Sunday 20 April 2014 | RSS Feed

Industry News

True mortgage cost rises

The Moneyfacts Mortgage True Cost Index rose in April to 96.1, the third monthly rise in a row.

Metro Bank launches online portal

Metro Bank has launched an in-store online mortgage portal for both brokers and customers to access its resi and buy-to-let range.

CML: Lending up by a third

Gross mortgage lending in March 2014 was a third higher than last year, Council of Mortgage Lender data shows, writes Ryan Bembridge.

AToM number one with Precise Mortgages

AToM, (All Types of Mortgages), the specialist mortgage packager / distributor, has been awarded “Packager of the Quarter” by Precise Mortgages.

Tribunal upholds FCA broker fine

The Upper Tribunal has upheld the decision of the Financial Conduct Authority to impose a financial penalty of £80,000 on Amir Khan, director of Sovereign Worldwide, for dishonestly submitting false income details to a mortgage lender in...

North West is repossession hotspot

The North West region had the highest repossession rate in the whole of England and Wales in 2013, data from e.surv chartered surveyors has revealed.

Leeds cuts H2B2 rates

Leeds Building Society is launching a new build Help to Buy 2-year fixed rate mortgage at 2.50% with a £199 fee.

Nationwide unveils adviser video link

Nationwide has launched a HD video link service in over 60 branches to connect customers with mortgage consultants in the building society’s Northampton office.

Magellan appoints new head of sales

Magellan Homeloans has appointed Jon Sturgess as its new head of sales.

Average house deposit at 12 month low

Better access to high loan to value mortgages is helping to keep deposit requirements in check despite rising house prices, the latest National Mortgage Index from Mortgage Advice Bureau has found.

Mansfield lowers rate on first-timer scheme

Mansfield Building Society has cut the interest rate from 4.99% to 4.39% on its Local Authority Mortgage Scheme, where first-time buyers can take out a 95% LTV mortgage at a lower rate.

Northern England bears repossession brunt

Over a third of UK repossessions have been taking place in Northern England, research from the Charlbury Group has revealed.

An EDM exit for Xit2 boss Blackwell

Xit2 managing director Mark Blackwell is believed to be exiting the business following the group’s sale to the EDM Group, writes Ryan Fowler and Robyn Hall.

Open houses to free up property

Independent agent haart will sell over 300 homes by the Open House, a system which sees seller’s open their homes for buyers to look around the property.

Help to buy boosts Scottish recovery

The average house price in Scotland has climbed by £5,584 in last twelve months, the latest LSL Scotland House Price Index has revealed.

Cockerill appointed Nationwide RSM East

Simon Cockerill has been appointed regional sales manager for Nationwide’s East region.

ONS: House prices up 9.1pc

House prices have increased by 9.1% on an annual basis to February 2014, latest data from the Office for National Statistics reveals today

Shawbrook grows sales desk

Shawbrook Bank has appointed Matthew Woods to the role of junior sales executive on its commercial mortgages sales desk.

myhomemove unveils 2014 conference

myhomemove will hold its annual conference on the 14 May 2014 at the National Motorcycle Museum in Solihull, West Midlands.

Skipton reconsiders Scot Val process

Skipton Intermediaries will instruct valuations in Scotland on receipt of a Full Mortgage Application after it reconsidered its valuation instruction process.

Secured lending up 51pc

Secured lending was up by 51% year-on-year during the first quarter of 2014, the latest Secured Loan Index has revealed.

Access 4 Finance adds Precise to panel

Master broker Access 4 Finance has added Precise Mortgages onto its lender panel for second charge loans.

Boulger: Housing demand to rise outside London

Many Londoners will pack their bags and move to a commutable area outside of the city due to a widening price difference in housing, Ray Boulger, senior technical manager at John Charcol, has predicted.

MMR to keep lid on housing market

The Mortgage Market Review will keep a lid on the housing market, the EY Item Club has predicted.

Interest rates to hit 2.6pc in 2017

Interest rates will hit 2.6% within the next three years, the EY Item Club has predicted.

FCA launch guide ahead of MMR

Ahead of the Mortgage Market Review, which officially comes into place on 26 April 2014, the FCA has produced a short guide to explain the changes to borrowers.

Mortgage rates fluctuate during Q1

Mortgage rates have seen mixed movement during the first three months of 2014, quarterly product data analysis from Mortgage Brain has revealed.

Scottish independence could stunt business

Scotland’s independence in-fighting could damage business if it follows the example of Quebec in Canada, a recent report has claimed.

xit2 acquired by EDM group

Online property data network xit2 has been acquired by EDM Group, the international information management company, for an undisclosed sum.

Magellan calls on industry to develop Financial Awareness Course

Specialist credit repair lender Magellan Homeloans is calling on the financial services industry to develop a Financial Awareness Course as an alternative to punishing borrowers who get into financial difficulties.

MAB posts pre-tax profits of £5.1m

Mortgage Advice Bureau has recorded a record pre-tax group profit of £5.1m in 2013, an increase of 120% over 2012 (£2.3m).

Easter jump means huge potential for brokers

The early spike in house sales at Easter offers a huge opportunity for brokers to educate customers on contents and home insurance, says insurance provider Paymentshield.

TSB gives customers cashback boost

TSB is offering £1,000 cashback on a selection of its high LTV mortgages.

Homeowners encouraged to sell now

In light of the flourishing housing market homeowners are encouraged to sell up in the next 12 months, the quarterly Halifax Housing Market Confidence Tracker has revealed.

Market Harborough expands team

Market Harborough Building Society has appointed two new managers to cope with the increased demand for mortgages.

Lenders face loan fines

Lenders with delinquent loans are facing the prospect of fines from the Mortgage Market Review.

Black Hole sinks Co-op Bank’s profit hopes

The Co-operative Bank has reported a loss of £1.3bn in 2013, after its bid to buy 632 Lloyd Bank branches fell through, writes Harry Yorke.

Vizolution and Santander claim technology award

Vizolution and Santander were awarded a joint award for Best Use of Technology in Customer Service at the 14th FStech gala awards held at London’s Lancaster Hotel.

House prices soar despite March slowdown

House prices have grown by £17,500 in just 12 months, the LSL/Acadata House Price Index has revealed.

High LTV lending up 50pc

Borrowers are taking out riskier mortgages, as there were 50% more high LTV mortgages issued in March 2014 than the year before, e.surv chartered surveyor has revealed.

MMR stifles March lending

The market has recorded a pre-MMR lull as lenders struggle to adapt to the new regulation, e.surv has revealed.

Expect wide scale MMR disruption

The Mortgage Market Review will lead to wide scale disruption to the industry due to a lack of preparedness on the parts of lenders and brokers, Nigel Terrington, chief executive, Paragon has warned, writes Harry Yorke.

H2B has “had minimal impact”

The government’s flagship Help to Buy Scheme has had little impact on the housing market except for restoring lenders confidence, Peter Dockar, head of mortgages, HSBC has claimed, writes Harry Yorke.

Supply issues will cause rapid price rises

House prices are expected to continue to rise at above 5% per annum as housing supply issues continue to plague the UK, a poll of industry experts has found, writes Harry Yorke.

House sales hit six-year high

The average number of homes sold per chartered surveyor hit a six year high during the first few months of 2014, the RICS March Residential Market Survey has revealed.

Paradigm to host MMR twitter debate

Paradigm are taking to twitter to help brokers explore issues surrounding the upcoming Mortgage Market Review.

22pc of UK households still ‘financially vulnerable’

Twice as many UK households are deemed ‘financially vulnerable’ than ‘financially secure’, the latest Genworth index reveals.

Mortgage lending stays strong in February chill

Despite a minor seasonal dip, February lending in 2014 remains far healthier than the year before, data from the Council of Mortgage Lenders reveals.

Consumer sentiment lags behind buoyant market

Confidence may have returned to the mortgage market but research from Precise Mortgages shows consumer sentiment is still playing catch-up.

Mansfield relaunches 95pc reduced rate mortgage

The Mansfield has relaunched its 95% discounted rate product in Nottinghamshire, Derbyshire and South Yorkshire, with an initial rate of 4.49% and reduced completion fee of £300 from £600.

Living standards will improve in 2014

Rent rises will be overtaken by wage growth in 2014, while disposable income for those in the private rented sector is set to grow for the first whole year since the financial crisis, analysis from LSL Property Services has revealed.

myhomemove named ‘Company of the Year’

myhomemove, the provider of moving conveyancing services, was named ‘Company of the Year’ at the Leicester Mercury Business Awards 2014 last week.