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The Mortgage Mole

Hard times Woolwich’s tranche booking system became notorious among brokers last month after many were forced to stay up all night to book funds.

Mortgage Strategy was inundated with numerous tales of woe from brokers, but it seems the system did have benefits.

Mole hears that one network head recently received an email from a broker singing the praises of Barclays for improving his sex life.

“My sex life went through the roof because I was up all night,” he confessed to Mole.

Great advice Mortgage lenders have suffered a few sleepless nights recently thinking about what they are going to do with the thousands of so-called mortgage prisoners on their books – those stuck on interest-only and unable to remortgage elsewhere.

But fear not, it would appear that The Debt Advisor has put its brightest and best minds together to come up with the solution.

Last week, it issued a press release urging borrowers on interest-only mortgages to take action before the Mortgage Market Review is implemented.

“Pay off debts now and convert to a repayment scheme to avoid being trapped,” it advised.

The release also boasted that the company was award-winning. Mole’s not sure what it won its award for – pointing out the obvious perhaps?

Watch out kids Mole wonders if claims management companies are struggling for business after hearing that they are now texting school children.

One mortgage boss revealed to Mole that his 11-year-old daughter, who has just been given her first mobile phone, was texted by a claims firm promising she could claim thousands of pounds for mis-sold payment protection insurance.


eddie goldsmith

City of London Police believed to be probing 450 fraud cases

The City of London Police is reported to be investigating 450 cases of suspected fraud, 21 of which are mortgage frauds. Last week at the Council of Mortgage Lender’s fraud detection seminar in London, a detective from the City of London Police revealed that it has 21 suspected mortgage fraud cases in the pipeline, predominantly […]

L&G unveils income-linked lifestyle cover to replace MPPI

Legal & General has launched a short-term income protection product to replace its existing mortgage payment protection insurance product for new business. The lifestyle cover product provides a monthly benefit linked to the customer’s income, rather than linking it to a specific mortgage or loan. The benefit will be paid for up to 12 months […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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