Contents Love is in the air, everywhere I look around
Taking love as our inspiration this month we decided to focus our attention on the state of relationships in the mortgage market this year. As we explore in our cover feature starting on page 26, the
mortgage industry is having something of a love in. While rela- tionships have been the backbone of this industry for decades, recent months have seen trade bodies and lenders both hold their hands up to brokers saying, let’s be friends.Our cover in- terview with Legal & General’s Stephen Smith and Ben Thomp-
son on page 32 demonstrates the important role the larger distributors can play in bringing brokers closer to lenders so both can better serve the customer, while also helping to smooth the road through what continues to be a bumpy market. Economic data is confusing the matter with infl ation running unexpectedly high
at 3.7% (December’s annual consumer price index) and GDP shrinking a shocking 0.5% in the fi nal quarter of 2010. In an attempt to help brokers understand confl ict- ing information, this month’s issue sees the fi rst of MI’s “Power Hour” roundtable debates, bringing senior industry experts together to give us their views on the mar- ket, in association with Mortgage Business Expo. This month we asked if now was the time to buy or rent – see page 36 to fi nd out what our guests thought. Further market views are revealed on page 24 as Nigel Stockton shares his inten-
tions for Countrywide in his fi rst feature length interview since joining the na- tional broker as fi nancial services director after leaving Lloyds Banking Group last autumn. While good relationships within the industry are clearly vital to its survival,
perhaps the most important relationship continues to be between the industry as a whole and the consumer it serves. The disconnect that apparently opened up between the two at the height of the market to what the regulator called “consumer detriment” has prompted further debate. In response, the mortgage industry has tried to club together to speak as a united
voice to persuade the regulator it can be trusted. It may be beginning to work. Implementation of the Mortgage Market Review ap-
pears delayed while consensus is reached but, further muddying the waters, in late January the Financial Services Authority published yet another discussion paper. This time the debate is the need for and scope of authority the regulator should
have to ban products in the attempt to protect consumers. Whatever the outcome, we hope our readers will continue to engage with this debate by writing to us and using the comment function on
www.mortgagein-
troducer.com so your views are heard. Happy Valentine’s Day.
Sarah Davidson, Deputy Editor Issue 31 February 2011 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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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.
4 News Review 6 Property News Review 8 Lending News Review 10 Specialist Prime News Review
12 Housing News Review 14 Product News Review 16 Protection News Review 17 General Insurance News Review 18 Equity Release News Review 19 Market Outlook News Review 20 The bigger issue Vote in our poll and see what the experts think 22 Questions from Hell All your regulatory queries answered 24 Rising to the challenge What Nigel Stockton hopes to achieve in 2011 26 A good tradition of love and hate Why is the mortgage industry so loved up? 32 The Interview MI talks to L&G’s Stephen Smith and Ben Thompson 36 The Power Hour
Industry experts discuss whether or not it is a good time to buy 42 Property prices What will property prices do this year? 44 Commercial News Review 47 Commercial News Opinion 48 Commercial Opportunities Potential opportunities in the commercial sector 50 Advance fee fraud
The NACFB tackles the issue of fraud in the industry 54 Hall of Fame
Who is infamous this month?
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