Mortgage Shop Financial Services In The News & Press Release Coverage
Occasionally Mortgage Shop's comments are featured in the press, here you will find some examples of news stories that we have appeared in from Mortgage Solutions
Occasionally Mortgage Shop's comments are featured in the press, here you will find some examples of news stories that we have appeared in from Mortgage Solutions
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Three-year fixed mortgages could be a good product for borrowers who feel alternatives are too long or short, but a lack of options and inconsistent pricing means they are often not chosen. Speaking to brokers about whether there had been an increased take-up in three-year fixes to appease and attract people who feel there could be a marked improvement in rates and the economy in less than five years, many pointed out that not enough lenders offered them. https://www.mortgagesolutions.co.uk/news/2023/04/06/three-year-fixes-are-the-goldilocks-option-but-the-cupboard-is-bare-analysis/
Lenders have been urged to focus their efforts on building relationships with brokers, ensuring that intermediaries do not spend interminable periods on hold, if they want to offer better support. This week Santander announced it was “simplifying” its broker support system by introducing a single number for intermediaries to call, a change it said was being made following feedback from brokers. However, brokers argued that rather than trimming back contact numbers, lenders should focus on speedy responses and building relationships with intermediaries, allowing issues to be resolved swiftly. https://www.mortgagesolutions.co.uk/news/2023/04/25/the-abcs-of-brokers-lender-communication-answer-the-phone-build-relationships-cancel-live-chat-%e2%80%92-analysis/
Mortgage brokers have said borrowers should remain calm and look beyond average rate figures as Moneyfacts revealed the average two-year fixed rate was now 6.01 per cent. This is the highest the average two-year fix has been since December, when they started to steadily fall as the impact of the mini Budget eased. The average five-year fixed rate is currently 5.67 per cent. Rates started to rise again in April when it was revealed that inflation was not falling as quickly as initially thought and swap rates began to increase. At the time, the average two-year fixed rate was 5.44 per cent. Read the experts comments: https://www.mortgagesolutions.co.uk/news/2023/06/19/brokers-urge-borrowers-to-keep-calm-as-average-two-year-fix-breaches-six-per-cent/
Rarely a day goes by at the moment without lenders announcing mortgage rate changes. Just this week, we have already seen new rates introduced across both residential and buy-to-let. Brokers admitted to Mortgage Solutions that the current speed of mortgage rate changes can be overwhelming, though this only serves to highlight the importance of independent advice. There were also splits on whether technology currently does a good enough job in helping brokers keep on top of rate developments. https://www.mortgagesolutions.co.uk/news/2024/01/11/brokers-admit-speed-of-mortgage-rate-changes-is-overwhelming-%e2%80%92-analysis/?utm_source=Mortgage+Solutions+subscribed&utm_campaign=4aa3248d6a-EMAIL_CAMPAIGN_9_14_2023_12_50_COPY_16&utm_medium=email&utm_term=0_747b260d73-4aa3248d6a-276721806
The media, the government and the Bank of England (BoE) have all come under fire by mortgage brokers for their role in contributing to the ongoing difficulties in the mortgage market. Recent weeks have seen stark jumps in the interest rates on offer from new products, with lenders regularly pulling their ranges and repricing as a result of rising swap rates. And while the media came in for criticism from advisers, there was far harsher judgements of the decisions made by both the government and the BoE. https://www.mortgagesolutions.co.uk/news/2023/06/30/press-government-bank-of-england-who-do-brokers-blame-for-mortgage-crisis-%E2%80%92-analysis/
Brokers need to be creative in finding the right protection solutions for clients with reduced budgets, intermediaries have suggested. Household budgets continue to be under pressure as a result of a prolonged period of higher outgoings, not least on mortgages, meaning many have less money to devote towards insurance policies. Indeed, many are considering cutting protection policies just to make ends meet ? particularly the younger demographic. And while brokers reported that in the main borrowers understand the need for protection, they suggested that working around the reduced budgets to find the right policies can be a challenge. Follow the discussion: https://www.mortgagesolutions.co.uk/news/2024/01/18/brokers-bemoan-borrower-budgets-for-protection-%E2%80%92-analysis/
An early election and more support on affordability would be on the wishlist for brokers, were they able to make a request from Santa. With just three days until Christmas, thoughts are no doubt turning towards what Santa might have in his sack for the world’s little children. But what are brokers’ Christmas wishes? What do hard-working intermediaries want from Father Christmas? And Will their dreams come true on Christmas morning (or next year)? Please Santa, may I have a new government? A host of brokers said they would look for Santa’s help in tackling the political situation, both in the UK and overseas. https://www.mortgagesolutions.co.uk/news/2023/12/22/brokers-christmas-wishes-an-election-affordability-help-and-a-cure-for-gout/?utm_source=Mortgage+Solutions+subscribed&utm_campaign=a0c9b0e714-EMAIL_CAMPAIGN_7_4_2023_11_57_COPY_124&utm_medium=email&utm_term=0_747b260d73-a0c9b0e714-276721806
Mortgage borrowers are potentially missing out on better deals by choosing a product transfer without advice, brokers have said. Commenting on people going directly to their lender because of uncertainty in the market, Laura Bairstow, founder at The Mortgage Masters, said borrowers could be losing out on lower rates from alternative lenders. She added: “I have seen clients fix a rate when they are already struggling to meet their current repayments, leaving them financially vulnerable when they switch to the higher rate. Had they been given proper advice, those clients would have been made aware of alternative options open to them such as extending the term of their mortgage to keep repayments down. Advisers give their opinions: https://www.mortgagesolutions.co.uk/news/2023/07/24/brokers-warn-of-potential-problems-with-self-selected-product-transfers/?utm_source=Mortgage+Solutions+subscribed&utm_campaign=2d44ed93ca-EMAIL_CAMPAIGN_7_4_2023_11_57_COPY_24&utm_medium=email&utm_term=0_747b260d73-2d44ed93ca-276721806
Chancellor Jeremy Hunt has reportedly scrapped the idea of a 99 per cent mortgage scheme after lenders raised concerns. First reported in The Telegraph, it has been suggested that lenders warned the Treasury this would lead to a rise in defaults. Speculation of a 99 per cent mortgage for first-time buyers has been circulating since January, when it was rumoured that Hunt would introduce the scheme at the Spring Budget on 6 March. This would require buyers to put down a one per cent deposit and have the 99 per cent mortgage loan guaranteed by the government. https://www.mortgagesolutions.co.uk/news/2024/03/01/hunt-drops-99-per-cent-mortgage-idea-just-days-before-budget-reports/?utm_source=Mortgage+Solutions+subscribed&utm_campaign=df4b36e98f-EMAIL_CAMPAIGN_9_5_2023_14_28_COPY_15&utm_medium=email&utm_term=0_747b260d73-df4b36e98f-276721806
Some lenders are giving advisers too short of a notice period before pulling mortgage products off the market to be repriced, which is causing renewed frustration, brokers have said. Read their reactions: https://www.mortgagesolutions.co.uk/news/2023/05/17/the-return-of-short-notice-mortgage-withdrawals-is-creating-panic-among-brokers-analysis/
The intermediary market has been a ‘cottage industry’ for too long, with consolidation among advice firms inevitable and necessary, brokers have argued. Recent months have seen a host of consolidation deals taking place across the mortgage industry. In August for example the Tenet Group agreed to sell off aspects of its business to Openwork and LSL Property Group, while in recent weeks Fintel snapped up VouchedFor and AKG in a package worth £9m. There have also been forecasts that consolidation among networks is likely to continue from high profile figures within the industry. And brokers told Mortgage Solutions that the challenges of operating in the current market have not only pushed more firms towards selling up of late, but also are likely to result in further deals taking place in the months and years ahead. https://www.mortgagesolutions.co.uk/news/2023/11/17/consolidation-inevitable-for-cottage-industry-mortgage-brokers-%e2%80%92-analysis/?utm_source=Mortgage+Solutions+subscribed&utm_campaign=dd39476a40-EMAIL_CAMPAIGN_8_9_2023_12_39_COPY_03&utm_medium=email&utm_term=0_747b260d73-dd39476a40-276721806
Brokers have welcomed the support on offer in meeting the new Consumer Duty requirements, though have warned that advisers need to be proactive in making the most of the resources on offer. It’s just the latest example of mortgage firms developing support measures for brokers on Consumer Duty, amid concerns that some brokers see the new rules as simply a ‘rebrand’ of TCF. Mortgage brokers told Mortgage Solutions that while there is plenty of support available, directly authorised advisers have to hunt it out for themselves and be proactive. They also emphasised that Consumer Duty should be seen as an encouragement to embrace a fresh approach. Read their comments. https://www.mortgagesolutions.co.uk/news/2023/05/12/consumer-duty-help-is-there-if-you-look-for-it-%e2%80%92-analysis/
Counter to market expectations, the Consumer Prices Index (CPI) measure of inflation rose slightly in December. However, industry experts don’t see this as a portent of doom just yet. Although, if swap rates start to rise, that could change. Inflation rose to four per cent in the year to December 2023, a surprise increase from 3.9 per cent in November, according to the Office for National Statistics. This is the first rise since February 2023, and comes above market forecasts of 3.8 per cent. Experts give their opinion: https://www.mortgagesolutions.co.uk/news/2024/01/17/inflation-rise-blip-that-wont-reverse-rate-drops-but-beware-swap-rises-analysis/?utm_source=Mortgage+Solutions+subscribed&utm_campaign=e92cab34e0-EMAIL_CAMPAIGN_9_14_2023_12_50_COPY_29&utm_medium=email&utm_term=0_747b260d73-e92cab34e0-276721806
Around 64% of advisers say they have seen a rise in customers choosing interest-only mortgages in the last year, a Mortgage Solutions poll has found. According to a Mortgage Solutions poll, approximately 46% of advisers surveyed said that they had seen a rise in customers opting for interest-only mortgages to some extent, with a further 18% saying they had seen an increase to a large extent. Almost 36% of advisers said that they had not seen an increase in customers going for interest-only mortgages. Interest-only mortgages allow borrowers to pay off just the interest on borrowing each month, as opposed to the capital, with the full amount paid back at the end of the term. This means monthly payments can be lower. UK Finance figures show that there were 702,000 pure interest-only homeowner mortgages outstanding at the end of 2022, which is 6.9% lower than 2021. However, with the introduction of the Mortgage Charter measures, which allows a customer to temporarily switch to interest-only payments for six months could lead to heightened interest. The cost of living crisis has also meant there have been more enquiries for this kind of product and the product is especially popular with buy-to-let landlords. https://www.mortgagesolutions.co.uk/news/2024/01/23/two-thirds-of-advisers-see-rise-in-interest-only-mortgages-poll-results/?utm_source=Mortgage+Solutions+subscribed&utm_campaign=8c5eff7f71-EMAIL_CAMPAIGN_8_9_2023_12_39_COPY_01&utm_medium=email&utm_term=0_747b260d73-8c5eff7f71-276721806
The popularity of long-term fixed rates will be dependent on pricing, early repayment charges and attitudes to affordability changes in light of Perenna securing its banking licence today, brokers have said. Perenna was launched in 2018 and looks to bring long-term fixed rates of 20 years or more to the UK mortgage market. It also has a different funding structure to most lenders as it uses covered bonds, which is a portfolio of loans issued by a bank then sold to a financial institution for resale. The lender secured its full banking licence today from the Prudential Regulation Authority and Financial Conduct Authority, noting that it would offer mortgages to those on its 5,000-strong waitlist first and then open to the public later this year. Long-term fixed rates are popular in the US and Europe but have not had the same read-across to the UK as short-term and variable rates are more common. Early repayment charges (ERC) and pricing have also been dissuasive factors to take-up. Mortgage Experts give their opinions: https://www.mortgagesolutions.co.uk/news/2023/09/07/brokers-mixed-on-long-term-fixed-rate-popularity-following-perenna-launch/
The Nationwide Building Society house price index showed that the monthly decrease was steeper than the 0.3% drop recorded in December. Annually, property prices were 1.1% higher than a year ago - top mortgage firms were asked for their opinions on this latest saga. https://www.mortgagesolutions.co.uk/news/2023/02/01/house-price-growth-slips-further-in-january-nationwide/
Brokers have suggested that schemes like the shared ownership programme can prove effective in helping more first-time buyers onto the ladder, and prevent homeownership becoming an 'elite privilege'. A study last week from Yorkshire Building Society revealed a downbeat attitude among prospective first-time buyers about their purchasing prospects, with the majority believing homeownership is rapidly becoming a privilege reserved only for the wealthiest. Brokers were divided on how true this really is in practice, though some were keen to highlight that support programmes like shared ownership offer a route through the difficulties faced by many would-be homeowners. https://www.mortgagesolutions.co.uk/news/2023/11/03/how-to-stop-homeownership-becoming-an-elite-privilege%e2%80%92-broker-analysis/
Around 72 per cent of brokers said they have seen no change when it comes to lender innovation on housing energy efficiency, such as green mortgages, an exclusive Mortgage Solutions poll has revealed. According to a Mortgage Solutions poll, around 17 per cent said that they had seen some innovation from a few lenders and only 11 per cent said that had seen lots of innovation from a range of lenders. Energy efficiency has risen up the agenda partially due to rising energy bills’ impact on the cost of living as well as upcoming energy efficiency legislation that could mandate that rental properties have an EPC of C or higher by 2028. https://www.mortgagesolutions.co.uk/news/2023/08/04/nearly-three-quarters-of-brokers-have-not-seen-significant-green-product-innovation-in-last-year-poll-results/?utm_source=Mortgage+Solutions+subscribed&utm_campaign=66faf38d7d-EMAIL_CAMPAIGN_7_4_2023_11_57_COPY_26&utm_medium=email&utm_term=0_747b260d73-66faf38d7d-276721806
Interest in new-build is on the rise at the moment, brokers have suggested, with lenders needing to be more innovative in order to support new-build buyers. Prospects for new-build buyers appear to be improving, with both Halifax and Virgin Money announcing partnerships with Own New, aimed at helping purchasers with only a five per cent deposit. Brokers told Mortgage Solutions that further options to support new-build buyers were welcome, given the conclusion of the Help to Buy scheme, with many suggesting that interest in newly built homes is actually increasing currently. https://www.mortgagesolutions.co.uk/news/2024/02/27/more-options-needed-to-support-growing-new-build-interest-%E2%80%92-analysis/
