View more on these topics

Regulation good for all, says MGM Home Finance

MGM Home Finance says it has seen evidence that the introduction of regulation need not be as negative as many have portrayed.

Early forums with MGM Assurance&#39s existing mortgage brokers indicated that most were worried that regulation would increase workloads and ultimately decrease earnings. It was clear that mortgage firms were looking for support that would put in place all the necessary requirements to meet regulation but leave them to get on with business as usual.

MGM Home Finance opened its proposition in January of this year and already has over 200 members signed up using the sales process it implemented under a sales friendly T & C scheme.

The results to date have been extremely encouraging with benefits for all involved.

Stephen Maskens, manager of Home Finance, says: &#34The results to date are far ahead of MGM&#39s own expectations. The company has already seen its mortgage firms enthusiastically taking to the integrated mortgage and life software and as a result we have seen record life sales in March.

&#34In addition, the level of life business being transacted on line has increased by 100%. This means that broker firms are actually earning more whilst reducing the paper they have to complete.

&#34After making individual decisions that direct regulation was not the right option for them, new members have quickly seen the benefits of being well supported by a Mortgage Principal. In addition customers get access to every available lender and more of them have taken life cover through the simplified sales process. This is exactly the way MGM wanted the model to work.&#34

The early sign-ups for Home Finance reflect the availability of founder member benefits until the end of April giving access to a &#39no fees&#39 guarantee and a £1m loyalty fund. Full details of the offering are available at


NatWest in B2L criteria row

Brokers have been infuriated by changes NatWest has made to its buy-to-let criteria without informing them. The lender, part of the Royal Bank of Scotland group, had previously calculated how much clients could borrow by yield ratio. If there was any fall in this it would look at a client&#39s individual circumstances to work out […]

BM Soutions appoints key account manager for central London

BM Solutions, recently named as the biggest buy-to-let lender for gross advances by the CML, has appointed Helen McGrigor as key account manager for central London. Prior to joining the UK&#39s biggest specialist lender, McGrigor spent six years plying her trade at Bradford & Bingley subsidiary Mortgage Express. She has also worked in senior sales […]

Funny money is a serious business

Nearly nine out of 10 (89%) financial services compliance consultants surveyed recently by Huntswood Outsourcing believe that UK financial services providers are failing to comply fully with money laundering regulations. This is a pretty chilling figure but providers have it relatively easy compared with advisers. Money laundering regulation is extremely complex and identifying noncompliant activity […]

Charcol launches buy-to-let lifetime tracker

Charcol has launched a buy-to-let lifetime tracker mortgage pegged at 0.85% above base rate – giving a current pay rate of 4.85%. The mortgage is available up to 75% LTV and offers 0.5% cashback to help buy-to-let investors with purchase or remortgage costs. Ray Boulger, senior technical manager at Charcol, says: “This deal offers superb […]


News and expert analysis straight to your inbox

Sign up