Saturday, January 25, 2020

HSBC Bank Mortgage Policies Analysis

HSBC Bank Mortgage Policies Analysis INTRODUCTION: Home is the need of every human being and having their own home is dream of every human being. In the United Kingdom price of the houses are very high and it is not possible for every citizen to buy their own home without taking financial help from financial organization like banks or building societies. When bank or a building society helps someone financially by providing loan, so that a citizen is able to buy his/her own home is called mortgage. In other words we can say a mortgage represents a loan on a property or house that has to be paid over a specified period of time. As financial help is always needed for smooth run of ones life so for the convenience of the people there are many financial organizations such as banks help the people financially, who want to buy their own home and property. So mortgage was introduced by the banks, from which people can get financial help so that one is able to buy his/her own home and property. Mortgage system is very popular among the people of the United Kingdom because this is the only way to buy their own property. As we know that the mortgage is that sum of money which is borrowed from the Bank or Building Society for buying a property and that borrowed amount has to be paid back with principle plus interest within fixed time period. Today mortgage has great importance as it is the only way with the help of which people are able to buy their own property. This dissertation report is based on the theory of research over the mortgage system of HSBC Bank and specifying the various strategies and policies of thei r mortgage system. The purpose of this report is to critically evaluate the mortgage system of HSBC Bank. Company Background: HSBC Bank has its headquarters in London. HSBC took its name from the Hong Kong and Shanghai Corporation which was founded in 1865 to finance trade between China and Europe. HSBC is one of the largest banking and financial services organization in the world. HSBC has 8,000 offices globally. HSBC Bank is one of the major clearing banks in the United Kingdom having more assets than any other bank. The business ranges from the traditional High Street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking. HSBC is listed on the stock exchanges of London, Hong Kong, New York, Paris having around 220,000 shareholders in 119 countries and territories. HSBC has 1500 branches in United Kingdom. HSBC Bank plc is incorporated in England and Wales and established at 8 Canada Square, London E14 5HQ which is its Registered Office. This bank is regulated by the Financial Services Authority and is registered in the Financial Services Authority Register with the Registration Number: 114216. HSBC Bank is member of the Financial Ombudsman Scheme. Literature Review: A mortgage is a conveyance of land or an assignment of chattels as a security for payment of a debt or the discharge of some other obligation for which it is given. This is the idea of a mortgage; and the security is redeemable on the payment or discharge of such debt or obligation, any provision to the contrary notwithstanding (Stanley Wilde 1899) Per Lindley MR. The mortgage is derived from the two words i.e. mort and gage which means dead pledge. The mortgage is usually signed by the borrower and agreed before a public notary and is recorded with the County Recorder. In the mortgage system if the mortgagor fails to pay the installment then the lender has right to close out the mortgage and can sale the property to get the payment for future.(Jack P Friedman, 2003 p.173-204) The mortgage is a  loan  to  finance  for the  purchase  of  real estate, with a specified interest rates and fixed payment time period. The  borrower (mortgagor) gives the  lender  (mortgagee) a  lien  on the property  as  collateral  for the loan. People can borrow money to buy a home and pay interest on the mortgage to the lender (Bank or Building Society). The Lender (Bank) uses borrowers property as security for the loan. This term means that if the borrower fails to pay the monthly installment then lender (Bank) may repossess property. An individual can apply for mortgage from any bank like HSBC, Lloyds TSB, Barclays, and Santander or from Nationwide (Building Society) or from Islamic Bank of Britain. The mortgage makes very easier to pay the huge amount in the monthly installment for the fixed time depends on the mortgage plan. (Jack Guttentag, 2004). The mortgage which suits you the best depends on many parameters which mainly include your risk enduring capacity, your personal financial goals and capabilities and your income. In the presence of so many options and offers present in the market it can surely become a daunting task to select the best mortgage option for you. Considering your dilemma we at finance-strategy.com came up with some useful tit bits which when kept in mind can surely help you make a wise decision towards taking a mortgage. An adjustable rate mortgage is perfect for those situations where you have to stay in that house for a short period of time and when the interest rates in the market are low and are expected to stay so too during the coming times. On the other hand a fixed rate mortgage fits those situations where in you decide to won that house for a longer period of time and the interest rates too are very high at the moment with chances of volatility in the near future. A fixed interest cushions you against these turbulent conditions. The advantages and disadvantages of mortgages will surely take us a step closer towards deciding it for sure if taking a mortgage is the best solution for your situation. Advantages: The most important advantage associated with a mortgage is the fact that it allows us to retain the ownership of our property and at the same time helps us in getting financial aid too. There is no need for one to sell or let go of his property to seek some money in exchange. In a mortgage the lender does not receive any share in the ownership of the property but is only entitled to take back the principal amount and the interest accumulated on the principal amount lent by him to you. the lender can only claim ownership on your property in case you default on the repayment schedule. The other benefit associated with mortgage is the fact that the interest payments on the mortgage are tax free in nature. Since the schedules of repayment are pre fixed and decided it allows you to plan your financials and expenses accordingly thereby simplifying the entire process for you. By availing a mortgage you now have access to cash flow which you were not having in normal conditions and can now use it to fulfill your needs and requirements. Disadvantages: The need of depositing collateral as security works out to be the biggest drawback of mortgages. It restricts the kind of people who can avail a mortgage as only home owners or other asset owners can do so. Also, in case that you default on your payment the lender has the right to claim the property deposited by you as collateral and then subsequently sell it off to claim back the loaned amount he had given you. You have to ensure while taking the mortgage that there is a clause mentioned therein that on repayment of the mortgage the lender has to release the ownership title submitted to him by you. The lender as per his convenience can define several events which he mat term as a default and generally includes inability to pay back the loan, bankruptcy, insolvency or any breach in the mortgage agreement. Therefore the risk of you ending up losing your property increases substantially. Repayment Of Mortgages There are two methods of repaying mortgage, one can choose from these two methods according to ones personal circumstances. Capital Repayment: With a capital repayment plan, monthly payment covers the interest charged on mortgage and it also reduces the outstanding balance each month in line with the term selected. With this repayment plan, one can ensure mortgage is fully paid off at the end of the mortgage period. What we get with the repayment option: Interest and capital repaid monthly payment covers the interest and also reduces the total balance outstanding Secure providing all payments are made, the mortgage will be repaid in full at the end of the agreed mortgage term Choose your repayment term up to a maximum of 30 years. Capital repayment is a repayment option on all of our mortgage products fixed rate, tracker and discount mortgages. Interest only: With an interest only option, monthly payment covers only the interest charged on mortgage, freeing up cash to spend elsewhere or to invest to pay off mortgage at the end of the mortgage term. By repaying only the interest on mortgage, monthly repayments are lower than with an equivalent capital repayment mortgage. What we get with the Interest only option: Interest only the monthly payment covers just the interest and the original capital amount borrowed remains outstanding throughout the term of the loan Lower monthly payments because capital is not repayed, monthly payments will be lower than with a capital repayment mortgage Long repayment term up to a maximum of 40 years Lower borrowing limit up to a maximum of 75% of the purchase price or the valuation of property (whichever is lower) Availability Interest only loans are restricted to home buyers or customers remortgaging from a competitor. Not available to existing customers borrowing further funds. Mortgage products of HSBC Bank Fixed Rate Mortgages: Repayments are fixed for the duration of the fixed term, and because it doesnt vary, monthly repayments remain the same regardless of what happens to interest rates HSBC currently offers fixed-rate mortgages over 2 and 5 year periods. At the end of the period mortgage will revert to the HSBC Variable Rate unless borrower decide to move to another product Feature Fixed Rate Interest Type Fixed Interest Calculated Daily Yes Unlimited over payments without incurring a charge No Early repayment charge Yes Extended tie in period No Exit fee No Can loan can be port if a person move home Yes In Fixed Rate Mortgages early repayment charge applies during the fixed rate period, and if we increase our standard monthly payment by more than 20% or repay, by any other method, the whole or any part of the mortgage, over and above your standard monthly payment during your fixed rate period Tracker Mortgages: The tracker interest we pay is an agreed percentage above the Bank of Englands Base rate. As the base rate rises and falls, the tracker will track these changes, and so rise and fall accordingly. This will affect the monthly payments HSBC Tracker mortgages are Lifetime trackers, in that they track the Base rate for the lifetime of the loan. Therefore we do not have to worry about coming to the end of a deal, and subsequently switching, with the associated costs. Should Base rates rise you can select to move to a fixed rate where booking fees may be payable. Feature Fixed Rate Interest Type Variable Interest Calculated Daily Yes Unlimited over payments without incurring a charge Yes Early repayment charge No Extended tie in period No Exit fee No Can loan can be port if a person move home Yes Discount Mortgages: A discount mortgage is a variable rate mortgage that offers an interest rate that is a discount off the HSBC Variable Rate for an agreed period (e.g. 2 years). With a discount mortgage, monthly payments will go up and down as the HSBC Variable Rate rises and falls. The HSBC Variable Rate is a rate that is internally set by HSBC. An early repayment charge applies during the discounted rate period, and if we increase our standard monthly payment by more than 20% or repay, by any other method, the whole or any part of the mortgage, over and above our standard monthly payment during your discounted rate period. Feature Fixed Rate Interest Type Variable Interest Calculated Daily Yes Unlimited over payments without incurring a charge No Early repayment charge Yes Extended tie in period No Exit fee No Can loan can be port if a person move home Yes GOVT STATISTICS: According to the government statistics the Mortgage Rescue Scheme used to monitor the statistics which usually gives information on the number of householders with having the mortgage difficulties. This scheme has two main elements: Government Mortgage to Rent and â‚ ¬Ã‹Å"Shared Equity The figures which are presented by Government Office Region are usually based on this scheme and submitted to Local Government by local authorities and communities. Local authority figures do not contain estimates for missing returns. Information on the local authority response rate is provided alongside the reported figures for each period. Figures for different periods are shown on separate tabs in the workbook. This is under the Ministry of Justice and the council of mortgage lenders. (www.communities.gov.uk/publications/corporate/statistics/mortgagerescuestatistics2010) Mortgage and landlord possession statistics (NS) 13 March 2010 Quarterly National Statistics on possession actions issued in county courts by mortgage lenders and social and private landlords in England and Wales. This is released quarterly by the ministry of justice and in relation with UK statistics authority. Justification: As having the field of banking I am quite interesting in reviewing the different strategies followed by the banks in the various fields. Moreover it is accessible for me to collect the information regarding my topic as my friend is serving for the both banks. From them I can get the required data regarding my dissertation. The reason behind choosing this topic is that I can get a direction for my future perspective by having the detailed study of this topic. RESEARCH QUESTIONS: The most important parts of the research needed to be covered are as follow:- What are the major resemblances among commercial mortgage in the Britain? What are the considerations customers should employ when choosing a mortgage product? RESEARCH OBJECTIVES: The below mentioned aims are set up on the foundation of planned research questions: To study the different mortgage products of HSBC Bank To recognize the important advantages of the HSBC mortgages over the other commercial mortgages system in the country, To discover the suitable measure. RESEARCH METHOD: Research plan is very important the main component of the research method. In this research method we will give the fundamental sketch of complete research scheme. Research method is the basic initiation of the entire research in it will plan that the how and when the research will be completed and what actions are required to accomplish this task.   This section aims to explain the type of research methods that would be used for the analysis of the proposed company. The results of the research would indicate the range of services that need to be offered, and the suitability of these services for the target market.  Moore (2000)  explains how the methods used will be influenced by constraints, such as time and money. It is important to consider all the methods available and choose a method that is most likely to achieve the objective of the research. Inductive and deductive Approach: RESEARCH OPINION: In the research onion is used to define the whole process of research strategy in detail the generic research process â‚ ¬Ã‹Å"onion support the researchers and give them the direction to do work. (Saunders et al, 2000) There are the different layers which represents the following aspects of the Research Methodology. Research Philosophy Research Approach Research Strategy Time Horizons Data Collection Methods Primary and Secondary Research   Primary data is that type of information which is new and that hasnt been used or collected before. On the other hand the secondary data is that information which has been collected earlier, by some other sources for their own purpose and can used by others for their convenience .(Saunders et al. 1997). Secondary research is also very important for the establishment of data and the collection of data for the current issues and this also helps to discover the relevant studies which can be carried in the past time. Advantages and disadvantages of primary and secondary research methods Primary Research Advantages: This can be used by face to face conversation in the form of interviews or by the telephonic interview. This is used by the help of technology by using mobile phones and through internet communication. A large group of people can be cover in many areas. Wider coverage of geographical areas. This method is cheaper one. . Disadvantages: There are problems to prepare it. The Questions put in this are generally easy to answer. Lower response for the historic things. Time consuming. Secondary Research Advantages: This is time saving method. This can be used by any firm for the research. Sometime this depends upon the type of research which has to be conducted, for that case their advantages and disadvantages vary. Probably accurate. Disadvantages The main disadvantage is that there is no up to date and is collected over the time. And there may be changes in that data which has to be updated. Data may be in unsuitable format. The data is free to all and there no competitive advantages the organisation (Ghauri and Gronhaug, 2002) Qualitative and Quantitative Research   The table below outlines the differences between qualitative and quantitative data: Qualitative Quantitative This research is based on words which are expressed in meaning. Based on derived  from numbers and data. Results collected are non-standardized and data require classification into categories and not in the numerical form. Result of collection is in the numerical form and data is standardized. Conceptualism is used for conduct the analysis. Analysis conducted through there is use   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Of diagrams and statistics. (Dey (1993); Healey and Rawlinson (1994), cited in Saunders et al (2003)) SELECTION OF METHOD: As I have the topic of mortgage system it will be suitable for my topic if I will go through mixture of both approaches i.e. both secondary and primary resources. This will be helpful in collecting the relevant data according to the need and will be useful in going to the depth of the research. On my part it is valuable to go through by considering the research onion. Regarding this I will concern both approaches for my research given by (Saunders and Thornhill in 2000). ETHICS: The main source of data collection methods for my research is quantitative method which is useful for collecting the facts and figure for my research. Moreover I have contacts in the both banks for collecting the information. The manager Of HSBC Bank is in contact with me and he agreed to assist me in providing information as per my requirement. In order to make my research more accurate I will use the secondary data and primary data sources as well. By this I can get all the information regarding the mortgage system of the both banks with the required form of data in order to take the comparison of the policies given by the both banks for the mortgage system they provided to their customers. For the guidelines I will do all the work under my supervisor and take suggestion and help of my supervisor time to time to complete my dissertation. SCOPE: The topic of mortgage system has wider scope in the present time as there is a great demand for the mortgage products in the current market position. The theory of my topic is controllable therefore I can do better by keep in mind the wider scope of my study. Even this will help me in future to get the good job in Banking Industry. HSBC Bank Mortgage Policies Analysis HSBC Bank Mortgage Policies Analysis INTRODUCTION: Home is the need of every human being and having their own home is dream of every human being. In the United Kingdom price of the houses are very high and it is not possible for every citizen to buy their own home without taking financial help from financial organization like banks or building societies. When bank or a building society helps someone financially by providing loan, so that a citizen is able to buy his/her own home is called mortgage. In other words we can say a mortgage represents a loan on a property or house that has to be paid over a specified period of time. As financial help is always needed for smooth run of ones life so for the convenience of the people there are many financial organizations such as banks help the people financially, who want to buy their own home and property. So mortgage was introduced by the banks, from which people can get financial help so that one is able to buy his/her own home and property. Mortgage system is very popular among the people of the United Kingdom because this is the only way to buy their own property. As we know that the mortgage is that sum of money which is borrowed from the Bank or Building Society for buying a property and that borrowed amount has to be paid back with principle plus interest within fixed time period. Today mortgage has great importance as it is the only way with the help of which people are able to buy their own property. This dissertation report is based on the theory of research over the mortgage system of HSBC Bank and specifying the various strategies and policies of thei r mortgage system. The purpose of this report is to critically evaluate the mortgage system of HSBC Bank. Company Background: HSBC Bank has its headquarters in London. HSBC took its name from the Hong Kong and Shanghai Corporation which was founded in 1865 to finance trade between China and Europe. HSBC is one of the largest banking and financial services organization in the world. HSBC has 8,000 offices globally. HSBC Bank is one of the major clearing banks in the United Kingdom having more assets than any other bank. The business ranges from the traditional High Street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking. HSBC is listed on the stock exchanges of London, Hong Kong, New York, Paris having around 220,000 shareholders in 119 countries and territories. HSBC has 1500 branches in United Kingdom. HSBC Bank plc is incorporated in England and Wales and established at 8 Canada Square, London E14 5HQ which is its Registered Office. This bank is regulated by the Financial Services Authority and is registered in the Financial Services Authority Register with the Registration Number: 114216. HSBC Bank is member of the Financial Ombudsman Scheme. Literature Review: A mortgage is a conveyance of land or an assignment of chattels as a security for payment of a debt or the discharge of some other obligation for which it is given. This is the idea of a mortgage; and the security is redeemable on the payment or discharge of such debt or obligation, any provision to the contrary notwithstanding (Stanley Wilde 1899) Per Lindley MR. The mortgage is derived from the two words i.e. mort and gage which means dead pledge. The mortgage is usually signed by the borrower and agreed before a public notary and is recorded with the County Recorder. In the mortgage system if the mortgagor fails to pay the installment then the lender has right to close out the mortgage and can sale the property to get the payment for future.(Jack P Friedman, 2003 p.173-204) The mortgage is a  loan  to  finance  for the  purchase  of  real estate, with a specified interest rates and fixed payment time period. The  borrower (mortgagor) gives the  lender  (mortgagee) a  lien  on the property  as  collateral  for the loan. People can borrow money to buy a home and pay interest on the mortgage to the lender (Bank or Building Society). The Lender (Bank) uses borrowers property as security for the loan. This term means that if the borrower fails to pay the monthly installment then lender (Bank) may repossess property. An individual can apply for mortgage from any bank like HSBC, Lloyds TSB, Barclays, and Santander or from Nationwide (Building Society) or from Islamic Bank of Britain. The mortgage makes very easier to pay the huge amount in the monthly installment for the fixed time depends on the mortgage plan. (Jack Guttentag, 2004). The mortgage which suits you the best depends on many parameters which mainly include your risk enduring capacity, your personal financial goals and capabilities and your income. In the presence of so many options and offers present in the market it can surely become a daunting task to select the best mortgage option for you. Considering your dilemma we at finance-strategy.com came up with some useful tit bits which when kept in mind can surely help you make a wise decision towards taking a mortgage. An adjustable rate mortgage is perfect for those situations where you have to stay in that house for a short period of time and when the interest rates in the market are low and are expected to stay so too during the coming times. On the other hand a fixed rate mortgage fits those situations where in you decide to won that house for a longer period of time and the interest rates too are very high at the moment with chances of volatility in the near future. A fixed interest cushions you against these turbulent conditions. The advantages and disadvantages of mortgages will surely take us a step closer towards deciding it for sure if taking a mortgage is the best solution for your situation. Advantages: The most important advantage associated with a mortgage is the fact that it allows us to retain the ownership of our property and at the same time helps us in getting financial aid too. There is no need for one to sell or let go of his property to seek some money in exchange. In a mortgage the lender does not receive any share in the ownership of the property but is only entitled to take back the principal amount and the interest accumulated on the principal amount lent by him to you. the lender can only claim ownership on your property in case you default on the repayment schedule. The other benefit associated with mortgage is the fact that the interest payments on the mortgage are tax free in nature. Since the schedules of repayment are pre fixed and decided it allows you to plan your financials and expenses accordingly thereby simplifying the entire process for you. By availing a mortgage you now have access to cash flow which you were not having in normal conditions and can now use it to fulfill your needs and requirements. Disadvantages: The need of depositing collateral as security works out to be the biggest drawback of mortgages. It restricts the kind of people who can avail a mortgage as only home owners or other asset owners can do so. Also, in case that you default on your payment the lender has the right to claim the property deposited by you as collateral and then subsequently sell it off to claim back the loaned amount he had given you. You have to ensure while taking the mortgage that there is a clause mentioned therein that on repayment of the mortgage the lender has to release the ownership title submitted to him by you. The lender as per his convenience can define several events which he mat term as a default and generally includes inability to pay back the loan, bankruptcy, insolvency or any breach in the mortgage agreement. Therefore the risk of you ending up losing your property increases substantially. Repayment Of Mortgages There are two methods of repaying mortgage, one can choose from these two methods according to ones personal circumstances. Capital Repayment: With a capital repayment plan, monthly payment covers the interest charged on mortgage and it also reduces the outstanding balance each month in line with the term selected. With this repayment plan, one can ensure mortgage is fully paid off at the end of the mortgage period. What we get with the repayment option: Interest and capital repaid monthly payment covers the interest and also reduces the total balance outstanding Secure providing all payments are made, the mortgage will be repaid in full at the end of the agreed mortgage term Choose your repayment term up to a maximum of 30 years. Capital repayment is a repayment option on all of our mortgage products fixed rate, tracker and discount mortgages. Interest only: With an interest only option, monthly payment covers only the interest charged on mortgage, freeing up cash to spend elsewhere or to invest to pay off mortgage at the end of the mortgage term. By repaying only the interest on mortgage, monthly repayments are lower than with an equivalent capital repayment mortgage. What we get with the Interest only option: Interest only the monthly payment covers just the interest and the original capital amount borrowed remains outstanding throughout the term of the loan Lower monthly payments because capital is not repayed, monthly payments will be lower than with a capital repayment mortgage Long repayment term up to a maximum of 40 years Lower borrowing limit up to a maximum of 75% of the purchase price or the valuation of property (whichever is lower) Availability Interest only loans are restricted to home buyers or customers remortgaging from a competitor. Not available to existing customers borrowing further funds. Mortgage products of HSBC Bank Fixed Rate Mortgages: Repayments are fixed for the duration of the fixed term, and because it doesnt vary, monthly repayments remain the same regardless of what happens to interest rates HSBC currently offers fixed-rate mortgages over 2 and 5 year periods. At the end of the period mortgage will revert to the HSBC Variable Rate unless borrower decide to move to another product Feature Fixed Rate Interest Type Fixed Interest Calculated Daily Yes Unlimited over payments without incurring a charge No Early repayment charge Yes Extended tie in period No Exit fee No Can loan can be port if a person move home Yes In Fixed Rate Mortgages early repayment charge applies during the fixed rate period, and if we increase our standard monthly payment by more than 20% or repay, by any other method, the whole or any part of the mortgage, over and above your standard monthly payment during your fixed rate period Tracker Mortgages: The tracker interest we pay is an agreed percentage above the Bank of Englands Base rate. As the base rate rises and falls, the tracker will track these changes, and so rise and fall accordingly. This will affect the monthly payments HSBC Tracker mortgages are Lifetime trackers, in that they track the Base rate for the lifetime of the loan. Therefore we do not have to worry about coming to the end of a deal, and subsequently switching, with the associated costs. Should Base rates rise you can select to move to a fixed rate where booking fees may be payable. Feature Fixed Rate Interest Type Variable Interest Calculated Daily Yes Unlimited over payments without incurring a charge Yes Early repayment charge No Extended tie in period No Exit fee No Can loan can be port if a person move home Yes Discount Mortgages: A discount mortgage is a variable rate mortgage that offers an interest rate that is a discount off the HSBC Variable Rate for an agreed period (e.g. 2 years). With a discount mortgage, monthly payments will go up and down as the HSBC Variable Rate rises and falls. The HSBC Variable Rate is a rate that is internally set by HSBC. An early repayment charge applies during the discounted rate period, and if we increase our standard monthly payment by more than 20% or repay, by any other method, the whole or any part of the mortgage, over and above our standard monthly payment during your discounted rate period. Feature Fixed Rate Interest Type Variable Interest Calculated Daily Yes Unlimited over payments without incurring a charge No Early repayment charge Yes Extended tie in period No Exit fee No Can loan can be port if a person move home Yes GOVT STATISTICS: According to the government statistics the Mortgage Rescue Scheme used to monitor the statistics which usually gives information on the number of householders with having the mortgage difficulties. This scheme has two main elements: Government Mortgage to Rent and â‚ ¬Ã‹Å"Shared Equity The figures which are presented by Government Office Region are usually based on this scheme and submitted to Local Government by local authorities and communities. Local authority figures do not contain estimates for missing returns. Information on the local authority response rate is provided alongside the reported figures for each period. Figures for different periods are shown on separate tabs in the workbook. This is under the Ministry of Justice and the council of mortgage lenders. (www.communities.gov.uk/publications/corporate/statistics/mortgagerescuestatistics2010) Mortgage and landlord possession statistics (NS) 13 March 2010 Quarterly National Statistics on possession actions issued in county courts by mortgage lenders and social and private landlords in England and Wales. This is released quarterly by the ministry of justice and in relation with UK statistics authority. Justification: As having the field of banking I am quite interesting in reviewing the different strategies followed by the banks in the various fields. Moreover it is accessible for me to collect the information regarding my topic as my friend is serving for the both banks. From them I can get the required data regarding my dissertation. The reason behind choosing this topic is that I can get a direction for my future perspective by having the detailed study of this topic. RESEARCH QUESTIONS: The most important parts of the research needed to be covered are as follow:- What are the major resemblances among commercial mortgage in the Britain? What are the considerations customers should employ when choosing a mortgage product? RESEARCH OBJECTIVES: The below mentioned aims are set up on the foundation of planned research questions: To study the different mortgage products of HSBC Bank To recognize the important advantages of the HSBC mortgages over the other commercial mortgages system in the country, To discover the suitable measure. RESEARCH METHOD: Research plan is very important the main component of the research method. In this research method we will give the fundamental sketch of complete research scheme. Research method is the basic initiation of the entire research in it will plan that the how and when the research will be completed and what actions are required to accomplish this task.   This section aims to explain the type of research methods that would be used for the analysis of the proposed company. The results of the research would indicate the range of services that need to be offered, and the suitability of these services for the target market.  Moore (2000)  explains how the methods used will be influenced by constraints, such as time and money. It is important to consider all the methods available and choose a method that is most likely to achieve the objective of the research. Inductive and deductive Approach: RESEARCH OPINION: In the research onion is used to define the whole process of research strategy in detail the generic research process â‚ ¬Ã‹Å"onion support the researchers and give them the direction to do work. (Saunders et al, 2000) There are the different layers which represents the following aspects of the Research Methodology. Research Philosophy Research Approach Research Strategy Time Horizons Data Collection Methods Primary and Secondary Research   Primary data is that type of information which is new and that hasnt been used or collected before. On the other hand the secondary data is that information which has been collected earlier, by some other sources for their own purpose and can used by others for their convenience .(Saunders et al. 1997). Secondary research is also very important for the establishment of data and the collection of data for the current issues and this also helps to discover the relevant studies which can be carried in the past time. Advantages and disadvantages of primary and secondary research methods Primary Research Advantages: This can be used by face to face conversation in the form of interviews or by the telephonic interview. This is used by the help of technology by using mobile phones and through internet communication. A large group of people can be cover in many areas. Wider coverage of geographical areas. This method is cheaper one. . Disadvantages: There are problems to prepare it. The Questions put in this are generally easy to answer. Lower response for the historic things. Time consuming. Secondary Research Advantages: This is time saving method. This can be used by any firm for the research. Sometime this depends upon the type of research which has to be conducted, for that case their advantages and disadvantages vary. Probably accurate. Disadvantages The main disadvantage is that there is no up to date and is collected over the time. And there may be changes in that data which has to be updated. Data may be in unsuitable format. The data is free to all and there no competitive advantages the organisation (Ghauri and Gronhaug, 2002) Qualitative and Quantitative Research   The table below outlines the differences between qualitative and quantitative data: Qualitative Quantitative This research is based on words which are expressed in meaning. Based on derived  from numbers and data. Results collected are non-standardized and data require classification into categories and not in the numerical form. Result of collection is in the numerical form and data is standardized. Conceptualism is used for conduct the analysis. Analysis conducted through there is use   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Of diagrams and statistics. (Dey (1993); Healey and Rawlinson (1994), cited in Saunders et al (2003)) SELECTION OF METHOD: As I have the topic of mortgage system it will be suitable for my topic if I will go through mixture of both approaches i.e. both secondary and primary resources. This will be helpful in collecting the relevant data according to the need and will be useful in going to the depth of the research. On my part it is valuable to go through by considering the research onion. Regarding this I will concern both approaches for my research given by (Saunders and Thornhill in 2000). ETHICS: The main source of data collection methods for my research is quantitative method which is useful for collecting the facts and figure for my research. Moreover I have contacts in the both banks for collecting the information. The manager Of HSBC Bank is in contact with me and he agreed to assist me in providing information as per my requirement. In order to make my research more accurate I will use the secondary data and primary data sources as well. By this I can get all the information regarding the mortgage system of the both banks with the required form of data in order to take the comparison of the policies given by the both banks for the mortgage system they provided to their customers. For the guidelines I will do all the work under my supervisor and take suggestion and help of my supervisor time to time to complete my dissertation. SCOPE: The topic of mortgage system has wider scope in the present time as there is a great demand for the mortgage products in the current market position. The theory of my topic is controllable therefore I can do better by keep in mind the wider scope of my study. Even this will help me in future to get the good job in Banking Industry.

Friday, January 17, 2020

Kung Fu and Its Effect on Asia

Living in the early 21st century, humanity is experiencing the rise of Asia lead by China. Recently, China seems to be the most developing nation in the world and has become a new economic power. However, the world has noticed about China for a long time before this rise because of the Kung-Fu exposure in Hollywood movies. It can be said the inclusion of martial arts in Hollywood movies has a great impact on Western society in many ways and thanks to this prominent practice, the image of Asia and Asian somehow has been changed so far in the Western perception.First of all, Chinese martial arts are also known as Kung fu or Wushu, there are a number of traditional fighting styles that have developed over the centuries in China. According to Li (2001), Chinese martial arts film first appeared in Hong Kong since 1970s and this kind of movies was so successful. Li (2001) also said that under the colonial condition, the national pride and the image of strong China were reflected by the mal e kung fu body as an empowering fighting and self-defensive skill.Besides, Li (2001) also explained the reason that kung fu films can exist is the formulation of arbitrary generic conventions and the design of plot to create kung fu fight scenes. Through these movies, Chinese people can fight back bullet when they are outgun (in Once upon a time in China film) or counter firearms easily (in The Way of the Dragon movie). However, Kung fu was not world-wide known until 1972 by Bruce Lee. Bruce Lee’s The way of the Dragon or Return of the Dragon was the first Chinese martial arts movie in Hollywood.In my opinion. Bruce Lee played an important role in the inclusion of martial arts in Hollywood movie as he created a whole new type of hero in cinemas. After I read Li (2001)’s â€Å"Kung Fu: Negotiating nationalism and modernity†, I understand that Bruce Lee’s characters were completely different from others. People can see Rambo (acted by Sylvester Stallone) an d Terminator (acted by Arnold Schwarzenegger)-two classical action images in Hollywood are muscular and empowered by modern weapons and hi tech.Bruce Lee’s appearance is far from that, Lee’s power comes from hand-to-hand combat skills of Kung Fu and he often fight against imperialism and colonization. Yip (2011) takes an example of Lee’s film, in Fist of Fury, the film stars Lee as an apprentice who fight for the honor of Chinese people and take revenge for his master. Moreover, he fights through a lot of battles including a number of Japnanese, a sensei, a Russian wrestler and a katana expert. In all of Lee’s ilms, the idea of subjecting the body to the limit combining with exercises and national strengthening are considered as a way to be strong. It is clear that these films are not for entertaining but they are the messages Lee wants to tell to the world like his quotation in Fist of Fury: â€Å"Chinese are not sick men†. As a result, martial ar ts movies have a great impact on Western society. Up until now, martial film genre becomes so popular in the West, especially The â€Å"Crouching Tiger, Hidden Dragon† won four Oscars in 2001 and earned 208 million US dollars globally (Xinhua 2005).Furthermore, I find out that Zhen (2000) and Beale (2000) share a same view about why Kung fu film is reasonably hot as ‘audiences love these films because it gives them something overblown action movies don't give them’ and ‘Among all the film genres invented and reinvented in this century in different parts of the world, the martial arts film, with its foregrounded body language and spectacular visual choreography, is one of the few genres whose popularity is the most far reaching’.Besides, Bruce Lee’s legacy is also inspiration for the next generation’s actors such as Jackie Chan, Jet Li, Chuck Norris, Steven Seagal and Jean-Claude Van Damme, each with unique martial arts type. Since Bruce Lee first introduced Kung Fu to Western people, it has been an era of martial arts movie with hundreds of blockbusters. I also agree with Beale (2000) that ‘As the success of â€Å"The Matrix† and â€Å"Charlie's Angels† shows, martial arts now have become a part of mainstream filmmaking’ and ‘audiences love these films because it gives them something overblown action movies don't give them’.In other word, Kung Fu movies now is one of the most attractive and important genre of arts. In addition, the effect of the inclusion of Chinese martial arts movies is not only on the filmmaking industry but also other aspects in the West. Due to the boom in number of Kung Fu or martial arts films, Western people are getting used to Kung Fu and then, a lot of Western people study this fighting style. As a result, people may absorb the Chinese philosophy through learning Kung Fu.For example, based on my experience in watching these movies, by studying Kung Fu, inner peace can be achieved by practicing martial arts and use it to protect themselves or the weaker. In my opinion, Chinese martial arts in general and Kung Fu films specifically have changed the image of Asia and Asian in the West. Because China is the biggest nation in Asia so people tend to look at China then, perceive the rest kind of the same. First of all, the way Bruce Lee used Chinese fighting style in his movies is also nationalism.Back to the time Bruce Lee first introduced Kung Fu-a part of Chinese history (or Wushu) to the world, at that time Hong Kong was British-colonized so these films were made to ‘negotiate the complex and conflicting experience of colonial modernity and post coloniality’ (Li, 2001). The films It can be said that Kung Fu films was a sense of self-orientalism as ‘invoked and manipulated to create a sense of difference in postcolonial power dynamics: an ideological maneuvering’ (Yan, 2009).Although China was undevelope d and colonized at that time, it shows that China is more than a colonized country and it has thousands of history years. Furthermore, in the 1970s, most of the Asia countries were still colonized or at war so thanks to these films, it makes Western people know that Asia countries had freedom and glory once and somehow the way Western countries such as The U. S, Britian and France dominated was wrong. The world should know that Asia before being colonized has been free and it has a long history not only some colonized countries so it is reasonable that these Western countries should return their freedom.Second of all, the problem is that in most Hollywood movies, Asian appear to be weak and easy to get hurt for example Watchmen (2009), some superhuman from the U. S took part in Vietnam War and they killed Vietnamese people brutally while the same situation in Rambo-First Blood (1982). However, martial arts films seem to be a good answer for that bias. In my opinion, it makes sense t hat dominated countries should fight back. Chinese people and Asians in general appear to be tough.We always fight back whenever we get hurt and we also prove Bruce Lee’s quotation ‘Chinese are not sick men’ but in this circumstance it can be understood as ‘Asians are not sick men’. The next thing is ‘all of today’s Asian martial arts—like Karate, Kung-Fu, Judo, or Aikido—were developed to embody and apply philosophical ideas’ (Priest and Young, 2010) so introducing martial arts into movies can be a good way to present Asia’s philosophy. According to Priest and Young (2010) Karate, Kung Fu, Aikido and Judo- the most famous martial arts in Asia seem to be all based on Confucianism, and Buddhism.Basically, the main point of Asian martial arts is to build up body or to prevent from illnesses. According to Li (2001), Huo Yuanjia, a legendary Chinese kung fu master, shared the same idea since he said ‘I hope that you’ll make the most of your skills and spread them to turn sick men into heroes’. In addition, inner peace is what people study martial arts seek for so they try to avoid the pressure of normal victory or loss, which is quite similar to Buddhism’s idea. Similarly, Cox (1999) said Kung Fu is about remaining the tai chi – a yin-yang balance in terms of stylized aggression and inward control.All Karate, Kung-Fu, Judo, or Aikido are called as defensive skills not fighting ones and all martial arts masters teach their apprentice always help the weaker as well. Additionally, practicing this art requires both physics strength and mind. It means that everyone should practice it frequently and be innovative as martial arts are not limited by skills, combos or styles. It can be said that all Kung Fu movies always try to express the philosophy of martial arts to everybody. As a result, by watching Asian action movies, Western people can feel the noble term of martial arts in general.Before watching these movies, people can stereotype Asians people such as Japanese Nazi, dominated ones, being unprotected or easy to get hurt. In my opinion, Chinese martial arts films may be a â€Å"leap of faith† because it can change the old perception of Western society. These things give the West a better view about our people then; people from the West can realize that Asian love peace but it doesn’t mean they are easy to get hurt. Moreover, Asian can be seen as brave, noble, generous and innovative people.Especially, heroism in martial arts movie is highly appreciated and heroes in those movies are often naive form of male nationalists such as a student, a waiter and even a farmer. Hence, it leads to a feeling from Western people that everyone in Asia know how to fight as well as everyone can be hero. Thanks to Kung Fu movies, the image of China also gets more attractive. In most of Chinese movies, a lot of beautiful sightseeing and hist orical structures such as The Great Wall and the Forbidden City are filmed so the West can feel that China is a very beautiful and charming country.As a result, it is likely that more and more tourists want to visit China and Asia and receive warm hospitality as well then; the Asia’s economy can have a lot benefits due to the development of tourism. However, Chinese martial arts movies also have an issue to Asians in general. Jackie Chan, Jet Li, Donnie Yen, Chow Yun Fat and Lee Byung Hun are all famous actors in the world but they are all action genre stars. Surprisingly, very few Asians who are not kung fu or action actors/actresses are famous widely in the world. In another word, it means hat it seems to be hard for Asians be successful in Hollywood without taking the acting career as Bruce Lee did. Moreover, kung fu-action movies are getting more and more popular so many Asians have the chance to be famous in Hollywood. However, in my opinion, if the situation continues, Western people will keep the perception that the people from Asians just know Kung fu and show people how to fight on the screen and Asians don’t have any other talents. It may have a negative impact on Asia in the future as everyone expects Asians to know Kung Fu and it is the only thing people see in Asians.In my opinion, China particularly and Asia in general have to do something to change that situation. Nowadays, with the lead of China and India, the world is experiencing the rise of Asia; many Asia countries now become the new economic power such as South Korea, Hong Kong, Singapore (Gregory D, 2009). The Asia’s image now seems to be the new economic power in the Western society but I think it is still not enough. We can shape the image of dynamic and powerful Asia and Asians based on not only movies industry but also tourism, culture, history, economy and politics.In conclusion, the appearance of Chinese martial arts Hollywood movies started by Bruce Lee (Lee Ju n-fan) has some impacts on the Western society since the 1970s. It created a revolution of a new era: The Kung Fu Action movies and it lead the ways of acting styles for a generation of actors like Jackie Chan, Jet Li, Chuck Norris, Steven Seagal and Jean-Claude Van Damme. Moreover, Kung Fu and Asian philosophy are expanding quickly in Western society, for example Wushu and Jeet Kun Do a. k. The Way of the Intercepting Fist (found by Bruce Lee) become very popular in Western countries. Basically, the prominent of Chinese martial arts movies somehow changes the image of Asia and Asian in the West massively. Due to the colony of the West in the pass, Asia and Asians seemed to be weak and unprotected but these films reflect a part of long history of Asia and express the independence, nationalism and freedom of Asia nations as well. In addition, by understanding martial arts and Asian philosophy, the West can see that Asians are brave, noble, generous and innovative.Likewise, that type of movie tends to introduce the image of a beautiful China as well as Asia in general so that it attracts more and more people to visit Asia. Nevertheless, these action movies nowadays somehow make the people all over the world think all Asians must know Kung Fu and Asians don’t have any other talents. After doing this essay, I realize that a small practice such as soft-nationalism, the inclusion of martial arts in Hollywood movies, Asian pop culture, Asian food, acupuncture practice from each nation can have a lot benefits to a country and the whole continent in terms of economy, politic and image,etc.I think that Vietnam particularly and other countries in Asia should have a practice, or a product, or an ideology so that we can put our nationalism, philosophy and messages to the West to show them that the Asia is no longer colonized countries but it now are free, innovative and dynamic. ? Reference list 1. Beale, L. 2000, FIGHTING FOR THE SOUL Why martial arts movies kicked in, New York, N. Y. , United States, New York, N. Y. 2. Cox, C. 1999, Putting the art in martial arts; Chinese master emphasizes the intricacies, grace of wushu, Boston, Mass. United States, Boston, Mass 3. Chinese martial arts movies: a myth to be forgotten or rewritten 2005, , Woodside, United States, Woodside. 4. Gregory D, et al. ; Johnston R, Pratt G, Watts M, and Whatmore S (2009). The Dictionary of Human Geography, 5th ed.. Malden, MA: Blackwell. p. 52, 5. Li, SL 2001, ‘Kung Fu: Negotiating Nationalism and Modernity’, Cultural Studies, vol. 15, np. 3-5, pp. 515-542 6. Priest, G. & Young, D. 2010, Martial Arts and Philosophy : Beating and Nothingness, Open Court. . Yan, G & Santos, CA 2009, ‘â€Å"China Forever† Tourism discourse and self-orientalism’, Annals of Tourism Research, Vol. 36, No. 2, pp. 292-315. 8. Yip, M. F. 2011, Martial arts cinema and Hong Kong modernity: Bodies, genders, and transnational imaginaries, The University of Chicag o 9. Zhen, Z. 2000, â€Å"Bodies in the Air: The Magic of Science and the Fate of the Early â€Å"Martial Arts† Film in China†, Post Script – Essays in Film and the Humanities, vol. 20, no. 2-3, pp. 43-60.

Thursday, January 9, 2020

Management Theory and Practice - 1736 Words

Bachelor of Science in Human Resource management school of business Management theory and practice – assignment one Name: Taonga Emily mbuzi Computer numb: 1021 Tutor: Mr. Muleya INTRODUCTION Management is a process of working with and through others to achieve organizational objectives within a changing environment. (Kreitner R. 2007, p. 5) it has approaches, theories, principles which need to be learnt in order that we understand the nature of management properly and as would be mangers, apply them these principles to our day-to-day lives. In this assignment I will discuss the approaches (classical school approach and the behavioral historical theories) to management and their†¦show more content†¦He focused on identifying major functions and principles that managers could use to achieve superior levels of organizational performance. He came up with the following 5 operational activities, 5 management functions and 14 principles of management. 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