Todays Breaking News On Wednesday 30 July 2014
Senior bank bosses will be held accountable for future scandals under Financial Conduct Authority and Prudential Regulatory Authority measures.
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,
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 couples living together are less likely to take out life insurance than when married, Santander Insurance has revealed, potentially risking their property.
Specialist loans distributor Enterprise is adding five new business development managers to its growing team.
Smart Money is helping brokers to gain their full permissions for second charge advice with its compliance consultancy service.
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...
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.
Tuesday 29 July 2014 News
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 has hired L&G’s Darrell Stone to run its single tie operation across the UK.
Charter Court Financial Services, under its brand name Precise Mortgages, has completed its second securitisation (Precise Mortgage Funding 2014-1 PLC).
Jonathan Kane has taken up the newly created role of distribution manager at Capital Bridging.
United Trust Bank has appointed Adam Bovingdon and Steve Brigly as property development managers.
Coventry Intermediaries has launched a new range of fixed and flexx for term buy-to-let products.
Millie Dyson has joined London-based bridging lender MT Finance as head of marketing and communications.
Mark Collar has joined the Leeds Building Society intermediary team as corporate account manager.
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.
June registered the first increase in mortgage approvals since the start of 2014, figures from the Bank of England have shown.
Despite Islamic mortgages being seen as an exciting and flourishing sector a decade ago demand for ‘home purchase plans’ is dampening, brokers have warned.
Monday 28 July 2014 News
Property in the UK is overvalued by anywhere between 10% and 30%, the International Monetary Fund has claimed.
Private renters are the one ‘silver lining’ in the cost of living crisis, property expert Kate Faulkner has claimed.
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 Building Society has relaunched its range of short term fixed rate buy-to-let mortgages, with rates starting from 2.65%,
Brokers have a key role to play in ensuring that first-time buyers protect their investment, Gary Duggan, CEO, Paymentshield has said.
Aegon has appointed a new distribution development director and a head of protection sales, writes Charlotte Lloyd.
Bridgewater Equity Release has announced the details of four equity release advice sessions being held from September onwards across England.
Barclays has reduced its rates on fixed, tracker and offset mortgages in addition to offering two new ‘great escape’ products.
Rumours are rife that Capital Homeloans managing director Bob Young and other executive team members have stepped down to launch a new lender.
The cost of a mortgage is set to be double that of a homeowners disposable income by 2020,
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 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.
Royal Bank of Scotland and NatWest have been revealed as the worst banks for hiking mortgage rates over the past year,
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.
Average rents in Greater London are now more than double those across the rest of the UK at £1,412 and £694 respectively.
Friday 25 July 2014 News
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.
Private rents paid rose by 1.0% annually to June 2014, the Office for National Statistics has revealed.
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.
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.
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.
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...
Scottish based Packager Blimey! Loans has recruited a new business development manager for the North West of England.
House prices are currently growing at the slowest pace for 18 months, Hometrack’s July National Housing Survey has found.
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
Rising interest rates could create an additional 800,000 mortgage prisoners by 2018, a Resolution Foundation report has concluded.
Virgin Money is removing the £30,000 minimum income threshold for mortgage products which make up its Help to Buy Equity Loan range.
Alan Lakey has stepped down from his role as Association of Professional Financial Advisers Council member.
The Mortgage Works is partnering with Rentguard Insurance to offer new buy-to-let customers six months’ free rent guarantee and legal expenses cover.
Legal and General has selected Mortgage Brain’s sourcing system for its appointed representative network.
Bridging in the North of England is taking off according to Merseyside-based Bridging Finance Solutions.
The Welsh public see raising a deposit as the greatest barrier in securing a mortgage, research from Bishop’s Move has revealed.
The newly launched Family Building Society has linked up with mortgage specialists Brilliant Solutions.
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.
The Intermediary Mortgage Lenders Association and the Association of Mortgage Intermediaries have published joint guidance on the governance of lender and intermediary relationships.
Mortgage Brain has become the latest partner firm of Panacea Adviser.
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.
Seven out of ten (73%) brokers saw their businesses grow during the second quarter of 2014, Shawbrook Bank’s latest Broker Barometer found.
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.
London Rebuilding Society has launched a scheme for equity release cases that brokers would have traditionally been unable to place,
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
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.
LendInvest’s world record breaking £4.1m peer to peer loan has now been repaid in full.
Skipton Building Society has agreed to sell its mortgage servicing business Homeloan Management in a deal worth more than £47m.
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 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%.
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 are underestimating stringent affordability rules when taking out a mortgage, research from Experian has shown.
Personal asset lender Borro has appointed Thomas Jefferson as marketing manager.
Almost 21 million (43%) British adults would refuse to live in a high crime neighbourhood, research from Direct Line has found.
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 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.
Online estate agent eMoov.co.uk 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= has been voted the best insurer in terms of customer service according to the UK Institute of Customer Service Customer Satisfaction Index.
Conveyancer Goldsmith Williams has axed all future business direct from brokers as it refocuses on lender introduced business,
Robert Owen has stood down from his role as chief executive of Central Trust after just 18 months in the role.
The number of mortgage complaints made to the financial Ombudsman Service increased by 2.2% between April and June, figures from FOS have revealed.
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.
The first 6 months of 2014 saw secured loan lending volumes increase by 32.8%, the latest Secured Loan Index has revealed.