Catch up on Mortgage Strategy’s most popular stories this week. Rightmove launches mortgage broker service and Barclays reduces rates across residential range. Read more below:
Rightmove launches mortgage broker service
Rightmove is set to debut its inaugural broker product, enabling users to access mortgage advice directly on the property website. This move extends the platform’s offerings from the mortgage-in-principle product introduced in collaboration with Nationwide last year. The revenue model involves a shared partnership, with growth anticipated through increased and enhanced leads provided to Nationwide.
Richard Merrett rejoins Alexander Hall as managing director
Richard Merrett assumes the role of Managing Director at mortgage broker Alexander Hall, succeeding Tom Davies, who recently resigned to join Leaders Romans Group (LRG). Merrett, commencing his career at Alexander Hall, is currently the Director of Strategic Relationships at SimplyBiz Mortgages. He is slated to commence his new position on January 2.
Leasehold reform bill introduced to Parliament on first step towards legislation
The Leasehold and Freehold Reform Bill is set to be introduced in Parliament today. The bill aims to prohibit leaseholds on new houses and streamline the process for homeowners to extend their lease or acquire the freehold. This marks the initial phase towards incorporating the bill’s proposals into the statutes of England and Wales.
Barclays reduces rates across residential range
Barclays Bank has implemented rate reductions of up to 57 basis points on a variety of its residential mortgages. This adjustment applies to both purchase and remortgage products and encompasses rate decreases in the highest Loan-to-Value (LTV) bands, specifically for homebuyers seeking to borrow between 85% and 95% LTV. The revised rates will take effect from November 28.
Bank of Ireland hires two national account managers
Bank of Ireland for Intermediaries has expanded its intermediary sales team with the appointment of two national account managers. Dave Rogers, with over 20 years of financial services experience, joins the team, having spent 13 years at Barclays, most recently as intermediary business director. Louise Weiss, who joined the bank earlier this year as a business development manager, assumes the role of national account manager, leveraging her background as a mortgage broker to focus on distributor relationships and intricate customer cases.
Building Society mortgage lending tumbles 21% to £44.8bn
According to data from the Building Societies Association, gross mortgage lending among mutuals decreased by 21% to £44.8 billion in the first nine months of the year compared to the same period last year. The BSA Property Tracker notes a slowdown in mortgage market activity attributed to higher interest rates impacting affordability. However, it highlights that this figure represents a 26% market share of all UK home loan lending.
Dudley Building Society appoints chief risk officer
Dudley Building Society has named Andrew Turvey as its new Chief Risk Officer. With a background in various banks and building societies, including his recent position at Vida Homeloans, Turvey brings a wealth of experience. Currently serving as a data standards committee member for the Bank of England and with previous experience at the Financial Conduct Authority, Turvey’s role will focus on evolving Dudley BS’s mortgage lending policy to adapt to market dynamics and provide enhanced lending solutions for intermediaries and their clients.
Kent Reliance boosts HMO criteria, cuts landlord rates by up to 30bps
Kent Reliance for Intermediaries has implemented several updates to its landlord range, including rate reductions of up to 30 basis points and an increase in the maximum number of beds for houses in multiple occupation properties from 10 to 20. Adrian Moloney, the Group Intermediary Director at Kent Reliance for Intermediaries, notes, “Recent research by BVA BDRC indicates that the average rental yield for houses in multiple occupation is a full percentage point higher than the overall average rental yield.
Leaders Romans Group poaches Tom Davies from Alexander Hall
Leaders Romans Group has named Tom Davies, the Managing Director of Alexander Hall, as the Group Financial Services Managing Director. Davies resigned from the mortgage broker on November 29 and is set to join Leaders Romans Group in February. Richard Merrett, former Technical Director at Alexander Hall, will take over as the new Managing Director of Alexander Hall.
Lenders compete over fixed mortgage rate deals
Lenders are fiercely competing on pricing, with fixed-rate reductions taking center stage in the mortgage market this week, as reported by Moneyfactscompare.co.uk. This intense competition has resulted in a decline in overall two- and five-year fixed mortgage rates. Notably, major banks such as TSB, HSBC, Santander, and Halifax have all implemented reductions in their fixed mortgage rates, according to the data published on November 24.
