Mortgages

UK-Houses-Home-House-Property-Mortgage-700x450.jpg

Old Mutual: FCA should review dropped equity release qualification

Old Mutual has called on the FCA to reverse its decision not to create a standalone equity release qualification for financial advisers. The call follows figures published today from the Equity Release Council which show a record quarter for equity release activity in Q4 2017. The total amount of housing wealth unlocked by over-55 homeowners […]

The-Co-operative-Cooperative-Bank-Branch-700x450.jpg
1

Co-op Bank posts £610m loss

The Co-operative Bank has reported a pre-tax loss of £610m for 2015, more than doubling its losses of £264m a year ago. In its annual results published today, conduct and legal risk charges increased to £193m from £101.2m for the year due to higher provisions for missold payment protection insurance. To reduce costs for the […]

Money-Cash-20-Note-Currency-UK-700x450.jpg
2

Pressure builds on lenders to review maximum age criteria

Pressure is building on lenders to review their maximum age limits after two firms this week loosened their lending into retirement criteria. Prior to the Mortgage Market Review many lenders tightened their criteria when lending to borrowers whose loans extend beyond retirement or those wishing to borrower post-retirement. While many of the big lenders require […]

Lenders in talks with tech providers on individual broker validation

Lenders are in talks with technology providers to develop a solution where they can evaluate brokers on an individual basis. Presently, lenders have information at a firm level but sources say a group of lenders has started talks to find a way of validating individual brokers. It is thought the lenders, the identities of which are […]

Stock-Stockmarket-FTSE-Index700x450.jpg

Aldermore management probed ahead of float

The Prudential Regulation Authority investigated the management and governance at Aldermore ahead of the challenger bank’s plans to float the on the stockmarket. The Financial Times reports the regulator launched a review of the bank’s governance last year after chairman Sir David Arculus left the company in 2013. Sources have told the newspaper the regulator […]

houses

Ambitious landlords fuelling rise in remortgage business

Competitive rates and ambitious landlords are driving a growing focus on remortgaging among buy-to-let lenders, according to experts. Figures issued by broker Mortgages for Business show that 66 per cent of buy-to-let loans were for remortgages in the first quarter of 2015, up from 62 per cent at the end of 2014. Remortgages have now […]

Stephen-Smith-MM-Peach-700.jpg

Stephen Smith: Boost supply, not demand

As the last weeks of the general election campaign grind on, at least we seem to have some emerging consensus about what needs to be done in the housing market (although little consensus about how). For the first time in many years housing features strongly in the manifestos of all parties and there is something […]

Nick-Clegg-addresses-at-LibDem-rally-2013.jpg
3

Lib Dems would allow councils to double tax on second homes

The Liberal Democrats is to announce plans to give local authorities power to double council tax on second homes. The announcement comes as part of a “Countryside Charter” unveiled today in Cornwall by Lib Dem leader Nick Clegg. The Lib Dems hope that by allowing councils to charge up to 200 per cent council tax, […]

HSBC-700x450.jpg
19

Lenders warned over TCF after FOS maximum mortgage age ruling

Mortgage lenders could fall foul of treating customers fairly rules if they apply generic lending criteria following a Financial Ombudsman Service ruling against HSBC, experts warn. The FOS has upheld a complaint against the bank for unfairly rejecting a mortgage application on the grounds of age in the first case of its kind. A couple in […]

David-Cameron-listening-in-2013-700.jpg

Tory ‘Right to Buy’ extension slammed by political rivals

Conservative plans to extend the Right to Buy programme to housing association tenants were slammed in last night’s BBC opposition leaders debate.  The Tories announced the plans ahead of their manifesto launch last week, promising that 1.3 million tenants could qualify for discounts of up to 35 per cent in seeking to buy housing association […]

Sprouting-Money-Growth-Emerging-Currency-700.jpg

Gross lending forecasts set to be revised down as market falters

The Council of Mortgage Lenders’ gross mortgage lending target looks set to be missed this year as the market becomes more subdued, say industry experts. In December the CML forecast gross lending of £222bn in 2015, up by 8.8 per cent from £204bn last year, and rising to £240bn in 2016. But in a “state […]