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.
Highest number of successful house sales since
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.
Do networks still offer value for mortgage
Brokers are beginning to question whether networks are offering
value for money, and what they get for giving away slices of their
Housing market activity hits six-month
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.
House prices up 5.2% in the year to
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.
Regulation and legislation
FCA launches call for evidence on mortgage
The FCA has asked for industry feedback and evidence on barriers
to competition in the mortgage market.
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.
Product developments and innovation
Chelsea launches new two-year fixed rate
Chelsea Building Society has launched a new two-year fixed rate
mortgage for borrowers with a 15% deposit, charging a rate of
More 2 life lowers lifetime mortgage rate to
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.
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.
L&G Mortgage Club partners with
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.
Paragon launches new product range for professional
Paragon Mortgages is launching a new product range aimed at
professional landlords with larger-scale portfolios, available
through an exclusive distribution network.
Natwest cuts max LTI on deals below 85%
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.
Santander begins issuing online mortgage
Santander has introduced online mortgage offers that can be
printed off as soon as they have been issued.
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).
Two-thirds of Londoners think now is good time to
Londoners are most confident that now is a good time to sell,
according to the latest quarterly Halifax Housing Market Confidence
Wealthier homeowners twice as likely to use equity
Wealthier homeowners are twice as likely to use equity release to
treat their family friends, according to research from Key
Britons remain optimistic on house price
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.
Cost of home ownership set to rise 54% by
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.
Half of renters positive about saving for a
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.
The quiet mortgage changes impacting financial
There are some big changes being made to one particular social
security benefit that could affect thousands of people: support for
Lenders sandwiched between gov't and regulator:
Intermediary mortgage lenders have become the meat in a sandwich
between the government and regulators, according to their trade
association's executive director.