Leah Milner

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AMI calls on FCA to explain “disproportionate” rise in broker levy

The Association of Mortgage Intermediaries has called on the FCA to explain why its levy on mortgage brokers and lenders is set to increase by 4 per cent, while the industry-wide increase is just 2.7 per cent per cent. The FCA says that its budget for ongoing regulatory activity this year is £537.7m, up by […]

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Buy-to-let purchases drop 8% as tax changes bite: UK Finance

The number of buy-to-let mortgages used for purchasing new properties fell by nearly 8 per cent in February compared to the same month last year, according to the latest UK Finance figures. The trade body says that only 4,800 BTL purchase loans completed, compared to 5,200 in February 2018. The value of these mortgages for […]

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FCA to target second charge and sub-prime sector

The Financial Conduct Authority has revealed plans to closely examine the second-charge and sub-prime mortgage market this year over concerns that some lenders are setting out to profit from borrowers who are unable to repay their loans. In its business plan for 2019/20 the regulator set out its priorities for the year ahead, including ongoing […]

Feature: Lending a hand to the self-employed

It is time to debunk the misconceptions surrounding borrowers’ mortgage chances, writes Leah Milner Mortgage options for the self-employed have improved in recent years, but despite positive changes in the market, brokers say it is still much harder than it should be to place credit-worthy cases. The vast range of different scenarios that a self-employed […]

News Analysis: FCA’s mortgage broker directory a no-brainer for new business enquiries

New plans could increase brokers’ online presence and widen their networks The FCA’s plans to create a directory for mortgage brokers have been broadly welcomed by brokers, who hope the new tool will increase their visibility online and provide a source of new business leads. However, experts warn that the fairness and effectiveness of the […]

News Analysis: Regulator under fire after ‘unnecessary advice’ warning

Brokers accuse FCA of moving the goalposts amid potential change of direction The FCA ruffled feathers in the broker community when it commented in its latest Mortgage Market Study that “some consumers are being channelled unnecessarily into advice”. Given that the Mortgage Market Review focused so heavily on ensuring that almost all home loan sales […]

News Analysis: FCA mortgage prisoner proposals welcomed

Concerns remain over how many could be offered new deals, however New measures to help some of Britain’s 140,000 mortgage prisoners access cheaper deals have received a cautious welcome from the industry, but many questions remain over how effective the reforms will prove to be. In a lengthy consultation paper published alongside its Mortgage Market […]

Govt’s £5bn loan book sale will “exacerbate mortgage prisoner woes”

The government’s £4.9bn sale of former Northern Rock loans to Citi bank will “exacerbate” the problem of mortgage prisoners and “make a mockery” of efforts to help this vulnerable group, according to Coreco’s Andrew Montlake. The sale announced by the Chancellor Philip Hammond today comes exactly a week after the Financial Conduct Authority revealed plans […]

Number of equity release customers surges by 23%

The number of customers releasing equity from their homes jumped by 23 per cent in the second half of 2018 compared to the same period in 2017, new lending figures show. The Equity Release Council found that the number of products available to home owners who want to borrow against the value of their home […]

Tax charge to hit non-resident UK property owners

People who own property in the UK but do not live here have been warned to take note of a tax charge which comes into force next month on sales of both residential and commercial property and land. The Association of Taxation Technicians says that non-UK residents who sell any UK land or property from […]

Mortgage prisoners crowdfund for advice site

A mortgage prisoner support group is crowdfunding to launch a new website with information and advice for vulnerable home owners. UK Mortgage Prisoners is seeking to raise £2,500 by 6pm this evening in order to set up a website to signpost struggling borrowers to mental health and money advice charities. The group also wants to […]