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Industry News

Skipton launches lending charter

Skipton has made four ‘lending charter’ pledges to its partners which include eliminating dual pricing and abstaining from offering home or life insurance.

Niche lenders gain LTI cap exemption

Lenders who write less than 300 mortgages per year will be exempt from the government’s 4.5 times loan to income mortgage cap which comes into force today, The Prudential Regulatory Authority said today.

One in four self-employed excluded from market

Nearly one in four of UK adults who have been self-employed for more than a year have been snubbed when trying to get a mortgage, research from Kensington has revealed.

Glasgow market pauses for breath

The housing market in Glasgow and the west of Scotland lost momentum over the summer as the country played host to the referendum debate and the Commonwealth Games.

Barclays unveils limited edition mortgages

Barclays has refreshed its mortgage range for a limited time to offer products including a 2-year fix of 1.94% to 75% LTV.

TMA launches profit share scheme

TMA has launched a profit share scheme which shares 100% of its margin retained on mortgage business.

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

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.

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.

H2B2 withdrawal will hit first-timers 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buyers will require an extra seven years to save for a deposit once the Help to Buy mortgage guarantee scheme has been withdrawn, Genworth research has revealed, writes Ryan Bembridge.

Platform refreshes rates

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

Only fools and houses

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.

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.

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.

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.

Rent caps could deter quality landlords

Labour’s plan to cap rents could do more harm than good for tenants by scaring off long-term landlords who charge steady rents, property expert Kate Faulkner 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.

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.

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...

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.

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.

L&G Mortgage Club hosts second series of events

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

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.