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Hamptons chooses First Action Finance

Hamptons International has chosen London-based brokerage First Action Finance as its exclusive referral partner for mortgages.

The announcement comes hot on the heels of Hamptons International’s decision to close down its subsidiary Hamptons Mortgages at the beginning of the 2009.

Some 15 brokers from Hamptons Mortgages – which represents the bulk of the brokers that worked at the firm – will transfer to First Action Finance.

Shakeel Barok, chief operating officer at Hamptons International, says: “It is vital that Hamptons’ continues to provide its clients with the same level of support and advice.

“First Action Finance is not only a dynamic and respected consultancy, but a company which reflects our brand values and offers clients impartial expertise and an outstanding service.

“We welcome the referral arrangement and look forward to First Action Finance providing our clients with excellent customer service.”

And Joe Cohen, managing director of First Action Finance, says: “We’re thrilled to have won the confidence of Hamptons and for them to be happy to recommend us to their clients.

“I believe some of the major contributing factors to this were our clear commitment to excellent customer service, our financial strength and controls and that we were able to demonstrate that people like doing business with us.”


Shadow MPC: This month’s decision: hold

Melanie Bien, Director, Savills Private Finance Decision: Hold

There’s not much room left for the Monetary Policy Committee to manoeuvre with the Bank of England base rate at 1%. Indeed, further cuts in interest rates at this stage may have an adverse impact on the economy as savings rates are already unattractively low. If they were to fall further there would be even less incentive for savers to deposit their money, restricting the cash available to banks and building societies to lend. With five rate cuts in as many months and the MPC revealing in the minutes of its last meeting that its inflation target is unlikely to be met solely by cutting the base rate, this is a good time for it to pause for thought. Hopes now rest on quantitative easing, with the Bank writing to the Treasury to ask permission to print cash to increase money supply. The MPC believes this would give it a tool to limit the downward pressure on demand resulting from the financial crisis. I vote for a hold.

Flexible PPI product launched

Payment protection insurance provider MMS has launched a product designed to address some of the criticisms aimed at the sector by the Competition Commission.

Arrears on sub-prime mortgages hit record high

Arrears on sub-prime mortgage loans in the UK hit a record high of 28.6% for Q4 last year, research from Standard & Poor’s shows.The Q4 report from S&P Ratings Services reveals that the comparative figure for Q3 was 25.1%.Outstanding arrears over 90 days are now at 12.5%, up from 10.3% the previous quarter.Repossession cases have […]

Don’t forget your high-end clients

On speaking to industry contacts it is clear, and not that surprising, that an air of pessimism exists in the mortgage market.


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