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AfI aims for more offers via risk-based pricing

Abbey for Intermediaries aims to offer nine out of 10 mortgage deals in the foreseeable future after switching to risk-based pricing.

Clive Kornitzer, chief operating officer of AfI, stresses that the plan is tentative but adds that it could be im- plemented as early as 2009.

The plan comes amid Abbey’s overhaul of its internal technology in line with the Parthenon system already used by its parent Banco Santander. The IT revamp is expected to complete later this year.

Thereafter, the lender hopes to be able to connect directly with brokers’ back office systems – something it has already achieved with Personal Touch Financial Services.

Kornitzer says: “None of this is a trivial process and we are in talks about plans for next year. But we are still lending and working with brokers to try to become the best lender and distributor of mortgages.”

Andrew Montlake, partner at Cobalt Capital, says: “A lot of the problems we’re seeing in the market are a result of lenders failing to price for risk so moving to this system is a good option.

“It is an interesting step for Abbey and I’ll be curious to see how it works in practice.”


Debt Advice Portal appoints Debt Alliance Limited to panel

Debt Advice Portal has added personal bankruptcy management firm Debt Alliance Limited to its debt solutions panel.Debt Advice Portal says that brokers using its service can now offer clients, who are unable to get a mortgage, access to debt management services including bankruptcy.The firm says debt management solutions are attractive to brokers under the added […]


Mole is looking forward to the drive of his life later this week at the PalmerSport driving event at Bedford Autodrome, courtesy of those nice chaps at HBOS

Repossession fears grow

Nearly 60,000 homes in the UK are at risk of repossession, government figures reveal. Data from the Housing statistics 2007 report, published last week by the Department for Communities and Local Government, show that almost 60,000 families with monthly disposable incomes below £1,000 are shelling out a staggering £750 a month on mortgage repayments. Julia […]

M-Next unveils self-cert deal

Mortgage Next Packaging has launched a prime self-cert range via Kensington Mortgages, available up to 90% LTV. Two-year fixed rates are available at 7.25%, three-year fixed rates at 7.15% and two-year trackers at 7.24% or 1.99% above the base rate. The deals have a fee of £1,999.


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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