Mortgage Strategy
9 September 2002

  • Abbey joins Genesis panel

    9 Sep 2002

    Genesis Home Loan's mortgage club, Genesis Approved, has appointed Abbey National to its lender panel, allowing its members to use them for both paper based and online mortgage applications. Abbey National offers advanced facilities to its users such as sixty second online AIPs, time saving online application forms, case tracking facility and other features, all of which Genesis Approved club members can use. The products that are offered cover both purchase and remortgage ...

  • Abbey offers quick link to banks' products

    9 Sep 2002

    Abbey National for Intermediaries was officially launched last week and aims to offer a simple route to the banks portfolio of products and services, writes Robert Cooksey. As exclusively revealed in Mortgage Strategy last month, the new operation means that, by January 2003, intermediaries will have access to all of Abbey National's UK intermediary products, services and brands through one point of contact. Ambrose McGinn, sales and marketing director, says: "It has been created ...

  • ARLA survey shows rental returns average 6.3% over summer

    11 Sep 2002

    In probably the largest survey of its kind, the new quarterly survey of the buy-to-let Market issued by the Association of Residential Letting Agents, ARLA, shows that the average rental return on a buy-to-let investment was 6.3% during the summer. However, there was a marked difference between the rates of return experienced throughout the country, with prime central London at 5.6%, the rest of the South East at 6.1% and the rest of the country at 7.0% Although this ...

  • Bristol & West joins APS Europe mortgage club

    12 Sep 2002

    APS Europe mortgage has announced that Bristol & West has joined its panel, making a total of 36 lenders that can be accessed by mortgage introducers through APS. Bristol & West's portfolio of products includes the market-leading 4.89% five-year fixed rate plus flexible, buy-to-let, self-certification and adverse credit mortgages. APS Europe offers members enhanced procuration fees and exclusive products primarily on a direct submission basis. For more information ...

  • BSA backs IoD qualification

    9 Sep 2002

    The Building Society's Association (BSA) has provided a strong endorsement of the IoD's (Institute of Directors) Chartered Director qualification as two directors from the industry attained the qualification. Peter Rowley, chief executive of Darlington Building Society and Guy Thomas, finance director at the Staffordshire Building Society both achieved the qualification. The IoD's Chartered Director is the world's first professional qualification for directors, ...

  • Buy-to-let still strong

    9 Sep 2002

    New CML figures belie rumours of a buy-to-let collapse, showing that more than 58,000 loans, worth £5.5 billion, were taken out in the first six months of this year. These strong figures increase the estimated total of residential investment mortgages to 233,000, worth a total of £19.1 billion. More than one-third of new advances in the first half of this year were remortgages from other lenders. In the preceding six months, 42,000 loans, worth £4.1 billion, were arranged. ...

  • Buy-to-let's just booming, say IMLA

    9 Sep 2002

    The Intermediary Mortgage Lenders Association (IMLA) has released findings of its latest survey, reviewing the opinions of mortgage intermediaries on the buy-to-let market. At a time when much is being written about the future of the buy-to-let market, IMLA's research provides a useful insight into the views of the mortgage intermediary. IMLA's research also indicates that whilst there has been adverse publicity surrounding the future of the buy-to-let market, only ...

  • CA concerned about possible return of SAMs

    9 Sep 2002

    The Consumers' Association has warned that the possible return of high-risk, shared appreciation mortgages (SAMs) should be treated with caution as the equity release market continues to boom. The CA says buying a SAM is "effectively gambling on the property market" and adds that, if you lose the bet and property prices increase quickly, you can end up owing a fortune. The latest issue of Which? highlights the case of an 85-year-old who borrowed £37,500 in 1998, 25% of ...

  • Charcol predicts mortgage giveaway as fixed rates stage a comeback

    13 Sep 2002

    Despite the ongoing no change verdict from the Bank of England on base rate, the best two and five-year fixed rates have slid down by 0.85% and 0.70% respectively in the last three months. Added to that, today's borrowers now have access to the lowest five, seven and ten-year fixed rates in living memory. Even though swap rates have edged upwards this week, Charcol predicts that more lenders will drop their rates in line with the current market leaders in the coming weeks. Ray ...

  • CML says equity stakes could bridge social gap

    9 Sep 2002

    Allowing tenants to buy a share of the equity in their home could help improve the status of social housing and bridge the gap that prevents some people from becoming homeowners. In an article in Housing Finance, a journal published by the CML, it is suggested that equity stakes for social housing tenants could help spread the benefits of owning property. The article suggests that schemes offering equity stakes could be developed to meet localised conditions but would need to be fair ...

  • Confidence: bang on schedule

    9 Sep 2002

    Confidence doesn't come cheap and when it comes to taking mortgage exams, real confidence has to be earned. Andy Couchman knows how important it is to audit your study processHow is your studying going? Can you really answer that question or do you just have a gut feeling about your state of progress? Does it matter? Well, yes, it does. Only by knowing where you are now can you decide where best to concentrate your study efforts. The question is, what is the best way to determine ...

  • CP146 attracts readers

    9 Sep 2002

    Figures from the Financial Services Authority and research from Future Mortgages show that a significant number of brokers have read at least some of Consulation Paper 146 on regulating mortgage sales. The FSA says that beween August 12 and 31, just over 2,100 people downloaded a copy ofCP146, and the online document has received 2,600 'unique' visitors. The FSA has also sent out 183 hard copies. The paper is a chunky 365 pages long and weighs in at over four pounds when ...

  • CP146 is contradictory on advice, says CML

    9 Sep 2002

    The Council of Mortgage Lenders is seeking "absolute clarity" on what constitutes advice, pointing out an apparent contradiction in CP146. The main part of the paper states that for 'advice' to apply, a particular mortgage product and a particular product provider need to be mentioned. The accompanying guidance notes, however, state that if a consumer is recommended to change (or not change) a mortgage from a variable rate to a fixed rate, that would constitute 'advice', ...

  • Don't knock the packagers

    9 Sep 2002

    The old transparency argument has reared its head again and this time it's over packaging fees. A packager fee is a fee paid by a lender to a third-party company for an outsourced administration facility. The packager employs the underwriters, salespeople, receptionist and mortgage enquiry desk personnel. Basically, it's a bank or building society under a different name. With the impending FSA regime, the natural reaction for many is to knock other parts of the industry to ...

  • Drop-in option

    9 Sep 2002

    Yorkshire Building Society has launched a "drop" mortgage whereby borrowers can take a three year tracker with the option to drop into a fixed rate at any point and without any charge. Borrowers signing up for the deal will be able to take advantage of a low base rate with the security of stabilised payments when rates increase. Like all Yorkshire mortgages, it is fully flexible, allowing lump sum repayments, over payments, underpayments and payment holidays at any time without ...

  • ERA launches first of new-start estate agents

    13 Sep 2002

    Global estate agency franchise ERA has launched the first of it's new-start estate agents in Seven Kings, Ilford, Essex. IFA Divyesh Patel and Kamal Joshi, who has had a long career in investment property management, jointly own the new estate agency. David Abbott, a property professional well versed in all aspects of estate agency and experienced in setting up and launching new offices, heads the office. Abbott says: "I believe that everything we do is positively ...

  • Europe's top mortgage leaders to gather for a high-level industry summit

    12 Sep 2002

    Europe's top mortgage leaders and mortgage bond issuers will gather in Madrid from September 22-24 for EuroCatalyst 2002, an industry-wide event focused on the future of mortgage lending and housing finance in Europe in the context of globalisation and the challenges of Basel II. The conference theme addresses the gap between local aspects of mortgage lending and national market structures vs. global funding activities, placing the entire event in the context of the question, ...

  • European Commission credit plan could "kill off" flexible mortgages

    13 Sep 2002

    Flexible mortgages, which have proved highly popular with consumers in recent years, face a "death threat" from European consumer credit proposals, the CML warned yesterday. In a speech to conference delegates in Edinburgh at the CML Scotland annual conference, CML director general Michael Coogan criticised "paternalistic" European Commission proposals for a directive, published on Wednesday, which would require lenders to provide advice for customers taking out all types of consumer ...

  • Franchises: the director's cut

    9 Sep 2002

    The open letter from a reader who has lost money from a franchise, asking the MCCB to act (Letters to the Editor, Mortgage Strategy, August 27) prompts me to draw readers' attention to their rights under current law. A company director who continues to incur debt, in the full knowledge that the company is in financial difficulties, is in breach of company law. It is common practice for creditors who can prove their debt was incurred at a time when the company was in financial difficulties, ..

  • FSA, tell it to us straight

    9 Sep 2002

    Confucius was apparently a great philosopher, but I am wondering how he would get on with the current state of regulation in the mortgage industry. The FSA has decided to assume responsibility from the MCCB in 2004. Why? The main bone of contention over the years was the sale of home income plans in the late 1980s and early 1990s. Now these plans are to be re-branded as 'lifetime mortgages' and it is expected that advisers will have to sit additional exams to sell these products. That

  • Future 500 brokers reveal service is more important than rate

    11 Sep 2002

    Future Mortgages' survey of their top 500 mortgage brokers has revealed that headline rates rank third in importance behind service and individual underwriting. The Future 500 quarterly survey asked mortgage brokers to declare the factors that were most important when dealing with a lender. The results were as follows: 48% chose service, 30% picked individual underwriting, 19% headline mortgage rate, and 3% online applications. Brian Pitt, sales and marketing ...

  • Garages drive up house values, says Virgin One

    12 Sep 2002

    Britain's car crazy culture means that building a garage is now the best way to increase the value of your home, says Virgin One. According to valuers for the Virgin One account, kitchen and bathroom refits no longer top the table for adding value to your property, because off-road parking and a garage are now far more desirable to Britain's 23 million car owners. With recent research showing car parking as the biggest cause of rows between neighbours a garage may ...

  • GISC is speaking the consumer's language

    11 Sep 2002

    GISC (General Insurance Standards Council), the insurance watchdog, is continuing its campaign to raise awareness amongst consumers by launching a Gujarati translation of its popular consumer leaflet with the promise of more translations to come. The leaflet, which in English was awarded the Plain English Campaign Crystal Mark for clarity, introduces the GISC code and sets out the standards of good practice that GISC members must follow. Catherine Nicoll, head of communications ...

  • GMAC-RFC announces improvements to its STAR product

    12 Sep 2002

    Continuing the success of its STAR product, GMAC Residential Funding has announced an increase of 0.25% on both the discount options, as well as adding a two-year fixed rate feature. Unlike traditional self-certification products, STAR claims to be in a unique market, offering the client minimal fuss with a "no income stated" and "no reference" guarantee, up to 90% loan to value. The only requirements are a completed application form (without income details) and an application ...

  • GMAC-RFC closes latest securitisation

    10 Sep 2002

    GMAC-RFC has closed its latest UK non-conforming securitisation lead, managed by Bear Stearns International Limited. The issue is co-led by RFSC International Limited, GMAC-RFC's broker-dealer, and co-managed by Barclays Capital, Deutsche Bank and ING. Stephen Hynes, capital markets director at GMAC-RFC, says: "We are delighted to be in the market again this year and this is due to the continued high business volumes. Consequently we have seen good investor appetite. ...

  • GMAC-RFC offers a 3.99% fixed rate until 2005

    12 Sep 2002

    GMAC-RFC has launched a 3.99% fixed-rate deal for mainstream borrowers available until January 1 2005 up to 75% LTV. There is also a new 4.19% deal, fixed to 1st January 2005, up to 95% LTV. Both products are only available through intermediaries and carry an introducer payment of 0.35%. These rates also offer a no early repayment charge tail, combining fixed rate protection with the flexibility to review options at the end of the fixed rate period. Income multiples ...

  • Good with figures? Then you'll be good with figures, says Bir Mids

    10 Sep 2002

    The grey reputation of bank managers or independent financial advisers and accountants may be boosted by findings released by Birmingham Midshire last week. The sub prime specialist revealed financial nous was a significant factor of attraction for one in five women, with 19% claiming good money management is a quality they find attractive in a potential partner. The survey, which investigates what Britons look for in a relationship found that top 'turn-ons' for ...

  • HLP appoints new head of compliance

    13 Sep 2002

    Mortgae network HomeLoan Partnership has announced the appointment of Kevan Nicholson as head of compliance. Nicholson joins HLP from PriceWaterhouseCoopers where he worked on a number of high profile projects. Steve Hoare, managing director of HLP, says: " I am delighted that Kevan has decided to join us, he has compliance experience across the financial sector. He has also had considerable experience in dealing with the FSA and the current requirements for authorised bodies." Nicholson

  • HSBC breaks ranks with banks on overdraft charges

    11 Sep 2002

    HSBC Bank will be the first 'big six' bank to scrap its unauthorised overdraft rate. HSBC is also cutting its standard overdraft rate to 14.8% EAR (from 18.3% EAR). The changes will be effective from 29 November 2002 for the bank's six million personal customers. They mean HSBC's unauthorised overdraft rate of 29.5% EAR will be replaced by the standard rate of 14.8% EAR. HSBC will also automatically waive charges for small and infrequent excess overdrafts. ...

  • IMA launch new campaign

    9 Sep 2002

    The Independent Mortgage adviser Network Ltd (IMA) has launched its 'Wish You Were Here?' campaign. Reminding advisers of the looming deadline for mortgage qualifications, the campaign promotes IMA's complete range of support including revision days. Pam Hawkins, general manager at IMA, says: "In light of CP146 and the increasing demand for qualifications, advisers need support from a well established network. Being part of the Tenet Group, IMA brings over ...

  • In response to CP146: failed by the Mortgage Code

    9 Sep 2002

    I managed a professional and credible mortgage brokerage working to transparency and quality of service and advice. My background is in high street lending, business development and underwriting with a major bank/building society. I am fully qualified with FPC and MAQ, I have embraced change and regulation, and I have fully supported the Mortgage Code in demonstrating quality advice and the provision of a high-value, quality service on the high street. Every step of the way, I have ...

  • Industry should embrace house-buying reform, says CML

    10 Sep 2002

    The house buying process will be further transformed by wider application of technology and greater recognition of the needs of consumers, according to new research published yesterday by the CML. The research identifies a series of flaws with the current system including a susceptibility to delays that produce stress and dissatisfaction among buyers and sellers of property. The time taken between accepting an offer and exchanging contracts is slow by international standards ...

  • Interest rates held - for the eleventh time

    9 Sep 2002

    The Bank of England has held interest rates at 4% for the eleventh consecutive time. The Bank of England Monetary Policy Committee announced the news on Wednesday, with no change to the UK's repo rate. The most recent change in interest rates was in November 2001, when the MPC announced a 0.50% reduction to 4.0%. Ian McCafferty, chief economic advisor at the Chamber of British Industry, says: "The global economic recovery is in danger of losing momentum and UK consumers are ...

  • Internet banking facing huge shake up

    10 Sep 2002

    Internet banking is causing the biggest shake up in the UK financial services industry since the 17th Century, claims one expert. In a presentation given yesterday in London, Feng Li, Professor of E-Business at the University of Newcastle, told conference delegates that new companies are posing a major threat to the traditional banking industry by cleverly adapting to the 21st Century 'Martini' customer, who demands banking 'anytime, anywhere, anyplace'. Professor ...

  • Leeds & Holbeck launches five-year-fixed rate at 4.85%

    13 Sep 2002

    Leeds & Holbeck Building Society has launched a new five-year fixed rate mortgage offering a rate of 4.85% until November 2007. The mortgage is available up to 95% of the property value and has no higher lending fee up to 90% LTV. The loan has a completion fee of £299 and comes with no extended lock-ins. Borrowers also receive free payment protection insurance for six months. The Society is also launching a new three-year fixed rate mortgage at 4.99 until November ...

  • Legal & General guides IFAs on e-mail marketing

    11 Sep 2002

    Legal & General has updated its IFA Marketing Guide with new information to help IFAs undertake e-mail marketing. The new insert supplements existing information on point-of-sale promotion, public relations, the internet, press advertising, seminars and database management. E-mail is rapidly growing in importance as a tool to not only retain and cross-sell to existing customers but also to acquire new customers. It is also used to convert enquiries into leads, undertake ...

  • Legal & General guides IFAs on e-mail marketing

    11 Sep 2002

    Legal & General has updated its IFA Marketing Guide with new information to help IFAs undertake e-mail marketing. The new insert supplements existing information on point-of-sale promotion, public relations, the internet, press advertising, seminars and database management. E-mail is rapidly growing in importance as a tool to not only retain and cross-sell to existing customers but also to acquire new customers. It is also used to convert enquiries into leads, undertake ...

  • Legal & General makes cash-raising bid

    11 Sep 2002

    Legal & General, Britain's third-biggest life insurer, yesterday announced it would issue new shares to raise £786m for domestic expansion. Like many other insurance firms, L&G has seen its financial strength eroded by tumbling stock markets. In July, it reported a first-half loss of £113m, but L&G has a strong balance sheet compared with its peers such as Royal & SunAlliance. Other insurers have or are planning similar moves to raise cash to bolster their ...

  • Life company's go live with digital certificate

    9 Sep 2002

    Prudential, Norwich Union and Skandia have gone live with UNIPASS, the first-ever standard digital certificate for the UK's financial services industry. Prudential, Norwich Union and Skandia announced that UNIPASS, the new individual digital certificate available to every financial adviser in the UK, is now live and free and may now be used to access their company extranets. There are 14 other major life companies that are also in the process of implementing the digital ...

  • Losing out on compensation

    9 Sep 2002

    Abbey National is the latest lender to be told by the Financial Ombudsman that it was wrong to charge one set of borrowers a higher variable rate for their mortgages than others. Borrowers complained in droves, Abbey appealed and lost, and it has now agreed to compensate customers who complained (there are about 1,000 cases with the Ombudsman), but it did not agree to compensate all the borrowers who lost out because of the dual rates. This approach is as mean-minded ...

  • M2000 announces general insurance offering

    10 Sep 2002

    Mortgage sourcing system provider Mortgage 2000 yesterday announced that its 7,500 subscribers will now be able to access insurance products quoted on The Source through the Mortgage 2000 sourcing system at no extra cost. The integration with The Source comparative quotations software allows data to be transferred between the two systems and provides all the required functionality within one software package. This offers the broker even more convenience enhancing the overall product ...

  • Majority of Chelsea Flexiplan borrowers plan to repay their mortgage early

    12 Sep 2002

    In a recent survey 72% of Chelsea Building Society Flexiplan borrowers say they plan to repay their mortgage early. The survey was undertaken to coincide with the launch of the Flexiplan Discount mortgage, launched in July 2002, which features a 0.9% discount off the society's SVR, currently resulting in a pay rate of 4.79%. The survey found that 28% of borrowers wanted the flexibility that the mortgage offered whilst 26% wanted to be able to make overpayments. 29% ...

  • Millions more sent shortfall warnings says IPTC

    10 Sep 2002

    Leading insurance companies have announced that millions more people are being sent letters warning them of likely shortfalls in paying off their mortgages through endowment policies. The first issue of such letters was in 2000 but now, according to new research by the Association of British Insurers, more than six million policies are believed to be in trouble. Little information exists to help policyholders understand why shortfall have occurred, or how different types ...

  • Moneynet.co.uk expands services

    9 Sep 2002

    moneynet.co.uk has added a directory of providers to its portfolio of products and services. It currently lists providers from the borrowing, savings and insurance areas. Visitors to the site can now use the directory to access specialist providers in two ways either by choosing a provider's name from a drop down list or via one of the enhanced listings in the section. Richard Brown, MD of moneynet says: "By providing these comprehensive and independent listings, ...

  • More brownfield land available

    13 Sep 2002

    More brownfield land is available for development according to figures published this week. The continuing supply of brownfield land is important for the provision of affordable housing. The government's target is for 60% of new developments to be built on previously developed land and through conversion of existing buildings by 2008. The new figures, provided by the National Land Use Database (NLUD), show that shortage of land is no obstacle to exceeding this target. Planning ...

  • Mortgage industry needs to get online

    9 Sep 2002

    A leading e-commerce company has warned that mortgage brokers must embrace technology to ensure they comply with forthcoming industry regulation. Nigel Smith, director of market propositions at Focus Solutions, which provides e-commerce tools and financial planning solutions to the financial services industry, believes that the mortgage industry must catch up with the level of electronic trading in the life and pensions market. New research by Focus suggests that life and pensions ...

  • Mortgages PLC issues debt warning

    9 Sep 2002

    Mortgages PLC is warning that the unprecedented levels of consumer debt in the UK cannot be sustained in the long term. Peter Beaumont, sales and marketing director of Mortgages PLC, says: "Evidence shows that consumer borrowing in the UK is at record levels. Total household debt stands at around £720 billion. "51 million credit cards are in circulation held by 25 million people and in the last year alone expenditure on them has leapt from 83 to 91 billion. Borrowers ...

  • MortgageSecure launches lending arm

    9 Sep 2002

    Home Counties packager MortgageSecure is launching a branded lending arm with GMAC-RFC. Luton-based MortgageSecure was launched three years ago, and packages non-standard mortgages for intermediaries in and around the northern Home Counties - Bedfordshire, Buckinghamshire, Hertfordshire and parts of North London. Partners Paul Fletcher and Don Wilson both have 25 years in the business, and Wilson was lately head of intermediary mortgage sales at Alliance & Leicester. He says: ...

  • My mortgage week

    9 Sep 2002

    Monday It's always hard to get up on a Monday morning. I struggle out of bed and into the bath at 6.30am. I'm out of the house by 7am and go straight to the Post Office to collect the mail - the usual huge Monday morning pile. I like to prepare all the post and sort out everyone's workload by the time my staff arrive. I receive a call from Gary Webster of UCB Homeloans at about 10.30am, asking if I can be free if he pops in at about 11.30. He arrives bearing his reply card ...

  • NatWest to target commercial mortgage sector

    9 Sep 2002

    NatWest is planning a "major push" to increase the amount of commercial mortgage business it gets through intermediaries. The proposition, to be launched at the end of the year, will allow intermediaries easy access to NatWest business managers across the country, and will also offer better fees and help with packaging. Charles Haresnape, head of mortgage sales at NatWest, says: "We have been involved in the commercial mortgage market for a long time but we need to make that more ...

  • New director at Global Home Loans

    10 Sep 2002

    Global Home Loans (GHL), the UK's largest end-to-end third party mortgage administrator, has announced the appointment of Adam Sutton as director of change & client relations. Sutton will be responsible for managing existing client relationships and integrating new clients as well as change management and strategic planning. The 36-year-old has seven years' experience with Cap Gemini Ernst & Young (CGEY), where he specialised in strategic management consultancy. ...

  • New fixed rate from The Marketplace at Bradford & Bingley

    11 Sep 2002

    The MarketPlace at Bradford & Bingley, the UK's largest mortgage broker, has launched what it claims to be the best two-year fixed rate product on the market for remortgages. The two-year deal, funded by the Co-op Bank, has a rate of 4.25% and no valuation or legal fees. There is a 4.25% initial rate fixed to October 31 2004, which reverts to a five-year tracker rate (currently Bank Base Rate + 0.59% up to 75% LTV and Bank Base Rate + 0.79% over 75%) at the end of ...

  • Preferred Mortgages launches new fixed rates

    10 Sep 2002

    Preferred Mortgages has this week announced the release of its new fixed rate products The new mortgages have been available since yesterday, with non-conforming borrowers offered rates starting from only 5.49%, fixed until October 31 2003. The products are available to all customers that do not meet conventional high street lending criteria and can offer up to 85% LTV to customers with any level of adverse credit. Simon Biddle, marketing development manager for Preferred ...

  • Remortgage market strengthens

    9 Sep 2002

    Mortgage Talk Direct, the direct selling arm of Mortgage Talk, has just revealed statistics that show a strengthening trend in the remortgage market during the second half of 2002. These figures are bolstered by news from the Council of Mortgage Lenders, that shows around a third of all UK mortgage activity is now accounted for by remortgages - up from 25% two years ago. According to Mortgage Talk Direct, 14% of its customers and prospects had remortgaged during the ...

  • Service winners

    9 Sep 2002

    Despite saying they compete on customer service, results from the Which? magazine members' annual customer satisfaction survey, show that the Big Four banks still trail behind smaller competitors. The survey finds that Barclays, LloydsTSB and NatWest are still in the bottom category for satisfaction and HSBC is only average - only 30% of LloydsTSB customers were very satisfied compared with 80% of Smile clients. Barclays and NatWest fared little better at 35% and 31% respectively. Best ...

  • Share falls threat to house prices

    11 Sep 2002

    The stock market falls of the past two years could yet trigger a slide in house prices, according to an influential new report. A 42% surge in UK real property values between 1995 and 2001, largely fuelled by the late nineties stock market boom, ran ahead of the economic growth of those years. The warning comes in the quarterly report of the Bank for International Settlements, which produces research for central banks. BIS economist Greg Sutton says: "The ...

  • Skipton offer new two-year discount on remortgages

    10 Sep 2002

    Skipton Building Society yesterday launched a new flexible two-year discount mortgage, designed exclusively for remortgage customers and offering an initial pay rate of 3.45%. The product carries a rate of 2.25% discount off variable rate (currently 5.70%) in year one, with an initial pay rate of 3.45% and a 1.00% discount off variable rate in year 2. The deal is available up to 95% LTV, with free MIG up to 90% LTV, free legal fees and flexible benefits such as daily ...

  • Small Change makes Big Difference

    11 Sep 2002

    Yorkshire Building Society's Small Change Big Business Scheme has raised over £100,000 for local charities. The society asks its customers to join a scheme where they donate the odd pence interest accrued on their accounts. All donations are given to the Yorkshire's Charitable Foundation, which acts as a focal point for its charitable giving. The scheme was only launched two years ago but already over 200,000 members have signed up to it. In 2001 the Foundation supported ...

  • So many ways to raise those walls

    9 Sep 2002

    The UK probably has more methods of constructing homes than any other country in the world - and the number is growing all the time. Research just published by the Council of Mortgage Lenders shows new building techniques, market pressures, planning policy and building regulations are forcing construction firms to reconsider the way houses are built. And the huge demand for new homes and a shortage of conventional building skills are adding to the drive to build more houses using non-traditional

  • Stay-put Brits move within 10 miles - if at all

    9 Sep 2002

    Over a third of people have lived in their current home for at least 10 years, with those that do move tending to stay in the same area, research from Halifax Estate Agents reveals. The data also reveals that when people do move, only a quarter of those interviewed had moved more than 10 miles away from their current house. Some 36% of those questioned had not bought a home in the past 10 years with regional variations revealing Midlanders as the most content - with some 39% of ...

  • Survey shows confidence over next 12 months

    9 Sep 2002

    Exclusive research from Future Mortgages' survey of 500 mortgage intermediaries shows that over half (55%) thought that mortgage business would rise over the next 12 months, while 32% thought it would stay the same. But 1% of brokers do not expect to be trading in the second quarter of 2004, when advice becomes regulated, while 2% are unsure. Only 13% felt business would fall. Three-quarters of brokers say their level of mortgage business has risen over the past three months. The ...

  • TBMC goes into partnership with MISYS

    9 Sep 2002

    The Business Mortgage Company (TBMC) has launched a joint project with MISYS Mortgage Services Platinum Club. Cardiff-based TBMC acts as a broker for commercial mortgage business and is a packager for buy-to-let business. Its full range of facilities is now open to MISYS Mortgage Club members following the launch of the partnership on Friday. TBMC will underwrite deals supplied by MISYS network members and advise brokers on the most suitable deals, in addition to negotiating on ...

  • The Mortgage Mole

    9 Sep 2002

    Figures... Mole's eyesight has been known to let him down in the past, but the effect of seeing one mortgage adviser caused him to rub them once or twice last week. It's not often you'll hear the phrases 'natural beauty' and 'financial adviser' in the same sentence, but there's a first time for everything. Step forward Laura Barnden (see below), mortgage adviser from Wilmington, Kent. Mole spotted Barnden's entry into FHM magazine's 'High Street Honeys' ...

  • This week's problem case

    9 Sep 2002

    Mr Foster has CCJs totalling £2,500 and six defaults because of a protracted divorce and an internet business that went bust two years ago. He has been in rented accommodation since his house was repossessed, again two years ago, and has saved £4,500. Recently, he received £10,000 as an inheritance. With this money and a salary of £30,00 from a new job as an IT consultant he now wishes to buy a house in the outskirts of Leeds for £145,000. Intermediary ...

  • TMB misses the boat

    9 Sep 2002

    With reference to the item on your web site (www.mortgagestrategy.co.uk) today (Mortgage Strategy, September 3) entitled "Demand for holiday homes soars" and covering some research from The Mortgage Business, I thought the following research conclusion was rather surprising. "In addition, the research reveals that repaying an existing mortgage remains the most popular reason for remortgaging, with 40% of people switching to TMB to pay off existing mortgages and fees." As you can't ...

  • Twisted plot

    9 Sep 2002

    The complexities of building your own house from scratch are matched only by the complexities of arranging the financing for 'self-build' projects. Harvey Jones invites Mortgage Strategy readers into his lovely dream home...As the nation feasts on TV home makeover programmes, people are looking to do more than simply remodel their kitchen or landscape their garden: they want to build their fantasy property from scratch. Building, restoring or converting a property is a much bigger ...

  • UCB Home Loans launches lowest ever self-cert fix

    9 Sep 2002

    UCB Home Loans today launches its lowest ever fixed rates across its self-certification range of mortgages. All self-certification and buy-to-let fixed rates have been reduced by 0.3%. Charles Reed, managing director, UCB Home Loans, says: "These new rates are our lowest ever and offer those borrowers who are looking for the stability of a fixed rate mortgage a very competitive deal."

  • Valuations without the human touch

    9 Sep 2002

    Q: When did UK Valuation launch? A: The company was set up in 2001 and is a subsidiary of Countrywide, the third largest originator of mortgages in the US market. UK Valuation brings automated valuation technology to the UK after Countrywide developed it for the US market seven years ago. Countrywide is the majority shareholder in UK Valuation. The company was set up after a consortium of UK lenders suggested we combine automated valuation technology with their property databases. ...

  • Why the APR holds little interest Mortgage repayment measure APR

    9 Sep 2002

    Whether it's used to recalculate repayment on mortgages, personal loans or credit cards, Frank Chacko says the Annual Percentage Rate is the wrong solution to a complex problemThe recent all-party Treasury Select Committee report commented that credit card charges were incomprehensible, and that although the market was 'highly contested', the "lack of transparency in the credit and charge card industry acts against meaningful competition". It is bizarre that the Treasury Select ...

  • You're simply the best

    9 Sep 2002

    I have just read your August 19 issue and was prompted to write and say how much I enjoy Mortgage Strategy. The commentary on CP146 was straightforward and informative, the readers' views were interesting and wide-ranging, and I enjoyed the photo and caption of Verso's Eddie Smith and The Mortgage Partnership's John Mawdsley. Keep up the good work.

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