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Mortgage Strategy - News
http://www.mortgagestrategy.co.uk
Summary1 - PPI redress hit £1.9bn in 2011
2 - Two MPC members voted for £75bn QE in February
3 - Aldermore makes two sales appointments
4 - FTB sales at eight-month high, says NAEA
5 - Kent Reliance launches 80% LTV buy-to-let deals
6 - ASA bans ad from property website
7 - BM Solutions cuts rates again
8 - PruProtect added to First Complete's protection panel
9 - United Trust Bank expands bridging sales team
10 - Leeds BS reports 25% lending increase in 2011
11 - Man jailed for seven years over £8m mortgage fraud
12 - Accord expands BDM team
13 - Twitter is no place for brokerages to promote products
14 - Leeds makes interest-only changes
15 - FSA fines Santander £1.5m over structured products
16 - Abbey ditches proc fees for interest-only ports
17 - Yorkshire BS to open 12 new branches
18 - Lloyds to clawback senior exec bonuses over PPI mis-selling
19 - CML lowers estimates of business by brokers
20 - Gross mortgage lending up 10% year-on-year in January
21 - Fear of being sued makes lenders toughen criteria
22 - More large loan borrowers choosing fixed rates
23 - Housing completions up 6% in 2011
24 - Ex-Aldermore chief Snowdon sets up higher-LTV venture
25 - Government to regulate bailiffs
26 - ifs launches entry-level financial advice qualification
27 - Shawbrook completes £1.8m loan with Brightstar
28 - Rents rise in January for first time
29 - Spicerhaart subsidiary goes into liquidation
30 - TrigoldCrystal launches latest version of Prospector
31 - Accord delays relaunch of 75% and 85% LTV range
32 - Platform reduces B2L rates
33 - Skipton cuts B2L rates by up to 0.20%
34 - Move With Us appoints two directors
35 - Consumer confidence hits five-month high in January
36 - Margaret Cole to leave the FSA
37 - Lloyds makes further interest-only changes
38 - Brilliant Solutions adds MBS Lending to panel
39 - ASA upholds complaint over misleading mortgage broker ad
40 - Unemployment rises to 2.67m
41 - ASA bans NatWest and RBS ads
42 - Sourcing system for bridging loans launched
43 - Barclays appoints MD of retail lending
44 - Precise offers brokers Olympic tickets incentive
45 - Moody’s downgrades Money Partners non-conforming RMBS deals
46 - Virgin Money hires former HML chief
47 - Saffron BS sells IFA business to Towergate
48 - B2L makes up over 23% of brokers' business
49 - AToM launches bridging referral service
50 - Stonebridge adds L&G to limited life and protection panel
51 - UK credit rating put on negative watch
52 - Stamp Duty holiday pushing up sales, says RICS
53 - UK inflation falls to 3.6%
54 - Masthaven to enter secured loans market
55 - Nationwide launches ISA account for FTBs
56 - Accord withdrawing all 75% and 85% LTV products
57 - Barclays launches Future Fix mortgage
58 - Post Office offers 75% LTV five-year fix at 3.38%
59 - Promise adds Dragonfly to its sourcing portal
60 - Partnership raises LTVs for lifetime mortgages
61 - PTFS chief exec Doug Crawford to join conveyancer
62 - Number of 95% LTV deals at a four-year high
63 - First-time buyer mortgages up 7% in December
64 - Be vigilant against rogue introducers, brokers told
65 - European mortgage directive delayed again
66 - Paymentcare offers enhanced commission for transferred policies
67 - Manor Mortgages adds Precise Mortgages to panel
68 - FSA indefinitely delays individual registration for mortgage brokers
69 - HML appoints permanent CEO
70 - AMI separates from AIFA
71 - Barclays boosts mortgage lending in 2011
72 - Abbey increases rates and slashes maximum loan for offset
73 - MPC votes for more QE
74 - Stamp Duty rush boosts January valuations
75 - Hinckley & Rugby doubles mortgage lending in 2011
76 - Tiuta extends large loan funding line
77 - Number of B2L properties increased by 84,000 in 2011
78 - Repossessions up 5% year-on-year in Q4 2011
79 - Doug Crawford steps down as CEO of Personal Touch
80 - L&G offers range of 5-year fixes from Cambridge BS
81 - New insolvency law in Ireland will increase mortgage defaults, says Moody’s
82 - Google axes UK mortgage plans
83 - Abbey cuts max number of applicants from four to two
84 - Active Lending Solutions given access to Stonebridge protection panel
85 - Montello expands funding and completes first medium-term loan
86 - Santander reduces interest-only LTV to 50%
87 - Government must identify funding gap in social care, says SHIP
88 - BM Solutions cuts rates by up to 0.30%
89 - Lloyds announces nearly 1,000 job cuts
90 - Lenders may be forced to cap LTVs, says Osborne
91 - NAB to carry out strategic review of Clydesdale and Yorkshire
92 - Government ignores TSC warnings over BoE governance
93 - Just Retirement sales up 30% year-on-year in Q4
94 - N&P withdraws 10-year fix
95 - New directory launches for online advice sources
96 - Tesco to launch into mortgages in the next few months
97 - TBMC offers 3.25% two-year discounted B2L deal
98 - Dragonfly adds new calculators to website
99 - Sants warns of 'tick box regulation' from Europe
100 - Precise Mortgages launches second charge bridging loans
Items
Firms paid out £1.9bn in payment protection insurance redress last year, the latest figures from the Financial Services Authority show.
Date: Wed, 22 Feb 2012 11:38 GMT
The Monetary Policy Committee was not unanimous in its decision to increase the size of the asset purchase programme by £50bn at its February meeting, minutes of the meeting reveal.
Date: Wed, 22 Feb 2012 09:56 GMT
Aldermore has made two sales appointments in its residential mortgages division.
Date: Wed, 22 Feb 2012 11:41 GMT
First-time buyers accounted for the highest proportion of property sales in eight months in January, according to data from the National Association of Estate Agents.
Date: Wed, 22 Feb 2012 10:31 GMT
Kent Reliance has launched a range of 80% LTV buy-to-let products through Complete FS.
Date: Wed, 22 Feb 2012 10:14 GMT
The Advertising Standards has banned an advert from property website PropertyWikia, which offered to pay affiliates £100 for every week that the site did not sell a property.
Date: Wed, 22 Feb 2012 10:08 GMT
BM Solutions is cutting rates on its buy-to-let products for the second time this month.
Date: Tue, 21 Feb 2012 16:34 GMT
First Complete has today added PruProtect to its protection panel, bringing the total number of life companies on the panel to six.
Date: Tue, 21 Feb 2012 12:23 GMT
United Trust Bank has boosted its bridging sales team with the appointment of Gerard Morgan Jackson.
Date: Tue, 21 Feb 2012 11:09 GMT
Society lends £1.2bn in 2011, up 25% on £984m advanced in 2010.
Date: Tue, 21 Feb 2012 10:04 GMT
A fraudster at the helm of a criminal gang that defrauded high street banks out of almost £8m by taking out mortgages on properties they didn’t own has been jailed.
Date: Tue, 21 Feb 2012 09:48 GMT
Accord Mortgages has expanded its sales team by recruiting four new business development managers and four business development advisers.
Date: Mon, 20 Feb 2012 13:34 GMT
Mortgage brokers should not use Twitter to promote mortage products, a regulatory expert says.
Date: Mon, 20 Feb 2012 12:36 GMT
Leeds Building Society has cut its maximum LTV from 70% to 50%, for interest-only loans where the repayment strategy is the sale of property.
Date: Mon, 20 Feb 2012 11:27 GMT
The Financial Services Authority has fined Santander £1.5m for failing to confirm under which circumstances its structured products would be covered by the Financial Services Compensation Scheme.
Date: Mon, 20 Feb 2012 11:08 GMT
Abbey for Intermediaries will no longer pay a proc fee to brokers for borrowers who port their interest-only mortgage over 50% LTV.
Date: Mon, 20 Feb 2012 10:59 GMT
Yorkshire Building Society is planning to open 12 new high street branches over the next two years.
Date: Mon, 20 Feb 2012 10:21 GMT
Former Lloyds chief executive Eric Daniels will lose at least £360,000 of his 2010 bonus, while four other directors are each set to lose £250,000.
Date: Mon, 20 Feb 2012 10:20 GMT
The Council of Mortgage Lenders has reduced all its past intermediary lending estimates after changing the way in which it calculates intermediated sales.
Date: Mon, 20 Feb 2012 09:50 GMT
Gross mortgage lending totalled £10.5bn in January, 10% higher than the £9.5bn lent in January 2011, according to the Council of Mortgage Lenders.
Date: Mon, 20 Feb 2012 09:37 GMT
Fears that they could be sued if a borrower’s repayment vehicle fails to pay off their interest-only mortgage are behind lenders’ recent criteria changes, trade bodies have claimed.
Date: Mon, 20 Feb 2012 08:30 GMT
A quarter of large loan borrowers chose a fixed rate mortgage in the final quarter of 2011, up from a fifth at the start of the year, according to Knight Frank Finance’s latest Large Loan Index.
Date: Fri, 17 Feb 2012 16:22 GMT
The number of housing completions in England rose by 6% between 2011 and 2010, according to data published by the Department for Communities and Local Government.
Date: Fri, 17 Feb 2012 14:39 GMT
Former Aldermore chief executive of residential mortgages Colin Snowdon has started work on a new project specialising in bringing higher loan-to-value mortgages into the market.
Date: Fri, 17 Feb 2012 14:22 GMT
The bailiff industry is to be legally regulated, the government has announced.
Date: Fri, 17 Feb 2012 11:43 GMT
The Institute of Financial Services has launched a Level 3 financial advice qualification for new entrants to the sector.
Date: Fri, 17 Feb 2012 10:45 GMT
Shawbrook has completed its largest ever deal, a £1.8m loan packaged by Brightstar Financial.
Date: Fri, 17 Feb 2012 10:20 GMT
Average rents rose in January for the first time on record, according to the latest buy-to-let index from LSL Property Services.
Date: Fri, 17 Feb 2012 09:42 GMT
Spicerhaart has put one of its subsidiary firms, a surveyor and valuation provider, into liquidation.
Date: Thu, 16 Feb 2012 14:28 GMT
TrigoldCrystal has today launched the latest upgrade to its sourcing system Prospector.
Date: Thu, 16 Feb 2012 13:59 GMT
Accord Mortgages has delayed the relaunch of its 75% and 85% LTV product range until Monday.
Date: Thu, 16 Feb 2012 11:40 GMT
Platform has reduced the rates on its entire range of two-year fixed rate buy-to-let products by 0.20%.
Date: Thu, 16 Feb 2012 11:09 GMT
Skipton Building Society has launched a refreshed buy-to-let mortgage range, with rates reduced by up to 0.20%.
Date: Thu, 16 Feb 2012 10:41 GMT
Move With Us has announced the appointment of two new directors.
Date: Thu, 16 Feb 2012 10:19 GMT
Consumer confidence rose to its highest level for five months in January, research from Nationwide shows.
Date: Thu, 16 Feb 2012 09:48 GMT
Margaret Cole, managing director and board member of the Financial Services Authority, is to leave the organisation later this year, after nearly seven years at the UK regulator.
Date: Wed, 15 Feb 2012 16:43 GMT
Lloyds Banking Group is making a number of restrictions to its interest-only offering from tomorrow.
Date: Wed, 15 Feb 2012 13:11 GMT
Brilliant Solutions has added Melton Mowbray Building Society to its lending panel.
Date: Wed, 15 Feb 2012 12:52 GMT
The Advertising Standards Authority has upheld a complaint against recruitment website Baker Coop over one of its ads for a trainee mortgage broker.
Date: Wed, 15 Feb 2012 10:19 GMT
Unemployment is up 48,000 to 2.67 million in the final quarter of 2011, Office for National Statistics data shows.
Date: Wed, 15 Feb 2012 10:04 GMT
The Advertising Standards Authority has upheld a complaint against two television ads for NatWest and The Royal Bank of Scotland, which claim to provide banking services wherever they are the “last bank in town”.
Date: Wed, 15 Feb 2012 10:00 GMT
A bridging sourcing system to help brokers directly place cases with lenders has been launched today by Ed Payne, the former commercial manager at Moneyfacts.
Date: Wed, 15 Feb 2012 00:01 GMT
Barclays has appointed Steve Weston to the newly created role of managing director of retail lending in its UK retail and business banking division.
Date: Tue, 14 Feb 2012 14:39 GMT
Precise Mortgages is offering brokers the chance to win tickets to the 2012 Olympics.
Date: Tue, 14 Feb 2012 13:59 GMT
Moody’s has downgraded the ratings on notes in three Money Partners non-conforming residential mortgage-backed securitisations.
Date: Tue, 14 Feb 2012 12:44 GMT
Brian Brodie has joined Virgin as its new operations director.
Date: Tue, 14 Feb 2012 11:05 GMT
Deal sees firm, under Towergate’s stewardship, providing advice to Saffron customers.
Date: Tue, 14 Feb 2012 10:27 GMT
Some 23.3% of intermediaries’ business is now buy-to-let, compared to 19.3% a year ago, shows the latest research from Paragon Mortgages.
Date: Tue, 14 Feb 2012 10:25 GMT
All Types of Mortgages is launching a referral service for intermediaries who require assistance with bridging or short-term loans.
Date: Tue, 14 Feb 2012 10:15 GMT
Stonebridge Group has added Legal & General to its limited life and protection panel.
Date: Tue, 14 Feb 2012 10:09 GMT
Moody’s has put the UK’s AAA credit rating on negative watch because of economic uncertainty.
Date: Tue, 14 Feb 2012 10:08 GMT
House sales edged up in January as an increasing number of first-time buyers look to beat the end of the Stamp Duty holiday in March, according to the latest UK housing market survey from the Royal Institution of Chartered Surveyors.
Date: Tue, 14 Feb 2012 09:55 GMT
The UK consumer prices index has fallen to 3.6% per cent in January, according to the Office for National Statistics.
Date: Tue, 14 Feb 2012 09:47 GMT
Masthaven is set to launch a secured loans arm in the coming months.
Date: Tue, 14 Feb 2012 09:32 GMT
Nationwide is launching a tax-free savings account aimed at first-time buyers saving for a deposit.
Date: Mon, 13 Feb 2012 16:31 GMT
Accord Mortgages is withdrawing all of its 75% and 85% LTV mortgages until Thursday.
Date: Mon, 13 Feb 2012 15:44 GMT
Barclays is launching a new mortgage tomorrow that allows borrowers to have a tracker rate for the first two years and then switch to a fixed rate for the remaining three years of the deal.
Date: Mon, 13 Feb 2012 14:27 GMT
The Post Office has cut its mortgage rates by up to 1.01% on a range of its fixed rate and tracker mortgages - the largest cut is to its five-year fixed rate deal at 75% LTV - a reduction of 1.01% from 4.39% to 3.38%
Date: Mon, 13 Feb 2012 12:23 GMT
Promise Solutions has added Dragonfly to its sourcing portal for seocnd charge loans, taking the number of lenders on its system to 14.
Date: Mon, 13 Feb 2012 11:21 GMT
Partnership is increasing its LTV rates for its enhanced lifetime mortgage.
Date: Mon, 13 Feb 2012 10:52 GMT
Crawford will join the firm in April as its new chief executive.
Date: Mon, 13 Feb 2012 10:32 GMT
The number of 95% LTV mortgage deals available to first-time buyers is at the highest level since before the financial crisis, according to the Mortgage Advice Bureau.
Date: Mon, 13 Feb 2012 10:29 GMT
The number of first-time buyers increased by 7% in December 2011, compared with the previous month, according to the Council of Mortgage Lenders.
Date: Mon, 13 Feb 2012 10:20 GMT
Brokers who accept business from introducers may be exposing themselves to the risk of fraud, experts warn.
Date: Mon, 13 Feb 2012 08:30 GMT
A key stage in voting through the European mortgage directive has been delayed for the second time.
Date: Fri, 10 Feb 2012 12:57 GMT
Paymentcare Limited is offering enhanced commission rates on all policies which are transferred from other providers.
Date: Fri, 10 Feb 2012 11:23 GMT
Precise Mortgages has joined Manor Mortgages’ lender panel.
Date: Fri, 10 Feb 2012 10:43 GMT
The Financial Services Authority has indefinitely delayed its plans to introduce individual registration for mortgage brokers.
Date: Fri, 10 Feb 2012 10:12 GMT
HML has appointed Andrew Jones as its permanent chief executive officer after doing the job on an interim basis for three months.
Date: Fri, 10 Feb 2012 09:45 GMT
The Association of Mortgage Intermediaries has split from its parent, the Association of Independent Financial Advisers.
Date: Fri, 10 Feb 2012 09:30 GMT
Barclays has reported new gross mortgage lending of £17.2bn in 2011, up from £16.9bn in 2010.
Date: Fri, 10 Feb 2012 08:26 GMT
Abbey for Intermediaries is increasing rates on a number of its fixed and tracker mortgage products from tomorrow by between 0.10% and 0.50%.
Date: Thu, 9 Feb 2012 14:43 GMT
The Bank of England’s Monetary Policy Committee has voted for more quantitative easing at its February meeting.
Date: Thu, 9 Feb 2012 12:04 GMT
Demand from first-time buyers looking to beat the end of the Stamp Duty holiday boosted residential valuations in January, according to Connells Survey and Valuation’s latest housing market activity report.
Date: Thu, 9 Feb 2012 11:18 GMT
Hinckley & Rugby Building Society more than doubled its gross mortgage lending in 2011 compared to the previous year, its annual results reveal.
Date: Thu, 9 Feb 2012 10:50 GMT
Tiuta has extended and doubled its large loan funding line to £60m, for use over the next few months.
Date: Thu, 9 Feb 2012 10:47 GMT
The number of properties being bought with buy-to-let mortgages increased by around 84,000 in 2011, according to latest data from the Council of Mortgage Lenders.
Date: Thu, 9 Feb 2012 10:09 GMT
The number of properties taken into possession in Q4 2011 totalled 8,500, 5% higher than the 8,100 homes repossessed in the same period in 2010, according to data from the Council of Mortgage Lenders.
Date: Thu, 9 Feb 2012 10:05 GMT
Doug Crawford has resigned as chief executive officer of Personal Touch after almost two years at the firm.
Date: Wed, 8 Feb 2012 15:55 GMT
Legal & General Network is offering an exclusive range of five-year fixed rate mortgages from Cambridge Building Society.
Date: Wed, 8 Feb 2012 14:59 GMT
New Irish personal insolvency legislation proposed in January will discourage borrowers from keeping up with their mortgage payments and make a quarter of Irish mortgage debt susceptible to write-down, according to Moody’s.
Date: Wed, 8 Feb 2012 14:33 GMT
Google has scrapped plans for a UK mortgage comparison service after closing its US version.
Date: Wed, 8 Feb 2012 12:59 GMT
Abbey for Intermediaries has reduced the maximum number of applicants it will accept on a mortgage from four to two.
Date: Wed, 8 Feb 2012 11:52 GMT
Members of Active Lending Solutions will be given access to a protection panel from Stonebridge Group from today as part of a new strategic partnership between the two firms.
Date: Wed, 8 Feb 2012 10:43 GMT
Montello Bridging Finance has expanded its funding lines, enabling it to enter the medium-term loan market.
Date: Wed, 8 Feb 2012 10:25 GMT
Santander is reducing its maximum LTV for interest-only mortgages from 75% to 50%.
Date: Wed, 8 Feb 2012 10:08 GMT
It is crucial that the government identifies the scale of the funding gap in social care in order for the financial services industry to develop solutions, according to Safe Home Income Plans.
Date: Wed, 8 Feb 2012 10:01 GMT
BM Solutions is reducing rates across its buy-to-let range from tomorrow.
Date: Tue, 7 Feb 2012 15:49 GMT
Bank is closing its Romford, Newcastle and Scunthorpe site, with its Leeds site also impacted.
Date: Tue, 7 Feb 2012 14:05 GMT
Chancellor George Osborne says the Bank of England’s Financial Policy Committee will have the power to curb high LTVs in order to prevent an unsustainable rise in house prices.
Date: Tue, 7 Feb 2012 12:08 GMT
National Australia Bank, the parent company of Clydesdale and Yorkshire Bank is to carry out a review of its UK businesses, as conditions continue to deteriorate in the UK.
Date: Tue, 7 Feb 2012 10:22 GMT
TSC not given veto over future Bank governor appointments.
Date: Tue, 7 Feb 2012 09:50 GMT
Just Retirement Limited saw a 29.7% year-on-year increase in sales in Q4 2011, the firm has reported.
Date: Tue, 7 Feb 2012 09:40 GMT
Norwich & Peterborough Building Society has withdrawn its 10-year fixed rate mortgage less than two weeks after launching it due to exceptionally high demand.
Date: Mon, 6 Feb 2012 16:35 GMT
Guide to Advice will feature independent, restricted and simplified advice firms, plus money coaching and execution-only services.
Date: Mon, 6 Feb 2012 14:29 GMT
Tesco Bank says it is on track to launch into the mortgage market in the next couple of months.
Date: Mon, 6 Feb 2012 12:56 GMT
TBMC has launched a 3.25% two-year discounted buy-to-let deal up to 60% LTV, with Hinckley & Rugby Building Society
Date: Mon, 6 Feb 2012 12:02 GMT
In an effort to help brokers crunch the numbers when working through deals with their clients, short and medium-term lender, Dragonfly Property Finance has added three calculators to its website.
Date: Mon, 6 Feb 2012 11:13 GMT
FSA chief executive believes European approach to regulation creates a ’bias to data’ which goes against individual risk assessment of firms.
Date: Mon, 6 Feb 2012 10:55 GMT
Precise Mortgages has launched a range of second charge bridging products.
Date: Mon, 6 Feb 2012 10:36 GMT
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