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TMW suspends B2L applications for new build properties

The Mortgage Works will cease to accept new applications for buy-to-let mortgages on newly built properties with effect from Monday December 5 2005.

After today, TMW will only accept buy-to-let applications on properties aged over one year.

All current applications in the pipeline will be honoured. The change only affects new buy-to-let mortgage applications.

Matthew Wyles, group development director at Portman, says: “Owing to the current over-supply of newly built property, valuation in this sector is more of an art than a science.

“Some developers are now prepared to do deals on price outside of the formal contract. In these cases the lender may be unaware of the actual price being paid and ends up relying on a valuation which may in turn be based on erroneous assumptions.

“We will go back into new build buy-to-let when we believe that the market forces of supply and demand have reached equilibrium.”


SMS launches direct to lender mortgage club

Solent Mortgage Services has launched a direct-to-lender mortgage club, 1st Source Direct. The facility gives SMS brokers access to 56 lenders as well as a number of exclusive products.It marks a shift in the emphasis SMS places on lender choice as well as offering more submission options to its supporting brokers. Brokers now have access […]

Children’s savings accounts are best Christmas presents, says BSA

Christmas presents sometimes last only until Boxing Day but if you contribute to a childs savings account it could make a real difference to their financial future. It is the season for giving and receiving, but parents are often reluctant to ask for cash instead of a present for their child.However this reluctance could well […]

Portman unveils fix as rumours fly

Portman has launched a two-year fixed rate mortgage amid speculation the brand may soon become branch-only.

One source tells Mortgage Strategy Portman is looking to become a branch-only network, making The Mortgage Works the sole intermediary offering.

Branch culls are inevitable but ironic

An interesting card from the branch closure hand has been played by Portman. Under the same financial juggling pressures faced by all branch network providers they’ve come up with a neat trick of deflecting the blame when they eventually pull the plug. They put the matter in the hands of the local branch and its customers.


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