Mortgage Strategy
31 December 2007

  • 95% of brokers expect 2008 to be tough, says GE Money

    2 Jan 2008

    A study by GE Money Home Lending shows that 95% of brokers are predicting that they will face further challenges in 2008 as a result of last year’s credit issues.

  • A&L shares up on bidding war prospects

    3 Jan 2008

    Alliance & Leicester saw its share price jump 16% on speculation that takeover talks with Banco Santander would lead to a bidding war for the UK"s seventh largest lender. The bank admitted yesterday that it had had discussions with Santander last month which had come to nothing. But Santander refused to rule out a second takeover bid. Yesterday A&L saw £450m added to its value taking it to £3.2bn.

  • Advisers fear the impact of extra pressure from regulator

    1 Jan 2008

    Financial advisers expect to see an increase in regulatory pressure in 2008, with research showing that 86% of advisers are concerned about the impact increased bureaucracy will have on their businesses over the next 12 months, Sesame claims.

  • Alliance & Leicester takeover target

    2 Jan 2008

    Alliance & Leicester held takeover discussions with Banco Santander last month it has emerged and analysts have suggested the bank remains a likely target as its share price has fallen 43% over the last six months.

  • Alliance of Mortgage Packagers and Distributors: Positive view behind headlines

    1 Jan 2008

    Shock-horror headlines flag up the most laughable stories about the housing market

  • AMI raises fears about RDR use

    1 Jan 2008

    The Association of Mortgage Intermediaries is concerned that the Financial Services Authority's Review of Retail Distribution could be applied incorrectly to the mortgage market.

  • AMI submits response to RDR

    4 Jan 2008

    The Association of Mortgage Intermediaries has submitted a formal response to the Financial Services Authority's Review of Retail Distribution highlighting its concerns the review could be applied incorerectly to the mortgage market.

  • Beware when buying leads

    1 Jan 2008

    From Tony SmythI feel the need to take issue with Justin Rees' recent article on lead generation in the trade press in that it didn't mention the fundamental flaw in buying leads from a lead-generation company.

  • Blount in new role

    1 Jan 2008

    Vanessa Blount, former managing director of Paaleads.com, has replaced Alan Dring as sales and marketing director of eConveyancer. Blount joined United Group, eConveyancer's parent company this month after seven years working at Moneysupermarket. In her new role she will report to Nigel Hoath, managing director of United Group.

  • BM appoints national BDM

    3 Jan 2008

    BM Solutions has appointed Paul Brookbank to its national account team.

  • C&G cuts LTVs from 90% to 75% on caseflow range

    2 Jan 2008

    Cheltenham & Gloucester is repricing a number of products in its caseflow range tomorrow and slashing maximum LTVs from 90% to 75%.Fixed rates in this range will come down by 0.14%, while trackers will go up by 0.11% .Offset products will now have a £995 arrangement fee. All applications on the withdrawn products must be with C&G by the close of business today.

  • Campion joins AMPD

    1 Jan 2008

    The Alliance of Mortgage Packagers and Distributors has appointed Liza Campion as its lender relationship and product manager. John Mawdsley, spokesman for AMPD, says: "Liza will be well known to many people in the industry from her background with SPML. Her experience of the market, knowledge of products and understanding of what makes lenders tick is extensive, and her role will be focused on working with lenders and AMPD members to maximise product opportunities."

  • CLC to handle Mortgagematch commercial packaging

    4 Jan 2008

    Commercial Loan Company has been revealed as the the new commercial packaging department for Mortgagematch Homeloans.

  • Commercial referee

    1 Jan 2008

    Mortgagematch Home Loans has entered into a referral agreement with Commercial Loan Company. Mortgagematch Home Loans will offer commercial finance solutions to its mortgage brokers through the Essex-based commercial mortgage packager.

  • Consumers paying £93bn a year in interest on loans

    2 Jan 2008

    UK consumers are paying £93bn a year in interest on loans, credit cards and mortgages, uSwitch.com has revealed.

  • Darling unveils insolvency code for banks

    4 Jan 2008

    The Tripartite Authorities' dithering over struggling banks could be a thing of the past under new banking measures set to be put in place by the chancellor Alistair Darling.

  • DCLG hammered by Select Committee over HIPs

    3 Jan 2008

    A failure of political nerve was blamed as the root cause of the delay in the roll out of Home Information Packs in a damning report on the Department of Communities and Local Government.

  • Edeus beefs up website

    2 Jan 2008

    Edeus has welcomed in 2008 with a number of improvements to its website.

  • Enterprise adds TMW to panel

    4 Jan 2008

    Enterprise Broker Services has added The Mortgage Works to its specialist lending panel.

  • Enterprise to increase lender panel to 23 by end of month

    4 Jan 2008

    Enterprise has added The Mortgage Works to its lender panel taking the number of lenders to 18 and has revealed it plans a further five additions by the end of the month.

  • Essex estate agents demand cut in interest rate

    3 Jan 2008

    Local estate agents have called on Brentwood and Ongar MP Eric Pickles to press for an interest rate cut.

  • Exchange bond available via Bennett Property

    4 Jan 2008

    The Exchange Insurance Company has revealed its exchange bond will now be available on Bennett Property developments in Manchester.The bond is a financial guarantee that replaces a cash deposit and will now be available on Bennett Property’s Southpoint development in the city.The development comprises 40 one and two-bedroom properties.

  • Exclusive Connections: Quality not quantity from here

    1 Jan 2008

    The market will return but progress will be slow and lenders more risk averse

  • Exclusive deals

    1 Jan 2008

    Exclusive Connections is offering a new range of prime self-certification deals at up to 90% loan-to-value through Kensington.The exclusive deals are available from 6.89% for a three-year fixed rate, 6.99% for a two-year fixed, and 7.19% for a two-year tracker.

  • First-time buyers hit new low

    1 Jan 2008

    Not surprisingly in the wake of the sub-prime crisis, the housing market started to undergo a major slowdown in 2007 - though prices did show a rise in December. But the biggest story of the year is that the number of first-time buyers hit a 27-year low

  • From happy days to general malaise

    1 Jan 2008

    Mortgage Distributor is one year old and a lot has happened in the past 12 months in the mortgage industry. Here we take a look back at some of the key events of 2007, a year some predicted would be the year of the distributor, but which turned out very much to be dominated by lenders.

  • FSA censures broker

    1 Jan 2008

    The Financial Services Authority has publicly censured mortgage broker PB Roberts for poor record-keeping and publishing unclear advertising material. FSA investigations found the firm could not show why it had recommended certain mortgages or if clients had been offered the cheapest deal, even though many were in the sub-prime market.

  • Give intermediaries a share in mortgage clubs

    1 Jan 2008

    From: Bob HuntI was delighted to read my friend Jonathan Cornell's remarks welcoming Paradigm to the mortgage club market (Mortgage Distributor, December issue).

  • Growth grinds to a halt and incomes plummet as credit crunch hits home

    1 Jan 2008

    The two-year-long run of strong growth in financial services went into reverse over the three months to the end of 2007, as business volumes in the sector fell at their fastest rate since March 1991.

  • Half of consumers more likely to diet than review finances in January

    2 Jan 2008

    Nearly half of consumers are more likely to go on a diet or book a holiday than sort out their finances in January, the Financial Services Authority has found.

  • Hall Keyed up

    1 Jan 2008

    Alexander Hall has adopted The Key, Mortgage Brain's business management, mortgage sales and compliance process software system, to support its mortgage advice business. The broker will use The Key to conduct all aspects of the mortgage sale and compliance process, including initial disclosure documentation, fact-finds and needs analysis. The Key will also provide commission reconciliation and integration with the Mortgage Trading Exchange.

  • Hamptons International appoints legal director from ITV

    3 Jan 2008

    Hamptons International has appointed Suzanne Dibble as legal director.

  • Higher reserves

    1 Jan 2008

    London Scottish Bank has admitted the Financial Services Authority ordered it to increase reserves dramatically under new rules that came into effect at the start of this year. The bank is expected to agree a plan with the FSA by January 23 when its results are due. London Scottish's share price has dropped 45% since this time last year.

  • Home of Choice: More FSA power is logical move

    1 Jan 2008

    The Northern Rock fiasco shows how crucial it is for the FSA to have more responisbility

  • House price growth slowed across all regions in Q4

    4 Jan 2008

    The rate of annual house price growth slowed across all regions of the UK last quarter.

  • House prices rose 0.6% in November says Land Registry

    3 Jan 2008

    House prices in England and Wales increased by 0.6% in November, taking the average house price to £186,009, the latest monthly figures from the Land Registry have revealed.London prices rose by 1.1% - more than any other region - taking the average house price in London in November to £355,643.The number of transactions during the period June to September 2007 averaged 108,678 per month, down from 119,580 for the same period last year.

  • House prices to drop £20,000 by next Christmas, says Grant Thornton

    2 Jan 2008

    An average £20,000 will be wiped off the average property value by next Christmas, analysts at Grant Thornton have warned.

  • House prices to drop 10% by next year

    2 Jan 2008

    An average £20,000, or 10%, will be wiped off the average property value by next year, analysts Grant Thornton have warned.The prediction first reported in the Daily Mail would wipe £400bn off the value of bricks and mortar. Grant Thornton says the drop in property values will have a strong impact on consumer confidence, with a knock-on effect on spending.

  • HSBC had cheapest SVR mortgages of 2007, says Defaqto

    3 Jan 2008

    HSBC retained its top spot for the cheapest SVR mortgages in 2007, research from Defaqto has shown.

  • Hush hush

    1 Jan 2008

    New addition Hush Hush would like to start the year by welcoming a new addition to the mortgage industry - well sort of. Word reaches us that Rob Jupp, managing director of Personal Touch Packaging, has a new baby boy. Born on the January 9 at 9.09 am, weighing in at a rather modest - given Jupp's rather large frame - 9 pounds 4 ounces.

  • IMLA warns against dowmbeat veiw of market

    4 Jan 2008

    Peter Williams, executive director of the Intermediary Mortgage Lender’s Association has warned against institutions talking up the chances of recession.

  • IMLA warns against negative talk

    1 Jan 2008

    Peter Williams, executive director of the Intermediary Mortgage Lenders' Association, has warned against institutions talking up the chances of going into recession.

  • IMLA warns against talking down housing market

    4 Jan 2008

    Negative predictions about the housing market in 2008 risks feeding a "spiral of worsening sentiment", warns the Intermediary Mortgage Lenders Association.

  • In the right spirit

    1 Jan 2008

    The Church of England is to offer practical and spiritual help, including debt advice, to anyone in the grip of post-Christmas financial blues. The "matter of life and debt" campaign aims to give hope to those seeking solace from financial burdens.

  • Kensington sells Money Partners

    1 Jan 2008

    Kensington has sold its stake in Money Partners to investment firm Goldman Sachs.

  • Key players leave Merrill

    1 Jan 2008

    Daniel Pace, head of Merrill Lynch's global structured finance and investments division, and Olivier DeFaux, director of consumer, principal and strategic investments, have left the bank.

  • KPMG predicts bumper year for IVAs in 2008

    3 Jan 2008

    KPMG has predicted that a whopping 130,000 people will enter into individual voluntary arrangements or declare themselves bankrupt in 2008.

  • Leadbay predicts rise in demand for advice in 2008

    3 Jan 2008

    Leadbay is predicting a boom in mortgage advice demand this January.

  • LeadPoint launches blog for brokers

    2 Jan 2008

    LeadPoint has launched a lead generation blog to provide brokers with information and comment on all aspects of the lead generation industry.

  • Legal & General: Forecasters failed to get it right

    1 Jan 2008

    Not surprisingly, last summer's predictions on the housing market were overtaken by events

  • Lenders expect demand to fall, says BoE

    3 Jan 2008

    Lenders anticipate demand for all house purchase lending to fall in 2008, says the Bank of England.

  • LMS gets in touch

    1 Jan 2008

    LMS Conveyancing has launched its LMS Conveyancing platform on the Personal Touch Financial Services Toolbox. The service was developed exclusively for PTFS, and allows advisers who instruct LMS Conveyancing to track real-time conveyancing information on each case. Brokers who already use the PTFS Conveyancing Toolbox will get access to LMS conveyancing services without having to re-key client information. Advisers are also able to get immediate reports on conveyancing activities, as ...

  • Loanoptions.co.uk proves popular with Home of Choice

    2 Jan 2008

    Loanoptions.co.uk has reported a surge in take up among Home of Choice members, with secured loan business increasing by an average of 36% on a month on month basis since it joined the network in July 2007.

  • London Scottish Bank ordered to increase reserves by FSA

    2 Jan 2008

    London Scottish Bank has admitted it was ordered by the Financial Services Authority to increase reserves dramatically under new rules that came into effect yesterday.

  • Loss of Prestige is blamed on credit crunch squeeze

    1 Jan 2008

    Cardiff-based packager Prestige Acceptance is insolvent, its managing director Darren Fry, confirmed after the business ceased trading on January 8.

  • LSB advised by FSA to increase reserves under Basel II

    2 Jan 2008

    London Scottish Bank has been advised by the Financial Services Authority to increase its cash reserves under Basel II. The bank also says it intends to increase impairment provisions againstcertain customer account balances in arrears.

  • LV= appoints new group BDM

    3 Jan 2008

    LV= has appointed Colin Lowes as group BDM for corporate partnerships.

  • Mortgage approvals for purchase slump

    4 Jan 2008

    Mortgage approvals for house purchase dropped to 83,000 in November compared to 131,000 the previous year, Bank of England figures show.

  • Mortgage Intelligence: We're not the same as the US

    1 Jan 2008

    UK liquidity problems hsould not be confused with sub-prime lending issues

  • Mortgage Intermediaries : We'll rise to 2008 challenges

    1 Jan 2008

    This year we face a diverse range of issues but our industry has a record of always coping

  • Mortgage Packagers Association : Lenders still seek our expertise

    1 Jan 2008

    The quality of business packagers offer is too valuable for lenders to ignore

  • Mortgage Promotions : Caution advised on self-certs

    1 Jan 2008

    Brokers should review their processes as the FSA promises a fresh clampdown this year

  • Mortgagematch Home Loans to offer commercial mortgages

    2 Jan 2008

    Mortgagematch Home loans has entered into a referral agreement with Commercial Loan Company. The agreement will see Mortgagematch Home Loans offer commercial finance solutions to its mortgage brokersm through the Essex based commercial mortgage packager.

  • Mutuals top price comparison league table

    3 Jan 2008

    Mutuals dominate a top 10 league table of the most competitive UK lenders compiled by price comparison website mform.co.uk.

  • Network Data Holdings: Fascinating wait and see game

    1 Jan 2008

    It will be intrigueing to see how this year unfolds rather than trying to forecast the future

  • Network stays lending arm plans until market recovery

    1 Jan 2008

    Network Data Holdings has suspended Homeowners Mortgages and let go seven members of staff due to ongoing problems in the credit markets.

  • New Vision is launched for Mortgage Times Network

    1 Jan 2008

    The Mortgage Times Network has rebranded under the banner of Vision Network.

  • Northern Rock to hold EGM over sale

    2 Jan 2008

    Northern Rock is to hold an emergency meeting on January 15 to discuss its sale process.

  • November saw 0.6% increase in house prices, says Land Registry

    3 Jan 2008

    November data from the Land Registry shows a monthly increase in house prices of 0.6%.

  • On the case

    1 Jan 2008

    Client A is a self-employed builder and client B works part-time. They have a joint income of £82,000 and want a remortgage of £245,000 on their £330,000 home. With three months' missed mortgage payments in the last 12 months and two County Court judgments totalling £835, they want to consolidate loans and reduce their outgoings.

  • Openbook and Vebra partner on HIPs software

    2 Jan 2008

    OpenBook has partnered with software provider Vebra to offer a fully integrated Home Information Packs ordering service.

  • Over 20% of 45 to 54 year olds considering equity release, says ifs

    2 Jan 2008

    Research released by ifs School of Finance and Prudential this week shows that over 20% of homeowners between 45 and 54 years old are considering equity release. Gary Shaughnessy, managing director of retail life and pensions at Prudential, says: “There is a major shift under way in how people think about retirement and how they plan for it. “Increasingly we are realising that planning for retirement is no longer a matter of either saving into a pension or relying on ...

  • Packagers still buoyant

    1 Jan 2008

    Mortgage packagers remained buoyant at the end of 2007, with the average number of people employed by the sector on the increase, according to latest research from The Mortgage Business.

  • PMS melds barton gold

    1 Jan 2008

    Paradigm Mortgage Services is to integrate the London-based broker club, Barton Gold, into its expanding business, pushing the number of Paradigm members to over 250 firms.

  • Premier Mortgage Service: Make debt protection a priority

    1 Jan 2008

    Brokers should not allow clients to go unprotected, especially at this time of high debt levels

  • PTP places all but three deals in December

    3 Jan 2008

    Personal Touch Packaging has placed all but three of the cases it received in December 2007.

  • PTP shadow panel comes into own

    1 Jan 2008

    Personal Touch Packaging has come up with a novel solution to the credit crunch by having a secondary "credit crunch" lender panel.

  • Regulatory Alliance of Mortgage Packagers : A defining year for industry

    1 Jan 2008

    The future belongs to packagers that embark on significant action to ensure their survival

  • Rooftop named 'Most Supportive Lender' by AToM

    2 Jan 2008

    All Types of Mortgages has named Rooftop Mortgages the Most Supportive Lender of 2007 following a vote at its staff Christmas party.

  • Santander rumoured to have been in takeover talks with A&L

    2 Jan 2008

    Alliance & Leicester is rumoured to have been in talks last month over a possible takeover by Banco Santander. The Financial Times says that the talks in December faltered over the price, with the Spanish bank’s offer reportedly valuing A&L at over £2.7bn.A&L and Santander both refused to comment on the speculations.

  • Satellites can be an effective vehicle for distribution

    1 Jan 2008

    From: Vic JannelsWhile I agree with Justine Tomlinson's comments in the trade press that "lenders need strong distribution strategies that deliver volume and quality while enabling packagers to offer valuable services to brokers", I disagree with her assertion that satellite packagers are not important.

  • Sesame: Focus your marketing efforts

    1 Jan 2008

    The key to mazimising your marketing is to first have a clear proposition on which to focus

  • Showing enterprise

    1 Jan 2008

    Enterprise has added The Mortgage Works to its lender panel taking the number of lenders to 18 and has revealed it plans a further five additions by the end of the month.Harry Landy, group sales director at Enterprise, says: "We are really pleased to welcome TMW onto our panel as it has some exciting products and broadens our range of specialist products at a time when many specialist panels are reducing".

  • Speed advantage

    1 Jan 2008

    Advantage has deployed new imaging technology to ensure greater security and speed up the mortgage application process.The lender said the technology will increase the speed of applications by providing underwriters with instant access to all application history, enabling them to search and view documents within seconds. The technology will also provide high quality files for securitisation and data security processes.

  • Stearns chief out

    1 Jan 2008

    James Cayne, chief executive of investment firm Bear Stearns, has stepped down after 15 years.The news follows significant losses at Bear Stearns as a result of its exposure to the sub-prime market. Total write-downs in Q4 amounted to $1.9bn, an 89% drop in profits in 2007.Cayne will be replaced by Alan Schwartz, the former president and head of investment banking at Bear Stearns, who is renowned for his deal-making abilities.

  • Stibrany joins Xit2

    1 Jan 2008

    Xit2 has announced the appointment of Peter Stibrany as group managing director, replacing current MD Paul Duckworth, who is stepping down from the day-to-day running of the company to pursue other business interests.Stibrany has for the past four years been the chief executive of the NLIS Hub - the electronic system which provides official local authority searches and other data to conveyancers through internet retail channels.

  • TFC announces changes for 2008

    4 Jan 2008

    TFC Homeloans has revealed plans to expand its lender panel which will take it from 13 partners to 17 by the end of February.

  • TFC Homeloans to expand lender panel

    4 Jan 2008

    TFC Homeloans has revealed plans to expand its lender panel from 13 to 17 by the end of February.

  • TFC to add lenders

    1 Jan 2008

    TFC Homelo ns has revealed plans to expand its lender panel which will take it from 13 partners to 17 by the end of February.

  • The problem with predictions

    1 Jan 2008

    Scientists predicting the path of an asteroid are likely get it right because they follow the laws of physics. But to guarantee accurate forecasting in business we would have to avoid technological, political, social and economic data and deal with the added variable of time

  • The road to commercial success

    1 Jan 2008

    In the current climate, the commercial property market offers relatively safe prospects for both the distributor and introducer. Those people with the right attitude will find new business and continue to achieve, whatever the prevailing market conditions, says Robert Ridge

  • This is no time to hang about

    1 Jan 2008

    Despite the liquidity crisis, the slowing housing market and the decline in consumer confidence that marked the end of 2007, as 2008 gets into gear an enormous amount of opportunity awaits those mortgage professionals willing to seriously embrace diversification

  • TMB reveals packager faith in self-cert and buy-to-let

    2 Jan 2008

    Packager confidence remains in the self-cert and buy-to-let sectors, with 38% and 36% respectively claiming these sectors to be vital to their future business, reveals a Q4 survey by The Mortgage Business.

  • TMB signs carroll

    1 Jan 2008

    The Mortgage Business has appointed Caroline Carroll as business development manager for South and West Yorkshire and Lincolnshire. Carroll joins TMB from GMAC-RFC where she covered the Midlands, selling mainstream and specialist mortgage products.

  • Tread carefully on the high street

    1 Jan 2008

    The commercial property market is being touted as the possible salvation for intermediaries and distributors looking to diversify in the wake of the credit crunch. But anyone hoping for instant rewards will be disappointed - it needs a cautious approach and a big investment, says Matthew West

  • Trigold reveals approved customer management software list

    2 Jan 2008

    Trigold has today unveiled the list of customer relationship management software system providers to become accredited technology partners.

  • Turn a corner on falling income

    1 Jan 2008

    Intermediaries cannot rely on sub-prime residential commissions to make a living as the sector reels from the credit crunch. But the commercial mortgage market provides an opportunity to diversify and add a lucrative income stream to their business model, writes Anna Bennett

  • UK personal debt hits £1.4trillion

    4 Jan 2008

    Total UK personal debt hit a staggering £1.4trillion at the end of November 2007, reveals money education charity Credit Action.

  • UK recession still unlikely says CEBR

    4 Jan 2008

    The Centre for Economics and Business Research says despite gloomy lending data for November a full scale recession is still unlikely.

  • Vanessa Blount joins eConveyancer

    3 Jan 2008

    Vanessa Blount, former managing director of Paaleads.com, has replaced Alan Dring as sales and marketing director of eConveyancer.

  • Vision: Save time and boost business

    1 Jan 2008

    Brokers cannot afford to ignore technological advances that can improve their operations

  • We're waiting for God to come to our rescue

    1 Jan 2008

    Confidence is a funny thing. Unfortunately, it can't be bottled - more's the pity. It can often be a flighty thing, as well. While some people are fond of saying you've either got confidence or you haven't. It is also something that ebbs and flows. We talk of footballers sometimes being confidence players, for instance.

  • White Paper is much ado about nothing

    1 Jan 2008

    Just in case you missed it - and given the timing of its publication, it is entirely possible - the long-awaited White Paper on mortgage credit was published by the European Commission on December 19.

  • Your Move cans 12 branches and 200 staff

    4 Jan 2008

    Despite a 5% rise in its estate agency business Your Move has canned 12 underperforming branches and some 200 staff.

  • Your Move lays off 315 staff

    4 Jan 2008

    Estate agent Your Move has laid off 315 staff and closed 12 branches as the effects of the credit squeeze have begun to take hold, The Times has reported his morning.

  • Zurich launches online underwriting system

    4 Jan 2008

    Zurich Financial Services has launched a new underwriting system.

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