Mortgage Strategy back issues from February 2006:
COMMENT: Future is bright for packaging.
Feb 06, 2006 ... The demise of packagers has been predicted more than once but the sector has fought back and is sending out a message loud and clear that it has a vital role to play in the mortgage market. Packagers have adopted their business models and now offer a wide range of services, ...
HBOS denies sales revamp.
Feb 06, 2006 ... HBOS has denied accusations that it plans to combine the broker sales forces of its five brands. It had been rumoured that the lending giant was planning a mass rationalisation of its sales staff, with business development managers marketing all five mortgage brands to ...
Industry slates HIP plan as disaster waiting to happen.
Feb 06, 2006 ... The mortgage industry has condemned government plans for Home Information Packs, slating them as a disaster waiting to happen. The Council of Mortgage Lenders has expressed serious concerns over whether the packs will be implemented on time, and stresses the risks of making ...
Knight quits PMN as BBB dumps mortgage offering.
Feb 06, 2006 ... Dale Knight has confirmed he is leaving his position as head of mortgages at Berkeley Berry Birch. This follows the decision by the board of its IFA network Berkeley Independent Advisers to ditch its mortgage network offering, the Professional Mortgage Network, until the ...
IN BRIEF: Let's be clear about self-cert.
Feb 06, 2006 ... Defining self-cert has caused the industry some confusion in the past, but Mortgage Strategy has teamed up with some of the top names in the sector to provide you with the answers to all the questions about this sector. Log on to www.mortgagestrat-egy.co.uk and click on the red link at ...
IN BRIEF: AMPD seeks general manager.
Feb 06, 2006 ... The Association of Mortgage Packagers and Distributors is seeking a general manager. Formed in January, AMPD is made up of ...
IN BRIEF: Accord enhances fixed rate criteria.
Feb 06, 2006 ... Accord Mortgages has enhanced its criteria for prime fixed rate mortgages where the rate is fixed for five years or more. All prime borrowers ...
IN BRIEF: FMO unveils overseas service.
Feb 06, 2006 ... First Mortgage Options has launched an overseas property and mortgage service providing access to properties and mortgages throughout Europe, North America, Dubai and the Far East ....
IN BRIEF: 10-Year fix from The Woolwich.
Feb 06, 2006 ... The Woolwich is offering a flexible 10-year fixed rate mortgage at a rate of 4.67%. It gives consumers a range of flexible features including the ability to make overpayments ...
IN BRIEF: Easier access to Assureweb.
Feb 06, 2006 ... Access to Assureweb will be made easier using Unipass digital certificates from Origo.This move will enable users to log on to Assureweb without entering their usernames and passwords. The first time the Unipass certificate is used, it ...
Legislative changes led to more bankruptcies in 2005.
Feb 06, 2006 ... Changes to bankruptcy legislation have encouraged consumers to see bankruptcy as an easy way out, resulting in the highest number of insolvencies last year since the 1990s recession. Figures from the Department of Trade and Industry show nearly 70,000 people became insolvent ...
Most brokers are relaxed about impact of HIPs.
Feb 06, 2006 ... Just 31% of Mortgage Strategy Online readers think Home Information Packs will wreck their businesses. The overwhelming majority are confident that the implementation of HIPs will leave their businesses unscathed. This week Mortgage Strategy ...
EU move stalls FSA reform plan.
Feb 06, 2006 ... The Financial Services Authority has stalled in its campaign to simplify its regime due to the impact of European legislation. The regulator has experienced some backlash over plans to ditch its approved persons regime despite industry calls to make regulations easier to comply ...
Beacon and Halifax give brokers more choice.
Feb 06, 2006 ... Beacon Homeloans and Halifax have both launched fixed products that offer intermediaries the choice of a low fee or a lower rate of interest. Beacon Homeloans' two-year fixed rate product range offers intermediaries the choice of no overhanging early repayment charge or an ...
National Guarantee to restructure its business.
Feb 06, 2006 ... GMAC-RFC subsidiary National Guarantee is to undergo a restructure which could result in the closure of its packaging and underwriting arms. One source tells Mortgage Strategy that as a result of the company's acquisition by GMAC-RFC, the company will be closing some of its ...
Packagers lose out in Pink poll.
Feb 06, 2006 ... Intermediaries are not expecting to make much use of packagers in 2006, research published by Pink Home Loans reveals. The results of Pink's ninth 1000 Index survey show that 75% of intermediaries anticipate they will put less than 25% of their business through packagers this ...
IN BRIEF: Portman to head down M&A trail.
Feb 06, 2006 ... Portman will be pursuing merger and acquisition opportunities in the coming year after reporting an 18% increase in new mortgage lending to #4.3bn. The society's annual report shows a 15% total asset growth to #17.8bn. Residential lending increased by 23% and now, at 76%, represents ...
IN BRIEF: UK and US rates are level.
Feb 06, 2006 ... Halifax says official interest rates in the UK and the US are level for the first time in five years, with both the Bank of England base rate and the Federal Funds ...
MEX plans direct approach.
Feb 06, 2006 ... Mortgage Express aims to broaden its distribution model in the next year with a direct to consumer proposition. Speaking exclusively to Mortgage Strategy Bradford & Bingley's lending director Chris Gillespie, who now heads MEX after managing director Tim Dawson's recent ...
GM car division stalls while mortgage arm roars ahead.
Feb 06, 2006 ... While US auto giant General Motors continues to struggle, its mortgage division ripped the cover off the ball in 2005, posting record earnings. According to financial statements released late last week, GM's mortgage operations earned US$1.4bn in 2005, a 27% increase compared ...
Freehold says UPA may go same way as PMPA.
Feb 06, 2006 ... The newly formed United Packagers Association could go the way of the Professional Mortgage Packagers Alliance, rival association Freehold claims. Last week Mortgage Strategy exclusively revealed that The Mortgage Times Group is setting up and heading the UPA, which will ...
Worry over property sites.
Feb 06, 2006 ... Guidelines issued by the Office of Fair Trading have raised concerns that property websites will need to be classed as estate agencies, meaning extra costs to the seller. The OFT has published guidance on what constitutes estate agency work for the purposes of the Estate ...
Rooftop reaches #1bn completions.
Feb 06, 2006 ... Rooftop Mortgages has hit the #1bn mark with the number of mortgages completed since its launch in 2003. Since the specialist lender made its first advance in October 2003 with only a handful of introducing packagers, it has completed two securitisations and five whole loan ...
Landlords look forward to a good year for B2L.
Feb 06, 2006 ... A survey by Mortgage Express has found that landlords are anticipating a good year for buy-to-let with increased rents and plans to invest into more properties. Some 89% of landlords expect rents to increase or stay the same and 86% want to maintain or expand their property ...
IN BRIEF: Amber relaunch.
Feb 06, 2006 ... Amber Homeloans has relaunched its product range which now offers increased discounts up to 95% LTV and reduced three-year fixed rates up to 90% LTV. Many ranges offer several LTV tiers. Highlights include ...
IN BRIEF: Threesixty unveils conveyancing link.
Feb 06, 2006 ... Threesixty, the fee-based IFA support services provider, has linked up with eConveyancer to allow threesixty's clients to appoint conveyancers on behalf of their clients, assess the costs ...
IN BRIEF: More immigrant tenants expected.
Feb 06, 2006 ... Paragon Mortgages' latest buy-to-let trends survey indicates almost half of landlords expect rental demand from ...
IN BRIEF: Package deal.
Feb 06, 2006 ... Residential 1 and Just Mortgage Packaging have reached a deal that will see the south London-based broker package secured loans and commercial ...
Site causes MPPI confusion.
Feb 06, 2006 ... Scaremongering consumer websites have been accused of putting borrowers at risk by disparaging mortgage payment protection insurance. Consumer finance website The Motley Fool, which promises to "tell people the truth about finance", has come under fire for creating confusion ...
Lloyds TSB denies merger rumours.
Feb 06, 2006 ... Lloyds TSB has declined to comment on rumours that it is in merger talks with Banco Bilbao Vizcaya Argentina of Spain. Lloyds TSB, which owns Cheltenham & Gloucester and Scottish Widows and is the UK's fifth biggest bank, saw its shares rise by 5% last week after the ...
IN BRIEF: SimplyBiz unveils club brand.
Feb 06, 2006 ... Financial services company SimplyBiz has launched its mortgage club facility called SimplyBiz Mortgages. Over the past 18 months, Mortgage Support Direct has ...
IN BRIEF: SMS roadshow dates announced.
Feb 06, 2006 ... Solent Mortgage Services, the national branded mortgage arranger, has released dates for the first of its 2006 mortgage roadshows. The ...
IN BRIEF: HIP service launched.
Feb 06, 2006 ... Easier2move has launched a Home Information Pack service called Easierhips. This independent offering allows companies to provide clients with ...
IN BRIEF: GMAC-RFC raises multiples.
Feb 06, 2006 ... GMAC-RFC has raised the income multiples on its sub-prime range from 3.75 x to 4.25 x. Income multiples are now 4.25 x ...
MS staffers aim to raise money in the long run.
Feb 06, 2006 ... Two members of the Mortgage Strategy team have signed up to run the London Marathon and are looking for sponsorship. Features editor Mira Butterworth and deputy features editor Barney McCarthy are already warming up to take part in the race on April 23 with early ...
Web conveyancing service launched.
Feb 06, 2006 ... A web-based service called Conveyancing Alliance Limited has been launched. Designed by John Philips, operations director at CAL, the system is designed to be fast and easy for brokers to use. CAL says that using its system, the conveyancing process from providing a quote to ...
Estate agent and broker alliance aims for the top.
Feb 06, 2006 ... Jackson-Stops & Staff Private Finance, an alliance between estate agent Jackson-Stops & Staff and mortgage broker Private Finance, will launch on February 7 to provide specialised service and customised products to the upper end of the market. Modelled on the likes of Savills ...
Rent proposal could hit those on benefits.
Feb 06, 2006 ... Controversial plans by the government to introduce a local housing allowance have sparked fears that the move could deter private landlords from renting to those on benefits. As it stands, housing benefits can be paid direct to the landlord through local authorities ...
Council Tax fears hold back FTBs.
Feb 06, 2006 ... Potential first-time buyers are being deterred because of predicted Council Tax hikes. Yorkshire Bank's House Buyers Report reveals 23% of first-time buyers are delaying getting on the property ladder until local councils announce their charges for the year ahead. ...
IN BRIEF: Changes at the top for Egg.
Feb 06, 2006 ... Online bank Egg's chief executive Paul Gratton has stepped down from his post and will leave the bank on February 20 following Egg's delisting from the London Stock Exchange ....
IN BRIEF: Wolton appoints senior surveyors.
Feb 06, 2006 ... Wolton Commercial, a division of Wolton Chartered Surveyors, has made three appointments. Anthony Bellis, Una Heywood ...
IN BRIEF: Building boom.
Feb 06, 2006 ... Home building on previously developed land has hit a record high of 72%. The proportion of new homes built on brownfield sites has rise from 56% in 1997. Meanwhile, the average density of new homes remains at 40 dwellings per hectare, up from 25 in 1997. Yvette Cooper, minister ...
IN BRIEF: FSA in the spotlight.
Feb 06, 2006 ... The Financial Services Practitioner Panel is about to launch the first stage of its 2006 survey of regulated firms to assess the performance of the FSA. The survey is ...
PMS completions hit #30.5bn.
Feb 06, 2006 ... Premier Mortgage Services says the total value of its mortgage completions rose from #26.8bn in 2004 to #30.5bn in 2005. The mortgage club, which successfully integrated with Norwich Union Mortgage Club, increased its applications from #29.5bn in 2004 to #38.5bn in 2005, and ...
Brad Baker starts consultancy firm.
Feb 06, 2006 ... Brad Baker , former director of communications and marketing at the Mortgage Code Compliance Board, has launched a consultancy business. Repucare has been established to provide PR and media communications services to mortgage firms. Baker, managing director of ...
Low affordability could affect house price rises.
Feb 06, 2006 ... A report by Nationwide says that while house prices are likely to continue rising, low affordability will make them unsustainable. The Housing Market Data Response report, produced on behalf of Nationwide by Capital Economics, finds that national average house prices rose 1.4% ...
CHL Sub-Prime in buy-to-let assault.
Feb 06, 2006 ... Capital Home Loans Sub-Prime has launched a range of sub-prime buy-to- let products with the aim of netting a bigger slice of the specialist market. Funded by Mortgages PLC, the rates and criteria are available exclusively from CHL Sub-Prime. CHL Sub-Prime was ...
IN BRIEF: L&E gets new CEO.
Feb 06, 2006 ... London & European Title Insurance has appointed Christopher Taylor as chief executive officer. Taylor joined L&E in 2000 and has helped in ...
IN BRIEF: Search facility.
Feb 06, 2006 ... Propertyfinder.com is to supply Tiscali with a property search capability. Users searching the property channel on www.tiscali.co.uk can view over 270,000 properties for sale or rent, powered by propertyfinder.com. They will ...
IN BRIEF: Thinc Destini appointments.
Feb 06, 2006 ... Thinc Destini has appointed Howard Flight as non-executive director and Nick Kelly as group commercial director. Simon Chamberlain, chief executive of Thinc Destini, ...
VOX POP: How do you guard against identity theft?
Feb 06, 2006 ... Last week, Mortgage Strategy reported on the growing number of identity theft cases involving deceased people's information. With identity theft being the fastest growing crime in Britain the Office of National Statistics is warning that many fraudulent mortgage and loan ...
Determination drives gay success.
Feb 06, 2006 ... determination and drive have made the 'pink pound' strong and are the reasons gay men are paid #10,000 more than straight men, says Quantum Mortgage Brokers. A survey of readers of DIVA and Gay Times has found that the average gay man earns #34,200 a year whereas straight men ...
ANALYSIS: Market Watch.
Feb 06, 2006 ... Swaps continue to edge upward but we have seen one major lender reprice down to win more business and increase its market share. <Pre> * One-year money is up 0.04% at 4.70% * Two-year money is up 0.07% at 4.72% * Three-year money is up 0.07% at 4.73% * Five-year money is up ...
Are deals with low rates and overhangs in keeping with TCF principles?
Feb 06, 2006 ... These deals can be useful for certain clients but the important thing is that customers understand what they are getting into, say our experts Tony Jones is managing director of Pink Home Loans I don't favour short-term fixed rate products with low headline rates ...
ANALYSIS: Foreign rate products can be risky.
Feb 06, 2006 ... The mortgage market has always been one to innovate and fill niche areas. Competition has driven down the price of mortgages and increased the spread of product type. Lenders always strive to find a product to capture the imagination of the public while providing some scope for ...
ANALYSIS: Wait for the auction bubble to burst.
Feb 06, 2006 ... What a fantastic idea Mortgagebundles.com is. Its founders should be congratulated for capturing the mood of the moment - an ebay for mortgages no less. Goodbye to long, boring interviews with advisers and the interminable filling in of forms that nobody reads. So what if the ...
ANALYSIS: Packagers should adapt, not lend.
Feb 06, 2006 ... Packagers are finding their role in the mortgage market coming under pressure. At present, they are involved in a significant proportion of mortgage originations, particularly in the sub-prime sector, but this may change. The arrival of mortgage regulation, together with more ...
ANALYSIS: Tell your clients to remain cautious.
Feb 06, 2006 ... Despite the housing market staging something of a renaissance in recent months, it's still best for your clients to be cautious rather than imagine their property is going to pay off all their debts. While there's more than a glimmer of hope, with mortgage approvals and house ...
ANALYSIS: A qualification doesn't make you competent.
Feb 06, 2006 ... I am always deeply impressed by those willing chaps Walter Avrili and Kevin Duffy, who dash around doing marathons. And well done to the other brave souls who have pledged to compete with them. Having run in half marathons before, I have never thought: "Gosh, I'd just love to carry on ...
ANALYSIS: Find out what gives the FSA sleepless nights.
Feb 06, 2006 ... The Financial Services Authority's Financial Risk Outlook gives a good insight into its regulatory planning, so what is in store for 2006? The risks to macroeconomic stability and growth are considered by the regulator to be "more weighted to the downside" this year. ...
ANALYSIS: Displace brokers? Oh no you won't.
Feb 06, 2006 ... With the pantomime season still in full flow I reckon the recent launch of website mortgagebundles.com had a touch of the theatrical about it, not least due to its declared intent to 'drive the middlemen out of the market'. You can almost visualise the tweaking of the waxed moustache ...
ANALYSIS: Consider all the options when buying premises.
Feb 06, 2006 ... When a business is buying new premises it is faced with a number of decisions regarding who should actually own the property. There are no right or wrong answers but it is worth briefly considering the merits of some of the options. If the client is trading through a limited ...
ANALYSIS: Product design must avoid payment shock.
Feb 06, 2006 ... Some things never change. Those at the sharp end of the market have to compete and often that competition is intense. That has always been the case in the mortgage industry and there are clear signs of competition intensifying. Competitive forces are causing many lenders to ...
ANALYSIS: How HIPs could restrict clients' choice.
Feb 06, 2006 ... In last week's Mortgage Strategy I outlined some of the concerns the Association of Mortgage Intermediaries has raised about Home Information Packs. High among these is that some organisations may inappropriately use HIPs to entice consumers into deals that are not in their ...
ANALYSIS: When clients want their money fast.
Feb 06, 2006 ... Having reviewed the equity release market for 2005 and looked ahead to 2006, now is a good time to look at which providers are impressing our clients most. Service standards never fall far from the top spot in the list of consumer gripes with equity release. A client ...