This week’s top five stories:
1) Mortgage broker jailed for six years after ‘disgusting’ £3.5m fraud
A mortgage broker has been jailed for six years after fraudulently obtaining almost £3.5m from clients in the North East.
2) Will the industry follow Clydesdale’s lead on interest-only? Marketwatch
We asked our industry experts to give their views on whether it’s time other lenders loosened up or if the dials are set correctly to protect borrowers from the risks of a specialist lending product.
3) Lenders in catch 22 situation over MMR – Bob Hunt
I’m a great believer that the mortgage market is at its most effective when it works together, writes Bob Hunt.
4) Lloyds bank adviser avoids jail despite £200k client theft
An adviser working for Lloyds Bank has avoided a jail sentence despite stealing more than £200,000 from elderly clients to fuel his gambling habit.
5) Going it alone: meet the mortgage brokers turning DA
The Mortgage Market Review was supposed to signal a whole host of brokers making the leap to being appointed representatives to assist with the new compliance regime.
Here are some stories you may have missed:
Virgin Money reveals MMR changes; confirms execution-only offering
Virgin Money has become the latest lender to announce its Mortgage Market Review (MMR) changes including confirmation it will accept execution-only business following the introduction of the new rules.
Estate agents must manage vendor expectations, brokers warn
Property chains are collapsing because estate agents are not managing vendors’ expectations in light of new pressures on the mortgage application process, brokers have warned.
Final call to arms for affected West Brom borrowers
Borrowers affected by the West Bromwich Building Society’s decision to increase buy-to-let tracker rates have until Friday to sign up to a group action against the lender.
CML warns of short-term MMR disruption
The Council of Mortgage Lenders has warned the “sheer” scale of the changes to firms’ systems and processes may affect transition to the MMR rules in the short term.
Fears of lending slowdown as mutuals face IT upheaval
Four leading building societies could be hit with a mortgage lending slowdown as they switch to new IT systems in the coming months.
