Thursday 24 July 2014 | RSS Feed

Todays Breaking News On Thursday 24 July 2014

Rate rise could imprison 800,000

mortgage prisoner1

Rising interest rates could create an additional 800,000 mortgage prisoners by 2018, a Resolution Foundation report has concluded.

Virgin remove H2B income cap

Virgin remove H2B income cap

Virgin Money is removing the £30,000 minimum income threshold for mortgage products which make up its Help to Buy Equity Loan range.

Lakey leaves APFA Council

Lakey leaves APFA Council

Alan Lakey has stepped down from his role as Association of Professional Financial Advisers Council member.

TMW offers rent guarantee

TMW offers rent guarantee

The Mortgage Works is partnering with Rentguard Insurance to offer new buy-to-let customers six months’ free rent guarantee and legal expenses cover.

L&G adopts MortgageBrain technology

L&G Mortgage Brain

Legal and General has selected Mortgage Brain’s sourcing system for its appointed representative network.

Northern bridging on the up

Bridging up

Bridging in the North of England is taking off according to Merseyside-based Bridging Finance Solutions.

Welsh anxious about deposits

Welsh unhappy

The Welsh public see raising a deposit as the greatest barrier in securing a mortgage, research from Bishop’s Move has revealed.

Family Building Society in Brilliant partnership

Family Building Society in Brilliant partnership

The newly launched Family Building Society has linked up with mortgage specialists Brilliant Solutions.

Men twice as likely to ignore serious health symptoms

Men twice as likely to ignore serious health symptoms

British men are almost twice as likely as women to avoid seeking medical help when experiencing a serious health symptom, protection specialist LV= has found.

IMLA and AMI publish panel removal guidance

IMLA and AMI publish panel removal guidance

The Intermediary Mortgage Lenders Association and the Association of Mortgage Intermediaries have published joint guidance on the governance of lender and intermediary relationships.

Panacea and Mortgage Brain link up

Panacea and Mortgage Brain link up

Mortgage Brain has become the latest partner firm of Panacea Adviser.

Paragon buy-to-let lending up 94pc

Paragon buy-to-let lending up 94pc

Paragon Mortgages has completed £456.3m in buy-to-let advances so far in 2014, a 94% increase from the £234.9m recorded last year.

Brokers report Q2 growth

Brokers report Q2 growth

Seven out of ten (73%) brokers saw their businesses grow during the second quarter of 2014, Shawbrook Bank’s latest Broker Barometer found.

Leeds launch 2-year fixes

Leeds Building Society

Leeds has cut rates on some 2-year fixed rate deals by up to 0.25% and added benefits such as a free standard valuation to other deals and introduced a new 2-year fixed rate mortgage at 65% LTV.

EXCLUSIVE: LRS takes on unmortgageable equity release

Schemes will help

London Rebuilding Society has launched a scheme for equity release cases that brokers would have traditionally been unable to place, writes Ryan Fowler.

ASA raps auction house for ‘misleading’ property guide

Auction crazy

The Advertising Standards Agency has upheld a complaint against a North East-based auction house selling properties for having reserve prices unexpectedly higher than ‘guide prices’.

Wednesday 23 July 2014 News

Under-35 mortgage borrowing falls

The ratio of mortgage borrowers in the under-35 age bracket fell to 18% in 2012/13 from 21% in 2008/09, the government’s English Housing Survey revealed today.

World record P2P loan repaid

LendInvest’s world record breaking £4.1m peer to peer loan has now been repaid in full.

Skipton to sell HML for £47 million

Skipton Building Society has agreed to sell its mortgage servicing business Homeloan Management in a deal worth more than £47m.

FCA imposes ban on the Financial Group

The Financial Conduct Authority has used its suspension power for the first time to impose a recruitment ban on the Financial Group for failing to control its Appointed Representatives.

Skipton slashes rates

Skipton Building Society has reduced rates on a number of 2,3 and 5-year residential and buy-to-let fixed rate mortgages by up to 0.30%.

BoE wary of rate rise

Bank of England officials are wary of raising interest rates due to a slowdown in wage growth despite some members inching towards the decision, the Monetary Policy Committee meeting notes show.

Young buyers underestimate MMR affordability

Young buyers are underestimating stringent affordability rules when taking out a mortgage, research from Experian has shown.

Borro appoints marketing manager

Personal asset lender Borro has appointed Thomas Jefferson as marketing manager.

Fear of crime ruining areas

Almost 21 million (43%) British adults would refuse to live in a high crime neighbourhood, research from Direct Line has found.

London offers lowest rental yields

The London buy-to-let market has the lowest rental yield return for investors out of all UK regions, the latest BM Solutions quarterly index shows.

Tuesday 22 July 2014 News

Nationwide caps LTI and tightens stress tests

Nationwide Building Society has enforced a cap of 4.75 times loan to income and increased its stress test rate to 6.99% on its residential mortgages.

eMoov presents real life Monopoly

Online estate agent has compared real life house prices with the towns and cities listed in the Monopoly Here and Now UK edition of the board game originally released in 2007.

LV= is best insurer says customers

LV= has been voted the best insurer in terms of customer service according to the UK Institute of Customer Service Customer Satisfaction Index.

One third of Brits lend to relatives

A third of Brits have lent money to other family members in the last 12 months, research from the Debt Advisory Centre has revealed.

Goldsmith Williams scraps broker introductions

Conveyancer Goldsmith Williams has axed all future business direct from brokers as it refocuses on lender introduced business, writes Robyn Hall.

Central Trust CEO steps down

Robert Owen has stood down from his role as chief executive of Central Trust after just 18 months in the role.

FOS: Mortgage complaints up 2.2pc

The number of mortgage complaints made to the financial Ombudsman Service increased by 2.2% between April and June, figures from FOS have revealed.

SPECIAL FEATURE: Help to Buy and insurance

Brendan McCafferty, commercial director of insurance provider Paymentshield, and next CEO of sister company Flood Re, discusses the impact of Help to Buy on the insurance market and looks at the approaches that brokers should...

Renter numbers on the up

A combination of high house prices, the growing proportion of urban flats as new build properties, and increased difficulty in obtaining a mortgage has fuelled the rapid expansion in renting, Experian has said.

Secured lending up 33pc

The first 6 months of 2014 saw secured loan lending volumes increase by 32.8%, the latest Secured Loan Index has revealed.

Monday 21 July 2014 News

The Mansfield unveils remortgage package

The Mansfield Building Society has launched a new remortgage product offering free valuation and legal fees.

Foreign student renters on the up

The numbers of independently wealthy foreign student renters has been increasing, with their share of the sector doubling from 12% to 29% between 2006 and 2012, writes Charlotte Lloyd.

Virgin Money slashes rates

Virgin Money is reducing a number of rates on its residential and buy-to-let range from tomorrow.

Platform brokers face delays

Brokers looking to place business with Platform, the intermediary arm of the Co-op bank, could face increased waiting times for cases to be processed if additional information is required.

TSB in 1.4 billion pound mortgage book bid

TSB Banking Group, which has been listed on the London Stock Exchange since last month, is planning to bid for £1.4bn worth of state-owned mortgages, writes Charlotte Lloyd.

Commercial Trust launches B2L comparison tool

Commercial Trust has launched a new buy-to-let product comparison tool for landlords.

Equity release market up 32pc

Equity release lending totalled £325.6m in the second quarter of 2014, the largest amount for any quarter in almost a decade since the total value of new plans reached £350.2m in Q4 2004, figures from the Equity Release Council have revealed.

Number of 5-year buy-to-let fixed rate deals doubles

The number of 5-year fixed rate buy-to-let mortgage products has more than doubled since 2012, writes Charlotte Lloyd.

H2B will help UK post strongest growth in G7

Schemes such as Help to Buy for new builds are putting the UK on track to achieve the strongest growth rate amongst the G7 economies in 2014, the latest quarterly forecast from the EY ITEM Club reveals.

1 in 4 face rate rise risk

Two million people could be left unable to afford their mortgages when the Bank of England raises interest rates, think tank The Resolution Centre has warned.

Brokers warned of pre-completion damage risk

General Insurance provider Berkeley Alexander has warned brokers that they must beware of a gap in the sales process that could see buyers being held responsible for the cost of any damage to a property before completion.

Hoyl Group launches PI product

Hoyl Underwriting Management, part of the Hoyl Group, has launched a new facility with its exclusive PI product for regulated firms, writes Charlotte Lloyd.

LV= to use vScreen

LV= is to pilot the use of Vizolution’s vScreen to improve the end-to-end customer journey in its life and broker insurance divisions, writes Charlotte Lloyd.

Prices dip for first time in 2014

The price of property coming to market has fallen for the first time this year, the latest Rightmove House Price Index has revealed.

Buy-to-let boom sees product numbers soar

The swelling demand for buy-to-let mortgages has triggered a surge in the number of products available on the market, latest research from IRESS reveals.

Landlords expecting stable growth

Almost 100% of landlords report that tenant demand is currently stable or growing, a survey from specialist buy-to-let lender Paragon Mortgages found.

Promise launches LoanBrain to help justify remortgages

Promise Solutions launches LoanBrain this week - a comparison system that allows brokers to receive secured loan quotes from 20 lenders in less than 60 seconds as well as print an illustration of the search for their compliance files in...

FTBs being squeezed out of market

First-time buyers are being squeezed further out the market, with house sales by this group down 5%, a 20% decrease in the last month alone, figures from the National Association of Estate Agents have shown.

93pc of remortgagers opt to fix

Some 93% of remortgage borrowers opted to fix their rates in June, up from 88% during May, Mortgage Advice Bureau’s National Mortgage Index has shown.

First-time buyer numbers peak

The number of first-time buyers in the first six months of 2014 reached their highest level since 2007, the bi-annual Halifax First-Time Buyer Review has revealed.

Friday 18 July 2014 News

BoE: Mortgage approvals dip

Mortgage approvals by all UK-resident mortgage lenders for house purchase fell in the three months to May, the latest figures from the Bank of England have shown.

CML: Pace of mortgage lending slows

The Council of Mortgage Lenders has estimated that gross mortgage lending reached £17.5 billion in June.

Savills expert to address ASTL

Susan Emmett, a director in Savills’ residential research team, is set to speak at the ASTL’s annual conference.

Flowerday joins UTB

United Trust Bank has appointed Kevin Flowerday to launch its new professional lending product.

FCA to investigate banking options for SMEs

The FCA and the Competition and Markets Authority has recommended a full competition inquiry into the provision of business lending by banks.

Barclays slash rates

Barclays is cutting the rates across its 2-year and 5-year fixed rate range, writes Charlotte Lloyd.

Rent growth remains stable

Rents have risen at just 1.4% and tenant arrears have improved over the last 12 months, the latest Buy-to-Let Index from LSL Property Services has revealed.

Thursday 17 July 2014 News

Viewings up 10pc in Greater London

Properties in Greater London and the South West are currently receiving the highest number of viewings in the country before they are sold subject to contract, a Move with Us survey has revealed.

Family Building Society adds KRS as partner

Key Retirement Solutions has been appointed as the equity release partner for the newly-launched Family Building Society.

SimplyBiz launches unsecured offering

SimplyBiz Mortgages has selected existing panel member The Loans Engine as its preferred provider for unsecured loans, writes Charlotte Lloyd.

Scottish Help to Buy runs out of money

The Scottish government’s Help to Buy scheme has run out of money for this financial year, just three months after it started, writes Charlotte Lloyd.

TMA and Skipton link up

TMA and the Skipton Building Society have linked up to offer three new exclusive products, writes Charlotte Lloyd.

F&TRC adds comparison service

F&TRC has boosted the comprehensiveness of its Quality Analyser for Protection comparison service to include Mortgage Protection for Life and Critical Illness Cover.

June housing market powered by remortgaging

June has seen the UK housing market bolstered by remortgaging and buy-to-let activity, new research from Connells Survey & Valuation has found.

Funding Circle receives additional investment

Funding Circle has raised US$65m in a Series D funding round led by Index Ventures with participation from existing investors, Accel Partners, Union Square Ventures and Ribbit Capital.

Government must look at pensioners finances

Future generations of pensioners face a bleak future unless the government addresses the long term challenges of working age poverty, the International Longevity Centre – UK has warned.

Wednesday 16 July 2014 News

One in five use property sites to snoop

Some 18% of homeowners admit to using sites such as Rightmove and Zoopla to check on the value of their friends’ and neighbour’s homes, research from Legal & General Mortgage Club has revealed.

BIBA calls for FCA action on comparison sites

The British Insurance Brokers’ Association (BIBA) has urged the Financial Conduct Authority to take firm action to ensure that price comparison websites are complying with the FCA’s regulatory standards and meeting customers’ expectations.

Housing and planning minister appointed

Brandon Lewis has been appointed housing and planning minister as part of yesterday’s government reshuffle.

Sharp rise in HMO valuer complaints

The number of complaints from landlords and investors about the valuation they have received for their HMOs have seen a sharp increase, student property investment specialists The Mistoria Group has revealed.

Halifax and BM Solutions amend proc fee strategy

Halifax Intermediaries is set to remove the current LTV tiers for retentions and will instead pay the full proc fee on all product transfers.

FCA to mediate Connaught settlement

The Financial Conduct Authority is set to attempt to broker a settlement for investors who had invested in the Connaught fund which funded bridging lender Tiuta.

Ezbob sees lending boost

Online short term commercial lender Ezbob saw an increase in lending in June with over £2.5m lent to businesses.

Stonebridge offer limited life and protection panel

Mortgage and insurance network Stonebridge Group is now offering directly authorised firms access to its limited life and protection panel.

Scottish house prices climb £6,750 in year

House prices in Scotland grew by £6,750 in last year and with May marking the longest period of sustained monthly price growth since before the crisis, the latest LSL Scotland House price Index has revealed.

35,000 fewer face serious rent arrears

Compared to a year ago 35,000 fewer tenants are facing rental arrears of more than two months, the latest Tenant Arrears Tracker by LSL Property Services has shown.