Virgin heart
Northern Rock’s head of intermediary sales Richard Tugwell pledged on Monday that the intermediary sector would remain at the heart of its mortgage lending once its sale to Virgin Money is complete.
Deception
A banned financial adviser was arrested for deceiving property investor clients, as part of an investigation by the FSA and West Midlands Police.
Questions, questions
Legal & General’s Stephen Smith offered his view on the government’s housing strategy, saying far more detail is needed to understand its impact on the industry.
Tax relief…
On Tuesday, the much discussed autumn statement was delivered by Chancellor George Osborne, revealing small firms are to get a £300m package of tax breaks.
…to taxing times
However, in a blow to the mortgage market, the government confirmed it will scrap the first-time buyer Stamp Duty holiday as planned in March 2012, saying it has proved “ineffective” in helping the sector.
Stormy reaction
Needless to say, the mortgage market was less than impressed in its reaction to George Osborne’s revelations.
Fines…
Wednesday brought the news that the FSA had fined network boss Julian Harris, the sole shareholder of mortgage network Julian Harris Mortgages and IFA network the Julian Harris Consultancy, £49,000 and banned him from acting as a compliance officer.
…but business as usual
However, Julian Harris networks reassured its 98 ARs that the firm is in a “strong” position and work will continue as normal, despite the fine and ban of its owner.
A SHIP for all
The equity release trade body revealed at the Mortgage Solutions Equity Release Awards 2011 that it will expand its membership from next year to include all firms in the sector, not just providers.
2012 rate rise
The Bank of England revealed on Thursday that it believes mortgage interest rates could increase next year, as lenders pass on the increased costs of wholesale funding.
Bad maths?
RBS and Santander have both warned that the costs of the government’s plans to overhaul the banking system have been “understated” by billions of pounds.
Winner takes all
And finally, Coventry Building Society took home the gong for Best Building Society at the Your Mortgage Awards 2011, breaking Nationwide’s 13-year hold on the title.
Top tweets
Owain Thomas @OTJournalist
Is that a jibe by Ed Balls at many public leaks by Osborne thanking him for ‘advance notice’ of his speech?
Dan Jones @dw_jones
“It is no good endless comparing ourselves with other European countries.” Except when it comes to borrowing costs, apparently. #AS2011
Tom Watson @tom_watson
Train journey: Two very drunk cider drinkers discuss football, drink and Osborne economics. The apocalypse is here, apparently.
Emma Dunkley @EmDunks
The euro area has just changed its Facebook currency status from “single” to “it’s complicated”.
Elizabeth Windsor @Queen_UK
Not sure what the answer to Europe’s problems is. Pretty sure it’s not President Sarkozy.
Lea Karasavvas @Mortgage_Mind
This is my best predicti text error yet! Just text a client to ask him to bring with him “last 3 months parsnips”. That would be payslips.
Paul Lewis @paullewismoney
Why is it only with pensions that we are supposed to aspire to the worst rather than the best?
