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 The Intermediary
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 The Intermediary
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Coventry for Intermediaries has this morning announced new fixed mortgage rate rises across its product offering. For new borrowers, the society will be increasing fixed rates at 65% to 85% loan-to-value (LTV) throughout its residential range, along with 5-year fixes at 90% to 95% LTV with fee. 2- and 3-year fixed purchase rates at 90% LTV will also see an increase, along with a number of remortgage options. For existing borrowers, all residential fixed rates (excluding offset deals) from 65% to 85% LTV will see increases, along with 2-year deals from 90% to 95% LTV and 5-year deals at 95% LTV. In addition, for new borrowers looking to avail of the society’s buy-to-let range, there will be additional increases across the lender’s 2-year fixed remortgages, its 2-year fixed purchase rates with no fee, as well as its 5-year fixed rates. We asked brokers for their thoughts: https://theintermediary.co.uk/2024/02/coventry-introduces-fixed-rate-mortgage-rises/
April 2023 data from the HM Land Registry (HMLR) indicates that average UK house prices increased by 3.5% in the year to April 2023, down from 4.1% in the previous 12 months, and significantly below the recent peak annual inflation of 14.2% in July 2022. The average house price in the UK now stands at £286,000, a £9,000 increase from a year ago, but £7,000 lower than the peak recorded in September 2022. Experts comment: https://theintermediary.co.uk/2023/06/uk-house-price-growth-slowed-in-april-average-price-at-286000/
Lenders “throwing borrowers under the bus” despite reporting bumper profits, say brokers. Despite posting bumper profits, a recent trend that has seen lenders remove products and reprice at short notice, has led some brokers to criticise institutions for “throwing borrowers under the bus.” Newspage asked brokers if the practice of lenders pulling products with minimal notice was aligned with the principles of Consumer Duty. Reaction: https://theintermediary.co.uk/2024/02/lenders-throwing-borrowers-under-the-bus-despite-reporting-bumper-profits-say-brokers/#:~:text=Lenders%20%E2%80%9Cthrowing%20borrowers%20under%20the,reporting%20bumper%20profits%2C%20say%20brokers&text=Despite%20posting%20bumper%20profits%2C%20a,throwing%20borrowers%20under%20the%20bus.%E2%80%9D
Housing Associations have come under fire from financial advisers who accuse them of alleged "conditional selling" on new properties and "potentially" lining their pockets with referral fees by insisting buyers use certain solicitors and mortgage brokers. Read their comments. https://theintermediary.co.uk/2023/05/brokers-slam-housing-associations-for-conditional-selling/#:~:text=Housing%20associations%20have%20come%20under,certain%20solicitors%20and%20mortgage%20brokers.
Over the past two days, challenger lenders like MPowered Mortgages and Gen H have introduced a fresh wave of rate reductions. Citing the recent dip in swap rates, MPowered said it is “taking the opportunity to pass the savings to you and your customers by lowering all of our 2-year fixed rates.” In light of this, along with Wednesday’s widely welcomed inflation announcement that saw inflation dip to 7.9%, brokers have been sharing their predictions as to where the market is headed, and if more rate reductions, particularly from the ‘big’ high street lenders, could be on the horizon. Read Expert Opinion: https://theintermediary.co.uk/2023/07/specialist-lenders-spearhead-rate-cuts-but-will-high-street-follow/
From tomorrow (Tuesday 1st of August), Halifax will increase the maximum working age, using earned income to age 75. Mortgage professionals shared their thoughts on how this move may affect the market going forward. https://theintermediary.co.uk/2023/07/halifax-increases-maximum-working-age-for-mortgages-to-75/
Nationwide Building Society is increasing support for mortgage members improving the energy efficiency of their homes by reducing the interest rate on Green Additional Borrowing to 0%. The new 0% Green Additional Borrowing products, which will be available from Thursday 1 June, will enable up to 5,000 households with a Nationwide mortgage to borrow £5,000-£15,000 up to a maximum of 90% loan-to-value (LTV) across the 2- or 5-year product term. Experts React: https://theintermediary.co.uk/2023/05/nationwide-supports-mortgage-members-making-green-home-improvements-with-0-borrowing/
TSB has announced reductions across a range of its financial products, including significant cuts in rates for residential, product transfer and additional borrowing. The rate cuts go up to 0.35% and start from a baseline of 4.89%. Financial Advice firms react: https://theintermediary.co.uk/2023/10/tsb-cuts-rates-on-residential-mortgages-and-additional-borrowing-products/
The deal that has seen banking powerhouse Barclay's swoop for specialist lender Kensington Mortgages has met with mixed feelings from financial advisers and mortgage broker firms. https://theintermediary.co.uk/2023/03/barclays-acquisition-of-kensington-gets-mixed-reaction-from-brokers/
The number of residential mortgage products available in the UK market has risen above 5,000, according to recent research from Moneyfacts. And with the average mortgage rates not rising as sharply, some may be forgiven for looking upon the market more optimistically as of late. But with Prime Minister Rishi Sunak today warning that rates may once again hit 6% – and many lenders being forced to pull products from market in order to reprice, Newspage asked brokers what they really think of the market at the moment. Read industry comments: https://theintermediary.co.uk/2023/06/number-of-residential-products-rises-above-5000/
The mortgage market saw a sudden shift in outlook last week as higher than predicted inflation figures left the door open to further interest rate rises. Following the recent mini-Budget, many believed the mortgage landscape was improving steadily. However, the Chancellor’s indication that he is comfortable with the possibility of higher rates, despite the risk of recession, has caused significant worry amongst professionals. Read the experts opinions: https://theintermediary.co.uk/2023/05/brokers-react-to-curveball-week-for-mortgage-market/
Annual house price growth returned to positive territory for first time in over a year in February, rising by 0.7% month on month, the latest Nationwide House Price Index has revealed. The annual rate of change returned to positive territory for first time since January 2023, with prices up 1.2% year on year. The average house price was £260,420, compared to a slightly lower figure of £257,656 in January. Robert Gardner, Nationwide’s chief economist, said: “UK house prices rose by 0.7% in February, after taking account of seasonal effects. Experts Give Their Opinions: https://theintermediary.co.uk/2024/03/house-prices-see-0-7-rise-in-february-nationwide/
Moneyfacts reports that the average rate on a 2-year fixed mortgage in the UK has risen to over 6%, reaching 6.01%, an increase from 5.98% on Friday and 5.26% at the start of May. This increase brings average 2-year fixed mortgage rates back towards the levels witnessed in the turmoil following the mini-Budget last autumn when rates reached 14-year highs. Longer-term fixed-rate mortgages are also becoming more expensive, with the average 5-year fixed rate climbing to 5.67%, up from 5.62% on Friday. These figures mirror financial market expectations that the Bank of England will implement several interest rate hikes this year. Markets predict that rates could reach 5.75% by the end of the year. Read Expert Reaction: https://theintermediary.co.uk/2023/06/average-2-year-fix-rate-mortgage-hits-6/
Publishing its financial results for 2023, NatWest has revealed that it recorded an operating profit of £6.2bn, up 20% on 2022. The bank’s return on tangible equity was 17.8%, compared with 12.3% at the end of 2022, while income, excluding notable items, was up 10% on 2022 at £14.3bn, with total expenses up 5%. In 2023, the bank increased its lending to customers by £9bn and helped over 379,000 retail banking customers to buy or remortgage their home. In addition, NatWest also confirmed the appointed of Paul Thwaite as its group chief executive officer and executive director with immediate effect. https://theintermediary.co.uk/2024/02/natwest-confirms-ceo-and-sees-20-annual-profit-increase-in-2023/?utm_medium=email&utm_source=rasa_io&utm_campaign=newsletter
With a number of major lenders introducing fixed rate reductions this week, many commentators have speculated that the mortgage market is finally on a slow road to recovery following months of turmoil and 14 consecutive base rate rises. https://theintermediary.co.uk/2023/09/a-period-of-adjustment-brokers-react-to-current-fixed-rates/
House prices have declined for the fourth consecutive month in December with the rate of annual house price dropping to 2.8%, according to Nationwide Building Societies' latest house price index. Property and financial experts give their opinion on the potential of a minor blip or a major fall in property prices in 2023. https://theintermediary.co.uk/2022/12/house-prices-dip-again-in-december-nationwide/
Inflation figures have hit their lowest level in several months, following highs of 11.1% in October 2022, according to latest figures. In an announcement released this morning, the Office for National Statistics (ONS) confirmed that UK inflation fell to 7.9% for the month of June. This marks a substantial decline of 0.8%, which saw figures remain steady at 8.7% in May. In light of these figures, industry experts have been sharing their reactions to the news, and have been speculating as to what this may mean for the market going forward. Reaction: https://theintermediary.co.uk/2023/07/this-news-will-be-a-great-relief-to-all-industry-reaction-to-ons-inflation-figures/
TSB was this morning the latest lender to announce rate cuts. With 2- and 5-year swap rates also coming down over the past 24 hours, brokers welcomed the move by the TSB, albeit with caveats. On Friday 25th August TSB is reducing rates on 2-year fixed house purchase and remortgage, 0-75% loan-to-value (LTV), by 0.10% and lowering its 3-year fixed remortgage, 0-75% LTV, by 0.10%. Brokers were quick to react to the news when canvassed. https://theintermediary.co.uk/2023/08/tsb-latest-lender-to-announce-rate-cuts-as-swaps-edge-down/
Inflation stood at 8.7% in April 2023, down from 10.1% in March and a recent peak of 11.1% in October 2022, the latest Office for National Statistics (ONS) figures show. Read the industries reaction: https://theintermediary.co.uk/2023/05/inflation-slowed-to-8-7-in-april-2023/
