Mortgage Strategy
9 March 2009

  • AfI unveils fixed rate broker exclusive

    9 Mar 2009

    Abbey for Intermediaries has launched a broker exclusive two-year fixed rate deal at 3.59% .

  • Trade bodies want your response to FSA fee plan

    9 Mar 2009

    The Association of Independent Financial Advisers and the Association of Mortgage Intermediaries last week issued a joint statement calling for members to respond to the Financial Services Authority's fee proposals.

  • 1970S-style system makes brokers look like donkeys

    9 Mar 2009

    Woolwich's system of getting brokers to book funds is like going back to the 1970s.

  • A&L launches tracker range from 2.79%

    11 Mar 2009

    Alliance & Leicester are introducing a two-year tracker range at 60% and 75% LTV starting from 2.79%.

  • Adviser Matrix expands offering

    13 Mar 2009

    Adviser Matrix, the free independent research service for financial brokers, is now dealing with 17 networks and national IFAs.

  • Affordability has always been more important than LTV

    9 Mar 2009

    The banking crisis is a result of wholesale funding problems, not retail lending.

  • Alexander Hall to close head office

    9 Mar 2009

    Alexander Hall is to close its head office on Lombard Street, London, but says the decision is not related to the current economic climate.

  • Awards ceremony raises £3,000 for children's charity

    9 Mar 2009

    A whopping £2,980 was raised for children's charity CLAPA by attendees at the Mortgage Strategy Awards at the end of last month.

  • Bad bankers are a disgrace and should be punished

    9 Mar 2009

    I write as a former self-employed mortgage broker who has now left the industry and found alternative employment.

  • Bank shares tumble on news of Asset Protection Scheme

    9 Mar 2009

    Banking shares have taken a hit this morning as the repercussions of the government’s Asset Protection Scheme begin to take effect.

  • Broker activity falls by 50% year-on year

    9 Mar 2009

    Broker activity in February dropped to half the levels seen at the same time last year, the latest figures from Trigold reveal.

  • Broker banned for misleading FSA

    11 Mar 2009

    Renbe Associates has been banned by the Financial Services Authority for submitting false and misleading information to the regulator.

  • Brokers are not taking advantage of shared equity opportunities

    9 Mar 2009

    Brokers may be missing out on the opportunity to capitalise on shared equity schemes.

  • Brokers can earn from savings with eMoneyfacts club

    9 Mar 2009

    eMoneyfacts is set to launch the first ever specialist savings distributor, allowing brokers to earn commission from arranging savings products for their clients.

  • Brokers forged in the fire will survive

    9 Mar 2009

    We are living in extraordinary times. In fact, even the word extraordinary somehow seems too ordinary to describe the current roller coaster global economic situation.

  • Brokers may call it a day as FSA fee deadline looms

    9 Mar 2009

    The industry is braced for more mortgage brokers to leave the market as the deadline looms for them to cancel their permissions with the Financial Services Authority.

  • Brokers poised for an equity release bonanza

    9 Mar 2009

    As the recession continues to take its toll, consumers are increasingly turning their attention to ways of boosting their income and it's no surprise that equity release is on the agenda for many.

  • Brokers still have options

    9 Mar 2009

    The government's decision to cut the base rate to 0.5% was another nail in the coffin of the remortgage market. With SVRs hitting the floor, for many borrowers the simplest option is to do nothing.

  • BSA welcomes parliamentary debate on FSCS levies

    9 Mar 2009

    A parliamentary debate will kick off tomorrow looking at whether building societies are having to pay too much of the cost of compensation for Bradford & Bingley and other failed banks.

  • Business Lending offers alternative to bad bank strategy

    11 Mar 2009

    Stuart Parfitt of specialist commercial lender Business Lending says the government's initiatives to promote lending will not work without a much greater commitment from mainstream banks.

  • Business Lending offers alternative to bad bank strategy

    13 Mar 2009

    Stuart Parfitt of specialist commercial lender Business Lending says the government's initiatives to promote lending will not work without a much greater commitment from mainstream banks.

  • Buyers still not sold on HIPs

    9 Mar 2009

    Conveyancers have called on the government to abolish Home Information Packs after a report by the Department for Communities and Local Government showed the packs are still not working.

  • Call for FSA to oversee second charge loans

    9 Mar 2009

    The Association of Finance Brokers has called on the Treasury and the Department for Business, Enterprise and Regulatory Reform to pass responsibility for the regulation of second and subsequent charge loans to the Financial Services Authority.

  • Cattles suspends three more directors

    10 Mar 2009

    Cattles has been forced to suspend three more directors, after admitting it thinks it is in breach of its lending covenants.

  • Cattles' woes drag two firms down

    9 Mar 2009

    Magic Loans and 1st Stop Finance have become the latest casualties of the troubles at lender Cattles.

  • Chase de Vere closes its doors after 27 years

    9 Mar 2009

    Chase de Vere Mortgage Management has called in the administrators after 27 years as a mortgage brokerage.

  • Chelsea reports loss before tax of £39.3m

    10 Mar 2009

    Chelsea Building Society made a loss before tax of £39.3m for 2008 as it emerges as the latest mutual to shoulder the costs of the Icelandic banking crisis.

  • Claims business not as easy as it looks, says expert

    9 Mar 2009

    Carl Wright, director of Cartel Client Review, says inexperienced firms looking to cash in on claims management are coming unstuck because they don't have the appropriate legal knowledge.

  • Cobalt Capital closes its doors

    9 Mar 2009

    Staff at Cobalt Capital have been made redundant and the firm placed into administration.

  • Complete offers brokers credit crunch lunch

    12 Mar 2009

    Mortgage packager and distributor, Complete Mortgage and Loan Services is inviting brokers to attend “The Complete Credit Lunch” to discuss market diversification.

  • Connells launches exclusive RBSIP two-year fix

    13 Mar 2009

    The Connells Group has teamed up with Royal Bank of Scotland Intermediary Partners to launch an exclusive two-year fixed rate mortgage.

  • Consumers will pay for the FSA's grand ambitions

    9 Mar 2009

    When the Financial Services Authority realised it needed to raise its fees it decided that big financial institutions should bear most of the pain.

  • Consumers will turn to brokers

    9 Mar 2009

    Being out and about a fair bit in my job gives me plenty of opportunity to speak to industry contacts on a regular basis.

  • Conti and Mortgage Brain offer overseas mortgage sourcing

    11 Mar 2009

    Conti has entered into a strategic partnership with Mortgage Brain which will allow brokers to source overseas mortgages in the same way they would for a UK mortgage.

  • Curriculumvitae: Gordon Campbell

    9 Mar 2009

    Describe your current job I'm responsible for financing the construction of new-build housing developments. This also involves community regeneration, mainly working with housing associations. These homes are generally for social rent but we also do partial purchase options such as shared equity and shared ownership. We have around 800m committed to the sector, funding 107 of Scotland's approximately 170 associations.

  • Evaluate extends free demo

    9 Mar 2009

    Evaluate Technologies has extended its 30-day free demo of its online sourcing and application system.

  • Exclusive Connections adds Lancashire Mortgage Corporation to panel

    13 Mar 2009

    Exclusive Connections has bolstered its bridging finance panel with the addition of another Blemain Group lending company Lancashire Mortgage Corporation.

  • Exclusive Connections teams up with Mortgage Brain

    10 Mar 2009

    Exclusive Connections, the specialist mortgage network and packager, has chosen Mortgage Brain and the Mortgage Trading Exchange as its preferred mortgage technology solution for its members.

  • Firms must find a business balance

    9 Mar 2009

    Following the impact of the credit crunch and the subsequent recession it can be seen that the lenders facing the greatest challenges - and also the ones that found themselves especially vulnerable - are those that were over-reliant on one type of funding.

  • First Action recruits to handle Hamptons mortgage referrals

    9 Mar 2009

    London-based First Action Finance recruited almost 20 brokers last week after it was revealed as Hamptons International's preferred referral partner for mortgages.

  • FSA banned 20 brokers last year and warns it will prosecute more

    9 Mar 2009

    The Financial Services Authority has revealed that it banned more than 20 mortgage brokers last year as part of its campaign to crack down on fraud.

  • FSA fails to see it is part of the problem

    9 Mar 2009

    Perhaps I'm lucky in that I have always enjoyed the luxury of being able to walk away from jobs when I felt my values were sorely tested.

  • FSA sends out warning over mortgage firm

    12 Mar 2009

    The Financial Services Authority has issued a consumer warning about The Financial Associate Limited of Sidcup, Kent.

  • FSA strengthens enforcement team

    9 Mar 2009

    The Financial Services Authority has appointed David Kirk as chief criminal counsel.

  • FSA to move away from principles-based regulation

    12 Mar 2009

    Hector Sants, chief executive of the Financial Services Authority, says the regulator will be moving away from a principles-based regulation towards a more “outcomes-based regulation".

  • Giving meaning to equity release

    9 Mar 2009

    Goldsmith Williams is one of the founding members of the Equity Release Solicitors' Alliance, a body recently created to raise standards in the equity release market.

  • Goldsmith Williams opens up equity release market

    13 Mar 2009

    Goldsmith Williams has extended its specialist equity release service to allow brokers unauthorised to give equity release advice to refer business on.

  • Growing buyer demand fails to translate into sales, says RICS

    10 Mar 2009

    Buyer interest rose for the fourth consecutive month in February but is failing to materialise into sales, reveals data from the Royal Institution of Chartered Surveyors.

  • Guardian backs OFT in closure of ‘look alike’ debt advice websites

    10 Mar 2009

    Guardian Debt Management has backed the Office of Fair Trading in its decision to force the immediate closure of 11 financial management businesses with ‘look alike’ websites posing as official or charity advice sites.

  • Help clients afford financial necessities

    9 Mar 2009

    A recent report by financial comparison website uSwitch.com indicates that it is worth remembering the old adage - look after the pennies and the pounds will look after themselves.

  • HIPs are of no interest to most home buyers

    9 Mar 2009

    I was intrigued to read an article on Mortgage Strategy Online last week revealing that 40% of buyers don't see Home Information Packs before they make offers.

  • Home Buyer Systems sees surge in broker fee volumes

    13 Mar 2009

    Home Buyer Systems, a sourcing, sales and compliance system for mortgage and general insurance brokers has seen a 94% increase in the volume of broker administration fees processed through its system, compared with 2008 levels.

  • HSBC sees mortgage sales up 200%

    9 Mar 2009

    Full-year results from HSBC reveal that its Rate Matcher campaign pushed up mortgage sales by 200%, with total new mortgage sales hitt-ing £17.1bn.

  • I cannot treat my clients fairly using Woolwich

    9 Mar 2009

    I am trying to complete a remortgage application for two clients with Woolwich.

  • Insurance professionals are in high demand

    9 Mar 2009

    Specialist recruitment company Hays says it is seeing high demand for senior professionals in the insurance sector.

  • It's time for action, not hand wringing

    9 Mar 2009

    Although mortgage lending and house sales are inextricably linked, the government's attempt to breathe confidence into the banking system has not stimulated new life in either.

  • It's unfair for media to only target Sir Fred

    9 Mar 2009

    In a month that has seen a lot of media comment about Sir Fred Goodwin's pension I am almost beginning to feel sorry for him.

  • L&G Mortgage Club launches exclusive with RBSIP

    12 Mar 2009

    Legal & General Mortgage Club is launching an exclusive two-year fixed rate deal with Royal Bank of Scotland Intermediary Partners.

  • Labour must force its banks to lend

    9 Mar 2009

    Last Monday's news that net lending by the mutual sector was in negative territory should come as no surprise.

  • Labour's axis of evil is letting firms go out of business

    9 Mar 2009

    It's about time Northern Rock started looking after its existing borrowers. I am a prime example, being a mortgage broker who cannot remortgage away because my income is lower than it was when I got my mortgage.

  • LeadPoint offers buy one get one free deal

    12 Mar 2009

    LeadPoint is offering brokers a buy one get one free deal on every remortgage lead they buy.

  • Lenders brace for repossessions rush

    9 Mar 2009

    The pre-action protocol that came into force last November gives guidance on how lenders should mitigate the chances of homes being repossessed.

  • Lenders urged to credit borrowers on trackers below the base rate

    9 Mar 2009

    Borrowers on tracker deals lower than the base rate should have their mortgage accounts credited by lenders, says industry pundit Ray Boulger.

  • Lending boost may be good for brokers

    9 Mar 2009

    The recent announcement by Northern Rock that it intends to return more actively to the lending market is likely to be widely welcomed, particularly by the broker community where it has historically distributed the majority of its funds.

  • Let's hope spring sees lending grow

    9 Mar 2009

    Spring has arrived, bringing with it sunny mornings, longer days and gardens full of bright daffodils. The big question is - will it also bring the traditional increase in home sales?

  • Lloyds Banking Group pledges £3bn for new lending

    9 Mar 2009

    Lloyds Banking Group has pledged just £3bn towards mortgage lending over the next 12 months in exchange for its participation in the Treasury’s Asset Protection Scheme.

  • London plans to build 2,900 homes for FTBs

    9 Mar 2009

    London mayor Boris Johnson and the Homes and Communities Agency are planning a 135m investment to build 2,900 affordable homes in the capital for first-time buyers.

  • Look after your client bank

    13 Mar 2009

    It had to happen. The bandwagon has been gathering pace for some time but it now seems that you can’t turn round for new entrants into the debt solutions market. This is a healthy response to the fact that there is a large and growing need for advice on debt and the means of helping people out of the hole they are in.

  • Marketing partnership provides help for brokers

    9 Mar 2009

    Marketing Innovation Forum has teamed up with The Online Marketing Department to help brokers get the most out of marketing and boost business.

  • Marketwatch 09/03/2009

    9 Mar 2009

    Swaps had another mixed week. Short-term money is still falling whereas longer term rates continue to edge upwards.

  • Mind the gap and save the housing sector

    9 Mar 2009

    For some time, customers buying cars have been able to get a reassuring add-on to their finance packages called gap insurance.

  • More base rate cuts will achieve little

    9 Mar 2009

    The recent announcement by Northern Rock that it intends to return more actively to the lending market is likely to be widely welcomed, particularly by the broker community where it has historically distributed the majority of its funds.

  • Mortgage Intelligence offers buy-to-let exclusive with RBSIP

    13 Mar 2009

    Mortgage Intelligence has launched an exclusive two-year fixed rate buy-to-let deal for its appointed representatives at 5.95%.

  • Mortgage lending falls further in January

    12 Mar 2009

    Mortgage lending activity continued to reduce in January with only 23,400 mortgages completed, down from 32,400 in December and 48,600 in January 2008, shows figures from the Council of Mortgage Lenders.

  • Mortgage Talk signs with L&G network for five more years

    11 Mar 2009

    Mortgage Talk has renewed its contract with Legal & General Partnership Services and has signed up with the network for another five years.

  • MP hits out at FSCS’s onslaught of building societies

    10 Mar 2009

    Ann Cryer, Labour MP for Keighley has attacked the Financial Services Compensation Scheme's "onslaught" of building societies.

  • MTE to give away luxury weekend on millionth transaction

    12 Mar 2009

    The Mortgage Trading Exchange is giving away a luxury weekend to the broker that processes the millionth transaction on the platform.

  • Nine arrests made in £40m mortgage fraud inquiry

    10 Mar 2009

    City of London Police have arrested nine people today in connection with an investigation into a suspected £40m mortgage fraud.

  • OFT bans two East London estate agents

    11 Mar 2009

    The Office of Fair Trading has banned two East London estate agents from trading after they were convicted of a string of serious violent offences.

  • OFT to investigate competition among banks

    13 Mar 2009

    The Office of Fair Trading is to investigate whether market competition will be unfairly hampered by banks propped up by the government.

  • OFT to monitor public owned banks over competition concerns

    10 Mar 2009

    The Office of Fair Trading is to investigate whether market competition will be unfairly hampered by banks propped up by the government.

  • Paaleads.com offers free lead buying review

    13 Mar 2009

    Paaleads.com is offering brokers a free review of the way they buy leads to ensure they are making the most of their marketing budget.

  • Packaging market still has mileage, claims BDS

    11 Mar 2009

    BDS Mortgage Group says there is still mileage in the packaging market as it reports an increase in enquiries, conversion and packaged applications for February.

  • Parliamentary debate over FSCS levies kicks off today

    10 Mar 2009

    A parliamentary debate is taking place today looking at whether building societies are having to pay too much of the cost of compensation for Bradford & Bingley and other failed banks.

  • Pink launches two-year fixed rate with Abbey

    10 Mar 2009

    Pink Home Loans has launched a two-year fixed rate remortgage deal at 3.59% with Abbey for Intermediaries.

  • Pink sees bumper month for AR applications

    9 Mar 2009

    Pink Home Loans has experienced a bumper month in terms of appointed representative business writer applications.

  • Playing poker and snap with the global economy

    10 Mar 2009

    US President Barack Obama has a reputation as a pretty cool poker player which may well explain the massive gamble he is taking on turning the US economy around.

  • PMS' first roadshow of the year set for NI

    9 Mar 2009

    PMS plans to hold the first of its two roadshows this year in Northern Ireland, at the Templepatrick Hilton hotel on March 25.

  • PMS launches large loan service

    10 Mar 2009

    PMS has launched a new commercial partnership with specialist broker largemortgageloans.com to deliver a large loan referral service for PMS members.

  • PPI is dead, long live PPI provided the regulator demonstrates real leadership.

    13 Mar 2009

    There was huge rejoicing in The Wizard of Oz when the first of the wicked witches was killed. Similarly, joy seemed to be unrestrained after the demise of single premium PPI.

  • RBSIP cuts two-year fixed rate deals

    12 Mar 2009

    Royal Bank of Scotland Intermediary Partners is reducing its two-year fixed rate deals with rates starting from 3.59%.

  • Reinvent Mortgage Indemnity Guarantees, says AMI

    12 Mar 2009

    The Association of Mortgage Intermediaries is calling for Mortgage Indemnity Guarantees to be resurrected to help lenders offer higher LTVs.

  • Repossession sales push housing activity up 10%, says AMG

    10 Mar 2009

    Sales of repossessed properties have increased significantly compared with this time last year, asset management firm The Asset Management Group claims.

  • Repossessions push housing activity up 10%, says AMG

    9 Mar 2009

    Sales of repossessed properties have increased significantly compared with this time last year, asset management firm The Asset Management Group claims.

  • Rethink on arrears charges is needed

    9 Mar 2009

    The issue of mortgage arrears penalty charges has been in the media spotlight recently.

  • Rock repossession stock leaps 63%

    9 Mar 2009

    Northern Rock's number of unsold repossessed properties rose by a massive 63% in a year, its annual results reveal.

  • Safe Home Income Plans rebrands

    9 Mar 2009

    Safe Home Income Plans, the equity release trade body has rebranded with a new logo and website.

  • Savills Private Finance reveals modest profit

    11 Mar 2009

    Savills has released its results for 2008, showing a profit of just under £500,000 for its Savills Private Finance arm, compared to £5m last year.

  • Sesame TCF study highlights importance of advice

    12 Mar 2009

    Independent consumer research commissioned by Sesame as part of its TCF assessment work has highlighted the value that the public places in professional financial advice.

  • Shared ownership could be the new sub-prime

    9 Mar 2009

    Some lenders are starting to classify shared ownership mortgages as sub-prime as borrowers begin to staircase down instead of up, the Communities and Local Government Committee has warned.

  • Simon White unveils new surveyor firm

    12 Mar 2009

    Industry stalwart Simon White has launched a firm called London’s Chartered Surveyors and Valuers.

  • Singled out

    9 Mar 2009

    The Financial Services Authority recently wrote to regulated firms stating that sales of single premium payment protection insurance for unsecured lending should cease by May 29 - some 17 months before the ban on single premium PPI policies comes into force.

  • Sleep tight

    9 Mar 2009

    Since things went a bit t*ts up in the economy the old chestnut "you're safer keeping your money under your bed" has been widely touted.

  • Stockton gets top sales job at Lloyds

    9 Mar 2009

    Nigel Stockton has been made sales director of mortgages at Lloyds Banking Group.

  • Sub-prime sector sees 29% arrears

    9 Mar 2009

    Sub-prime arrears in the UK rose to 28.6% in Q4 2008 from 25.1% in the previous quarter, a report from Standard & Poor's reveals.

  • TCF reports record enquiry levels

    11 Mar 2009

    TCF Debt Solutions, the Wilmslow based debt advice specialist has seen a doubling of broker enquiries since the beginning of 2009.

  • Telos Solutions reminds brokers to prepare for FSA deadline

    10 Mar 2009

    Telos Solutions, the change management and regulatory compliance consultancy has launched a campaign to remind mortgage and general insurance brokers to review their compliance, internal audit, risk and outsourcing audit processes before the end of April 2009.

  • The Last Post?

    9 Mar 2009

    Sad days all round as I, like the rest of Cobalt’s brilliant staff, have just been made redundant as the company has been put into administration.

  • The mysterious value of homes with a river view

    9 Mar 2009

    A phrase often used by estate agents when describing homes is 'with a river view', but it's also one that is open to wide interpretation.

  • The reckoning

    9 Mar 2009

    If you were expecting any surprises from the flurry of banks' annual reports released in the past few weeks you'll have been disappointed. For the majority of lenders, the most dismal predictions were realised with total losses from the banking sector in 2008 reaching staggering levels. And if anyone had any doubts about the severity of the decay the financial services industry is experiencing, they must surely have been dispelled.

  • Time to give affiliate marketing a try

    9 Mar 2009

    A debate that always takes place when times are hard surrounds marketing - do you bin your marketing budget to cut costs, cut it, leave it as it is or even up it, which will keep your name in the public eye and, the argument goes, generate a slingshot effect when the market rebounds?

  • Top down

    9 Mar 2009

    If you're the Queen of England and you have the right to do pretty much anything you want, you'd think you'd be able to dodge the credit crunch. Not so.

  • Tories call for greater protection for tenants

    13 Mar 2009

    Conservative shadow housing minister Grant Shapps is calling for lenders to give tenants more notice when the property they live in is facing repossession.

  • Twittering

    9 Mar 2009

    If you've been whiling away the hours checking out what the stars are up to on Twitter, you may be interested to know that your favourite mortgage magazine has joined the networking site. Yes, Mortgage Strategy is all Twittered up and ready to be followed by those who dare.

  • Uncool

    9 Mar 2009

    Any would-be skiers about to jet off to the pistes should take heed of the recent experience of Cobalt Capital's Andrew Montlake.

  • We help brokers bridge the upfront income gap

    9 Mar 2009

    I would like to clarify Paymentshield's position regarding mortgage payment protection insurance, as the letter from Alex Groom (Mortgage Strategy February 16) erroneously states that we have withdrawn from selling accident, sickness and unemployment cover via brokers.

  • Woolwich pledges to improve funds system

    9 Mar 2009

    Woolwich has vowed to work with brokers to improve its fund booking service and overcome delays on getting through to its funding desk.

  • Woolwich's process to control funds leaves me frustrated

    9 Mar 2009

    I'd like to congratulate Woolwich on its novel way of demonstrating how much it values advisers. And might I also take this opportunity to commend it on its prudent approach to controlling its money supply.

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