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NatWest will reimburse around 700 small businesses for a total of £600,000 after wrongly forcing them to open checking accounts to secure a loan, following a ruling by the Competition and Markets Authority. The big bank broke banking rules on ‘bundling’ by forcing business customers to open a business current account, which incurs a fee, …

Buyers and sellers must negotiate lower valuations averaging £8,000 “as the UK property market begins to cool”, according to HBB Solutions. The average UK property price is currently £286,397 but property sales are seeing valuations fall by 2.8%, says the chain repair property buyer. He adds: “This means there is a gap of £7,978 between …

There was a slight decline in net mortgage borrowing in July, according to Bank of England (BoE) figures, from £5.3bn in June to £5.1bn the following month. However, this remains above the pre-pandemic average of £4.3bn for the year to February 2020, and data also shows gross lending increased in the month to July 2022, …

Ofgem’s confirmation that the energy cap will rise from £1,971 to £3,549 a year from October has caused dismay among many in the mortgage industry. Apart from immediate concerns about staying warm this winter, brokers fear affordability ratings will be significantly affected, making it harder for people to buy a home. For example, Dimora Mortgages …

Brokers are being urged to plan ahead as nearly £100billion in mortgages are due to mature before the end of the year. Analysis from Accord Mortgages shows that almost a third (£29.1bn) of total home loans ending this year will occur in December, while the second-largest maturity month is October , when £26.3bn of mortgages …

Coastal areas have seen the biggest drop in first-time buyer (FTB) affordability during the pandemic as strong house price growth outpaced local wage developments, the new affordability analysis has found. from Rightmove. Data is based on an average solo FTB and assumes they were able to save up to 10% down payment on an average …

The Competition and Markets Authority has secured agreements from nine building companies which have purchased freehold properties from Taylor Wimpy to remove their dual ground rent conditions, which will see an additional 5,000 UK households receive refunds. The watchdog says new actions in its lengthy investigation also mean four other developers – Crest Nicholson, Redrow, …

The Saffron Building Society has hired Lee Williams, former business development manager for the Stonebridge Group. Williams will take on the role of Regional BDM for South, South West and South Wales with the company and has experience as a broker, selling mortgages to a lender, as well as in within the Stonebridge network. This …

Atom bank revealed that its four-day working week has been an “overwhelmingly positive experience” for employees, with improved productivity and job satisfaction. The bank, which introduced the four-day working week in November last year, said it had seen an increase in job applications, an increase in staff and a drop in attrition. Applications were up …

JN Bank at Half-Way-Tree, Kingston KINGSTON, Jamaica – Recognizing the difficulty some people have with financing expenses related to real estate purchases, JN Bank has reintroduced an offer that the financial institution says will offset initial costs and “further enhance opportunities for Jamaicans to access the property. JN Bank’s New Mortgage Offering Offers Potential Mortgages …

JN Bank at Half-Way-Tree, Kingston KINGSTON, Jamaica – Recognizing the difficulty some people have with financing expenses related to real estate purchases, JN Bank has reintroduced an offer that the financial institution says will offset initial costs and “further enhance opportunities for Jamaicans to access the property. JN Bank’s New Mortgage Offering Offers Potential Mortgages …

Impact Specialist Finance has launched a range of buy-to-let (BTL) mortgages through MT Finance. The range is only available through a select group of packers, which includes Impact Specialist Finance. The products include an income coverage ratio of 125%, which is available for first-time buyers (FTB) and allows up to four applicants. Available at up …

Paradigm Mortgage Services has added the Scottish Building Society to its panel of lenders. This will allow members in Scotland and the North of England to access the company’s range of residential mortgages, contractors, guarantors and professionals for both buyers and repayers. Scottish BS also offers retirement interest only mortgages, as well as products for …

Loans in the relay business rose 14% in the second quarter to £178.4m from the first three months of the year, according to MT Finance, as a ‘continued shortage of stock means there there has been no letting up in terms of pressure on buyers”. The second quarter figure is up 22% from the same …

End-of-life lender More2life has launched a new range of high LTV capital release products. This range will offer LTVs of up to 31.7% for 55 year olds, up to 61.7% for flexible 84 year olds and over. This range, known as Apex, will be available for loan amounts from £10,000 and available on properties priced …

The Competition and Markets Authority (CMA) has closed its investigation into Barratt Homes over the sale of leasehold accommodation. The AMC says it has now “closed its case” and concluded that it was “insufficient to support a clear legal case for the AMC to secure a class action for Barratt leaseholders under its powers in …

The UK residential mortgage market is set to grow by 56% to reach £400bn by 2030, according to new research from Together. It also predicts that due to the rise, almost 500,000 mortgage applications will depend on specialist lenders who will double their market share to 4% of the overall UK mortgage market. The study, …

Digital bank Perenna said it received its banking license today (August 16) and plans to offer 30-year fixed-rate mortgages to its customers. The fintech company says it has obtained a banking license with restrictions from the Prudential Regulation Authority and the Financial Conduct Authority, adding that once its banking infrastructure is in place, it will …

Dudley Building Society has launched a new home loan for people with long-term disabilities. The product is an exclusive agreement with mortgage arranger MySafeHome, a leading homeownership advisor for people with long-term disabilities (HOLD). The mutual says the loan follows government support for the mortgage interest rate ‘so borrowers don’t need to top up their …

Paradigm Mortgage Services has formed a partnership with Twenty7tec. Twenty7tec has been added to the list of technology providers allowing Paradigm member companies to integrate the system into their operations. Paradigm says the new relationship would focus on providing technology solutions to member companies to help accelerate adoption within their businesses. Twenty7tec’s Velocity technology solution …

The economy slowed in June, with inflation and an uncertain outlook fueling recession fears. The Office for National Statistics (ONS) released its monthly GDP growth estimate today (12 August). It shows that the economy contracted by 0.6% in June, with services being the main driver of the decline, as they fell by 0.5% during the …

According to the latest report from the Royal Institution of Chartered Surveyors (Rics), inquiries from new buyers fell for the third consecutive month in July, as the cost of living crisis competed with weak supply in the housing market. A net balance of -25% of survey participants reported a drop in new inquiries last month …

Legal & General Mortgage Club has launched a green hub to support the mortgage industry as the UK works towards its net zero target. The hub includes a timeline of key milestones industry professionals need to be aware of, which currently extends to 2035, and covers subtopics such as heat pumps, energy performance certificate (EPC) …

PEXA has confirmed that Hinckley & Rugby Building Society and Shawbrook Bank will be the first lenders to start processing remortgage cases through its platform. This follows the successful test of its PEXA Pay system earlier this year. Hinckley & Rugby Building Society and Shawbrook Bank are among the first to announce their partnership with …

Lifetime Connect has hired Dom Scott as managing director of the financial support services company, replacing Steve Fryett who becomes managing director of Quilter Financial Planning. Scott will also serve on the board of brokerage platform 360 Dotnet. Scott joins brokerage firm Alexander Hall, where he was also a managing director, stepping down in July …

Average two-, five- and ten-year fixed residential mortgage rates are approaching levels not seen in a decade. Moneyfacts data shows the two-year average rate is 3.99%, while ten years ago the rate was 4.62; a five-year average fix is ​​now 4.14% and was 4.73% in August 2012, while a 10-year fix is ​​now at an …

The Financial Conduct Authority (FCA) has lost £32,900 worth of electronic devices since July 15, 2021. This figure was revealed by an Access to Information (FOI) request submitted by Mortgage strategy sister magazine Money Marketing July 8, 2022. Lost electronic devices include laptops, tablets, and desktop computers. Laptops were the most common loss, with 32 …

NatWest Intermediate Solutions has expanded its green mortgage eligibility criteria to include eight new build developers. Main Street Bank’s range of green mortgages currently offer new and existing customers a preferential interest rate if they have an energy performance certificate rating of A or B. However, from today (August 8), the lender says intermediary customers …

The average time a mortgage product will stay on the market is currently 17 days, according to Moneyfacts. This is a new high, shorter than the previous low which was only reached in June this year. At the same time, Moneyfacts warns that the average rate for a five-year period has now risen for the …

The Suffolk Building Society has become the latest lender to announce it will temporarily halt mortgage applications due to high demand, effective immediately. The mutual says it is “closely monitoring the mortgage market, which is under increasing pressure, and after careful consideration, the decision has been taken as a necessary step; over the past few …

Annual house price growth in the UK slowed to 11.8% in July, taking the average house price to £293,221, according to the latest Halifax House Price Index, while house prices transactions fell for the first time in 13 months. Year-on-year growth fell 12.5% ​​in the previous month as house prices edged down 0.1% in July, …

A number of brokers approached Mortgage strategy with complaints that HSBC’s online systems have prevented case submission and management for the past 24 hours. Describing the day before today, August 4, as “chaotic”, a broker said he was unable to reach any business development manager (BDM), “and the standard time to respond to a telephone …

The Bank of England’s decision to raise interest rates by 50 basis points, bringing interest rates to 1.75%, the highest in 27 years, will encourage homeowners to seek mortgage deals and further fuel cost of living concerns, according to the industry. The move is an attempt to tackle rising inflation, which the central bank says …

The number of new deals made for a second mortgage in June stood at 2,854, up 24% from a year earlier, according to the Finance & Leasing Association (FLA). The value of new business in June rose 29% over the same period to £130m, the latest FLA report adds. This means that in the 12 …

The Bank of England raised the base rate by 50 basis points, bringing interest rates to 1.75%. It was the biggest rate hike since 1995 and the biggest increase since the central bank took control of the crucial decision. At its meeting today, the Monetary Policy Committee voted by an 8-1 majority in favor of …

Mortgage Magic launched a back-office system for mortgage brokers. The digital platform says the out-of-the-box system, called Prometheus, includes an integrated customer relationship management system, electronic identity verification, direct messaging and UK-based secure document storage. United and GDPR Compliant. It also allows business owners to manage and monitor business activities. Tanjir Sugar, Director of Mortgage …

The Federal Government has said it is working to increase the mortgages provided to contributors under the National Housing Fund (NHF) to the tune of N712 billion to finance around 100,000 homes across the country. country. He revealed this during the inaugural Federal Mortgage Bank of Nigeria (FMBN) Board and Management Retreat in Abuja, adding …

According to Standard Life Home Finance, more than two-thirds, or 70%, of capital release clients do their own research before speaking to an advisor about end-of-life loans. The end-of-life lender’s Lightbulb Moments survey adds that 34% of customers have relied on information from family and friends, while 35% have requested guides from various companies. Only …

Moneyfacts Analyzer users will now be able to search and filter “green” residential and rental mortgages. Currently, the system will provide details of 525 residential mortgages and 302 such BTL mortgages. Green mortgages have grown in popularity in recent months, with a number of lenders launching mortgages aimed at lending on more energy-efficient properties and …

According to L&C Mortgages, the average of the most attractive two-year fixed rate mortgage transactions is now more than 2% higher than at the start of the year. The low average two- and five-year mortgage rates of the ten major lenders “rebounded” in July, according to the mortgage adviser’s Remortgage Tracker. The average two-year fixed …

When Scott Gentile attempted to purchase a property in Jersey City three years ago, he encountered difficulty. After resigning from his role as vice president at Goldman Sachs, Gentile, 32, founded Crescent Crypto, a company that manages digital currency assets. The majority of his net worth was invested in Bitcoin and Ether. Although Gentile, who …

Begbies Traynor Group has acquired Mantra Capital, a London-based property finance broker, for a total consideration of up to £18m. Following the acquisition, the group will launch BTG Funding Solutions, a financing broker covering a range of sectors. Mantra operates with a team of 23 employees, including two directors in London. The team will bring …

Hampshire Trust Bank has bolstered its specialist buy-to-let range – which includes limited company, multi-occupancy homes and semi-commercial options – by increasing its maximum loan size to £25m from £15m. million pounds. The lender says its financing for LLCs includes commercial companies, special purpose vehicles and new special purpose vehicles, as well as loans to …

Nearly £6billion has been given in rebates under the government’s Right to Buy (RTB) scheme since the size of the rebate was increased in 2012, analysis by the Local Government Association reveals . The LGA, which represents more than 350 councils in England and Wales, warns the scheme is becoming unsustainable with councils struggling to …

It was only five years ago that I started Access FS as an individual brokerage firm. It seems hard to believe that we just hit 100 brokers in the business. You’ll want to plan where to get your leads; What referral relationships can you put in place to help you? The biggest challenges I faced …

NatWest is in the early stages of considering a bid for wealth management firm Quilter, according to reports. City sources apparently told This Is Money that private equity firms such as CVC, Bain Capital and BC Partners have also shown interest in the FTSE250 group in recent weeks. Quilter is worth £1.4 billion. It is …

Glasgow is the UK’s best city for first-time buyers, according to Aldermore. Scotland’s second-largest city topped the specialist bank’s first-ever first-time buyer attractiveness index, which ranked 50 UK towns on ten property and lifestyle metrics, such as average FTB selling price , FTB as a share of local sales, average full-time salary, and even restaurants …