View more on these topics

Mortgage Express hits KFI hitch

Mortgage Express is unable to offer KFIs online as it still preparing its system in the first week of statutory mortgage regulation.

The firm wrote to brokers in October to warn them that there was a 50 per cent chance that it would have to shut down its online processing system on M-Day.

Intermediaries visiting the Mortgage Express website are greeted with a message explaining that the system upgrade has not been successful and so is unavailable for regulated mortgage contracts.

Buy-to-let business, which is unregulated, can still be submitted online.

The company says business will not be adversely affected but brokers will have to submit business in paper format until the system is ready.

Purely Mortgages chief executive Mark Chilton says the first day of the new mortgage regulation environment saw several lenders without websites up and running, which has caused difficulties for those wanting to access KFIs online.

Mortgage Express media relations officer Daniela Conte says: “We have been up-front and wanted to prepare lenders for any eventuality. Compliant KFIs are available but not online. We would hope to have them ready next week.”

Park Row Mortgages head of mortgages Kevin Paterson says: “We have been made aware that Mortgage Express has been struggling with their online KFIs. I am sure there are several others we will find out about as the week goes on.”


Investment view

I hope I can be forgiven for largely ignoring the US presidential election as by now we will all know the result. The problem I face is that the outcome, as I write, is in the future. Does it matter?

D-Day dodgers

With the approach of D-Day – December 1 – the minds of tied and independent advisers should be straying towards the consideration of their regulatory status in the newly depolarised world. Depolarisation offers advisers the options of being whole of market, limited choice or single provider. Currently, of course, there are only two choices -IFA or tied adviser.

Teachers BS pulls out of intermediary market

Teachers Building Society will only service mortgage customers on a direct business basis after problems with arranging its compliant KFI. The building society has received a number of phone calls from intermediaries asking if it can provide a KFI. But due to problems in creating it with features such as displaying fees, it has decided […]

A DGT with 100% access and 100% discount?

Clare Moffat, Technical Manager, looks at the benefits of pensions from an IHT perspective. 100% access and 100% discount – what type of wrapper could this be? A pension! Post flexibility there is 100% access (for those over 55) and normally pensions are inheritance tax (IHT) free. With flexibility the options available on death mean […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm