Wednesday 30 July 2014 | RSS Feed

Todays Breaking News On Wednesday 30 July 2014

FCA and PRA crackdown on senior bankers


Senior bank bosses will be held accountable for future scandals under Financial Conduct Authority and Prudential Regulatory Authority measures.

PTFS profits soar as Max predicts Wright on market

PTFS profits soar

Personal Touch Financial Services' profits soared by 21% to £482,895 in 2013 with chief executive Max Wright predicting the mortgage market's growth would be geared almost entirely through the intermediary sector, writes Ryan...

SearchFlow unveils dinner line-up


SearchFlow has invited a number of high-profile industry figures to its Property Forum Dinner, which will include a Question Time-style panel debate.

Unmarried co-habiting couples lack protection

Lack protection

Unmarried couples living together are less likely to take out life insurance than when married, Santander Insurance has revealed, potentially risking their property.

Enterprise hires 5 BDMs

Enterprise BDM

Specialist loans distributor Enterprise is adding five new business development managers to its growing team.

Smart Money to guide brokers on compliance

Smart Money guide

Smart Money is helping brokers to gain their full permissions for second charge advice with its compliance consultancy service.

Boulger: Income verification plan is 'nonsense'

Income verification plan is nonsense

Ray Boulger, senior technical manager at broker John Charcol, has poured cold water on suggestions from Equifax that that lenders should use automated income verification systems to retrospectively asses the expenditure of mortgage holders...

London council land can be used for extra 10,000 homes

Council land be used for extra 10k homes

An extra 10,000 homes could be built on unused land on London’s council estates, the Conservatives Gap In The Market report has claimed.

EXCLUSIVE: The case for changing the housing market

Case for changing the housing market

With the appointment of a new housing minister, increasing intervention in the market by the government and Bank of England and major changes in pensions, plus an election, all within nine months, Brian Hall, founder of The Model...

Tuesday 29 July 2014 News

CML: Mortgage lending to top £200bn

The Council of Mortgage Lenders has revised its forecast for 2014 and now predicts that gross mortgage lending will top £200bn for the first time since 2008.

PruProtect steals Commonwealth Games athlete

PruProtect has hired L&G’s Darrell Stone to run its single tie operation across the UK.

Precise Mortgages completes latest securitisation

Charter Court Financial Services, under its brand name Precise Mortgages, has completed its second securitisation (Precise Mortgage Funding 2014-1 PLC).

Jonathan Kane joins Capital Bridging

Jonathan Kane has taken up the newly created role of distribution manager at Capital Bridging.

UTB expands development finance team

United Trust Bank has appointed Adam Bovingdon and Steve Brigly as property development managers.

Coventry updates buy-to-let range

Coventry Intermediaries has launched a new range of fixed and flexx for term buy-to-let products.

MTF Hoovers up Dyson

Millie Dyson has joined London-based bridging lender MT Finance as head of marketing and communications.

Leeds collar corporate account manager

Mark Collar has joined the Leeds Building Society intermediary team as corporate account manager.

Homeowners remain confident

UK homeowners remain buoyant regarding the state of the property market with 92% expecting house prices to grow over the next six months, the Zoopla Housing Market Sentiment Survey has revealed.

BoE: Approvals up in June

June registered the first increase in mortgage approvals since the start of 2014, figures from the Bank of England have shown.

Untapped demand: Islamic mortgages

Despite Islamic mortgages being seen as an exciting and flourishing sector a decade ago demand for ‘home purchase plans’ is dampening, brokers have warned.

EXCLUSIVE: Understanding the housing market

With the appointment of a new housing minister, increasing intervention in the market by the government and Bank of England and major changes in pensions, plus an election, all within nine months, Brian Hall writes to our policymakers...

SPECIAL FEATURE: Capacity not the only issue

Eddie Goldsmith, partner at Goldsmith Williams, responds to critics on the firm's decision to scrap broker introductions

Monday 28 July 2014 News

UK property overvalued by 10-30pc

Property in the UK is overvalued by anywhere between 10% and 30%, the International Monetary Fund has claimed.

Private tenants are ‘silver lining’ in cost of living crisis

Private renters are the one ‘silver lining’ in the cost of living crisis, property expert Kate Faulkner has claimed.

British Money offers Conduct Risk Dashboard

Payment protection specialist British Money is helping lenders fulfil their risk and governance controls through the provision of a bespoke risk reporting tool known as the Conduct Risk Dashboard.

Leeds relaunches BTL range

Leeds Building Society has relaunched its range of short term fixed rate buy-to-let mortgages, with rates starting from 2.65%, writes Charlotte Lloyd.

Brokers have key role in FTB protection

Brokers have a key role to play in ensuring that first-time buyers protect their investment, Gary Duggan, CEO, Paymentshield has said.

Aegon strengthens protection team

Aegon has appointed a new distribution development director and a head of protection sales, writes Charlotte Lloyd.

Bridgewater outlines four equity release sessions

Bridgewater Equity Release has announced the details of four equity release advice sessions being held from September onwards across England.

Barclays slashes rates

Barclays has reduced its rates on fixed, tracker and offset mortgages in addition to offering two new ‘great escape’ products.

Rumours of new lender as Bob Young exits CHL

Rumours are rife that Capital Homeloans managing director Bob Young and other executive team members have stepped down to launch a new lender.

Cost of mortgages set to pinch

The cost of a mortgage is set to be double that of a homeowners disposable income by 2020, writes Charlotte Lloyd.

Outer London outperforms Prime Central

Property values in Outer London have increased by 4.3% in the three months to June compared to a rise of just 2.1% in Prime Central, Marsh and Parsons London Property Monitor figures have shown.

House prices up 6.4pc despite slowdown

House prices have increased by 6.4% annually to June although on a monthly basis the market has slowed down, the Land Registry House Price Index has revealed.

RBS revealed as worst bank for rate hikes

Royal Bank of Scotland and NatWest have been revealed as the worst banks for hiking mortgage rates over the past year, writes Charlotte Lloyd.

Confidence divided in housing market

Confidence in the housing market is split with the public more optimistic about house sales but the outlook for the purchase market is at its lowest level since 2011, the latest quarterly Halifax Housing Market Confidence tracker reveals.

Greater London rents soar

Average rents in Greater London are now more than double those across the rest of the UK at £1,412 and £694 respectively.

EXCLUSIVE: Why renting is such a bad idea

With the appointment of a new housing minister, increasing intervention in the market by the government and Bank of England and major changes in pensions, plus an election, all within nine months, Brian Hall writes to our policymakers...

Friday 25 July 2014 News

Virgin pays back government and creates 200 jobs

Virgin Money is creating 200 jobs and paying back £154.5m of the financing package issued by the government which was used to acquire Northern Rock in 2012.

Average rents rise 1pc

Private rents paid rose by 1.0% annually to June 2014, the Office for National Statistics has revealed.

Remortgage lending up 11pc

LMS latest figures reveal that the average remortgage loan has risen to £163,161 (a 5% increase from last month and 9% higher than June 2013), representing the largest amount ever recorded and a result of rising house prices.

RBS reports surprise rise in profit

Royal Bank of Scotland said it expects pre-tax profits of £2.65bn for the first half of the year, up from £1.37bn last year.

Economy surpasses pre-crisis level

UK gross domestic product has surpassed pre-credit crunch levels with a second successive quarterly rise of 0.8%, the Office for National Statistics has revealed.

SPECIAL FEATURE: In conveyancing capacity is key

Emma-Maria Coffey, business development manager at Blacks Connect, says that in conveyancing capacity is key

Industry urges rethink over flood plans

The property industry has urged Government to rethink the scope of Flood Re after ministers confirmed that millions of homeowners could be left out of the new scheme designed to provide households with affordable flood insurance for their...

SPECIAL FEATURE: Improving building standards

Jeff Maxted, director of technical consultancy at BLP Insurance, says home performance labelling will drive improved building standards

Blimey! Loans hire new BDM

Scottish based Packager Blimey! Loans has recruited a new business development manager for the North West of England.

House price growth slows

House prices are currently growing at the slowest pace for 18 months, Hometrack’s July National Housing Survey has found.

Landlords fume at extortionate lettings fees

Seven in 10 UK landlords think letting agent fees are inflated considering the amount of work being done, Movebubble research has revealed.

Thursday 24 July 2014 News

Rate rise could imprison 800,000

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 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

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

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

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

Northern bridging on the up

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

Welsh anxious about deposits

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

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

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

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

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

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

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 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

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

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.