slipped, oil jumped to $135 a barrel, bank base rate stayed on hold, more lenders went to the wall. But as indicated in our editoral this month, there are signs of life again in the RMBS market

  • The Mortgage Partnership unveils rebrand

    10 Jun 2008

    The Mortgage Partnership has relaunched as the Modus Mortgage Network.

  • Things getting tougher on the front line for commercial finance brokers

    11 Jun 2008

    Adam Tyler, chief executive, National Association of Commercial Finance Brokers

  • This week's top question from CashQuestions.com

    9 Jun 2008

    Question: My client is splitting up with his girlfriend. They own a flat worth £180,000 with a £140,000 mortgage. He's self-employed and earns about £45,000 a year, although his income fluctuates. She earns £30,000 a year but can get help from her parents. Both want to stay in the flat. Should he go given that he may not be able to afford the mortgage or should she move out because she could find something else with parental help?

  • Thousands of Scottish homeowners are one pay packet away from crisis

    13 Jun 2008

    Thousands of homeowners in Scotland could be living one pay packet away from a housing crisis, Shelter Scotland, claimed in a report released on 20 May.

  • Trade body launched for bridging loan specialists

    13 Jun 2008

    A new trade association designed to cover the short-term lending market has been launched. The Association of Short Term Lenders is the first association in the UK to focus solely on the short term lending market and already has 20 founder members.

  • Transparency can defeat the crunch

    9 Jun 2008

    One of the major factors that led to today's financial turmoil is a lack of transparency. Intelligent individuals working for some of the world's most prestigious companies invented structured credit vehicles to package debt to sell to investors. The complexity of some of these vehicles obscured investors' view of the inherent risks.

  • Treasury reveals plans for financial regulation centre

    12 Jun 2008

    The Treasury is planning the set-up of an international centre of excellence focussing on financial regulation.

  • Tributes for Richard Taylor

    9 Jun 2008

    Tributes poured in last week for Richard Taylor, senior partner at Cobalt Capital, who passed away on May 25 just days before his 42nd birthday.

  • Trigold appoints training director for its academy

    13 Jun 2008

    Trigold has unveiled its plans to appoint a new training director for the Trigold Business Academy.

  • Two million home owners to capitalise on house price falls

    10 Jun 2008

    More than two million home owners are planning to move house to take advantage of falling property prices, research from Abbey Mortgages reveals.

  • Unbiased.co.uk says 80% of Britons have used an adviser

    9 Jun 2008

    Research from Unbiased.co.uk has revealed most Britons see the value of financial advice as 80% say they have sought guidance from an adviser when making a financial decision.

  • US downturn avoided, says Federal Reserve

    10 Jun 2008

    The risk of a significant economic downturn in the US has been avoided in spite of a rise in unemployment, says the chairman of the US Federal Reserve.

  • Vertex makes further redundancies at DB Mortgages

    10 Jun 2008

    Vertex has made a further 12 staff redundant at DB Mortgages, blaming continuing pressures on the mortgage market.

  • Website slams base rate freeze

    9 Jun 2008

    The Monetary Policy Committee ignored calls from the housing industry when it decided to hold the base rate at 5% for June. Price comparison website Mform.co.uk says the longer the MPC waits to cut the rate, the more damage will be done.

  • Why lenders should think Lean

    13 Jun 2008

    In these lean times it would be appropriate for mortgage lenders to adopt Lean management techniques. Brian Brodie, managing director of Homeloan Management Limited, explains why the industry should be turning Japanese

  • Winning formula

    9 Jun 2008

    A body to refurbish mortgage-backed securities could turn tarnished financial instruments into gold and rescue a mortgage market struggling with the liquidity crisis, says Danny Lovey

  • Woolwich is two-faced when it comes to helping brokers

    9 Jun 2008

    I recently spent a considerable amount of time looking for a suitable remortgage for a client but was reluctant to charge him a fee as I've known him for a long time and have done three remortgages for him without charge.

  • Woolwich raises fixed product rates

    9 Jun 2008

    Woolwich is increasing its rates and adding early repayment charges to its fixed rate range from today.

  • Woolwich still offers new B2L

    9 Jun 2008

    Contrary to what was printed in Marketwatch in the May 26 issue of Mortgage Strategy, Woolwich is still offering buy-to-let products to new and existing customers. But while Woolwich will still accept buy-to-let applications from existing borrowers using special purpose vehicle limited companies and limited liability partnerships, it will no longer accept such applications from new sources.

  • Yousefi new head of marketing at BoI Mortgages

    9 Jun 2008

    Mehrdad Yousefi has been appointed the new head of marketing at Bank of Ireland Mortgages.

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