Rents are rising at the fastest rate ever: Rightmove
Average rental prices rose significantly in the last quarter of last year, reaching 9.9% annual growth outside London, according to Rightmove. This brings the average rent bill to £1,068 across most of the UK. In the capital, average rents have risen by 10.9% over the same period, leaving the average rental cost per month at …
Danske Bank joins the LMS panel Link
Danske Bank UK will join the partnership of LMS Panel Link members. This decision will allow the bank to access a panel of conveyancing companies that meet its requirements. The lender’s customers in England and Wales will also have access to fee-assisted mortgage products through LMS. The panel link provider says the two services help …
Race for space costs primes sales in London: Coutts
Demand for super premium properties in London has hit an all-time high with sales of homes worth £10million or more jumping 90% in the past year, according to Coutts. Sales rose to 106 last year from 56 in 2020, driven by sales of high-end properties in Kensington, Notting Hill and Holland Park, according to the …
Hong Kong lender BC Group launches green mortgage fund
“A lot of the loans we give are for new buildings, and they meet a green standard,” he said. The Australian Financial Review. “It made sense to match the capital, which we can rate, with the mortgage, which is actually rated green.” BC Group is backed by one of Asia’s largest developers, Hong Kong-listed Far …
Treating unusual property as mortgage security
The way we construct our buildings today is the result of a long historical process of trial and error that dates back thousands of years. Before 20and Century, the main building materials were brick, stone and wood and the suitability and strengths of these materials were well understood by the craftsmen who used them, as …
Belmont Green opens 2022 with £400m securitization
Belmont Green, parent company of Vida Homeloans, issued its first European residential mortgage-backed security (RMBS) of the year. Named Tower Bridge Funding 2021-2, it has raised £400million through owner-occupied mortgages and lettings. He was backed by Santander, Barclays and Bank of America. Attracting more than £1 billion in demand, Belmont Green managed to price its …
Foundation expands to Scotland | Mortgage strategy
Foundation Home Loans now offers its products in Scotland. Borrowers will be able to access all of the lender’s purchase and remortgage offers for residential and rental properties (BTL). Other changes today include the addition of The Lending Channel to The Foundation’s Distribution Panel and the appointment of Fiona Robertson as the new Regional Account …
Tenants in unsafe blocks receive online updates: Govt
Tenants living in towers with unsafe siding will receive online updates on the status of their building’s application to have it removed, according to the government. The new service will allow tenants to track their applications for the Building Safety Fund, a £5.1billion fund to replace unsafe surfacing in residential buildings of 18m and above. …
Kensington and East Ayrshire top and bottom in affordability survey
Kensington and Chelsea are the least affordable areas to live in the UK, while East Ayrshire is the most affordable, according to Nationwide. The London Borough posted a first-time buyer price-to-earnings ratio (HPER) of 14.7 last year, while the Scottish local authority reported a ratio of 2.4, according to the building society affordability report. The …
Osterley appointed new financial controller of Saxon Trust
Saxon Trust has hired Marc Osterley as financial controller as the transition and development lender seeks to expand its business He says Osterley will oversee the day-to-day accounting and work closely with the new commercial team and assist the Chief Investment Officer in managing existing lines of finance and acquiring new sources of funds. The …
HSBC lowers mortgage rate to below 1%
HSBC has reintroduced a sub-1% mortgage rate as part of a product renewal. The big bank says the move will make it cheaper to access or move up the property ladder, or mortgage with the lender when a current fixed-rate loan comes to an end. It says sub-1% new mortgages, with a fee of £999, …
Gatehouse Bank raises home purchase loans to £5m
Gatehouse Bank has raised the maximum amount of its Home Purchase Plans (HPPs) to £5m, bringing them into line with its buy-to-let range. The UK Shariah-compliant lender adds that the maximum loan available at 80% Funding-to-Value (FTV) across the Bank’s HPP and BTL ranges has doubled from £1m to £2m. In addition, the maximum funding …
Decline in mortgage approvals in the third quarter of 2021: LMS
Remortgage approvals fell seven points in the third quarter of 2021, according to the latest LMS Remortgage Healthcheck Index. The decline was attributed to slower growth in average endorsement values. The LMS report shows the overall health of the mortgage market and tracks the evolution of four key indicators: the volume and value of mortgage …
Equity release customers borrowed £12m a day in 2021: key
A total of £4.4bn – or £12m a day – was borrowed through an equity release product in 2021, a new market report from Key details. The data shows that the number of plans organized during the year increased by 4% to 41,991, while the total value released increased by 28%. The average amount subscribed …
HSBC is rumored to consider tightening accessibility testing
The Sunday Telegraph reports that HSBC is considering tightening its mortgage affordability calculations. Sources tell the newspaper that any changes to its rules would be due to the expected rise in energy costs that households will face following the energy price cap which is expected to rise by more than 50% in April. The price …
The platform reduces high LTV rates; adds new fixes
Platform has made a number of cuts to its high-ratio mortgage products. The middle arm of The Co-operative Bank has also reintroduced two-, three- and five-year fixes in the 60%-75% LTV range, which charge a fee of £999, and five-year fixes in the same range free of charge. Rate cuts occur up to 25 basis …
Businesses turn to second mortgages: Knowledge Bank
Business owners have turned to second mortgages to raise capital as omicron continues to disrupt UK industry, Knowledge Bank says Criteria tracker found brokers seeking ‘fundraising for business purposes’ in December were the fourth most searched term, some of which the company attributed to the Covid-19 variant . He says, “While some of this research …
Almost a quarter of workers see the house as a retirement fund
A survey conducted on behalf of Legal & General Home Finance found that 22% of current workers plan to use the value of their home to pay for their retirement. Moreover, of the 4,000 adults surveyed at the end of this year, the survey showed that 35% of all non-retirees own a house but have …
Landbay certified as a carbon neutral company
Landbay has earned the right to call itself carbon neutral, with certification provided by Carbon Neutral Britain. The lender has achieved this by offsetting its greenhouse gas emissions by investing in renewable energy projects around the world. These include a wind farm in the Philippines, a hydroelectric plant in Brazil and a biomass-powered electricity generator …
Tuscan launches first commercial bridging product
Tuscan Capital has released its first-ever commercial bridging product as part of its 2022 refresh. The new mortgage is available at up to 65% LTV (with exceptions) on loans ranging from £100,000 to £5 million for purchase, refinance or capital raising purposes. The lender will accept applications for commercial premises, offices, warehouses and industrial premises. …
Launch of the lease extension service financed by the release of equity
A new service that allows landlords to extend their lease with a lifetime mortgage was launched today. Lifetime Mortgage Gateway (LMG) is for senior homeowners with a lease term of 75 years or less. The process created by LMG Logistics involves the company paying for a lease extension through a short-term loan, which is then …
Ian Wilson of Halifax announces his retirement
Ian Wilson, director of Halifax Intermediaries and Scottish Widows Bank, has announced his retirement. Wilson joined Halifax as a cashier in Aberdeen over 40 years ago, later becoming director of business development. In 2007 he was appointed Head of Sales for Halifax Intermediaries before taking over responsibility for Scottish Widows Bank in 2019 and becoming …
Together doubles securitization deal to £ 400million
Together has doubled the size of a long-standing securitization deal to £ 400million, which will support the specialist credit firm’s unregulated bridging loans. The Cheadle-based company said it has increased the size of its Delta Asset Backed Securitization 2 limited facility (DABS) which has sold to investors from £ 200million to £ 400million. He adds …
Blog: Abandon inherited mentalities and welcome innovation
There has been a long road to recovery since the 2008 financial crisis and its impact on homeowners has been the driving force behind most of the regulatory developments that have taken place in the UK since. After the crisis, the regulator introduced a new lending framework through the Mortgage Market Review and, while established …
Landbay reduces BTL tariffs and extends its green range
Landbay said it has reduced some rates on its rental mortgage lineup and added new homes to its green loan portfolio. The rental loan platform reduced rates from 0.14% to 0.29%, with its lowest rate now set at 2.65% for a two-year fixed rate at 65% of the loan-to-value ratio, against 2.85%. Product discount highlights …
Blog: EPC Ratings Should Be Part of Mortgage Advice
As inflation hits the headlines for the first time in decades and interest rates rise despite the spread of Omicron, fixed and variable rates remain in the foreground for many mortgage professionals, and what increases in interest rates will mean for customers. Meanwhile, and perhaps under the radar for many, the issue of Energy Performance …
SUNSTONE OPPORTUNITY (2007) REALTY TRUST – SUNSTONE OPPORTUNITY (2007) MORTGAGE FUND
/ DO NOT DISTRIBUTE TO UNITED STATES NEWSWIRE OR BROADCAST SERVICES IN UNITED STATES/ NORTH VANCOUVER, BC, January 4, 2022 / CNW / – Sunstone Opportunity (2007) Realty Trust (the “Trust”) and Sunstone Opportunity (2007) Mortgage Fund (the “Mortgage Fund”) announce the sale of the last remaining property in their original portfolio with the sale …
SUNSTONE OPPORTUNITY (2007) REAL ESTATE TRUST – SUNSTONE OPPORTUNITY (2007) MORTGAGE FUND
/DO NOT DISTRIBUTE TO UNITED STATES NEWS WIRE SERVICES OR FOR BROADCASTING IN UNITED STATES/ NORTH VANCOUVER, BC, January 4, 2022 /CNW/ – Sunstone Opportunity (2007) Realty Trust (the “Trust”) and Sunstone Opportunity (2007) Mortgage Fund (the “Mortgage Fund”) announce the sale of the last remaining property in their original portfolio with the sale of …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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% – …
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 …
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, …
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 …
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 …
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 …
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 …
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 …
Commentary: Opportunity strikes in private equity for brokers
Every year, Investec conducts a survey – GP Trends – in which we talk to hundreds of people working in private equity (PE). And every year, respondents tend to agree on one thing: Financial service providers do not understand their income profile. Not only 69% of UK respondents agreed with this statement, but it has …
Knowledge Bank 12 Days of Christmas returns for the fourth year
The Knowledge Bank is bringing back its “Twelve Days of Christmas” campaign in December, following its immense popularity in previous years. This will be the fourth year that the criteria search system has organized the daily raffle, with freebies given to participants every working day from December 1 to 17. To participate, brokers simply need …
Metro improves its BTL offer; joined MBT
Metro Bank has made a number of changes to its buy-to-let (BTL) product line, including increasing the maximum LTV and reducing rates. As noted above, the maximum LTV offered for BTL purchase and remortgages has been increased from 75% LTV to 80% LTV (including for new builds and apartments), although at this level of fees …
Demand from tenants weakens in October: Propertymark
The average number of potential new tenants per rental agency fell from 83 in September to 71 in October, according to Arla Propertymark. It is in the Northwest that we look the most, with an average of 163 potential tenants per branch. Yorkshire and Humberside, Wales and Northern Ireland jointly have the fewest tenants per …
Mortgages dip to lowest total since July (BoE)
Net mortgage borrowing in October stood at £ 1.6bn, according to new statistics from the Bank of England (BoE), significantly lower than the £ 9.3bn recorded in September and the highest amount low recorded since July 2021. The BoE says the drop was driven by borrowing “postponed to September to take advantage of the stamp …
United Trust Bank restructures its mortgage sales team
United Trust Bank has named Mike Walters to lead its restructured mortgage sales team. Walters, whose title was previously “Sales Manager – Real Estate Intermediaries”, will now become “Sales Manager – Mortgages” and will be responsible for the bank’s first mortgage and second charge products. Large accounts, including specialty distributors, packers and major brokers, will …
The government launches a construction assistance program
The government has launched its new ‘Help to Build’ equity loan program, designed to help home builders in England access low deposit mortgage finance. Full details of the program, which will be managed by Homes England, have been released by the Department for Housing, Communities and Local Government. The outlines of the device were initially …
Feature: Booming equity release
Image by Shutterstock / Ufuk ZIVANA Equity release professionals appear to be teeming with positivity amid record loan numbers and product selection, as well as low rates. Although many concede that the historically negative reputation of the industry still influences consumers, when Mortgage strategy polled the industry, the mood was surprisingly optimistic about the business …
Deposits jump to record 110% of average earnings: National
A 20% down payment for an average UK home has jumped to a record 110% of average incomes over the past year, making ‘raising a down payment a significant challenge for potential first-time buyers’, says the Nationwide Building Society. That figure rises from 102% of the pre-tax income of a typical full-time employee 12 months …
Nested Founders Launch Alternative to Purchase Aid
The founders of Nested are launching an equity loan product similar to Help to Buy with plans to start lending by the end of this year. Unlike the government-run program, buyers will not be limited to new construction. The loans will be interest-free, with the lender benefiting instead from a capital appreciation. The lender, called …
Two-thirds of parole borrowers see their families: key
According to a study by Key, two-thirds of equity release borrowers involve family or friends in their decision. The lender found that only 4% of those who consulted with their family said their relatives and friends were skeptical about their plans. Equity release counselors usually encourage borrowers to talk to loved ones before taking out …
Coverage: Barriers to Self-Employed Borrowing
Shutterstock / Photo_imagery / Léon Parks When it comes to obtaining mortgage financing, independent borrowers have always faced a number of additional hurdles compared to their salaried counterparts. But this disparity has worsened since the Covid-19 pandemic. Given the recent rise in house prices, extensive affordability calculations, lingering economic uncertainty, and a health crisis that …
Kensington launches long-term fixed rates up to 40 years
Kensington Mortgages is launching its first long-term fixed rate mortgages tomorrow, allowing borrowers to freeze their monthly payments between 11 and 40 years. Flexi Fixed for Term offers are priced differently depending on the term chosen and the amount borrowed, but are available up to 95% LTV for new purchases or up to 85% LTV …
Bridging Watch: Repeat after me – contingency
I’m writing this as Rishi Sunak just walked away from the shipping box after giving a budget speech that rather disappointed the real estate industry. Sunak’s speech mentioned “leveling” no less than eight times. The travel direction for regional infrastructure investments, job subsidies and indeed the mountains of public relations around politics are all called …
Brightstar Launches DIP-in-Day Event for Commercial Lending
Brightstar Financial has partnered with Allicia Bank to launch a “DIP in a day” event on November 29th. The event involves an on-site Allica Bank underwriter who will assess the business and semi-business cases submitted that day. Allica Bank is committed to rendering a decision in principle the same day for any qualification request submitted …
Simplify provides updated commentary on computer failure
The Simplify group, some of whose IT systems went down on November 7 after a security incident expired, reports that it has moved on from completing transactions already exchanged and is now in the next stage of recovering the system. The Council for Licensed Conveyancers (CLC) said it had “closely followed the incident” since it …
Second Charge Watch: broaden the offer
Since April 2020, and from such a low point for many sectors in the early stages of Covid-19, the recovery has been more than a small stop-start. Uncertainties surround our industry and many others. In the market in general, there is still some ambiguity about lending attitudes. We can see that time off and payment …
Homes England boss defends Help to Buy risk model
The Homes England chief has defended the organization against claims that taxpayers may be overexposed to the risk of loss on his Help to Buy loan portfolio. Speaking to Members of the Housing, Communities and Local Government Committee yesterday, Homes England Managing Director Peter Denton was asked how much risk the taxpayer bears under the …
LV= clarifies ‘misleading’ speculation over Royal London bid
LV= has firmly rejected claims that Royal London played a role in its proposed acquisition by Bain Capital. In a statement released this morning (16 November), the mutual’s board seeks to draw a line under media reports that have emerged over the weekend. They said Royal London, whose bid for LV= was rejected last year, …
Prices drop £ 2,000 in the past month: Rightmove
The average asking price of properties put on the market fell 0.6% or £ 2,044 to £ 342,401 since October, marking the biggest monthly drop since January, according to figures from Rightmove. However, annual price growth continued, with prices up 6.3% year-on-year, down slightly from October’s 6.5% figure. Agents report that many homeowners are getting …
Kensington Mortgages sells £ 452million bond
Kensington Mortgages has placed a £ 452million bundle of mortgage-backed securities in the wholesale financial markets. The specialist lender says its Finsbury Square 2021-2 bond has been oversubscribed, with senior and mezzanine tranches sold to 26 different accounts. Senior debt was valued at 80 basis points above the overnight indexed average in pounds sterling. The …
Average big city deposits for FTBs reach £ 10,600: Beehive Money
First-time buyers looking for secured a house in one of the 20 largest cities in the UK must deposit an average deposit of £ 10.606, according to Beehive Money. Average deposits drop to £ 7,605 for an apartment or cottage, according to the savings app, owned by the Nottingham Building Society, which analyzed cadastral housing …
Booming stock market on track for record year
More than £ 1bn of real estate wealth was released in the third quarter of this year, setting the stock release market on track for a record year. These dynamic quarterly figures from Key’s Market Monitor indicate that the total funds released in 2021 could exceed £ 4 billion by the end of the year. …
Lack of supply spurs house price growth: Rics
A “depressed” stream of new instructions is both dampening activity in the housing market and pushing prices to new highs, according to the Royal Institution of Chartered Surveyors. In its latest residential market survey, Rics shows the net balance of the new set of instructions at -20%, with average inventory levels falling from 42 in …
The FSCS reduces its levy forecast | Mortgage strategy
The Financial Services Compensation Scheme has reduced its projected levy from £833m to £717m for 2022 This is a reduction of 13%, the result of lower-than-expected investment payments and corporate bankruptcies. The FSCS says this means it will not invoke the ‘retail pool’ in the 2021/2022 levy, which means there will be no interim levy …
BuildLoan and Furness launch cheaper self-build line
BuildLoan launched eight new products for freestanding and custom builders funded by the Furness Building Society. The new products replace the Company’s existing range with the first rates between 20 and 24 basis points lower than previous equivalent products. As a result, the lowest rate has now dropped from 3.79% to 3.59%. All products are …
Transition volumes hit highest level since 2018
Bridge loans have returned to the highest levels seen since 2018, according to data from more than a dozen packagers in the industry. Gross lending by contributors to the survey reached £190.24 million in the third quarter of this year, the highest volume since the fourth quarter of 2018. Loans were up 30% to £146.52m …
Feature: Flexibility will strengthen the sector
Shutterstock-Olyy-168221678 The transition sector continues to be one of the success stories of the mortgage market in recent years. The influx of new lenders has lowered rates, making the sector more attractive and degrading the image it once had of last resort credit. A healthy appetite from investors and entrepreneurs has also contributed to the …
Monument digital bank gets the green light from regulators
The new Monument digital bank has been approved to start receiving deposits, which allows it to be launched. The lender plans to target more affluent clients such as professionals, entrepreneurs and real estate investors, offering savings and mortgages. At launch, the bank offers rental mortgages up to £ 3million and bridging loans. Monument announces that …