This week’s top five stories:
1) HMRC offers second property owners ultimatum
People who have sold properties which are not their main homes and have not notified HMRC about any profit have one month to do so before facing a fine.
2) Countrywide culled advisers after lenders overpromised mortgage volumes
Countrywide said disappointing mortgage figures resulted from ‘right-sizing’ adviser numbers after promises of increased lending which never materialised led to a 3% income drop for its financial services division.
3) Interest-only mortgages – a plan is a plan is a plan, right?
The FCA’s research reveals that the vast majority of interest-only borrowers understand the product they have, know they have to repay the principal at the end of the loan and say they have a plan for doing so.
4) The repossession department tenant – The Insider
Mr Belcher has been with the repossession department for eight years, writes our industry insider.
5) Don’t leave clients in an interest-rate trap – John Heron
Mortgage brokers should warn buy-to-let clients about the risks of taking short-term fixed rate products with interest rate rises on the horizon, Paragon’s John Heron has said.
Here are some stories you may have missed:
RBS plans Intermediary Partners brand relaunch and mortgage lending boost
The Royal Bank of Scotland is to relaunch its RBS Intermediary Partners brand later this year as part of wider plans to increase mortgage lending.
Focus on Nottingham BS – ‘Help to Buy won’t make us change our lending appetite’
With a Shepshed merger under its belt and ever-closer relationships with the adviser community, Nottingham BS is setting out its stall. Adam Williams travels to Nottingham to hear more.
Vince Cable outlines fears over Help to Buy price bubble
Business secretary Vince Cable has issued a warning to his own government over the prospect of a Help to Buy-backed property bubble.
First-time landlord = cross-selling goldmine
Mortgage advisers are now seeing more first-time buy-to-let landlords than ever. Sophie Hall, head of intermediary at Avelo, looks at what cross-selling opportunities exist for brokers.
Can society afford the rental boom?
With the shift away from home ownership continuing apace, Strategic Society Centre director James Lloyd asks if the country can afford to become a nation of renters.
