P544 Teletext 540 Oct 2 21:02:01    ————————— ———————  ———————————— THE MORTGAGE CODE AND MORTGAGE BROKERS The Mortgage Code applies to both lenders and brokers and any firm that has responsibility for handling any aspect of mortgage advice to borrowers. For brokers, it includes the requirement to disclose the fees earned and the range of possible mortgage providers the broker is considering. This naturally protects borrowers from being railroaded into a product which might not suit their needs. ——————————————————————————————————1/9—— by Lorne Spicer BUSINESS BRIEFING ON OUR WEB SITE GO TO: www.teletext.co.uk Mortgages Savings Borrowing City
P544 Teletext 540 Oct 2 21:02:00    ————————— ———————  ———————————— THE MORTGAGE CODE AND MORTGAGE BROKERS Mortgage providers who design exclusive mortgages in conjunction with lenders and target these to certain brokers are also covered by the Code. The Council of Mortgage Lenders is encouraging everyone in the home loans business to sign up for the Code to ensure borrowers are protected. Many lenders now use outsourcing firms to administer their mortgages, but this doesn't absolve them of responsibility. ——————————————————————————————————2/9—— Advice Clinic 543 Holiday £ 548 WHAT'S ON AT YOUR LOCAL CINEMA? p460 Mortgages Savings Borrowing City
P544 Teletext 540 Oct 2 21:07:13    ————————— ———————  ———————————— THE MORTGAGE CODE AND MORTGAGE BROKERS Outsourcing the administration of loans is increasingly popular for lenders. The CML says the type of work contracted out of house includes: Third-party administration: often done in the name of the lender, so borrowers l—y not know that the loan administration is contracted out. Bureau services: outsourcing firms provide the lender's IT systems. This is popular among smaller lenders. ——————————————————————————————————3/9—— Tourist Rates 548 Premium Bonds 549 NOW IT'S EVEN EASIER TO FIND LOVE: TELETEXT DATING ITV p390 Mortgages Savings Borrowing City
P544 Teletext 540 Oct 2 21:05:10    ————————— ———————  ———————————— THE MORTGAGE CODE AND MORTGAGE BROKERS Supermarket mortgages are a new development in the home loan market, deemed by the CML as "lender/funder" partnerships. Under the Mortgage Code, it is left to lenders and brokers to be satisfied that such loans comply with the Code regulations. In other words, the ultimate responsibility for Code compliance remains with the lender. ——————————————————————————————————4/9—— Advice Clinic 543 Holiday £ 548 DON'T SURRENDER YOUR ENDOWMENT POLICY SELL TO S.E.C. SEE p626 Mortgages Savings Borrowing City
P544 Teletext 546 Oct 2 01:00:11    ————————— ———————  ———————————— THE MORTGAGE CODE AND MORTGAGE BROKERS Most mortgage brokers, whatever their category, back the Mortgage Code. The CML, and other bodies pepresenting estate agents, surveyors and valuers, all advise homeowers only to use those brokers who have signed up to the Code. Homeowners who check out brokers' credentials and go with registered Mortgage Code brokers have the peace of mind of knowing if anything goes wrong, the broker is fully accountable. ——————————————————————————————————5/9—— Tourist Rates 548 Premium Bonds 549 POPULAR SHARE CHECK p519 Mortgages Savings Borrowing City
P544 Teletext 546 Oct 2 21:00:22    ————————— ———————  ———————————— THE MORTGAGE CODE AND MORTGAGE BROKERS The Mortgage Code seems to be effective though it's yet to be put to a test case. It will be fascinating to see how the Code can cope when, with the single currency, the market opens up across Europe. Foreign lenders may come up with better deals than those at home. What's yet to be covered is how UK borrowers are protected if anything goes wrong. ——————————————————————————————————6/9—— Check out the top borrowing deals 547 SWITCH TO p628 AND YOU COULD SAVE ON YOUR MORTGAGE Mortgages Savings Borrowing City
P544 Teletext 540 Oct 2 21:01:40    ————————— ———————  ———————————— THE MORTGAGE CODE AND MORTGAGE BROKERS Which? says many building societies, banks and brokers are still giving customers bad advice despite the Code. The publication claims: many lenders are ignoring the Code it visited 66 lenders and 20 brokers but less than half even mentioned the Code and the protection it offers few explained the levels of advice available — in breach of the Code about half failed to explain the pros and cons of the mortgages on offer. ——————————————————————————————————7/9—— Advice Clinic 543 Holiday £ 548 BUSINESS BRIEFING ON OUR WEB SITE GO TO: www.teletext.co.uk Mortgages Savings Borrowing City
P544 Teletext 546 Oct 2 21:01:01    ————————— ———————  ———————————— THE MORTGAGE CODE AND MORTGAGE BROKERS Bradford & Bingley and Northern Rock offered the best advice to borrowers, according to Which? research. It adds: Abbey National and Nationwide were poorest at finding out the Which? researchers' homeloan needs over half the advisers Which? visited were biased towards endowment loans many advisers rubbished repayment home loans and made misleading remarks about the mortgages available. ——————————————————————————————————8/9—— Tourist Rates 548 Premium Bonds 549 BUSINESS BRIEFING ON OUR WEB SITE GO TO: www.teletext.co.uk Mortgages Savings Borrowing City
P544 Teletext 546 Oct 2 21:03:02 Advert >> FRIDAY UPDATE  PRUDENTIAL HOME INSURANCE        'That's how much we saved a man from Wales recently, how much could we save you today?' - THE MAN FROM THE PRU. ££££££££££££££££££££££££££££££££££££££  CAN YOU REALLY AFFORD NOT TO CALL?    FOR FUTHER DETAILS SEE x372 Mortgages Savings Borrowing City