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Industry News

1.75m at risk of mortgage rate rise shock

The Money Charity has warned that more than 1.75m mortgaged households have never experienced a rise in the Bank of England base rate, putting them at risk of a financial shock when rates do increase.

IMLA: FTBs will be hit by H2B2 closure

Failing to replace the Help to Buy 2 mortgage guarantee with a permanent indemnity scheme will push the first-time buyer market back into decline, according to new research by the Intermediary Mortgage Lenders Association.

Rate rises likely early in 2016

The financial markets are anticipating an interest rate rise early next year - although it has hitherto been consistently premature in its expectation of when interest rates are going to rise.

Average income back to pre-recession levels

New IFS projections suggest median (middle) household income in 2014–15 is at around the same level as it was in 2007–08 before the recession, though still more than 2% below its 2009–10 peak.

Genworth partners with Leek United

Leek United has become the latest society to partner with Genworth, the provider of mortgage insurance products to lenders in the UK.

Property Alert helps thousands in first year

More than 19,000 people have signed up to Land Registry’s free Property Alert service in its first year.

Nemo Personal Finance celebrates a decade

Secured lender Nemo Personal Finance is celebrating 10 years in business.

Barclays launches 1.55pc two-year fix

Barclays has launched a two-year fixed rate mortgage at 60% LTV for loans up to £200,000 with a rate of 1.55%.

Specialist lending will become key battleground

Specialist lending will become one of the key battlegrounds in the mortgage market over the next two years according to broker research from Kensington.

Saffron extends contractor mortgage to 90pc LTV

Saffron for Intermediaries has enhanced its contractor mortgage by adding a 90% LTV band offering a 5-year discounted rate of 4.09%.

Nationwide launch 10-year 2.89pc fix

Nationwide today launches the lowest 10-year fixed rate mortgage currently on the market priced at 2.89%.

Buy-to-let panel blasts Labour’s rental pledge

A panel of buy-to-let experts has criticised Labour Party plans to control the private rental sector ahead of the UK general election in May.

David Whittaker: B2L to eclipse £30bn in 2015

The buy-to-let sector will record steadier lending growth in 2015 but still break the £30bn barrier, David Whittaker, managing director of Mortgages for Business, predicted today.

Halifax reduces rates across FTB products

Halifax has increased maximum loan amounts across affordable housing and new build ranges by up to 100% and cut rates across first-time buyer and homemover rates by up to 0.2%.

L&G brokers gain access to Fleet Mortgages

Directly authorised members of Legal & General Mortgage Club now have full access to the Fleet Mortgages product range.

Pink brokers given free membership to SMP

Pink network has provided all of its advisers with free membership of Society of Mortgage Professionals (SMP).

Precise boost with launch of Charter Savings Bank

New challenger bank Charter Savings Bank opened its doors for business this morning with rates up to 2.50% AER.

Mortgage Trust launch B2L for Scotland

Mortgage Trust has made a range of products available for investors in the private rented sector in Scotland for the first time since the financial crisis.

Rise in fraud reveals Scotland’s financial problems

Scotland has suffered a huge increase in cases of fraud throughout the country as people look to stem debt problems as well as fund personal greed and unfeasible lifestyle choices.

Paradigm push for Scottish registration

Paradigm Mortgage Services is pushing for Scottish advisers to sign up to its proposition at this week’s Financial Services Expo taking place at the Hilton Glasgow Hotel.

PM: 20pc discount on your first home

A new scheme offering 100,000 first-time buyers new homes with a 20% discount was announced by the Prime Minister David Cameron today.

House price growth slows for sixth month in a row

Annual house price growth slowed to 5.7% in February from 6.8% in January – the sixth month in a row, figures from Nationwide show.

FTBs have just one month to get on property ladder

People planning to buy their first home have just months left to buy a house or risk missing out on the chance of getting on the property ladder for years to come, research from savings and ISA provider Scottish Friendly reveals.

Lloyds ups lending by 13pc

Lloyds Bank increased its mortgage lending by 13% in 2014 from the year before, its annual statistics have revealed.

RBS & NatWest cuts rates as lending soars

RBS and NatWest has made widespread rate cuts after announcing that its gross mortgage lending in 2014 increased by 37% year-on-year to stand at £19.7bn.

Secured lending records 28pc surge

The secured loan market has gone from strength to strength over the last two years – as annual lending to January 2015 has increased by 28% from the year before (£609m) to stand at £779m.

Bridging brokers expect volumes to flourish

Three quarters (73%) of bridging finance brokers expect business volumes to grow in 2015 while 22% expect them to stay the same, United Trust Bank research has found.

SortRefer happy with broker app takeup

SortRefer is happy with the takeup of the second version of its broker app – which provides access to cases with instant progress updates.

Private rental sector needs £1.4 trillion by 2035

The UK’s private rental sector needs £1.4 trillion of investment by 2035 to provide sufficient levels of high quality accommodation, buy-to-let lender Landbay has forecast.

Coventry’s annual lending surges 25pc

Coventry Building Society's lending totalled £7.4bn in 2014 – a 25% increase on 2013, its annual figures show.

January prices inflate 1.3pc

House prices increased by 1.3% in January 2015 from December led by strong increases in the North West (2.6%), South West (1.5%) and the East (1.4%), the Land Registry’s house price index has revealed.

Stamp Duty reforms boosts FTB deposits

First-time buyer deposits increased by 7% month-on-month and 15% year-on-year to average at £29,127 in January, the latest First Time Buyer Tracker from Your Move and Reeds Rains has revealed.

Broker confidence picks up in Q4

Brokers were more confident in the state of the mortgage market in the fourth quarter of 2014 – with many reporting increased business levels, Halifax’s intermediaries broker confidence tracker has revealed

Rents rise 2.5pc in January

Rents on new tenancies increased by 2.5% in January 2015 from December 2014 to average at £889, Homelet’s rental index has revealed.

More January remortgagors used advisers

Almost half (46%) of those people who remortgaged in January consulted with an independent mortgage adviser or broker, according to research from LMS.

Countrywide grows profits by 63pc

Countrywide’s 2014 profits increased by 63% from 2013 to reach £102.4m before tax, its annual statistics have revealed.

Homebuyers negotiate more on price

Nearly three quarters of houses in January were sold at less than asking price, the National Association of Estate Agents January Housing Market Report has found.

Landbay appoints Robert Burgess

Landbay has appointed peer-to-peer pioneer Robert Burgess to its board of directors.

FTBs drive Scotland and NI markets

First-time buyer activity shot up by a quarter in Scotland and Northern Ireland in 2014, data from the Council of Mortgage Lenders has revealed.

Welsh lending rises by 9pc

Wales saw a steady 9% increase in house purchase lending in 2014 with loans totalling £3.1bn, data from the Council of Mortgage Lenders has revealed.

Skipton ups lending by a quarter

Skipton Building Society increased its residential lending by a quarter (23%) in 2014 to total £3bn, its annual results have revealed.

YBS reduces rates and fees for FTBs

Yorkshire Building Society has reduced rates on its two-year fixed-rate mortgage at 95% LTV to help first-time buyers get on the property ladder.

BBA: housing market slows

Mortgage approvals from banks were little changed in January compared with December, but were still 20% down on a year ago.

London market slows in Q4

Greater London house purchase volumes in Q4 fell by 10% from the last quarter and 12% year-on-year, data from the Council of Mortgage Lenders has revealed.

Another record year for Leeds

Leeds Building Society today reported another record year of growth with new residential mortgage lending increasing by 24% to £2.7bn (£2.2bn 2013) and net residential lending of £1.1bn (£1.0bn 2013) – its best ever performance.

New dates for Sesame Bankhall mortgage seminars

Sesame Bankhall Group is hosting a new series of mortgage seminars in 12 venues across the UK for customers of PMS and Bankhall, along with Sesame Network members.

Demand cools for prime central London

Fluctuations in currencies together with tax changes and the threat of a mansion tax are cooling demand for prime London housing and values have started to slip back as a result.

Rents up 5.3pc since Scottish election

Scottish rents have increased by just 5.3% since May 2011 – when the country’s last general election took place, the latest Scotland Buy-to-Let Index from Your Move has revealed.

95pc LTV products up 57pc

Since the launch of Help to Buy 2 in January 2014 the number of 95% LTV products on the market has increased by 57%, the latest Genworth / Moneyfacts Mortgage LTV Tracker has revealed.

Santander launch zero fee products

Santander has launched a 2.19% 2-year fix at up to 80% LTV with zero booking fee.

Payday lenders must use comparison sites

The CMA, the UK’s competition and consumer authority, has ordered online payday lenders to publish details of their products on at least one price comparison website (PCW) which is authorised by the Financial Conduct Authority.

OMBUDSMAN: Deal with complaints thoughtfully

Latest figures from FOS show that the ombudsman took on a total of 161,649 new cases in the second half of 2014.