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…And meets with industry approval

Bob Riach, proprietor at Riach Independent Financial Advisers, says: “I&#39m reluctant to place any business with Abbey. I will not be advising clients to take an Abbey deal until it has sorted itself out.”

Ray Boulger, senior technical adviser at Charcol, says: “An HBOS bid would have almost certainly been put to the competition authorities which would have meant that a significant amount of management time would have to betaken up with it.”

Simon Bucknell, business development manager at Chelsea Mortgage Management, says: “I&#39m pleased that for whatever reason HBOS has decided not to proceed with the purchase of Abbey as it smacked of opportunism and we can do without a monopoly. Santander&#39s entry into the UK mortgage market can only be healthy for competition and is a strong indication that our economy is performing well.”

Peter Brodnicki, chief executive of Mortgage Advice Bureau, says: “This announcement is not really a surprise. It&#39s good news for brokers as HBOS would have had a dominant market share if it had followed through with the deal.”

Kevin Duffy, managing director of Hamptons, says: “I am not convinced the Spanish takeover will improve Abbey&#39s proposition for intermediaries.”


Skipton revamps mortgage lending criteria

Skipton has revamped its mortgage lending criteria to make them more objective and affordable. The changed criteria will look at a person&#39s net disposable income and cross-reference this with their other bills such as credit cards and personal loans. Paul Darwin, development manager of intermediary sales at Skipton, says: “We want to be more objective […]

ARLA slams buy-to-let abuses

The ARLA panel of lenders, Birmingham Midshires, GMAC Residential Funding, NatWest Mortgage Services, Paragon Mortgages and The Mortgage Business, represent some 40% of all buy-to-let mortgage lending. ARLA represents 1,500 lettings and residential management offices. Speaking in London, Robert Jordan, president of ARLA, said that true buy-to-let is an example of private enterprise fulfilling a […]

Purely Mortgages strikes distribution deal with Interactive Investor

Purely Mortgages has been selected ahead of other established brokers to provide fees-free mortgage solutions to Interactive Investor&#39s database of over 1.4 million registered users. The partnership gives Purely Mortgages greater access to the consumer mortgage market, complementing its national press advertising and PR launch this month, and provides Interactive Investor with an impartial, straightforward and […]

ABI welcomes Inland Revenue plans for pre-owned assets

As a result, gift and loan trusts will not be subject to an additional tax charge. Peter Vipond, head of financial regulation and taxation, says: “Following strong representations from the ABI, we are pleased that the Inland Revenue has confirmed that gift and loan trusts will not be subject to the pre-owned assets regime. This […]


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