View more on these topics

FSA introduces £1,000 flat fee for mortgage firms

The Financial Services Authority has followed through with its plan to introduce a £1,000 flat fee for regulated mortgage firms – a 33% fee increase.

The regulator has increased its annual funding requirement for the mortgage sector from £10.9m in 2009/10 to £14.4m for 2010/11.

Larger mortgage firms and networks will have to use the FSA’s calculator to work out what they will pay on top of the flat fee.

The regulator says its costs are rising in the sector, primarily due to its work on the Mortgage Market Review and enforcement activity in relation to mortgage fraud.

Robert Sinclair, director of the Association of Mortgage Intermediaries, says: “For those paying minimum fees and holding insurance permissions the rise will be limited.

“But for larger firms and those without insurance permissions fees will rise significantly, and in some cases disproportionately.”

Recommended

JOHN MURRAY

New entrants chase away Monday blues

Last week that awful Monday morning feeling passed me by. The sunshine had something to do with it but there were other reasons to be cheerful, namely news that two new mortgage lenders – Aldermore and Precise Mortgages – had entered the market. As someone from the Council of Mortgage Lenders recently admitted, only about […]

john_murray.jpg

Politics by numbers

Under Labour we had nine housing ministers in 13 years and look what happened to housing –despite an ambitious target of three million new homes by 2020, construction slumped and home-ownership fell by around 3%.

3

A third of renters believe they will never buy

A survey of 1,326 UK renters by flat and house share website, Spareroom.co.uk shows that a significant number – 33% of people currently renting don’t believe they will ever be able to afford to buy a property.

1

Snowdon ready to scale the heights

When lender Aldermore recently launched a residential mortgage arm it was Colin Snowdon’s third mortgage start-up. And given its liquidity in a dislocated funding market and the niche he has identified, he believes it has a clear space in which to flourish

Income protection

Reassuringly focused on claims

By Ross Jackson, senior protection marketing manager We’re sure you’ll have heard your customers say ‘But insurance companies don’t pay claims’ when giving a reason for not wanting to take out protection. In fact, our State of the Protection Nation research showed that 27 per cent of consumers asked didn’t think protection providers paid out […]

Newsletter

News and expert analysis straight to your inbox

Sign up