Mortgage Express is investigating allegations that one of its sales team has been incorrectly advising brokers on how to fill in self-cert mortgage applications.One source tells Mortgage Strategy that a broker has voiced concerns to senior management at MEX after he was advised by one of its BDMs on how to exploit loopholes in a self-cert application. MEX says it is taking the matter seriously and if necessary will take appropriate disciplinary action. A spokesman says: “We are committed to maintaining our reputation as a responsible lender, especially with regard to self-cert mortgages. We are investigating allegations about comments made by a member of our sales team and if necessary will take disciplinary action. “We are taking this matter seriously and hope to have it resolved as soon as possible.” The Financial Services Authority revealed recently that it was launching a far-reaching probe into the way self-cert mortgages are sold. In 2003, on the back of the BBC’s infamous expos矩n The Money Programme, the watchdog looked at the risk of financial crime arising thematically through the mortgage process.
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Housing was one of the main issues dominating the Labour Conference this year, both on and off the floor. In Tony Blair’s speech, increasing home ownership by one million was at the heart of his vision for a third term. He told delegates: “Over this Parliament our aim is to increase home ownership by one […]
Septembers buy-to-let Index from Paragon Mortgages shows property prices paid by investor landlords easing slightly on last months level, but still almost 8,400, or 5.5%, higher than April 2005. This period of relatively strong increases in landlord property prices is in marked contrast with the months between November 2004 and April 2005, when property values […]
Scottish Widows has announced the appointment of Dr Norval Bryson as a non-executive director. Bryson spent the majority of his career at Scottish Provident, most recently as group finance director and deputy group managing director.Archie Kane, chief executive of Scottish Widows, says: I am delighted to announce Norvals appointment to the board. He brings with […]
Monaco tax haven, playground of the rich and shameless, home of Monte Carlo, the Grand Prix and…MS editor Robyn Hall. Well, at least for the most part of last week, having been forced to spend three days at the luxurious Hermitage Hotel for the annual Bankhall sales conference. Arduous by anyone’s standards but made more […]
Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]
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