The Life Insurance Association (LIA) and Society of Financial Advisers (SOFA) are planning a series of meetings across the UK to discuss their proposed merger. They will stage eleven meetings, between 7 September and 7 October. For LIA enquiries call Linda Wigg - 0845 166 8422. For SOFA enquiries call Bob Bullivant - 020 7417 4448.
Lifetime mortgage lending slower in first half of 2004
The total value of outstanding lifetime mortgages (equity release loans to older homeowners) reached £3.3 billion, representing nearly 71,500 mortgages, by the end of June, according to half-yearly data released by the Council of Mortgage Lenders. During the first 6 months of 2004 around 11,200 equity release loans were made.
Principal Introducer update
In the 31 July issue of Principal Introducer our network comparison table listed enable’s adviser monthly membership fee as £117.50. The fee should have read £100. In the Network contacts page we listed Classic Mortgage Solutions. The name of the network is Classic Network Solutions and the website address is www.classicns.com. LIME should also have appeared in the Network contacts section. Its details are 0113-258 2258 and www.limeservices.co.uk.
Savills calls on lenders not to pass on rate rise
Savills Private Finance has urged lenders not to pass on this month’s 0.25 per cent base rate rise.
Simon Jones, director of Savills, said: “Lenders will pass on the increase, though they will be pricing their SVR mortgages at 0.27 per cent higher than they were three years ago when rates were also 4.75 per cent.”
Register now for new CeMAP and CeFA qualifications
The Institute of Financial Services (ifs) is now accepting registrations for its new versions of CeMAP (Certificate in Mortgage Advice and Practice) and CeFA (Certificate for Financial Advisers). Examinations will be available from 1 November 2004. The ifs qualifications structure is aimed at meeting the needs of both the industry and the regulator.
Preferred Mortgages announces £460 million securitisation
Preferred Mortgages has completed its eighth securitisation. The deal, worth £460 million, puts its combined total funds secured at over £1 billion.
George Patellis, director of operations at Preferred Mortgages, said: “The completion of PRS-8 is a result of very successful roadshows in Europe and the US that attracted new, alongside repeat, investors.”
