Bank of England warns overstated losses will delay recovery

The Bank of England has warned that risk premia in some markets has become too high and is likely to contribute to the delay in the return of confidence and risk-taking.
In its Financial Stability Report, the Bank says that an adjustment in both the price and quantity of risk-taking was clearly needed after an extended [...]

AMI warns lenders over direct deals

The Association of Mortgage Intermediaries has stated it has “major reservations” over the recent move by lenders in offering substantially better rates through their direct channels.
This comes after several mortgage brokers have expressed their growing concern this week over lenders’ treatment of the intermediary market.
Halifax, Nationwide and Cheltenham & Gloucester have come under fire for [...]

Association of Finance Brokers calls on lenders to unblock market

The Association of Finance Brokers (AFB) has welcomed today’s publication of the Bank of England Financial Stability Report which states that the correction in the credit markets has gone too far and that risk appetite should return in the coming months.
AFB calls on lenders to reappraise their current positions and start lending to each other to [...]

Credit crunch fuels loan fraud

Data from UK fraud prevention service CIFAS shows that more people are lying on applications for loans, credit cards and insurance products since the credit crunch took hold.
The number of fraud cases filed by CIFAS members rose by more than 10% to 52,286 by the end of the first quarter of 2008 when compared with [...]

Bright Finance launches marketing package

Bright Finance has launched a free service for all its introducers, to help support them in successfully promoting their company.
The toolbox contains a number of templates, five Poster/advertisement templates suitable for use in office reception areas or retail frontages and five letter templates suitable for campaigns to both existing and new prospects.
Four of each of [...]

Debts.co.uk sees loss of £0.9m

Debt specialist Debts.co.uk has reported a loss after tax of £0.9m for the first half of the 2008, compared with a £1.3m profit for the same period last year.
Bernard Asher, chairman at Debts.co.uk says despite this, the directors believe that Debts.co.uk is in a strong and unique position and has put together a stable operating [...]

Salt Commercial ceases new lending

Salt Commercial is stopping new lending for the time being and has put an undisclosed number of staff into consultation.
The lender – the commercial lending arm of Derbyshire Building Society – said that business already written together with business in the current pipeline was sufficient to satisfy the Derbyshire’s full-year appetite for commercial mortgages.
The commercial [...]

2,000 will go from Northern Rock

Northern Rock has confirmed that staff numbers are likely to be reduced by approximately 2,000 by the end of 2011.
The proposed reduction will involve all levels of staff, with the majority of proposed job losses likely to occur in 2008.
The Company will now commence the formal 90-day consultation period with Unite and other employee representatives, [...]

Monetary Policy Committee must focus on Libor, says Base Commercial

Base Commercial Mortgages is urging the Bank of England Monetary Policy Committee to focus its attention on reducing interbank rates, rather than Bank Base Rate, in order to unlock the current financial log-jam.
Mark Davies, finance director at Base, said: “The dislocation between Bank Base Rate and LIBOR has placed an immense burden on the economy [...]

Paradigm offers GI referral service

Paradigm Mortgage Services has launched a General Insurance (GI) referral service for its members in conjunction with T&R Direct Insurance Services.
Members of Paradigm are now able to refer client’s details to independent insurance intermediary, T&R Direct, who provide virtually a whole of market GI offering. Initially, referrals will be accepted for clients looking for Building [...]