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Industry News

Openwork refreshes panel

Openwork has refreshed its mortgage panel following a major re-tendering exercise.

10pc of Scots spend half of income on home

Some 10% of Scots who own or rent a property are spending 50% or more of their take-home income on keeping a roof above their head, research from Debt Advisory Centre Scotland has found.

House prices closing in on 2007 peak

House prices in England and Wales now stand just £3,000 short of the peak level seen in November 2007, data from the Land Registry has revealed.

Molyneux moves up at Masthaven

Specialist short-term and second charge lender has promoted Neil Molyneux to the newly created post of head of sales and marketing.

TBMC and Hanley launch exclusives

TBMC launches new buy-to-let exclusives with the Hanley Economic Building Society

SPECIAL FEATURE: Worries over pension pot debtors

Steve Rees, director of debt solutions company Vincent Bond & Co, warns new pension rules may mean creditors could force many to use their pension pot to pay off debts.

SPECIAL FEATURE: A year to look forward to

Jeremy Duncombe, director, Legal & General Mortgage Club, offers predictions for the mortgage market in 2015.

Clydesdale increases proc fees

Clydesdale Bank has increased its procuration fees to 0.40% for networks and 0.38% for Directly Authorised firms.

LendInvest smashes £200m mark

LendInvest, the peer-to-peer lender, has now lent more than £200m to British businesses and property entrepreneurs - something that took Lending Club in the US over four and a half years to do and took Zopa in the UK seven years, writes...

CA looks to identify home-buying obstacles

The Conveyancing Association is set to survey its members as it looks to identify the key obstacles currently hindering the home-buying process.

High-end properties boost in Q4

The final quarter of 2014 saw a significant (56.8%) increase in the number of homes worth over £500k appearing on the market for sale, the latest Experian Property Index has revealed.

LBG calls for cross party housing solution

Lloyds Banking Group has called on all political parties to unite in the face of the “generational challenge” caused by the nation’s shortage of new homes.

PTFS link up with Twenty7Tec

Personal Touch Financial Services has become the latest firm to sign up for product sourcing system MortgageSource from Twenty7Tec.

L&G Mortgage Club TV launches

Legal & General Mortgage Club has launched a new online TV channel, Mortgage Club TV.

24pc increase size of mortgage to ease living costs

Almost one in four (24%) homeowners remortgaging in December increased the size of their loan by more than £1,000, research from LMS has found.

Q4 rental voids at yearly low

The average void period experienced by landlords in Q4 was the lowest recorded in 2014, Paragon Mortgages’ latest quarterly landlord survey has revealed

RBS and NatWest make sweeping cuts

RBS and NatWest have reduced all of their residential mortgage rates and are now offering their lowest ever rates for two, three and 5-year 60% LTV products.

Stamp Duty reform sees enquiry boost

Stamp Duty reforms helped to boost the middle market and encourage prospective home buyers in December, the latest National Association of Estate Agents Housing Market Report has shown.

10pc regret buying home

One in ten (10%) of UK home owners regret buying their home according to research from Ocean Finance.

Platform launches lowest ever rate

Intermediary mortgage lender Platform has reduced its 2-year residential mortgage fixed rate to a1.59%.

YBS launches 95pc mortgage

Yorkshire Building Society has launched a new 2-year 4.49% fixed rate mortgage for borrowers with a 5% deposit.

20pc planning 2015 retirement will have debts

Almost one in five (19%) of those planning to retire this year will do so with debts outstanding, averaging £21,800, research from Prudential has found.

SPECIAL FEATURE: Beware of Greeks bearing gifts

Chris Fleetwood, director of PR firm Paradigm Consulting, wonders which of the multitude of Euro bureaucracies is going to deal with the issue of poor lending to the Greeks.

SPECIAL FEATURE: Putting the QE package to the test

Jaisal Pastakia, investment manager at Heartwood Investment Management, says time will tell whether the European Central Bank’s €1.1 trillion quantitative easing package will have the desired impact on the real economy.

Accord launches 5-year range

Accord Mortgages is launching a number of new 5-year mortgages for borrowers with a 25% or 35% deposit.

Scottish Widows cuts rates

Scottish Widows Bank has made a number of cuts to its professional and flexible mortgage range.

BBA: Market slowdown continues

Banks approved some 35,000 mortgages for house purchase in December as the housing market continued to slow, the British Bankers Association latest figured have shown.

Marsh & Parsons to open Shoreditch office

Marsh & Parsons is opening a branch in London's trendy Shoreditch area this month, adding to its existing network of 22 offices across the capital.

Regentsmead and NFB join forces

Development finance specialist Regentsmead has agreed a partnership with the National Federation of Builders to help its members find finance.

Sesame launches national mortgage conference

Sesame Bankhall Group has announced plans to hold a major new national conference for mortgage advisers.

NatWest slashes rates

NatWest Intermediary Solutions is set to introduce four new higher fee/lower rate 60% LTV mortgage deals into its intermediary range from Tuesday.

Omni and Prime City link up for Chiswick development

Omni Capital has joined forces with luxury homes developer Prime City Developments to fund the acquisition of former commercial premises in Chiswick, west London, for conversion into high-end luxury apartments.

Paradigm winners announced

Paradigm Mortgage Services has announced the yearly winners of its lender and provider awards.

Government to resist fundamental MCD change

The government has resisted any fundamental changes to its plans on the implementation of the Mortgage Credit Directive following consultation with the mortgage industry.

AMI: Treasury efforts on MCD welcomed

The Association of Mortgage Intermediaries has welcomed efforts by the Treasury to minimise the impact of the Mortgage Credit Directive despite the huge challenges that lay ahead for the FCA.

BSA: MCD offers little or no benefit to consumers

The Building Society Association says that the Mortgage Credit Directive will add “little or no benefit to UK consumers”.

Later Life Academy partners with Legacy Wills

The Later Life Academy has announced a new relationship with Legacy Wills & Estate Planning, the will writing and estate planning experts.

Brightstar appoints first BDM to kick start New Year

Brightstar has appointed Chris Bennett as its first business development manager.

Julian Harris link up with Largemortgageloans

Specialist large mortgage loans broker has entered a new partnership with Julian Harris Network.

HLP and MortgageSource team up

HomeLoan Partnership has integrated mortgage sourcing system MortgageSource into its new CRM system.

House prices up 8.3pc in 2014

UK house prices ended the year 8.3% up in 2014, the latest Hometrack UK Cities House Price Index has revealed.

Balham is London's 2014 hotspot

Balham outpaced the rest of London in 2014 with 21% annual growth which equates to a whopping £415 a day, the latest London Property Monitor from estate agent Marsh & Parsons has found.

Virgin cuts rates

Virgin Money has reduced the rates on a number of residential mortgages across its intermediary exclusive range.

Remortgage lending up 3pc

Monthly gross remortgage lending saw an increase of 3% in December to £3.7bn, new figures from LMS have revealed.

Barclays sets standard LTI cap

Barclay’s has put a blanket loan-to-income cap of 4.5 times across all its mortgage lending.

EXCLUSIVE: Paul Brett back in the game

Rumours are spreading like wildfire that mortgage ace Paul Brett is back in the market and in situ at a soon to be launched lender, writes Robyn Hall.

Pension reforms offer children a chance

Parents should take advantage of new pension rules to secure children a place on property ladder, according to The Buying Agents.

Election uncertainty to impact market

Brokers should expect a sluggish start to 2015 as uncertainty around the General Election impacts transaction levels, Countrywide has warned.

HLP adds TFC to panel

TFC Homeloans has been appointed to the HLP broker network’s panel of providers.

92pc of consumers lack protection

Only 8% of 2014 consumers have safeguarded their loans with some form of repayment or income protection – compared to over 17% in 2012, the latest Financial Fragility and Confidence’ report from Cuna Mutual has found.

Purchase approvals see H2 decline

There were nearly 34,000 fewer home purchase mortgage approvals in the second half of 2014 than the first half as the lending recovery stalled following regulatory change, according to the latest Mortgage Monitor from e.surv.

Steve Brennan joins Masthaven

Masthaven Finance has appointed Steve Brennan as head of underwriting for the bridging division and Steve Earthy as group compliance officer.