UK: LOW DEMAND FOR CAT-MARKED MORTGAGES

Article Abstract:

Figures released by Moneyfacts have revealed that only 10 of 130 mortgage lenders in the UK are providing mortgages carrying the Cat standard of quality. Cat marked mortgages were introduced April 2000 in an attempt to improve the quality of mortgage products. Many lenders claim that Cat-mortgages are flawed and need to be restructured if demand is to increase. Only 227 Cat standard mortgages have been sold by Yorkshire Building Society since the April 2000 launch against total mortgage sales of 24,000 so far for the year.

Product quality

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UK: MORTGAGES COMPARED ON THE INTERNET

Article Abstract:

UK borrowers are more interested in the rate of their mortgage than the name of the of the lender, according to www.moneysupermarket.com, subsidiary of Mortgage 2000, which compares financial products on the Internet. The leading lenders online are Northern Rock, Portman and West Bromwich. Leading lenders whose share of the online market is not comparable with their share of the high street market include Abbey National, Alliance & Leicester and Barclays Bank.

Abbey National PLC, Alliance & Leicester PLC, Northern Rock PLC, Barclays Bank PLC (Abu Dhabi)

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UK: DRAFT RULES FOR MORTGAGES DUE IN MAY 2001

Article Abstract:

The UK Financial Services Authority (FSA) now intends to release draft regulations on mortgages in May 2001. Consumers may have to wait until summer-2001 for comparative mortgage tables. The relationship between intermediaries and lenders might have to be put on a contractual basis, which could have an impact on competition, and cause intermediaries to restrict the number of lenders with which they work and vice versa.

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