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 …

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 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 …

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 …

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 …

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 …

Hodge has launched two bridging loans aimed at experienced small business developers and brokers specializing in development finance. The bank says its acquisition bridge offering is a short-term financing product for developments with or without detailed or proposed use planning permission, where a change in planning or use permit is required, or for agreed developments …

Precise Mortgages is set to expand its home improvement buy-to-let (BTL) range to offer new exit products. Previously, the product combined short-term financing with the security of a long-term exit, but new options are now available, depending on the type of renovation work being done. The products are designed to help brokers and their clients …

The gap between maximum and minimum average loan size is at its widest since Mortgage Broker Tools began reporting data on this market more than 18 months ago. The platform’s June Affordability Index found that the gap between the minimum and maximum loan offered to an average mortgage customer was over £133,000. That’s around 28 …

Borrowers who remortgaged in June saw their average monthly payment jump by £236, according to LMS. The conveyancing services company’s Monthly Remortgage Snapshot adds that 52% of borrowers increased their loan amount last month to an average of £22,644. The average mortgage amount in London and the South East was £301,982, while the average for …

Rents in the UK rose by 8.21% on average between the second quarter of last year and the second quarter of 2022, according to The Deposit Protection Service (DPS). This equates to average rents rising from £804 to £870 per month. And the jump from Q1 2022 to Q2 2022 came at 2.47% – from …

Mortgage Advice Bureau (MAB) has partnered with Yuno, demonstrating its investment in the buy-to-let (BTL) industry. The agreement, which was reached in June, will benefit rental agencies and private owners to keep up with the ever-changing legislation. Launched in February 2020, Yuno. uses technology to track and map changes in the market, with the aim …

The Competition and Markets Authority (CMA) has told Monzo Bank it must comply with banking rules after the firm failed to send more than 13,000 customers their transaction history when they left the company. This breach of the Retail Banking Market Investigation Order, described as “just not good enough” by CMA Senior Director Adam Land, …

Mortgage Magic has developed and launched its own electronic identity verification (E-ID) technology. The new technology is available as part of Mortgage Magic’s trading platform for brokers, which enables easy identity verification of their clients. Mortgage Magic says it also makes the technology available to other customer relationship managers (CRMs) and procurement providers through an …

Norton Broker Services has added TAB to its panel of lenders. The agreement will allow brokers using Norton Broker Services to access a range of residential and commercial first and second load bridging loans, development finance and renovation products from TAB. TAB, which launched in 2018, has developed a lending model that allows it to …

Describe your business in a few sentences Lofti is the UK’s first three-in-one property management platform for small to medium sized agents and portfolio owners. The goal is to simplify complex operational tasks that are currently performed using multiple software vendors. These tasks are typically error-prone, time-consuming, require extensive training, and can be expensive, as …

While the real estate market has slowed from last year’s figures during the stamp duty holiday period, “the market is far from quiet”, according to industry professionals. Speaker at the last Lenders Live panel on LinkedIn, which is hosted by Knowledge Bank, Graham Sellar, Santander’s business development manager for mortgages, says: “In the UK we …

Asking prices for first-time buyers and equivalent asking rents have increased three times faster in the past two years, compared to the same period before the pandemic, according to Rightmove. New data from the real estate website says average asking prices ‘for FTB type properties’ – two bedrooms or less – have risen 13%, or …

Pure Retirement will offer the option of a free energy performance certificate (EPC) to new customers who have chosen a traditional life loan. The initiative will see the survey proposed at the end, which will be carried out by Vibrant Energy Matters. Clients will then receive an EPC, detailing their property’s current energy efficiency rating, …

The Mortgage Climate Action Group (MCAG) has announced its first event, which will be open to attendees from across the industry. The event will take place virtually on August 4 starting at 9:30 a.m. The hour-long event will outline the motivation behind founding MCAG, its philosophy and purpose, explore the current industry landscape, and examine …

The Mortgage Lender (TML) has made two new appointments to its London team. Sarah McCawley has been promoted to key account manager for central London while Jo Gee has been hired as a dedicated underwriter. McCawley has worked in financial services for more than 20 years, including as Key Account Manager for Foundation Home Lending …

Stonebridge and Mortgage 1st have extended their partnership with a new long-term contract. The move will allow the Derbyshire-based mortgage advice firm to remain as part of the Stonebridge network as its appointed representative company in a combination that has already spanned more than a decade. Mortgage 1st joined the network in July 2010 and …

More than three-quarters of owners are willing to spend up to £3,000 to upgrade each of their properties to Energy Performance Certificate C to meet new regulations, but the average cost of these upgrades is over £10,000 £, according to Paragon Bank. It revealed that 77% of buy-to-let landlords are willing to spend £3,000 to …

The average number of visits per property fell 29% in June as the number of new buyers signing up per Member Branch in June appears to have echoed the levels seen in the winter months, according to the latest data from Propertymark. The data revealed that the number of views fell from 6.2 in April …

‘The first comprehensive review of the mortgage market in a decade….’ This is according to the government press release following Boris Johnson’s housing market announcements earlier in June. If you thought it sounded like a hodgepodge of measures, designed to try to alleviate some of the sting of a rather tight ‘vote of no confidence’ …

The equity release market is approaching £6billion in new loans this year after a record first half in which the average customer released just over £100,000 in property wealth, according to new data from Key Later Life Finance. The data revealed plan sales rose 24.5% in the first six months of the year to 25,448 …

About a third of realtors and real estate agents say a lack of “mutual respect” between these professionals “prevents them from working together effectively,” according to a Coadjute report. It found that 32% of both professions shared “similar frustration” and agreed that “greater mutual respect would improve the relationship between real estate agents and real …

First-time buyers now need to save an extra £15,000 to buy their first home, according to new research from Mojo Mortgages. Data revealed that the average home buyer saves a £33,000 down payment to get on the UK property ladder, up from £18,000 in January 2021. Mojo Mortgages also analyzed data from its mortgage partners …

TSB Bank is set to face a lawsuit worth up to £800million today, brought by customers who claim they were locked into mortgages with ‘excessively high’ interest rates. The legal action will see around 200 homeowners whose mortgages were administered by the TSB’s Whistletree brand claim around £50,000 each in overpaid interest. Today marks six …

Landbay and Phoenix Group have formed a strategic partnership to fund long-term fixed rate mortgages. The new agreement with Phoenix is ​​the latest funding partnership for Landbay’s growth journey. Phoenix adds another type of funder to its existing lineup, which includes banks and asset managers as well as securitization programs. The group’s pension expertise will …

Mortgage Magic has launched an automated onboarding process to give smaller brokerages immediate access to its platform. The automated onboarding process means that brokerages using Mortgage Magic can start using the platform immediately, without the need for complex technical setup or speaking to a sales representative. Mortgage Magic provides brokers with a solution to manage …

Although the market is stabilizing for most of the deal pipeline, deals are lengthening between sale subject to contract (SSTC) and completion, according to the latest market data from Landmark Information Group. The latest report shows that most of the deal pipeline is performing well, with listings, SSTC, and searches deviating no more than 5% …

Lenders expect the availability of secured credit to decline slightly over the next three months to the end of August, according to a Bank of England (BoE) survey. This follows the first three months of the year, when lenders reported that the availability of secured credit to households had fallen, according to the BoE’s quarterly …

The Saffron Building Society has launched a number of self-build products as part of its summer campaign. Up to 75% LTV, the two-year fixed rebate up to £1 million now has an initial rate of 3.79%, and up to 80% LTV, the initial rate is now 3, 99%. Up to 75% LTV for large loans …

Leeds Building Society has introduced new five-year fixed rate products to its mortgage range. The company is adding a five-year, 3.25% fixed-rate product available up to 75% loan-to-value (LTV) as well as a five-year, 3.34% fixed-rate product available up to 80% LTV. Both come with a £999 product fee. In addition, it is launching a …

The mainstream media has agitated the question “Is buy-to-let investment worth it?” pot seriously over the past month or so. Naturally, this scared off a few existing and potential owners. And I understand there’s been a lot of added pressure on investors recently. However, I don’t believe the outlook is so bleak that we are …

Construction output in May rose 1.5% from the previous month, the seventh consecutive month of volume growth to a record high of £15.1bn. May’s increase came solely from an increase in new work, of 2.8%, as repair and maintenance activity fell slightly, down 0.4% on the month, according to the Office for National Statistics. At …

Paradigm Mortgage Services has added Octopus Real Estate to its lending panel. Paradigm member companies will have access to Octopus lending solutions, covering residential, buy-to-let, commercial and development financing. Octopus Real Estate offers residential and commercial bridging loans, pre-approved auction loans, commercial term loans and rental mortgages, including specialized products for short-term rentals, first-time buyers …

Mortgage and protection aggregator Pivotal Growth has acquired The Buy to Let Broker for an undisclosed amount. Pivotal Growth was formed in April last year, as a joint venture between LSL Property Services and Pollen Street Capital to buy and build a national mortgage adviser. It is the latest in a series of acquisitions by …

NatWest raised rates for new businesses and existing customers by up to 44 basis points. The largest increases are in the lender’s rental and residential products for existing customers. For existing customers, a two-year BTL fixed rate switcher at 60% LTV, increases by 40bps from 3.14% to 3.54%, at no cost. A two-year BTL fixed …

According to industry professionals, the government’s review of intergenerational mortgages does not solve the fundamental problems of the UK housing market. new projects, which were revealed earlier this month, would see homeowners take out 50-year mortgages to pass on to their children upon their death. Although this style of mortgage has been introduced in other …

Brokers are in the midst of a torrid period caused by product withdrawals by lenders. As interest rates rise, slow-to-adapt lenders can quickly become inundated with business they weren’t designed to handle. We hear stories of lenders having to pull out because their back offices are in crisis, leading to another deluge if brokers can …

With the recent heat, we all felt the need to open the windows. But you would never dream of leaving the house without closing them first, lest you lure an opportunistic thief into your home to steal your belongings. Do you also ensure that the “windows are closed” in your company? Or are you inadvertently …

As vendors continue to revise and reassess their product lines, overall two- and five-year average rates have risen sharply this month, according to the latest data from Moneyfacts. The latest Cash Trends Mortgage Report from Moneyfacts UK shows the two have seen the biggest monthly increases since 2007 when it started recording data. The two-year …

With mortgage arrears hitting £2.05bn at the end of the first quarter (Q1) of 2022 – the highest level for 12 years – property professionals expect that figure to rise further this year. Regulated and unregulated mortgage arrears hit historic totals in March, the highest figure since June 2010, when arrears reached £2.09bn, according to …

As an owner myself, would I have any scruples about buying a bungalow to rent? Well, I’ll let you in on a little secret, I’m currently renting a bungalow to a family. Now, in all honesty, a bungalow probably wouldn’t have immediately emerged as the property type of choice when adding to my portfolio. However, …

The Co-operative Bank has launched additional green loan products for its existing customers. Holders of eligible Co-operative Bank, Britannia and Platform mortgages will be able to use the bank’s new energy savings improvement tool, powered by Energy Saving Trust, to create an energy savings improvement plan. personalized energy and access to an additional green loan …

The role of real estate assets has become increasingly important in planning for retirement, reveals a new survey from Aviva. The research, which surveyed 1,507 general consumers aged 45 and over, looked at levels of spending, saving and attitudes towards retirement funding among those over 45. The latest data shows that there has been a …

Gregor Sked, Midstream Development and Technical Director, Royal London. With 95% of UK adults worried about the rising cost of living* according to a recent study by Royal London, are protection policies likely to be scrapped to save a few bucks? Whether it’s the price of fuel at the pump reaching record highs¹ or the …

House prices rose 13% on an annual basis in June, Halifax shows in its latest house price index. This is the highest annual growth rate recorded since the end of 2004. That translates to a monthly rise of 1.8%, itself the biggest monthly rise since the start of 2007, and puts the average house price …

Beverley Building Society has added a 100% Loan to Value (LTV) option, a first-time buyer mortgage option to its family assistance range. The new product will allow family members to temporarily authorize a charge to be placed on their own home as security instead of a deposit. The Home Assistance Mortgage is available at a …

Almost two-thirds (63%) of UK homeowners plan to upgrade their property over the next 10 years in a bid to cut their energy bills, an increase of 10% from last June, according to new research from NatWest and S&P Global. The research found that young homeowners, in particular, are considering upgrades as they seek to …

According to the Bank of England (BoE), the share of households with high cost-of-living-adjusted debt-service ratios on their mortgages has remained well below pre-Global Financial Crisis peaks in recent years. years. The BoE’s Financial Stability Report found that in the first quarter, the share of households with high cost-of-living-adjusted DSRs for mortgage debt was 1.7%, …

TORONTO–(BUSINESS WIRE)–Romspen Investment Corporation, a leading non-bank provider of commercial mortgage solutions in Canada and the United States, today announced the launch of a new Canadian dollar feeder fund for its primary US mortgage fund. The Romspen US Mortgage Investment Trust will provide qualified Canadian investors with access to the main fund’s US commercial mortgage …

Laurence Morey, CEO of Pepper Money There is no doubt that we live in a very difficult economic environment. The ONS said UK inflation rose to 9.1% in the 12 months to May, the fastest rise in 40 years, and the Bank of England warned that the inflation could reach 11% this year. As a …

One Mortgage System (OMS) has partnered with Step One Finance, a specialist second charge lender, to achieve full Application Programming Interface (API) integration. The integration will provide OMS users with direct access to Step One’s loan offering and allow them to make a full decision-in-principle (DIP) without needing to re-enter data. It will integrate a …

According to the latest data from Paragon Bank, the proportion of landlords considering buying their next property to let (BTL) through a limited liability company has reached its highest level in three years. The survey, answered by more than 700 owners and conducted by BVA BDRC, shows that BTL investors who intend to buy their …

According to Moneyfacts, average lifetime mortgage rates hit a six-year high of 5.63%. The financial data group says these loans are at their highest rate since August 2016 (when they were 5.76%), and when there were 88 options in the market. He adds that this is the first time that lifetime mortgage rates have exceeded …

Castle Trust Bank has updated its TermTen buy-to-let (BTL) product as rates continue to rise. The TermTen product has a reservation fee of 0.07%, which the lender says will “lock in” the current rate. The fee is payable when a credit secured policy decision has been agreed and will guarantee the rate for 120 days …

Mortgage approvals fell 10% in the first three months of the year, according to Bank of England data, as the housing market continued to slow following the surge in activity triggered by the suspension of stamp duties during the pandemic. Approvals reached 65,974 at the end of the first quarter of January. That figure is …

What does your day-to-day role as CEO of Darlington entail? I have overall responsibility for the direction and management of the company. This includes: leading the management team; developing and implementing a strategy; business performance management and risk management; set the tone while respecting our culture and our values; ensure that our employees and members …

CHL Mortgages has launched a buy-to-let renovation range which it says is designed to help landlords improve the energy rating of their rental stock and improve its overall condition. He adds: “The products offer the possibility of releasing the costs of the renovation once completed, without having to change the product.” The range consists of …

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 ( …

A spike in mortgage activity was reported in May as borrowers sought to beat further rate hikes, according to new research from the Legal & General Mortgage Club’s SmartrCriteria tool. Searches for homeowners wanting to remortgage after just six months have increased by 20%. L&G suggests that concerns about rising interest rates could prompt borrowers …

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 …

The Bank of England has confirmed that it will withdraw its mortgage market affordability test from August. The Financial Policy Committee, part of the BoE, introduced the test in 2014 which specifies a stress interest rate for lenders when assessing the ability of potential borrowers to repay a mortgage. The objective was to “protect against …

Landlords and buyers at all stages of the property ladder are being forced to compromise as the lack of supply of suitable accommodation contributes to the current property crisis, according to the latest analysis from the Yorkshire Building Society (YBS) . The report found that two-thirds of Britons (59%) feel trapped in a property that …

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 …

Martin Stewart, co-founder of The Money Group (TMG), will step down as chief executive with immediate effect, with Scott Thorpe replacing him. Stewart will continue his involvement with the group in an advisory capacity. The move comes as TMG announces both a management buyout and new changes to its management team, subject to regulatory approval. …

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 …

Twenty7Tec to Acquire Bluecoat Software, Mortgage Management, Protection and Wealth Management CRM Solutions Provider Finplan. As part of the acquisition, Bluecoat Software will operate under the Twenty7Tec brand. The combined company, which has nearly 100 employees, will be led by chief executive James Tucker. Former Bluecoat Software Managing Director Mark Skelding will join Twenty7Tec Group …

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 …