View more on these topics

Imla proposes new trade body to speak for all

The Intermediary Mortgage Lenders&#39 Association is proposing a new mortgage trade body representing all parts of the industry.

Imla says it does not have the resources and infrastructure to set up and run an intermediary trade body but is keen to assist its development. It believes there is a gap to be filled as the industry evolves on the way to FSA regulation.

Brokers and lenders have given the proposals a cautious thumbs-up but they want assurance that it would be impartial, avoid vested interests and would not overlap with similar ventures such as the embryonic National Association of Mortgage Brokers and Advisers.

Imla chairman Tony Ward is talking to lenders and intermediaries to gain their support by putting the case for an effective lobbying body in a fragmented sector.

Charcol says it believes a single trade body makes good sense but it has not yet made a commitment to support anyone although it says it would consider becoming involved in due course.

Lender BM Solutions says it would back an intermediary association promoting best practice as long as it represents all aspects of the sector as it is not prepared to support separate ves-ted interests.

Ward says: “As a lenders&#39 trade body, Imla has a definite interest in getting this right. The intermediary market is huge and diverse and to have credibility a body, needs to cover the whole shooting match.”

Prudential national mortgage manager John Malone says: “I would like to know what the actual brief of the trade body would be in view of statutory regulation and what it is trying to achieve.”

Recommended

Pink offers discounted Chameleon

Pink offers discounted ChameleonType: DiscountRates: 5.75% (base rate plus 2.75% with 1% discount) — up to 60% LTV6.50% (base rate plus 3.75% with 1.25% discount) — up to 70% LTV6.50% (base rate plus 4.5% with 2% discount) — up to 75% LTV6.75% (base rate plus 5% with 2.25% discount) — up to 80% LTV6.75% (base […]

Norwich & Peterborough fixed Spanish mortgage

Norwich & Peterborough fixed rate on Spanish properties Type: Fixed rate, for Spanish propertiesRate: 5.04 per cent for two years, 5.99 per cent for five yearsUnderlying rate: Income multiples: Three times single applicant salary; three times main salary plus second applicant’s salary; two times joint salaryMinimum loan: £40,000Maximum loan: Negotiable, repayable over 20 yearsConditions: Mortgage […]

Stop single approach to boost Isas

All the signs are that this will be the worst Isa season on record. Estimates vary from a drop of 25 per cent to as high as 75 per cent from last year&#39s season. Given that last year was much lower than the one before, the picture just keeps getting blacker and blacker.Although it is […]

Wake up to change

The history of the last 10 years has been one of continuous change for IFAs – and CP121 presages even more.Before rushing in headlong to take this on, now would be a good time for IFAs to pause and reflect on the nature of change and how best to survive it.We have managed a number […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment