Standard Life to offer home loans

Article Abstract:

Standard Life Bank , has announced that it is planning to lend some GB 500mn via IFAs when it launches its mortgage operation at the end of November 1998. The bank is aiming to lend up to GB 1bn annually of which GB 500mn will be through IFAs. The IFAs will be allured by making some GB 200mn-300mn worth of finance available only to the independent sector. Any money remaining will be sold off via the direct salesforce and via off-page advertising. A range of products will be available including variable, capped and fixed rate mortgages. *

Comment:

Is planning to lend some GBP500 mil via IFAs' when it launches its mortgage operation at end of 11/98

Commercial Banking, Use of Funds, Business Financing, Standard Life Bank

Internet mortgage trading hit by delay

Article Abstract:

Plans to create an internet-based trading system in the UK for mortgages have been deferred by the Council of Mortgage Lenders. The system is designed to allow intermediaries to scour the entire mortgage lending market to find the best deal, making the house buying and mortgage arranging process quicker in the process. The system is now scheduled for launch during the first three months of 1999 after the CML revealed that the scheme's complexity had forced the deferral.

Comment:

UK: Plans to create internet-based trading system for mortgages have been deferred by the Council of Mortgage Lenders

Marketing procedures, Mortgage Bankers & Brokers, Mortgage and Nonmortgage Loan Brokers

UK: Lenders offer nonsensical mortgage rates

Article Abstract:

Mortgage lenders are offering nonsensical rates to attract customers in the wake of the terrorist attacks in the US, says Eddie Smith, director of business development for specialist lender, Verso, owned by Britannia. Verso is offering a one year tie-in on a self-cert discounted rate of 3.98% until October 2002.

Product quality, Prime Interest Rate