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Mortgage Next directors sued by Scarborough

It seems that while the network was sold in Febuary to Freedom Finance, there had also been a rival bid from the Scarborough.

A writ issued by the society&#39s solicitors Addleshaw Goddard claims it spent £243,000 on external advisers and £102,000 internally as it prepared to buy the broker network.

Mortgage Next declined to comment following legal advice. And the Scarborough is remaining similarly tight-lipped, with a spokeswoman stating that it&#39s the society&#39s policy, “not to make any comment on any transaction that may or may not have happened.”

However one senior society executive told Sunday&#39s Financial Mail: “One wonders quite how the society got so far and spent so much without realising the deal was flaky.”


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 […]

RICS records first house price fall in a year

The decline follows a run of three interest rate rises in just four months over the spring and summer. RICS says prospective buyers have taken heed of rising borrowing costs and warnings from the Bank of England, though there are few signs that a significant market downturn is around the corner. With fewer people registering […]

LIA members offered SMP membership

The Chartered Insurance Institute has confirmed that the 1,000-plus eligible mortgage advisers who become part of the Personal Finance Society at launch will be exempt from paying the £30 fee, which applies to all other members of the CII who want to join the Society of Mortgage Professionals. So far, mortgage advisers are lining up […]

Your future is in your own hands

Five years ago the world was gripped with insecurity. What would the year 2000 bring? IT anoraks predicted computer chaos. The media was in a frenzy, suggesting that kettles wouldn&#39t work, cars wouldn&#39t start and planes would fall out of the sky. In short, the world as we knew it would end. In preparation, IT […]

Tackling the housing crisis will take more than money

The latest housebuilding figures from the Department for Communities & Local Government confirm the worst fears of many within the property industry. We are failing to address the housing shortage in any meaningful way. Let’s look at the number of housing ‘starts’, new housing projects where work has begun. In England, work has been started […]


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