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Industry News

Industry mourns passing of Sidney Cohen

The short term finance industry was in mourning today after bridging industry grandee Sidney Cohen sadly passed away.

Martin & Co acquires L&G estate agencies

Martin & Co has acquired all of Legal & General’s UK estate agencies in a £5m plus deal.

Further 30 surveyors graduate Countrywide trainee scheme

Countrywide Surveying Services has seen a further 30 surveyors graduate its trainee surveyor programme as Associate members of the Royal Institution of Chartered Surveyors.

Average asking prices stabilise

The property market stabilised in Q3 2014 as the average asking price in Britain rose by just 0.85%, research from Move with Us has revealed.

Million pound plus sales at record high

The number of property sold for least £1m is at a record high, research from Lloyds Bank has shown.

High earners fuelling mortgage market

Consumer appetite for mortgage finance is increasingly coming from higher earners under the new MMR affordability rules, the Q3 2014 Mortgage Search Tracker from Mortgage Advice Bureau has found.

Bridging brokers want certainty

Low rates and low fees are only "part of the mix" for brokers looking for a bridging loan for clients, was the consensus amongst brokers at a recent broker day held by bridging lender Fincorp.

Treasury to consult on B2L regulation

The government wants more evidence before deciding on a Bank of England request to regulate lending to landlords.

Sesame fined £1.6m by FCA

Sesame has been fined £1,598,000 by the FCA for setting up a 'pay-to-play' scheme which the regulator claims effectively undermined the ban on commission payments brought in by the RDR.

Countrywide reports record business levels

Countrywide has reported record business levels despite the recent slowdown in the housing market.

House prices up but market slows

House prices increase by 0.5% in October but the annual rate of growth continues to slow, the latest Nationwide House Price Index has revealed.

Number of house hunters at 10 year high

House hunters are currently out in force with the number of people looking for a property hitting a 10 year high in September.

Coventry launches new resi range

Coventry Building Society has launched a new residential range with rates starting from 1.79% at 65% loan to value.

One in seven believe home is haunted

One in seven people in the UK believe that their home is haunted, a recent survey from Ocean Finance has found.

No need to hit London panic button

Despite fears of London slowdown there is no need to “hit the panic button”, online estate agent emoov has said.

Worst performing areas see 7pc house price drop

Property prices in some of the worst performing areas are falling by more than 7% per year, research by Home.co.uk has found.

West One: Alternative finance can sustain the recovery

Alternative finance can sustain the economic recovery better than the ‘battered high street’, Stephen Wasserman, director of lender West One Loans, has declared.

Funding Circle to hold autumn seminars

Funding Circle has launched a series of autumn seminars for introducers across November and early December.

Mortgage approvals at 14 month low

UK mortgage approvals fell to lowest level since July 2013 during September, the latest Bank of England Money and Credit report has revealed.

Leeds launches contractor range

Leeds Building Society is launching a new range of mortgages for professional contractors.

Half a million plan to use pension to repay mortgage

More than half a million 40 to 70 year olds in England plan to use part or all of their pension to repay their mortgage balance, new research from specialist insurer Partnership has revealed.

e.surv and Pure Retirement link up

e.surv has linked up with equity release provider Pure Retirement for valuations.

YBS fined £4m for arrears failings

The Yorkshire Building Society has been fined £4,135,600 for failings when dealing with its mortgage customers experiencing payment difficulties.

Loans Warehouse hails Paragon return

Paragon Personal Finance’s return to secured lending is worthy of celebration according to Matt Tristram, Loans Warehouse co-founder and director of Clearly Loans.

September secured lending hits £58m

Secured lending hit £58.3m in September, the latest Loans Warehouse Secured Loan Index has revealed.

Buy-to-let lenders cut fees

Buy-to-let lenders have slashed up-front fees on low LTV loans as they compete for business, the latest Buy-to-let Mortgage Costs Index from Mortgages for Business has revealed.

Sesame adds Aldermore to panel

Sesame has added Aldermore to its bridging panel to give appointed representatives and members of PMS mortgage club access to the lender’s bridging products.

Metro cuts 5-year fixed rates

The mortgage price war notched up another gear today as Metro Bank said it was going to be cutting rates on its residential 5-year fixed rate mortgages by up to 20bps.

Paradigm Protect rolls out F&TRC product selection service

Paradigm Protect has rolled out F&TRC’s Quality Analyser product selection service to its adviser members.

Teachers launch executive mortgage

Teachers Building Society has introduced a new Teacher Executive Mortgage with a 2-year discounted variable rate – currently at 1.89% - aimed at higher earning teachers seeking a mortgage for a home purchase.

Buy-to-let optimism soars in October

Optimism in buy-to-let has increased in October as lenders clamour for business, managing director of The Buy to Let Business Ying Tan has said.

TMW expands first-time landlord LTV

The Mortgage Works has increased maximum first-time landlord LTVs from 75% to 80%, with rates starting at 4.14%.

PFS chief backs the FCA

The Financial Conduct Authority is a breath of fresh air for the industry in contrast to the Financial Services Authority, Personal Finance Society chief executive Keith Richards has said.

Panacea launches mobile website

Panacea Adviser has launched a mobile version of its website for phones and tablets.

Bath appoints chairman

Bath has appointed Robert Derry-Evans as chairman to succeed the retiring Chris Moorsom from 1 January.

Borrowers should fix their mortgage now

Homeowners should fix their mortgage before the Bank of England raises the base rate, MoneySuperMarket has urged.

‘Sandwich Generation’ reaches one million

Over a million Brits are financially responsible for both younger and older family members, LV= research has revealed.

Disillusioned Brits consider emigrating

Brits are considering emigrating from the UK due to the lack of affordable housing on offer, research from GoCompare.com has revealed.

Tesco Bank slashes rates

Tesco Bank has cut its mortgage rates by up to 0.4% across its range of 2, 3 and 5-year fixed rate products and 2-year tracker products.

Mansfield refreshes shared ownership range

The Mansfield has unveiled three new products for its shared ownership range.

Precise adds Blacks Connect to panel

Broker-focused conveyancer Blacks Connect has been added to specialist mortgage lender Precise Mortgages solicitor panel.

Intermediaries expect more Q4 business

Mortgage Intermediaries expect to see business levels increase by 6% during the final quarter of 2014, research from Paragon Mortgages has revealed.

MAB set for AIM flotation

The Mortgage Advice Bureau intends to float on the London Stock Exchange’s Alternative Investment Market.

SPECIAL FEATURE: The race is on

The race for power at the next general election is on with politicians from the three main parties setting out their key policies at their recent conferences, writes Kevin Paterson, managing director of Source Insurance.

UK GDP up 0.7pc

UK gross domestic product increased by 0.7% in Q3 2014 compared to 0.9% in Q2, figures from the Office for National Statistics have revealed.

West Brom unveils 10-year fix

West Brom has launched a 10-year fix with a rate of 3.99% to 75% LTV.

Dragonfly hires commercial property manager

Dragonfly has hired Dominic Gibson as an investment manager for its commercial property team.

Paradigm hosts Belfast round table

Paradigm will host its next mortgage and protection roundtable event in Belfast on Wednesday 12 October.

Homebuyers shouldn’t cut corners on home surveys

Homebuyers shouldn’t skimp out on property surveys or they could encounter problems down the line, Maxwell Hodge conveyancer Alison Love has warned.

Lloyds slashes 90pc LTV mortgages

Lloyds Bank has cut rates on its 2-year fixed rate 90% LTV mortgages.

London will build 570,000 homes in a decade

London will construct up to 570,000 new homes in the next decade with the help of new build projects in Southwark, Tower Hamlets, Islington and Hackney, Stirling Ackroyd has claimed.

First-timer sales up 11pc

First-time buyer sales have increased by 11% annually to September, the latest First Time Buyer Tracker from Your Move and Reeds Rains has revealed.