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Change will make industry stronger

And what an exciting time the run-up to regulation has been. Business sales, acquisitions, mergers, failures, resignations – you name it, Mortgage Strategy has covered it.

But perhaps most importantly, our message on regulation has been constant and consistent.

Regulation is here to stay and with it the beginning of a new era for the mortgage industry and the dawn of opportunity. There will be challenges ahead but as a result of these changes our market will be more robust than ever.

Quite how the market will shape up post- regulation remains to be seen which is why with this week&#39s issue you&#39ll also find a special supplement of Network Strategy for those of you still deliberating over whether or not to take appointed representative status.

New mortgage networks have fallen far short of the number of advisers that they expected to attract.

Kean Seager, chairman of the Whitechurch Mortgage Network, is more candid than most when he says that it&#39s time to admit that his firm failed to get its message across.

“We didn&#39t forecast a number of firms that would join us,” he says. “But in all honesty I did think that it would be a reasonable number.”

And it&#39s a similar story elsewhere, evidenced by the increasing number of initiatives springing up as networks fail to realise their projected numbers.

With just six weeks to go until M-Day the clock is well and truly ticking. If you have yet to decide which route to follow post-regulation then Mortgage Strategy cannot emphasise strongly enough that the time to make that decision is now. If you fail to act, those of you not authorised by the Financial Services Authority, whether directly or through a network, will find yourselves unemployed on the stroke of midnight on October 30. If you act now, there&#39s every chance that you too will be able to join us for our birthday celebration next year.


Yorkeshire reduces three-year fix

The rate for borrowers moving home has reduced from 5.39% to 5.10%, currently the cheapest three-year deal available. The society&#39s three-year fixed rate for borrowers who are just moving their mortgage has been reduced from 5.69% to 5.15%. The arrangement fee for both these mortgages has been maintained at £495. As with all Yorkshire mortgages, […]

CII launches body to boost brokers&#39 professionalism

Richard Fox, currently compliance director at the MCCB, is to become SMP&#39s chief executive from November 1 when it will be up and running. The CII is looking to invest £2m in SMP which will work to increase the professionalism of mortgage brokers and help them become better qualified. Although the cost of membership has […]

Goldsmith Williams establishes Right to Buy team

With future trends in house prices remaining uncertain, recent months have seen a rise in the number of people purchasing their council houses. Goldsmith Williams has responded to this demand by introducing a right to buy product, allowing mortgage brokers to offer their clients specific benefits, which include, competitive fixed fee products , online case […]

Elephant gets official authorisation

Gary Miller-Cheevers, managing director of Elephant Loans, says: “We are delighted to be one of the first companies in the UK to receive formal FSA authorisation and this further demonstrates our commitment and ability to provide the highest quality operating procedures in the UK mortgage market.”


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