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UK&#39s &#39all-in-one&#39 market still lags Australia

The UK market in all-in-one mortgages is still a long way off the pace being set in Australia, says current account mortgage provider VirginOne.

Moreover, the UK stands little chance of catching up unless mortgage intermediaries change attitude.

Anthony Richardson, national partnership manager at VirginOne, told Mortgage Strategy: “The first products of this type appeared in Australia in the late 1980s, with larger lenders entering in the mid-1990s.

“In Australia, the last distribution channel to take off was the intermediary, and we are in the same position now.”

He adds: “The Australian mortgage market writes 15% of business on current account mortgages. The UK is going that way in choice of products, but brokers need to bury myths that these are niche products only for the wealthy.”

Richardson also says brokers should “take their blinkers off” and start promoting all-in-one products not merely as a mortgage but as a broader financial planning tool.


Technology is key to regulatory survival

Mortgage Talk director Peter Birch is warning mortgage advisers to embrace new technology if they want to survive regulatory change. Birch says: “The next two years or so will see wholesale changes being introduced in the mortgage advice arena, including new regulations, pressure on margins and, of course, the seller&#39s pack proposed by the Government […]

New tracker from Pink and TMB

Pink Home Loans has launched an exclusive, flexible tracker offering an initial pay rate of 4.94%. The product is funded by The Mortgage Business and offers a discount of 0.55% until January 2004 David Copland, sales and marketing director at Pink Home Loans, says: “This deal combines two of my favourite mortgage features – transparency […]

HSBC commits to small business support

HSBC has reiterated its commitment to small mortgage brokerages and other small and medium sized firms in the form of an £80 million a year spend on a range of initiatives for small businesses. The bank will comply with regulations to pay credit interest of 2.5% below base rate on business current accounts. In a […]

My mortgage week

Monday: I start with a visit to our local gym which is on the way to the office. After a good workout I feel ready to face the rigours of a fresh week in the mortgage industry. I know that this week is going to be more than the usually busy as Brentchase Financial are […]


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