Mortgage Finance Gazette

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Mortgage Finance Gazette
The voice of the UK mortgage industry since 1869.
mortgagefinancegazette@www.mortgagefinancegazette.com
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Established in 1869, Mortgage Finance Gazette is the UK's market leading publication and website for senior mortgage industry professionals.

In addition to its widely respected and in-depth news coverage, the magazine has regular industry comment from experts and in-depth features. Topics include the housing and mortgage markets, technology, digitisation, open banking, cyber security, fraud, insurance, regulation, legal, conveyancing, surveying and political issues.

In addition to the monthly print publication and website, MFG produces daily email newsletters and hosts a number of roundtable events, an annual conference and The Mortgage Finance Gazette Awards.

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208 Posts
Assetz Capital appoints McDonnell as Wales relationship director
The peer-to-peer lender says McDonnell has worked in a “variety of business development and financial services roles’ His new relationship manager has previously grown his own start-up business to over 35 staff. The firm says it has boosted its presence in Wales this year and its recent lending includes a £1.7m loan to housing developer New Generation Developments to help build the Old Mill project in Kidwelly, West Wales. The Old Mill projects will provide family homes.
Assetz Capital appoints McDonnell as Wales relationship director
PRIMIS Mortgage Network adds Chorley Building Society to lender panel
The network, which includes more than 2,700 brokers, offers mortgage and protection advisers a range of support, which includes training, events, business development, regulatory guidance, technology, and a product panel. PRIMIS Mortgage Network proposition director Vikki Jefferies says the move "Ensures our brokers continue to have access to the broadest range of products available, in order to best serve their clients' needs. Chorley Building Society's specialist lending products, as well as their prime residential... more
PRIMIS Mortgage Network adds Chorley Building Society to lender panel
Blog: A golden era for specialist lending is coming
In 2002, specialist lenders accounted for around £22bn of lending and had a market share of around 10%. Within five years they had trebled their lending, accounting for nearly a fifth of all new business written by value. After the financial crisis hit and Lehman Brothers imploded, the wholesale markets went into paralysis, taking away the very lifeforce powering the non-bank lending community here in the UK. The wholesale markets came into paralysis.
Blog: A golden era for specialist lending is coming
Mojo Mortgages plans to hire 30 brokers in 2022
Manchester-based online broker plans to take on more than 50 new staff. The firm offers personalised mortgage recommendations using a hybrid approach. It currently employs 74 members of staff across the UK, up from 60, when the firm was bought for an undisclosed sum in December by RVU, which owns Uswitch and Money.co.uk.
Mojo Mortgages plans to hire 30 brokers in 2022
Govt reports increase in housing starts and completions

There were 38,436 housing starts on site and 37,164 housing completions delivered through programmes managed by Homes England in England in the financial year 2021 to 2022.  The latest government data shows that levels of starts and completions are higher compared to the previous year when the Covid-19 pandemic caused a slow-down in housebuilding activity.  ...

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Lenders increases prices at all fixed rates, Moneyfacts data shows

This week saw all average rates at every fix continue to move upwards, data from Moneyfacts shows. The average rate for a two-year fix rose 17 basis points, to 3.61%, and the average rate for a three-year fix gained 19 basis points, ending the week at 3.91%. Meanwhile, an 18 basis point rise saw the ...

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HTB appoints Dignum as development finance lending director

Hampshire Trust Bank (HTB) has named Andrew Dignum as lending director for the North West within its development finance division. Dignum joins HTB with more than 10 years of experience in the development finance sector after previously working at NatWest.  He joined NatWest in Manchester as a graduate in 2009, where he undertook numerous roles ...

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Barclays buys Kensington Mortgages for £2.3bn

Barclays Bank has bought Kensington Mortgages for £2.3bn following an auction of the specialist mortgage lender.  Kensington, which has 600 staff and specialises 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 orginated around £1.9bn of mortgages in the year ...

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Dudley Building Society sees mortgage lending jump threefold to £71.1m
Annual report says mortgage advances jumped more than threefold to £71.1m. Total mortgage assets lifted 1.1% to £410.5m compared to a year ago. Dudley Building Society chief executive Jeremy Wood said in his review in the annual report: “During the early days of the pandemic the board was anxious that a greater effort should be placed on maintaining services for existing rather than acquiring new members.
Dudley Building Society sees mortgage lending jump threefold to £71.1m
New record set for stamp duty receipts in year to June
This is a significant 47% increase on the same period last year, when the total raised was £4.2bn - according to analysis of HMRC receipts by Coventry Building Society. Last year was a record year for stamp duty receipts, so this big jump suggests that 2022 could set a new record, generating another bumper payday for the Treasury. Higher receipts are being driven by a buoyant housing market and rising prices, with threshold for SDLT remaining frozen.
New record set for stamp duty receipts in year to June
Blog: Apple’s advances in financial services is no surprise
The iPhone is currently Apple’s main driver for growth in sales, profits, and share price. It was the main reason why the Cupertino operation became the first $1trn firm in history. Apple's largest source of growth over the past five years has been from its services division. This includes AppleCare, Apple Pay, iCloud storage services, AppleCare warranties, subscriptions and the Apple Card. The latter was formed. The Apple Card was formed and was formed as a result of a partnership with an existing bank, Goldman... more
Blog: Apple’s advances in financial services is no surprise
Business confidence falls sharply in June: S&P Global/CIPS
The fall of 4.6 points was the largest monthly decline since the start of the pandemic. Optimism at UK private sector companies has declined in each month since February and is now the lowest for just over two years. The headline seasonally adjusted S&P Global/ CIPS Flash UK Composite Output Index in June was unchanged from May at 53.1.1, posting above the neutral 50.0 value for the sixteenth consecutive month.
Business confidence falls sharply in June: S&P Global/CIPS
Folk2Folk brings in Leitch as COO

The national peer-to-peer lender for regional

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Folk2Folk brings in Leitch as COO
Third of property professionals forced to take time off during pandemic boom
man at computer iStock-912637018-652x3671

The study by the second business number firm found that 30% of those working in the industry took time off work over the last two years, not due to illness, but because they felt burned out. 

It said the main reasons for this fatigue were: “A heavy workload, often leading

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Third of property professionals forced to take time off during pandemic boom
BSA and Money Advice Trust launch mortgage arrears guide
The booklet is called ‘What to do if you can't pay your mortgage’ It covers six steps borrowers must take to ensure they do not lose their homes. It also dismisses some of the ‘urban myths’ associated with having mortgage arrears.
BSA and Money Advice Trust launch mortgage arrears guide
April sees house prices grow over 12%, shows government data
In April 2022, the average house price in the UK stood at £281,000 – £31,000 times more than in April 2021. This compares to a 9.7% increase recorded in March.
April sees house prices grow over 12%, shows government data
UKGlobal becomes Council of Property Search Organisations partner

The Council of Property Search Organisations has admitted insurance broker UKGlobal as a partner member. The move sees the firm become a recommended insurance broker for the trade body’s members, providing professional indemnity cover. UKGlobal director Tim Grant says: “We have taken the time to get to know CoPSO well and understand how members work ...

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Transaction figures show 1.6% increase in May: HMRC

Residential property transactions in the UK increased on a monthly basis in May, new government figures show.  On a non-seasonally adjusted basis, transactions in May 2022 increased to 100,870, which is 1.6% higher than the previous month but 2.0% lower than in May last year, according to HMRC. Meanwhile, non-residential transactions came to 10,250, representing a ...

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Nationwide rolls out faster DIPs with Twenty7Tec partnership

Brokers will get faster decisions in principle with Nationwide as the society rolls out updates to its partnership with digital mortgage firm Twenty7Tec. The new service will see brokers only having to re-key minimal data into the Nationwide for Intermediaries online portal as up to 95 per cent of the client’s data will transferred from ...

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Together posts record £300m lending in May
The firm - which provides personal and commercial mortgages, bridging loans and development finance across the UK - says its May lending is an 8% increase on its previous record of £277million set in April. Together commercial chief executive Marc Goldberg says the new record was due to a "Fantastically strong" performance of sales channels across the group during the period. He adds that its volume of deals dramatically increased across the period, helped by record levels of unregulated bridging and auction... more
Together posts record £300m lending in May
Bank of England announces withdrawal of mortgage affordability test
The Financial Policy Committee introduced the test in 2014 which specifies a stress interest rate for lenders when assessing prospective borrowers’ ability to repay a mortgage. The purpose was to ‘guard against a loosening in mortgage underwriting standards and a material increase in household indebtedness that could in turn amplify an economic downturn and so increase financial stability risks’ The BoE said the loan to income (LTI) ‘flow limit’ measure of affordability. was likely to play a stronger... more
Bank of England announces withdrawal of mortgage affordability test
House prices to slow to 5% annual growth, says Rightmove

The average house price in the UK hit a new record for a fifth time in a row this year, but signs of a slowing market are evident, Rightmove reports. In a new data release covering June, it shows annual house price growth of 9.7%, bringing the average property price to £368,614. In May, house ...

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Swansea Building Society’s Williams named longest-serving chief exec

Swansea Building Society’s Alun Williams has been named the longest currently serving chief executive of a building society, following 21 years at the South Wales-based mutual.  Williams took on the chief executive role with Swansea Building Society in May 2001, following roles as director of banking business at Bank of Wales, and head of securities ...

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Sarah Cardell named CMA interim chief executive

The Competition and Markets Authority (CMA) has appointed Sarah Cardell as interim chief executive taking over from the current chief executive Andrea Coscelli when he leaves at the end of his term in office in July.  Cardell currently serves as the general counsel of the CMA, a role that she was appointed to in September ...

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Weekly rate watch: Fixes climb higher
The average rate for a two-year fix rose by 14 basis points to 3.44%, while the average rates for a three-yearfix jumped by 33 basis points. Over longer terms, the average rate of a five-year fixing climbed by 16 basis points.
Weekly rate watch: Fixes climb higher
YBS appoints interim chief executive and chief finance officer as White steps down

Stephen White, who has been acting as interim chief executive officer,

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YBS appoints interim chief executive and chief finance officer as White steps down
Base rate increased to 1.25%

The

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Base rate increased to 1.25%
Tipton and Coseley Building Society and Ahauz launch FTB loans
The deal will allow customers to get up to 25% of the value of a property from Ahauz as a second charge mortgage, while Tipton will offer a first charge mortgage at a lower loan-to-value ratio. The firms say: "With the soaring cost of living and house prices adding to the never-ending challenges to save for a sizable deposit, buyers are increasingly restricted on their mortgage options and are locked out of owning a home. Many being left out of the property market are renters paying their landlords well above... more
Tipton and Coseley Building Society and Ahauz launch FTB loans
House prices in Scotland rise by 7.6% in April: Walker Fraser Steele

The last time prices rose across all local authorities was last March, the final month of the land and buildings transaction tax holiday. This average rise in April is equal to around £15,500.

On the mainland, the highest increase in average

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House prices in Scotland rise by 7.6% in April: Walker Fraser Steele
Blog: Rising seas could leave towns abandoned

Recently, Sir James Bevan gave a speech saying the growing threat of rising

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Blog: Rising seas could leave towns abandoned
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