Brian Pitt and Stuart Aitken were welcomed back into the mortgage market last week as they joined Kensington Group to investigate opportunities in the specialist lending sector.Pitt resigned as director of sales and operations at Beacon Homeloans in May, two months after Aitken resigned as director of credit at South Pacific Mortgages Limited. John Maltby, group chief executive at Kensington, says: “Kensington Mortgages pioneered the specialist lending market in 1995 and earlier this year received the Queen’s Award for Enterprise for innovation. “But innovators do not stand still and we will take our pioneering app-roach to markets in which we can make a difference with our lending criteria, consistent service and competitive, risk-based pricing.” He adds: “I’m pleased to have Pitt and Aitken on board to help explore the opportunities we have identified.” Pitt says: “Kensington has successfully developed propositions across a number of product areas and distribution channels in various countries. We will build a team to explore expansion possibilities.” Areas the pair will be looking at range from commercial and equity release to overseas mortgages. Pitt had a stake in Australian lender Pepper Homeloans and has previously expressed an interest in the Canadian market.
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The Financial Services Authority will continue to monitor mortgage brokers’ financial promotions, having found little improvement in the number of promotions meeting regulatory standards. While sectors such as investment have upped their game, the FSA says sub-prime and equity release financial promotions are still not up to scratch. Common failings identified in relation to sub-prime […]
The Royal Bank of Scotland has admitted that it stepped back from the broker market in the first half of 2006. In its half-year results it says: “Intermediaries are an important distribution channel for mortgage products in the UK and we are an active participant in this channel, although there can be significant swings in […]
The Mortgage Partnership has added edeus to its packaged panel. edeus, scheduled to launch next month, officially announced its initial chosen packager list last week.Products from the the highly anticipated new lender will be available for intermediaries fully packaged at TMP from launch date. TMP say edeus will offer an extensive specialist product range including […]
The Liberal Democrats say the rate change last week will hit those in debt, especially borrowers with variable rate mortgages.Shadow chancellor Vince Cable says: The rise in interest rates points to serious concerns over high energy and house prices.“The impact of this rate rise will be felt most severely by those with variable rate mortgages.“At […]
Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.
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