Mortgages

The proportion of borrowers remortgaging increased to four in ten last month, which could signal the start of a rush as fixed rates continue to fall for home owners with a large deposit, said an adviser.

Robert Sinclair, chief executive of the Association of Mortgage Intermediaries (AMI), has said the Financial Services Authority (FSA) has "lost the plot" over its decision to allow Tesco to sell non-advised mortgages.

Insurer Legal & General (L&G) said it is ready to deliver a restricted advice solution for its distribution partners after announcing an increase in half-year profits.

Tesco Bank has made a move into the mortgage market by launching a range of non-advised deals.

Abbey for Intermediaries is to reduce rates on a number of its mortgage products.

UK house prices declined for the fourth time in five months in July, with prices falling by 0.7%, reported Nationwide.

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The Financial Services Authority (FSA) has laid bare some of the sales practices adopted by firms in the now-defunct sale and rent back (SRB) market, including evidence one firm charged clients up to £40,000 on single transactions.

Castle Trust, the investment and mortage business designed to help unlock the housing market, has been notified the FSA is set to authorise the business.

Multi-tie mortgage and financial advice network Openwork has made several redundancies, including mortgage relationship manager Karen Hedges, as part of a cost-saving initiative.