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Rough road ahead for mortgage firms, says Malone

Premier Mortgage Services should have a replacement for managing director John Malone by the end of March with Malone set to become chairman.

In an interview with Money Marketing’s Mortgage Brief, Malone says: “We would expect to have somebody probably by the end of the first quarter and, according to circumstances, they would be starting as managing director some time in the second quarter.”

Malone believes this year will be a bumpy time for the mortgage industry and says while he does not expect to see another Northern Rock, specialist lenders, in particular, will have a tougher time. He expects to see rising levels of redundancies across the industry, in broking as well as lending, and says smaller mortgage clubs and networks will find it difficult to survive a downturn in trading volumes.

Malone says: “If the number of purchases, as many of us are suggesting, from one and a quarter million to possibly less than a million purchases, then obviously fewer transactions mean less income and that will have an impact, whether the firm is a network or mortgage club. I think that by this time next year there will be fewer network-type players.”


Land Registry figures show house price drop of 0.4 per cent in December

Land Registry figures have shown that house prices in England and Wales dropped by 0.4 per cent in December, the first fall for England and Wales since August 2005.The average price of a house is now £184,469.The Land Registry says that this month’s data provides evidence of a ‘downward trend’ in house prices. It says: […]

Caroline Flint appointed housing minister

Caroline Flint has been appointed housing minister at the Department for Communities and Local Government.Flint was previously minister for employment and welfare reform and minister for public health before that.She says: “Housing is a key priority for this Government. We desperately need more affordable housing to help first-time buyers and young families who are struggling […]

Do you know who I am?

Kevin Lyon from Aegon gave a speech at the recent Falcon conference about the importance of attention to detail when cold-contacting potential leads, particularly emphasising how important it was to get their name right.Unfortunately, Kevin pointed out that his name badge had him down as Kevin Lyons at that very same conference. As if that […]

Axa slaps six month notice period on life and pensions property funds

Axa has deferred redemptions from its retail life and pensions property funds for up to six months in a bid to deal with falling liquidity levels.The firm follows Aegon Scottish Equitable, Scottish Widows and Close Investments, all of which suspended redemptions from their property funds in recent weeks.Axa Investment managing director Ian Colquhoun says: “Given […]

Inheritance Tax, a tax on the wealthy? Urban myth or fact?

By Kim Jarvis, Technical Manager with Canada Life’s ican Technical Services Team. Inheritance tax has been around in some form since 1796. Estate duty dates back to 1894 and over the years this tax has evolved into the inheritance tax (IHT) we know and love today, which was introduced in 1986 as a replacement for […]


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