Archives
MBA: James Tucker, Managing Director, Twenty7tec
Everyone outside of the mortgage market assumes it’s boring and boring and maybe even a little stuffy. As we all know on the inside, that couldn’t be further from the truth. I have lived a life at the forefront of change in our industry over the past seven years and know there is still a …
Comment: Promote new constructions to owners
Like most lenders, the majority of the loans we make to our Rental Landlords (BTLs) are for properties that have changed hands at least once. This is hardly surprising because there are more used goods than new ones for sale. But BTL investors are buying new construction. In the past 17 months, 11% of our …
Comment: All are part of a big club
Vikki jefferies Since the modern financial advisory profession has existed, so has the question of whether to become a Directly Authorized Broker (DA) or a Designated Representative (AR). Lisa Martin Regardless of their authorization, brokers play a vital role in guiding and advising clients on some of the most important financial decisions of their lives, …
One to One – Richard Tugwell, Vida Homeloans
What is your role at Vida? I am responsible for all relations with intermediaries; through our corporate sales directors who manage our senior relations within clubs and networks, our field sales teams who work with brokers in our regions, our intermediary telephone team and our team of specialists in the service of conditioners and new …
Business intelligence: not quite Armageddon
Before the pandemic, I remember discussing a case with a lender where I was presented with the following scenario: if the base rate were to rise to 8%, the tenant would vacate the property and the high net worth client (HNW ) lose their job, the client would be unable to repay the loan. Since …
Cover function: are you up to it? The last to rent
Shutterstock / nuchao The lease industry has always been an obscure part of the real estate market, with tenants frequently complaining about high service charges, escalating ground rents, unscrupulous landlords and the exorbitant costs of lease extensions. Yet to date, nothing has rocked the lease industry as much as the siding scandal. The fallout from …
Real estate prices will rise in early 2022: Reallymoving
House prices in England and Wales will recover from a December drop in the first two months of next year, according to Reallymoving analysis. The firm says that after a monthly drop of 1.1% in December, house prices are expected to rise 2.5% in January 2022 and 0.2% the following month. This equates to an …
United Trust Bank increases first-load max loan to £ 1million
United Trust Bank (UTB) has increased the maximum size of its first charge residential mortgage to £ 1million. The specialist lender said it made the move following comments from brokers that there is a growing demand for larger mortgages from clients who are not served by traditional lenders. Products are available on residential purchases for …
Taylor Wimpey Reaches Land Rent Agreement With CMA
Taylor Wimpey told the Competition and Markets Authority that her tenants will no longer see their land rents double every 10 years. The homebuilder also said it would remove the conditions that led it to convert the land rent doubling clauses to a basis for increases on the retail price index. In addition, tenants’ ground …
Fleet Mortgages hires development manager for South East region
Fleet Mortgages (Fleet) has appointed Stella Brookman as its new Director of Business Development (BDM) for the South East region. She is joining Fleet with immediate effect and has over 30 years of experience in financial services with previous jobs such as Mortgage Advisor, Underwriter, Account Manager and BDM. Most recently, Brookman was BDM for …
Homebuyer demand jumps 12% as available homes continue to decline
According to the latest figures from NAEA Propertymark, demand from house hunters has continued to increase despite limited supply. The professional body for estate agency staff released its November housing report that studies the market. He finds that the number of registered buyers per branch increased 12% from October to November. The supply of properties …
Editor’s note: It’s time to count our blessings
Well, what a year it’s been. I say this every year but, in terms of flight time, 2021 is taking the cake! But they say time flies when you’re having fun. And, while being busier than ever with work isn’t everyone’s idea of having a good time, it’s definitely better than the alternative. I was …
East Midlands posts highest rental stock in November
The East Midlands had the highest number of new renters registered per rental agency in November, averaging 134, according to a report by Arla Propertymark. In its November Private Rental Sector (PRS) report, the company found the number of registered potential tenants to be the lowest in Wales, where there were on average 26. Overall, …
Rates rise for platform SVRs as fixed rates fall
The platform increases its SVR (standard variable rate) following the increase in the base rate of the Bank of England from 0.10% to 0.25%. The bank’s SVR will drop from 4.34% to 4.49% effective today, Monday, December 20. For existing customers, the change to 4.49% SVR will not come into effect until February 1, 2022. …
Pure Retirement Launches Later Life Guide For Counselors
Pure Retirement has launched a new guide in collaboration with Asset TV, specifically aimed at retirement market advisers. The Brand Health Check guide provides at-a-glance tips on how advisors can improve their brand and business positioning to better engage clients over 50. Akademia at Asset TV is promoting the guide this month as part of …
Housing Watch: the end of the year goes against the trend
As we progress rapidly in the fourth quarter (Q4) of 2021, demand in the new housing sector remains very strong. Trade statements from home builders and other market commentary indicate that consumer appetite for buying – especially new homes – is unusually high for this time of year. As fall turns into winter, large PLC …
L&G Mortgage Club for exclusive vacation rental with Harpenden
Legal & General Mortgage Club has partnered with Harpenden Building Society to offer an exclusive vacation rental product. The two-year discounted mortgage has an initial rate of 2.59% with an application fee of £ 100, a completion fee of £ 800, which can be added to the loan, and a tiered appraisal fee . Up …
LMS Upgrades Selected Asset Transfer Platform
LMS says it has improved its Select software to make it easier for brokers to coordinate and instruct on the platform. The transport and signage agent management firm says its enhanced service provides access to its panel of law firms through an easy-to-navigate dashboard, which can be tailored to individual needs to help brokers find …
Skipton partners with Rightmove in climate risk deal
Skipton Building Society is the latest lender to partner with Rightmove to help manage climate risk in its mortgage portfolio. This decision will see each property in the lender’s portfolio assessed against current and future risks over the next 80 years, using data from flood and climate data specialist Ambiental Risk Analytics. The partnership will …
New housing, mortgage fund underway for low-income neighborhoods in Saint-Louis | Politics
SLDC said it hopes to have a developer identified by February, when staff plan to present a more detailed outline of the program to the board for approval. SLDC will maintain surveillance while the money is loaned to sub-developers. “It will be a very transparent process,” said Richardson. Bill Seddon, who manages SLDC’s new business …
Primis adds Cambridge Building Society to lender panel
The Cambridge Building Society has been added to the Primis Mortgage Network lender panel. The network says its designated representative companies will have direct access to Cambridge residential and rental mortgages for properties in England and Wales. Primis Mortgage Network includes approximately 930 companies and over 2,500 advisors. Cambridge says it has worked with Personal …
Assured Futures launches new ASU hedge
Assured Futures has partnered with Comparethemarket.com to provide accident, sickness and unemployment coverage through a panel of four specialist providers. The unemployment element of ASU was withdrawn by all providers last spring due to uncertainty surrounding the Covid pandemic. Assured Futures’ ASU product will be available through comparethemarket.com or as a recommended option through its …
Hope Capital launches festive mortgage offer
Hope Capital has launched an offer to mark the holiday season, including loans to value (LTVs) of up to 75% and loans of up to £ 750,000, on properties worth up to £ 1million. pound sterling. The lender’s LOANS Fast Track Bridge offering aims to support brokers and borrowers considering opportunities in 2022. The latest …
Lender review survey: communication is key for winners
Panel members David Hollingworth, Associate Director of Communications, London & CountrySarah Tucker, Managing Director, The Mortgage MumMatt Tilbury, Senior Mortgage and Protection Advisor, Just Mortgages Greg Cunnington, Director of Lender Relations and New Homes, Alexander HallMark Pattanshetti, Associate Director, Largemortgageloans.comAaron Strutt, Director of Products and Communications, Trinity FinancialDale Jannels, Managing Director, Impact Specialist FinanceDavid Sheppard, …
Canada Life adds two new life mortgages to its lineup
Canada Life has added two new products to its selection of life mortgage loans, the Lifestyle Select Ultra Lite and the Lifestyle Select Super Lite. On top of that, it made its Lifestyle Select Gold Plus available to borrowers aged 55 to 59 and lowered rates across its range. Ultra Vie Select Lifestyle – standard …
Remortgage Before Rate Rise To Save Thousands Of People: Experian
An average homeowner on a Standard Variable Rate (SVR) could save more than £ 5,000 in payments by switching to a new two-year fix, Experian’s analysis shows. The calculation assumes a mortgage of £ 150,000 over 20 years on an SVR of 4.49%, with a monthly repayment of just under £ 950. With a new …
BuildLoan Adds Self-Build Products With The Furness
BuildLoan has added two new do-it-yourself and custom-built products with Furness Building Society. to support self-builders in the heart of England North West region of Furness. The new products offer local builders and custom builders in the postcode area of LA in the North West of England a rate 0.3% lower than comparative products in …
FSCS declares 16 financial companies in default
The Financial Services Compensation Scheme (FSCS) declared 16 companies in default, including several offering mortgage advice, between October 1 and November 30. As companies have gone out of business and the FSCS believes they are unable to respond to complaints themselves, customers to whom they owe money may be able to obtain compensation through through …
UTB integrates Hometrack AVM into the relay broker portal
United Trust Bank (UTB) has integrated Hometrack AVM (Automated Valuation Model) research into its relay broker portal. AVM is now available for new rapid transition and standard applications. The service enhancement allows brokers submitting Inquiries and Policy Decisions (Dips) through the Bridge Broker Portal to perform a 24-hour Hometrack AVM search and get an instant …
Opinion of Newcastle Intermediaries | Mortgage strategy
Sustainable thinking leads to green change Ivan GuerreiroLoans Officer, Newcastle Intermediaries Cop26 ended with countless promises and initiatives promising to bring about the green change we need to preserve our world. In terms of housing, green initiatives have been more difficult to start. These days have been littered with projects that have failed or have …
The Mortgage Lender Hires Sara Palmer as Head of Distribution
The Mortgage Lender (TML) has hired Sara Palmer as Head of Distribution. Palmer has been with Santander for 13 years, where she looked after key networks and distributors while managing and building key strategic relationships. Palmer was also seconded to Mortgage Engine, a multi-DiP platform connecting lenders with distributors and intermediaries using API technology. She …
Tenants live in “dangerous or precarious conditions”: National Audit Office
Tenants live in “dangerous or precarious conditions with limited ability to exercise their rights,” according to a report from the National Audit Office. The government body found that a “worrying proportion” of the 4.4 million privately rented households in England live in poor conditions, in its survey entitled Regulation of Private Renting. It indicates that …
The flourishing sector needs expertise and care
Shutterstock / Pictrider Mortgage brokers are encouraged to improve their knowledge of the equity release market, although they do not intend to provide product advice themselves. Experts in the field say all advisors should have a general understanding of loan options later in life in order to identify clients who might be better suited for …
Pivotal Growth lands Lifetime Finance Group as first acquisition
Mortgage and protection aggregator Pivotal Growth has bought Scottish mortgage broker Lifetime Finance Group for an undisclosed amount. The aggregator says Lifetime Finance Group was founded 25 years ago and is one of the largest mortgage brokers in Scotland, with a particular focus on advising entrepreneurs and independent clients. Pivotal Growth is a joint venture …
Half of FTBs delay buying a home: Equity Release Council
Nearly half of homeowners under the age of 40 entered the real estate ladder “much later” than expected, according to new research from the Equity Release Council, which it says highlights a more relaxed attitude to. with respect to debt later in life. The professional body says 45% of young homeowners with a mortgage delayed …
FTBs set for Christmas family deposits: Zoopla
Thousands of adult children are expected to receive Christmas presents, as nearly two-thirds of parents have already helped them buy a home by spending an average of £ 32,440 for deposits, according to Zoopla. The real estate website said 64% of parents helped their kids buy their first home, with 24% of parents saying their …
Hanley Economic Building Society launches two resi loans
Hanley Economic Building Society launched two residential fixed rate mortgages. The first is a fixed rate mortgage of just 1.75% over two years and 80% LTV, which comes with a free standard appraisal and free legal fees. The second is a five-year 95% LTV fixed rate offer with an aggregate rate of 3.45%, which is …
MPowered launches a green range with a 10bps discount
MPowered Mortgages has launched an Eco EPC range, which offers a 10 basis point discount on rates for all properties with an energy rating of A, B or C. The digital platform indicates that the discount on its new green range is available on the range’s two, five and seven year fixed rate products (excluding …
Buy-to-Let Watch: Prepare Customers for Next Year
As we approach the end of a year, I like to take stock of the past 12 months and crystallize my thoughts on what the next 12 might look like and what I can do to improve them. This ritual seems more important than ever given the state of the world over the past two …
Average rent arrears debt explodes 41%: NRLA
Average tenant debt due to the pandemic has risen 41% since May this year, according to the National Residential Landlords Association (NRLA). Of more than 2,000 private tenants surveyed in a survey commissioned by the NRLA and conducted by Dynata, the NRLA found that the number of tenants in arrears fell from 7% in May …
Virgin Money launches new co-ownership agreement
Virgin Money launched a new condominium mortgage, bought two products and cut rates. The condominium mortgage is in the “Greener” category, which means properties must have an “A” or “B” energy performance certificate rating, and is available at 90% LTV over a five-year period. years at 2.40%. He charges a fee of £ 995. Virgin …
Home prices explode to new high in November: Halifax
UK average house prices hit a new record high of £ 272,992 in November, according to the latest Halifax index. That means a monthly change of 1% – the fifth consecutive month of house price increases – and an annual growth rate of 8.2%. Halifax also notes that the quarterly change – up 3.4% – …
UTB launches range of mortgages to help mortgage inmates
United Trust Bank has introduced a line of mortgages designed to help mortgagees stranded on high interest rate products. The lender will offer a reduced affordability assessment for applicants to the new line, provided the payments are lower than their existing product. Last week, the Financial Conduct Authority called on lenders to change the criteria …
First-time buyers benefit from the lowest rates ever recorded: Moneyfacts
Average 95% LTV rates are the lowest on record, Moneyfacts says. For a two-year patch, first-time buyers with a down payment of 5% will be able to obtain an average rate of 3.09% and, for a five-year patch, 3.39%. In December 2019, these rates were 3.25% and 3.57% respectively. However, the choice of products for …
FCA launches discussion on FSCS levy framework
The Financial Conduct Authority has published a discussion paper aimed at improving the financial services remuneration framework. The paper specifically looks at how the Financial Services Compensation Scheme (FSCS) is funded. The lifeboat fund’s operating costs and compensation payments come from levies on financial services companies. Over the past decade, the overall FSCS levy has …
The movers “main engine” of growth in the third quarter: UK Finance
Year-over-year year-over-year home buying activity in third quarter, despite “steep” drop after June stamp duty deadline, is mostly driven by borrowers moving, according to UK Finance . In its Quarterly Review of Household Finances, the trade body describes the drop that occurred in the third quarter of this year as “a predictable and familiar drop, …
Mortgage Advice Bureau invests in partnership with Heron Financial
Mortgage Advice Bureau has made an undisclosed investment in Heron Financial, which it says will allow it to leverage the mortgage and insurance company’s bespoke software to “improve client and advisor performance.” . The broker listed on AIM adds that the partnership will strengthen its “position in new real estate, to reflect the changing expectations …
Together increases the size of unregulated bridging and BTL loans
Together has increased the maximum loan size across all of its unregulated and buy-lease bridge lines. The Cheadle-based specialist lender has said it has increased the maximum amount of its bridging proceeds from £ 2million to £ 5million “as it seeks to further develop its loan portfolio after the pandemic”. He adds that the maximum …
FOS unveils an action plan to improve service
The Financial Ombudsman Service (FOS) has published an action plan to improve customer service. It was published in response to an independent periodic review commissioned by the FOS Board of Directors. This review was also published today (2 December) and both documents aim to improve the performance of the mediator. The action plan defines how …
Owners willing to sell properties under EPC: TMW rules
Just over half – 52% – of property owners who need investments to align their energy efficiency ratings with current regulations have considered selling, according to a The Mortgage Works (TMW) report form. The government has decreed that all rentals will have an Energy Performance Certificate (EPC) of at least “C” by the end of …
Rightmove sees property prices rise 5% in 2022
House prices will rise by 5% by next year nationally and by 3% in London, according to Rightmove. Broken down by region, it says prices in Scotland, the West Midlands, the South West and Yorkshire and the Humber will rise “by more than 7%”. Rightmove identifies “lowest ever available inventory of property for sale by …
Focus on Brokers: Stuart Powell, Managing Director, Ocean Mortgages
Describe your business in a few sentences In 2017, I created Ocean Mortgages as an independent practitioner, after two decades in the banking industry. Initially, I developed the business through mortgage leads from friends, family, VouchedFor and Impartial. By 2018, the company had grown enough to recruit an office administrator. The company quickly became directly …
Ying Tan acquires significant stake in Knowledge Bank
Dynamo founder and former managing director Ying Tan has acquired a significant stake in financial technology company Knowledge Bank. Tan, who left mortgage broker Dynamo earlier this year, will join Knowledge Bank’s board of directors as non-executive chairman. Knowledge Bank was created by Nicola Firth and launched in September 2017 to update the most up-to-date …