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Complaints to Ombudsman rocket 35%
23 May 2012 at 12:25am
Complaints to the Financial Ombudsman Service about mortgages rocketed by 35% in the last year. There were 9,537 mortgage-related complaints, compared with 7,067 in the previous year, says the FOS’s annual report covering the 12 months to the end of March. Of the complaints, 16% were against intermediaries, down from 18% the...
FTBs' scramble to save 1% Stamp Duty puts their prices up
23 May 2012 at 12:24am
First-time buyers paid 2.8% more for their homes in March as they tried to make savings of 1% in Stamp Duty. The Office for National Statistics said that first-time buyers were unique in paying higher prices this March than March of the previous year. For owner occupiers moving homes, prices decreased by...
Bridging loan industry now worth £1bn
23 May 2012 at 12:24am
The value of the bridging loan industry has broken the £1bn barrier for the first time, driven by buy-to-let investors unable to get funding elsewhere. West One’s latest quarterly bridging index found that gross lending in the 12 months from March 2011 to March 2012 rose sharply to reach £1.1bn, 21...
FSA's ban on dishonest broker upheld
23 May 2012 at 12:22am
The FSA has banned self-appointed insurance broking director Derek Wright from performing any FSA-regulated functions.   Wright had previously worked as a director in the regulated insurance market, and in 2001 was disciplined by the Lloyd’s Disciplinary Tribunal. Wright thought he was not being fairly remunerated, and dishonestly diverted premiums and client...
Nearly 6,000 PPI claims totally bogus
22 May 2012 at 1:27am
Nearly 6,000 claims last year to the Financial Ombudsman for mise-selling of Payment Protection Insurance were bogus. They were from people who had never had a PPI policy. Most of the bogus claims were submitted by claims management companies. The false complaints made up less than 4% of the PPI claims received,...
Buy-to-let fund Hearthstone gets go-ahead from FSA
22 May 2012 at 12:42am
Hearthstone Investments, the buy-to-let fund quarter-owned by the estate agency chain Connells, is to launch this summer after receiving FSA approval. The UK’s first regulated residential property fund, it will give investors with as little as £1,000 access to the residential property market without having to directly own any property themselves. Although...
Mortgage lending falls 19% after Stamp Duty break ends
22 May 2012 at 12:41am
Gross mortgage lending tumbled by 19% in April, its downward trajectory propelled by the ending of the first-time buyers’ Stamp Duty holiday. Lending fell from £12.6bn in March to an estimated £10.2bn in April, says the Council of Mortgage Lenders, which warned that worse could follow if the eurozone crisis deepens. CML...
Building Societies Association launches hub for social housing
22 May 2012 at 12:40am
The Building Societies Association, together with Nationwide, has launched a shared home ownership website called The Housing Hub to bring together lenders and housing associations. It was launched at the Commons at an event hosted by MP Clive Betts. The Hub’s aim is to promote information sharing about alternative home ownership models,...
Sesame does five year deal with Mortgage Brain
22 May 2012 at 12:39am
Sesame Bankhall Group has done a long-term deal with Mortgage Brain. As a result, the All New MortgageBrain sourcing and Key point-of-sale systems will be available to members of the AR network for the next five years. John Cupis, managing director for mortgages at Sesame, said: “Sesame has a strong commitment to...
Young couples feel 'stuck' renting
22 May 2012 at 12:37am
A discount search website which noticed an increasing number of searches for mortgages requiring 5% deposits was prompted to do research among its younger users. MyVoucherCodes found as a result that most young co-habiting couples feel stuck in rental accommodation, spending an average of £6,900 a year on rent. A total of...
Asking prices stay flat as market loses momentum
21 May 2012 at 12:46am
Asking prices of properties new to the market have not risen in May – and this is the first time in a decade that this has happened. Rightmove says it is unique in the ten years that it has been in existence that new sellers in May have not raised their...
NewBuy mortgage 25% more expensive than renting
21 May 2012 at 12:45am
The cost of a NewBuy mortgage is 25% more expensive than the cost of renting. A new research paper from the property analyst firm Hometrack, says that the repayment costs are higher than those of an equity scheme such as FirstBuy, as well as being more expensive nationwide than renting. Richard Donnell,...
New insurance launches to protect against planning breaches
21 May 2012 at 12:44am
A new insurance policy has been launched to protect home buyers and owners from breaches of planning regulations that may have been committed in the past without their knowledge.   The initiative, by First Title, comes in the wake of the Localism Act 2011, which has created new powers for enforcement...
House building falls as funding dries up
21 May 2012 at 12:43am
Building of new housing has fallen sharply this year. According to the Office for National Statistics, there were 24,140 house-building starts in the first quarter, down 11% on the previous quarter. Private house-building starts were 8% lower and social housing starts were 21% lower. Simon Rubinsohn, RICS chief economist, said: “The data...
Ex-Countrywide boss Hill snaps up conveyancing firm
21 May 2012 at 12:41am
Former Countrywide boss Harry Hill’s company In-Deed has bought one of the country’s top ten firms of licensed conveyancers for up to £4m after admitting that it had failed to make headway in its original ambitions. It had originally hoped to cut out introducers, such as estate agents, and deal with...
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