The Exchange and provider of software and services to the financial services sector. Andy Hunt, newly-appointed managing director of Marlborough Stirling, commented: “The appetite for outsourcing among financial services companies is growing fast, fuelled by intensifying cost pressures and competition.”
BuildStore teams up with Amber
BuildStore has teamed up with Amber Homeloans to launch a new redemption-free tracker mortgage and has introduced an enhanced arrears stage payment mortgage via BuildLoan.
The redemption-free self-cert LIBOR tracker has a current pay rate of 6.19 per cent. Mike Perry, sales and marketing director at Amber Homeloans, said: “We are keen to increase our lending in the self-build market and have been working successfully with BuildStore since 2003.”
BSA elects Williamson as chairman
Philip Williamson, chief executive of the Nationwide Building Society, has been elected chairman of the Building Societies Association (BSA) for 2005–2006.
He replaces John Parker, chief executive of Stroud & Swindon Building Society, who has held the post for the past year. Williamson joined Nationwide in 1991 to head up the commercial lending area of the business before joining the Board in 1996, becoming chief executive in 2002.
Non-conforming fixes from Platform
Platform, the intermediary lender of Britannia Building Society, has launched a range of two-year and three-year non-conforming fixed rates, with no early repayment charge overhang, exclusively in conjunction with the Regulatory Alliance of Mortgage Packagers (RAMP). Rates start from 6.45 per cent for the two-year fixed and 6.40 per cent for the three-year fixed.
New fix from John Charcol
John Charcol has launched a two-year fixed rate offset mortgage with an initial rate of 4.99 per cent. The rate is below the cheapest two-year fixed rates offered by Halifax and Abbey, and in line with rates offered by the remaining big three banks.
Therefore, borrowers will not need to make much use of the offset facility for this product for it to prove better value than a non-offset fix.
Three new products from Newcastle
Newcastle Building Society has announced the launch of three new mortgages. The new mortgage range includes a two-year fixed rate, a five-year fixed rate and a three-year discounted rate.
The two-year product is fixed at 4.67 per cent until 31 July 2007 for loans of up to 90 per cent LTV. The five-year product has a fixed rate of 4.85 per cent for 85 per cent LTV until 31 July 2010 and the three-year discounted product is 2.22 per cent below the Society’s standard variable rate (SVR) which gives it a starting rate of 4.58 per cent on loans of up to 90 per cent LTV.
Woolwich launches first-time buyer products
Woolwich has launched a suite of mortgages to help first-time buyers get a foot on the property ladder. The range includes a three-year discount mortgage with a best buy rate of 5.29 per cent and a two-year stepped tracker with 1.50 per cent cashback.
The new suite of products has been designed following consultations with first-time buyers to determine what they want from their first mortgage.
New range from Freedom
Freedom Lending has launched a new range of mortgage products aimed at borrowers with adverse credit records. The range rewards borrowers with a 0.10 per cent rate cut whenever they make six consecutive monthly mortgage payments on time. This continues until they reach the lender’s prime or full status self-cert rate.
Advisers in danger of missing FSA deadlines
The Society of Mortgage Professionals (SMP) has reminded its members of the need to ensure their firms comply with the FSA Regulatory Returns which came into effect from 1 April.
A guidance note being issued to SMP members highlights the FSA requirement for regulated firms to report information about themselves and their activities under the Regulatory Returns (PS 04/8 and 04/9) reporting requirements.
Finance sector employment up 22 per cent
Research from Halifax, based on ONS labour market data, has revealed that Great Britain has created 198,000 financial services jobs since 1984, a 22 per cent increase.
This rate of growth compares favourably with a 16 per cent increase in total employment across all industries over the same period. The research also found that London employs the most financial services workers in Great Britain, 326,000 people or 30 per cent of the total.
Pink goes Bright Grey
Pink Home Loans has added insurance provider Bright Grey to its pure protection panel. Bright Grey, based in Edinburgh, is part of the Royal London Group. Tony Jones, managing director of Pink Home Loans, commented: “Bright Grey is an innovative protection specialist and its addition will greatly enhance the range of pure protection products we offer to all our customers.”
L&G tie-in with The Exchange
The Exchange, the provider of portal services to IFAs, has announced it has entered into a new five-year contract with Legal & General for future use of the Exweb portal.
This new agreement means IFAs can continue to access Legal & General’s products via The Exchange’s electronic comparative quotation and new business services either via Exweb or by linking directly to Legal & General’s adviser extranet.
UCB reduces rates
UCB Home Loans, the country’s longest-established self-certification specialist and subsidiary of Nationwide Building Society, has reduced its fixed rate mortgages by 20 basis points. In addition, the lender will expand its remortgage offer to include all self-certification mortgages.
