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CML urges government for UK housing commitment

Thu, 11 Mar 2010 10:11:14 GMT

With the date of the Budget now confirmed as 24 March, the Council of Mortgage Lenders (CML) is urging the government to right a range of housing measures to commit including helping those struggling with mortgage repayments. In a report submitted to the government, the CML asked for a clear explanation...

UK remortgage market returns

Thu, 11 Mar 2010 10:11:14 GMT

Property purchases took just over 47 per cent of mortgages sold by John Charcol in February, down from a peak of 58.5 per cent in November. The February figure is the lowest market share taken by purchases since April of last year and provides evidence that activity in the remortgage...

HSBC launches 1.99% discount

Thu, 11 Mar 2010 10:11:14 GMT

HSBC is set to launch a two-year discounted mortgage at 1.99 per cent offered at up to 60 per cent LTV. From 15 March, the loan will be offered with a GBP 999 booking fee and a maximum loan size of GBP 250,000. HSBC’s current range includes another two-year discount at 2.94...

Bibby offers GBP 5K cash draw

Thu, 11 Mar 2010 09:55:28 GMT

Bibby Financial Services, the specialist invoice discounting and factoring provider, is offering a GBP 5,000 cash prize to complete a survey. The prize draw, into which any UK small and medium sized business can enter, is part of an ongoing campaign to better understand the needs of businesses. Entrants need to...

Industry reports rising critical illness pay outs

Thu, 11 Mar 2010 09:55:28 GMT

Legal & General and Scottish Provident both report paying out increasing amounts of critical illness insurance in 2009. Legal & General paid 93.6 per cent of critical illness claims last year it said, a figure that has increased every year since 2005, when it was 79 per cent. Of the policies declined,...

The 60 second interview: Michael Coogan, CML

Wed, 10 Mar 2010 10:40:01 GMT

What does it say on your business card? Michael Coogan, director general, Council of Mortgage Lenders Where is your business/organisation based? Bush House, Aldwych, London What does your business/organisation do? Independent trade body for the whole residential mortgage lending industry How many people do you employ? 29 including part timers What opportunities has the recession...

Abbey For Intermediaries cuts rates again

Wed, 10 Mar 2010 10:08:25 GMT

Abbey for Intermediaries (AFI) will reduce rates by up to 0.40 per cent across its four-year fixed rate mortgages, further enhancing its market leading offering for borrowers looking for a longer term fix. The new rates include a four-year fix at 4.49 per cent with a GBP 995 fee, available...

Stonehaven suspends equity release lending

Wed, 10 Mar 2010 10:08:25 GMT

Stonehaven has become the latest provider to temporarily halt lending in the equity release market. The lender said all new lending was “suspended temporarily” but it would continue to honour applications received until April 7. Existing customers are not affected by the decision. The move by Stonehaven follows similar moves from a...

FSA update on PPI reforms

Wed, 10 Mar 2010 10:08:25 GMT

The Financial Services Authority (FSA) has announced it needs another six weeks before it can report on its intended package of Payment Protection Insurance (PPI) reforms. The watchdog said responses to its consultation proposals were divided with consumer groups extremely supportive but providers and industry still extremely critical. As a result...

Northern Rock reports losses of GBP 257m

Wed, 10 Mar 2010 10:08:25 GMT

Majority state-owned bank Northern Rock reported losses of GBP 257 million in 2009, down from GBP1.4 billion in 2008. The bank did produce profit before tax of GBP 467 million in the second half of 2009 however compared with losses of GBP 724 million the previous year. The bank also achieved...

UK home affordability at 7-year high

Wed, 10 Mar 2010 10:08:25 GMT

The average price of a UK property is within reach of more buyers since 2003, following the substantial price falls in the last two years, according to a survey. The average UK income earner can now afford to buy 58 per cent of all homes, up significantly in comparison to the...

Blog: The Information Highway

Tue, 09 Mar 2010 10:58:19 GMT

By Mark Lofthouse, chief executive officer, Mortgage Brain All right, stats fans, here are some recent research results from user experience company Foolproof. · The number of people who said they had applied for their current mortgage online has doubled in the last two years to almost 20% · 84% of those looking for...

Perspective launches commercial pension division

Tue, 09 Mar 2010 10:41:55 GMT

Perspective Financial Group, the consolidation vehicle for IFA firms, has launched PFG Corporate Solutions – a specialist division providing advice to companies on corporate pension provision and employee benefits, including healthcare and risk management. PFG Corporate Solutions aims to offer a one-stop solution to firms who require specialist areas of advice...

The Charlbury Group begins recruitment drive

Tue, 09 Mar 2010 10:41:55 GMT

Technology and arrears management expert The Charlbury Group is beginning a recruitment drive to boost its technology development team. Their flagship AMS system now offers integration between lenders, LPA receivers, intermediaries, legal firms, asset managers and estate agents ensuring that firms are able to seamlessly communicate and demonstrate best practice throughout...

Equity release needs government support, finds committee

Tue, 09 Mar 2010 10:41:55 GMT

A prominent All Party Parliamentary Group met last week to discuss equity release and agreed it had a key role to play in retirement for the UK’s ageing population if public trust in the product increased. The All Party Parliamentary Group, focusing on insurance and financial services and led by Baroness...

60% of landlords favour BTL regulation

Tue, 09 Mar 2010 10:41:54 GMT

Nearly 60 per cent of landlords favour proposals to regulate buy-to-let mortgage lending, believing it will provide additional protection for landlords looking for investment finance. Landlords are also in favour of regulating advice provided by intermediaries and introducers on buy-to-let loans, with 59 per cent saying it will help root...

Kensington enhances mortgage range

Tue, 09 Mar 2010 10:41:54 GMT

Kensington has enhanced its product range with lower rates, higher LTVs and a reduced completion fee. The new products are available to appointed representatives of Legal and General, Openwork and Pink Home Loans, as well as Personal Touch Financial Services, which has just launched onto Kensington’s exclusive distribution list. The new prime...

Metro Bank gets banking licence

Mon, 08 Mar 2010 10:06:56 GMT

Metro Bank, the Greater-London based bank has become the first new full service high street bank to gain an FSA banking licence since the 19th century. It plans to launch within the next three months with two flagship branches, one in Holborn on Southampton Row and the other the other in...

Coventry and Stroud & Swindon in merger talks

Mon, 08 Mar 2010 10:06:56 GMT

Coventry Building Society and Stroud & Swindon are in discussions over plans to join forced in the latest of a string of mergers in the mutual sector. The two mutuals confirmed to the Financial Times over the weekend that discussions were taking place on a possible merger, though a deal has...

Broker lender Aldermore promises Q2 launch

Mon, 08 Mar 2010 10:06:56 GMT

Aldermore, the new name in British banking, has confirmed that it plans to launch a range of mortgage products exclusively via intermediaries and offer brokers a “reliable and straightforward service.” The specialist broker lender promises a fresh perspective on a market which it says has been poorly served by traditional lenders...

Friends Provident launches business protection seminars

Mon, 08 Mar 2010 09:50:54 GMT

Friends Provident is launching three new business protection seminars, set to be be available to advisers online from 22 March. The three seminars are aimed at advisers who have different levels of business protection knowledge. The first seminar, 'Getting Started' will help advisers who are new to the market, the...

Leadbay launches professional customer leads

Mon, 08 Mar 2010 09:50:54 GMT

Leadbay has launched a professional lead category for mortgage and life leads, focusing on the individual customer instead of the kind of product under discussion. Leadbay said it expected demand for this type of lead to grow after the implementation of the Retail Distribution Review because advisers will be trying to...

Blog: AI - Artificial Insurance anyone?

Fri, 05 Mar 2010 10:53:58 GMT

By Steve Devine, business development manager at IGI insurance Company I was lucky enough to go to the Carling Cup on Sunday and it proved to be a decent game and in a pleasant way a bit unsettling. Let me explain. First of all it was the colours. What a treat...

London house price growth kills off FTB affordability

Fri, 05 Mar 2010 10:18:20 GMT

The number of first time buyers actively looking to purchase a property in London has dropped off significantly in 2010, as a lack of affordability has hit demand, according to estate agent Marsh & Parsons. In January 2009, first time buyers comprised 17 per cent of new buyer registrations at...

No interest rates rises predicted until Q4 at earliest

Fri, 05 Mar 2010 10:18:20 GMT

Even the most optimistic of forecasters do not see an increase in UK rates until the final quarter of this year, said Caxton FX. The Bank kept its quantitative easing programme on hold, leaving the budget at GBP 200 billion. The Monetary Policy Committee revealed recently that it "stands ready" to...