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Todays Breaking News On Thursday Thursday, October 08, 2015

SPECIAL FEATURE: Media clouds retirement living debate

Sue Anderson, head of member and external relations at the Council of Mortgage Lenders, says the media has run the risk of clouding the debate on living options for those in retirement.

Funding Circle lends £100m

Funding Circle has said its investors have lent more than £100m of property finance loans.

Lender warns against sub-prime bridging

Fierce competition in the bridging market has led to increasing pressure from packagers to push up loan-to-values and push down rates, prompting concern from a leading lender.

Bank of England holds rates (again)

Bank of England

The Bank of England’s Monetary Policy Committee has voted by eight to one to hold interest rates at the historic low of 0.5%.

Tesco cuts rates on high LTVs

Tesco Bank has cut rates and is now offering a 2.29% rate fixed for two years up to 90% loan-to-value with £1,300 product fee.

Rate rise talk boosts brokers

Bank of England

One in four brokers believes suggestions interest rates could start to increase around the turn of the year may have boosted business enquiries in the weeks immediately after, a poll from UTB claims.

Foundation to launch Ltd company buy-to-let

Foundation Homeloans has confirmed plans to launch a range of buy-to-let loans for landlords investing in property through a limited company structure.

Sesame and PMS offer Cambridge exclusive

Sesame and PMS have launched an exclusive residential fixed rate product up to 90% loan-to-value via the Cambridge Building Society.

RICS: Home sales stagnate


The number off sales per surveyor has stagnated, hovering at between 18 and 20 for the past year, figures from the Royal Institute of Chartered Surveyors show.

Dragonfly expands team


Dragonfly has hired Mitesh Patel as a credit analyst and Linda Johnson as a servicing manager as it builds on its appointments from last month.

The Nottingham extends FTB offering nationwide


Nottingham Building Society has extended its 95% loan-to-value first-time buyer offering nationwide.

September 2015 was strongest since 2007

Last month was the strongest September for home sales since 2007 courtesy of a Northern surge, the LSL Property Services/Acadata House Price Index has revealed.

Sellers return in September


The housing market looks set for a stronger autumn after new listings rose by 9.1% from August to September, data from online estate agent has found.

Wednesday Wednesday, October 07, 2015 News

MBE 2015: Skipton fears consumer buy-to-let gaming

If lenders make ‘consumer’ buy-to-let cheaper than ‘commercial’ we could see a rise in gaming, Skipton Intermediaries’ head of intermediary relationships Paul Darwin has warned.

Nationwide cuts fixed rates

Nationwide is reducing selected fixed-rate mortgages across its range by up to 0.45%.

MBE 2015: Lenders will use one BTL process

Both Barclays and Skipton will merge the application process for all kinds of buy-to-let before deciding whether the deal should be classed as consumer or commercial, representatives from both lenders revealed today.

David Cameron pledges to help first-time buyers

David Cameron has announced a relaxation of planning regulations to help first-time buyers get onto the housing ladder, in his speech to delegates at the Conservative Party Conference today.

MBE 2015: Barclays learned from MMR with MCD

Barclays will stagger its MCD implementation to manage technology failures after the lender’s systems stuttered when the MMR was introduced last year, its policy and regulatory manager Tony Fullbrook has said.

Paragon shows continued stability in PRS

The stability seen throughout 2015 in the private rented sector continued in Q3 with yields growing modestly, void period at a historic lows and steady tenant demand remaining high, research from Paragon Mortgages shows.

FCA consults on competition in the mortgage sector

The Financial Conduct Authority has launched a ‘Call for Inputs’ on competition in the mortgage sector.

SPECIAL FEATURE: What would Brexit mean for Britain?

Vicky Redwood, chief UK economist at Capital Economics, is unfazed by the prospect of a Brexit if the UK votes to leave the European Union in its upcoming referendum.

Developers in talks with lenders ahead of MCD

A number of developers are understood to be aligning themselves with third party mortgage providers ahead of the Mortgage Credit Directive in a bid to avoid having to apply for FCA authorisation.

Tuesday Tuesday, October 06, 2015 News

Sub-prime borrowers financially illiterate

Borrowers who took discounted rates on interest-only or sub-prime deals before the credit crunch have failed to understand their financial implications, new research has revealed.

BSA launches mutual masters degree

The Building Societies Association and the School of Business and Economics at Loughborough University are offering a masters programme geared for those who work in a mutual financial services firm.

Gov't plan to move parents in is wrong

The government should provide incentives to downsize and free up land in suitable areas to build housing that older people actually want to live in rather than suggest people move their parents in with them, an expert has said.

ScotWid reveals adviser protection details

Scottish Widows has revealed its adviser protection product details following the news last week that the brand planned to re-enter the adviser market.

Paradigm launches Brightstar exclusive

Paradigm Mortgage Services, the mortgage services proposition, has announced an exclusive two-year agreement with specialist lending distributor, Brightstar.

House prices rise 8.6pc in 12 months

House prices in the three months to September were 8.6% higher than in the same three months a year earlier, figures from Halifax claim.

FCA updates whistleblowing rules

The Financial Conduct Authority and the Prudential Regulation Authority have published new rules in relation to whistleblowing.

PFS announces four conference dates

To meet the demand for increased capacity and member accessibility, the Personal Finance Society has switched from a single 2015 conference to four national financial planning symposiums.

Teachers cuts 95pc LTV rates

Teachers Building Society has lowered the rates on some of its low deposit mortgages and made its 95% LTV mortgage available to all teachers in England and Wales.

LEGAL VIEW: Consumer buy-to-let and MCD

James Teagle, partner at Blacks Solicitors, believes consumer landlords will be able to sign a declaration to waive protection rights under the Mortgage Credit Directive but lenders and brokers must show a duty of care or face claims down...

Shawbrook launches into regulated bridging

Shawbrook Bank has launched into the regulated bridging market with loans starting from 0.59% to 70% loan-to-value.

Quiz bridging lenders face-to-face

Brokers attending Mortgage Business Expo tomorrow in London will have the chance to quiz specialist bridging lenders face-to-face about their gripes during a live debate.

Monday Monday, October 05, 2015 News

BOI and Post Office ditch foreign currency deals

Bank of Ireland and the Post Office have confirmed they will no longer accept applications from borrowers with income in a foreign currency.

Government in £2bn Lloyds sell-off

The government will sell off £2bn of shares to retail investors next spring as it looks to completely exit the bank it bailed out for £20.5bn in 2008.

Shawbrook hosted North & South partner days

Shawbrook Bank hosted two partner events on 23 and 30 September in Derby and London.

Skipton will talk MCD at MBE

Paul Darwin, Skipton Intermediaries’ head of intermediary relationships will talk about the society’s Mortgage Credit Directive plans on Wednesday as part of the Mortgage Business Expo.

Mortgage Intelligence offers sales seminars

Mortgage Intelligence will host three live events in November for brokers wishing to improve business development.

Kensington CEO quits for Secure Trust

Ian Henderson has quit his role as Kensington CEO after just over a year to join Secure Trust Bank with immediate effect.

Regulation top challenge for lenders

Complying with regulation and upgrading tech systems are the greatest challenges mortgage lenders face, brokers say.

LendInvest hires Roy Armitage from Kensington

LendInvest has hired Roy Armitage as head of credit from Kensington Mortgages.

6,000 sign up for Key Partnerships

Key Partnerships has grown its adviser count by 13% in the last three months – meaning 6,000 have now signed up to the equity release referral service.

Pepper launches 1.99pc 2-year tracker

Pepper Homeloans has launched a residential 2-year tracker at 1.99% to 75% loan-to-value.

Brits predict house price rises

Two thirds (68%) of Brits expected house prices to rise in the next 12 months in the third quarter of 2015, the Halifax Housing Market Confidence Tracker has revealed.

London prices to stagnate for five years

London’s house prices will stay at the same level for the next five years, Savills research analyst Edward Green predicted at the Association of Short Term Lenders Conference 2015 last week.

Friday Friday, October 02, 2015 News

ScotWid to relaunch protection via advisers

The long anticipated re-entry of Scottish Widows into the adviser protection market is set for a few weeks’ time when the provider will launch a full range of products via intermediaries.

Buy-to-let availability improves

The number of available buy-to-let mortgage products leapt 11% over the three months to the end of September, analysis from Mortgages for Business suggests.

Graham made sales director at Bridgebank

Carl Graham has been promoted to sales director at bridging lender Bridgebank Capital effective immediately.

Dragonfly cuts buy-to-let fees

Dragonfly Property Finance has cut buy-to-let completion fees from 3% to 2.5%, reduced early repayment charges to 3% a year and increased the ERC-free period at the end of loans to three months.

FCA: Advisers over-relying on tech

Some advisers have placed an over-reliance on point of sales technology rather than considering customer needs when giving advice, The Financial Conduct Authority has said.

Shawbrook hires ex-Santander banking head

Shawbrook has appointed Santander’s former executive director and head of UK banking Steve Pateman as group chief executive subject to regulatory approval.

PPI complaint deadline looks set for 2018

The Financial Conduct Authority has confirmed it will consult by the year end on a deadline for consumer payment protection insurance complaints with a deadline likely to fall in spring 2018.

FCA: Accidental landlords could waive rights

Accidental landlords may be able to waive their rights to consumer protection by stipulating that their decision to let a property is a commercial decision, the FCA has suggested.

Paragon acquires SME lender

Paragon Bank has agreed to acquire specialist SME lender Five Arrows Leasing Group for £117m.

New and improved LPE1 form out soon

Consumers buying leasehold flats are soon set to see the benefit of a new Leasehold Property Enquiries form, experts said yesterday.

Thursday Thursday, October 01, 2015 News

Short-term lenders are ‘soft targets’

Fraudsters see short-term lenders as soft targets who fail to do their homework on borrowers, The Law Society were said to believe.

Dictatorship needed for downsizing

The UK would require a dictatorship to solve the UK housing crisis by utilising all of its spare rooms, Vince Cable, the former secretary of state for business, innovation and skills, has said.

Housing association RTB may be watered down

The government looks set to compromise on its policy forcing housing associations to sell properties to tenants under an extension of the Right to Buy scheme later this week.

Vince Cable backs BTL crackdown

Vince Cable has backed Chancellor George Osborne’s move to tighten up mortgage tax relief for buy-to-let landlords – and he expects the government to further strip landlords of tax incentives from 2020.

Implementing MCD regulation

Mortgage Business Expo opens its doors next Wednesday to a whole host of lenders plus seminars that create a forum to focus on the framework for implementing MCD regulation.

Freedom Finance reports record growth

Freedom Finance’s intermediary department has more than doubled its staff numbers after hiring new recruits for broker support, underwriting, packaging and sales support after reporting record growth.

Property Ombudsman issues revised Codes of Practice

The Property Ombudsman scheme today issued amended and updated versions of all its Codes of Practice for UK and Scotland in order to support the introduction of new legislation that has come into force within the last 12 months.

Skipton International completes 200th UK Mortgage

Skipton International has completed 200 UK mortgages for British expats enabling them to realise their dreams of owning buy-to-let property in the UK.

Positive Lending awarded Gold Key Partner status

Bournemouth based specialist packager Positive Lending today announced it had been awarded the accolade of Gold Key Partner status by commercial mortgage lender InterBay Commercial.

Property letting could become a legal minefield

New legislation that comes into force today will limit landlord’s powers to evict their tenants and runs the risk of making property letting a legal minefield, has warned.

Dragonfly revamps buy-to-let range

Dragonfly Property Finance has made changes across its 2, 3, 4 and 5-year buy-to-let loan terms.

Andy Young to retire

Andy Young, CEO of buy to let mortgage specialist TBMC, has today announced he is to retire at the end of November.

Lenders could turn to account aggregators to save time

Mortgage lenders could shave two days off the loan to offer time by partnering with bank account aggregators such as OnTrees and eWise, Henry Woodcock, principal mortgage consultant at IRESS, has said.

Brokers take 78pc market share

Brokers are transacting 78% of all mortgage business as lenders turn to intermediaries to cope with strong consumer demand, the IRESS Mortgage Efficiency Survey 2015 has found.

Edinburgh Mortgage Advice wins at Mortgage Force

Mortgage Force Scotland and Edinburgh Mortgage Advice received special commendation at this month’s Mortgage Force annual awards.

Wednesday Wednesday, September 30, 2015 News

Police investigate alleged SNP MP mortgage fraud

Police have confirmed they are investigating alleged irregularities relating to the purchase of property on behalf of the Scottish National Party’s Edinburgh West MP Michelle Thomson.

Mortgage Brain launches ConveyancingBrain

Mortgage Brain has launched ConveyancingBrain – a conveyancing service aimed solely at mortgage brokers.

UK could imitate US equity release model

The UK should consider adopting the American equity release model where the government provides a no negative equity guarantee, Key Retirement’s technical director Dean Mirfin has suggested.

Gov’t support for FS tech innovation

Innovating how people access financial advice and financial services using better technology has been given a boost by the government and regulator.

HSBC cuts remo rates

HSBC has cut remortgage rates – as its 2-year fixed fee saver mortgage has been cut from 2.99% to 2.38% to 90% loan-to-value.

Landlords must fit smoke alarms

Landlords must have a smoke alarm fitted on every floor of their property by tomorrow as regulation hits the private rental sector.

SPECIAL FEATURE: CML - lenders could do better

Council of Mortgage Lenders chairman Moray McDonald looks at what has been done by lenders, builders, the government, regulators to help older borrowers. His report concludes: could do better.

Bank of Scotland tops mortgage complaints table

Bank of Scotland received 8,811 complaints relating to mortgages and equity release in the first half of the year, the latest data from the Financial Conduct Authority shows.

Skipton appoints director

Skipton Building Society has appointed Andrew Bottomley to its board with the role of distribution and financial services director.

ASTL conference line up confirmed

Edward Green from Savills is the final speaker confirmed for tomorrow’s Association of Short Term Lenders annual conference where Vince Cable will also be speaking.

TSB raises rates

TSB has raised its 2-year buy-to-let mortgage rates by as much as 0.25%.

AToM launches near prime exclusive

All Types of Mortgages, the specialist mortgage packager and distributor, has announced an exclusive relationship with Hanley Economic Building Society.

Leeds launches 1.45pc 2-year fix

Leeds Building Society has launched a 2-year fix at 1.45% to 60% loan-to-value for house purchase which will be available until Friday 16 October 2015.

Remortgage activity doubles

Remortgaging has doubled year-on-year as customers look to secure a low-rate mortgage while the bank rate remains at 0.5%, data from The Yorkshire Building Society Group has revealed.

LendInvest hires distribution head

LendInvest has appointed Matthew Tooth as the company’s first ever head of distribution to bring on board borrowers, brokers and investors.

Tenant arrears at 2-year high in Q2

The number of tenants in arrears surged in the second quarter of 2015 but the picture was far rosier for landlords, research from estate agency chains Your Move and Reeds Rains has revealed.

Broker products up 16pc in August

The number of available mortgage products through the intermediary channel increased by 16% in August to reach 11,257, the Mortgage Advice Bureau’s National Mortgage Index has revealed.