Archive

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Second charge lending reaches 5-year high

Second charge lending was up 13.7 per cent year-on-year in March. According to the latest Enterprise Finance secured loan index, £75.5m was lent in March – a five-year high for the sector – compared with £66.4m in both March 2014 and February 2015. The total amount lent on an annual basis stood at £799m in […]

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Lenders in talks with tech providers on individual broker validation

Lenders are talking 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 […]

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Halifax launches 1% cashback offer for first-time buyers

Halifax has launched a 1 per cent cashback offer for first-time buyers. Borrowers taking out a qualifying mortgage with Halifax will receive 1 per cent of their loan as cashback within 30 days of the loan completing, to a maximum of £2,500. The offer is available in conjunction with its Help to Buy products and […]

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Co-op Bank launches UK’s lowest-ever 2-year fix at 1.09%

The Co-operative Bank has launched the UK’s lowest-ever two-year fixed rate at 1.09 per cent. The direct-only product is available on loans up to 60 per cent LTV to new and existing borrowers and has a £1,499 fee. Moneyfacts has confirmed this is the market’s lowest-ever two-year fix. The lender has also launched its lowest […]

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Skipton bows to pressure on LTI cap

Skipton Building Society is set to become the latest lender to reduce its maximum loan-to-income ratio, saying it could not hold out anymore. From 11 May, the maximum LTI will be 4.75 times income, down from 5 at present. The lender says it will honour any decision in principle within the next five working days. […]

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RBS sees mortgage lending shrink 16%

Royal Bank of Scotland lent 15.9 per cent less to mortgage borrowers in the first quarter than it did a year earlier. Publishing its first quarter results today, RBS revealed it lent £3.7bn to borrowers in the first three months of the year, down from £4.4bn in Q1 2014. However, the bank said applications were […]

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Tesco Bank launches first range of 95% LTV products

Tesco Bank has launched its first range of 95 per cent LTV mortgages. The range includes a 4.49 per cent two-year fix, and 4.99 per cent three- and five-year fixed rates. Borrowers can repay up to 20 per cent of the outstanding balance each year without having to pay an early repayment charge. The products […]

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West Brom increases proc fees

West Brom has increased its residential proc fees by 5 basis points to 0.4 per cent. The increased commission rate applies to all new business submitted from today. National account manager Richard Scott says: “We have reviewed procuration fees in order to maintain a competitive position in the market and to reflect the key role […]

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Leeds Building Society restructures broker division

Leeds Building Society has restructured its intermediary division, which will be lead by head of corporate accounts Louisa Sedgwick. Two new roles have been created to support Sedgwick, whose new role is head of intermediary distribution. The society is recruiting for these national business development positions – one in the North and one in the […]