Tuesday 30 September 2014 | RSS Feed

Todays Breaking News On Tuesday 30 September 2014

Skipton slashes rates

Skipton slashes rates

Skipton is reducing interest rates on its residential 3 and 5-year fixed rate mortgages from tomorrow.

Stamp Duty costs Londoners £2.7bn

Stamp Duty costing Londoner's billions

London paid £2.7bn in Stamp Duty Land Tax annually to September 30, today’s HM Revenue and Custom figures have revealed.

NatWest increases proc fees


NatWest has increased its procuration fee amounts by 3bps and 5bps to 35bps gross to directly authorised firms and 40bps to appointed representative firms.

Payday lenders fail to warn against rollovers

Warning over payday lenders

Just one in five payday loan customers are made aware of the risks of extending loans, Citizens Advice research has revealed.

UTB launches into professional lending

UTB launches professional loan

United Trust Bank has launched its first ever short-term professional lending product for businessmen who have been trading at least three years.

Shawbrook streamlines legals

shawbrook bank

Shawbrook has changed its legal ‘master instructions’ to streamline its conveyancing process across searches, reports and planning and building regulations.

Complete FS hosts Ryder Cup contest

Complete FS Ryder Cup Challenge

Complete FS will host its own Ryder Cup in Hampshire tomorrow as the USA’s bridging and commercial team battles with Europe’s mortgage team to raise money for the Alzheimer’s Society.

Hope Capital expands team

Hope Capital expands team

Hope Capital has recruited another underwriter just a fortnight after hiring a new business development manager.

September house prices drop


House prices dropped 0.2% in September, the first recorded fall in 17 months, the Nationwide House Price Index revealed this morning.

Montello rebrands as LendInvest

Montello rebrands as Lendinvest

Montello Bridging Finance has rebranded under the new name of LendInvest.

H2B2 withdrawal will hit first-timers hard

Help to Buy withdrawal will hit hard

First-time buyers will require an extra seven years to save for a deposit once the Help to Buy mortgage guarantee scheme has been withdrawn, Genworth research has revealed, writes Ryan Bembridge.

Industry backs Rent to Buy

Industry backs rent to buy

The government’s Rent to Buy scheme has received backing from housing professionals although several noted there may be ‘devil in the detail’ when it comes to the scheme’s implementation, writes Ryan Bembridge.

Only fools and houses

Not the real thing

Del Boy’s Peckham high rise in TV’s hit comedy Only Fools and Horses could set you back £330,000, research from eMoov.co.uk reveals, writes Charlotte Lloyd.

Monday 29 September 2014 News

Platform refreshes rates

Platform has refreshed its mortgage range with reductions up to 0.35% on high LTV fixes.

Nottingham launches residential fixes

The Nottingham Building Society has unveiled three residential fixed-rate mortgages including a 5-year fix of 3.75% at 85% LTV.

Personal Finance Society receive MAS apology

The Personal Finance Society has received a full apology from Caroline Rookes, Money Advice Service chief executive, after she criticised the advice sector last week.

Boulger slams 20pc first-time buyer discount

The Conservative Party’s pledge to offer a 20% discount on new homes using tax and zero-carbon exemptions is dealing with “symptoms rather than the problem”, Ray Boulger, senior technical manager of John Charcol, has warned.

Over-55s release equity to clear debts

Older homeowners commonly release equity from their properties to clear mortgage debts, Stonehaven research has revealed.

Duncan Kreeger: Banks are stuck in 2008

The UK’s banks are culturally stuck in 2008 by failing to deliver commercial finance to firms who need it, Duncan Kreeger, director of West One Loans, has claimed.

SPECIAL FEATURE: UK landlords under threat

Despite the potential for mortgage rates to rise, the increasing number of tenants in the market and continued poor returns on savings is still tempting many into the buy-to-let market, writes Kevin Paterson, managing director...

Post Office launches 3.59pc 5-year fix

The Post Office has launched a selection of residential and buy-to-let mortgages including a 3.59% 5-year fix and a 2.98% 3-year fix, both at 60% LTV with no fee.

18-30 homebuyers at all-time low

Property sales to 18-30 year old buyers stood at an all-time low in August, making up just 3% of total recorded sales, the National Association Estate Agents reported this morning.

Promise schools brokers by email

Promise Solutions has launched a series of educational emails explaining the ins and outs of secured loans to its brokers.

Mortgage approvals drop

Mortgage approvals fell to 64,212 in August compared to 66,100 in July, while remortgage approvals decreased from 32,880 to 32,273 as momentum slows, Bank of England statistics have revealed.

Country market booms

While the London market has cooled the market for homes in the country has boomed in a trend that is set to continue until the first half of 2015, Charlie Ellingworth, founder of Property Vision, has said.

Retirees gain £20.3bn in housing wealth

Retired homeowners have seen their combined property wealth increase by more than £20.3bn in the last three months, research from Key Retirement Solutions has shown.

EXCLUSIVE: Fleet Mortgages exec team confirmed

Bob Young, former CHL Mortgages managing director, is joining new lender Fleet Mortgages as chief executive with ex-CHL IT and administration director Mike Lane coming in as chief information officer.

Friday 26 September 2014 News

Labour: Rent to Buy is a ‘piecemeal’ measure

The government’s Rent to Buy scheme will fail to deliver the levels of housebuilding the nation needs, Labour shadow housing minister Emma Reynolds has warned.

Government unveils 'Rent to Buy' scheme

A government housing scheme called Rent to Buy will enable tenants to rent cheaply for seven years before having first refusal to buy the property.

Ipswich limits lending to members

Ipswich has limited its mortgage lending to existing members with a reduced product range to integrate a new IT platform.

Complete FS holds 11th expo

Complete FS held its 11th annual expo at the Meon Valley Golf and Country Club near Southampton last week.

H2B1 new builds are 24pc cheaper

Home buyers using the Help to Buy equity loan scheme pay a quarter less than the price of the average new build property, data from the Mortgage Advice Bureau has revealed.

London prices surge

London property prices have increased by 21.6% in the last 12 months, Land Registry statistics have revealed.

Nottingham launches fixed mortgages

The Nottingham has launched 14 residential and three buy-to-let fixed rate mortgages.

Mansfield unveils mortgage range

The Mansfield has launched a selection of fee-free remortgage products and 2-year fixes.

Openwork posts profit for second consecutive year

Openwork has posted a profit for the second consecutive year with an operating profit of £1.7m in 2013, an increase of more than 20% in 2012.

First-time buyer numbers up 7pc

The number of first-time buyer house completions in the UK rose 7% year-on-year in August, even as concerns of rising interest rates and falling income grew, the latest First Time Buyer Opinion Barometer from Your Move and Reeds Rains has...

Thursday 25 September 2014 News

FSE2014: Regulation landing slots face disruption

Businesses that have a landing slot for mortgage permissions before April 1 2015 could have their dates changed after the FCA confirmed the additional work from the MCD implementation would cause disruption.

FSE2014: MCD represents major challenge

The Mortgage Credit Directive is a major challenge for the industry but changes should be minimal, FCA director of policy David Geale has said.

FSE2014: Broker ‘yellow cards’ a win-win

Most brokers who are formally warned for failing to compliantly conduct business improve going forward which is win-win for the industry, Paul Size, broker monitoring manager at Lloyds, has said.

FSE2014: Buy-to-let abusers will be deauthorised

Brokers who help their clients ‘game’ buy-to-let risk losing their FCA permissions, Simplybiz Mortgages chief executive officer Martin Reynolds has warned.

FCA: Seconds to be governed by mortgage rules

Regulation of second charge mortgages will move from the FCA’s consumer credit regime and will be governed by mortgage rules from 21 March 2016, the FCA has proposed.

FSE2014: Lending to eclipse £200bn

Gross lending will eclipse at least £200bn this year before rising by a further 10% in 2014, a panel of mortgage experts predicted at the Financial Services Expo in London.

Brokers believe London market is ‘unhealthily overheated’

Nearly half of development finance brokers and developers see the London market as ‘unhealthily overheated’, research from United Trust Bank has revealed.

FSE2014: Mortgages set for higher up-front fees

First and second charge mortgages will incur higher up-front fees in future due to early repayment charges being outlawed, Robert Sinclair, chief executive of the Association of Finance Brokers, has said.

L&G Mortgage Club hosts second series of events

Legal & General Mortgage Club will host a series of events across the UK this autumn.

Wednesday 24 September 2014 News

FSE2014: Full buy-to-let regulation on the cards

Mortgage market stakeholders should prepare themselves for the full regulation of the buy-to-let market, industry experts at today’s FSE London event in Old Billingsgate have warned.

FSE 2014: Mortgage market heading over £200bn

Mortgage market experts have suggested gross lending levels will top £200bn in 2014 however cautioned against spectacular increases throughout 2015.

FSE2014: UK economy in ‘sweet spot’

The performance of the UK economy at present means it is currently in a ‘sweet spot’, Stefano Silvestrin, senior economic analyst at Nationwide Building Society, has said.

FSE2014: Boulger backs seconds

Second charge loans have an important role to play in a functioning housing market and could help the government out when the Help to Buy Scheme comes to an end, Ray Boulger, senior technical manager at John Charcol, said today.

H&R launches first Intrinsic exclusive

Hinckley & Rugby Building Society has launched its first exclusive mortgage for the Intrinsic network of financial advisers.

Santander links up with Landmark Quest

Santander has incorporated environmental data from Landmark Quest into its mortgage valuation assessment process.

FSE2014: Recovery isn’t confined to London

Whilst London continues to exceed the levels of recovery experienced in other parts of the UK the resurgence should not be seen as a London only phenomenon, Stefano Silvestrin, senior economist at Nationwide, has said.

Paragon comes out in support of longer tenancies

Buy-to-let lender Paragon Mortgages has welcomed the government’s approach in promoting family friendly tenancies with the launch of the new model tenancy agreement.

Equity Release advisers remain optimistic

Equity release advisers are optimistic about the sector’s prospects for the coming six months, with 60% predicting an increase in the size of the market, new research from Bower Retirement Services has shown.

Precise to accept contract workers

Precise Mortgages has revised its lending policy and will now accept contract workers for the first time.

Referendum creates Scottish rent surge

Uncertainty over the Scottish referendum has pushed rents to a peak of £537 per month, Your Move’s Scotland buy-to-let index has revealed.

Over 55s can boost retirement wealth

Homeowners aged 55 and over can gain 18 months of retirement income by drawing on their housing wealth, the Autumn Equity Release Market Report has revealed.

One in four will struggle with rate rise

Over a quarter (27%) of mortgage holders anticipate struggling financially when base rates start to rise, research from YouGov commissioned by the Building Societies Association and the Money Advice Trust has revealed.

Tuesday 23 September 2014 News

Coventry unveils residential range

Coventry Intermediaries has launched a residential mortgage range complete with fixed and flexx for term options.

Nationwide resurrects Help to Buy

Nationwide Building Society is once again offering the Help to Buy equity loan scheme to home movers.

Exeter Family Friendly expands team

Exeter Family Friendly has appointed Simon Philp as distribution, innovation and marketing director.

Labour’s mansion tax to hit South East hard

Homeowners in London and the South East would bear the burden of the Labour Party’s mansion tax proposal announced at the Party Conference today, Zoopla has revealed.

Smart Money appoints BDM

Smart Money has appointed Simon Nicholson as business development manager for the North West of England.

TSB lands 1pc of lending market in 12 months

TSB Banking Group has broken into the top 15 of mortgage lenders by volume just a year after it relaunched.

Blimey set to expand following No vote

Blimey Loans intends to expand its workforce in the wake of Scotland’s rejection of independence.

FSE a sell out

The Financial Services Expo London has sold out its exhibitor space for this week’s event and seen a 15% increase in visitors pre-registering to attend.

Half of mortgage holders ignorant of rate

Almost half of mortgage holders (48%) in England and Wales are uncertain about the rate charged on their mortgage, Principality Building Society research has shown.

FundingKnight links up with Alternative Bridging

FundingKnight is linking with Alternative Bridging Corporation to provide short-term first and second charge loans from £100,000 to £500,000.

BBA: Mortgage lending up 15pc

Gross mortgage lending increased by 15% year-on-year in August to total £11.1bn, British Bankers Association research has revealed.

Shawbrook records swift August processing times

Shawbrook Bank processed three quarters (78.5%) of its applications within 48 hours and 99.5% within 72 hours in August despite many of the bank’s solicitors, valuers and brokers being on holiday over the course of the month.

Capita Mortgage Services appoints Tony Ward

Capita Mortgage Services has added Tony Ward to its board as non-executive chairman.

Berkeley Alexander expands team

Berkeley Alexander has recruited an additional sales manager and business development team in response to recent growth.

16pc to rely on property in retirement

A total of 16% adults plan to rent or sell their property to fund their retirement, Barings research has revealed.

TMW slashes buy-to-let rates

The Mortgage Works has reduced its buy-to-let product rates by up to 0.60% and released several new deals at 60% LTV.

Remortgage lending falls 8pc

Gross remortgage lending in August decreased by 8% year-on-year and 1% month-on-month to total £3.87bn, LMS has revealed.

Monday 22 September 2014 News

Aldermore joins 3mc bridging panel

Mortgage distributor 3mc has added Aldermore to its bridging panel, giving brokers a choice of a packaged or ‘club’ bridging service.

ezbob looks to FSE Expo to ‘convince’ brokers

ezbob wants to convince more brokers to use its online service at the Financial Services Expo this week.

AMI’s Alex Revell departs to the FCA

Alex Revell will leave the Association of Mortgage Lenders to join the FCA as a senior associate.

L&G upgrades critical illness plan

Legal and General has updated its critical illness proposition to fall in line with changes made by Ageas, Aviva and LV=.

Accord slashes rates for 10 day sale

Accord Mortgages has reduced its rates on residential products by up to 0.25% as part of a 10 day sale.

Select and Protect to showcase product at FSE London

Select and Protect will showcase its new insurance product at the Financial Services Expo this week in Old Billingsgate, London.

Economists say build on green belt to ease prices

Politicians have fundamentally failed to grasp the causes behind the cost of living crisis and should roll back the green belt as well as planning laws to ease house prices, analysts at the Institute of Economic Affairs said today.

Leeds launches cashback option

Leeds Building Society is launching a new 3.24% 3-year fixed rate mortgage with £1,000 cashback.

Flat prices surge fastest

Flats have performed the strongest out of all property types since 2009, with prices increasing by 43% compared to 31% for terraced properties and 15% for bungalows, Halifax research has revealed.

Aldermore to float on stock exchange

Aldermore Bank plans to float on the London Stock Exchange in October, the challenger bank said this morning.

Housing minister moves to cut London red tape

Housing minister, Brandon Lewis, has taken steps to ensure that empty and redundant office space in the London Borough of Islington can continue to be converted into new homes for Londoners.

Lloyds cut rates

Lloyds Bank has cut its rates on a wide range of mortgages for homemovers, first-time buyers and remortgage customers.