Contents Finally, something to celebrate
At last there appears to be light at the end of the tunnel for the mortgage market and there is something to celebrate. At the end of October Precise Mortgages became the fi rst non-bank to receive FSA authorisation since the credit crunch hit.
Getting these permissions is no mean feat and our hats go off to the Precise team. While the cash they have to lend is more millions than billions their addition to the residential market should help to
drive product innovation and competition between intermediary lenders. The fact the FSA is supporting a lender reliant on wholesale funding (Precise is
backed by US private equity investor, Elliott Associates) is also good news. It is the fi rst indication the regulator means what it says about wanting to support a diverse, multi-player mortgage market. Our cover feature, which starts on page 28, considers the prospects for the buy- to-let sector, which was also given a boost in October with Paragon Mortgages re- entering the fray at the very start of the month. Recent research by the lender suggests a pick-up in activity. On average, it said, buy-to-let accounted for 17% of mortgage intermediary business during the third quarter of the year - another move in the right direction. And despite concern about a double-dip recession, October saw UK economic
growth in the third quarter outperform the market’s fears with a 0.8% rise in GDP. Growth at this rate is welcome news and, if it can be sustained, bodes well for minimising the pain of half a million public sector workers losing their jobs and having to fi nd work in the private sector. Yes, there is still much to be worried about. The ongoing mortgage funding standstill and the impact of £81 billion worth of public spending cuts are dark clouds indeed. But that light at the end of the tunnel is brightening for brokers with Precise, Paragon and other announcements such as Kensington starting to accept business from the entire intermediary market becoming more frequent. We may not be out of the tunnel yet and these may still be small steps but they are steps in the right direction. Finally, if you are going to this year’s Mortgage Business Expo on November 10th and 11th at London’s Olympia 2, make sure you stop by the Mortgage Introducer stand and say hello to me and the team. We’re giving away a whole pile of goodies and you might walk away rather happy.
Sarah Davidson, Deputy Editor Issue 28 November 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
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4 News Review 6 Specialist Prime News Review 8 Buy-to-let News Review 10 Equity Release News Review 11 Protection News Review 12 General Insurance News Review 16 Property News Review
18 Sale and Rent Back News Review 20 CSR News Review
22 The Bigger Issue Vote in our poll and see what the experts think 24 Questions from Hell All your regulatory queries answered 26 Letters
Have your say
28 Light at the end of the tunnel The buy-to-let sector is a ray of light in the housing market 34 First past the post A political round-up following the party conferences 36 The Interview AfI’s Alan Mathewson and Iain Laing 40 Bonjour, madame, monsieur Investing in French property 42 House price indices Make more sense of house price movements 44 Better business It’s not the game, it’s how you play it 45 One size doesn’t fi t all The FSA should reconsider on interest only
46 Commercial News Review 47 Bridging News Opinion 49 Adventure capital Surge in interest in equity fi nance for SMEs 51 Mortgage Business Expo Come and visit us at the MBE
54 Hall of Fame Who is infamous this month? 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.
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