Contents The dawn of the little guy
One year ago Mortgage Introducer reported that lenders and brokers had put down their swords and decided to work more closely together. What had united them? The horror of their reaction to the Mortgage Market Review. With fast-track and self-cert for the chopping block and
interest-only mortgages hanging in the balance it suddenly didn’t seem like such a good idea to be squabbling in the ranks. Led by the Council of Mortgage Lenders, the Intermediary Mortgage Lenders Association and the Association of Mortgage
Intermediaries, the industry pulled together and presented its case to the Financial Services Authority. A year later, much has changed. The FSA has taken a big step back, delayed the
whole shebang and is now due to present another MMR consultation paper in the Autumn, taking industry feedback into account. Why have I brought this up now you might ask? Well, after 12 months of work-
ing together it looks as though we might be emerging into a new dawn. Admittedly mortgage lending is still stuttering and the big six lenders continue to look pretty static despite incremental rate cuts, but there are signs of competition elsewhere. This month’s cover feature starting on page 34 looks at how smaller intermediary
lenders and regional building societies are helping to stimulate a new dawn of com- petition. It may be the dawn of the little guy. Not only are smaller lenders fi ghting to get business in, the role of the broker is also that much more important in this environment. Brokers are stepping things up – it’s not enough to simply search a mortgage
sourcing system they say. You have to be canny and thorough and understand smaller lenders’ criteria. It is possible to put deals away. Our interview on page 46 is with Julian Hartley of ING Direct, a smaller lender
that is champing at the bit to grow this year. On page 52 Jeff Knight reveals why brokers may be reluctant to deal with lenders they’re not so familiar with but argues it is important to consider them. And our power hour on page 40 takes a look at social media and how you can use
it to help you generate new business. It’s a new dawn indeed, with new technology, new routes of communication and a
new need for bespoke knowledge. We hope you’ll fi nd some of the tools you need to tackle it here.
Sarah Davidson, Editor Editor
Sarah Davidson, 020 7502 8225
Sarah@thepublishinggroup.co.uk
Reporter Yuan Phoon, 020 7502 8220
Yuan@thepublishinggroup.co.uk
Editorial Director
Nia Williams, 020 7502 8231
Nia@thepublishinggroup.co.uk
Issue 36 July 2011 Publisher
Robyn Hall, 020 7502 8229
Robyn@thepublishinggroup.co.uk
Associate Publisher
Matt Bond, 020 7502 8227
Matt@thepublishinggroup.co.uk
Subscriptions Andrew Goldsmith, 020 7502 8220
Andrew@thepublishinggroup.co.uk
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ADVICE TO READERS
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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www.exact.co.uk StripintroducerEXACT.indd 1 MORTGAGE INTRODUCER JULY 2011 3 13/12/2010 16:25 23
4 News Review 6 Property News Review 8 Lending News Review 10 Buy-to-let News Review 12 Housing News Review 14 Product News Review 15 Equity Release News Review 17 Protection News Review 18 General Insurance News Review 20 Short Term Finance News Review 22 Specialist Prime News Review 24 Economics News Review 26 Packaging News Review 27 Scotland News Review 28 Protection Review 2011 30 The bigger issue Vote in our poll and see what the experts think 32 Mortgage map
The mortgage crisis and its consequences 34 A new dawn of yes A look at the lenders who are saying yes to borrowers 40 The Power Hour
Industry experts discuss social media 46 The Interview MI talks to ING’s Julian Hartley 48 Overseas Mortgages How to grow your income through international mortgage advice 50 House prices Numbers reveal the regional picture 52 My lender doesn’t understand me Why smaller lenders must build trust 55 Commercial News Review 58 NACFB News digest
The NACFB looks at key news from the past month 62 Hall of Fame
Who is infamous this month?
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