View more on these topics

Networks might clamp down ARs

Networks may have to come down hard on their appointed representatives and dictate codes of business to them for selling self-cert mortgages, says BM Solutions.

Speaking at the Mortgage Business Expo, Martin Reynolds, head of sales at BM Solutions, said it will be business as usual for directly authorised brokers who sell self-cert but there is big change on the way for ARs.

Reynolds warns: “Principals will dictate what codes their ARs follow. The AR is not just representing themselves but the whole network. It will be the network’s business model that will be affected if something goes wrong, not the ARs.”

But Reynolds stresses that the main responsibility still rests with the broker and it is up to them to keep accurate records of the advice they give.

He adds there are still a lot of intermediaries who do not feel comfortable advising sub-prime.

When discussing packagers, Reynolds says that there is a need for some of them to change if they want to stay in the market.

He adds: “A lot of packagers have evolved but the ones that haven’t are struggling. There is still room in the market for packagers that give good and correct advice.”

He also warns that lenders will remove packagers from their panels if they do not meet certain standards.

Recommended

Landlords not aware of HMO rules, says Mortgage Trust

Mortgage Trusts latest survey reveals that 46% of landlords are not aware of the Houses in Multiple Occupation regulations due to come into effect in April 2006. Of those landlords who were aware of the licensing requirements, 44.2% became aware as a result of media coverage of the regulations whilst 21.6% of landlords became aware […]

The Mortgage Mole

Drama Queen Mole has learned that Mortgage Strategy newcomer Luci Mylward has been hiding an acting past. Seems our hackette auditioned for the role of Izzy in glossy teen soap Hollyoaks, known for its kinky on and off-screen dramas. “I could be a celebrity right now and have my own calendar,” Mylward sighed to Mole. […]

Clients miss out on equity advice

Over one-third of equity release consumers are arranging their loans direct with providers rather than taking independent advice from brokers, says Key Retirement Solutions. Dean Mirfin, business director at KRS, says although 90% of lenders insist on clients receiving independent advice before selling them products, a large number of consumers are still not aware of […]

Globe - thumbnail

Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.

Newsletter

News and expert analysis straight to your inbox

Sign up