Mortgage Strategy
1 December 2008

  • 3-month LIBOR falls to 3.37%

    5 Dec 2008

    In the wake of the 1% base rate fall yesterday, 3-month LIBOR has fallen today by 0.34% to 3.37%.

  • A man for all seasons

    1 Dec 2008

    The last time I had lunch with Phil Jenks was nearly three years ago. It was at Langhams in Piccadilly, where men of a certain age can appear trendy and still enjoy sausages and mash and other comfort food by the bucketful, and sit from noon to midnight so long as they keep quaffing the Bordeaux and brandy.

  • A reality check in Brussels

    1 Dec 2008

    The UK has always displayed an air of arrogance about its mortgage market in comparison with the rest of Europe, but we Brits have been silenced in recent months and are no longer boasting of our mortgage market triumphs.

  • A&L pulls tracker range

    4 Dec 2008

    Alliance & Leicester has withdrawn its tracker range following the base rate cut of 1%.

  • A&L reduces fixed rates by up to 0.90%

    2 Dec 2008

    Alliance & Leicester has launched a portfolio of mortgage products, with fixed rate mortgages being reduced by up to 0.90%.

  • Ain't no stopping us now...

    4 Dec 2008

    Another day, another Government initiative. It took a while for them to creak into action, but now it seems there is no stopping them and you can't fault Brown & Co. for trying.

  • Alternative banks call for overhaul of financial system

    5 Dec 2008

    A group of directors from alternative banks across Europe are calling for a fundamental restructuring of the financial system with a series of new measures designed to bring sustainability to the sector.

  • AMI calls for 1% cut in interest rates

    3 Dec 2008

    The Association of Mortgage Intermediaries is calling for a 1% cut in interest rates ahead of the Bank of England's Monetary Policy Committee meeting this week in a bid to spur economic growth.

  • Ask the questions before choosing

    3 Dec 2008

    If you are reading this as an adviser on the front line dealing with people who want to get out from under an avalanche of debt have you established a real working relationship with a suitable debt advice and solutions provider?

  • ASTL warns brokers over application fee scam

    2 Dec 2008

    The Association of Short Term Lenders is warning brokers not to be duped by certain bridging lenders that are demanding non-refundable application fees and then dropping out of the deal.

  • B&W quit 90% LTV deals due to lender exodus

    1 Dec 2008

    Bristol & West Mortgages was forced to pull its 90% LTV deals in April by the exodus of other lenders from the high LTV arena. Managing director Roland McCormack says: "All lenders withdrew from 90% LTV deals so we had to do the same."

  • Back to the future as lenders lead bloodless coup

    1 Dec 2008

    Some months ago Sir James Crosby said it would be a retrograde step if mortgage brokers were forced out of the market.

  • Bank of England slashes rate to 2%

    4 Dec 2008

    The Bank of England has slashed the base rate to levels not seen since 1939 - 2%.

  • Bank of England to cut rates to record low as gloom intensifies

    1 Dec 2008

    Data released by the Bank of England today showed mortgage approvals are bottoming out in the low 30 thousands.

  • Barroso shows typical EU contempt for voters

    2 Dec 2008

    In a broadcast on French radio Jose Manuel Barroso, the President of the European Commission and former Prime Minister of Portugal, said that some British politicians had recently said to him, “If we had the euro, we would have been better off."

  • Base rate drops to 2%

    4 Dec 2008

    The Bank of England has slashed the base rate to 2% a level not since 1939.

  • BoS to pay proc fees on product transfer deals

    1 Dec 2008

    Brokers received an early Christmas present from the Bank of Scotland last week when the lender said it would start paying proc fees on its online product transfer and further advance deals.

  • Bradford & Bingley admits it can do little to combat self-cert fraud

    1 Dec 2008

    Bradford & Bingley can do little to tackle self-cert mortgage fraud in which borrowers lie about their income.

  • Broker levels in boom years were unsustainable

    2 Dec 2008

    The Financial Services Authority has admitted today that in hindsight the number of mortgage brokers in the UK market grew to an unsustainable number.

  • Broker opportunity in PPI reforms

    4 Dec 2008

    Brokers can capitalise on the Competition Commission’s proposal to ban point-of-sale payment protection insurance, claims Paymentcare.co.uk.

  • Brokers are looking debt solutions gift horse in the mouth

    1 Dec 2008

    I read Mark Sutton's letter about embattled brokers surviving the credit crunch with interest (Mortgage Strategy November 17).

  • Brokers Strangled by FSA red tape and Jargon

    1 Dec 2008

    You only have to read recent issues of Mortgage Strategy to realise the untenable situation most brokers are in. I'm sure a host of them are staying in the industry by default. After all, what new careers are available to those over 50 who have been self-employed for the past 20 years?

  • Brokers told to expose fraudsters

    1 Dec 2008

    The National Fraud Strategic Authority is calling on mortgage brokers to blow the whistle on fraudsters operating in the market.

  • Brown unveils 2-year deferment of interest payments for jobless

    3 Dec 2008

    The Prime Minister Gordon Brown has unveiled a two-year deferment of mortgage interest payments for hard working borrowers who experience a loss of income.

  • Bunch of fives would help

    1 Dec 2008

    Chancellor Alistair Darling destroyed the rule book and came out fighting as he delivered his pre-Budget report last week, one of the most significant economic and political announcements for a generation.

  • Cable backs RBS six month grace period

    1 Dec 2008

    Vince Cable, shadow chancellor for the Liberal Democrats, has called for government supported lenders to follow Royal Bank of Scotland and give borrowers in arrears six months before pursuing repossession.

  • Cash for social rents and shared equity schemes

    1 Dec 2008

    The government has allotted 775m for social rented housing and shared equity schemes. The money will be brought forward from the 2010/11 budgets.

  • Chapter 11 and verse

    1 Dec 2008

    BBC2's Newsnight went for a new take on the financial crisis last week, inviting poet Murray Lachlan Young to come up with an ode to the credit crunch.

  • Checkmate secures three major contracts

    3 Dec 2008

    Checkmate Mortgages has secured three major contracts to support its launch and make use of the latest technology and fraud protection products.

  • Chewing over the future

    1 Dec 2008

    About this time last year Lending Strategy invited a group of senior lending executives to a lunch with David Smith, economics editor of the Sunday Times.

  • Chickens, eggs and houses

    1 Dec 2008

    In the midst of all the talk about what policies are needed to revive housing market activity, there has been little consideration of what might be the main cause of the problem. Consumers are worried about job security and lenders have become far more cautious, but which of these factors is holding back the market?

  • Choice in a shrinking market

    1 Dec 2008

    The UK mortgage market has shrunk considerably in the past year. September saw just 33,000 mortgage approvals - dwindling near historic lows. Gross lending is estimated at £260bn for 2008 - around £100bn less than 2007 - and net lending for the year seems set to reach just £50bn, while 2009 looks bleaker still.

  • Chorus of disapproval

    1 Dec 2008

    Mole scaled the dizzy heights of the Gherkin last week thanks to The Mortgage Alliance. Mortgage Strategy publisher Anna Ruddock and ace reporter Natalie Holt were treated to a champagne reception at the top of the Swiss Re Tower followed by a slap-up meal.

  • Clifford leaves Mortgageforce

    1 Dec 2008

    Rob Clifford is resigning as chief executive at Mortgageforce.

  • CML conference: Honest assessment of challenges

    1 Dec 2008

    Tomorrow’s annual CML conference will hear a plea for an honest assessment of the challenges facing the lending industry.

  • CML pleas for honest assessment of challenges ahead

    2 Dec 2008

    The Council of Mortgage Lenders will use its annual conference today to plea for an honest assessment of the challenges facing the lending industry.

  • CML throws its weight behind Mortgage Strategy campaign

    2 Dec 2008

    The Council of Mortgage Lenders today threw its weight behind Mortgage Strategy’s campaign for banks to become stakeholders in struggling borrowers’ homes to stave off repossession.

  • Collections in a cold climate

    1 Dec 2008

    It seems that every day we are presented with more evidence in the media that the country is in the grip of a serious downturn.

  • Commercial lenders exposed in broker survey

    5 Dec 2008

    Lendertracking.org has carried out a survey among commercial brokers to establish whether lenders that claim to be lending actually are.

  • Competent Adviser offers free trial of TCF toolbox

    4 Dec 2008

    Competent Adviser is offering brokers a free month’s trial of its Treating Customers Fairly toolbox to help firms get to grips with TCF principles.

  • Complete added to HomeLoan Partnership panel

    1 Dec 2008

    Complete Mortgage and Loan Services has been added to the packager panel of HomeLoan Partnership.

  • Complete offers fixed near prime product from Platform

    2 Dec 2008

    Complete Mortgage and Loan Services has launched a new exclusive near prime fixed rate mortgage product funded by Platform.

  • Consumer body urges regulator to protect tracker mortgages

    1 Dec 2008

    The Irish financial regulator has been urged to intervene in an alleged campaign by lenders to persuade customers to switch from tracker mortgages to more expensive fixed and variable home loans.

  • Consumers expect more bad news

    3 Dec 2008

    Many consumers believe the economic situation will have deteriorated further in six months time, reveals the latest data from Nationwide.

  • Covered bond dealers covered

    1 Dec 2008

    The Securities Industry and Financial Markets Association (SIFMA) has expanded coverage of the fixed income markets by launching the SIFMA European Covered Bond Dealers Association (ECBDA).

  • Crosby report calls for RMBS guarantees

    1 Dec 2008

    The government is set to guarantee tranches of residential mortgage-backed securities following the release of the long-awaited Crosby report on mortgage finance.

  • Crosby sounds dire warning for the future of mortgage brokers

    1 Dec 2008

    Brokers' share of mortgage business is set to fall and many will disappear from the market.

  • Curriculumvitae: Jonathan Midgley

    1 Dec 2008

    Describe your current job As co-founder of Evaluate Technologies, an IT solution provider based in the City, my job is to design, build, test, deploy and support our flagship software product Evaluate. This system enables users to submit single mortgage enquiries, receive the best responses from lenders, select their preferred products and then submit applications online.

  • Don't believe the hype

    5 Dec 2008

    If you are a secured loan lender the chances are you are not reading this, but out repossessing somebody’s home, or at least that is the impression that everyone seems to have.

  • Dual pricing going strong, says Home Buyer Systems

    2 Dec 2008

    Home Buyer Systems has found there are currently no 90% LTV products available for second-time buyers via mortgage brokers but over 30 are available direct.

  • Empty words in Queen's Speech

    1 Dec 2008

    The Banking Bill and the Savings Gateway Accounts Bill were the two pieces of proposed legislation of interest to the financial sector outlined in the Queen's Speech on December 2.

  • Europe plans €200bn fiscal stimulus package

    1 Dec 2008

    The European Commission has announced a fiscal stimulus plan that will cost €200bn (£170bn) or 1.5% of Europe's GDP.

  • Exact launches website

    1 Dec 2008

    Exact, the reincarnation of edeus, has rolled out its website today with full product details.

  • Exact to employ 30 to 50 staff over next 6 months

    1 Dec 2008

    Alan Cleary's new venture Exact is looking to employ between 30 and 50 staff over the next 6 months as part of a major new recruitment drive.

  • Exclusive Connections teams up with Bridgingloans.com

    4 Dec 2008

    Exclusive Connections is to offer a bespoke white label bridging finance product in partnership with Bridgingloans.com.

  • Ex-MPC member slams SLS mistake

    2 Dec 2008

    A leading economist and former Monetary Policy Committee member has branded the decision to attach a deadline to the Special Liquidity Scheme as a tragic error.

  • First Direct rolls out new tracker deals

    5 Dec 2008

    First Direct has launched two base rate trackers available at up to 80% LTV.

  • FSA calls for clarity on collars

    2 Dec 2008

    The Financial Services Authority is appealing to lenders to be clear where collars and floors apply on tracker mortgages.

  • FSA freezes assets of NI broker

    5 Dec 2008

    The Financial Services Authority has frozen the assets of a broker from Noel Heaney, a broker from Northern Ireland, for serious systems and controls failures.

  • FSA gives go-ahead to Cheshire and Nationwide merger

    5 Dec 2008

    The Financial Services Authority has confirmed the proposed merger of the Cheshire to the Nationwide will go ahead.

  • FSA proposes major overhaul of lenders' risk management

    4 Dec 2008

    The Financial Services Authority has proposed a major overhaul of the liquidity requirements for banks, building societies and investment firms.

  • FSA sets date for Barnsley merger hearing

    5 Dec 2008

    The Financial Services Authority has announced the arrangements for the hearing of the proposed merger of Barnsley and Yorkshire.

  • Further cut to LIBOR could stimulate market says Base

    2 Dec 2008

    The continuing downward trend of LIBOR will have a bigger impact on borrowers than government initiatives predicts commercial lender Base Commercial Mortgages.

  • GE to restructure but "committed to finance services"

    3 Dec 2008

    GE Capital has announced job cuts as part of restructuring in preparation for a tougher market next year.

  • GEMHL rejigs its distribution

    1 Dec 2008

    GE Money Home Lending has overhauled its distribution and terminated hundreds of direct broker agencies.

  • Get to know your brokers

    1 Dec 2008

    Alot of lenders have a lot of time on their hands right now. What are they doing with it? One worthwhile thing would be to get to know their brokers better.

  • Give us the tools and we will finish the lending job, says King

    1 Dec 2008

    Mervyn King has called for more tools to be given to the Bank of England to help stimulate the economy.

  • Golden and Sunshine states top US foreclosure poll

    5 Dec 2008

    California and Florida have the most delinquencies in all the of the US, with both states averaging over 90,000 foreclosures in Q3 2008 .

  • Government will cover London Scottish Bank savers

    1 Dec 2008

    The Treasury has decided to cover consumers’ deposits with London Scottish Bank for those with over £50,000 in savings.

  • Halifax defends its 0.25% SVR cut

    5 Dec 2008

    Halifax has defended its decision not to pass on the full 1% rate cut unveiled by the Monetary Policy Committee yesterday.

  • Halifax will not apply tracker collars

    4 Dec 2008

    Halifax will pass on any Bank of England rate cut in full and will not apply its tracker collar.

  • Hallelujah

    1 Dec 2008

    I was feeling melancholy all weekend, perhaps because I found out that one of my favourite songs is about to be ruined by whoever wins the X factor, and therefore had it going through my head over and over again.

  • HML launches arrears servicing for lenders

    1 Dec 2008

    HML has launched its Special Servicing credit management proposition.

  • House prices down by 2.6% in November

    4 Dec 2008

    House prices fell by 2.6% in November the latest Halifax house price index shows.

  • House prices fall 2.6% in November, says Halifax

    4 Dec 2008

    House prices fell by 2.6% in November the latest Halifax house price index has revealed.

  • Housing market close to bottoming out, claims Hometrack

    1 Dec 2008

    The housing market is about to hit bottom, reveals the latest survey from Hometrack.

  • Ian Giles to leave Kensington

    3 Dec 2008

    Ian Giles, director of marketing and communications at Kensington Group, is set to leave the lender at Christmas as part of its recently announced restructure.

  • Ideas for the PM's Christmas stocking

    1 Dec 2008

    Last summer David Cameron issued his MPs with a reading list so they would be on message for the autumn. So we thought it might be fun to put together some seasonal reading for the Prime Minister, bearing in mind his penchant for self-improvement.

  • In peston we trust

    1 Dec 2008

    As if we needed further confirmation that the economy is going down the toilet, things have taken a turn for the worse. BBC business editor Robert Peston has been voted more trustworthy on the economy than Prime Minister Gordon Brown or Opposition leader David Cameron.

  • Interest-only demand falling, says Paragon

    3 Dec 2008

    Interest-only mortgage deals are on the way out, reveals Paragon Mortgages.

  • Intermediary lending down but not out, despite pressure

    1 Dec 2008

    Intermediary lending is holding up despite the continuing pressure on overall lending volumes, according to the Intermediary Mortgage Lenders Association.

  • It is time to unleash hell against banks

    1 Dec 2008

    With chancellor Alistair Darling throwing his toys out of the pram over the intransigence of UK banks, the only question is why should anyone be surprised?

  • Job juggling at Irish banks

    1 Dec 2008

    Even with the comfort of a 500bn state guarantee, life hasn't got any easier for Irish banks, with worries about a mountain of bad debts from property developers compounded by a recession that is crippling business.

  • Knight's opening gambit

    1 Dec 2008

    JM: You started your career back in 1973. The economy was going to the dogs and the following year things got so bad that the Labour government had to intervene and lend building societies a serious amount of money. Given that, do you get a sense of déja vu and feel what you've achieved as an innovator has been for nothing?

  • KRS appoints key account manager

    1 Dec 2008

    Gary Webster has been appointed key account manager at Key Retirement Solutions.

  • L&G brokers report a return to confidence

    1 Dec 2008

    Brokers are beginning to feel more confident about business prospects over the next three months, the latest data from Legal & General reveals.

  • Landlords deserve fair crack of the whip from lenders

    1 Dec 2008

    The base rate has dropped, LIBOR has fallen and the government wants lenders to start lending again.

  • Landlords should use ARLA firms or face consequences

    1 Dec 2008

    My business encompasses sales and lettings as well as financial services so I was interested to read your article about falling rents (Mortgage Strategy November 24).

  • Lazenby has his time in the Sun

    1 Dec 2008

    He was described as a twice-divorced building society tycoon but the Sun did not describe him as young or pneumatic and he didn't quite make page three - we are, of course, referring to Mike Lazenby, chief executive of Kent Reliance Building Society, who the Sun featured in its eight-page post-pre-Budget pullout on November 26 as an example of someone in the £150,000 tax band who will be worse off after April 2011, when he'll be paying tax at 45p in the pound.

  • Legal challenge mounted against HBOS takeover

    1 Dec 2008

    A group of businessmen, shareholders and consumers is mounting a legal challenge aginst the government’s decision to sidestep the Competitition Commission and allow the merger of HBOS and Lloyds TSB.

  • Lenders ask for advice on collars

    1 Dec 2008

    Nationwide and Halifax have sought legal advice to confirm that the collars on their trackers are enforceable.

  • Lenders face a dilemma

    1 Dec 2008

    What a year it's been. Of course, 12 months ago it was already clear that 2008 would be difficult, to say the least. Wholesale funding markets were paralysed - as they still are - and most of us were expecting a sharp reduction in house price growth. But nobody predicted a near-collapse of the financial system and the nationalisation of several banks. The economy is now much weaker than we expected at the start of 2008 and consumer confidence has collapsed. So, the real issue for 2009 ...

  • Lenders get hot under the collar about the FSA

    1 Dec 2008

    A 3% collar on 550,000 Halifax tracker mortgages may not be valid according to Jon Pain, the Financial Services Authority's managing director, retail markets. Pain made the assertion while addressing the Council of Mortgage Lenders' annual conference on December 2.

  • Lenders still failing to get money flowing to businesses

    2 Dec 2008

    KPMG says that its seeing evidence that lenders are still failing to provide overdrafts, forex and BACS services to businesses.

  • Lenders that won't pass on cuts will accelerate arrears

    1 Dec 2008

    I am concerned that consumers are only opting for trackers as the current wisdom is that interest rates are heading down.

  • Lending to individuals falls by £500m

    1 Dec 2008

    The Bank of England has reported a fall in net lending in October from both September and the six-month average.

  • LIBOR falls to 3.37%

    5 Dec 2008

    3-month LIBOR has fallen today by 0.34% to 3.37% following yesterday's 1% interest rate cut

  • Lloyds sets out brand strategy for new mega lender

    5 Dec 2008

    Halifax and Lloyds TSB brands will be the dominant brands of the new Lloyds Banking Group in England and Wales but there is no word yet on the future of BM Solutions, Intelligent Finance and Cheltenham & Gloucester.

  • Lloyds TSB to help pump money into small businesses

    3 Dec 2008

    Lloyds TSB has promised to pass on in full any further reductions in base rates in 2008 and 2009 to small businesses as part of a six-point charter for SME customers to help them weather the current economic downturn.

  • London & Scottish closes its doors

    1 Dec 2008

    London & Scottish was put into administration yesterday.

  • Making sense of uncertainty

    1 Dec 2008

    The recent Lending Strategy lunch with Sunday Times economics editor David Smith generated a fascinating debate about the future of the market and provided food for thought for the group of industry leaders.

  • Marketwatch 01/12/2008

    1 Dec 2008

    Swaps continued to fall rapidly last week and one-year swaps dropped below 3%. But these reductions have not been passed onto borrowers so far. The biggest discrepancies seem to be in five-year fixed rates, where best buys are around 5%. This means there are 1.3% margins even on 60% LTV deals.

  • Martin Lewis rebuffs claims he's anti-broker

    2 Dec 2008

    Personal finance guru Martin Lewis has defended himself against claims that he is anti-mortgage brokers.

  • Merger rules changed to protect society deposits

    1 Dec 2008

    The Financial Services Authority has modified regulations to allow merged building societies to be covered by deposit protection compensation as separate entities.

  • Millions earmarked for free debt advice

    1 Dec 2008

    The chancellor has pledged to make over 15m available to fund free debt advice - 5.85m for telephone charities and 10m for face-to-face advice.

  • Minister promises measured regulation for landlords

    1 Dec 2008

    Iain Wright, MP responsible for the private rented sector, has pledged not to overburden good landlords with further regulation.

  • Money for green and transport measures

    1 Dec 2008

    The government has pledged 100m towards insulating 60,000 homes and 535m has been committed to energy efficiency and improved rail links.

  • Mortgage Monopoly is the name of the game in 2009

    1 Dec 2008

    Share prices picked up in the week following chancellor Alistair Darling's pre-Budget report as did the value of sterling, but this probably owed more to the US bailout of troubled Citigroup on fairly relaxed terms and clarification of president-elect Barack Obama's new Treasury team than our own chancellor's borrow and spend gamble.

  • Mortgage Next reports boost in AR numbers

    1 Dec 2008

    Mortgage Next has boosted its number of appointed representatives to 150 member firms and 310 individual advisers.

  • Nationwide will not enforce collar

    5 Dec 2008

    Nationwide will not enforce its 2.75% tracker collar and has reduced its SVR to 4%.

  • Net lending at mutuals up £99m in October

    1 Dec 2008

    Net lending by building societies rose £99m in October to 413m from £314m in September.

  • Network consolidation predicted

    1 Dec 2008

    Industry pundits are expecting rapid consolidation in the network market over the next six months.

  • Northern Rock commits to six month grace period

    3 Dec 2008

    Northern Rock has joined Royal Bank of Scotland in committing to a six month grace period for borrowers in arrears.

  • NU sees 87% customer satsfaction

    1 Dec 2008

    Norwich Union is experiencing 87% customer satisfaction with its equity release products.

  • O Come, All Ye Faithful brokers

    4 Dec 2008

    You could be forgiven for not feeling in the festive mood this season but as the new year approaches many brokers and lenders will be hoping that the new year brings with it some good news.

  • One in three adults in debt distress

    4 Dec 2008

    Nearly one in three UK adults are concerned about their ability to manage their personal debt in the face of a recession shows research from MoneyExpert.com.

  • Outsourcing in the new world

    1 Dec 2008

    We are living in a very different world compared with that of just two years ago. Is it possible that there is anyone yet to utter the words 'credit crunch', whether at work, at the shops or in the pub? Although some would argue that the situation is not without precedent, the speed with which it has struck has been startling.

  • Paintings by numbers

    1 Dec 2008

    Every cloud has a silver lining as they say and we bet art lovers at the Financial Services Authority will be salivating at the prospect of adding to the organisation's £250,000 collection (according to a 2006 valuation) when bankrupt Lehman Brothers sells $8m worth of art that once adorned its offices.

  • Party pooper

    1 Dec 2008

    Speaking of Cleary, Mole tagged along with him and Mortgage Strategy editor Robyn Hall for the annual Wriglesworth PR Christmas party last week.

  • Payplan launches free arrears service

    3 Dec 2008

    Payplan has launched a specialist arrears management scheme for mortgage lenders.

  • Pink launches online tranche management

    1 Dec 2008

    Pink Home Loans has launched an online tranche management for lender partners.

  • Platform cuts rates on almost prime

    4 Dec 2008

    Platform has cut rates on its almost prime product for its key distributors, including the Mortgage Times Group.

  • PMS links with HiFX on currency offering

    5 Dec 2008

    Premier Mortgage Services has teamed up with HiFX to launch currency and mortgage services to the broker market.

  • Pop goes the weasel

    3 Dec 2008

    The reluctance of mainstream banks to lend in the credit crunch has created a positive knock-on effect for those involved in the ancient business of pawnbroking.

  • PPI where are you when we need you?

    5 Dec 2008

    I hesitate to bring up the old bogey of payment protection insurance when more people are wishing they had opted for it or wished that they had not stopped the direct debit rather than the Sky subscription because times in Prime Minister Gordon Brown’s La-La land are now officially tough.

  • Praise for CML staff's generosity

    1 Dec 2008

    The Council of Mortgage Lenders has received an award from Workplace Giving UK in recognition of the generosity of director-general Michael Coogan and his team.

  • Pre-Budget report trailer gave away the best bits

    1 Dec 2008

    In terms of motivating the housing market, the pre-Budget report looked like a box office flop.

  • Price plunge slowing, says Nationwide

    1 Dec 2008

    Nationwide has reported a slowdown in house price falls this month, with prices dropping just 0.4% in November compared with 1.3% in October.

  • Promise added to TMA secured loans panel

    2 Dec 2008

    The Mortgage Alliance has announced the addition of Promise Solutions to its secured loans lending panel.

  • Promise joins TMA panel

    2 Dec 2008

    The Mortgage Alliance has added Promise Solutions to its secured loans lending panel.

  • Provide debt advice, brokers urged

    1 Dec 2008

    Brokers should provide debt advice now to bolster their business in the future, a company director says.

  • Pundits call for rate to be slashed even further

    4 Dec 2008

    The Bank of England needs to go one step further and slash rates to 1% to get the housing and mortgage markets back on track, argues mform.co.uk.

  • Queen's Speech pledges to strengthen financial sector

    3 Dec 2008

    Queen Elizabeth has committed the government to working toward financial stability and the future vibrancy of the economy in her speech to open Parliament today.

  • Raiding the Lost Ark

    5 Dec 2008

    Robert Sinclair, director of the Association of Finance Brokers is never one to keep his thoughts to himself which he proved at a recent gathering of the great and good of the secured loan industry.

  • Rate cut is good but tough times are ahead

    4 Dec 2008

    Buy-to-let broker Mortgages for Business is warning that while the drop in Bank of England base rate is good news there are still tough times ahead in 2009.

  • RBS 58% state owned as investors snub shares

    1 Dec 2008

    The government now owns 57.9% of the Royal Bank of Scotland following shareholders snubbing the lender's £20bn rights issue. They bought just 0.24% of the available shares.

  • RBS drops SVR to 4.44%

    5 Dec 2008

    Royal Bank of Scotland has cut its Standard Variable Rate will be cut 0.75% from 5.19% to 4.44%.

  • RBS gives six-month grace period for arrears

    1 Dec 2008

    The Royal Bank of Scotland has given home owners in arrears a six-month grace period before it seeks repossession.

  • RBS IP cuts fixed rates

    5 Dec 2008

    Royal Bank of Scotland Intermediary Partners has cut the rates on its select 2-year fixed rate products.

  • RBSIP launches free online call back service

    4 Dec 2008

    Royal Bank of Scotland Intermediary Partners has set up a free online call back service where brokers can book time slots to speak to the lender and resolve their case enquiries.

  • Reasons to be cheerful in the new year

    1 Dec 2008

    I always smile when I hear industry pundits writing off 2009. I believe the recovery will start next year as house prices are bottoming out and the return of supply and demand will reinvigorate the market.

  • Regulator is accused of mishandling TCF

    1 Dec 2008

    The Association of Independent Financial Advisers has accused the regulator of mishandling the Treating Customers Fairly initiative.

  • Reintroducing the right-to-borrow

    2 Dec 2008

    Looking at the current mortgage funding crisis and the fall of the former building societies such as Bradford & Bingley and Halifax, it is fascinating to note that back in the 1980s the Building Societies Association was lobbying parliament for new legislation which would allow its members to become mortgage banks.

  • Repossession victims to be given two-year payment holiday

    4 Dec 2008

    The Prime Minister Gordon Brown has unveiled a two-year deferment of mortgage interest payments for borrowers who face unemployment.

  • Repossessions could hit 90,000 in 2009, says Home Funding boss

    1 Dec 2008

    Tony Ward has predicted that repossessions will reach 90,000 in 2009 as the economic crisis continues to wreak havoc.

  • Repossessions rumoured to hit 75,000 in 2009

    3 Dec 2008

    The BBC claims that the Council of Mortgage Lenders estimates that repossessions will hit 75,000 next year.

  • Rob Clifford joins Virgin Money

    4 Dec 2008

    Rob Clifford has been appointed managing director of Virgin Money UK.

  • Saffron teams up with Phoebus software

    1 Dec 2008

    Saffron has implemented Phoebus Software for the origination and servicing of mortgage equity release loans.

  • Salans cautious about RBS six month arrears policy

    2 Dec 2008

    Salans is cautiously welcoming yesterday's move by Royal Bank of Scotland to stave off possession until six months after a customer has fallen into arrears.

  • Salans urges caution over RBS repossession pledge

    2 Dec 2008

    Legal firm Salans says RBS's pledge not to start repossession proceedings until six months after a customer has fallen into arrears should be cautiously welcomed. Law firm Salans Direct, which specialises in secured lending/asset recovery and conveyancing/remortgaging warns that unless there are innovative solutions developed to help borrowers manage their debt then extending the repossession processes could merely worsen the situation. Salans argue that repossession is ...

  • Sants to beef up FSA

    1 Dec 2008

    The Financial Services Authority is hiring staff in order to increase supervision of markets and create a bigger better regulator.

  • Savings Gateway accounts for 2010

    1 Dec 2008

    Savings Gateway accounts will be launched in 2010 and the government will contribute 50p for every £1 saved in them.

  • Scottish mortgage lending falls 18% in a quarter

    1 Dec 2008

    Mortgage lending in Scotland fell 18% in Q3 2008 compared with the previous quarter, data from the Council of Mortgage Lenders Scotland has revealed.

  • Scottish MPs back Merger Action Group over HBOS deal

    2 Dec 2008

    Scottish MPs have rallied behind the Merger Action Group in trying to prevent the Lloyds TSB takeover of HBOS due to the threat it represents to competition.

  • Scouse house

    1 Dec 2008

    For all Brookside fans, a once-in-a-lifetime opportunity presents itself. On December 17 the 13 properties in Brookside Close in West Derby are set to go under the hammer. They were originally bought by Mersey Television in 1982 as a set for the show, which ran for 21 years.

  • Secured lenders may have to defer repossession too

    5 Dec 2008

    The Treasury says it is undecided as to whether secured loan lenders will be included in its controversial plans to ask lenders to defer mortgage payments for up to two years.

  • Secured loan market will survive says AFB

    4 Dec 2008

    In a rallying cry to the secured loan market yesterday Robert Sinclair, director of the Association of Finance Brokers, says the current economic crisis is not the death knell for the market.

  • Shadow MPC

    1 Dec 2008

    This month's decision: -1%

  • Shadow MPC advocates 1% base rate cut

    1 Dec 2008

    Members of Mortgage Strategy's GE Money Home Lending Shadow Monetary Policy Committee are calling for a 1% rate cut ahead of the official decision this week.

  • Skipton Intermediaries staff under review

    1 Dec 2008

    Skipton Intermediaries is reviewing the roles of some 90 members of staff with a view to making at least 25 employees redundant.

  • Skipton MD quits

    4 Dec 2008

    Steve Haggerty has unexpectedly quit as managing director of Skipton.

  • Spend now, benefit later

    1 Dec 2008

    Mortgage brokers are being advised to expand the range of products they offer to generate additional income streams. Protection, secured loans, buy-to-let and equity release are just a few of the non-core products available to ambitious brokers who are willing to diversify, but expanding a product range is often easier said than done.

  • Spowart to plead against Lloyds takeover on C4

    5 Dec 2008

    Jim Spowart, the founder of Intelligent Finance, and Scottish National Party MSP Alex Neil will call on HBOS shareholders to vote against the planned Lloyds TSB takeover on Channel Four tonight.

  • Star Loans keeps GE agency

    4 Dec 2008

    Secured loans specialists Star Loans and Finance has kept its direct agency with GE Money Home Lending.Sonia Owen, director of Star Loans says: "We are fortunate to be able to offer the GEMHL service to introducers and packagers. As one of the nations preferred B2B providers we pride ourselves on a quality service to all of our intermediaries."We understand that the current market turmoil is affecting everyone and believe that this service will be of benefit to introducers."

  • Steve Haggerty quits as MD of Skipton

    4 Dec 2008

    Steve Haggerty has unexpectedly quit as managing director of Skipton.

  • Stitched up

    1 Dec 2008

    Alan Cleary is launching the website for his new venture Exact today. He wanted the 'eu' suffix for the web address that was attached to his last firm, edeus. Unfortunately, it's already occupied by a fancy French knitting website so he's had to settle for www.exact.co.uk.

  • Sub-zero net lending on the cards in 2009

    1 Dec 2008

    Net mortgage lending could plummet below zero in 2009/10 as the economic downturn continues.

  • Take that, rule book

    1 Dec 2008

    Whoever said that throwing money at a problem doesn't solve it clearly hasn't told chancellor Alistair Darling. Last week's pre-Budget report did little to allay fears that the economy is spiralling out of control. Despite Darling's promise to bring the UK's finances back into balance by 2016, the chancellor and the government have been accused of recklessness.

  • Tax cuts won't stop recession, KPMG warns

    1 Dec 2008

    KPMG chief economist Andrew Smith warns that the tax measures won't stop a recession.

  • The closed shop strategy

    1 Dec 2008

    Bank of England governor Mervyn King has warned that the economy will go into a steep recession unless commercial lenders resume normal lending rates. However, there is an obvious reluctance to do this as no company wants to be left holding the baby.

  • The end is nigh for securitisation deals

    1 Dec 2008

    In a move that went largely unnoticed last week, a fatal blow was delivered to the embattled securitisation market. Indicating that there is no government appetite to allow it to continue, Granite, a £36bn behemoth in the sector and the main securitisation master trust for Northern Rock, issued a non-asset trigger.

  • The month at a glance

    1 Dec 2008

    The above-mentioned statement by foreign secretary Miliband to recognise Chinese rule over Tibet destroyed at a stroke the Dalai Lama's negotiating position and led to speculation that the UK decision was linked with Prime Minister Gordon Brown's efforts to bring China into a new world economic order.

  • The mortgage market is living on the edge

    1 Dec 2008

    With the recent rate change many consumers have suggested that things could be on the up.

  • Third of workers would take salary cut to keep job

    1 Dec 2008

    More than one third of office workers from Wall Street to Canary Wharf would be willing to work 80 hours a week, with 25% prepared to take a salary cut, if it meant they could keep their jobs, research from IT security data experts Cyber-Ark reveals.

  • Through a looking glass, darkly

    1 Dec 2008

    It's fair to say that the specialist lending sector is unrecognisable compared with a year ago.

  • Time to cold turkey on the truth

    1 Dec 2008

    Christmas is the season of gastronomic excess - a time for over-indulgence. And such is the influence of the global society on our eating habits that the leftovers of the Christmas turkey have evolved from casserole to curry.

  • Tiuta drops rates to 1.25%

    1 Dec 2008

    Tiuta has dropped its interest rate to 1.25% in the wake of the recent base rate reductions.

  • VAT cut effective from today will last until 2009

    1 Dec 2008

    VAT has been temporarily cut to 15% from today until December 31 2009.

  • Vince Cable gets his priorities wrong

    3 Dec 2008

    At the Council of Mortgage Lenders' annual conference yesterday Vince Cable said: "The industry should now be exploring new products to restore faith in mortgage lending."

  • Will Crosby's plan help the market?

    1 Dec 2008

    The Crosby report has finally been published and the industry has spoken.

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