This week’s top five stories:
1) Virgin offers massive prize giveaway for mortgage advisers
A week on Necker Island or 12 crates of wine anyone? Virgin Money has launched an adviser incentive offering spectacular prizes in exchange for feedback on its products and services.
2) Mortgage adviser in two couple con jailed for 18 months
A mortgage adviser who scammed a pair of elderly couples out of £40,000 has been sentenced to 18 months in prison.
3) White van scam; delivery driver in £500k mortgage fraud
A van driver who built a property empire by cheating lenders out of over £500,000 has failed in his bid to overturn a three-and-a-half year prison sentence.
4) High Court ruling may increase interest-only mis-sales compensation
A High Court ruling is forcing the FSCS to increase what it called an “irrational” £12,000 pay out to an interest-only borrower after the compensation was ruled too small after an unregulated offshore property investment went wrong.
5) Ask the Experts: Why shouldn’t I re-broke a protection plan?
Mortgage Solutions’ Ask the Experts is your chance to put one of our panel of industry gurus on the spot. This time we quiz Jennifer Gilchrist, senior product development manager at Scottish Provident.
Mortgage Solutions at the Pink Network conference:
Pink Home Loans rebrands
Pink Home Loans is to rebrand as Pink Network in a move designed to reflect its move away from mortgages towards an all-round proposition.
Second Funding for Lending-style scheme predicted for 2014 – LSL
The government will look to launch another Funding for Lending-style scheme in 2014 to help increase lending to borrowers with low deposits, according to Simon Embley, CEO at LSL Property Services.
Lower base rate could force small mutuals into trouble – Nationwide
Robert Gardner, chief economist at Nationwide, highlighted comments by the BoE that any reduction in the base rate could have repercussions for the mortgage sector, particularly for smaller building societies.
Lenders need to innovate to improve service – Abbey
Miguel Sard, managing director of Abbey for Intermediaries, has told lenders that innovation is needed to improve the level of business in the intermediary sector.
Tweets of the week:
Ed Conway @EdConwaySky
UK government’s interest payments fell in Q3 to the lowest level since 2009. Despite the fact that we’ve borrowed abt £300bn since then
Andy Wilson FS @AndyWilsonFS
A visitor to my website today hails from #Roswell, New Mexico. Just so you know, we can’t mortgage interplanetary craft (unless freehold)
Roger Morris @rnmorris
Just been contacted through my blog by someone offering me content for $1 per article. I wonder if it’s anything to do with Grant Shapps?
Also in the news
Legal & General Mortgage Club has devised a new way to support charity Shelter.
The Brokering Change scheme will allow brokers to support the charity by donating a £1 of the procuration fee they have received for each mortgage case completion.
Legal & General has raised over £100,000 for the charity since 2009 and will provide all broker taking part with certificates and promotional materials.
Stephen Smith, director for housing and external affairs, Legal & General, commented: “Money raised for Shelter goes to a great cause and we are delighted to be working with them on this project.
“It is exciting to offer our brokers an innovative way of supporting the charity and with the current housing problems, every new broker we get on board really will make a difference.”