Mortgage Finance Gazette

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Mortgage Finance Gazette
The voice of the UK mortgage industry since 1869.
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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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345 Posts
Santander for Intermediaries trims residential and BTL deals by up to 50bps

The lender adds it is withdrawing its 95% loan to value two-year fixed-rate

... more
Santander for Intermediaries trims residential and BTL deals by up to 50bps
The Mortgage Works loosens stress rates for landlords  
fixed rates for products under five years for non-limited companies and limited companies is, pay rate plus 2.00%. Fixed rates are for products that run for five years or more forNon-limited firms. For limited companies, fixed rates are plus 1.50% and for limited companies are plus 0.50%.
The Mortgage Works loosens stress rates for landlords  
I have been elected to fix ‘some’ mistakes: new PM
Sunak’s comments were made in his first speech as Prime Minister outside Downing Street. He said: ‘I want to pay tribute to my predecessor Liz truss. She was not wrong to want to improve growth in this country’ ‘Some mistakes were made Not borne of ill will or bad intentions.
I have been elected to fix ‘some’ mistakes: new PM
OneFamily buys Beagle Street protection business to expand range  
The mutual says Beagle Street sells life and critical illness insurance "To people who know they need to protect their families but are put off by the expense, complexity and the time it usually takes to buy life insurance". OneFamily currently sells equity release, over-50s life cover and various savings products. The group was founded in 1975 as the Family Assurance Friendly Society and had 2 million customers with £7.3bn in funds under management at the end of last year. Beagle Street is owned by digital... more
OneFamily buys Beagle Street protection business to expand range  
Band C flats and socially-rented homes lead energy efficiency ratings: ONS
Flats and maisonettes are the most energy-efficient property type, rated at band C. Band C is rated as adequate by most standards.
Band C flats and socially-rented homes lead energy efficiency ratings: ONS
TML hires chief risk officer and head of credit
Hornsby will sit on TML’s executive committee and its board and will be responsible for managing credit risk, conduct risk, regulation, and compliance. He joins TML with 30 years of experience in the finance and property sector, having worked with Shawbrook, where he was property risk director.
TML hires chief risk officer and head of credit
Vida Homeloans launches residential and BTL fixed-rate range
The specialist lender says its residential range is available for first-time buyers and home movers, as well as remortgages, including capital raising for debt consolidation. The suite of products has a maximum loan size of up to £2m, with rates starting at 8.09% for a two-year term and 7.69% across a five-year term, and loan-to-value options at 75% and 85%. The range is available across all adverse tiers and is suitable for customers that have missed payments or county court judgements in recent years. The... more
Vida Homeloans launches residential and BTL fixed-rate range
LMS partners with OneSearch to offer law firm ID-checking software   
LMS launched confirmly in February in a bid to safeguard the transfers of conveyancing funds from fraudsters by the use of real-time monitoring to law firms, as well as harnessing LMS panel link and specialist data to verify transactions. LMS commercial director Travis Scholes adds: ‘Collaboration and accessibility are huge parts of our strategy and law firms being able to access confirmly through OneSearch means that our customer experience is becoming more streamlined.’ The new partnership with LMS and... more
LMS partners with OneSearch to offer law firm ID-checking software   
Rishi Sunak wins leadership race to become PM
Sunak served as chancellor of the exchequer from 2020 to 2022, notably during the coronavirus pandemic. Previous to this, the MP for Richmond in Yorkshire was chief secretary to the treasury, from 2019.
Rishi Sunak wins leadership race to become PM
Conveyancers should stress test for 40% workload falls: CLC 
The warning comes as transactions of UK residential properties last month fell 32% to 112,370 on a non-seasonally adjusted basis. The 2007-08 global financial crisis saw a more than 40% drop in conveyancing transactions from one year to the next. But the turnover of its regulated firms fell by 27% in comparison “before largely recovering the following year’s.
Conveyancers should stress test for 40% workload falls: CLC 
Danske Bank appoints former BoE director Stewart as chairman  
Stewart takes up his post on 1 January, replacing current chairman Gerald Gregory, who leaves the lender after nine years on the board. Stewart is currently the senior independent director at the lender, and has been a non-executive director since 2020. Belfast-based Danske Bank UK is part of Denmark's Danske Bank Group, which is one of the largest financial services companies in Scandinavia. The UK business launched a carbon-neutral mortgage in Northern Ireland last June, the first of its kind to be certified... more
Danske Bank appoints former BoE director Stewart as chairman  
Landlords rush to incorporate BTL companies as rates rise

In September 2017, there were 148,874 companies

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Landlords rush to incorporate BTL companies as rates rise
Weekly rate watch: Products pulled and prices lift after Chancellor’s mini-Budget

The average 10-year fix lifted by 71 basis points to

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Weekly rate watch: Products pulled and prices lift after Chancellor’s mini-Budget
August sees net mortgage borrowing rise by £1bn
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August sees net mortgage borrowing rise by £1bn
The Association of Short-Term Lenders welcomes OSB Group
The specialist lending group includes such brands as Precise Mortgages, InterBay Commercial and Heritable Development Finance, as well as Kent Reliance for Intermediaries. Later this month, OSB Group group intermediary director Adrian Moloney will also speak at the Association of Short-Term Lenders annual conference, delivering a lender's view of the short-term market. The Association of Short-Term Lenders chief executive Vic Jannels says: "We now have more than 40 lender members, representing the vast majority... more
The Association of Short-Term Lenders welcomes OSB Group
Knowledge Bank launches real-time product updates amid turbulent market

The criteria search platform will send out daily emails every evening with a summary of

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House prices slow down but still post 9.5% gain, says Nationwide

House prices in the UK

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Blog: Tech and the lender/broker relationship
The last three years alone have demonstrated the importance of good lender-broker relationships. The pandemic-initiated mortgage withdrawals, the frenzy of the market re-opening and the launch of the stamp duty holiday, all created heightened demand that lenders and brokers had to work closely together on to manage. CRM solutions are available to enable lenders to develop broker relationships in a streamlined and efficient way.
Data breach fears make older borrowers reluctant to share home loan data online
The reg tech firm adds this compares with 17% of all adults who went online to compare mortgage and equity release quotes. 46% of over-55s went straight to their bank, and 63% of this group only got one quote before taking out a loan.
Data breach fears make older borrowers reluctant to share home loan data online
Virgin Money comes back to market with resi and BTL products for new customers

The move comes after the lender temporarily withdrew several mortgage ranges

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Virgin Money comes back to market with resi and BTL products for new customers
Savills IM acquires Simply Affordable Homes
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Savills IM acquires Simply Affordable Homes
Twenty7tec unveils new hires after acquisition
Bluecoat sells mortgage, protection and wealth management software to advisory firms. The acquisition combined the firms, which has almost 100 staff, under the Twenty7tec brand. Bluecoat chief executive Mark Skelding joined the board of the enlarged company as a non-executive director. The move comes after home loans tech firm sealed the purchase of Bluecoat for an undisclosed sum in June.
Even adds FTB products to Twenty7tec platform

The lender, founded last year, offers interest-free equity loans

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Even adds FTB products to Twenty7tec platform
OSB Group profit jumps 21% to £268m as rate hikes offset lower lending
OSB says gross new lending was down 7% to £2.3bn in the six months to the end of June compared to the year before. Bank of England hiking interest rates six times in a row since December to 1.75%, as the central bank bids to combat rising inflation.
OSB Group profit jumps 21% to £268m as rate hikes offset lower lending
Duty of care is an operational issue
The Financial Conduct Authority published the Woolard Review – a paper that assessed change and innovation in the unsecured credit market. It highlighted changes and a shift in thinking that is being played out across many sectors now. Borrower outcomes should be the driving force in lending decisions, says Ahmed Michla head of Business Development. The FCA (FCA) has published its long-awaited new consumer duty rules, extending it deadline for implementation from 30 April 2023.
Duty of care is an operational issue
Number of homeowner mortgages in arrears reduces 10% on last year: UK Finance
There were 25,160 homeowner mortgages in early arrears, a 1% rise on the previous quarter. UK Finance says this was the only segment that saw an increase in arrear numbers in Q2. But the number remains 14% fewer than the same period in 2021. The number of homeowner mortgages is 10% less than in the same quarter last year, according to UK Finance.
Number of homeowner mortgages in arrears reduces 10% on last year: UK Finance
New buyer enquiries fall for longest period since pandemic: Rics

A net balance of -25% of survey participants reported

... more
New buyer enquiries fall for longest period since pandemic: Rics
Blog: Lenders should brace for cost of living impact
Things were already getting heated at the beginning of the year, when the tailing off of the pandemic was followed swiftly by rises in inflation and higher interest rates as the economy seemed to bounce back. Then another ‘black swan’ event came into view, as Russian tanks massed on the Ukrainian border in March. As a result, the large hike in inflation that the most pessimistic pundits thought might, possibly, arrived early.
Blog: Lenders should brace for cost of living impact
Conveyancing Association launches local ‘find an expert’ web search
Searches generate a list of all applicable member firms with address and phone details. clicking on the name takes users to a dedicated page listing full information on the individual firm, the services offered, and full contact details. The ‘find an expert’ service allows all the trade body’s member firms, including 200 solicitors and licensed conveyancers, to list their details. If ($(window.width()) is used.
Conveyancing Association launches local ‘find an expert’ web search
Annual price growth in England and Wales rises to 10.2%: e.surv
Data showed that the average price paid for a home in England and Wales in July was £370,893, up by some £2,400, or 0.6%, on the revised average price paid in June. From the start of the pandemic in March 2020 to the end of June 2022, the average house price has increased by £52,600, representing a rise of 16.7%. This contrasts with the increase in consumer price inflation of 11% over the same period.
Annual price growth in England and Wales rises to 10.2%: e.surv
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