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Networks to slash sub-prime lending panels, predicts Openwork

Openwork has predicted that within two years networks will only include two to three sub-prime lenders as a means of enhancing customer care within the network.

Paul Shearman, mortgage proposition director from Openwork, says: “We believe that, within 18 months to two years, networks will only offer two or three sub-prime lenders.

“It is a difficult challenge, but we have found that the more sub-prime business a broker does, the more knowledge they gain. It also means they become more comfortable going direct to the lender with the client’s case.

“Technology has a big part to play in this, allowing more communication with lenders and packagers. More communication means greater understanding of the ever increasing nuances in sub-prime products.”


Mortgages PLC launches training scheme

Mortgages PLC has introduced a training scheme to help develop business development managers of the future.As part of the new trainee area manager scheme Mortgages PLC has created three positions aimed at graduates and people looking for a first move into a field sales role. The scheme aims to equip participants with a thorough knowledge […]

CML warns of more base rate rises soon

Further Bank of England base rate rises are on the cards after last week’s 0.25% rise to 5%, the Council of Mortgage Lenders is warningMichael Coogan, director-general of the CML, says the decision to increase rates should have come as a surprise to nobody. He says: “This could mark the start of a cooling off […]

Mortgageangels alters fee structure has re-vamped its lead distribution online system by launching a new way of pricing its leads. The leads distributor will charge brokers who want leads on a monthly basis a fee of £29.50 per lead. Those who want leads on demand will have to pay £34.50 per lead. Brokers can also view leads as […]

B2L repossession rise claims wide of mark, says ARLA

Reports that buy-to-let repossessions are on rise are “irresponsibly” wide of the mark says the Association of Residential Letting Agents.ARLA says that industry data not only confirms that buy-to-let mortgages have lower arrears than mortgages generally, but that there are also fewer buy-to-let repossessions too.It says that its own research consistently indicates that buy-to-let investors […]


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