Contents


I was rather excitable as a child and my mother would often spout the old mantra “if you’re not careful, there’ll be tears”. Inevitably, she was right. I remember one day in the park swinging so high that I fl ew off the swing and landed with a thump on the ground. Thankfully, I didn’t break anything but I was bruised, shocked and my pride was hurt. Then came the tears. Floods of them in fact and cries of “it’s not fair”.


I’m recounting this tale because it brings to mind an acute


sense of what’s going on in the mortgage market. First we had the joy of swinging high when lenders competed wildly for business, brokers had the run of the market and borrowers, an endless supply of credit.


Then came the shock of falling off the swing. It would be under-egging it to


say nothing was broken in the chaos that ensued but for the most part, we’ve survived. Now comes the tears and “it’s not fair”. Last month Mortgage Introducer said the Conservative Liberal coalition ideals of freedom, fairness and responsibility were worth talking about in the mortgage market. It appears that many in the mortgage industry agreed and since then we’ve seen AMI, the CML and IMLA come out all guns blazing to work together to achieve an outcome from the FSA’s Mortgage Market Review that works best for the whole market. We’ve also heard cries of “it’s not fair”. Brokers are still spitting about dual pricing, which AMI director Robert Sinclair points out in our cover feature on page 20, is perhaps uncalled for since brokers benefi ted from dual pricing when we were still on the swing so to speak. Fairness was also the order of the emergency Budget, with Chancellor George Osborne saying the word “fair” no fewer than 14 times during his hour long speech. It seems clear that we’re still in the tears, hurt pride and “it’s not fair” stage of acceptance about falling off that swing, and therefore need reminding that we got ourselves into this. But the Budget also mentioned the word “future” a grand total of 10 times, so despite the pain and hurt pride, it seems we’re fi nally heading in the right direction.


Sarah Davidson, Deputy Editor Issue 24 July 2010 Editor


Nia Williams, 0207 490 0693 Nia@thepublishinggroup.co.uk


Deputy Editor


Sarah Davidson, 020 7490 1365 Sarah@thepublishinggroup.co.uk


Publisher


Robyn Hall, 0207 490 0588 Robyn@thepublishinggroup.co.uk


Advertising Manager Matt Bond, 020 7490 0588 Matt@thepublishinggroup.co.uk


Subscriptions Andrew Goldsmith, 0207 490 0622 Andrew@thepublishinggroup.co.uk


Head of Production


Melanie Jones, 020 8290 4999 melanie@mortgageintroducer.com


The text and cover papers used in this publication are sourced from sustainable forest products and are fully recyclable.


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The Magazine Printing Company. Distributed by The DM Print & Mail Company


4 Buy-to-let news 5 Equity release news 6 Protection news 8 Protection information


4 News Review 6 Specialist Prime News Review 8 Buy-to-let News Review 10 Equity Release News Review 12 Protection News Review 13 Product News Analysis 14 General Insurance News Review 15 Property News Review 16 SVR News Review


12 Diary & moves


14 Questions from hell All your regulatory queries answered 16 Bridging


20 Questions from hell All your regulatory queries answered


21 Letters Have your say


17 Opportunities From challenges to opportunities


22 All for one and one for all The battle for a common goal


18 Be positive Start adapting from Day One


32 CF10: To be or not to be? The question for compliance offi cers


21 Feel-good factor At least the World Cup is coming


22 Back to FSA basics The impact of regulation on TCF


24 Unintended consequences The impact of the past year


25 Focus on the future Don’t look back with anger


42 Training


26 Wot remortgage? When will the market pick up?


34 Get your head in the game Lessons to be learned from recessions


38 King of the castle Protect clients or there will be casualties


40 Working in partnership Jettison relationships not working


Sample CeMAP questions for your CPD


44 Commercial news Opinion 45 Commercial News Review


28 The wheat from the chaf What 2010 will mean for short-term fi nance


46 Fraud fi ght Has the NACFB’s Fraud Intelligence Committee worked?


50 Hall of Fame Who is infamous this month?


29 Time to eat glass Aldermore gives an economic viewpoint


30 Slow but steady This is the CML’s view for next year ADVICE TO READERS


The Publishing Group Limited, Davina House, Suite 305, 137-149 Goswell Road, London EC1V 7ET


Information carried in Mortgage Introducer is checked for accuracy, but we recommend that you make enquiries and, if necessary, take legal advice before entering into any transactions. Any views or opinions expressed in this magazine are solely those of the author and do not necessarily represent those of The Publishing Group Ltd. All rights reserved in respect of all articles, drawings, photographs etc published in Mortgage Introducer anywhere in the world. Reproduction or imitations of these are expressly forbidden without permission of the publishers. Editorial contribu- tions requiring an answer should be accompanied by a stamped self-addressed envelope. No responsibility can be taken for contributions lost or damaged in the post. Conditions of sale and supply: this periodical is sold subject to the following conditions, namely that it shall not without the prior written consent of the publishers be lent, resold, hired out or otherwise disposed of in a mutilated condition or in any unauthorised cover by way of trade or affi xed to any advertis- ing, literary or pictorial matter whatsoever. All advertising is subject to the terms of our current rate card.


What would your client get without cover? 10 Statistics


A look at house price information around the country, comparing 2009 with 2008


18 The bigger issue Vote in our poll and see what the experts think


How bridging has been affected by the


29x180 PRECISE STRIP AD.indd 1


MORTGAGE INTRODUCER JULY 2010 317/5/10 15:13:45 23


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