Portman and The Mortgage Works have been criticised for reducing their surveying panel to just five firms.Jonathan Cornell, technical director of Hamptons International Mortgages, says by doing this they are disadvantaging everyone as well as reducing competition. Portman has decided to reduce the panel to Colleys, Wolton, Chancellors, e.surv and Countrywide/SPS. It has also introduced a code of practice which states that if a mortgage broker challenges the rental assessment provided by the firm of surveyors, both they and the surveying firm have to make TMW aware of the challenge. If this does not happen the broker may be prevented from instructing surveys and the surveyor may be removed form the panel. Cornell says: “Restricting the panel reduces competition which will disadvantage everyone, and challenges over assessments seems like paranoia. What’s worse is that they have not bothered to inform the surveyors who were on their panel but aren’t anymore. However, Portman has defended its decision and says it is now able to work more closely with its panel. Peter Southcott, director of mortgages at Portman, says: “We recently undertook a comprehensive review of our panel of valuers and the decision was made to focus on a reduced number with whom we could work more closely.”
Mortgage Choice, the specialist mortgage packager, has joined Freedom Lendings panel of mortgage distributors.Mortgage Choice, which is based in Sale near Manchester and is a member of the Professional Mortgage Packagers Alliance, will market the entire Freedom Lending product range which includes self-cert, buy-to-let, let-to-buy and its On-Track sub-prime range, to mortgage brokers throughout the […]
Capital Link, the north Wales-based packager and bankruptcy remortgage specialist, has appointed Money Partners to its mortgage panel. Capital Link recently launched a service to the intermediary market providing a facility to negotiate with trustees and their solicitors on behalf of bankrupt clients facing the possession of their property. Capital Link then sources a suitable […]
Residential rents have picked up at their fastest pace in four years, the Royal Institution for Chartered Surveyors’ latest lettings survey has revealed.Tenant demand for rented property continues to rise in the quarter to July, having held firm over the previous quarter. Demand is strongest for flats as prospective first-time buyers still struggle to get […]
Michael Clapper, CEO of London-based Enterprise Group, has welcomed the findings of the recent FSA review on sub-prime mortgage advice and warned brokers to see it as a wake-up call.The review conducted by the FSA, was to assess whether advisers were taking reasonable steps to ensure that recommendations to take out sub-prime mortgages were suitable […]
Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.
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