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Prepare for B2L remortgage boom

Remortgaging in buy-to-let is set to be a big growth area next year.

Platform Home Loans say the niche sector is ready for the taking. Jeremy Duncombe, head of sales at Platform, says: “The big opportunity in buy-to-let for 2003 is remortgaging. Around 4% of mortgages were buy-to-let in 2001 and for 2002 we think this will be even more.

“As with other products, buy-to-let borrowers are looking for the best rate.”

And Duncombe underlines other opportunities in specialist markets. He says: “The number of self-employed is 3.2 million and growing. Around 10.5 million people are not in standard employment and it is getting harder to push that business through high-street lenders.”

But he adds niche lenders are riding to the rescue and says: “The niche market is growing. Credibility is going up and pricing is going down – in 1998 the gap between prime lenders and sub-prime was 3%, now it is closer to 0.5%.”

•Skipton Building Society has launched a new residential buy-to-let mortgage with a discount of 1.30% in the first year, offering an initial rate of 4.40%, with flexible features and no compulsory insurance. The deal reverts to variable rate in year three and is available up to 80% LTV.


BMS counts benefits of MPPI

Birmingham Midshires Solutions is urging consumers to take mortgage payment protection insurance to safeguard against accident, sickness or unemployment. Figures from the CML show that only 31% of Britons have insured their mortgage payments against the worst happening. The BMS campaign involves flagging up the benefits of MPPI. These include protected mortgage payments if borrowers […]

Webline passes 5 million quotes since launch

Webline, the UK&#39s first provider of online comparative quotes to ORIGO standard, today announced that it has just passed the 5 million mark for comparative quotations to IFAs, following a record year for growth. Webline ( was established in 1995 by Paul Holland, a fully qualified IFA and the managing director and founder of the […]

Don&#39t knock self-certification, says BMS

Birmingham Midshires Solutions says that the small minority of brokers abusing self-certification mortgages by overstating the income of their clients, putting the industry&#39s reputation and the client&#39s future at risk, should not put people off these products. Steve Sandiford, head of borrowing products at BM Solutions, says: “Self-certification is a very valuable weapon in a […]

New 10-year fixed rate from Leeds & Holbeck

Leeds & Holbeck Building Society has launched a new 10-year fixed rate mortgage at 4.95%. The new mortgage is fully portable and available up to 95% of property value. Capital repayments are allowed at up to 10% a year and there are no MIG fees up to 90% of property value. Tony Burdin, head of […]


Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.


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