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10 jobs at Beacon Homeloans at risk

Some 10 staff at Beacon Homeloans are at risk of redundancy as the lender strives to align its cost base with its 2008 business plan.

Mortgage Strategy can exclusively reveal that the jobs have been subject to consultation since Monday.

Jeremy Russ, head of marketing and compliance at Beacon Homeloans, says the roles span across the lender’s functions and range in seniority.

He adds: “We don’t put an expiry date on the consultation process. To be fair to individuals, it is open-ended so they can take as much time as they like to consider their options.”

He says no further cuts are planned.


Readers evenly split on compulsory MPPI plan

Mortgage Strategy Online readers were divided over proposals for an industry-funded compulsory insurance plan to help clients avoid repossession, with 51% against and 49% for the plan.This week, Mortgage Strategy asks: “Will you explore the government-backed Small Firms Loan Guarantee scheme to survive the current market downturn?” Q: Do you support an industry-funded compulsory insurance […]

House building target is under threat

With the chancellor’s proposal about graded mortgage assets still ringing in my ears, I hear house builder Bovis Homes has reported falling volumes. With the company recording a 6% drop in profits and home completions, it has obviously felt the power of the liquidity crisis.

AMI to clarify client responsibilities

The Association of Mortgage Intermediaries is in the process of launching a paper to help clarify consumers’ responsibility for their finances.Speaking at Network Data’s ann-ual conference, Richard Farr, director of AMI, warned that brokers will have to initiate more robust conversations with clients regarding their financial situations in a bid to en-courage them to live […]

Lender under fire for lack of notice

Woolwich is under fire from brokers for failing to notify them about changes to its loans. Andrew Montlake, partner at Cobalt Capital, says the lender sent information on its decision to cut its maximum loan amount from £2m to £1m more than two weeks after the change took effect. Montlake says: “Lenders have to be […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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