- Drop in execution-only product transfers: UK Finance
The number of product transfers completed on an execution-only basis dropped by 4.8 per cent in 2019, while the number of advised transfers increased by 6.9 per cent, the latest data from UK Finance reveals. Over the course of 2019, nearly 1.2m borrowers switched mortgages worth a total of £167bn to a new deal their The post Drop in execution-only product transfers: UK Finance appeared first on Mortgage Strategy.
- Weekly rate watch: 10-year fixes dip further
The cost of 10-year fixed rates has continued to fall over the past week, the latest figures from Moneyfacts reveal. The week before last, the average 10-year fixed across all loan-to-values dropped from 2.75 per cent to 2.73 per cent. Over the past week the rate has dipped further to 2.72 per cent but lower The post Weekly rate watch: 10-year fixes dip further appeared first on Mortgage Strategy.
- Buy-to-let Watch: On updating our understanding
As I was just about to start writing this piece an email flashed up in the bottom righthand corner of my computer screen. It was from my bank and had the subject line ‘How are you preparing for the future, Mr Tan?’ This was followed by the line ‘Take action today for a better tomorrow’. The post Buy-to-let Watch: On updating our understanding appeared first on Mortgage Strategy.
- January sees jump in property sales: HMRC
The number of residential property sales increased by 5.2 per cent year on year to 102,810 in January, stamp duty figures from HM Revenue & Customs reveal. The numbers only cover transactions of £40,000 or more as below this level home buyers do not have to register the purchase with HMRC. January’s figure is also The post January sees jump in property sales: HMRC appeared first on Mortgage Strategy.
- Conveyancer numbers dwindle as volumes plunge
The number of active conveyancing firms has fell by 5 per cent in 2019 to a record low of 3,920, research by Search Acumen has found. The data insight firm reports that transactions were down by 15 per cent year on year to 226,444 in the fourth quarter of 2019 – the lowest level for The post Conveyancer numbers dwindle as volumes plunge appeared first on Mortgage Strategy.
- Mortgage prisoners seek help for vulnerable customers
The UK Mortgage Prisoners action group is calling on Landmark to provide urgent help to interest-only borrowers who are approaching the end of their term. In an open letter to the boss of the unregulated mortgage book owner, lead campaigner for the action group Rachel Neale urges the firm to show leniency to vulnerable customers. The post Mortgage prisoners seek help for vulnerable customers appeared first on Mortgage Strategy.
- TSB offers payment holiday to flood victims
TSB is offering payment holidays to borrowers who have been severely impacted by flooding. The lender will allow customers to apply to delay payments for up to two months. The decision follows a move by Natwest yesterday to allow flood victims to defer repayments for up to three months. Both banks are also waiving penalties The post TSB offers payment holiday to flood victims appeared first on Mortgage Strategy.
- Concerns over “no deposit” schemes for tenants
Concerns have been mounting among consumer groups over the rise of alternative deposit schemes, which offer tenants the chance to reduce the upfront costs of starting a new rental contract. Citizens Advice is the latest to question whether renters fully understand the risks of some of the new “deposit replacement” or “no deposit” models when The post Concerns over “no deposit” schemes for tenants appeared first on Mortgage Strategy.
- Yorkshire BS cuts rates
Yorkshire Building Society has cut rates on a number of direct-only fixed rate deals by up to 9 basis points. The lender has reduced costs on a number of products for first-time buyers and remortgage borrowers all of which come with a £495 completion fee and free standard valuation: Its five-year fixed-rate at 85 per The post Yorkshire BS cuts rates appeared first on Mortgage Strategy.
- MAB opens new learning centre
Mortgage Advice Bureau has opened a learning and development centre nearby to its head office in Derby to help train new advisers. The MAB academy has so far seen over 300 students complete their training to become fully qualified mortgage and protection advisers.. In 2019, it won the Princess Royal Training Award, under which Princess The post MAB opens new learning centre appeared first on Mortgage Strategy.
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