Investors use bridging to finance bargain basement buys

Brokers have seen a 200% increase in demand for bridging finance in the last nine months as investors have been seeking bargains at auctions and through other distressed sales.
A number of smaller bridging firms have had to withdraw because of a lack of funding over the past year. However, unlike the mainstream market, the main [...]

Face-to-face beats the web, say brokers

RBS research suggests that most intermediaries do not see the internet posing a threat to their businesses over the next five years.
In a poll taken at the most recent RBS Intermediary Roadshow held in Manchester last week, 15% of brokers thought that there was no threat at all because people prefer to arrange their mortgages [...]

FSA bans broker for life assurance fraud

The FSA has banned Peter King and his Bournemouth-based firm New Forest Mortgage Company Ltd for knowingly submitting applications for fraudulent life assurance policies.
The regulator found that, since June 2007, King submitted applications for 39 fraudulent life assurance policies – 30 of which were in the names of applicants whose personal details were either wrong [...]

Cautious optimism pervades landlords

In a poll taken at the most recent RBS Intermediary Roadshow held in Manchester, nearly a third (31%) of mortgage intermediaries thought that their landlord clients are taking an optimistic view about their prospects for the next 12 months and will be looking to add properties to their portfolios.
Nearly six in 10 (58%) thought that [...]

Alliance & Leicester unveils new tracker and fixed rate

Alliance & Leicester is re-entering the tracker market with the launch of a two-year product at 4.89%, as well as bringing out a new two year fixed rate at 4.49%.
The new offers will be available from Friday via brokers, Alliance & Leicester branches and by telephone from Mortgage Direct.
Richard Taylor, head of mortgage products at [...]

FSA bans brokers over advice failings

The FSA has banned and publicly censured Tyne & Wear mortgage brokers Edward Allen and Ronald Allen for failings which exposed the customers of their firm to the risk of receiving an unsuitable mortgage.
The Allens, directors of Homeplan, failed to implement adequate systems and controls to ensure that the quality of mortgage advice to customers [...]

Mortgage Next to hold self-build finance event

Mortgage Next is holding a self-build workshop for mortgage advisers. It will detail the full range of finance options available to borrowers who are planning to build or renovate their own homes.
The workshop, which is open both to ARs of Mortgage Next and directly authorised brokers, is being held on Tuesday 18 November at the [...]

AMI wants wide OFT irresponsible lending review

The Association of Mortgage Intermediaries has called on the Office of Fair Trading to undertake a wide scope review into irresponsible lending.
AMI says that such a scope, including all stages of the lending transaction, would ensure that all issues potentially involved with irresponsible lending could be considered.
This recommendation counters that made by secured loans trade [...]

HBS offers ‘create your own proc fee’ facility

Home Buyer Systems has unveiled a new facility that enables mortgage advisers to create their own procuration fee, paid to them by the customer, when recommending direct-to-lender mortgage products.
The new facility, which analyses and compares all mortgage costs including interest and fees, is now available within both the full Home Buyer System and the HBSLite [...]

Homebank looks to acquire brokerages

Homebank Financial Services is actively seeking to talk to mortgage brokerages who wish to explore the possibilities of selling their business or a merger.
George Dodds, chairman of Homebank, said: “We want to talk to principals of mortgage brokerages which are limited companies and directly authorised with a view to exploring the possibility of outright sale [...]