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A view from the floor

June 20 2004 marked 100 days since the publication of Professor David Miles&#39 report on the UK mortgage market which recommended that mortgage lenders make their full range of products available to all borrowers. Nationwide has called on the industry to follow this recommendation as a matter of urgency.

The failure of the government, the FSA and the industry to respond in any detail on taking forward Miles&#39 recommendation is hitting consumers in the pocket. Despite criticising the current mortgage pricing structure, most lenders have failed to take the easy option presented by Professor Miles of making their products available to all borrowers. This failure is costing UK consumers around £1bn a year.

Nationwide&#39s mortgages have been available to new and existing borrowers since 2001. With interest rates rising it is now even more important for mortgage borrowers, especially those who have been loyal to their lenders, to receive fair value or to remortgage to a lender like Nationwide which is transparent and fair in its pricing structure.

We call on other lenders to follow our lead and make their full range of mortgages available to all. This means accepting both the spirit and letter of what Professor Miles said in his final report. For example, some mortgage lenders purport to make their full range of mortgage products available to all but when customers try to take advantage of this they find themselves charged for transferring to the new product.

To Nationwide, &#39available to all&#39 means treating existing and new borrowers in the same way. We have shown that it is possible to play fair with customers and win and we urge other lenders to follow suit. If they don&#39t, it will be consumers who lose.


FSA warning on inducement payments

The letter, issued last week and copied to mortgage industry trade bodies, could see an end to practices such as lenders being forced to pay to be on network panels. It states: “We have been told that in some instances product providers and intermediaries may be contemplating significant upfront payments (in some cases upwards of […]

C&G appoints head of strategy and research

C&G has appointed Piers McCleery to the newly-created position of head of strategy and research. McCleery previously worked for the Boston Consulting Group and prior to this he worked at The Jardine Matheson Group where he had various management and strategy roles.

Pink Home Loans launches self-cert deal with Platform

The product offers an initial pay rate of 5.24%, tracking the Bank of England base rate plus 0.74% for three years, and offers £250 cash back. The product is available to first time buyers with up to 85% LTV. The product is available to Pink premier and mortgage club customers and offers 0.65% broker commission. […]

Jobs boost for Equity Funding Corporation

Equity Funding Corporation is opening a new call centre in West Kirby, Merseyside, creating 50 sales support jobs by the end of the year. It said the move was in response to a changing market and the need to provide a more responsive communication platform to the thousands of intermediaries who are opting for direct […]


Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.


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