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The Conveyancing Foundation has made an appeal for Ukraine by opening its monthly Charity Lotto to members of the public for the first time. Convey Law launched the appeal with an initial donation of £15,000. The Foundation said all funds donated will go directly to the official DEC Ukraine appeal. This brings together 15 of …

The Financial Ombudsman Service (FOS) is targeting a 7% year-over-year improvement in underlying productivity. This targeted increase was announced in its plan and budget for 2022/23 published on March 30. The FOS is going through a process of restructuring through an action plan and hopes that the changes will further improve productivity. FOS has set …

Business March 31, 2022 04:262 minute read Du Val is challenging last year’s order from the Financial Markets Authority to remove ads that the FMA said were likely to mislead mortgage fund investors. Photo / Georges Novak A lawyer for local property company Du Val Group told the High Court that its social media adverts …

Flexible retirement is becoming more common as more retirees choose to work part-time in the gig economy. According to a new report from Abrn, two-thirds of people retiring in 2022 do not plan to give up their jobs completely. That compares to just over half of those who retired in 2021 and a third of …

I have always been enterprising. I started my first business when I was 17. Since then I have built and sold a £120m valuation business, managed over £400m in private equity, closed over £2bn in secured loans and managed a team of over of 100 people. Overall improvement I founded TAB in 2018. In my …

The number of private rental households headed by someone over the age of 45 will increase by 1.4 million by 2035, according to a study commissioned by Paragon Bank. According to a new study by the Social Market Foundation (SMF), the private rental sector will age over the next decade, as the proportion of young …

The Equity Release Council has made partial loan repayments without penalty a prerequisite for all equity release plans for new customers starting today (March 28). The decision is expected to save equity customers nearly £100 million in interest charges over the next 20 years. The move will help clients lessen the effects of compound interest, …

The past year has seen an increase in the number of “green mortgages” offered to rental owners. Data from broker BTL Mortgages for Business shows that at the start of March this year, 353 green products were now available. This compares to just four products available to owners 12 months prior. The number of products …

The Chancellor’s spring statement served to further reiterate the dire financial difficulties many are facing as their money is stretched harder than ever. At a time when absolutely every penny counts, there is a real need for advisors to help their clients make the best decisions possible for them. In the space of just a …

What is the main focus of your role as UK Mortgage Manager? I lead our mortgage team, which works with and on behalf of all lenders in the sector (banks, building societies and specialists), whatever their size, whether they are general public or more bespoke. We strive to represent them and promote sustainable housing finance …

Hodge is expanding its residential development offering, incorporating lending across the alternative residential asset class, including student housing and retirement residences. The provider says the change comes in response to demand from its clients and brokers seeking funding in this asset class. After focusing more on pure residential development over the past two years, Hodge …

According to Evolution Money’s quarterly tracker, more prime borrowers are taking out second mortgages. It says the split of second-load proceeds by mortgage volume is 73% for traditional debt consolidation borrowers, compared to 27% for primary borrowers in the three months to the end of February. By value, the spill was 63% of debt from …

As we begin to see the effects of the global pandemic wane, we face a new challenge that will affect us all again: the rising cost of living. And brokers now have a real opportunity to demonstrate the value of advice. The term “advice” has never been more widely used than it is today, but …

Online mortgage company Habito is now offering longer-term fixed rates for homeowners at seven and 10 years. The company says these fixed rate terms would be offered at both 80% LTV and 85% LTV. And a new product at 85% across the full range of terms has launched for properties with an Energy Performance Certificate …

The threshold was supposed to increase by £300, but it will increase by £3,000 instead. This is a £6 billion tax cut for 13 million people, or £330 a year. “This is the biggest tax cut in a decade,” Sunak said. He added that 70% of workers will see their taxes reduced by more than …

Today’s spring statement was a low-key affair on housing policy, but Chancellor Rishi Sunk announced a zero VAT cut for energy efficiency improvements. Industry figures were quick to make their views known. Keystone Property Finance managing director Elise Coole is pleased with the news but has some reservations. She says: “While this is a step …

OSB Group is set to create a high net worth client management team across its lending brands. Simon Cockerill, head of intermediate sales development, will lead the team that will work on all of the group’s brands; Precise Mortgages, Kent Reliance for Intermediaries and InterBay. Marc Callaghan, who left OSB Group to join Shawbrook in …

Buy-to-let (BTL) lender Landbay has joined White Rose’s panel of lenders, giving White Rose representatives access to Landbay’s range of BTL mortgage products. White Rose is a Yorkshire-based finance broker that offers investors and new owners a ‘complete route’ to BTL products. Its members will now have access to Landbay’s product lines, including its green …

The Mortgage Advisory Bureau (MAB) is integrating the full range of LV= Flexible Protection Plan products into its Protection Panel from April. MAB Advisors previously had access to LV= Income Protection Plans, but will soon be able to select LV= Life Insurance and the LV= Life and Critical Illness Combination Coverage range individually or as …

BuildLoan has launched a new range of products with the Darlington Building Society, offering mortgages of up to £1.5m on self-built homes. The bespoke mortgage distributor says the partnership will offer clients who want to build their own property, either independently or on one of the many self-build sites, up to 85% of their project …

Trying to come up with market forecasts over the past two years has been a bit of a guessing game. However, with almost all restrictions lifted and after 12 months of strong loans in the specialist financial market in 2021, I think we can feel a little more confident for 2022. Although gross lending in …

The UK branch of investment fund Elliot Advisers has taken a majority stake in specialist lender Enra Specialist Finance for an undisclosed sum. Elliott acquired its share of the business from management of the lender and Exponent Private Equity, which has owned Enra for five years but will now exit the business altogether. The lender …

Tomorrow (March 17), the Bank of England (BoE) is expected to raise rates again to curb continuing rising inflation. It will be the second rate hike in two months since the central bank’s Monetary Policy Committee voted 5-4 in favor of raising the interest rate from 0.25% to 0.50 %. With another hike expected tomorrow, …

Eight in 10 consumers are worried about the rising cost of living over the next six months, according to a new YouGov poll. This national survey found that 39% were ‘very worried’ about the cost of living squeeze, with a further 45% describing themselves as ‘quite worried’. The findings come ahead of the Chancellor’s spring …

According to the latest data, the number of elderly owners using the release of equity to finance their holidays has tripled. Data from Legal and General Home Finance shows that 20% of withdrawing customers used these funds to travel in the first two months of 2022. This compares to just 7% in the same period …

Molo Finance enters the residential mortgage market after securing a financing agreement with pension insurer Rothesay. The digital mortgage platform has been offering buy-to-let (BTL) products since 2018, with the new deal allowing the company to enter the residential market. Molo does this with its “FlexLife Mortgage” range, with fixed interest rates available over terms …

We entered 2021 with high hopes for a much better year than 2020. After another 12 turbulent months, however, we welcomed 2022 with cautious optimism, particularly in the housing market, which has seen unprecedented activity due to of the pandemic. A relatively slow January with a return to pre-Covid transaction levels was fleeting. February saw …

Removing stamp duty on the purchase of new homes for rent could create a £10 billion benefit for the government, according to the National Residential Landlords Association (NRLA). The NRLA bases its call to action on research it commissioned from Capital Economics. This work predicts that removing the 3% tax would mean that nearly 900,000 …

Specialist lender LiveMore has expanded its operations in Scotland. The lender offers borrowers over the age of 50 retirement interest-only and term interest-only products on terms ranging from five to 30 years and up to 75% LTV. He says the Scottish market is “largely underserved” by big banks and his move to Scotland will open …

The financial consequences of Covid may have pushed back the average age of a first time buyer (FTB) by nearly two years, according to calculations by GetAgent.co.uk. The firm argues that with an average gross salary standing at just over £31,000, anyone who joined the government furlough scheme during Covid will have retained an income …

Panel members Jeni Browne, Sales Manager, Commercial MortgagesSteve Walker, buy-to-let and residential specialist at The Buy To Let BrokerGreg Cunnington, Director of Lender Relations and New Homes, Alexander HallTony Field, Sales Manager, DynamoMark Pattanshetti, Associate Director, Largemortgageloans.comDavid HollingworthAssociate Director of Communications, London & CountryMatt Tilbury, Senior Mortgage and Protection Advisor, Just MortgagesAaron Strutt, Chief Product …

Real estate group Mortgage & Surveying Services has announced that it has purchased “a significant stake” in specialist mortgage network Connect IFA for an undisclosed amount. Connect says the investment will strengthen its “financial strength and give it the ability to make further developments to its proposition as it continues to grow its presence in …

Shutterstock / IR Stone Every real estate market has its winners and losers, and as housing shortages continue to prevail, the transitional sector finds itself in an advantageous position. Whether buyers are looking to restore a broken real estate chain or do a quick renovation, many are using bridging to gain the upper hand. “It’s …

Buy-to-let landlords must be included in government plans to make housing companies and their suppliers pay for the removal of hazardous coatings, MPs say. “The Secretary of State [for Levelling Up, Housing and Communities, Michael Gove] said the government would protect leaseholders from remediation costs, but too many tenants will fall through the cracks of …

Pepper Money has launched a range of limited edition home mortgages with reduced fees and £500 cash back. The specialty lender says loans are available on its Pepper 48 and Pepper 48 Light Residential range for purchase and remortgage. The range is suitable for customers who do not have hannounces a county court judgment ohra …

The Buckinghamshire Building Society has launched a new five-year fixed rate remortgage contract. The product offers borrowers the opportunity to consolidate debt, raise capital for home renovations, or simply remortgage their existing home loan. The product charges a rate of 2.05% until May 31, 2027, with a product fee of £495. It is available up …

In late February, the Bank of England’s (BoE) Financial Policy Committee (FPC) released its promised consultation on plans to scrap the mortgage affordability test, one of two recommendations first introduced. in 2014. These recommendations include the loan-income stream limit (LTI), which limits the number of mortgages that can be loaned at an LTI ratio greater …

Quantum Mortgages, which confirmed its launch plans late last year, has released details of its green mortgages. The buy-to-let (BTL) specialist says that for properties with an Energy Performance Certificate (EPC) rating of A or B, borrowers will benefit from a reduced completion fee and pay rate. Additionally, the maximum LTV will be increased by …

Mortgage rates have risen rapidly since bottoming out in October last year, according to analysis by L&C. The study shows that the average of the 2-year fixed rate products of the 10 major lenders has climbed by 1% since October and the 5-year rates by 0.92%. The same two-year mortgage would cost more than £800 …

Pam Brown, the managing partner of Pam Brown Mortgages, recalls attending an event in Santander for the UK’s top mortgage brokers 20 years ago, where the organizer shook hands with his husband and said, “Thank you for your business. Since then, the mortgage industry has made great strides toward diversity, according to Brown, although at …

The number of first-time buyers (FTB) in the UK doubled in 2021, with volumes up 98% on 2020, according to Barclays Mortgages’ first-time buyers index. According to the index, FTBs paid an average of £281,000 in 2021 to access the property ladder, a decrease of £12,600 from 2020, although this figure is higher than the …

Newcastle Intermediaries, the brokerage business of Newcastle Building Society, is launching a range of mortgage products for self-employed customers with at least one year of financial accounts. To access the products, borrowers must have been trading for a maximum of two years and have at least one year of available financial records. Two-year 2.55% fixed …

Swansea Building Society has launched a new ‘green’ mortgage, available only on properties that have an Energy Performance Certificate (EPC) rating of A or B. The Company says it wants to reward homeowners who buy more energy-efficient homes, with a lower interest rate than its line of standard residential mortgages. There are a range of …

Kensington Mortgages has doubled its secured funding lines to £2.6billion, which it says will support its owner-occupied property lending and buy-to-let business. The specialist lender has secured funding from Lloyds Bank, BNP Paribas, National Australia Bank and Bank of America, boosting its resources by £1.3bn. The new cash consists of an £800million increase to its …

Vacancies fell across England in February according to Goodlord, although this increase in rental activity has yet to boost rents which have fallen throughout the month. Real estate technology firm Goodlord attributed the drop in vacancies to continued strong demand for rental properties. This has yet to produce a price increase, with rents falling by …

The LMS Remortgage Healthcheck Index hit its second-highest reading for the fourth quarter of 2021, after rising 2.6 points on faster growth in average approval values. The index, produced in partnership with CEBR, shows that the overall health check index reached 70.1. This was mainly due to a 5.7 point increase in the borrowing costs …

Foreign owners of UK property will be required to register their real identities in the new economic crime bill which the government has fast-tracked following the Russian invasion of Ukraine. The aim is to prevent foreign owners from laundering “dirty money” through British ownership and to increase the number of Unexplained Wealth Orders (UWOs) issued …

According to research by Bluestone Mortgages, more than a quarter of self-employed people in the UK are considering quitting and returning to regular employment. More than a third (37%) of self-employed people admitted that their situation had deteriorated since the pandemic, with 28% considering giving up self-employment. People between the ages of 18 and 34 …

Pepper Money is now offering its customers free advice on energy efficiency. This consists of carrying out an energy efficiency study on the client’s property, providing an energy performance certificate (EPC) and detailing an action plan to make their property more energy efficient. Pepper says that if the action plan requires funding for improvements, the …

Net mortgage borrowing has fallen from £4bn in December 2021 to £5.9bn in January this year, according to new figures from the Bank of England (BoE). This figure, according to the BoE, is higher than the pre-pandemic average of £4.3 billion in the 12 months to February 2020. Gross lending also increased from £22bn to …