Loantroducer Financial Blog

Mortgage Next Launch New Sercured Loan Product

2007-12-04T10:45:00.000Z

Mortgage Next has launched a secured loan service in conjunction with its parent company Freedom Finance, giving brokers online access to a range of secured loan products.

Using Freedom Finance´s recently launched "Freedom of Choice" online system, brokers can choose from a range of secured loan product providers and will be presented with a decision in principle, monthly repayments and other important information which enables them to assess if a secured loan is more appropriate than a remortgage.

Gemma Harle, managing director of Mortgage Next, said TCF meant brokers need to consider if a secured loan may be a more suitable product for their client than a remortgage. She added: "In certain circumstances, such as borrowers being locked into existing mortgage deals by hefty redemption penalties, a secured loan may be a better option. The Freedom of Choice system makes sourcing and placing secured loan very easy for any broker, even if they are unfamiliar with secured loan products and application procedures."

White Label "New Agencies"

2007-11-26T09:33:00.000Z

White Label - the secured loans brand of West Bromwich Building Society - has awarded its third agency NPL Online can exclusively reveal.

Bromley-based master broker Berkeley Credit was today gifted access to the lender´s range of products which includes up to 90% LTV for mid adverse clients, or 95% for light adverse clients.

Berkeley Credit now joins Independent Specialist Finance and Beech Introducers as the first master brokers to pilot the range.

Rick Hayler, director of Berkeley Credit, said he was thrilled to have landed the agency and acknowledged that the range is becoming increasingly sought after.

He explained: "We will be on board with them by the end of the month. We would be classed as a fairly small brokerage but they want to do it softly-softly at first. They don´t want to be inundated."

"I have been in the industry for a long time and many of the staff here worked with the staff there before. They want to be the best for service and they don´t want to lose that. We just do secured loans so the deals are going to be packaged as they want them."

Watford-based master broker Independent Specialist Finance became the first to complete a deal with the lender at the end of the last month. The case was for £60,000 and was a self-cert light adverse case at 90% LTV.

The latest product grid has four product brackets offering between 75% and 100% LTV dependent on the size of the loan and the credit profile.

Products are available of up to two mortgage arrears in the last six months and IVAs and bankruptcies satisfied for one year or more. The maximum CCJ value is £8,000.

House Prices "Cooling not Falling"

2007-11-12T16:24:00.000Z

Recent reports from the local government and communities show that the latest house price index for homes in the UK are actually "cooling down and not falling" as first thought.

This report does however show that there is still a large difference in price in London and the south east to the rest of the country. The report revealed that there has been a 0.03% increase between August and September this year, in August the average house price in the UK was £219,369 compared to £220,111 in September.

Annualised house price inflation was 10.8% in September, down from 11.3% in August.

Sadly its the first time buyers that are facing the biggest rise in inflation, 11.8% in September taking the average price paid by a first time buyer to £167,503 whilst current owners pay an average of £245,920 for a property.