This week’s top five stories:
1) FSA bans and fines former director of sub-prime lender £100k
The Financial Services Authority (FSA) has issued a former director of a sub-prime lender with a £100,000 fine and a banning order.
2) My Way – An ode to interest-only
Nationwide has announced that new interest-only lending will end as of 11 October. That will mean on that day, my birthday, much will change in the industry, says Lea Karasavvas
3) Tesco Bank expands mortgage range
Tesco Bank has expanded its mortgage range introducing 60% LTV fixed rate mortgages for two and five years.
4) Top lenders deny further interest-only retractions on way
Major UK mortgage lenders have confirmed to Mortgage Solutions they have no plans to change their current interest-only stances, after Nationwide Building Society decided to stop offering interest-only mortgages to new or additional borrowers.
5) The top six packaging mistakes to avoid
Mark Bullard, head of sales at NatWest Intermediary Solutions, explains how to avoid delays in application processing by submitting fully packaged applications.
Here are some stories you may have missed:
Stop the myth suggesting mortgages are unobtainable
There appears to be a strong sense of renewed optimism within the mortgage industry which is a huge and much-needed positive.
Secured loans can save interest-only prisoners – V Loans
The death of interest-only will open up an opportunity for brokers to increase business in the secured loans sector, according to V Loans.
Openwork launches mortgage adviser quality training programme
Openwork is to launch a series of video programmes to help mortgage brokers adapt to a rapidly changing marketplace.
Is the end nigh for interest-only mortgages?
Nationwide became the first lender to stop offering interest-only mortgages to new or additional borrowers last week. Is this the beginning of the end for the interest-only market? Or is this an opportunity for other lenders to step in and take that business?
Abbey for Intermediaries announces more rate cuts
Abbey for Intermediaries (AFI) has announced it is to cut rates on a pair of two-year fixed-rate deals.
Tweets of the week:
Christina Hoghton @CMHoghton
Tesco Bank’s new 5 year fix at 3.19% is a simply stonking deal. and no strings attached like some best buys
Channel 4 News @Channel4News
Cameron shows off his maths: “If you have a mortgage of £100,000, just a 1% interest rate rise would mean an extra £1,000 to pay each year”
Terry McCutcheon @terryfpg
Precise down by 0.6%, Tesco down by 0.4%, HSBC down by 0.2% and ING down by 0.75% Is this the start of a trend downwards for mortgage rates?
Also in the news:
Legal & General and Yorkshire Building Society go farming
Legal & General and Yorkshire Building Society joined forces to help complete a model farm and outdoor theatre for local school, Our Lady & St Brendan’s Primary School near Bradford this week.
Volunteers from both organisations spent a day building and painting wooden animals for a model farm as well as helping with the construction of a theatre for children’s’ productions.
Ashley Price, head of retail networks for Yorkshire Building Society, commented “Legal & General are fantastic supporters of our charity work and have helped us to raise money for projects that are important to us and our local community.
“It was a great experience for us to work together on one of our volunteering opportunities and I hope our combined efforts have made a difference to the children of Our Lady & St Brendan’s Primary School.”
