Mortgage Strategy
Online - March 2011
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BUDGET 2011: Osborne to help first-time buyers
23 Mar 2011
George Osborne is expected to announce a £250m package to help first-time buyers in today’s Budget.
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Landlord Assist supports plans to make squatting illegal
22 Mar 2011
Landlord Assist has welcomed government plans to make squatting illegal.
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United Trust Bank launches new bridging rates
8 Mar 2011
United Trust Bank has launched new bridging rates starting from 0.95% per month.
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30% of people likely to move this year
15 Mar 2011
The number of people who believe they will buy property over the next 12 months has fallen from 37% in 2010 to 30% in 2011, according to Legal & General’s Moving Intentions Survey.
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51% of brokers predict increase in new landlords this year
24 Mar 2011
The majority of brokers believe the number of new landlords will rise this year and existing landlords will increase or hold onto their stock, research from The Mortgage Works shows.
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76% of DAs say rate rise would increase remortgage business
16 Mar 2011
The majority of directly authorised intermediaries expect a potential rise in the Bank of England base rate to have a positive impact on remortgage business, The Mortgage Alliance’s February Distribution Indicator reveals.
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83% of MPs say FTBs need more support
10 Mar 2011
The majority of MPs believe more must be done to help first-time buyers, research from Genworth Financial shows.
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90% of mortgage borrowers on variable rate, says L&G
9 Mar 2011
Legal & General Investment Management has claimed 90% of UK mortgages are on a variable rate, a figure that far exceeds other estimates.
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Abbey edges out Lloyds as top intermediary lender
21 Mar 2011
Abbey for Intermediaries is believed to have overtaken Lloyds Banking Group as the largest intermediary lender.
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Abbey introduces lending policy changes
4 Mar 2011
Abbey for Intermediaries has made a number of changes to its lending policy and will allow broker advice fees to be included in the mortgage advance in all cases below 75% LTV, provided the fee doesn’t exceed 1% of the total loan.
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Abbey launches online service page
2 Mar 2011
Abbey for Intermediaries has launched a new service page on its website that aims to make it easier for brokers to place their business with the lender.
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Accord cuts two-year fixed rates by 0.2%
24 Mar 2011
Accord Mortgages has today cut rates by 0.2% across its range of two-year fixed rate products.
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Accord launches low-fee deals for low-cost homes
15 Mar 2011
Accord Mortgages is launching a range of semi-exclusive products today with low-fee deals for borrowers wishing to borrow less than £150,000.
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Acenden’s UK servicer ratings upgraded by Fitch
31 Mar 2011
Mortgage servicer Acenden has had its UK residential primary servicer rating for prime and sub-prime mortgages upgraded to RPS2.
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Aldermore increases BTL property allowance to three
29 Mar 2011
Aldermore has increased the maximum number of properties it will accept on residential buy-to-let mortgage applications from two to three, subject to a total exposure of £1m.
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Aldermore joins TMA’s lending panel
7 Mar 2011
The Mortgage Alliance has added residential and buy-to-let provider Aldermore Mortgages to its lending panel.
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Aldermore launches fee-free remortgage deals
18 Mar 2011
Aldermore has launched a number of fixed and variable rate remortgage deals with no completion, valuation or legal fees.
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Almost 23% of Kensington's book in arrears of six months or more
21 Mar 2011
Increased forbearance measures resulted in almost 23% of Kensington Mortgages’ portfolio being 180 days or more in arrears in 2010, up from 16% in 2009 and 9% in 2008.
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Another One Bites The Dust
18 Mar 2011
It is a sad day as another well known brand, Cheltenham & Gloucester, takes a quick bow and scuttles off into the shadows, at least where intermediaries are concerned. As someone who started using C&G in the days before they paid a proc fee and who has their mortgage with them it is a double shame.
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Assurant adds products to Julian Harris panel
31 Mar 2011
Assurant Intermediary has added accident, sickness and unemployment covers to the general insurance panel for Julian Harris Financial Consultants and Julian Harris Mortgages Limited.
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Assurant Intermediary launches online training facility
14 Mar 2011
Specialist general insurance provider Assurant Intermediary has launched a free online training facility for intermediaries.
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Bad weather and cuts led to 26% house purchase lending fall in January
11 Mar 2011
A combination of weather-related and economic factors caused house purchase lending to fall by 26% in January, according to the Council of Mortgage of Lenders.
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Banks served subpoenas in Libor probe
17 Mar 2011
US regulators have served subpoenas to four global banks as part of an investigation into the alleged manipulation of the London interbank offered rate.
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Basel III capital requirements should be higher in ideal world, says FSA
16 Mar 2011
Lord Turner, chairman of the Financial Services Authority, says that in the Basel III capital requirements should be 15% to 20% of risk-weighted assets in an ideal world,
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Blemain appoints new learning and development manager
10 Mar 2011
Blemain Group has appointed Paul Halliwell as learning and development manager.
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BoE reports unexpected rise in mortgage defaults
31 Mar 2011
The default rate on mortgages increased unexpectedly in the first quarter of 2011, compared to the previous three months, the Bank of England’s latest Credit Conditions Survey says.
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Borro joins NACFB as lender patron
24 Mar 2011
Short-term asset lender Borro has joined the National Association of Commercial Finance Brokers as a lender patron.
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Bradford & Bingley and Northern Rock return to profit
31 Mar 2011
UK Asset Resolution, the government owned company that runs Northern Rock Asset Management and Bradford & Bingley has revealed that both companies returned to profit in 2010.
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Brightstar forms alliance with Ingard Financial
2 Mar 2011
Specialist distributor Brightstar Financial has agreed a strategic alliance with Essex based network, Ingard Financial.
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Broadbent to replace Sentance on MPC
7 Mar 2011
Ben Broadbent has been appointed to succeed Andrew Sentance as external member on the Monetary Policy Committee from June 1 2011.
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Brokers warned against dabbling in equity release
30 Mar 2011
Mortgage brokers should not experiment with equity release products unless they have specialist experience of the market, according to Dev Malle, sales director at Personal Touch Financial Services.
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BUDGET 2011: High-value property owners will pay fair share in tax
23 Mar 2011
Owners of high-value properties will be made to pay their fair share in tax, chancellor George Osborne says in the Budget.
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BUDGET 2011: Inflation to remain between 4 and 5% for rest of the year
23 Mar 2011
In today’s Budget Chancellor George Osborne has revealed that the government expects inflation to remain between 4 and 5% for the rest of the year.
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BUDGET 2011: Lloyds and RBS met mortgage lending commitments
23 Mar 2011
Today’s Budget reveals that both Lloyds Banking Group and the Royal Bank of Scotland have met their two year mortgage lending commitments.
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BUDGET 2011: Stamp Duty Land Tax reform for bulk purchases
23 Mar 2011
The government will strengthen demand for residential property by reforming the Stamp Duty Land Tax rules applied to bulk purchases, chancellor George Osborne says in today’s Budget.
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BUDGET 2011: Support for Mortgage Interest Scheme extended
23 Mar 2011
Chancellor George Osborne has revealed in today’s Budget that the government will extend the Support for Mortgage Interest Scheme until January 2013.
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Buy-to-let RMBS market improved in January
18 Mar 2011
The performance of the UK buy-to-let residential mortgage-backed securities market improved in January, the latest indices from Moody’s Investors Service show.
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C&G pulls from broker market
17 Mar 2011
Cheltenham & Gloucester, part of Lloyds Banking Group, is to no longer accept mortgage applications from mortgage brokers.
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Call for BBA to take responsibility for PPI review
7 Mar 2011
Credible claims management companies should not be forced to foot the bill for lost case fee income pending the outcome of the judicial review into payment protection insurance, claims Mike Ransom, managing director of Investor Compensation.
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Cambridge BS plans to increase intermediary lending
25 Mar 2011
Cambridge Building Society has unveiled plans to increase its mortgage lending this year as part of a relaunch that includes the introduction of an online system for intermediaries.
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Chadney Bulgin acquires pensions specialist firm
3 Mar 2011
Chadney Bulgin has completed the acquisition of pensions specialist Pensions and Wealth Planning.
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Changing regulations biggest challenge for IFAs
30 Mar 2011
Independent financial advisers have identified changing regulations as the biggest challenge facing their businesses, according to research from Aviva.
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Cheval doubles proc fees and cuts rates
15 Mar 2011
Cheval has reduced interest rates and doubled broker procuration fees across its range of bridging products.
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CHL retains top honour in Best Companies Accreditation
7 Mar 2011
CHL Mortgages has received the Three Star Status Award in the Best Companies Accreditation for 2011, in recognition of being one of the best organisations to work for.
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Chorley BS launches exclusive 90% LTV deal with Mortgageforce
28 Mar 2011
Chorley Building Society has launched an exclusive 90% LTV deal with Mortgageforce.
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Citizens Advice calls for debt management investigation
3 Mar 2011
The Citizens Advice Bureau is calling for an investigation into rogue loan finder and debt management firms and a ban on certain practices after claiming such companies are taking advantage of victims of the recession.
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Claims firm to chase brokers for mis-sold mortgages
8 Mar 2011
Claims firm Brunel Franklin has launched a mortgage mis-selling service, aiming to get compensation for borrowers who were mis-sold mortgages by brokers.
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Claims management firm to launch service via mortgage brokers
9 Mar 2011
Missoldmortgageclaims.co.uk is looking to offer brokers a referral fee for introducing borrowers who have possibly been mis-sold a mortgage.
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Clydesdale and Yorkshire to only use Law Society-accredited firms
26 Mar 2012
Clydesdale and Yorkshire Banks are restricting their conveyancing panels to firms accredited by The Law Society’s Conveyancing Quality Scheme.
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CML calls for Stamp Duty overhaul
15 Mar 2011
The Council of Mortgage Lenders has called for a shake up of the Stamp Duty system after criticising the inconsistencies of current taxation policy.
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Connect Overseas launches French property range
23 Mar 2011
International mortgage specialist Connect Overseas has launched a range of loans specifically targeted at borrowers looking to purchase properties in France.
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Connells Group launches exclusive 90% mortgage with NatWest
10 Mar 2011
The Connells Group has launched a new and exclusive 90% LTV mortgage with NatWest Intermediary Solutions.
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Conti joins forces with Paymentshield Mortgage Club
2 Mar 2011
Overseas specialist Conti has teamed up with Paymentshield Mortgage Club to provide a referral service for overseas mortgages.
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Conveyancing Alliance launches Convey99
22 Mar 2011
Conveyancing Alliance has launched a purchase conveyancing product, Convey99.
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Countrywide and LSL set aside £22.8m to tackle claims
7 Mar 2011
Countrywide and LSL Property Services have set aside a combined £22.8m to deal with an increase in claims from mortgage lenders that are alleging inflated valuations.
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Coventry accounted for 17% of mutual mortgage advances in 2010
1 Mar 2011
Coventry Building Society has announced pre-tax profits of £100.6m for 2010 and gross lending of £3.5bn, 17.1% of all mortgage advances by mutuals.
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Coventry BS launches fixed and Flexx deals
31 Mar 2011
Coventry Building Society has launched a number of fixed and Flexx for Term deals at 65% loan-to-value.
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Coventry coy over Northern Rock bid
31 Mar 2011
The Coventry Building Society has revealed that it may bid for Northern Rock’s so-called good bank when it is put up for sale.
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Crown names Andrew Doyle as finance director
1 Mar 2011
Crown Mortgage Management has appointed Andrew Doyle as finance director as part of a continued drive to strengthen its management team.
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EC: Credit assessments must include all repayment factors
31 Mar 2011
Assessments of creditworthiness should take into consideration all factors that could influence a borrower’s repayment capability over the lifetime of the loan, the European Commission has announced today.
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EC: Directive sets out minimum requirements for brokers
31 Mar 2011
Mortgage brokers must have a clean police record in relation to serious criminal offences linked to crimes against property or other financial activities, says the European Commission.
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EC: ERCs must be fair and justified
31 Mar 2011
Lenders’ Early Repayment Charges much be fair and objectively justified, the European Commission has stated in its Mortgage Directive today.
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EC: Lenders must tell borrowers why they have been rejected
31 Mar 2011
Lenders will be forced to disclose their reasons for refusing a customer a mortgage under proposed plans announced by the European Commission today.
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EC: Non-advised sales will not be banned
31 Mar 2011
Non-advised sales will not be banned by the European Commission, according to a new Directive on credit agreements relating to residential property published today.
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EC: Remuneration schemes can lead to mortgage defaults
31 Mar 2011
Establishing principles-based standards for remuneration would tackle schemes that can cause consumer detriment and mortgage defaults, the European Commission Directive says.
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Ecology BS offers discounts for eco-friendly property improvements
25 Mar 2011
Ecology Building Society is introducing discounts on its standard variable rate for customers who make environmentally-friendly improvements to their homes.
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Ecology BS’s gross lending climbs to £14.5m
22 Mar 2011
Ecology Building Society has reported gross mortgage lending of £14.5m for 2010, up from £12.6m in 2009.
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Economy shrank by less than expected in Q4
29 Mar 2011
The UK economy contracted by 0.5% in Q4 of 2010, slightly less than the 0.6% that had been expected.
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End of an era
1 Mar 2011
Last week was a mish-mash of contrasting news headlines that look like continuing into this week.
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England faces 750,000 housing shortfall by 2025
14 Mar 2011
England faces a shortfall of 750,000 homes by 2025, according to a new report from the Institute for Public Policy Research.
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Entropy
15 Mar 2011
The other night I watched the excellent “Wonders of The Universe” with Prof. Brian Cox, (the thinking woman’s crumpet), and learnt a new term that I thought was apt; Entropy.
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European Commission publishes proposals for the mortgage market
31 Mar 2011
The European Commission has today published its proposals for a new Directive on credit agreements relating to residential property.
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European ruling bans sex discrimination by insurance firms
1 Mar 2011
A landmark ruling by the European Court of Justice means that insurance companies can not discriminate on the basis of sex when calculating premiums.
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Fake payslips still available online
14 Mar 2011
Websites offering fake payslips are still thriving, despite a reported fall in the number of borrowers using fake documentation to commit mortgage fraud, Mortgage Strategy has found.
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First 4 Bridging extends term on 0.99% pcm product
18 Mar 2011
First 4 Bridging is to extend the term on its 0.99% per month product from six to nine months.
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First 4 Bridging launches exclusive product
11 Mar 2011
First 4 Bridging has launched an exclusive first charge product at 0.99% per month up to 70% loan-to-value.
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First-time buyers are the life-blood of the housing market, right? Wrong
7 Mar 2011
First-time buyers used to be the life-blood of the housing market, but they are no longer. The truth is that cash buyers are now more important than first-time buyers.
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Fixed rate purchases rose sharply at start of 2011
16 Mar 2011
Purchases of fixed rate mortgages increased sharply at the beginning of 2011, according to John Charcol’s latest mortgage index.
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Former Stroud & Swindon CEO joins FSA
10 Mar 2011
The Financial Services Authority has appointed John Sutherland, former chief executive officer at Stroud & Swindon Building Society as an advisor.
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FOS sets £191m budget and confirms extra £350 PPI case fee
27 Mar 2012
The Financial Ombudsman Service has set a total budget of £191.1m for 2012/13, and introduced a £350 supplementary case fee for payment protection insurance misselling complaints.
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FSA bans broker for taking £1.5m from clients' accounts
21 Mar 2011
The Financial Services Authority has banned mortgage broker Rienzie Albert Joseph Asoka Silva from carrying out regulated activities, after taking £1.5m from clients’ accounts.
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FSA shows its teeth with probe of rent-back firm
28 Mar 2011
The Financial Services Authority is already investigating a sale-and-rent-back firm for bad practices and misconduct, less than a year after regulating the sector.
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FTB Stamp Duty exemption should be permanent, says BSA
16 Mar 2011
The Building Societies Association is calling on the government to make the exemption from Stamp Duty for first-time buyers on properties under £250,000 permanent.
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Funding crisis hits brokerage
29 Mar 2011
The Good Mortgage Company is making a last ditch attempt to secure investment this week after its main shareholder, Octopus, pulled its funding.
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Government plans tax for high value homes
28 Mar 2011
Deputy prime minister, Nick Clegg has revealed plans to introduce a tax on high value homes, allowing the government to scrap the 50p income tax rate.
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Government to make it easier to convert commercial property
21 Mar 2011
The government is expected to announce measures that make it easier for commercial buildings to be converted into residential property in this week’s Budget.
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Gross mortgage lending flat at Northern Rock
9 Mar 2011
Gross mortgage lending at Northern Rock was flat at £4.2bn in 2010 as the bank posted a £232.4m loss for the year in its annual results.
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Gross mortgage lending largely unchanged in February
18 Mar 2011
Gross mortgage lending in February was an estimated £9.5bn, just marginally higher than January’s gross lending figure of £9.475bn, data published by the Council of Mortgage Lenders shows.
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HML launches industry networking event
17 Mar 2011
Financial outsourcer HML is hosting a new industry networking event called Connectability in central London with The Apprentice’s Nick Hewer as guest speaker.
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HML set to make 98 redundancies after GMAC-RFC move
2 Mar 2011
HML is set to make 98 redundancies as a result of GMAC-RFC’s decision to move its mortgage book in-house last year.
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Holloway Friendly launches income protection plan for brokers
22 Mar 2011
Holloway Friendly has launched an income protection plan tailored specifically for mortgage advisers to sell to their clients.
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House prices down 0.8% in February
28 Mar 2011
House prices decreased 0.8% in February, an annual price decrease of 1.7% which takes the average property value in England and Wales to £162,215, shows the latest figures from the Land Registry.
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House prices down 1.4% in January
15 Mar 2011
House prices fell 1.4% in January, the latest house price index by the Department for Communities and Local Government shows.
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House prices fall again in February
4 Mar 2011
Halifax’s latest house price index shows the value of homes fell 0.9% in February, on the back of a 0.8% fall in prices in January.
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House prices increase 0.3% in February
1 Mar 2011
House prices increased 0.3% in February, the Nationwide House Price Index shows.
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House prices rise by 0.5% in March
31 Mar 2011
House prices increased by 0.5% in March compared to February, Nationwide’s house price index reveals.
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House sales up 38% in February
9 Mar 2011
Houses sales in February were up 38.3%, compared to January, show the latest figures from the Agency ExpressProperty Activity Index.
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Inflation rises to 4.4%
22 Mar 2011
Inflation rose to 4.4% in February, up from 4% in January, the highest figure since 2008, the latest figures from the Office of National Statistics show.
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Interest rate rise may derail economy, says report
14 Mar 2011
Increasing the Bank of England base rate in the next few months could put Britain’s economic recovery at risk, accountants BDO has warned.
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Interest rates kept on hold at 0.5%
10 Mar 2011
The Bank of England’s Monetary Policy Committee has kept the base rate on hold at 0.5%.
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Is this week's European Court of Justice ruling the thin end of the wedge?
4 Mar 2011
The EU Gender Directive sets out a general prohibition on taking sex into account when calculating premiums and benefits for insurance contracts written after December 2007.
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Jim Dunn becomes chairman of CML Scotland
11 Mar 2011
Jim Dunn, general manager of the Scottish Building Society, has become chairman of the Council of Mortgage Lenders Scotland.
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Just 10% of homeowners overpaying on their mortgage
16 Mar 2011
Only 10% of homeowners are currently overpaying on their mortgage, research by Barclays shows.
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L&G club launches deals up to 90% LTV with Cambridge BS
18 Mar 2011
Legal & General Mortgage Club has launched a range of fixed rate exclusive products up to 90% loan-to-value with Cambridge Building Society.
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L&G intermediary mortgage market share grows to 15%
17 Mar 2011
Legal & General increased its share of the intermediary mortgage market from 12% in 2009 to 15% in 2010, its annual results show.
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L&G Mortgage Club launches exclusive two-year fixes
9 Mar 2011
Legal & General Mortgage Club has launched a range of exclusive two-year fixed rate mortgages from Halifax Intermediaries.
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Lack of job security stalls house purchase demand
16 Mar 2011
Demand for property purchase remains weak and is becoming increasingly hampered by an uncertain labour market, the Building Societies Association’s latest Property Tracker survey suggests.
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Leeds BS launches three-year fix
14 Mar 2011
Leeds Building Society has launched what it claims to be the only three-year non-locked-in fixed rate mortgage product in the market.
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Leeds BS pledges support for FTBs
23 Mar 2011
Leeds Building Society plans to increase its mortgage lending by 40% in 2011, to £1.4bn, as well as maintain support for first-time buyers.
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Legal & General launches Home Buyers’ Protection cover
8 Mar 2011
Legal & General is rolling out a new insurance product that aims to help potential home buyers recover some of the key costs associated with purchasing property should the sale not go through.
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LIBOR inquiry centres on Barclays
25 Mar 2011
Regulators investigating alleged rigging of benchmark interbank lending rates are centring their focus on Barclays, people familiar with the probe say.
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Linear joins Pink as AR
11 Mar 2011
Linear Financial Solutions has joined the Pink network as an appointed representative.
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Lloyds asks BDMs to reapply for jobs
21 Mar 2011
All business development managers at Lloyds Banking Group have been asked to reapply for their jobs.
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Lloyds involves local authorities in 95% LTV deal
16 Mar 2011
Lloyds TSB has today launched Local Lend a Hand, which allows local authorities to help first-time buyers get on the housing ladder with a 5% deposit.
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Lloyds puts further restrictions on interest-only
30 Mar 2011
Lloyds Banking Group will now only allow interest-only lending of up to 75% LTV for its Halifax brand.
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Lodging cheaper than renting in four out of five UK cities
29 Mar 2011
Lodging with a homeowner is more affordable than splitting the cost of renting an equivalent two bed flat with a friend in most of the UK’s towns, according to the latest research from esayroommate.co.uk.
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LSL on the acquisition trail as profits increase
2 Mar 2011
LSL Property Services, the parent company of Pink Home Loans and First Complete has reported a profit before tax of £25.8m for 2010, up from £17.0m in 2009 and the group says it is well placed to make further acquisitions.
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Lynne Peacock steps down as CEO of Clydesdale and Yorkshire Banks
15 Mar 2011
Lynne Peacock is to step down as the boss of Clydesdale and Yorkshire Banks after seven years as UK chief executive officer of National Australia Bank.
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MAB sees 39% rise in mortgage applications
16 Mar 2011
Mortgage applications were up 39% in February compared to January and 9% higher than the number of applications in February 2010, shows the latest figures from the Mortgage Advice Bureau.
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Majority of 2010 mortgage fraud was via brokers, says CIFAS
8 Mar 2011
Mortgage fraud increased 18% in 2010, with 69% of fraudulent business being introduced by brokers, shows the latest report from CIFAS - the UK’s fraud prevention service.
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Mandelson withheld information on Lloyds/HBOS merger, alleges action group
28 Mar 2011
Important evidence which could have changed the outcome of a court case in the run up to the merger of Lloyds TSB with HBOS was deliberately withheld by the then business secretary Lord Mandelson, the shareholder action group Lloyd Action Now has alleged.
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Masthaven receives investment boost
15 Mar 2011
The bridging provider says this together with additional bank funding, will provide Masthaven with a considerable level of additional funds to lend.
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Medium-term inflation risks behind rate rise vote, says Spencer Dale
24 Mar 2011
The decision by Monetary Policy Committee member Spencer Dale to vote for a rate rise at the last MPC meeting was driven by medium-term risks to inflation.
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Metro Bank to launch into buy-to-let
25 Mar 2011
Metro Bank is planning to launch into the buy-to-let sector later this year.
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MMR rules would have saved 17,000 repossessions, says Shelter
15 Mar 2011
More than 17,000 repossessions would have been prevented if regulation rules, as proposed by the Financial Services Authority in its Mortgage Market Review, had been in place over the last five years, Shelter claims.
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Mortgage applications rose 40% in February
14 Mar 2011
The number of mortgage applications received by Countrywide’s 650 mortgage consultants increased by 40% in February.
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Mortgage approvals edge up slightly in February
23 Mar 2011
The latest figures from the British Bankers’ Association show the number of mortgage approvals rose to 72,309 in February, up from 70,776 in January.
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Mortgage approvals up 23% by mutuals year-on-year
29 Mar 2011
Mortgages to the value of £1.7bn were approved by mutual lenders in February, 23% higher than the £1.4bn approved in February last year.
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Mortgage Brain pulls out of merger deal
22 Mar 2011
Mortgage Brain has confirmed that it won’t be progressing with the proposed acquisition of rival sourcing system TrigoldCrystal.
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Mortgage complaints more than double in one year
30 Mar 2011
The Financial Services Authority has today published its complaint figures for the second half of 2010, showing complaints about mortgage businesses have more than doubled in one year.
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Mortgage Force secures deal with GSPC
17 Mar 2011
Mortgage Force has secured a referral agreement with Glasgow Solicitors Property Centre that will operate via Mortgage Force Scotland.
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Mortgage Next and Mortgage Intelligence launch club
31 Mar 2011
Mortgage Next and Mortgage Intelligence Holdings have announced the launch of a new club, called Next Intelligence.
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Mortgage product numbers stable in February
9 Mar 2011
The number of mortgage products available to intermediaries has remained stable during February, shows the latest Mortgage Brain’s Monthly Product Analysis.
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Mortgageforce management completes buyout from West Brom
24 Mar 2011
The management at Mortgageforce have completed the purchase of the brokerage from West Brom Building Society for an undisclosed fee.
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Move With Us calls for return to traditional lending practices
21 Mar 2011
A return to traditional lending practices is needed to address the crisis currently faced by first-time buyers, Move With Us claims.
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MSTV: e.surv on how brokers can guard against valuation fraud
11 Mar 2011
In this edition of Mortgage Strategy TV, we speak to Richard Sexton, business development director at e.surv Chartered Surveyors, about how mortgage brokers can guard against valuation fraud.
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MSTV: West One Loans on why more lenders are set to enter bridging
8 Mar 2011
In this edition of Mortgage Strategy TV, we speak to Mark Abrahams, chief executive officer of West One Loans, about why he thinks the sector will see more bridging entrants in 2011.
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Mutuals’ gross lending up 38% year-on-year
1 Mar 2011
Gross mortgage lending by mutuals was £1.4bn in January, which is 38% greater than the £1bn figure for January 2010.
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N&P reports after-tax loss following Keydata provision
22 Mar 2011
Norwich & Peterborough Building Society made an after-tax loss of £48.9m in 2010 following a pre-tax provision of £57m for Keydata investments, compared to an after-tax profit of £0.9m for 2009.
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Nationwide launches £2m mortgages this week
28 Mar 2011
Nationwide is launching its large loans offering on Wednesday and will now lend up to £2m for mortgages up to 75% LTV on its no-fee products.
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Nationwide launches five-year fix at 4.39%
16 Mar 2011
Nationwide has launched a five-year fixed rate deal at 4.39% up to 70% loan-to-value, as part of a number of product changes.
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NatWest adds 75% LTV B2L deal to core range
2 Mar 2011
NatWest Intermediary Solutions is adding a 75% LTV fixed rate buy-to-let mortgage to its core range tomorrow and refreshing the rates on a number of its other products.
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Nearly a third of landlords increase rents in Q1
21 Mar 2011
Nearly a third of landlords have increased rents during Q1 of the year, research from buy-to-let mortgage specialist Paragon shows.
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Nearly two-fifths of aspiring FTBs will be 40 or older when they buy
4 Mar 2011
Nearly two-fifths, 38% of aspiring first-time buyers anticipate being 40 or older when they buy their new home, according to new research from property website Globrix.com.
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No new MPC members voted for rate rise in March
23 Mar 2011
Three members of the Monetary Policy Committee voted for a rise in the Bank of England base rate in March, the same number of alternative votes as in February.
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Northern Rock launches £370m securitisation
22 Mar 2011
Northern Rock has returned to the securitisation market for the first time since it was nationalised.
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Northern Rock makes further cuts to Everyday rates
25 Mar 2011
Northern Rock has further cut rates across its Everyday product range with effect from today, just ten days after its last round of rate reductions.
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Northern Rock to axe 680 jobs
28 Mar 2011
Northern Rock has announced that it is to shed 680 jobs by the end of the year.
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Northern Rock updates residential products
15 Mar 2011
Northern Rock has made rate changes to a number of its residential products, with effect from today.
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Norton Finance joins TFC’s secured loan panel
15 Mar 2011
Norton Finance has signed up to TFC Homeloans’ secured loan panel, it has been announced.
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OFT refers Mortgage Brain and TrigoldCrystal merger to Competition Commission
17 Mar 2011
The Office of Fair Trading has referred the proposed Mortgage Brain acquisition of TrigoldCrystal to the Competition Commission.
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One in four borrowers don’t know the base rate
10 Mar 2011
One in four mortgage holders are unaware that interest rates are at an historic low of 0.5%, research from Shelter shows.
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OneSavings Bank appoints Jeremy Wood as interim CEO
18 Mar 2011
OneSavings Bank Plc has appointed Jeremy Wood as interim chief executive officer.
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OpenConvey teams up with Brilliant Solutions
21 Mar 2011
Online conveyancing portal OpenConvey has joined forces with Brilliant Solutions to expand the reach of its white-labelled conveyancing engine.
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Openwork approves financial restructuring terms
15 Mar 2011
Openwork has approved in principle the terms of a major financial restructuring that would allow it to execute its Retail Distribution Review strategy.
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Paradigm adds Aldermore to lender panels
31 Mar 2011
Paradigm Mortgage Services has added Aldermore to its lender panel for directly authorised firms and appointed representatives.
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Paradigm urges advisers to beat remortgage rush
2 Mar 2011
Paradigm Mortgage Services is urging mortgage advisers to contact potential remortgage clients now, ahead of a rise in the Bank of England base rate and the surge in demand this is likely to bring.
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Paymentcare launches buildings and contents insurance
10 Mar 2011
Paymentcare.co.uk has launched a buildings and contents insurance policy, as well as an online quotation system.
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Platform doubles mortgage lending in 2010
30 Mar 2011
Platform, the intermediary mortgage business of the Co-operative Bank doubled its lending from £0.3bn in 2009 to £0.6bn last year.
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PMS selects Mortgage Brain as sourcing solution
31 Mar 2011
PMS has chosen All New Mortgage Brain as one of its preferred mortgage sourcing solutions.
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PMS teams up with Promise Solutions
2 Mar 2011
PMS has joined forces with Promise Solutions to offer advisers and their clients access to a range of secured loan services.
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Portal Portfolio offers secured loans to all borrowers
14 Mar 2011
Secured loan provider Portal Portfolio has attracted new funding and now offers secured loans to all borrowers, having removed the pension element as a requirement.
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Precise joins Sesame with exclusive deals
8 Mar 2011
Precise Mortgages has joined Sesame’s lending panel, giving the network’s appointed representatives access to its existing fixed, capped and tracker products as well as two exclusive new deals.
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Prisoners of fortune
7 Mar 2011
Last week as the members of the Bank of England’s Monetary Policy Committee sat and argued their very different views around potential interest rate changes, many in the mortgage industry pondered secretly, some publically, that quite frankly an early rate rise will be good for business.
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Property lawyer predicts chaos for April's Stamp Duty rise
7 Mar 2011
John Stephenson, senior partner and head of residential property team at city firm Bircham Dyson Bell LLP, is predicting that April’s Stamp Duty increase to 5% on properties over £1m will create chaos for buyers, sellers, solicitors and lenders alike.
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Property top reason for taking out protection
3 Mar 2011
Purchasing property is the most popular reason for clients to take out a new protection policy, Scottish Provident’s Financial Safety Net report finds.
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Ray Boulger criticises house price index inconsistencies
4 Mar 2011
Ray Boulger, senior technical manager at John Charcol, has claimed seasonal adjustments are seriously distorting the way house price statistics are reported.
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Regional variation in housing market widens
8 Mar 2011
The housing market became further characterised by regional variation last month, the latest Royal Institute of Chartered Surveyors UK Housing Market survey shows.
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Remortgage approvals continue to climb
29 Mar 2011
Approvals for remortgaging increased in February to 35,725, 5.2% higher than the previous six-month average of 31,674, show the latest figures from the Bank of England.
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Remortgages 10% above average in January
1 Mar 2011
The number of remortgages grew to 33,498 in January, 10% above the six month average of 30,407, the Bank of England’s Lending to Individuals data shows.
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Rents rise by 0.2% in February
18 Mar 2011
Average rents rose by 0.2% in February, following falls in the previous two months, according to LSL Property Services’ latest Buy-to-let Index.
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Repossessions at three-year low
15 Mar 2011
Figures released from the Financial Services Authority today show repossessions reached a three-year low in Q4 of 2010.
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Residential valuations up 23% year-on-year in February
14 Mar 2011
The number of residential mortgage valuations conducted in February increased by 23% compared to a year ago, research from Connells Survey and Valuation shows.
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Resolution regimes may not prevent a future banking crisis, says S&P
16 Mar 2011
Banking crises are very likely to happen again and resolution regimes may not to enough to prevent them from occurring, claims Standard & Poor’s.
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Roger Morris leaves Affirmative for Precise
15 Mar 2011
Roger Morris, sales and marketing director at Affirmative Finance, is leaving the bridging lender to join Precise Mortgages.
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Roger Morris starts as head of sales at Precise
31 Mar 2011
Roger Morris, former sales and marketing director at Affirmative has started his role as head of sales for Precise Mortgages.
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S&P predicts moderate earnings growth for UK banks this year
10 Mar 2011
UK banks will experience moderate underlying earnings growth this year, predicts Standard & Poor’s.
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Saffron BS continues to increase mortgage lending in 2011
18 Mar 2011
Saffron Building Society has continued to expand its mortgage lending into 2011, it has revealed.
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Santander intermediary director quits for Lloyds Banking Group
22 Mar 2011
Alison Brittain, executive director for retail distribution and intermediaries at Santander is leaving the lender and joining Lloyds Banking Group.
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Santander’s chief credit officer joins Nationwide
24 Mar 2011
Iain Laing, chief credit officer at Santander UK, is leaving to join Nationwide as chief risk officer.
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Sants: No MMR changes before 2012
3 Mar 2011
The Financial Services Authority says there will no rule changes from the Mortgage Market Review before 2012.
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Savills' financial services division makes £1.9m loss
17 Mar 2011
Savills made a £1.9m loss in its financial services division in 2010, its annual results show.
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Secured loan business drops 21% year-on-year
22 Mar 2011
Secured loan business fell 21% in January to £21m, down 19% compared to January 2010, the latest market figures from the Finance & Leasing Association show.
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Sesame Bankhall launches valuations panel management company
2 Mar 2011
Sesame Bankhall Group has launched a new panel management service for mortgage valuations.
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Sesame generated £5m profits in 2010
24 Mar 2011
Sesame Bankhall generated operating profits of £5m in 2010, compared to £3m in 2009, parent group Resolution’s results have revealed.
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Simon Baker joins Omnii Solutions
30 Mar 2011
Simon Baker, former national accounts manager at Beacon Home Loans has joined Omnii Solutions as head of sales.
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Simply Finance holds open day
21 Mar 2011
Simply Finance Group is opening its doors to mortgage advisers in the South and holding an open day on Thursday March 24.
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Skipton launches 95% LTV exclusively through Connells
2 Mar 2011
Skipton Building Society has launched a range of 90% and 95% LTV mortgages exclusively through the Connells Group.
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Skipton launches direct-only 95% LTV deal
21 Mar 2011
Skipton Building Society has launched a new range of mortgages, including a direct-only 95% loan-to-value deal.
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Skipton returns to BTL lending
29 Mar 2011
Having temporarily ceased buy-to-let lending in 2009, Skipton Building Society is returning to the market with new two and three-year fixed rate mortgages.
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SPF launches exclusive bridging product
3 Mar 2011
Savills Private Finance is extending the scope of its portfolio by offering an exclusive bridging product aimed at auction finance.
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Spicerhaart sees 35% rise in mortgage volumes
4 Mar 2011
Spicerhaart Financial Services experienced a 35% increase in the number of mortgages processed in 2010, compared to the previous year.
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Stonehaven returns to lending
4 Mar 2011
Equity release provider Stonehaven began lending again yesterday afternoon following a year’s absence from the market.
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Target Group teams up with xit2
2 Mar 2011
Target Group has chosen xit2 to distribute and manage its instructions to third parties involved in property purchases, possessions and asset management.
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Terry Pritchard resigns from Alt-FS
24 Mar 2011
Terry Pritchard has blamed the long commute from his home on the South Coast to London for his decision to resign as director of distribution at Alt-FS.
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Tiuta reduces bridging rates
7 Mar 2011
Tiuta has reduced its bridging interest rates by up to 0.4% on loans with an LTV of between 60% and 75% on an open market valuation for properties in England and Wales.
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Tiuta teams up with Bill Warren Compliance
16 Mar 2011
Bill Warren Compliance LLP is to provide a range of services to Tiuta in a new working relationship between the two firms.
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Two men jailed for £78m mortgage fraud
18 Mar 2011
Two men involved in a £78m mortgage fraud and an attempted £12m VAT fraud have each been jailed for seven years today.
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Two-year tracker rates at lowest level since 1988
7 Mar 2011
The average rate on a two-year tracker mortgage has fallen to its lowest level since 1988, while the average two-year fixed rate mortgage has increased to its highest level in ten months, show figures from Moneyfacts.co.uk.
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Uinsure reduces MPPI premiums
25 Mar 2011
Uinsure is reducing the premiums on its mortgage payment protection insurance policies, in partnership with Lloyds of London underwriters Jubilee.
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UKAR eyes up outsourced mortgage services role
21 Mar 2011
UK Asset Resolution is setting its sights on offering back-office services to mortgage lenders, according to people with knowledge of the firm.
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Unemployment rises again to 2.53 million
16 Mar 2011
UK unemployment increased by 27,000 in the three months to the end of January to 2.53 million, the highest figure since 1994, show the latest figures from the Office for National Statistics.
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Welcome FS sets aside £110m in redress for PPI claims
3 Mar 2011
Welcome Financial Services has set aside £110m to compensate customers who were mis-sold payment protection insurance by the firm.
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What Insure launches MPPI product
9 Mar 2011
What Insure has launched a Mortgage Payment Protection Insurance product.
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WLB acquires Commercial First business platform
1 Mar 2011
Whiteaway Laidlaw Bank has acquired the new business platform from Commercial First Mortgages.
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Y3S Group becomes key partner of Drawbridge Finance
3 Mar 2011
Cardiff-based packager Y3S Group has become the latest key partner of Drawbridge Finance.
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Yorkshire BS reduces MPI rates
1 Mar 2011
Yorkshire Building Society has reduced its mortgage protection insurance rates by as much as 50p per month for every £100 of cover.
