Catch up on Mortgage Strategy’s most popular stories this week. Halifax cuts rates by up to 45bps, intros multiple loans in PT window and Lloyds Banking Group’s Andy Mason to retire. Read more below:
Halifax cuts rates by up to 45bps, intros multiple loans in PT window
Halifax is set to implement its second residential price reduction of the year on January 11, lowering fixed-rate home loans by an additional 45 basis points. Simultaneously, the lender introduces various mortgage products during its product transfer window in response to broker feedback.
Lloyds Banking Group’s Andy Mason to retire
After three decades with Lloyds Banking Group, Andy Mason, the Head of Housing and Sustainability, is set to retire. Mason started his career as a financial adviser at the Lloyds Jarrow branch, and over the years, he held various roles, including working in investments, pensions, protection, and eventually becoming Head of Intermediary Products in the mortgages division. In 2020, he assumed the role of Head of Housing and Sustainability, closely collaborating with the Intermediary team.
OSB Group rejigs senior management structure to boost broker support – exclusive
OSB Group has restructured its senior management to enhance broker support across its brands – Precise Mortgages, Kent Reliance for Intermediaries, and Interbay. Simon Cockerill, formerly Head of Intermediary Sales Development, is now the Group Head of Intermediary Sales. In his expanded role, he oversees both office-based and field Business Development Managers (BDMs), aiming to provide tailored support to brokers based on their preferences. Cockerill shared insights into the changes in a Mortgage Strategy interview, emphasizing varied support options for brokers.
Santander intros sub-4% loans, cuts rates by up to 82bps
Santander for Intermediaries is set to reduce rates on selected residential and landlord fixed-rate loans by up to 82 basis points starting January 10. The adjustments introduce sub-4% mortgages, with notable changes in the standard residential offerings, featuring five-year fixes at 60% loan-to-value (LTV) with rates of 3.89% for remortgages and 3.94% for purchases, both carrying a £999 product fee.
Landlords reveal biggest worries for 2024
In a recent survey by digital mortgage lender Molo, landlords have revealed their top concerns for 2024. Rising mortgage costs and new tax laws emerged as the primary worries. Approximately 47% of landlords cited concerns about increasing mortgage rates, making it the most significant issue. In Birmingham, over half (54%) of landlords identified this as a top concern for the year ahead.
Skipton BS brings down prices on almost 100 products
Skipton Building Society is set to reduce 99 rates on its fixed-rate mortgages by up to 66 basis points, effective from January 11th. New business loans will see decreases of up to 49 basis points, while products for existing customers will be lowered by up to 66 basis points. The track record mortgage will also be reduced by 13 basis points to 5.52%.
Brokers more confident for 2024 despite pressures
Brokers are more optimistic for 2024, with 31% confident about the year ahead compared to 26% last year, according to a survey by Crystal Specialist Finance. Concerns have also decreased, with only 8% expressing worry, down from 15% in the preceding year. The survey, covering over 10,000 UK brokers, reflects challenging market conditions, as only 22% considered 2023 a good year for their business, down from 48% in 2022. Additionally, 77% reported that business remained the same or declined, compared to 53% in 2022.
Broker mortgage searches get off to record January start: Twenty7tec
Last week marked the busiest January start for mortgage searches, with Wednesday (3 January) and Thursday (4 January) being the two busiest days ever at the beginning of a calendar year, according to data from Twenty7tec. Broker mortgage searches increased by 5.5% to 80,812 searches compared to the first week of the previous year.
Aldermore hires national account and Scottish relationship managers
Aldermore has appointed Stephen Wright as the National Account Manager for its property division. Wright, with eight years of experience in various business development roles at TSB Bank, will work closely with the bank’s key strategic partners in his new role. Additionally, Aldermore has also welcomed a Relationship Manager for brokers in Scotland.
Bank of Ireland lifts proc fees to 30bps
Aldermore has appointed Stephen Wright as the National Account Manager for its property division. In this role, he will work closely with the bank’s key strategic partners across the industry. Wright brings eight years of experience from various business development roles at TSB Bank. Additionally, Aldermore has also added a Relationship Manager for brokers in Scotland.
