Product availability soars throughout 2011

The number of mortgage products available to UK mortgage intermediaries has soared during the past 12 months, according to figures released from Mortgage Brain’s Monthly Product Analysis.

An 87% increase (over 6,500 new products) in product availability has been seen in the UK mortgage market during the past year, taking the total number of live mortgage schemes listed on its market leading mortgage sourcing system from 7,519 to 14,052, as of 5th December 2011.

Ten consecutive monthly increases played a key role in the rapid and substantial rise in product availability throughout 2011. Slight declines were seen in October and November; however, the overall yearly performance for 2011 has been the best in over three years when product availability dropped three times throughout the year in 2010 and five times throughout 2009.

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Ingard – Pulse Newsletter – December 2011

Welcome to the Christmas and final edition of the Pulse for 2011.

Who would’ve thought in January that at the end of the year Base Rate would still be at 0.5% and the Government would sell Northern Rock to Virgin Money at a loss of £400m?!

Some of the UK top lenders speaking at the recent Mortgage Business Expo in London predicted that interest rates will not increase until at least 2013. The mood at Expo was much more positive and upbeat than in the last few years. More exhibitors, particularly lenders were in attendance and keen to talk.

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40% off ‘insight’ Websites if you order before 23rd December 2011

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insight’ Websites are flexible, easy to use to make Brokers or IFA’s online presence look more comprehensive and professional. Websites include all of the following:

–  A range of templates for mortgage brokers and IFA’s
–  Best Buy tables
–  Mortgage Search
–  A range of calculators
–  Editable content – you decide what you want, we create it to your style
–  Domain names – purchase or use existing one
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Now… 1,546,871 and counting

Over 1.5 million mortgage transactions via mte!

It’s not all about the numbers, we care about making the mte user experience work for you and your business.

We’ve made improvements. mte is free, it’s more about freedom of choice!

You can count on us making the right transactions.

–  Supported by 8 out of 10 largest lenders
–  Almost 1 in 4 mortgage professionals use mte
 –  Offers an unbroken compliance audit trail
–  Supports sales from your office, the customers office and their home
–  Saves having to re-key data

Call the mte team… 0871 384 0055… available from 9am until 5.30pm, Monday to Friday.

Email mte support… via our online support centre… click here

Visit our website… click here

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Latest News… Northern Rock mte FMA

Northern Rock are making some changes to their mte FMA. We will be releasing the new form in our 23.30 update on Sunday 11th December.

The changes are related to Declarations (within main FMA PDF and separate ‘one-page’ Declarations PDF) and other small PDF changes.

Northern Rock have stated that intermediaries must use the new forms from Monday 12th December – please ensure all completed forms are submitted prior to this release as existing versions of the FMA forms cannot be submitted after the update.

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Latest News… NatWest mte changes

Available from Friday 9th December, NatWest have made further improvements to their AIP and Application service via mte, these include:

– The enhanced AIP will capture more information on applicant’s loans and credit cards.
– The AIP will now also support BTL and Residential submissions.
– Behind the scenes Experian will be trying to authenticate the applicant’s ID and address
electronically, where successful Brokers will no longer need to supply documents to
prove these customers ID and address further down the process.

The main functional changes for Application submissions via mte are:

– There is now a single application form to support both Residential and BTL applications,
replacing the historic two.
– There is improved commonality between the AIP and FMA forms allowing more data in
the FMA to be copied from the AIP. Please note, the FMA must contain identical data to
the AIP, any variance may result in decisions being subject to re scoring at application
stage.
– If Brokers want to change any data post an accepted AIP, you will have to edit the AIP
and re-submit before sending in the FMA, this will ensure an accurate score based on
the updated data.

Both forms have been built using the latest technology, so submissions should be even quicker, both forms now use radio buttons and drop downs to make them consistent with other mte forms.

Please note:

1. Brokers must update their mte systems before submitting forms on Friday (9th
December) to gain access these new forms. For MBL users this is part of the daily
update process. mteStandalone users should go to File > Check for updates from the
main page.

2. Any existing accepted AIPs can be converted to the new FMA, the FMA will prompt for
the completion of new questions.

3. Any incomplete AIPs, or accepted AIPs that require changes, will automatically upgrade
to the new AIP when they are edited.

4. The existing BTL FMA is being withdrawn, the new AIP and FMA caters for both
Residential and BTL applications.

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Abbey launches into buy-to-let

Abbey for Intermediaries has launched into the buy-to-let market with a range of products for non-professional landlords.

Its products are available for those with up to two buy-to-let properties who are aged between 21 and 70.

A minimum deposit of 25% is required and rental cover of 125% or above is needed, calculated on an interest-only basis.

Abbey is offering a two-year fix at 4.29% with a £1,495 fee available up to 60% LTV, and a two-year fix at 5.19% with a £1,495 fee available up to 75% LTV.

Both products are available for purchase and remortgage customers, and purchase customers will receive a free standard valuation and £250 cashback on completion.

Phil Cliff, director of retail assets at Abbey, says: “The buy-to-let market has seen strong growth throughout 2011 as demand for quality rented accommodation in the private sector continues to rise. Interest rates remain low and rental yields are at their highest for some time.

“We are delighted to be able to support the intermediary market with the launch of our buy-to-let offering for non-professional landlords. The range is designed to meet the needs of new or small volume landlords adding a first or second buy-to-let property, and we expect to see strong interest from intermediaries and their clients.”

The products are available exclusively through the intermediary market and require a minimum purchase price of £100,000.

Applicants must already have a residential or buy-to-let mortgage, and can only hold up to three secured loan commitments at the point of application, including a residential mortgage.

A maximum of two buy-to-let loans with Abbey is permitted and houses in multiple occupancy are not eligible.

Shared Ownership from £12,250 available for SIPP purchase

You can now purchase property in an award winning hotel and leisure resort in Turkey through a SIPP from just £12,250.

The multi award winning team at Akbuk Resort Group in association with Viva Costa are pleased to announce the launch of its shared ownership scheme which will allow clients to purchase a share (minimum 25%) of a property in the highly acclaimed Harmony Bay Resort and Spa in Turkey. The entry level for investment is an incredible £12,250.

The shares can be 25%, 50% or 75% and all the units will need to be purchased using a SIPP. The shared ownership properties will of course have all the benefits of the properties in Harmony Bay Resort and Spa which include:

• Luxury hotel resort and leisure investment
• Multi award winning developer with proven track record
• World leading hotel operator
• 8% net rental guarantee for 2 years (% of share purchased)
• 10% + returns expected from year 3
• Prices from £49,000 for a full suite
• Fully furnished luxury properties
• 10 year building guarantee
• Excellent return on investment anticipated
• SIPP certified investment
• Turkey is the world’s fastest growing economy

Excellent commission rates available.

Click here to visit the Viva Costa website.

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