Sarah Davidson

Brightstar launches specialist sourcing system

Wed 25 May 2016

Brightstar has confirmed its specialist finance sourcing system EasySource will go live on 1 June, giving brokers access to second charge and bridging deals, sorted by price and criteria. The system will also show brokers when their application has a “near miss” with other lenders not listed to give the option of tweaking loan-to-value to […]

PAC: FCA failing to address aggressive selling culture

Mon 16 May 2016

The Financial Conduct Authority has “not done enough to tackle the cultural problems that lie behind mis-selling” by financial services firms, a government report has claimed. A formal review of how the regulator has reacted to mis-selling problems published by the Public Accounts Committee found that the cultures of firms and the nature of their […]

Wellesley Finance gears up for broker launch

Fri 13 May 2016

Peer-to-peer development and bridging lender Wellesley & Co has soft-launched its intermediary lending brand Wellesley Finance ahead of a full scale launch later this year. Tom Clark, head of bridging at Wellesley Finance, said the brand’s website – which went live this week – was designed to give brokers a taste of what the firm […]

Precise parent rejects buyout bid

Wed 4 May 2016

The private equity firms hoping to buy Charter Court Bank at a knock-down price have been left disappointed after the bank’s investor, Elliott Associates rejected all bids this week. Charter Court, which owns Precise Mortgages and Exact, was on the market for £400m but it is believed that BC Partners, Varde Partners and Warburg Pincus […]

FCA: Brokers are over-relying on one lender

Wed 4 May 2016

Some brokers are sending 80% of their cases to just one lender while prompting the Financial Conduct Authority to warn brokers to review whether they are giving the most suitable advice. Lynda Blackwell, mortgage sector manager at the FCA, told intermediaries at the Mortgage Business Expo in Leeds that the regulator had been looking at […]

FCA: Bridging advice raising red flag

Tue 3 May 2016

The FCA has raised concerns that regulated bridging finance is being recommended to borrowers in instances where a mainstream mortgage product would have been more appropriate. Speaking to brokers at the Leeds Mortgage Business Expo Lynda Blackwell, mortgage sector manager at the Financial Conduct Authority, said: “The recent increase in bridging sales makes us worry that […]

FCA: Advisers not checking seconds suitability

Tue 3 May 2016

Second charge brokers have been cautioned by the regulator with a reminder that advisers must “establish clients’ needs and source a suitable product for them based on that”. Under the Mortgage Credit Directive the rules on advising clients on second charge loans have been brought into line with the MCOB regime for first charge mortgages, […]

FCA warns on second charge affordability

Fri 29 Apr 2016

The regulator is “concerned” about the high arrears rate in the second charge mortgage market and has warned secured loan providers to scrutinise affordability strictly. Speaking at the Mortgage Business Expo in Leeds Lynda Blackwell, mortgage sector manager at the Financial Conduct Authority, said while the Mortgage Credit Directive has “generally been a good move […]

Belmont Green to offer seconds direct to brokers

Wed 27 Apr 2016

Belmont Green, the lender-in-waiting, has confirmed plans to offer second charge mortgages directly to brokers as well as through master brokers which could force down fees in the sector. It is believed that Belmont Green will be the first second charge lender to take its products directly to mortgage brokers, cutting master brokers out of […]

Bridging Introducer: When is a bridge not a bridge?

Tue 19 Apr 2016

The mainstream mortgage market is defined by products. Fixed or variable. One charge or two. One property as security only. Bridging however cannot be accused of the same thing – while historically it was a short-term facility secured against one property to enable the purchase of another, over the past few years short-term lenders have […]

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