A survey carried out by Mortgage Brain has shown that 67 per cent of introducers use sourcing systems to generate KFIs for their clients, compared to less than 30 per cent who use lenders’ websites.
The findings also revealed that 80 per cent of those surveyed would actually prefer to use sourcing systems to produce KFIs, with less than 19 per cent content to obtain them directly from a lender.
Lime signs deal with Callbruce
LIME, the mortgage and GI arm of the Tenet Group, has signed a deal with Callbruce, aimed at enhancing its general insurance commercial offering. Callbruce uses seven major underwriters – AXA, Norwich Union, Zurich, RSA, NIG, Groupama and Allianz Cornhill.
Callbruce will also provide a private motor broking panel encompassing the same seven underwriters.
Charcol launches Euro mortgages
Charcol has launched the Euro Mortgage, a product based on short-term Euro Libor rates and, as it’s in sterling, has no currency risk. The product has an initial pay rate of 4.29 per cent.
The Euro Mortgage will track the three-month Euribor rate for five years with a margin of plus-2.15 per cent and is available for loans up to 80 per cent loan-to-value.
The three-month Euribor rate has been lower than its UK equivalent at all times since it was launched on the first day of 1999, and is currently 2.75 per cent lower.
Goldsmiths partners with WOW!
Direct conveyancing firm Goldsmith Williams has been appointed as the exclusive legal conveyancing partner of mortgageforce, the national mortgage franchise operation, and WOW! Mortgages, the consumer-facing joint venture set up by Mortgages plc and mortgageforce.
As a result of this appointment, approximately 100 brokers across the two mortgage companies will benefit from tailored remortgage and purchase propositions through Goldsmith Williams.
Mortgage Choice lends for SPML
Manchester-based PMPA member Mortgage Choice has become the latest packager to undertake co-branded mortgage arranging for Southern Pacific Mortgage Limited (SPML).
Mortgage Choice already has co-branded arrangements with Rooftop and Future Mortgages. Doug Hall, sales director at Mortgage Choice, said: “On-site underwriters and their direct access into SPML’s systems means we will be able to cut out any possible processing delays.”
MX joins Exchange ER platform
The Exchange, the supplier of portal services to mortgage intermediaries, has announced that Mortgage Express has joined and is now available via the Equity Release Trading Platform on its Exweb portal.
Using the platform, intermediaries can now research, quote and source equity release products from a total of 11 lenders.
Brits use remortgage to consolidate debt
A study by Purely Mortgages has revealed that 1.85 million UK homeowners have used remortgaging as a tool to consolidate debt, now the second most common reason for freeing up equity from a property.
Just one in four consider a lender’s actual rate when remortgaging but around 5 per cent could leave themselves vulnerable by leaving 10 per cent equity or less in their property after freeing up the cash.
