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OFT warns estate agent

The Office of Fair Trading last week gave an official warning to the former proprietor of estate agency Homes Direct for failing to disclose his personal interest in the acquisition of a property from a client.

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Nationwide increases SVR

Nationwide has confirmed it is increasing its base mortgage rate from December 1 by 0.25%.The BBR will increase from 6.24% to 6.49%, although the lender says it is still around 0.50% lower than the SVR of most other major high street lenders assuming that they also increase their SVRs in line with the base rate. […]

SPML ditches multiples

Southern Pacific Mortgage Limited has ditched income multiples in favour of a debt to income ratio affordability calculation.The change comes as part of a revamp of all of the three Lehman Brothers-owned mortgage brands in the UK.The new affordability assessment method applies to all SPML’s products. Brokers can access an affordability calculator from the lender’s […]

AToM claims it pays top proc fee

All Types of Mortgages claims it pays brokers one of the highest proc fees in the industry. Internal research by AToM, shows on average it pays a higher proc fee than the industry norm. The research also highlights the wide variation in fees paid by packagers for the same products from the same lenders.

AToM offers free valuations with GMAC-RFC

AToM is offering free valuations on all sub-prime mortgages from GMAC-RFC, and a discounted rate of £99 for its panel of onsite lenders.Its onsite lenders include First National, Future, Kensington, Mortgages PLC, Platform, Rooftop, SPML, Unity and Victoria.The offer is for all valuations up to £500,000. Additionally for all SPML remortgages AToM will give free […]

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