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Industry News

AMI: FCA fee hikes a ‘travesty’

The Financial Conduct Authority’s decision to increase broker fees is a ‘travesty’ according to Association of Mortgage Intermediaries chief executive Robert Sinclair.

Loan.co.uk set for rapid expansion

Loan.co.uk wants to aggressively increase its workforce by hiring 15-20 members of staff in the next six months.

SPECIAL FEATURE: The impact of the general election

Russell Quirk, founder and chief executive of eMoov.co.uk, looks at how homeowners could be affected by every possible outcome of the UK general election in May.

Teachers launches ‘Back on Track’ mortgage

Teachers Building Society has launched a mortgage called ‘Back on Track’ for people who have suffered what it termed a ‘financial glitch’ in their credit history.

Mortgage Advice Bureau makes £6.88m

The Mortgage Advice Bureau made pre-tax profits of £6.88m in 2014 – 31% higher than the year before.

Pensioner wealth rises by £33m

Pensioner property wealth has grown by £7,100 per person in the last six months – accounting to more than £33bn collectively – research from Key Retirement has revealed.

Castle Trust joins TFC Homeloans panel

Castle Trust has been appointed to TFC Homeloans’ lender panel.

Market optimism returns

Optimism in the housing market is rising – as more than a third (36%) see now as a good time to buy, the Building Societies Association has revealed.

Ed Miliband’s home qualifies for mansion tax

Labour leader Ed Miliband is the only main political leader whose home qualifies for the proposed mansion tax, according to Zoopla.

Over-55s suffer financial hardship

Homeowners over the age of 55 are frequently skipping meals and leaving bills unpaid despite having typically £241,000 worth of housing wealth to draw on.

iPipeline unveils Solution Builder to market

iPipeline’s quote tool Solution Builder – which lets customers compare protection products on the same screen – is being unveiled on the open market.

NACFB Expo stands sell out

All the exhibitor stands at the NACFB Commercial Finance Expo in June have sold out.

MAS unveils money management hub

Money Advice Service has launched an ‘evidence hub’ to help organisations support consumers with money advice.

SPECIAL FEATURE: Investors can claim thousands

Andrew Stanley, managing director of MDR Claims, explains how and why property investors with large portfolios can claim compensation for negligent legal advice.

FCA ban to drive up GI cost

The cost of general insurance premiums will rise when the Financial Conduct Authority bans opt-out insurance sales, Berkeley Alexander managing director Geoff Hall has predicted.

Half of conveyancers register with Veyo

Half of conveyancing firms in England and Wales have registered with Veyo – the conveyancing portal from the The Law Society and Mestek which launches in spring.

Metro extends Equifax partnership

Metro Bank has opted for Equifax to assess its consumer credit applications and complete creditworthiness and affordability checks.

Brokers turn non-vanilla clients away

One in 10 brokers walk away from cases which do not fit standard high street lending criteria, research from Kensington has revealed.

House price optimism bounces back

House price optimism rebounded in February as inflation continued to fall and the expectation of an interest rate rise receded further according to the Halifax Housing Market Confidence Tracker.

BBA: Approvals still down 20pc

February housing approvals were 20% lower than the same month last year despite picking up from January, figures from The BBA have revealed.

FCA to ban automatic insurance sales

The Financial Conduct Authority plans to ban opt-out insurance sales – where consumers are defaulted into buying a product with pre-ticked boxes.

Remo lending drops 16pc

The value of remortgage loans fell by 16% in February while volumes dropped by 10%, figures from the LMS have revealed.

Government must promote good business

The next Government must promote businesses that act in the interests of ordinary voters and political parties should bring forward plans for a greater role for mutual business in key areas of the economy.

Nationwide reduces tracker rates

Nationwide is reducing selected 2-year tracker rates by up to 0.25% for existing Nationwide mortgage customers looking for a new deal.

NACFB Gatwick workshop April 22

NACFB second NACFB workshop takes place in Gatwick next month on April 22 and comes on the back of a successful event in Edinburgh with Bank of Scotland, Archover, Just Cashflow and Ortus all taking part.

SPECIAL FEATURE: Spreading the broker message

Lucy Hodge, managing director of Vantage Finance, says it’s now more important than ever that the vital role of our industry is recognised by clients.

Broker Conveyancing adds Davisons to panel

Broker Conveyancing has today added Davisons Solicitors to its conveyancing firm panel.

ARLA agents slam Labour rent plans

ARLA letting agents are strongly against Labour’s proposal to curb rent increases with 3-year tenancy agreements.

ARLA agents see February rent hikes

A third (31%) of ARLA agents saw rents increase in February, the Association of Residential Letting Agents’ Private Rented Sector Report has revealed.

Strawberry Star lets consumers decide commissions

Lettings agent Strawberry Star has launched to the global market with the promise that its consumers will choose what commissions they pay.

Defaqto launches post-Budget guide

Defaqto has unveiled a post-Budget financial adviser guide for those preparing for retirement.

Tony Ward joins Clayton Euro Risk

Tony Ward has been appointed president and chief executive of underwriting and due diligence firm Clayton Euro Risk while the departure of its co-chief executive Michael Bolton has been confirmed.

Crystal enters secured loan market

Crystal Mortgages is entering the secured loan market to meet growing demand from its introducers.

The Melton makes £1.11m

The Melton Building Society made pre-tax profits of £1.11m in 2014, up from £1.01m in 2013.

Dragonfly hires internal BDM

Dragonfly Property Finance has hired Daniel Murray as an internal business development manager to develop the company’s relationships with introducers.

London rents flatten out

London rental growth has flattened out – reversing the general UK trend for steady growth, the HomeLet Rental Index has revealed.

Fleet adds Sesame to panel

Fleet Mortgages has added Sesame to its distribution panel.

Market pauses for breath in February

The housing market paused for breath in February as more supply became available, haart's Housing Market Monitor has revealed.

SPECIAL FEATURE: Let's stamp out insurance fraud

Phil Lewis, head of HR and compliance at Source Insurance, puts people who submit exaggerated fraud claims in the crosshairs – explaining why it isn't "fair game".

Borrowers flock to variable deals

More borrowers plumped for variable deals in February than any month over the last two years on a proportional basis, the Mortgage Advice Bureau’s National Mortgage Index has revealed.

Retirees deserve to enjoy their retirement

Each British retiree contributes tens of thousands of hours of work, and hundreds of thousands of pounds in tax throughout their career, research from Bower Retirement Services reveals.

3mc and Precise Mortgages Complete ‘Quirky’ Bridge

Precise Mortgages, the specialist lender, and 3mc, the specialist distributor, worked together to complete a £1.6m bridging loan on an historic manor house within a parkland setting.

Teachers launch contract mortgage

Teachers Building Society has launched a new Teacher Contract Mortgage aimed at teachers and education professionals working on a contractual basis.

Bridging market transacts £50m per week

Nearly £50m (48.7m) worth of bridging lending is being transacted every week, the latest West One Bridging Index has revealed.

Annual rents rise 3.1pc

Average rents increased by 3.1% year-on-year to stand at £766 in February 2015, the latest Buy-to-Let Index from Your Move and Reeds Rains has revealed.

FCA publishes lending strategy review

The FCA has published a review of mortgage lending strategies, emphasising that customers’ needs must be at the heart of the process.

Affordability assessments slow down applications

More than half (59%) of people who are either considering or are in the course of applying for a mortgage believe that the obligation placed upon lenders to assess their ability to repay will slow down the application process.

Mortgage Business Expo visits Leeds

The Mortgage Business Expo is visiting Leeds for the first time and has more than 40 financial companies attending including specialist lenders Blemain Finance, Hope Capital and Masthaven Finance.

Openwork appoints Mark Duckworth as CEO

Openwork has appointed Mark Duckworth as CEO; he has been managing director of the business since 2011.

CML: Lending cools in February

Gross mortgage lending fell by 9% in February to reach its lowest monthly total since April 2013, figures from the Council of Mortgage Lenders have revealed.

Landbay hires COO

Landbay has appointed Julian Cork as chief operating offer.

HomeLoan Partnership appoints Market Harborough

HomeLoan Partnership has appointed Market Harborough to its panel.