This week’s top five stories:
1) Nationwide first big lender to kill off interest-only
Brokers have received a Nationwide update alerting them that the lender will no longer offer interest-only mortgages on new or additional borrowings.
2) What does the average mortgage broker do six times a month?
Well, according to BDRC Continental’s latest survey of 300 mortgage brokers, he or she completes a mortgage case.
3) Labour’s Keith Vaz denies mortgage payments ‘suspicious’
Senior Labour MP and ex-Minister for Europe Keith Vaz has denied that he had seven or eight mortgage payments running concurrently from his account on an MP’s salary as alleged in a newspaper report.
4) PPI spammers fined £250k in landmark case
Two marketers acting on behalf of claims management companies have been fined £250,000 by the Information Commissioner’s Office, in the first case of its kind.
5) FSA extends delay on approved persons regime
The Financial Services Authority has further delayed the introduction of the approved persons regime for mortgage sellers, with no timescale for its launch.
Here are some stories you may have missed:
5 things you need to know to sell equity release
Vanessa Owen, head of equity release at LV=, guides brokers through the top five tips to help sell equity release.
Co-operative Bank slashes rates across product range
The Co-operative Bank is to reduce a number of mortgage products targeted at first-time buyers and homeowners by up to 0.40%.
First-time buyer LTVs hit 13-month high
The average LTV for first-time buyers hit its highest level in 13 months during August, according to research by LSL Property Services.
Balls wants Stamp Duty holiday paid for by 4G sale
Shadow Chancellor Ed Balls will today call for the money raised by the sale of the 4G phone licences to be used to fund a Stamp Duty holiday and boost the number of affordable houses.
The Buy to Let Business launches 80% LTV exclusive
The Buy to Let Business Mortgage Club has launched an 80% LTV exclusive with Kent Reliance at 4.19%.
Tweets of the week:
Andrew Montlake @montysblog
Nationwide no longer accepting interest only from new borrowers is big news and many lenders will be wondering what their next move is…
Steve Hawkes @steve_hawkes
Nationwide says pulling interest only mortgage as it’s a niche product – it helped make them that by slashing the LTVs earlier this year
Andy Wilson FS @AndyWilsonFS
Filming of the Lincoln ‘Come Dine With Me’ episodes starts today. I was first reserve if any one of the five selected withdrew (gutted)