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

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

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

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

The government’s plans to solve the siding scandal penalize small rental landlords and are based on “lazy and false assumptions” according to critics from the National Residential Landlords Association. The reprimand follows comments by Housing Secretary Michael Gove to the Select Committee on Upgrading, Housing and Communities. Gove has confirmed that landlords who let more …

Atom Bank has raised over £75m in funding as it plans to float. The funding led by BBVA and Toscafund with co-investors Infinity Investment Partners follows a £40m raise in April 2021 and brings the total raised by the app-based bank in the last 12 months to 115 million pounds. The digital bank says its …

More than half – 52% – of mortgages in 2021 were on a five-year solution, LMS’ annual mortgage report shows. Meanwhile, 37% of mortgages taken out were of the two-year type and only 2% at a 10-year fixed rate. Overall, mortgage activity increased in 2021, “with a steady increase in instruction and completion volumes following …

The Brightstar Group management team has taken over a majority stake in the company, to buy the remaining shares held by private equity in an all-cash transaction for an undisclosed amount. The transaction, which comes after a banner year for the group, means that the management team now owns a 54% stake in the company. …

Rightmove recorded its busiest January ever with buyer demand up 16% from the same month a year ago, adding there were ‘early signs’ that more homes were coming in in the market to ease the pressure on prices. The real estate website, founded in 2000, saw more than 218 million visits to its site and …

Masthaven has announced that he will exit the UK banking market within the next two years. The lender has confirmed that it will sell its mortgage portfolio through a tender process, which is expected to conclude this year. The decision to pull out of the UK was made because the bank was unable to secure …

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. …

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 …

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, …

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 …

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 …

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, …

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 …

The Loans Engine said chief executive Ryan McGrath left the company at the end of October as part of a corporate restructuring. Financial brokerage president and founder Andrew Turner said, “Ryan has made a fantastic contribution to the success of the business over the past 20 years. He adds: “While I am extremely sad to …

There was little focus in today’s budget on the housing market, with the most important news being confirmation of development on brownfields and a tax on large home builders to fund the removal of the coating. Specifically, Chancellor Rishi Sunak said £24bn would be earmarked for housing, of which £1.8bn would be spent to commission …

The Mortgage Strategy Awards, held last month, offered many insights into the state of the industry. And one thing that jumped out at this year’s event was that the future of this industry is in good hands. Smart, ambitious and very energetic – the next generation arriving right now is an impressive group that has …

Dudley Building Society has lifted the discounts and loan value range on its Right to Buy products. The mutual says that the product now benefits from a higher term discount of 1.20%, compared to 1.00%, against the standard variable rate of 4.99%, and is currently fixed at 3.79%. The LTV was increased to 85%, at …

Starling Bank acquired Fleet Mortgages for £ 50million in cash plus a stock transaction. This move will see Starling act as the sole funder for the purchase and lease transactions in which Fleet specializes. Starling’s latest business update, released on July 22 of this year, reports that the bank has £ 5.8bn in deposits in …

Vida Homeloans’ parent company has completed its sixth residential mortgage-backed securities deal, raising £350m from a pool of buy-to-let and owner-occupied mortgages. Specialist lender Belmont Green Finance said the transaction, called Tower Bridge Funding 2021-1, is backed by a range of banks including Barclays, JP Morgan and Santander. He added that the deal had “significant …

Writs filed in the Supreme Court of Victoria document the default of numerous loans to finance developments and allege that investors suffered loss and damage due to the conduct and actions of Oliver Hume. The relief sought includes fair financial compensation, including payment of interest owed and the removal of Oliver Hume as trustee of …