View more on these topics

Mortgage Works halts buy-to-let loans for newbuild

The Mortgage Works has stop-ped accepting new applications for buy-to-let mortgages on newbuild properties owing to concerns over how the sec- tor is developing.

Valuations in this sector have come under the firm’s scrutiny after it says it found evidence that developers are prepared to do deals on price outside the formal contract.

Group development director Matthew Wyles says that, in these cases, the lender could be unaware of the price being paid for the property and end up relying on a valuation which may in turn be based on false assumptions.

Wyles says: ” We have bec-ome very uncomfortable and there are serious risks that are being posed by developers. Developers are having prob- lem selling stock and, as a res- ult, valuing the property has become a black art rather than an elegant science.”

TMW says it will reopen to new BTL applications when supply and demand becomes steady. It says it will only accept BTL applications on proper- ties aged over one year but stresses that all current applications in the pipeline will be honoured.


EU stands by pledge to stem new regulation

The European Commission is standing by proposals to vet new rules thoroughly and stop a wave of new regulation hitting EU financial markets over the next five years. In its long-awaited white paper outlining the EC’s regulatory priorities until 2010, the commission pledges to deploy open, transparent policy-making and impact assessments before introducing new rules. […]

AITC welcomes move to introduce Reits

The Association of Investment Trust Companies is welcoming the Chancellor’s decision to introduce Reits in next year’s Finance Bill. It says it hopes the proposals will follow the AITC’s recommendations for a simple and flexible structure which offers easy access to the asset class for retail investors.

TUC welcomes Denham’s job advert Bill

The TUC has welcomed former Pensions Minister John Denham’s 10 minute rule bill to force all job adverts to reveal details of the combined salary and pensions benefits.TUC general secretary Brendan Barber says if the bill becomes law the new job adverts would help good employers recruit and retain the best staff and encourage those […]

Fortune favours the brave

Hedge fund of fund specialist Fortune Asset Management is set to make its debut in the onshore long-only multi-manager market in January.


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