Wednesday 23 July 2014 | RSS Feed

Industry 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 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= 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.

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.

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.

The Mansfield unveils remortgage package

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

UK needs more houses

The UK must face up to the fact that more houses need building to fulfil demand rather than relying on mortgage regulation to cool the market, David Brown, commercial director of LSL Property Services, has warned.

ONS: House prices up 10.5pc

House prices increased by 10.5% in the year to May 2014, up from 9.9% in the year to April 2014, the latest Office for National Statistics House Price Index has revealed.

High-end properties at four year high

The number of homes that entered the market for sale valued at over £500k rose by almost a third (30%) between April and June 2014, the latest figures from Experian’s Property Index have shown.

Income rising as expenditure falls

British families are enjoying record incomes and falling expenditure, putting them on a firmer financial footing than at any time during the last three and a half years, Aviva’s latest Family Finances Report has revealed.

Brits plan to buy jointly

More than three quarters (77%) of UK property purchases over the next two years will be conducted jointly, research from Santander Insurance has revealed.

Tenants left feeling ‘ripped off’

Almost half (49%) of people who rent privately feel they have been ‘ripped off’ by either their landlord or letting agent, research from Ocean Finance has revealed