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Aldermore boldly goes where the high street banks will not
24 May 2012 at 12:41am
Mortgage newcomer Aldermore is marking the second birthday of operation of its specialist residential and buy-to-let lending business. It says its success is in part due to lending in cases where the high street banks will not. Launched in 2010, Aldermore Residential Mortgages markets it products via intermediaries. In the 24 months...
Lenders pull plug on auction deals after fall of gavel
24 May 2012 at 12:40am
Almost one third of successful bidders at residential property auctions are subsequently let down by mainstream lenders and have to scramble to find other forms of finance. An auction deal is generally binding on the fall of the gavel, putting pressures on buyers to find the money to complete within strict...
Nationwide's profits jump 10% as its lending shoots up
24 May 2012 at 12:39am
Gross lending by Nationwide leapt 44% in the year to April 4 to stand at £18.4bn. The figure compared with Nationwide’s lending of £12.8bn the previous year, while its 44% increase compared with a market rise of 5%. Graham Beale, Nationwide’s chief executive, said the balance sheet was ‘amongst the strongest...
No uplift in mortgage lending until 2015, says AMI
24 May 2012 at 12:38am
Gross lending will be flat until 2015, the Association of Mortgage Intermediaries has said. In its latest quarterly economic bulletin, it forecasts that gross mortgage lending will not rise above £135bn for this year and the next two. AMI director Robert Sinclair said: “Although gross mortgage lending jumped in the first quarter...
Those irritating pop-ups on our site ? blame Europe!
24 May 2012 at 12:36am
We apologise for some truly irritating pop-ups which have appeared on our sites this week. Unfortunately, it’s Europe that’s making us do it. An EU cookie directive (honestly you couldn’t make this up) comes into force this Saturday, making websites tell their users about cookies. It is extremely annoying, and even sites such...
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...
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