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Industry News

Brokers fail on BTL tax advice

Mortgage brokers are failing to advise clients of the best way to structure buy-to-let investments due to a lack of specialist knowledge in tax planning, it has been claimed.

Scotland bemoans end of H2B

Home builders today expressed concern at a new report showing a continuing fall in the number of first-time buyers in Scotland and warned that the country faced being left in “housing limbo”.

Spiderman broker to conquer Europe in old banger

A Bournemouth-based mortgage broker will venture across Europe in a £75 car dressed as Spiderman in a Top Gear-inspired journey next week for children’s hospice charity Julia’s House.

P2P lender set to disrupt the mortgage market

P2P lender eMoneyUnion wants to disrupt the mortgage market with its first and second charge loans after gaining three separate six figure investments from a trio of new shareholders.

Queen confirms housing bill

A Right to Buy extension, a “northern powerhouse” plan and new powers for councils to deal with rogue landlords and evict illegal migrants more quickly were announced by the Queen today.

No-one helped by H2B in 40pc of England

Two years after George Osborne launched Help to Buy in April 2013 close to half of all postcode districts in England (1,261 out of 2,117 total) are yet to see anyone helped by the scheme.

Remortgage market strengthens in every UK region

The Remortgage market gathered pace in the first quarter of 2015 across all regions of the UK but lending to homemovers and first-time buyers typically fell, data from the Council of Mortgage Lenders has revealed.

Nationwide to cut rates tomorrow

Nationwide will cut selected 2-year fixed rates by up to 0.10% for existing mortgage customers looking for a new deal from tomorrow.

Offset rates fall to new low

Offset rates have fallen to record lows with the average offset fixed rate now priced at 2.65%, over one percentage point lower than two years ago, research from Moneyfacts has revealed.

Warning over Greek mortgages

Concern that Britons with holiday homes in Greece could be left high and dry if mortgage lenders tighten criteria are rising after the country warned it would fail to repay its IMF debt on time.

Rate cuts for high LTV borrowers

Mortgage borrowers with smaller deposits are seeing rate cuts of up to 0.88%, research from the Nottingham building society has suggested.

FCA to review PPI complaints

The Financial Conduct Authority is to review financial firms’ handling of payment protection insurance complaints following a legal ruling last year.

HML loses Foundation to Phoebus

Paratus AMC, the sister company to buy-to-let lender Foundation Home Loans, has completed a successful migration of over 29,000 loan accounts from HML onto the Phoebus servicing platform.

London letters see red tape slashed

Thousands of Londoners can now rent their homes out free from red tape, thanks to new measures coming into force today.

BPF brands housing bill piecemeal policy

The British Property Federation has urged government to set out a comprehensive vision to tackle the UK’s chronic shortage of homes in its expected Housing Bill ahead of today's Queen's Speech.

MFB: We need second housing bill

David Whittaker, managing director of mortgages for business, one of the UK's best known buy-to-let brokers, has suggested that the government's first housing bill will not be enough.

Apple watch up for grabs

Alternative Bridging Corporation is offering brokers the chance to win an Apple Watch if they lodge an enquiry with the firm for a client.

SPECIAL FEATURE: Central London is back in business

Stephen Johnson, managing director of Shawbrook Bank’s commercial mortgages division, says the Conservative election victory will see confidence return to the Central London property market.

SPECIAL FEATURE: Eurovision market commentary

Stephen Boyle, chief economist at the Royal Bank of Scotland Group, says it is business as usual for the UK housing market despite the long-term challenges it faces. He also assesses the state of the...

Housing Bill a plaster on gaping wound

The government’s housing bill which promises “landmark changes” has been branded a "plaster over a gaping wound" by experts.

DIY spending rises 10pc

Household DIY spending increased by 10% in 2014 based on the cost of tools and materials, research from Lloyds Bank has revealed.

Agents report post-election rent rises

One in three (32%) letting agents reported rising rents in April, the Association of Residential Letting Agents' (ARLA) Private Rental Sector Report has revealed.

TSB expands broker support team

TSB Intermediary hired 55 partners in broker facing roles in April alone as it looks to meet increased demand from intermediaries.

Societies complete 29pc of new lending in Q1

Building Societies had a 29% share of new lending in the first quarter of 2014 after approving 91,000 mortgages, data released from the Building Societies Association revealed.

Gov confirms RTB and self-build

Communities secretary Greg Clark MP will announce “landmark changes” in the form of extended Right to Buy and self-build proposals to "spread home ownership to millions" in the Queen’s Speech tomorrow.

Brokers want more mortgage apps

Mortgage brokers are looking to mobile apps and broker exchanges to bring their service up to scratch for clients increasingly dependent on technology.

Lewis refuses to regulate estate agents

Housing minister Brandon Lewis has allegedly ruled out regulation of estate agents, even after the NAEA pleaded with him to smarten up the industry.

Wellesley to launch broker portal

Peer-to-peer bridging and development finance lender Wellesley & Co is planning to launch a broker portal called Wellesley Finance in Q3 this year.

Social rent arrears fall

Housing Association rents arrears policies are working, research from Mobysoft shows.

Specialist lending workshops from TFC

TFC Homeloans has announced two free specialist lending workshops aimed at advisers who want to learn more about helping their clients and increasing their revenues.

Crowdfunded BTL funded in minutes

A property listed on residential crowdfunding platform Property Partner reached its funding target in a record 35 minutes with investments coming in at a rate of £6,000 a minute.

Crawford: Veyo will fail

The Law Society's conveyancing portal Veyo is doomed to fail because it fundamentally fails to understand consumer behaviour, Doug Crawford has said.

Yorkshire defends direct-only decision

Yorkshire building society has defended its decision not to offer its lowest ever mortgage rate of 1.07% through brokers.

Refer struggling borrowers to advisers

Lenders should encourage borrowers struggling with their mortgage payments to seek financial advice, a report commissioned by the Council of Mortgage Lenders has suggested.

MGM and Stonehaven merge

Retirement specialist MGM Advantage and equity release provider Stonehaven have combined to create Retirement Advantage, a new brand with a focus on the UK’s mainstream retirement market.

Nationwide chief to retire as profits grow

Nationwide has announced that its chief executive Graham Beale will retire in July next year after the bank recorded strong annual profits.

YBS launches lowest ever rate at 1.07pc

Yorkshire building society has today launched the UK’s lowest ever fixed rate mortgage with a 1.07% initial rate available direct only.

FCA warning on poor SME claims handling

Insurers have been rapped on the knuckles for poor handlilng of insurance claims by small and medium sized businesses following a review by the regulator.

Government fails to promote housing wealth

The government has failed to promote the role of housing wealth in retirement funding said experts and financial professionals at the Great Retirement Money Debate hosted by the Equity Release Council.

Saffron launches transitional mortgage

Saffron building society has set out its stall to help mortgage prisoners remortgage under transitional rules allowing for a more flexible approach to affordability assessment.

BSA 2015: Financial firms are like North Korea

Regulators and firms have a dangerous culture of North Korean-style totalitarianism, "corporate philosopher" Roger Steare claimed at the Building Societies Association Conference 2015 in Harrogate yesterday.

House prices continue to rise

House prices across the Hometrack UK cities house price index grew by an average of 1.4% over the three months to April - higher than the same period in 2014 (1.2%) and the highest three month average rate of growth for a decade.

BSA 2015: KPMG calls for unity against hackers

Firms should band together to stop hackers extracting money to fund more illegal activities, KPMG partner Stephen Bonner said at the Building Societies Association Conference in Harrogate today.

Teachers launches H2B remo

Teachers Building Society has widened the availability of its Help to Buy mortgage, making it available for remortgage as well as home purchase.

Rogue landlords raking in billions

Rogue landlords are raking in £5.6bn a year by letting out unsafe homes that fail to meet legal standards, research has claimed.

Cusp of recovery despite lending dip

Gross mortgage lending was estimated at £16bn in April, 1% down on the previous month and 4% lower than the £16.7bn a year ago, Council of Mortgage Lenders figures show.

Prestige launches BTL seconds range

Prestige Finance, the second charge loan specialist and part of OneSavings Bank, has launched a range of buy-to-let products for second charge lending.

Just 34,000 new homes built in Q1

There were around 34,040 completions in Q1 2015, up 10% on Q4 2014 and 21% above Q1 2014, the latest figures from the Department of Communities and Local Government show.

BSA elects Bath CEO as chairman

Dick Jenkins, chief executive of Bath building society, has been elected deputy chairman of the Building Societies Association.

BSA 2015: Don't demonise BTL

Buy-to-let shoudn’t be demonised as the quality of lending remains high, Bank of England deputy governor for prudential regulation and Prudential Regulation Authority chief executive Andrew Bailey has said.

FSE: Lack of building a national disgrace

The lack of new housing coming to market is “a national disgrace”, experts have warned.

BSA 2015: Lloyds anticipates 2015 rate rise

Interest rates could rise in late 2015 when deflation ends and oil prices increase, a Lloyds Bank economist predicted at the Building Societies Association Annual Conference 2015 in Harrogate yesterday.