Michael Lloyd

The loan involved a 500-bed student accommodation in northern England with a substantial development component.

The average financial contribution is £9,050 per child, with nearly a 10th (9%) giving over £20,000.

Chestertons’ lettings division increased its revenue by 17% year-on-year.

Just Mortgages has placed £2.4bn of lending through Openwork.

The FCA said it will identify lenders with these business models and then look into how customers are affected and what, if any, action it will take.

James Bloom, managing director of short-term lending at Masthaven Bank, said borrowers have been opting for longer-term bridging deals for more certainty by looking for 18-month non-regulated loans for both bridging and development.

The programme is supported by Goldman Sachs Private Capital and was originally launched in January 2017 to fund the origination of residential and commercial bridging loans.

Brokers instructing remortgage and conveyancing cases from April 1 automatically earn points through their GWlive case management system.

Previously, LMS delivered remortgages for Accord Buy to Let customers only, but this has been extended to include residential mortgages for the intermediary lender.

Paul Shearman, proposition director at Openwork and Emma Green, head of sales at Paymentshield, said that technology used to reduce the number of questions asked can lead to customers feeling uncomfortable and less likely to take out a GI policy.