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JEREZ 2006: Retention fees the way forward

Speaking at todays Mortgage Summit in Jerez today lenders agreed that retention fees should be the way forward for lenders,

Tim Hague, director at BM Solutions, says it is currently looking at its retention fee offering and he is sure that other lenders will follow suit.

Charles Haresnape, managing director of mortgages at Bank of Scotland says that although retention fees can help with client retention, the broker should look at charging a fee for their service to generate more income.

He says: Brokers should charge the client a fee. It is a professional service they are offering, and in any other profession a fee is charged for a service, this should be no different.

Linda Will, managing director of Accord Mortgages, says that since it introduced retention fees 12 months ago it has seen a 100% increase in business.

She adds: As an intermediary lender, we need to look at creating a long term relationship with the broker.


Linden respond to government report

Philip Davies, chief executive of Linden Homes, says the Governmentmust take some blame for the growing prominence of buy to let investors. highlighted in the recently released report.The government report ‘Affordability and the Supply of Housing’ says the investors are “distoring local housing markets.”Davies says: “The growing army of private landlords criticised in this report […]

Accord is latest lender on MTE

The lender will now accept electronic agreements in principle and full applications via the MTE. Iain Smith, sales director at Accord, says: “Brokers tell us they don’t want to be restricted to only doing business with us via our website so we are delighted to be joining the MTE.” Introducers submit over 25,000 mortgage transactions […]

Council Tax collection rates show further improvement

Council Tax and non-domestic rates collection have improved for the sixthsuccessive year, figures out from the Department for Communitiesand Local Government show.Local authorities in England collected 18bn in council taxes in 2005/06 – an extra 32m compared to the previous year.The figures represent 96.8% of the 18.6bn collectable. This is an increase of 0.2 of […]

Islamic services go nationwide

Lloyds TSB has rolled out Islamic financial services across the country, following a pilot scheme.

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Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


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