Posts in

Archives


Metro Bank has made a number of changes to its buy-to-let (BTL) product line, including increasing the maximum LTV and reducing rates. As noted above, the maximum LTV offered for BTL purchase and remortgages has been increased from 75% LTV to 80% LTV (including for new builds and apartments), although at this level of fees …

The Knowledge Bank is bringing back its “Twelve Days of Christmas” campaign in December, following its immense popularity in previous years. This will be the fourth year that the criteria search system has organized the daily raffle, with freebies given to participants every working day from December 1 to 17. To participate, brokers simply need …

Every year, Investec conducts a survey – GP Trends – in which we talk to hundreds of people working in private equity (PE). And every year, respondents tend to agree on one thing: Financial service providers do not understand their income profile. Not only 69% of UK respondents agreed with this statement, but it has …

The average number of potential new tenants per rental agency fell from 83 in September to 71 in October, according to Arla Propertymark. It is in the Northwest that we look the most, with an average of 163 potential tenants per branch. Yorkshire and Humberside, Wales and Northern Ireland jointly have the fewest tenants per …

United Trust Bank has named Mike Walters to lead its restructured mortgage sales team. Walters, whose title was previously “Sales Manager – Real Estate Intermediaries”, will now become “Sales Manager – Mortgages” and will be responsible for the bank’s first mortgage and second charge products. Large accounts, including specialty distributors, packers and major brokers, will …

Net mortgage borrowing in October stood at £ 1.6bn, according to new statistics from the Bank of England (BoE), significantly lower than the £ 9.3bn recorded in September and the highest amount low recorded since July 2021. The BoE says the drop was driven by borrowing “postponed to September to take advantage of the stamp …

The government has launched its new ‘Help to Build’ equity loan program, designed to help home builders in England access low deposit mortgage finance. Full details of the program, which will be managed by Homes England, have been released by the Department for Housing, Communities and Local Government. The outlines of the device were initially …

Image by Shutterstock / Ufuk ZIVANA Equity release professionals appear to be teeming with positivity amid record loan numbers and product selection, as well as low rates. Although many concede that the historically negative reputation of the industry still influences consumers, when Mortgage strategy polled the industry, the mood was surprisingly optimistic about the business …

A 20% down payment for an average UK home has jumped to a record 110% of average incomes over the past year, making ‘raising a down payment a significant challenge for potential first-time buyers’, says the Nationwide Building Society. That figure rises from 102% of the pre-tax income of a typical full-time employee 12 months …

The founders of Nested are launching an equity loan product similar to Help to Buy with plans to start lending by the end of this year. Unlike the government-run program, buyers will not be limited to new construction. The loans will be interest-free, with the lender benefiting instead from a capital appreciation. The lender, called …

According to a study by Key, two-thirds of equity release borrowers involve family or friends in their decision. The lender found that only 4% of those who consulted with their family said their relatives and friends were skeptical about their plans. Equity release counselors usually encourage borrowers to talk to loved ones before taking out …

Shutterstock / Photo_imagery / Léon Parks When it comes to obtaining mortgage financing, independent borrowers have always faced a number of additional hurdles compared to their salaried counterparts. But this disparity has worsened since the Covid-19 pandemic. Given the recent rise in house prices, extensive affordability calculations, lingering economic uncertainty, and a health crisis that …

Kensington Mortgages is launching its first long-term fixed rate mortgages tomorrow, allowing borrowers to freeze their monthly payments between 11 and 40 years. Flexi Fixed for Term offers are priced differently depending on the term chosen and the amount borrowed, but are available up to 95% LTV for new purchases or up to 85% LTV …

I’m writing this as Rishi Sunak just walked away from the shipping box after giving a budget speech that rather disappointed the real estate industry. Sunak’s speech mentioned “leveling” no less than eight times. The travel direction for regional infrastructure investments, job subsidies and indeed the mountains of public relations around politics are all called …

Brightstar Financial has partnered with Allicia Bank to launch a “DIP in a day” event on November 29th. The event involves an on-site Allica Bank underwriter who will assess the business and semi-business cases submitted that day. Allica Bank is committed to rendering a decision in principle the same day for any qualification request submitted …

Since April 2020, and from such a low point for many sectors in the early stages of Covid-19, the recovery has been more than a small stop-start. Uncertainties surround our industry and many others. In the market in general, there is still some ambiguity about lending attitudes. We can see that time off and payment …

The Simplify group, some of whose IT systems went down on November 7 after a security incident expired, reports that it has moved on from completing transactions already exchanged and is now in the next stage of recovering the system. The Council for Licensed Conveyancers (CLC) said it had “closely followed the incident” since it …

LV= has firmly rejected claims that Royal London played a role in its proposed acquisition by Bain Capital. In a statement released this morning (16 November), the mutual’s board seeks to draw a line under media reports that have emerged over the weekend. They said Royal London, whose bid for LV= was rejected last year, …

The Homes England chief has defended the organization against claims that taxpayers may be overexposed to the risk of loss on his Help to Buy loan portfolio. Speaking to Members of the Housing, Communities and Local Government Committee yesterday, Homes England Managing Director Peter Denton was asked how much risk the taxpayer bears under the …

The average asking price of properties put on the market fell 0.6% or £ 2,044 to £ 342,401 since October, marking the biggest monthly drop since January, according to figures from Rightmove. However, annual price growth continued, with prices up 6.3% year-on-year, down slightly from October’s 6.5% figure. Agents report that many homeowners are getting …

First-time buyers looking for secured a house in one of the 20 largest cities in the UK must deposit an average deposit of £ 10.606, according to Beehive Money. Average deposits drop to £ 7,605 for an apartment or cottage, according to the savings app, owned by the Nottingham Building Society, which analyzed cadastral housing …

Kensington Mortgages has placed a £ 452million bundle of mortgage-backed securities in the wholesale financial markets. The specialist lender says its Finsbury Square 2021-2 bond has been oversubscribed, with senior and mezzanine tranches sold to 26 different accounts. Senior debt was valued at 80 basis points above the overnight indexed average in pounds sterling. The …

The Financial Services Compensation Scheme has reduced its projected levy from £833m to £717m for 2022 This is a reduction of 13%, the result of lower-than-expected investment payments and corporate bankruptcies. The FSCS says this means it will not invoke the ‘retail pool’ in the 2021/2022 levy, which means there will be no interim levy …

A “depressed” stream of new instructions is both dampening activity in the housing market and pushing prices to new highs, according to the Royal Institution of Chartered Surveyors. In its latest residential market survey, Rics shows the net balance of the new set of instructions at -20%, with average inventory levels falling from 42 in …

More than £ 1bn of real estate wealth was released in the third quarter of this year, setting the stock release market on track for a record year. These dynamic quarterly figures from Key’s Market Monitor indicate that the total funds released in 2021 could exceed £ 4 billion by the end of the year. …

BuildLoan launched eight new products for freestanding and custom builders funded by the Furness Building Society. The new products replace the Company’s existing range with the first rates between 20 and 24 basis points lower than previous equivalent products. As a result, the lowest rate has now dropped from 3.79% to 3.59%. All products are …

Bridge loans have returned to the highest levels seen since 2018, according to data from more than a dozen packagers in the industry. Gross lending by contributors to the survey reached £190.24 million in the third quarter of this year, the highest volume since the fourth quarter of 2018. Loans were up 30% to £146.52m …

The new Monument digital bank has been approved to start receiving deposits, which allows it to be launched. The lender plans to target more affluent clients such as professionals, entrepreneurs and real estate investors, offering savings and mortgages. At launch, the bank offers rental mortgages up to £ 3million and bridging loans. Monument announces that …

Shutterstock-Olyy-168221678 The transition sector continues to be one of the success stories of the mortgage market in recent years. The influx of new lenders has lowered rates, making the sector more attractive and degrading the image it once had of last resort credit. A healthy appetite from investors and entrepreneurs has also contributed to the …

The Bank of England (BoE) holding the base rate at 0.10% today sparked a frenzy of commentary from market watchers – indeed, it came as a surprise. The majority of commentators so far agree that the decision is a good thing for the mortgage industry. “Despite growing pressures to tackle rising inflation, it’s encouraging to …

The Loans Engine said chief executive Ryan McGrath left the company at the end of October as part of a corporate restructuring. Financial brokerage president and founder Andrew Turner said, “Ryan has made a fantastic contribution to the success of the business over the past 20 years. He adds: “While I am extremely sad to …

Instructions for remortgages increased by 50% in September, according to LMS’s latest remortgage snapshot. Added to this is 108% more remortgages made in September compared to the previous month, while cancellations increased by 0.43 points to 5%. LMS data shows that 45% of borrowers increased their loan size in September, with the average loan increase …

Keystone Property Finance collected cashback on mortgages over £150,000. On the largest loans, the cashback more than doubled. The lender previously paid £750 on loans between £150,000 and £500,000 and £1,000 on loans between £500,001 and £1m. He has now introduced a three-tier system: £1,000 on loans between £150,000 and £400,000 £1,500 on loans between …

Quantum Mortgages has announced its intention to launch in early 2022. A buy-to-lease (BTL) company that will initially focus on professional homeowners “who are underserved by the main street and many other specialist lenders”, it boasts of offering manual underwriting. without automatic credit scoring, as well as an individual approach for each. application. The lender …

The platform hikes rates up to 44 basis points on some products on Wednesday as part of a major price review. The lender also reduces the rates on a number of transactions. In the new line of business of the lender, it makes the following changes: To integrate Two, three and five year fixed rate …

Jennelle Tilling has joined the Yorkshire Building Society board as a non-executive director. Tilling has 25 years of experience in leadership positions, including 17 years with Yum! Restaurants International, which includes brands such as KFC, Pizza Hut and Taco Bell. She also sits on the board of directors of Guide Dogs for the Blind Association, …