Paul Thomas

Reporter

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Nationwide eyeing launch into equity release sector

Nationwide is eyeing a launch into the equity release sector. Speaking to the Times, the UK’s second biggest lender said it had been looking at ways to allow older borrowers to release equity in their homes to allow them to help their children get on the housing ladder or to pay for care. Chief executive […]

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Govt could introduce 7-day mortgage switching

Borrowers could be allowed to switch their mortgages in seven days, under new plans being consulted on by the Government. It has called for evidence to find out how long it takes people to switch providers across a number of markets, including mortgages. The Government will meet with industry bodies to discuss the plan, which […]

Broker numbers reaching crisis point as volumes rise

The shortage of brokers is nearing a tipping point following an upswing in business, say experts. Association of Mortgage Intermediaries chief executive Robert Sinclair says things are “getting tight” and that soon there will be too few brokers to deal with increasing business levels. Looking at Council of Mortgage Lenders’ latest figures, £62.5bn of loans […]

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Brokers hit back at FCA claims over mortgage prisoners

Brokers have hit out at the FCA’s claim the Mortgage Market Review has not created “mortgage prisoners” locked out of certain parts of the market. Earlier this week the regulator published two papers on whether the mortgage market was working effectively. The first was the findings of its responsible lending review post-MMR, while the second was […]

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Chancellor urges lenders to help mortgage prisoners

Chancellor George Osborne has written to lenders urging them to help mortgage prisoners. The letter follows last week’s meeting with MoneySavingExpert.com founder Martin Lewis on the issue. Earlier this week, the FCA published a paper analysing the success of its lending rules following the Mortgage Market Review. It concluded that the new rules had not […]

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FCA claims there is no issue with mortgage prisoners

Despite broker claims, the FCA says the Mortgage Market Review has not locked out borrowers from certain parts of the market. Yesterday the regulator published two papers: a feedback statement on its call for input on competition in the market and the findings of its responsible lending review post-MMR. In the responsible lending paper, it […]

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FCA to review mortgage advice rules

The FCA will investigate whether its rules around advice reduce competition in the market. Following a call for input on competition in the mortgage market, the regulator has published a feedback statement today saying where advice is lengthy and does not engage the customer, competition can suffer. However, it did stress that its rules on […]

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Treasury to intervene on mortgage prisoners

The Treasury is investigating how to help hundreds of thousands of mortgage prisoners trapped in their deals following the Mortgage Market Review. The Chancellor met with Money Saving Expert’s Martin Lewis today on the issue and other industry experts have been raising this with the Treasury. So-called transitional arrangements written into the MMR allow lenders […]

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Nationwide latest lender to hike maximum age limit

Nationwide has become the second major lender in a week to loosen its lending into retirement criteria. It will increase its maximum lending age by 10 years to 85 in July, giving it the highest age cap of all of the major high street lenders. Existing customers with retirement income will be able to borrow […]

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Tesco launches into mortgage broker market

Tesco Bank has made its long-awaited entry into the broker market. Tesco Mortgage Intermediaries is being offered first through London & Country, then through Legal & General’s Nouveau panel in the coming months. It has trackers starting from 1.35 per cent, two-year fixed rates from 1.67 per cent and five-year fixes from 2.34 per cent. […]

Countrywide buys specialist development broker

Countrywide has bought residential development specialist broker Mortgage Bureau. The firm, which has 50 consultants, works alongside national house builders and estate agents and offers advice on mortgages and insurance, primarily in the land and new homes sector. The company is an appointed representative of Mortgage Advice Bureau and generated £900m of mortgage lending in […]

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CML members vote for trade body merger

Members of the Council of Mortgage Lenders have voted in favour of the proposed trade body merger. The trade body said 75 per cent of its members voted in favour of the merger, which will see the CML, the British Bankers’ Association, Payments UK, and the UK Cards Association combine to form a mega-trade body. […]