View more on these topics

PMS poised for growth as Malone signs two-year contract to stay on

Distribution giant Premier Mortgage Service is looking forward to bumper growth after managing director John Malone signed a two-year contract to remain at the helm of the mortgage club until at least 2009.

Malone is one of the most influential power brokers in the industry and is widely credited with having created the mortgage club concept. His decision to remain at the Bankhall-owned business will have delighted chief executive Peter Mann who sees Malone as a key factor in ensuring the club’s continued dominance over the coming years.

Towards the end of 2006, Malone’s name had been linked to a number of high-profile organisations, most notably IFA network Personal Touch Financial Services.

Mann says 2006 was a special year for Bankhall for a number of reasons, but chief among them “was persuading John to stay on for another couple of years”.

He adds: “If you’re having a big push into the mortgage market in 2007, who better to have on board than John Malone? He is a huge force in the mortgage industry.”

Malone says: “I am delighted to say that I have signed a new two-year contract with Bankhall and intend to develop the PMS brand further over the coming years.

“Both Peter and I recognise that there are a number of challenges facing both elements of the business especially as regulation in the mortgage sector will this year have a major impact on many intermediaries’ business. We believe we will be at the forefront to assist them in ensuring that they remain compliant.”

The past 12 months represent another milestone for PMS with the club expected to report total completions of 37bn from 47bn in applications – making it by far the largest distributor of mortgage products in the UK.

Michael Bolton, chief executive of edeus, says: “There is little doubt that John Malone is one of the most influential players in today’s mortgage market. I’m sure that there are many lenders in the market who deal with PMS that are happy John has taken this decision to stay.”


HSBC tops cheap mortgage chart

HSBC’s standard variable rate mortgages have been rated the cheapest in Defaqtos annual survey.Borrowers with HSBC paid 2,888 for their mortgage in 2006, which is 494 a year cheaper than the most expensive equivalent deal.HBOS Intelligent Finance came out second in the survey, but the research shows that the next three lenders in the top […]

N&P goes carbon neutral

Norwich and Peterborough has become the first building society to be carbon neutral and achieve the CarbonNeutral quality mark. The biggest areas to be reduced and offset will be the annual business mileage, which is 1.32 million miles, electricity consumption of the society, which is 3.2 million kwh, and gas consumption of 0.77 million kwh. […]

Heritable Bank joins AMI

Heritable Bank has become an associate member of the Association of Mortgage Intermediaries.The fast-growing specialist lender has increased its loan assets due to mortgage lending through intermediaries by over 40% in 2006 and has plans to expand its product offering further in 2007.Rob Griffiths, associate director of the AMI, says: “We are pleased that Heritable […]

C-NLIS appoints former OEA to board

The Council for the National Land Information Service has appointed the fomer Ombudsman for Estate Agents to its executive board.Stephen Carr-Smith is tasked with helping C-NLIS develop standards for the property search industry, ensuring that homebuyers are protected and receive up-to-date and authorative property search information.Imtiaz Farookhi, chairman of C-NLIS, says: We are delighted to […]

Top seaside property hotspots revealed

Like to let beside the seaside? The latest research from LendInvest looks specifically at coastal towns to find which areas offer the top average rental yields to landlords. Where are the top seaside postcodes for landlords? The interactive map below looks at the highest rental yields along the UK coast. According to the data, Hull, […]


News and expert analysis straight to your inbox

Sign up