HBOS’s head of mortgage strategy Joel Ripley says the group is considering a retention policy that will reward brokers for reintroducing business.Speaking at Mortgage Strategy’s Mortgage Summit in Jerez, Ripley’s news will be welcome news to brokers across the UK . For example, it would mean that should an introduced client be coming to the end of their two-year fixed rate with Halifax, rather than churn the client intermediaries will be encouraged to place them within the group again, say with Intelligent Finance, and still receive another proc fee. The Summit was rife with rumours that HBOS would open the floodgates and offer the same products to existing borrowers as it does to new business. However, HBOS HQ refuses to be drawn on whether it has any such plans, arguing existing clients are already offered transfer products priced to be as close to new business products as possible. Ripley also gave delegates the heads-up that more lenders would have to introduce early redemption charges due to reporting requirements under Basle II and IFRS. On the subject of regulation, Ripley told delegates it plays no part in contributing to a sustainable housing market and has “undesirable, unintended consequences”. Attacking Tony Blair’s government, Ripley went on to say the UK housing market needs policy that is not reactionary or narrowly conceived and that does not generate lots of follow-up policy with excessive micro management. Ripley says what it should do is provide a safety net for the economy. Worryingly, HBOS forecasts there will only be 0.920 million property transactions this year – the first time that the figure has fallen below the million mark “for a long time”.
During April to June, local authorities made 61,300 decisions on homeless applications. This is 14% less than the corresponding quarter in 2004.After seasonal adjustment the number of decisions was 61,740, 4% higher when compared to the previous quarter. Apart from last quarter this is the lowest quarterly figure for almost five years.Of the 61,300 applications […]
Research by the Post Office Home Insurance has found that consumer confusion and apathy could be costing the nations homeowners millions of pounds each year, with mortgage lenders cashing in on uncertainty over home insurance.The research found that nearly four in 10 (39%) homeowners purchased their buildings and/or contents insurance through their mortgage provider, despite […]
Ray Boulger of John Charcol, independent mortgage adviser, comments on the decision by the Monetary Policy Committee to keep base rate on hold at 4.5%:He says: “Whilst it was a foregone conclusion that base rate wasnt going to move, the MPC meeting will have had much to take into account due to the impact of […]
Southern Pacific Mortgage Limited has launched the first ever sub-prime five year fixed rate with a three year early repayment charge.This allows the applicant the ability, after three years of the fixed term, to remain on the fixed rate, to switch free of charge to a SPML LIBOR + margin product, or to refinance without […]
Edenred has partnered with Johnson Fleming to launch an auto-enrolment solution for small to medium-sized enterprises (SME) that will help employers fulfil their pensions obligations.
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