Investment

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Nationwide to process proc fees weekly

Nationwide Building Society will process procuration fees weekly from 19 February. Proc fees will be processed every Monday for house purchases and remortgages. This means brokers will get paid between 14 and 20 calendar days after completion, rather than the current 15 and 46 days. Procuration fees for product transfers will be received on the […]

Buy to let, landlord
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Close to half of landlords to grow portfolios in H1, study finds

More than two in five landlords intend to grow their portfolios before July 2018, despite changes to income tax liability. This is according to the latest Property Investor Surveyor conducted by buy-to-let broker Mortgages for Business, which found 44 per cent of landlords to be unperturbed by new affordability calculations and specialist underwriting rules introduced […]

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Half of Brits back property as investment: ONS

Almost half of the UK population believe property is the best way to make the most of their money when saving for retirement, the latest Wealth and Assets survey from the Office for National Statistics reveals. In total, 49 per cent picked out property as a sound investment, with the number of people turning to […]

Houses, house, property, monopoly

‘Show us the money’ brokers urge short-term lenders

Confidence in a lender’s ability to deliver the promised funds is crucial in winning the trust of intermediaries, brokers say, after a peer-to-peer lender admitted issues with investors backing out of deals. Peer-to-peer firm Lendy said last week that it had seen an increase in the number of investors on its platform failing to honour […]

Cracks in London market as fewer planning applications result in new homes

Cracks are appearing in London’s housing pipeline, with no new homes built on almost half the sites that were approved for planning permission three years ago. This new analysis, by London First and Grant Thornton, shows that planning permission was granted for 54,941 new homes in the capital in 2014. But three years later only […]

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UBS to introduce personalised ‘robo-advice’ online

Investment bank UBS says it will provide personalised recommendations and advice through its robo-advice website, not just guidance. While the regulator is yet to finalise its definitions of advice and guidance for online investment platforms, UBS says it is “confident” it has got it right. The Smart Wealth app will analyse users’ financial details as […]

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Landlords reassured over Budget tax change impact

Buy-to-let experts are reassuring landlords they will be largely unaffected by Budget changes to limited company taxation, despite reports to the contrary. Earlier today press reports emerged that changes to capital gains tax made in the Budget yesterday would harm landlords buying properties through limited companies. But mortgage experts say the financial impact should be […]

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FCA orders Capita Financial to repay £66m

The FCA has ordered Capita Financial Managers to pay £66m to investors in the collapsed Connaught Income fund. In 2015, the FCA started an investigation into CFM after the Connaught Income Series 1 fund, which invested in high risk loans, lost £110m after the fund was suspended in 2012. Connaught entered administration in September 2012 […]