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Industry News

LV= set for Teachers Assurance takeover

LV= has agreed to take over fellow Bournemouth-based friendly society Teachers Assurance from early 2016 for an undisclosed fee.

Nottingham raises January proc fees

The Nottingham will raise procuration fees to 0.40% from January 6 on residential and buy-to-let transactions.

Accord raises proc fees for New Year

Accord is increasing its procuration fees across its residential mortgage range for the New Year.

NatWest cuts low LTV rates

NatWest is cutting rates across its range of residential 2, 3 and 5-year fixes and 2-year trackers from tomorrow.

SortRefer names winner of review campaign

SortRefer has announced the winner of its September competition which looked to encourage brokers to post reviews of its service online.

Vantage launches specialist packaging division

Vantage Finance has launched a new packaging division for specialist residential and buy-to-let mortgages.

CML: November lending hits ?16.9bn

Gross mortgage lending reached £16.9bn in November 2014 which matches the figure reached in the same month last year, data from the Council of Mortgage Lenders has revealed.

Smart Money upsizes

Smart Money is upsizing its Glasgow premises to deal with higher volumes of business from Scottish intermediaries.

Dudley’s Steve Sandiford heads for Paragon

Steve Sandiford is leaving Dudley Building Society as head of lending at the end of January to join Paragon’s mortgage team in a directorial role from February.

Ageas partners up with Virgin

Ageas and Virgin Money will offer insurance products together from 2015 after entering into a partnership.

Over-55s housing payout hits £10.4bn

The Bank of Mum and Dad paid out £10.4bn to their children and grandchildren to fund house purchases in 2014, research from the Equity Release Council has revealed.

P2P to revolutionise buy-to-let

Peer-to-peer finance will revolutionise the mortgage industry for landlords according to an independent review commissioned by P2P buy-to-let lender Landbay.

Children’s author wins Leeds BS campaign

An aspiring children’s author has been awarded £1,000 from Leeds Building Society for winning the society’s ‘Save Interesting’ campaign.

Skipton cuts fixed mortgage range

Skipton Building Society has unveiled rate cuts across its entire 3 and 5-year fixed mortgage range.

ONS: Wage growth hits 1.6pc

Annual wage growth excluding bonuses climbed to 1.6% from August to October, figures from the Office for National Statistics have revealed.

Cameron commits to Help to Buy

Prime Minister David Cameron has backed the continued use of Help to Buy to help young people get on the housing ladder.

One in six borrows to cover housing costs

As many as one in six (16%) mortgage holders and tenants are paying monthly housing costs with credit, research from the Debt Advisory Center has revealed.

Metro Bank to lend throughout England and Wales

Metro Bank has widened its lending area so brokers can submit applications for properties throughout the whole of England and Wales.

TSB launches flexible 10-year fix

TSB has launched a 10-year ‘Fix and Flex mortgage’ allowing homeowners to refinance after five years without incurring early repayment charges.

Asking prices slashed for Christmas

A third (33%) of all homes on sale in the UK have had their asking prices reduced since coming onto the market, research from Zoopla has revealed.

Hoare exits PTFS

PTFS head of commercial relationships Neil Hoare has left the network following a restructure.

Boulger predicts “new normal”

Bank of England interest rates could stay lower for longer in what will be a “new normal” for the market, Ray Boulger, senior technical manager of John Charcol, has predicted.

CML: mortgage market set for growth

Mortgage lending will hit £222bn in 2015 and £240bn in 2016, the Council of Mortgage Lenders has predicted.

Inflation falls to 12-year low

UK inflation reached a 12-year low of 1% in November, the Office for National Statistics has revealed in its latest Consumer Price Index.

TBMC launches buy-to-let exclusive

TBMC has launched a 2-year fixed rate buy-to-let product at 1.99% to 60% LTV exclusively with Skipton Building Society.

Average H2B buyer in 2pc SDLT band

The majority of Help to Buy purchasers fall into the new 2% stamp duty banding, statistics from Aldermore have revealed.

Santander unveils 10-year fix

Santander has launched its lowest ever 10-year fixed rate mortgage at 3.44%, up to 60% LTV with a £995 fee.

IBB name change approved

The Islamic Bank of Britain’s name change to Al Rayan Bank PLC has been formally approved by its shareholders.

ONS: House prices up 10.4pc annually

House prices rose by 10.4% in the year to October, the latest Office for National Statistics house price index has revealed.

Co-op fails BoE stress test

The Co-operative Bank has failed the Bank of England's stress test whilst Lloyds and RBS have only just scraped through.

Housing market “back to normal”

The UK housing market has returned to a “normal pattern” after a slow down in the summer months, house builder Bellway has said.

CML welcomes Starter Home initiative

The Council of Mortgage Lenders has welcomed the governments Starter Home initiative and pledged mortgage lender support for the proposal.

Remo market bounces back

November has witnessed a resurgence in remortgaging activity despite the rest of the UK housing market cooling, research from Connells Survey and Valuation has shown.

2015 set for significant BTL investment

Confidence in the health of the buy-to-let market will encourage significant investment in the sector by property investors in 2015, research from Platinum Property Partners has found.

Price cuts bring lowest rates since 2007

Record price cuts from lenders saw 2-year tracker, 2-year fixed and 3-year fixed rate loans hit the cheapest level since 2007 in November, research from Mortgage Advice Bureau reveals.

MAS must slash jobs and reduce costs

A report into the Money Advice Service will recommend that the much maligned quango significantly slashes its staffing levels and cuts its budgets by over a third.

Broker confidence on the up

Intermediaries are overwhelmingly confident about the state of their businesses going into 2015, research from Select & Protect has revealed.

Pensions reforms to boost equity release

Advisers expect the popularity of equity release to increase from next April when the government’s pension reforms come into force, research from Stonehaven has revealed.

PM to launch Starter Home initiative

The Prime Minister is set to launch the Starter Home initiative, a new scheme offering 100,000 first-time buyers the chance to buy new homes with a 20% discount, some six months earlier than originally planned.

Pensions reforms to boost equity release

Advisers expect the popularity of equity release to increase from next April when the government’s pension reforms come into force, research from Stonehaven has revealed.

Mortgage job market heats up

The number of interviews needed to land a job in the mortgage industry is back down to pre-crisis levels, research from recruitment specialist Randstand has revealed.

LBG hits FTB target early

Lloyds Banking Group has delivered on its commitment to lend to 80,000 first-time buyers ahead of schedule.

Nottingham strengthens board

The Nottingham Building Society has appointed two new non-executive directors to further strengthen the board.

Accord launches web chat service

Accord Mortgages is launching a new web chat service to provide improved customer service to brokers using its residential and buy-to-let websites.

LBG joins MCI Mortgage Club Panel

Lloyds Banking Group has become the latest addition to the MCI Mortgage Club panel.

BSA: Regulation risks hitting tipping point

The cumulative effect of the growing regulatory burden on financial services firms risks reaching a tipping point that will damage innovation, diversity and competition, the Building Societies Association has warned.

Landlords turning to brokers

Landlords are turning to the intermediary sector for advice as a weaker housing market and potential disruption from the 2015 general election continues to sap investors confidence, the latest Private Rented Trends Survey from Paragon has...

Asking prices see record fall

Asking prices in Hammersmith and Fulham fell by a whopping £80,000 in December as the UK posted its biggest ever monthly fall in the prices of properties coming to market, the latest Rightmove House Price Index has revealed.

Barclays launches 1.29pc tracker

Barclays has launched a new 2-year 1.29% tracker mortgage for house purchase and remortgaging.

Hinckley slashes rates

Hinckley & Rugby Building Society has cut the interest rates on a trio of high LTV mortgages.

Buying sentiment heats up as prices cool

Consumer confidence in the outlook for house prices has continued to fall from its peak in July 2014, the latest Halifax Housing Market Confidence Tracker has revealed.

House prices to rise 4pc in 2015

House prices will grow by 4% in 2015 and 4.5% in 2016 across England & Wales, estate agents Hamptons International has forecast.