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Mortgage market review - October 2015

Mortgage market update for October 2015

Macro news and drivers

L&G: the housing stalemate
Our latest research into 'last-time buyers' in conjunction with Cebr found the value of UK housing stock owned by over-55s is set to grow by 51 per cent in the next five years.
http://www.moneymarketing.co.uk/lg-the-housing-stalemate/

Highest number of successful house sales since 2012
The number of successful property sales has risen to its highest level since late 2012, according to data released today by home buyer Quick Move Now.
http://www.whatmortgage.co.uk/news/highest-number-successful-house-sales-since-2012/

Do networks still offer value for mortgage brokers?
Brokers are beginning to question whether networks are offering value for money, and what they get for giving away slices of their commission.
http://www.moneymarketing.co.uk/do-networks-still-offer-value-for-mortgage-brokers/

Housing market activity hits six-month high
UK housing market activity reached a six-month high in September and remortgaging experienced another stand out month, according to the latest research from Connells Survey & Valuation.
http://www.whatmortgage.co.uk/news/buy-to-let/housing-market-activity-hits-six-month-high/

House prices up 5.2% in the year to august
UK average house prices increased by 5.2% over the year to August 2015, unchanged from the year to July, according to the latest figures from the Office of National Statistics.
http://www.whatmortgage.co.uk/news/house-prices-5-2-year-august/

Regulation and legislation

FCA launches call for evidence on mortgage competition
The FCA has asked for industry feedback and evidence on barriers to competition in the mortgage market.
http://www.moneymarketing.co.uk/fca-launches-call-for-evidence-on-mortgage-competition/

Labour launches affordable housing review
Labour has commissioned the boss of one of the UK's largest house builders to lead a review into affordable housing.
http://www.moneymarketing.co.uk/labour-launches-affordable-housing-review/

Product developments and innovation

Chelsea launches new two-year fixed rate MORTGAGE
Chelsea Building Society has launched a new two-year fixed rate mortgage for borrowers with a 15% deposit, charging a rate of 1.82%.
http://www.whatmortgage.co.uk/news/chelsea-launches-new-two-year-fixed-rate-mortgage/

More 2 life lowers lifetime mortgage rate to 6.35%
Retirement mortgage lender more 2 life has reduced rates on its lifetime mortgage Tailored Choice Plan by 0.35 of a percentage point and made changes to the criteria for enhanced LTV.
http://www.ftadviser.com/2015/10/08/mortgages/mortgage-products/more-life-lowers-lifetime-mortgage-rate-to-5bpZyA4dqbMvR3ynjJnOEJ/article.html

Nottingham opens up 95% range to brokers
This is the first time the Nottingham's 95 per cent range has been available through intermediaries, having previously being offered solely through its branches.
http://www.mortgagestrategy.co.uk/nottingham-opens-up-95-range-to-brokers/

L&G Mortgage Club partners with skipton
Legal and General Mortgage Club has today (9 October) launched an exclusive product with Skipton Intermediaries to boost the range of deals on offer for its club members.
http://www.ftadviser.com/2015/10/09/mortgages/mortgage-products/l-g-mortgage-club-partners-with-skipton-2Un6w64TaCIE1mxA4y53QK/article.html

Paragon launches new product range for professional landlords
Paragon Mortgages is launching a new product range aimed at professional landlords with larger-scale portfolios, available through an exclusive distribution network.
http://www.whatmortgage.co.uk/news/paragon-launches-new-product-range-professional-landlords/

Natwest cuts max LTI on deals below 85% LTV
From tomorrow (12 October), Natwest Intermediary Solutions will reduce the maximum loan-to-income caps on residential mortgages below 85 per cent loan-to-value.
http://www.ftadviser.com/2015/10/12/mortgages/mortgage-products/natwest-cuts-max-lti-on-deals-below-ltv-uMDt3Fe633miRaMUQEsTvI/article.html

Santander begins issuing online mortgage offers
Santander has introduced online mortgage offers that can be printed off as soon as they have been issued.
http://www.mortgagestrategy.co.uk/santander-begins-issuing-online-mortgage-offers/

Pepper UK launches 1.99% 2-year tracker
Specialist lender Pepper Homeloans has launched a two-year tracker at 1.99 per cent (Libor plus 1.40 per cent).
http://www.mortgagestrategy.co.uk/pepper-uk-launches-1-99-2-year-tracker/

Consumer trends

Two-thirds of Londoners think now is good time to sell
Londoners are most confident that now is a good time to sell, according to the latest quarterly Halifax Housing Market Confidence Tracker.
http://www.whatmortgage.co.uk/news/two-thirds-londoners-think-now-good-time-sell/

Wealthier homeowners twice as likely to use equity release
Wealthier homeowners are twice as likely to use equity release to treat their family friends, according to research from Key Retirement.
http://www.ftadviser.com/2015/10/14/mortgages/mortgage-data/wealthier-homeowners-twice-as-likely-to-use-equity-release-UyVYitadBI8x8a2cvYe2FP/article.html

Britons remain optimistic on house price growth
Almost one in four people in the UK believe house prices will continue to rise, suggesting that despite the prospect of a rise in interest rates next year, confidence remains high.
http://www.whatmortgage.co.uk/news/britons-remain-optimistic-house-price-growth/

Cost of home ownership set to rise 54% by 2030
The cost of owning a home will rise by an average of 54 per cent in the next 15 years as a result of rising interest rates and maintenance costs, research shows.
http://www.mortgagestrategy.co.uk/cost-of-home-ownership-set-to-rise-54-by-2030/

Half of renters positive about saving for a deposit
Over the last year, half of UK renters (51%) have viewed saving for a mortgage deposit as less of a barrier to owning their own home than in 2014.
http://www.whatmortgage.co.uk/news/first-time-buyers/half-renters-positive-saving-deposit/

Experts corner

The quiet mortgage changes impacting financial planning
There are some big changes being made to one particular social security benefit that could affect thousands of people: support for mortgage interest.
http://www.moneymarketing.co.uk/danby-bloch-the-quiet-mortgage-changes-impacting-financial-planning/

Lenders sandwiched between gov't and regulator: IMLA
Intermediary mortgage lenders have become the meat in a sandwich between the government and regulators, according to their trade association's executive director.
http://www.ftadviser.com/2015/10/14/mortgages/lenders-sandwiched-between-gov-t-and-regulator-imla-T8GQSBRcBXmZm9bFxe2fwI/article.html

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