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Loan rules guide for IFAs

Britannic Money is publishing a guide for intermediaries explaining how they will be affected by the FSA&#39s proposals for mortgage regulation contained in CP146.

The new rules are currently under consultation by the regulator and are set to come into force in the middle of 2004 but Britannic is urging brokers to start considering the impact now.

The first section of the booklet, Regulation and You, explains that some areas will remain outside the FSA&#39s regime, notably commercial mortgages, including buy-to-let and second-charge loans.

It then goes on to cover issues such as what constitutes good advice, the need for the advice process to be made clear for clients and the introduction of standard pre-application illustrations to make it easy for consumers to compare products.

It concludes by telling brokers they can have their say about the shape of regulation by going to the current consultations section on the FSA&#39s website at

Chief executive Tony Ward says: “It is imperative that the mortgage intermediary understands how they will be regulated in the future and what impact this will have on their business. This guide is an excellent starting point for any adviser to be better informed and get involved in the consultation process.”


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HDLN: Hotspots moving North


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London is no longer the property hotspot of the UK and does not even appear among the top 10 in England, according to the latest Halifax house price index.

Halifax&#39s analysis of the housing market for the third quarter of the year reveals that half of the fastest rising property prices over the last year were in towns in the North or the Midlands.

But Loughton in Essex still manages to top the table, with the average house price rising by an astonishing 75 per cent to £298,413 from £170,664 compared with last year.

The only other area in the South-east to appear in the top 10 is St Leonards-on-Sea, which appears in ninth place, with the average house price rising by 55 per cent to £133,996 from £86,529.

Smethwick in the West Midlands is second in the table, with average prices increasing by 68 per cent to £94,264 from £56,194.

Third is Pontypridd in Wales, where prices rose by 65 per cent to £84,742 from £51,417.

At number 10 is Taunton in the South-west, where house prices increased by 54 per cent to £185,995 from £120,553.

Group economist Martin Ellis says: “These figures show that the top hotspots are not just found in those regions which have seen the biggest growth as a whole.

“The fact that half of the towns appearing in the top 10 are in the North reflects the greater capacity for house price growth in these towns and the rapid redevelopment of cities such as Newcastle, Leeds and Manchester.”


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