Archives

Mortgage instructions rose 73% in May, according to LMS Monthly Mortgage Snapshot. The data showed there was a 2% decrease in completed mortgages in May, while the overall cancellation rate increased to 5.6%. LMS Managing Director Nick Chadbourne said: “The numbers show there has been a substantial increase in instructions indicating increased consumer demand and …

The cost of regulation continues to rise, with sensible and responsible companies always having to bear an increasing cost to the regulatory family. By law, we must financially support the Financial Conduct Authority, the Financial Ombudsman Service (FOS), the Financial Services Compensation Scheme and the Money & Pensions Service; in addition, we have other groups …

Right now, we are all battling the challenges of a volatile economy and a squeeze on our finances, thanks to the rising cost of just about everything, as well as rising interest rates. interest. Brokers are facing huge high pressure fronts, with demand soaring as panicked borrowers rush to remortgage. Many are incredibly busy, struggling …

Barclays Bank has bought Kensington Mortgages for £2.3bn following an auction by the specialist mortgage lender. Kensington, which has 600 employees and specializes in offering mortgages to the self-employed and borrowers with more complex incomes, is being sold by private equity owners Blackstone and Sixth Street. It originated around £1.9billion in mortgages in the year …

Pepper Money offers rental borrowers a free energy efficiency survey, which provides an EPC certificate as well as an action plan on how to improve that rating. This offer is available to all current Pepper Money customers who have a rental mortgage in their name. This will exclude those who purchased BTL property through a …

Sirius Property Finance announces that it has launched a flexible financing line for property developers. The specialist debt adviser says it has secured exclusive access to funding that offers experienced developers a development exit to an 80% loan-to-value term product. The product offers developers senior and mezzanine financing up to 80% LTV at a blended …

Homeowners are increasingly concerned about the economic climate and its impact on their household finances, according to research by Trussle. A survey of 2,000 homeowners by the online mortgage broker found that 2 in 5 homeowners (38%) are worried about their mortgage payments given the current rise in living costs, while 1 in 5 ( …

According to research by Royal London, one in 10 people with a protection policy are considering reducing or stopping their premiums due to the cost of living crisis. As prices rise at the fastest rate in 40 years, consumers are looking for ways to cut costs to ease the pressure on their payroll packages. Existing …

Residential property transactions in the UK increased on a monthly basis in May, according to new government figures. On an unadjusted basis, transactions in May 2022 grew to 100,870, 1.6% higher than the previous month but 2.0% lower than May last year, according to HMRC. Meanwhile, non-residential transactions stood at 10,250, representing a 9.7% increase …

Foundation Home Loans has expanded the number of eligible jobs, increased the maximum loan amount and increased the loan limit to the value of its range of business mortgages. The exclusive brokerage lender has expanded its list of eligible professions to include licensed tax advisers, optometrists, radiographers (diagnostics) and podiatrists. The company defines a professional …

The first-time buyer market will reach £73.1 billion by 2024, underscoring its value to the UK economy, according to a Coventry report for intermediaries. The report, titled The First Time Buyer Economy, projects that FTB mortgages alone are expected to reach £69.2bn in two years, 15% above pre-pandemic levels in 2019. These borrowers are also …

The average standard variable rate in June jumped to 4.91%, its highest rate in 13 years after a series of base rate hikes, according to the latest Moneyfacts UK Mortgage Trends Treasury report. Average standard variable rates rose 13 basis points this month from May and jumped 51 basis points from last December, when the …

Digital lender StrideUp targets first-time buyers with the launch of a condominium mortgage product that offers loans up to six and a half times the income. Customers will need a 10% down payment to partner with the company and then make a single monthly payment to cover repayments and rent, effectively borrowing six and a …

I recently had a week long adventure in the Pyrenees. Hiking, canyoning, rock climbing – this is my escape from the hectic world of owning a business that is constantly measured by brokers for its success in delivering clients. Service level agreements (SLAs) and revenue returns are rightly scrutinized against those of our peers. It …

Hodge will close for new business on all of its mortgage products on what it says is a temporary basis from Thursday, June 16. In a note posted on the lender’s website, it says it is currently unable to meet service levels due to record business volumes. Hodge says all tentative decisions must be submitted …

Secretary of State for Leveling, Housing and Communities Michael Gove said that since the pre-pandemic record of 244,000 completions, there have since been “a number of economic headwinds which will make life more difficult to reach the goal of 300,000. Gove’s comments were made on June 13 during the Upgrading, Housing and Communities Committee evidence …

The cost of the average fixed rate over two years is now three times more expensive than last October, according to figures from L&C Mortgages. The recent increase in the Bank of England’s base rate and the expectation of further rate hikes have pushed up the cost of fixed rate transactions in recent months. The …

The Financial Ombudsman Service (FOS) is looking to update its levy structure. In a consultation paper published today (June 14), the FOS is calling on stakeholders to give their views on possible changes to its future funding model. This includes its levy structure as well as its application fee structure. Comments are open until August …

Newcastle Intermediaries has expanded its range of joint sole proprietorship (JMSP) mortgage products. The extension will see the introduction of a series of five-year fixed rate products available at up to 95% loan to value (LTV). The products are designed to support first-time buyers and borrowers buying a home later in life or as a …

Finova Payment and Mortgage Services has partnered with Hope Capital, a specialist bridge loan provider, to enhance its lending product portfolio. The partnership will allow Finova Payment and Mortgage Service members to access Hope Capital’s bridge loans of up to £5 million for up to 18 months. Hope Capital’s products provide bridge financing to borrowers …

LiveMore has reduced prepayment charges on its range of long-term fixed rate mortgages for the 50-90+ age bracket. The over-50 home lender says new prepayment charges have been shortened on its 10-year, 20-year and fixed-for-life products. It says borrowers now have the option to end the mortgage early after five years without penalty if their …

Lendco has completed its second public mortgage-based securitization worth £384m, which it says was oversubscribed despite volatile market conditions. The broker-only specialist lender says the deal refinances loans secured on residential properties in England and Wales held in warehouse and has been picked up by European and UK investors. The transaction, which was finalized on …

After more than a decade of historically low interest rates, we find ourselves talking about rising rates again. For years we have said that the world of low rates could never last forever, and today, with inflation at its highest level in 40 years, it is becoming clear that we have reached that turning point. …

Searches for lenders accepting applicants with “missed or overdue payments” entered the top five searches on Knowledge Bank’s specialist platform last month, which it calls a “potentially worrying development”. The criteria-tracking firm says the increased use of this type of research follows rising interest rates, inflation and the cost of living, which has led to …

United Trust Bank has improved its line of transitional products for heavy renovations and brought together its unregulated team to streamline applications. Rates on the heavy renovation range start at 0.59% with a maximum LTV of 75% for experienced property developers and 0.74% up to 70% for inexperienced borrowers. Experienced promoters must show proof of …

Propertymark has welcomed UK Housing Minister Eddie Hughes’ pledge that the UK government is not considering controlling rents in England. In a written response to a question from Labor MP Rachael Maskell, Hughes said there was enough evidence available to show they would discourage investment in the private rental sector and lead to lower property …

Since the pandemic, the mortgage industry, alongside many others, has shifted to a hybrid working model. Although this model introduced innovative working methods, it also presented challenges. One of these challenges for brokers is the inconsistency of underwriting between market lenders. It has been suggested that the inconsistencies exist because many mortgage underwriting teams are …

James Briggs, Middle Sales Manager, Personal Finance, Together “Just before the New Year, as people set goals for 2022, we surveyed the UK population to understand their property goals for the year ahead and the challenges ahead. The results revealed an ambitious nation – more than half had dreams they wanted to achieve this year. …

Mayflower Mortgage and Finance has launched a new specialist mortgage conditioner for brokers. Mayflower for Brokers will help place self-build and development cases for brokers. In addition, brokers will receive a minimum of 0.4% (up to 1%) as gross proxy fees. The new service can help brokers and their clients understand project budgets, perform project …

Rents are rising across the UK, but the latest data from Propertymark shows demand remains high from potential tenants. Propertymark’s latest report on the private rental sector found that an average of 95 new applicants were registered per member branch in April, an increase from the 78 per branch registered in February. The number of …