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Lenders accused of rush to reprice

Chelsea Mortgage Management is accusing lenders of being too quick in repricing fixed rates, using swap rate movements as an excuse.

Simon Bucknell, business development manager at Chelsea Mortgage Management, says: “Brokers are being put in an impossible situation at the moment because of the constant repricing of fixed rates.

“A lender may buy £10m on the money market at a set cost but the fact that swaps have increased shouldn&#39t have any bearing on the costs they incurred on buying those funds.”

Halifax spokesman Paul Fincham says: “The money markets are particularly volatile at present. I understand brokers might find rate changes a bit annoying but lenders are at the mercy of market forces and have to make money. Mortgages are still competitive.”


Brokers angered by illness cover mis-selling claims

Brokers have reacted furiously to recent claims that critical illness insurance is being mis-sold. A Channel 4 investigation recently accused lenders of mis-selling the policies and came hard on the heels of a survey by the Consumers&#39 Association published in Which? magazine accusing the financial services industry of being “rife with poor advice and questionable […]

Zurich IFA Group goes live with UNIPASS

Zurich IFA Group has announced that it can accept UNIPASS on its extranet. Hot on the heels of The Exchange signing, Zurich IFA Group has chosen the UNIPASS service due to its benefits in terms of ease of use, increased security, and in making life easier for IFAs doing business online. Launched in 2002 by […]

Pace of swap rate increase slows slightly

Swaps continued their upward march last week but the increase seems to have slowed of late. • One-year money is up 0.07% to 5.38%• Two-year money is up 0.06% to 5.53%• Three-year money is up 0.06% to 5.61%• Five-year money is up 0.05% to 5.64%Portman increased its two and five-year fixed rates and The Mortgage […]

The fight for ARs is going to get messy

The battle of the networks stepped up a gear last week when Mortgage Intelligence announced that it is offering brokers the chance to join its network free of membership fees until October 31 2004. MI managing director Sally Laker says the decision was taken for two reasons. Firstly, the financial costs for prospective ARs before […]

UK: mid-year review and outlook

By Mark Martin, manager of the Neptune UK Mid Cap Fund, and Scott MacLennan, manager of the Neptune UK Opportunities Fund H1 2014• Equity markets continued to show strength: despite a strong rally in 2013 driven by a market-wide re-rating, equity markets continued to generate positive returns for investors. Economic activity continued to be stimulated […]


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