View more on these topics

Lenders urged to fill part-verified product gap

A former Southern Pacific Mortgages manager has called for lenders to fill a gap in the market with part-verified products.

Speaking at a session on self-certification at the Mortgage Business Expo last week, Gavin Hunt, who has worked at Kensington but more recently at failed lender Concert Mortgages, said that he wants to campaign for more partverified products to be offered by lenders.

He said that some lenders have dabbled in this market but no one has moved into it whole-heartedly.

Hunt said these products could be used by people who only need part of their income to be self-certified. He said: “There is no reason why someone cannot get their act together and offer good part-verified products. Brokers should encourage lenders to do this.”

Hunt said that it was better for lenders to offer these types of products as it reduced risk and there is a huge gap in the market.

He also told delegates that there was likely to be an increase in “sampling” by lend-ers in the self-certification market – making checks and verifying incomes – due to the FSA’s increasing concern over the sector.


Second thoughts

Congratulations on your forthcoming marriage. It is important that couples who are about to marry are aware of the financial implications if they divorce as many people at this stage of their lives are so happy and in love that they cannot even think about separation. The divorce rate is the lowest it has been in England and Wales for 20 years but the number of second-time divorcees has doubled in the last 25 years. In 2006, second-time divorcees constituted one-fifth of all divorcees.

Reconciliation nation

Commission reconciliation has historically been one of the most labour-intensive activities carried out by adviser firms. It is boring, tedious, time-consuming but sadly essential.

Hips rolled out to one and two bedroom homes from December 14

The Government has announced today that Home Information Packs will be extended to one and two bedroom homes from December 14.HIP Payment Services chief executive Jeff Smith says: “Today’s announcement will be greeted with much enthusiasm and relief from the industry, which has been tirelessly campaigning for HIPs to be fully extended across the whole […]

Axa’s Steve Muir leaves following restructure

Axa media relations manager Steve Muir has taken redundancy following a restructure of the external communications team. Under the restructure, a number of new roles were created but Muir, who has been with Axa for 20 years, opted for redundancy.A spokeswoman for Axa says: “No one else is leaving. Under the restructure we have aligned […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment