Mortgage Strategy
Natalie Thomas Editorial

Barclays boosts mortgage lending in 2011

10 Feb 2012

Barclays has reported new gross mortgage lending of £17.2bn in 2011, up from £16.9bn in 2010.

Castle Trust still waiting to hear from regulator on authorisation

6 February 2012

Castle Trust says it is still awaiting authorisation from the Financial Services Authority, after failing to launch on December 1, 2011.

Portillion expects to name chief financial officer soon

6 February 2012

Would-be lender Portillion says it is close to appointing a new chief financial officer, following the resignation of CFO David Hill.

Shelter backs CML's call for SMI to be paid at individual mortgage rates

6 February 2012

Shelter is supporting the Council of Mortgage Lenders’ call for the government to change the way in which it calculates support for mortgage interest payments.

All talk and no action: Labour peer on Shapps

30 Jan 2012

A Labour peer has hit out at housing minister Grant Shapps, accusing him of using housing policies to grab headlines.

Version 9 on track as TrigoldCrystal sees profits double

30 January 2012

TrigoldCrystal saw pre-tax profits of £614,682 for the year ending November 30 2011, almost double its £319,360 profit in 2010, its chief executive has revealed.

Drawdown benefits are not promoted enough

30 January 2012

Not enough is being done to educate consumers on the benefits of drawdown plans, says Dean Mirfin, group director of Key Retirement Solutions.

OFT to investigate Mortgage Brain’s acquisition of MortgageStream

25 Jan 2012

The Office of Fair Trading is to look at the anticipated acquisition by Mortgage Brain of MortgageStream.

Law Society to step into Godiva insurance battle

23 Jan 2012

The Law Society and the Solicitors Regulation Authority have been granted ’leave to intervene’ by the High Court in a case between Godiva Mortgages and Travelers Insurance company.

John Malone will head PMS for two more years to help ride out recession

23 January 2012

John Malone, chairman of PMS, has extended his contract with the company until December 2013.

Woolwich offers its 75% deals via direct channel

23 January 2012

Woolwich says it will relaunch its 75% LTV buy-to-let range through brokers as soon as it can, after relaunching the deals through its direct channel last week.

Woolwich relaunching B2L 75% LTV direct deals

18 Jan 2012

Woolwich is relaunching its 75% LTV buy-to-let deals tomorrow, through its direct only channel.

Unfair contracts may scupper lender moves to switch interest-only clients

16 January 2012

The Financial Services Authority has warned lenders that they may not be able to switch interest-only customers to a repayment mortgage if the wording in their contracts is unfair.

Negligence claims could drop after GMAC-RFC vs Countrywide verdict

9 January 2012

A ruling in a High Court case between GMAC-RFC and Countrywide Surveyors could result in fewer lenders making claims of negligence against surveyors.

Payday loans used to fill rent and mortgage gaps

9 January 2012

Almost one million people have taken out a payday loan to help keep up with their rent or mortgage payments in the last 12 months, according to research by Shelter.

Non-advised business ban will be boost for brokers

19 December 2011

The Financial Services Authority is proposing a ban on all non-advised sales, meaning lenders’ telephone and branch based sales staff will have to gain a CeMAP qualification.

Sourcing systems' bill for exclusives shifts to lenders

12 December 2011

Lenders have agreed to bear the costs of displaying their semi-exclusive products on sourcing systems, so networks will no longer be forced to stump up for the bill.

FSA U-turn sees lenders escape the need to justify rejected applications

12 December 2011

The Financial Services Authority says brokers will not be required to ask lenders why they have refused mortgage cases, as a result of its Mortgage Fraud Thematic Review.The FSA published the review in June in a bid to crack down on fraudulent behaviour.

The Great British Property Scandal

12 December 2011

With the UK undergoing the worst housing crisis since World War II, in terms of new housing starts at least, it is not surprising that people have started to take matters into their own hands to try and fix the housing crisis themselves.

Abbey to enter B2L in next few weeks

5 Dec 2011

Abbey for Intermediaries has confirmed that it is entering the buy-to-let market in the next few weeks.

20% Increase in year-on-year lending puts societies streets ahead of banks

5 December 2011

Building societies’ gross mortgage lending grew by 20% year-on-year in October, compared with an increase of just 4% from high street banks.

Paragon Group on the hunt for loan portfolios

28 November 2011

The Paragon Group of Companies is on the acquisition trail for further loan portfolios, according to its results.

OFT publishes guidance for credit brokers

24 Nov 2011

The Office of Fair Trading has today published guidance which sets out the standards it expects from credit brokers and intermediaries.

MMR spend tops £2.7m as industry patience wanes

21 November 2011

The Financial Services Authority has spent over £2.7m so far on the Mortgage Market Review, Mortgage Strategy can reveal.A Freedom of Information request reveals that since the regulator started working on the MMR two and a half years ago, it has spent £2.55m on staff costs and £213,000 on consultants and agencies, equating to over £2.7m.

Inflation could be over the worst after 0.2% fall

21 November 2011

Inflation may have passed its peak after falling 0.2% in October, says Capital Economics.

Renters could overtake home owners in 15 years’ time

15 Nov 2011

In 15 years’ time there could be more renters in the UK than home owners, according to research from Grainger.

Crisis doesn't alter need for reform

14 November 2011

Economic uncertainty has not stifled the need for regulatory reform of the financial markets, says Mark Hoban, financial secretary to the Treasury.

Flying high

14 November 2011

Jonathan Samuels, chief executive officer of Dragonfly Property Finance, has led the business from strength to strength and sees snapping up competitors as essential on its flight to success

Lloyds grows lending and direct sales in Q3

14 November 2011

Lloyds Banking Group boosted its mortgage lending by 14% in Q3 and saw an increase in the number of mortgages sold direct.

Lloyds reports £3.9bn loss but increases mortgage lending

8 Nov 2011

Lloyds Banking Group has reported a £3.9bn loss for the first nine months of 2011, compared with a £2bn profit a year earlier.

Regional home truths

7 November 2011

The housing markets in Scotland, Wales and Northern Ireland are as subdued as in England, but initiatives are afoot to boost sales, particularly among first-time buyers

Complaints on MAS advert rejected

19 September 2011

The Advertising Standards Authority has rejected adviser complaints about a television advertisement by the Money Advice Service which claimed it offers free, independent advice.The ASA launched an investigation into the government-funded service in July after it received 80 complaints.Its advert included a voice-over claiming that “Our advice is independent and unbiased”.Complainants claimed the reference to advice was misleading, arguing MAS provides ...

FSA to start issuing product warnings in hardline approach

31 Aug 2011

The Financial Services Authority is to start issuing product warnings as part of its hardline approach to product intervention and says it will not wait for Europe to push ahead with tougher product regulation plans.

MMR capital rules are non-banks' death knell

11 October 2010

PETER WILLIAMS, PROPOSALS ARE TOO RESTRICTIVE

Debt management network launches

Online - June 2010

Focus Debt Management has launched what it says is the first broker network specifically developed for the debt solutions market.

AMI warns of a market share attack by lenders

31 May 2010

ROBERT SINCLAIR BANK BRANCHES ARE PRETTY DEAD

MMR was flawed from the outset and should be deferred, says CML

31 May 2010

MICHAEL COOGAN MMR IS A RECIPE FOR UNCERTAINTY

Small rise in base rate could shrink lending volumes

31 May 2010

A modest rise in interest rates in the next two years would have damaging consequences for lending that might have been underestimated, Hometrack has warned.

Equity release appointment at LV=

27 May 2010

LV= has appointed Clare Lucas as equity release product development manger, following an internal promotion.

Linx FS launches consumer finance platform

27 May 2010

Linx FS has launched a free online consumer platform that allows clients to keep track of their financial products while providing advisers with additional income.

West Brom agrees to sell Mortgageforce

26 May 2010

West Bromwich Building Society has agreed in principle to sell Mortgageforce to the management while retaining a small minority interest.

Yorkshire launches first-time buyer range

26 May 2010

Yorkshire Building Society is launching a first-time buyer range through its direct channel with no upfront fees, £500 cashback, and available at a maximum 85% LTV.

More 2 Life returns to equity release market

25 May 2010

More 2 Life, the specialist lending arm of Key Retirement Solutions, has re-entered the equity release market with funding from insurer and annuity provider Partnership.

Repossessed homes selling quicker

25 May 2010

The length of time it takes to sell a repossessed property has fallen with the time to exchange running at less than half that for standard property sales.

AHIPP rules out legal challenge over packs

24 May 2010

The Association of Home Information Pack Providers says it is unlikely to mount a legal challenge following the government’s decision to scrap the packs last week.

Brokers take a larger slice of the lending cake with help from FTBs

24 May 2010

Mortgage brokers increased their market share by 2% in Q1 2010, advising on 62% of total mortgage lending, figures from the Financial Services Authority and the Council of Mortgage Lenders reveal.

1.5m have less than 10% equity in their home

21 May 2010

Figures released by the Bank of England suggest that as many as 1.5 million borrowers had less than 10% equity in their home as of March.

MS TV: BSA in funding talks with local authorities

20 May 2010

Adrian Coles, director-general of the Building Societies Association, has revealed he has approached several local authorities about the possibility of helping to plug the funding gap for mutuals.

Government plans single economic crime agency

20 May 2010

The coalition government has announced plans to create one agency to tackle serious economic crime to take on work from several regulatory bodies including the Financial Services Authority.

Newcastle cuts jobs and closes four branches

20 May 2010

Newcastle Building Society, the UK’s eighth largest building society, has announced it is making 126 redundancies and closing four branches as it looks to cut costs and streamline the business.

Buy-to-let deals on the rise

19 May 2010

The number of buy-to-let mortgages has grown 70% since the market’s lowest point in September 2009, show figures from Moneyfacts.

Portillion makes senior appointments

19 May 2010

Portillion, the prospective lender formerly known as Checkmate Mortgages, has announced three appointments to its senior team.

Bank unanimous on rate decision

19 May 2010

The Bank of England’s Monetary Policy Committee voted unanimously to keep base rate on hold and maintain quantitative easing at £200bn.

Mortgage Brain partners with Viva Costa

18 May 2010

Mortgage Brain has partnered with Viva Costa International to boost its sourcing facilities for overseas mortgages.

Claims firms leaving clients and brokers worse off

18 May 2010

Clients and brokers are increasingly turning to debt management companies who find themselves financially worse off after challenging the terms of their credit agreements.

Paragon profits up 84%

18 May 2010

Specialist buy-to-let lender Paragon has posted a pre-tax profit of £29.3m for the six months to March 31 as the company continues to prepare to return to new lending.

C&G launches FTB tracker below base

17 May 2010

Cheltenham & Gloucester has launched a two-year tracker for first-time buyers which tracks at 0.01% below the Bank of England base rate.

Chancellor gets to work on public finances

17 May 2010

The new chancellor George Osborne has set a date for the emergency Budget and started the ball rolling on determining the £6bn worth of cuts to be made this year.

V Loans launches mini loans

17 May 2010

National loans packager V Loans has launched a loans package with Link Loans which allows customers to borrow smaller amounts.

Interest-only jitters as Lloyds tightens policy

17 May 2010

Lloyds Banking Group’s decision to revise the terms of its interest-only deals has sparked concern about the future of interest-only mortgages.

Repossessions fell in Q1 but CML holds fire on reducing its forecast

17 May 2010

The Council of Mortgage Lenders saw a fall in repossessions in Q1 2010, but says it is still cautious about lowering its forecast for the year.The trade body estimates there will be 53,000 repossessions in 2010, the highest number for 15 years.

BM Solutions and TMW took 80% of the B2L lending market in 2009

17 May 2010

Just two lenders accounted for 80% of buy-to-let lending last year, research from Datamonitor shows.

Media Spotlight: How To Grow Your Business

17 May 2010

By Alex Blyth

Skipton 95% LTV deal will be direct only

14 May 2010

Skipton Building Society is launching a deal for first-time buyers at up to 95% LTV which will only be available from the lender’s branches and direct channels.

First Direct cuts rates on repayment deals

14 May 2010

First Direct is cutting the rates on some of its five-year fixed rate deals available on a repayment basis.

Grant Shapps appointed as housing minister

13 May 2010

Grant Shapps has been appointed as the new housing minister in the coalition government.

More home owners helped by Mortgage Rescue Scheme

13 May 2010

The government’s Mortgage Rescue Scheme has helped a total of 629 households in England since it launched in January 2009.

Trade bodies call for home owner support in next Budget

13 May 2010

The Building Societies Association and the Council of Mortgage Lenders have called on the new government to make a clear commitment in the emergency Budget to continue to support home owners who are struggling to pay their mortgage.

CHL sees arrears drop 40% from peak

13 May 2010

CHL Mortgages has reported a 40% fall in the level of three-month arrears since arrears peaked in February 2009.

Coalition government sets out agenda

12 May 2010

The coalition government of the Conservative party and the Liberal Democrats has revealed its plans for banking reform and tackling the budget deficit, though has avoided the question of what will happen to the Financial Services Authority.

Lending could be constrained for next five years

12 May 2010

Mortgage lending could remain subdued for up to five years as lenders grapple with a £300bn funding gap, a Council of Mortgage Lenders adviser has warned.

Labour rules itself out of Lib dem pact

11 May 2010

Labour has reportedly said that negotations with the Liberal Democrats are now at a dead end, suggesting that the two parties will now not be entering into a coalition agreement.

Woolwich cuts rates but puts up two-year deal

11 May 2010

Woolwich has cut rates on its fixed rate range by up to 0.5% while increasing the rate and fees on some of its two-year products.

LeadPoint launches revamped lead platform

11 May 2010

LeadPoint has redesigned its lead platform which aims to help advisers manage the leads they have bought and track their performance.

Brokers turn online agents with TMA

11 May 2010

Directly authorised brokers with The Mortgage Alliance can now become online estate agents through a partnership with property portal Home Searcher.

RBS to cut 2,600 UK jobs

10 May 2010

The Royal Bank of Scotland has announced plans to cut 2,600 jobs in the UK over the next year, with many job losses to come from its insurance arm.

Bank keeps interest rates on hold

10 May 2010

The Bank of England’s Monetary Policy Committee has decided to keep base rate at 0.5% for the 14th month in a row.

Nationwide cuts rates by up to 0.6%

10 May 2010

Nationwide has cut rates on some of its fixed and tracker deals by up to 0.6%, with an average rate cut of 0.3%.

Countrywide applications drop 18%

10 May 2010

Mortgage applications at Countrywide fell 18% in April, largely wiping out the gains seen in March when the level of applications rose by 20%.

March house purchase approvals move up slightly from February

10 May 2010

The number of house purchase approvals crept up in March to reach 48,901.

Cameron looks to Clegg to hammer out a deal

7 May 2010

David Cameron has offered to work with Nick Clegg in government in a deal that would see the union of two once opposing political parties.

RBS takes over 10% share of new mortgages

7 May 2010

The Royal Bank of Scotland has reported a 10.6% market share of new mortgage lending in the first three months of the year, its latest results reveal.

BSA Conference: BSA elects new chairman

6 May 2010

David Webster, chief executive of Hanley Economic Building Society, has been elected as chairman of the Building Societies Association.

BSA Conference: BSA chairman slams FSCS as moral hazard

5 May 2010

Graham Beale, chairman of the Building Societies Association and chief executive of Nationwide, has attacked the disproportionate levies charged by the Financial Services Compensation Scheme as a ’moral hazard’ that need to be reformed.

Valuation levels hold up ahead of election

4 May 2010

Connells Survey and Valuation has played down concerns that uncertainty over this week’s election has dampened down appetite in the housing market.

Talks to save Home of Choice give ARs hope

3 May 2010

GERRY O’BRIEN: NEGOTIATIONS ARE SERIOUS

60 Seconds with...Andrea Rozario

3 May 2010

Lloyds group back in the black as impairments fall

3 May 2010

ERIC DANIELS: ON COURSE FOR SUCCESS

Novice landlords prop up B2L sector

3 May 2010

More landlords entered the buy-to-let market for the first time in Q1 2010, as buy-to-let remortgage business continued to fall.

Moneysupermarket.com to pass all phone leads to L&C

30 Apr 2010

London & Country is to handle all telephone enquiries on behalf of Moneysupermarket.com following a new deal between the two firms.

Sesame Bankhall hosts virtual conference

30 Apr 2010

Sesame Bankhall is hosting the second in its series of virtual events where advisers can take part in interactive panel debates via a live question feed.

Abbey cuts fixed rates

29 Apr 2010

Abbey for Intermediaries is cutting the rates on some of its fixed rate deals available at up to 70% LTV by up to 0.24%.

Santander UK sees 15% profit boost

29 Apr 2010

Santander UK has reported pre-tax profit of £426m for the first three months of year, up 15% from the same time last year.

Connells appoints ex-Countrywide director

28 Apr 2010

John Williams has joined the Connells Group as corporate development director, after 19 years of working with Countrywide.

Mortgage rates at lowest level in a year

27 Apr 2010

Lenders have pushed down rates from their peak last August with the average two-year fixed rate deal now at its lowest level for a year.

Home of Choice in acquisition talks

26 Apr 2010

Home of Choice is in final negotiations with an investor to acquire the business.

FSCS could turn to firms to recoup costs from other schemes

26 Apr 2010

New powers are being proposed for the Financial Services Compensation Scheme that would allow the scheme to recoup its management costs when acting for other compensation schemes from FSCS levy payers if the other schemes can’t pay.

HSBC launches split mortgage

26 Apr 2010

HSBC has launched a ‘split loan’ mortgage that allows borrowers to fix a proportion of the loan with the remainder on a lifetime tracker rate.

HSBC borrowers can split their mortgage

26 April 2010

HSBC has launched a ’split loan’ mortgage that allows borrowers to fix a proportion of the loan with the remainder on a lifetime tracker rate.

HML shake-up leads to site closure and 164 jobs at risk

26 April 2010

HML is closing its Prospect House site in Scarborough as part of a re-structure putting 164 jobs at risk.

Inflation up but MPC urged not to hike rates

26 April 2010

The Bank of England’s Monetary Policy Committee has been urged to keep interest rates low despite a jump in inflation.

Third Northern Rock director in arrears probe

26 April 2010

A third Northern Rock director has become embroiled in the Financial Services Authority investigation into why the lender omitted almost 2,000 loans from its arrears figures.

Lloyds set to launch another RMBS deal

23 Apr 2010

Lloyds Banking Group is set to launch its first securitisation backed by prime mortgages from Cheltenham & Gloucester and Lloyds TSB since the onset of the financial crisis.

UK growth drops to 0.2%

23 Apr 2010

The pace of economic recovery in the UK has slowed with gross domestic product rising by 0.2% between January and March.

Abbey to launch 90% LTV deal for brokers

22 Apr 2010

Abbey for Intermediaries is to launch a two-year fixed rate deal at up to 90% LTV, exclusively for brokers.

Bankhall launches IFA exit strategy service

21 Apr 2010

Bankhall has launched a service for IFAs looking to leave the industry which will match up firms that are looking to sell their business with those that are looking to buy.

MPC keeps a close eye on inflation forecasts

21 Apr 2010

The Bank of England’s Monetary Policy Committee has revealed it is keenly monitoring inflation forecasts as it considers whether or not to raise interest rates.

Unemployment jumps to 2.5 million

21 Apr 2010

The number of people unemployed in the UK has gone up by 43,000 between December and February to reach 2.5 million, data from the Office for National Statistics reveals.

Northern Rock cuts rates on Everyday range

20 Apr 2010

Northern Rock has cut rates on selected deals within its Everyday mortgage range by up to 0.3% and launched additional rates for residential and buy-to-let business.

Tenant enquiries jump by almost 50%

20 Apr 2010

Countrywide has seen a stark rise in the number of applicants registering to rent between January and March, with a 48% increase in the number of tenant enquiries.

UK inflation climbs to 3.4%

20 Apr 2010

The Consumer Prices Index, the government’s target measure of inflation, rose from 3% in February to 3.4% in March.

AIFA wants radical overhaul of FSA costs

19 Apr 2010

The Association of Independent Financial Advisers has slammed the disproportionate way the Financial Services Authority levies costs on advisers and has presented the regulator with a series of measures that would slash the bill for advisers by at least £45m.

Borrowers turn to home reversion to repay mortgage

19 Apr 2010

Home owners are selling stakes in their homes in order to pay off their mortgages, show figures from Bridgewater Equity Release.

FSA widens Northern Rock arrears probe

19 Apr 2010

A third Northern Rock director is reportedly being investigated by the Financial Services Authority over his part in hiding almost 2,000 loans from the bank’s arrears figures.

Brokers face delays in AR application process

19 April 2010

The Financial Services Authority is taking a tough line on brokers applying to become appointed representatives, resulting in delays to the application process.

House purchase approvals rose 12% in February

19 April 2010

The number of house purchase approvals grew by 12% in February to 35,000, data from the Council of Mortgage Lenders reveals.

Media Spotlight: Don’t Be Fooled Again

19 April 2010

By Meyrick Chapman

Tenant arrears fall to two-year low

16 Apr 2010

The proportion of tenants in arrears has fallen to 10.1% of all rent, the lowest level seen since 2008.

SHIP calls for clarity on benefits and equity release

16 Apr 2010

Safe Home Income Plans is campaigning for clear, definitive guidelines on the extent to which taking out an equity release plan can affect access to state benefits.

Zurich UK Life launches protection guide

15 Apr 2010

Zurich UK Life has launched a guide for IFAs advising on mortgage and family protection proposition in the first in a series of three adviser toolkits.

Platform sales team at risk of job losses

14 Apr 2010

The sales and proposition team at Platform is facing job cuts as part of a wider business restructure at parent company The Co-operative Financial Services.

Seller activity climbs to three-year high

13 Apr 2010

Surveyors are continuing to see a rise in the number of properties coming to the market, pushing the level of seller activity to its highest since May 2007.

Approvals rise by 12% in February

13 Apr 2010

The number of house purchase approvals increased by 12% in February to 35,000, data from the Council of Mortgage Lenders reveals.

HSBC to assess individual equity

12 Apr 2010

HSBC is now able to view the amount of equity any customer has in their home, thanks to a product developed by Hometrack and Callcredit.

Whitehot property sees sales worth £73m in March

12 Apr 2010

Whitehot property, a website specialising in the sale of chain-free properties, exchanged on property sales in March worth over £73m.

Abbey cuts offer time from 19 days to nine

12 April 2010

Abbey for Intermediaries has more than halved the time it takes to get a mortgage offer since last August, but acknowledges there is still more work to be done in improving its service levels.

Nationwide may axe four service centres to streamline processing

12 April 2010

Nationwide Building Society may become the latest lender to opt for the super-site approach to mortgage processing as it considers closing four of its six service centres.

Godiva cuts B2L tracker to 3.85%

9 Apr 2010

Godiva Mortgages, part of Coventry Building Society, has cut its two-year buy-to-let tracker by 0.5% to Bank of England base rate plus 3.35%.

Bank keeps base rate at 0.5%

8 Apr 2010

The Bank of England’s Monetary Policy Committee has decided to keep the base rate on hold at 0.5%, while maintaining its quantitative easing programme at £200bn.

Tiuta boosts underwriting team

7 Apr 2010

Bridging lender Tiuta has made two appointments to its underwriting team as part of its continued specialist lending growth plans.

Woolwich rejigs broker sales team

6 Apr 2010

Woolwich has restructured its intermediary sales team to provide different points of contact for brokers depending on how they want to deal with the lender.

Virgin Money secures £100m investment from Wilbur Ross

6 Apr 2010

Virgin Money has announced that US investor Wilbur Ross is to take a 21% stake in the company for £100m.

Woolwich cuts fixes and trackers

6 Apr 2010

Woolwich is reducing rates on its tracker and fixed rate ranges by an average of 0.30% with effect from tomorrow.

Mortgage approvals are likely to stay depressed until after general election

5 April 2010

Mortgage approvals in February dropped to the lowest level since May 2009, as industry experts warn the market could stay subdued until after the general election.

Professionals may escape the regulatory net

5 April 2010

Professional landlords could be exempt from buy-to-let regulation under government plans to review how the sector will be regulated.

Tough conditions force HML to axe more than 100 jobs

5 April 2010

More than 100 jobs are to go at HML as part of a staff review in light of market conditions, the company has revealed.

Lenders plan to push up LTVs

1 Apr 2010

Lenders have told the Bank of England that they expect to release higher LTV deals over the next three months.

AToM offers exclusive with no credit scoring

1 Apr 2010

All Types of Mortgages has an exclusive two-year fixed rate for members of Mortgage Intelligence and Mortgage Next at 3.35% with no credit scoring.

Product innovation will not close protection gap

31 Mar 2010

Many IFAs believe that clients do not have adequate protection in place and say that advisers could be doing a lot more to close the protection gap.

HML to cut over 100 jobs

29 Mar 2010

More than 100 jobs are to go at HML as part of a wide-ranging staff review and in light of difficult market conditions, the company has revealed.

Approvals by mutuals hit £1.4bn

29 Mar 2010

Mutuals approved £1.4bn worth of mortgages in February, a 67% increase in compared to £832m in January.

FSA may have to reveal firms it is investigating over arrears charges

29 March 2010

JON PAIN: WAIT AND SEE APPROACH

RDR option will affect broker protection sales

29 March 2010

The Financial Services Authority has included an option in its Retail Distribution Review that would hit brokers’ protection sales.

Mutuals could reclassify sub-prime back book as prime

26 Mar 2010

Building societies may be able to reclassify historic sub-prime lending as prime once it has been performing for five years, documents from the Financial Services Authority reveal.

Abbey and A&L withdraw deals

25 Mar 2010

Abbey for Intermediaries and Alliance & Leicester Intermediaries are withdrawing a number of fixed rate deals at LTVs between 70% and 90% LTV.

NatWest to hold broker forum at the O2

25 Mar 2010

NatWest Intermediary Solutions is holding the next in its series of Forum events at the O2 Arena on May 20.

HSBC launches 90% deal after Stamp Duty move

24 Mar 2010

HSBC has launched a 90% LTV deal aimed at first-time buyers purchasing properties below the new Stamp Duty limit of £250,000.

BUDGET 2010: 92% of FTBs could have been helped last year

24 Mar 2010

The Council of Mortgage Lenders has estimated that around 92% of first-time buyers would have been exempt from paying Stamp Duty last year had the starting threshold already been raised to £250,000.

Lender calls for HMRC data sharing

23 Mar 2010

Lenders should have access to tax returns and data from HM Revenue & Customs in order to verify income, according to a senior risk director at Santander.

FSA could name and shame firms over arrears

23 Mar 2010

A clause in the Financial Services Bill could force the Financial Services Authority to backtrack on its policy of refusing to identify the firms it is investigating over arrears management practices.

FSA sets June deadline for MMR rule changes

23 Mar 2010

The Financial Services Authority plans to publish a policy statement in June this year outlining the rule changes to emerge from the Mortgage Market Review.

Igroup updates product range

22 Mar 2010

Igroup has improved the rates on some its products with rates starting from 3.49%.

Woolwich brings back 70% LTVs

22 Mar 2010

Woolwich, the mortgage arm of Barclays, has restored the maximum LTV on its range of two-year fixed rate deals to 70%.

Dunfermline launches IFA service

22 Mar 2010

Dunfermline Building Society, the mutual rescued by Nationwide in March last year, has launched a service promising whole-of-market advice across its 34 branches in Scotland.

Aldermore sets out lending criteria

22 Mar 2010

New lender Aldermore has outlined the range of circumstances it will accept for mortgage applicants that would ordinarily fail a lender’s credit score.

ITL Mortgages temporarily pulls 85% LTV deals

19 Mar 2010

In The Loop Mortgages, part of Stroud & Swindon Building Society, has announced that it has temporarily suspended new lending on deals at 85% and above.

Phoenix CPG buys Mortgage Times' assets

19 Mar 2010

Phoenix CPG, part of the Phoenix Group that acquired the assets of defunct network Network Data, has now bought assets from Mortgage Times.

Lloyds says it will return to profit this year

19 Mar 2010

Lloyds Banking Group has released a trading statement forecasting that the government-backed bank will report a profit for 2010.

Woolwich revamps offset calculator

18 Mar 2010

Woolwich has improved its offset mortgage calculator based on broker feedback to help brokers further illustrate the amounts clients could save by using offset.

FSA heralds tougher supervision

17 Mar 2010

The Financial Services Authority says that over the coming year the regulator will become more confrontational, larger, and more expensive.

Santander does 80% of its business via brokers

15 March 2010

ADRIAN WHITTAKER, WE’LL CONTINUE TO SUPPORT BROKERS

Broker loses out as lead he bought is passed to L&C

15 March 2010

A broker has raised concerns about the tie-up between Moneysuper-market.com and London & Country after a lead he purchased was directed to an L&C adviser.

More properties on market than buyers for second month in a row

15 March 2010

MILES SHIPSIDE, DEPOSITS ARE THE PROBLEM

FSA signals move to product regulation

12 Mar 2010

Hector Sants, chief executive of the Financial Services Authority, has revealed the regulator’s plan to actively intervene in product design as part of its new consumer protection strategy.

Fall in purchases outweighs remortgage decline

12 Mar 2010

The fall in house purchase loans was more than three times the decline in remortgages in January, data from the Council of Mortgage Lenders shows.

Regulators to set up consumer protection committee

11 Mar 2010

The Financial Services Authority, the Office of Fair Trading and the Financial Ombudsman Service want to create a consumer protection committee to identify consumer risks before the risks turn into widespread problems.

FSA calls for tougher stress tests

11 Mar 2010

Lenders will have to undergo more stringent stress tests to prove to the Financial Services Authority they have enough capital to withstand a more prolonged downturn.

HSBC to launch 1.99% mortgage

11 Mar 2010

HSBC is to relaunch its two-year discounted mortgage at 1.99% at up to 60% LTV after taking it off the market last year.

Affordability at its highest since 2003

10 Mar 2010

Some 58% of UK homes are affordable to buyers on an average income, according to research from Zoopla.co.uk.

Abbey to cut rates by up to 0.4%

9 Mar 2010

Abbey for Intermediaries is to reduce its four-year fixed rate deals by up to 0.4% later this week.

C&G to launch buy-to-let deals

8 Mar 2010

Cheltenham & Gloucester is introducing two buy-to-let tracker deals for brokers with rates starting at 4.85%.

Coventry and Stroud & Swindon in merger talks

8 Mar 2010

Coventry Building Society has confirmed that it is in talks with Stroud & Swindon Building Society over a potential merger.

Aldermore ready to enter mortgage market

8 Mar 2010

Aldermore is gearing up to launch a range of mortgages exclusively for brokers within the next three months.

CHL is honoured as a great firm to work for

8 March 2010

CHL Mortgages achieved a top 20 placing at this year’s Sunday Times Best Company Awards.

HSBC figures reveal mortgage share has jumped to 11%

8 March 2010

HSBC laid claim to 11% of all mortgage sales last year, according to the bank’s annual results.

Prime fast-track deals get green light from Fitch

8 March 2010

Fast-track mortgages do not pose more of a risk than income-verified loans, research from Fitch Ratings suggests.

Mortgage products at 15-month high

5 Mar 2010

The number of mortgage products available to brokers is at its highest since December 2008, according to figures from Mortgage Brain.

Labour win will add £65 to mortgage

5 Mar 2010

A Citigroup economist has warned that a hung parliament or a Labour victory at the next election would add an average of £65 to individual mortgage costs.

Paradigm moves into complex prime

4 Mar 2010

Members of Paradigm Mortgage Services will now be able to place ’complex prime’ cases through a partnership with specialist firm Platinum Options.

Co-op Financial Services launches fix at 3.19%

4 Mar 2010

The Co-operative Financial Services has launched a two-year fixed rate deal at 3.19%, available through its subsidiaries The Co-operative Bank and Britannia.

Chelsea launches five-year fixes

3 Mar 2010

Chelsea Building Society has launched two additional five-year fixed rate deals starting at 4.69%.

Criminal gang jailed for £8m mortgage fraud

1 Mar 2010

Four men who were part of a criminal gang that used a firm of solicitors to fraudulently apply for mortgages worth £8m have been jailed at Southwark Crown Court today.

HSBC tightens grip on UK mortgage market

1 Mar 2010

HSBC has reported pre-tax profits of $7.1bn (£4.7bn) for 2009, and has grown its market share of net new mortgage lending to 11%.

Mortgage approvals plummet in January

1 Mar 2010

The number of mortgages approved for house purchase dropped to 48,198 in January, the lowest level for eight months.

A&L unveils RMBS deal worth £1bn

1 March 2010

Alliance & Leicester has launched a residential mortgage-backed securi-tisation worth £1bn.

Lloyds pledges to stay true to broker market

1 March 2010

Nigel Stockton, sales director of mortgages at Lloyds Banking Group, has reaffirmed the lender’s commitment to intermediaries after its results showed it grew its mortgage business in 2009 by focussing on branches.

Purchase approvals plummeted as buyers stayed at home in January

1 March 2010

A fall of more than 10,000 in house purchase loan approvals in January has been blamed on bad weather and a seasonal dip.

Rightmove profits up 17%

26 Feb 2010

Rightmove has announced a pre-tax profit of £30m for the year to December 31 2009, compared to a pre-tax profit of £25.5m in 2008.

House prices fall for first time in ten months

26 Feb 2010

House prices fell by 1% in February ending a run of nine months of house price rises, according to the latest index from Nationwide.

RBS reduces losses to £3.6bn

25 Feb 2010

The Royal Bank of Scotland has reported a loss of £3.6bn for 2009, a significant improvement from the £24.3bn loss the bank made in 2008.

Northern Rock customers to lose 100% savings guarantee

24 Feb 2010

Customers with Northern Rock are to lose the 100% savings guarantee put in place when the bank was nationalised in September 2007.

Mortgage approvals fall by 10,000

23 Feb 2010

House purchase approvals dropped markedly in January by over 10,000 to fall to 35,083, according to the latest figures from the British Bankers’ Association.

OFT secures final High Court order against Foxtons

22 Feb 2010

The Office of Fair Trading has secured a final High Court order against Foxtons to prevent the estate and lettings agency using certain terms in its landlord agreements.

Towergate may be looking to buy John Charcol

22 Feb 2010

Insurance giant Towergate is believed to have earmarked John Charcol as a potential acquisition target and is thought to be looking to buy the brokerage.

£2.5Bn RMBS deal for Co-op Bank

22 February 2010

The Co-operative Bank has laun-ched and priced its first prime residential mortgage-backed securi-ties deal in a transaction worth £2.5bn.

Media Spotlight: 101 Ways To Grow Your Business

22 February 2010

By Hugh Williams

Property shortage boosts asking prices but experts say it won't last

22 February 2010

MILES SHIPSIDE: INCREASE IS NOT SUSTAINABLE

Broker fees to agents should be scrutinised, says OFT

18 Feb 2010

The Office of Fair Trading has recommended that the government considers imposing new rules around referral fees paid to estate agents by mortgage brokers, as it says this practice may lead to agents favouring one buyer over another.

Gross mortgage lending falls 32%

18 Feb 2010

Gross mortgage lending dropped to an estimated £9.1bn in January, making it the lowest January lending figure for 10 years.

Top-end homes see rise in prices

17 Feb 2010

Properties at the upper end of the housing market are seeing a continued rise in prices, according to high net worth broker Private Finance.

MPC unanimous on pausing QE

17 Feb 2010

The Bank of England’s Monetary Policy Committee were in all in agreement to hold the base rate at 0.5% and not to extend its £200bn quantitative easing programme.

NatWest Intermediary Solutions cuts shared equity rate

17 Feb 2010

NatWest Intermediary Solutions has cut the rate on its two-year fixed rate shared equity mortgage and increased the LTV.

FirstAssist teams up with Tenet LIME on ASU

16 Feb 2010

FirstAssist Insurance Services has been appointed by Tenet LIME to provide a full suite of accident, sickness and unemployment products and services to its 1,100 members.

Yorkshire Building Society launches FTB range

16 Feb 2010

Yorkshire Building Society has launched a range of first-time buyer deals, as well as a 90% LTV deal exclusively for Yorkshire members.

Barclays posts £11.6bn pre-tax profit

16 Feb 2010

Barclays Group has reported an annual pre-tax profit of £11.6bn, an increase of 92% on the previous year’s results.

Co-op Bank launches £2.5bn RMBS deal

15 Feb 2010

The Co-operative Bank has launched a securitisation deal worth £2.5bn backed by prime mortgages from Britannia.

Surprise jump in asking prices

15 Feb 2010

Sellers have pushed up asking prices by 3.2% over the last month, the highest monthly rise in asking prices since April 2007.

Mortgage Advice Bureau signs up with TAPS

15 Feb 2010

The Asset Protection Strategy has signed agreements to work with Mortgage Advice Bureau and IFA firm Lansdown Place.

SMS offers specialist bridging service to brokers

15 Feb 2010

Solent Mortgage Services is offering a bridging service for brokers whose clients need funds quickly while long-term funding is arranged.

Big banks fail to meet business lending targets

15 February 2010

The Royal Bank of Scotland and Lloyds Banking Group are failing to meet legally binding commitments to lend to businesses, agreed as part of government support for the two banks.

Floatation may fund Santander’s bid for RBS branches

15 February 2010

Santander is thought to be consi-dering a floatation of its UK businesses as part of plans to buy up branches being sold by the Royal Bank of Scotland.

Media spotlight: Whoops!

15 February 2010

By John Lanchester

Signs of life in the buy-to-let market

15 February 2010

There are signs of a modest reco-very in the buy-to-let sector despite last year being the worst for buy-to-let lending since 2001.

FTBs rush to beat Stamp Duty

12 Feb 2010

The number of first-time buyer loans in December rose to its highest level for two years as consumers scrambled to buy ahead of the end of the Stamp Duty holiday.

AMI says MMR must not derail market

11 Feb 2010

The Association of Mortgage Intermediaries has warned that proposals in the Financial Service Authority’s Mortgage Market Review will end up protecting a small minority but damaging choice for the majority of borrowers.

More tenants struggling to pay rent

11 Feb 2010

The Association of Residential Letting Agents has reported that over half of its members have seen a rise in tenants who are struggling to pay their rents.

RBS and Lloyds fall short on lending pledges

9 Feb 2010

State-backed banks the Royal Bank of Scotland and Lloyds Banking Group are failing to meet legally binding commitments to lend to businesses that were agreed as part of government support for the two banks.

Housing market hit by bad weather

9 Feb 2010

Housing market activity was hit by last month’s snow as buyer interest and the level of new instructions fell, according to the Royal Institution of Chartered Surveyors.

Defaqto awards financial services star ratings

8 Feb 2010

First Direct and Liverpool Victoria have come out on top in Defaqto’s latest Star Rating tables for mortgages.

Developers switch focus from FTBs to families

8 Feb 2010

Residential property developers are predicting a surge in the number of family homes that will be built over the next decade, signalling a move away from first-time buyer properties.

Leadbay offers telephone qualified remortgage leads

8 Feb 2010

Brokers can now buy remortgage leads from Leadbay that have been telephone qualified before details are passed to brokers.

Industry comes together to rescue fast-trackdeals

8 February 2010

JOHN CUPIS, A BALANCE IS REQUIRED

Brokers upset that RBSIP clients will have to go direct to port deals

8 February 2010

Brokers have expressed concern at the news that existing customers under the old Royal Bank of Scotland Intermediary Partners brands will have to contact RBS directly if they want to port their current rates.

2009 Net lending lowest for 22 years at just £11.5bn

8 February 2010

PAUL BROADHEAD, MUTUAL LENDING WILL REMAIN LOW

Funds drought stunts B2L growth

8 February 2010

The lack of mortgage funding is stopping buy-to-let landlords growing their portfolios.

Cattles to cut more Welcome jobs

5 Feb 2010

Around 450 staff at Cattles lending subsidiary Welcome Finance have been told today that they are at risk of redundancy.

Positive Lending added to Mortgage Intelligence panel

5 Feb 2010

Mortgage Intelligence Holdings has added Positive Lending to its panel for all appointed representatives and directly authorised members of its subsidiaries Mortgage Next and Mortgage Intelligence.

Personal insolvencies climb to record high

5 Feb 2010

The number of people in England and Wales who were declared insolvent between October and December rose to 35,574, the highest level on record.

NatWest Intermediary Solutions launches first range

5 Feb 2010

NatWest Intermediary Solutions has introduced its first range of mortgages since rebranding from Royal Bank of Scotland Intermediary Partners last week.

Profits at Santander UK climb 30%

4 Feb 2010

Santander UK has posted a 30% rise in annual pre-tax profits to £1.54bn for the year to December 31 and increased its gross mortgage market share.

Platform makes tracker pledge and cuts rates

3 Feb 2010

Platform, the broker arm of The Co-operative Bank, has pledged not to increase the rates on any of its tracker products until the Bank of England base rate rises above 1%.

Mortgages for Business launches refurbishment mortgage

3 Feb 2010

Commercial and buy-to-let broker Mortgages for Business has exclusively launched a mortgage specifically for investors looking to buy or refinance properties in need of refurbishment.

RBS IP rebrand will force existing borrowers to go direct

2 Feb 2010

The rebrand of Royal Bank of Scotland Intermediary Partners to NatWest Intermediary Solutions means that existing customers will have to contact RBS direct in order to port their current rate.

Abbey launches two-year fixes

2 Feb 2010

Abbey for Intermediaries has launched a range of two-year fixed rate and variable deals, with rate cuts of up to 0.3%.

A&L launches two-year tracker at 1.84%

2 Feb 2010

Alliance & Leicester Intermediary Sales is launching a range of two-year fixed rate deals and a two-year tracker at 1.84%.

TMW forms now available to MTE users

1 Feb 2010

The Mortgage Works, the specialist arm of Nationwide, has made its decision in principle and full mortgage applications forms available to users of the Mortgage Trading Exchange.

Paradigm adds PruProtect serious illness cover

1 Feb 2010

Paradigm Mortgage Services has added PruProtect’s life and serious illness cover products to its preferred protection panel.

SERA calls for ban on equity release phone sales

1 Feb 2010

The Society of Equity Release Advisers wants to see a ban on telephone sales of equity release and changes to equity release permissions to boost consumer protection.

Watchdog bares its teeth on arrears management

Lending Strategy Feb 2010

Countrywide renews Nationwide surveying link

1 February 2010

Countrywide Surveyors has been reappointed by Nationwide Building Society as its lead panel manager as part of a contract that came into effect on January 1.

FSA registration plan gets a mixed reception

1 February 2010

MICHAEL COOGAN, SLEDGEHAMMER TO CRACK A NUT

Radical overhaul of banking sector needed, says King

1 February 2010

MERVYN KING, THREE-PRONGED PROPOSAL

Investor confidence starts to grow

1 February 2010

Purchase activity in the buy-to-let market increased slightly in Q4 2009, as investors start to regain confidence in the market.

Openwork says exodus was not due to dispute

1 February 2010

MARTIN DAVIS, NO POLITICS WERE INVOLVED

Firms made to publish complaints data

29 Jan 2010

Firms will have to publish information on how they handle complaints under new rules being brought in by the Financial Services Authority.

Abbey cuts rates on fixed and tracker deals

29 Jan 2010

Abbey for Intermediaries is cutting the rates on its two-year fixed rate remortgage deal available through its key accounts by 0.10%.

Virgin Money reveals management board

28 Jan 2010

Virgin Money has announced that Sir Brian Pitman will be joining the Virgin Money board as chairman.

eMoneyfacts adds L&G Mortgage Club exclusives

28 Jan 2010

Legal & General Mortgage Club’s exclusive products can now be sourced through eMoneyfacts, making the products available to eMoneyfact’s 19,000 live registered users.

Equity release pilot scheme launches

28 Jan 2010

Three local councils are to run an equity release pilot scheme provided by Just Retirement that will allow home owners to release small amounts of cash from their home.

Paragon posts £13m interim pre-tax profit

28 Jan 2010

Paragon Group has reported a pre-tax profit of £13.1m for the three-month period to December 31.

Yorkshire Building Society launches 3.29% deal

27 Jan 2010

Yorkshire Building Society has launched a two-year fixed rate deal at 3.29% as an alternative to its existing low fee product.

BPF rallies for support of rental sector

27 Jan 2010

The British Property Federation is urging for more vocal political support for the private rented sector as it says the UK is likely to turn to landlords to plug the housing supply gap.

Solicitors probed over mortgage fraud

27 Jan 2010

The Solicitors Regulation Authority carried out 106 investigations into solicitor firms last year as part of a crackdown on solicitors involved in mortgage fraud.

Steve Haggerty to leave Crown Mortgage Management

26 Jan 2010

Crown Mortgage Management has appointed Eric Stolet as chief executive ahead of Steve Haggerty leaving to take up a senior role at another company.

Chapelgate Associates appoints financial consultant

26 Jan 2010

London brokerage Chapelgate Associates has recruited Lisa McNeill to the role of financial consultant.

Lloyds to launch second RMBS deal

25 Jan 2010

Lloyds Banking Group is planning to launch a second securitisation deal later this week backed by prime residential mortgages originated by Bank of Scotland.

Wind-down plans for B&B and Dunfermline approved

25 Jan 2010

The European Commission has approved the measures taken by the government to wind down Bradford & Bingley and rescue Dunfermline Building Society under state aid rules.

Northern Rock bad bank to refund ERCs

25 Jan 2010

Northern Rock Asset Management, dubbed the nationalised lender’s ‘bad bank’ operation, is offering to refund early repayment charges to customers looking for further borrowing with another lender.

ARs are now favouring the smaller networks

25 January 2010

CHRIS TANNER, BROKERS WANT MORE

Inflation increase will not trigger higher interest rates say brokers

25 January 2010

RAY BOULGER, INTEREST RATE RISE UNLIKELY

Streamlined application process for RBS brokers

25 January 2010

A specialist processing centre has been set up to only handle cases introduced by brokers as part of the restructure of Royal Bank of Scotland’s intermediary arm.

Bank shares hit by Obama plans

22 Jan 2010

Banks shares have dropped on the news that President Barack Obama is planning an assault on the US banks by curbing risky trading practices.

Mortgage fraud losses hit £1bn

22 Jan 2010

The National Fraud Authority has released estimates that fraud costs the UK over £30bn a year, with an estimated £1bn lost to mortgage fraud.

Insurance firms taken to task by FSA

21 Jan 2010

The Financial Services Authority has written to the chief executives of major insurance brokers and investment firms after discovering failings in the way some firms handle clients’ money.

Lenders boost higher LTV deals

21 Jan 2010

Mortgage deals with LTVs of above 75% became more widely available between October and December, lenders have told the Bank of England.

Age Partnership teams up with TrigoldCrystal

21 Jan 2010

Whole of market equity release broker Age Partnership has joined the TrigoldCrystal equity release platform as a referral partner.

PMS launches discounted deal with ITL

20 Jan 2010

PMS has launched a two-year discounted deal at 3.79% with no early redemption charges through In The Loop Mortgages.

Unemployment falls to 2.46m

20 Jan 2010

The number of unemployed in the UK fell by 7,000 in the three months to November to 2.46m.

Mortgage approvals could hit 70,000 by year end

19 Jan 2010

Experts are predicting that mortgage approvals could climb to an average of 70,000 a month by the end of the year.

Insurance fraudster banned by FSA

19 Jan 2010

The Financial Services Authority has banned an insurance company director for lying to his customers, lying to the FSA and failing to pass on insurance premiums.

Uinsure launches flexibly priced product

18 Jan 2010

Uinsure has developed an insurance product offering flexible pricing that aims to level the playing field between brokers and comparison websites.

OpenConvey targets larger brokerages

18 Jan 2010

OpenConvey is aiming to sign up larger brokerages and estate agency groups this year, after agreeing a partnership with estate agents Stack & Bonner.

Santander UK names banking chief

18 January 2010

Nici Audhlam-Gardiner, Promotion

Halifax Estate Agency deal adds 130 to adviser market

18 January 2010

LSL Property Services has com-pleted its acquisition of Halifax Estate Agency in a deal that involves the transfer of 130 advisers to the broker market.Lloyds Banking Group agreed to sell its estate agency arm to LSL for £1 in October 2009. The acquisition formally completed on January 15.The 218 Halifax Estate Agency branches will become part of the LSL group alongside e.surv, Your Move, Reeds Rains and Intercounty.For three months Abbey for Intermediaries ...

Interest payments most affordable for five years

18 January 2010

Home owners now need less of their income to cover their mortgage interest payments than at any time in the past five years.Latest figures from the Council of Mortgage Lenders show that home movers needed just 10.6% of gross income last November to cover mortgage interest payments, down from 11.1% in October.With the exception of a brief low in 1996 this is the lowest burden on owners since 1974 when the CML started recording the data.The first-time ...

Lloyds group's Daniels denies he was tricked into buying HBOS

18 January 2010

Eric Daniels: A difficult question

Media Spotlight: The Rules Of Work

18 January 2010

The Rules Of Work, By Richard Templar

UK banks face Obama tax bill of £6.7bn

15 Jan 2010

President Barack Obama’s banking levy could result in a bill of almost £7bn for the UK’s three biggest banks.

TMW launches one-year deals at 2.99%

15 Jan 2010

Nationwide subsidiary The Mortgage Works has brought out a range of tracker products at up to 70% LTV, as well as fixed rate and tracker deals at 2.99%.

Nationwide appoints Connells Asset Management

15 Jan 2010

Connells Asset Management has been appointed as Nationwide’s first panel manager for estate agency sales.

Fewer borrowers choose fixed rate deals

14 Jan 2010

Fewer fixed rate deals were taken up between October and December last year compared to the previous three months, research from Paragon Mortgages reveals.

Leadbay teams up with Orbiter

14 Jan 2010

A link-up between Leadbay and Orbiter will see Leadbay leads delivered straight into the Orbiter sourcing system, a move which the companies say will help with conversion rates.

RBS IP launches new deals

14 Jan 2010

Royal Bank of Scotland Intermediary Partners has introduced three new mortgage deals including a two-year tracker at 2.69%.

Reshuffle at Santander's mortgage division

13 Jan 2010

Nici Audhlam-Gardiner, director of mortgages for the Santander UK brands of Abbey and Alliance & Leicester, has left her role to take up a new position at the lender as director of banking.

House price growth dips in December

12 Jan 2010

The rate at which house prices are increasing slowed during December, according to the Royal Institution of Chartered Surveyors.

More home owners repay debt through equity release

12 Jan 2010

The proportion of home owners who use equity release as a way of paying down debts shot up to 35% during last year, from 11% in 2008.

Over 1m turn to credit cards to pay housing costs

11 Jan 2010

Over one million people have used credit cards to pay their mortgage or rent in the last year, estimates a survey by Shelter.

High SVRs may not hurt clients with small balances

11 January 2010

High SVRs may not necessarily spell trouble for every borrower, according to Moneynet.co.uk.Some lenders’ SVRs are hovering around 6% despite the Bank of England base rate being left unchanged at 0.5% since last March.Data compiled by Moneyfacts shows that Chesham Building Society has the highest SVR at 6.45%. And Marsden Building Society recently pushed its SVR up to 5.95%.Ketan Yadav, director at Avenue & Co Private Finance, says: “Building ...

Software allows consumers to target PPI firms

11 January 2010

A software company has developed a program that lets consumers pursue lenders directly for overcharging them for payment protection insurance.DIY PPI has been developed by Black Knight Associates and employs questionnaires and prompts to collect information on how PPI policies were sold.The software offers prompts throughout the legal process for reclaiming charges including generating letters to lenders.Terry London, IT development manager at Black ...

Mortgage Times network beauty pageant cancelled

8 Jan 2010

Which Network has been forced to call off its planned network beauty pageant for former Mortgage Times appointed representatives due to adverse weather conditions.

Foxtons loan deal hands control to lenders

8 Jan 2010

A refinancing deal has reportedly been agreed by Foxtons’ owner BC Partners which hands control of the estate agent to its lenders.

Nationwide cuts rates on higher LTV deals

7 Jan 2010

Nationwide is cutting rates by up to 0.6% on deals up to 80% LTV as it launches a range of fixed rate and tracker deals.

We can't rely on the City for growth, says Mandelson

6 Jan 2010

The financial services sector should not be at the heart of future economic growth in the UK, according to business secretary Lord Mandelson.

A&L topples HSBC as most competitive lender

6 Jan 2010

Alliance & Leicester has emerged as the most competitive lender of Q4 2009, based on research by Evaluate Technologies.

SVR increases gain momentum

6 Jan 2010

Eight lenders have increased their SVR while the Bank of England base rate has been held at 0.5%, according to Moneyfacts.

ERSA signs up Scottish member Caesar & Howie

5 Jan 2010

Caesar & Howie, one of the oldest solicitor firms in Scotland, has signed up to become a member of the Equity Release Solicitors’ Alliance.

FSA appoints consumer senior advisor

5 Jan 2010

The Financial Services Authority has announced the appointment of Julian Edwards to the role of consumer senior advisor.

New Northern Rock awarded stable rating

4 Jan 2010

Northern Rock has been awarded an outlook of ‘stable’ by ratings agency Standard & Poor’s following the nationalised bank’s restructure.

Mortgage approvals continue to climb

4 Jan 2010

The number of house purchase approvals rose in November to 60,518, figures from the Bank of England show.

Accounts reveal losses of £8.4m for Enterprise

07 December 2009

Enterprise Group’s latest accounts show it made an £8.4m loss in the year to March 31 2008.

Fight against fraud continues with FSA banning another two brokers

07 December 2009

HSBC to end its whole-of-market advice offering with John Charcol

07 December 2009

HSBC has severed ties with John Charcol and decided not to continue with its whole-of-market offering through the brokerage.

MPs back campaign to extend Stamp Duty holiday

07 December 2009

A group of Labour MPs have lent their support to an industry campaign to extend the Stamp Duty holiday beyond December 31.

Third equity release body set up

07 December 2009

The Society of Equity Release Advisers launched last week, the third such body formed to represent the interests of equity release advisers.

Xit2 joins CML as associate member

07 December 2009

Xit2 has joined the Council of Mort-gage Lenders as an associate member.

Accord cuts rates and product fees

4 Dec 2009

Accord Mortgages, the broker arm of Yorkshire Building Society, has reduced rates on fixed rate deals available through its key lending partners and lowered its completion fee.

Banking bailout was justified, says NAO

4 Dec 2009

The National Audit Office has ruled that the £850bn of government support provided to UK banks was justified, though admits the true cost to taxpayers won’t be known for years to come.

Six arrests in international commercial loans fraud

3 Dec 2009

Six suspects have been arrested during a search operation on 19 properties throughout England, relating to an investigation into suspected advance fee fraud and commercial rent fraud.

Labour MPs push for Stamp Duty holiday extension

2 Dec 2009

A group of Labour backbenchers has issued an Early Day Motion to extend the current Stamp Duty holiday beyond December 31.

Rent rises likely as accidental landlords sell up

2 Dec 2009

Surveyors are predicting rents to increase in the new year as accidental landlords return to the sales market.

Economy seems to have turned, says MPC member

2 Dec 2009

The economy has turned a corner and is moving into a period of renewed growth, according to Bank of England Monetary Policy Committee member Spencer Dale.

Countrywide non-executive chairman retires

1 Dec 2009

Countrywide has announced that Harry Hill will retire from his position as non-executive chairman at the end of the year.

Over 50s rely on homes as pension pots

1 Dec 2009

Many over-50s are still planning to release money from their home to help fund their retirement, despite thousands of pounds being wiped from their property values.

First Direct launches tracker at 2.58%

1 Dec 2009

First Direct has launched what it says is the UK’s lowest lifetime tracker at 2.58%

House prices rise for seventh month in a row

1 Dec 2009

House prices continued to edge up in November rising by 0.5%, the latest data from Nationwide reveals.

Call to regulate all property investment activity

30 Nov 2009

Property investment firm Assetz wants the regulator’s remit to extend beyond buy-to-let to cover all types of property investment.

End of Stamp Duty holiday unlikely to hit market

30 Nov 2009

A property website which sells chain free properties has claimed that the end of the Stamp Duty holiday will not impact the market as much as was feared.

New equity release adviser trade body launches

30 Nov 2009

The Society of Equity Release Advisers has launched today, the third such body formed to represent the interests of equity release advisers.

MD Pension Solutions appoints national sales manager

30 Nov 2009

MD Pension Solutions has appointed Karen Pretty to the role of national sales and recruitment manager.

Media Spotlight: 50 People Who Buggered Up Britain By Quentin Letts

30 November 2009

Paragon eyes a return to lending

30 November 2009

Paragon Group, parent company of Paragon Mortgages, is considering getting back into new lending after posting a pre-tax profit of £54.3m.

Shared ownership schemes won't help most borrowers, says CML

30 November 2009

Shared equity and shared ownership schemes are unlikely to help a large number of borrowers, says the Council of Mortgage Lenders.

Nearly 40% of adults unprepared for retirement

27 Nov 2009

Over 38% of adults in Britain have made no financial plans for their retirement, shows research from Home & Capital Advisers.

Buy-to-let remortgages fall to two-year low

26 Nov 2009

The number of landlords remortgaging their buy-to-let properties has fallen to its lowest level for over two years, research from Paragon Mortgages reveals.

Home of Choice posts £6.8m gross profit

25 Nov 2009

Home of Choice has reported a 14% increase in gross profit to £6.8m for the year to the end of March 2009, with earnings before interest tax and deprectiation of £800,000.

Equity release does have a future, sector insists

24 Nov 2009

Aviva and Safe Home Income Plans are both insistent that there is still a place for equity release despite Prudential’s withdrawal from the sector yesterday.

Mortgage approvals continue to climb

24 Nov 2009

Mortgage approvals for house purchase continued their steady ascent in October, hitting the highest level since January 2008.

L&C launches one minute mortgage check

23 Nov 2009

London & Country has launched a free online calculator allowing consumers to check whether they could save money by switching their current mortgage deal that takes under a minute to complete.

National Audit Office to scrutinise FSA's value

23 Nov 2009

The government has announced that the Financial Services Authority will have to demonstrate its value to the National Audit Office from the next financial year.

Economy heads for recovery mode

23 November 2009

The economy is moving out of recession and into a recovery phase, according to Andrew Sentance, a member of the Monetary Policy Committee.

Networks exclude Bank of China products for ARs

23 November 2009

Some networks are forbidding the sale of Bank of China (UK)’s products because of the way its Key Facts Illustrations are generated.

Woolwich to switch to online fund booking

23 November 2009

Training programme for rent-back firms

20 Nov 2009

Compliancy Services is running a training programme to help sale-and-rent-back firms applying for authorisation from the Financial Services Authority.

Profits slump 62% at Nationwide

20 Nov 2009

Pre-tax profits at Nationwide for the six months to the end of September were £143m, down from a £374m profit at the same time last year.

Financial Services Bill introduced to parliament

19 Nov 2009

The government has introduced its Financial Services Bill to Parliament today which sets out significant reforms to improve consumer rights and strengthening financial regulation.

Unbiased.co.uk's networking service goes live

19 Nov 2009

Unbiased.co.uk’s networking service which allows brokers, IFAs, and solicitors to link up with each other has gone live today.

A&L launches lifetime trackers for brokers

18 Nov 2009

Alliance & Leicester Intermediary Sales is launching two lifetime trackers exclusively for brokers starting at 2.89%.

Coventry offers 125% LTV for existing borrowers

18 Nov 2009

Coventry Building Society has introduced measures allowing existing borrowers with a maximum LTV of 125% to move home.

UK inflation begins to climb

17 Nov 2009

The rate of UK annual inflation has risen for the first time since February, figures from the Office for National Statistics reveal.

C&G launches two-year tracker rates

17 Nov 2009

Cheltenham & Gloucester has launched several two-year tracker deals, including one at up to 90% LTV.

Rightmove predicts house price slump

16 Nov 2009

House prices are expected to fall for the next three months as new sellers drop their asking prices by almost £4,000.

L&G revamps term assurance product

16 Nov 2009

Legal & General is introducing a range of different interest rates on which its Mortgage Decreasing Term Assurance is based.

Number of buy-to-let deals on the rise

16 Nov 2009

The number of available buy-to-let deals has increased 34% since September, but landlords still require a deposit of 25% to have any product choice.

Platform cuts rates across mainstream range

16 Nov 2009

Platform has cut rates across its fixed rate and tracker deals, making it the second time in two months the lender has reduced rates.

Comparison site from Argos offers access to brokers

16 November 2009

Argos has launched a financial ser-vices price comparison website which aims to put borrowers in touch with local brokers.

100 Jobs may go at Sesame Bankhall

16 November 2009

Sesame Bankhall Group has re-vealed that it has initiated consultation talks with staff which could see as many as 100 employees leave the company.

Brokers fume as HSBC claims its growth is due to cutting them out

16 November 2009

HSBC has angered brokers by attributing its growth in the mortgage market to its limited exposure to the buy-to-let market and brokered mortgages.

Media Spotlight: Business Stripped Bare By Richard Branson

16 November 2009

FSA capital rules are anti-mutual, says BSA

12 Nov 2009

Graham Beale, chairman of the Building Societies Association, has told members that the trade body is determined to challenge the regulator’s “anti-mutual” stance on capital requirements.

UKValuation to launch anti-fraud system

12 Nov 2009

UKValuation is to launch a software system to tackle mortgage fraud which the company says could save lenders over £600m a year.

CML slashes repossessions forecast to 48,000

12 Nov 2009

The Council of Mortgage Lenders has dramatically cut its forecast of the number of repossessions for 2009 to 48,000, from an initial predicition of 75,000.

FSA plans to simplify regulatory fees

10 Nov 2009

The Financial Services Authority is consulting on a number of measures to simplify the fee structure for regulated firms.

RICS predicts continued house price rises

10 Nov 2009

The Royal Instiution of Chartered Surveyors has forecast that house prices will keep rising over the next three months.

Dealing direct boosting business, says HSBC

10 Nov 2009

HSBC has attributed its growth in the UK mortgage market to limited exposure to the buy-to-let market and brokered mortgages.

Select & Protect to reveal latest insurer partner at Mortgage Expo

9 Nov 2009

Select & Protect, which provides General Insurance products for brokers, is to announce a new insurer partner at the Mortgage Business Expo this week.

Jobs prospects look grim for several years, says CIPD

9 Nov 2009

The labour market is several years from returning to proper health, according to the latest report on UK employment prospects.

Moneyfacts to launch B2C sourcing system

9 Nov 2009

Moneyfacts is to become the latest company to offer brokers a business to consumer sourcing system, which will be launched at this week’s Mortgage Business Expo.

Question mark over Beacon and self-cert

9 November 2009

Mystery surrounds whether Beacon Homeloans is still offering self-cert in the wake of Platform withdrawing from the self-cert sector.

Accord restricts product access to selected firms within distributors

9 November 2009

Accord Mortgages has curbed access to its deals to a set number of companies within the nine distributors it deals with.

MPC ramps up stimulus fund by £25bn as it keeps base rate on ice

9 November 2009

MPC ramps up stimulus fund by £25bn as it keeps base rate on ice

9 November 2009

The Bank of England’s Monetary Policy Committee has decided to expand its quantitative easing budget to £200bn, while keeping the base rate on hold.

Mortgage specialist appointed at Chartwell-Financial

6 Nov 2009

Rob Roberts, former senior adviser at brokerage Chesterton Grant, has been appointed to the role of mortgage specialist at rival firm Chartwell-Financial.

Personal insolvencies climb 28%

6 Nov 2009

The number of people declaring themselves insolvent in Q3 rose 28.2% compared to the same time last year, figures from The Insolvency Service reveal.

Bank boosts quantitative easing by £25bn

5 Nov 2009

The Bank of England’s Monetary Policy Committee has chosen to expand its quantitative easing budget to £200bn, while keeping interest rates on hold.

Spicerhaart Financial Services joins forces with Sesame network

5 Nov 2009

The financial services arm of property group Spicerhaart is joining Sesame network in a deal that will see it become one of Sesame’s largest appointed representatives.

House sales up for the first time since July

4 Nov 2009

Sales activity rose sharply in October following three month of declining sales numbers, according to for sale board company Agency Express.

State share in RBS to jump to 84%, say reports

2 Nov 2009

The government stake in the Royal Bank of Scotland could swell to as much as 84% in return for using the government Asset Protection Scheme, according to reports.

FSA review may cost clients dear

2 November 2009

The Financial Services Authority’s Mortgage Market Review could lead to higher interest rates and product fees for borrowers, according to Fitch Ratings.

More arrears fines may follow GMAC penalty

2 November 2009

More lender and servicer fines over arrears handling could be on the cards following the record £2.8m fine imposed on GMAC-RFC by the Fin-ancial Services Authority last week.

Nationwide securitisation success gives it the taste for another issue

2 November 2009

Nationwide is likely to launch another securitisation next year following the success of its recent £3.5bn issue.

Spanish giant sees profits rise by 58% at its three UK brands

Lending Strategy 01 November 2009

Santander’s UK banking arm, which is made up of Abbey, Alliance & Leicester, and Bradford & Bingley, made a profit of £1.16bn in the first nine months of 2009.

Lloyds mulls second RMBS issue, say reports

30 Oct 2009

Lloyds Banking Group is reportedly testing investor appetite for another residential mortgage-backed securitisation, following the sucess of its recent £4bn issue.

US emerges from recession

29 Oct 2009

The US economy grew at an annual rate of 3.5% in Q3, meaning the country has technically pulled itself out of recession.

Building societies see rise in mortgage approvals

29 Oct 2009

The value of mortgage approvals from building societies rose by £300m to £1.57bn in September, show figures from the Building Societies Association.

GMAC-RFC has two week deadline to pay FSA £2.8m

29 Oct 2009

GMC-RFC, which has just been hit with a £2.8m fine for failures over its arrears management, has just two weeks to settle the fine with the Financial Services Authority.

RBS IP launches fixed rate deals and cuts rates

28 Oct 2009

Royal Bank of Scotland Intermediary Partners is launching a range of fixed rate deals and has cut rates on some of its existing two and three-year fixed rate products.

European Commission approves Northern Rock split

28 Oct 2009

The European Commission has approved the state aid package for Northern Rock which will see the nationalised lender separate its assets into two companies.

In The Loop Mortgages launches 80% LTV deals

27 Oct 2009

In the Loop Mortgages has launched three products available up to 80% LTV as part of a wider range of product releases.

800,000 missing out on home ownership, estimates CML

27 Oct 2009

Some 800,00 households may be missing out on home ownership due to a lack of mortgage finance, estimates the Council of Mortgage Lenders.

Buy-to-let will remain tough in 2010

27 Oct 2009

Rental arrears and uncertainty over interest rates are set to plague buy-to-let investors well into next year, warns tenant eviction service Landlord Assist.

Barclays to acquire Standard Life Bank for £226m

26 Oct 2009

Barclays Bank has agreed to acquire Standard Life Bank from its parent Standard Life for a consideration of £226m, to be paid in cash once the deal has completed.

TMA offers two-year fix for Abbey customers

26 Oct 2009

The Mortgage Alliance is offering a two-year fixed rate deal from Abbey for clients who hold an Abbey bank account.

Abbey offers its account holders 3.65% fixed rate

26 October 2009

Abbey for Intermediaries has launched a two-year fixed rate deal at 3.65% available only through brokers for existing Abbey account holders.

B&B extends HML contract to 2012

26 October 2009

Bradford & Bingley has extended its servicing and administration con-tract with HML until 2012.HML manages around 60,000 customer accounts for B&B, amounting to more than £8.5bn of mortgage loans.Brian Brodie, chief executive of HML, says: “We have worked with B&B for many years and have become significant strategic partners.“We are delighted to have extended this contract and feel it reflects positively on the way that we have adapted and developed our ...

Northern Rock cuts fixed rates

23 Oct 2009

Northern Rock is cutting rates by up to 0.64% on some of its fixed rate deals, with rates starting from 3.65.

UK slides into record recession

23 Oct 2009

The UK economy contracted 0.4% in Q3, defying expectations of growth and meaning that the UK is in the grip of the deepest recession since World War II.

Lenders predict hike in mortgage fees

22 Oct 2009

Major lenders are expecting to increase mortgage fees in the coming months to compensate for a reduction in spreads, data from the Bank of England reveals.

Post Office rolls out extended mortgage range

19 Oct 2009

The Post Office has launched a range of fixed rate and tracker deals as it looks to boost its presence in the financial services sector.

MMR: BBA warns on excluding higher-risk borrowers

19 Oct 2009

The British Bankers’ Association has warned that the Financial Service Authority’s proposals for mortgage regulation could end up freezing the self-employed and first-time buyers out of the market.

MMR: Don't blame non-banks for crisis, IMLA tells FSA

19 Oct 2009

The Intermediary Mortgage Lenders Association has criticised the Financial Service Authority’s Mortgage Market Review for heaping blame on non-banks and non-income verified lending.

Fitch lowers Kensington’s rating

19 October 2009

Brokers sold three-quarters of all equity release plans in Q3

19 October 2009

Low base rate could make lifetime trackers better value than fixes

19 October 2009

Borrowers looking to take a gamble on Bank of England base rate remaining low for the next five years could be better off opting for life - time tracker deals.

CC ordered to revisit point-of-sale PPI ban

16 Oct 2009

The Competition Commission has been told by the Competition Appeal Tribunal to reconsider its decision to ban payment protection insurance being sold at the point-of-sale.

Sesame completes PMS acquisition

16 Oct 2009

Sesame has successfully completed the acquisition of Bankhall and PMS, with Sesame chairman Ivan Martin to head up the newly created Sesame Bankhall Group.

Brokers take three quarters of equity release market

15 Oct 2009

Brokers accounted for 74% of all equity release plans sold between July and September, figures from Safe Home Income Plans reveal.

Rise in unemployment slows

14 Oct 2009

The number of unemployed has climbed to 2.47 million yet despite the increase the pace of rising unemployment has slowed.

RPS and TBMC team up for funding proposition

14 Oct 2009

Residential Property Solutions and The Business Mortgage Company have teamed-up to launch a new funding proposition for professional landlords called The Property Divestment Scheme.

Ingard Group brokers can offer clients Uinsure protection deals

12 October 2009

Broker members of Ingard Group can now offer protection products from Uinsure following a tie-up between the firms.

MPPI firms agree to refund £60m to clients following FSA concerns

12 October 2009

The Financial Services Authority and mortgage payment protection insurance providers last week agreed an industrywide package of measures for consumers including refunds of around £60m.

Cheval hikes top loan size to £1.5m

12 October 2009

Cheval has raised its maximum loan size from £500,000 to £1.5m.

Finance firms begin to see the light

12 October 2009

Financial services firms appear to be lifting themselves out of the downturn, with business volumes across the sector growing for the first time in two years.

Northern Rock pulls plug on lifetime deals

12 October 2009

TMW pulls out of self-cert

9 Oct 2009

The Mortgage Works, the specialist lending arm of Nationwide, is withdrawing its three self-cert products over the weekend, effectively pulling out of the self-cert market altogether.

NACFB urges FSA to assess merits of BTL regulation

9 Oct 2009

The National Association of Commercial Finance Brokers is calling on the Financial Services Authority to think long and hard before it makes buy-to-let a regulated transaction.

Media Spotlight: Cityboy - 50 Ways To Survive The Crunch By Geraint Anderson and Sophie N. Lodge

21 Sep 2009

There have been countless TV documentaries recounting and rehashing the lead-up to the collapse of Lehman Brothers, detailing the lessons learnt - or ignored - one year on from the crash.

Media Spotlight: The Shock Doctrine By Naomi Klein

24 Aug 2009

International best-selling author and prolific journalist Naomi Klein first shot to fame nine years ago with the publication of her book No Logo: Taking Aim at the Brand Bullies, which analysed the growing tide of anger being directed toward the big multinational corporations.

Kensington Mortgages may be back next year

10 Aug 2009

Kensington Mortgages is understood to be in discussions with several distributors and packagers ahead of a potential return to the mortgage market next year.