Here are our reader’s favourites again this week
1. New lender Pepper UK sets out market intentions
Pepper UK, a new specialist lender confirmed its lending intentions and selected rates today, following Mortgage Solutions’ pre-Christmas exclusive the lender had begun a six week testing phase of its systems.
2. Barclays caps residential loan to income multiples over 80% LTV
Barclays informed brokers it began capping residential mortgage applications over 80% Loan to Value at 4.5 times income on Tuesday this week.
3. Network seeks investors after posting £106k pre-tax loss
Adviser network Financial Ltd is looking for investment to secure the future of the business after pre-tax losses more than doubled in the year ending March 2014, latest results have shown.
4. Right to Buy misuse branded ‘disaster’ for Londoners
The government’s Right to Buy scheme has been branded a ‘disaster’ for London residents by Green assembly member Darren Johnson, following an investigation by the BBC London ‘Inside Out’ programme.
5. Mortgage fraudsters caught out by Scottish industry crackdown
The latest figures on high value fraud cases in Scotland revealed £8.6m of losses up last year up from £6.8m in 2013 – three quarters of which were perpetrated by ID fraudsters, largely through mortgage fraud.
6. Lenders do battle over service to win broker support
As criteria and underwriting requirements become more complex post-Mortgage Market Review, lenders are ramping up field and phone-based support to guide brokers through their processes.
7. Smith urges lenders to use ‘transitionals’ in spirit of MMR
Despite the fact that my spell checker says there is no such word as ‘transitionals, I think we all know what I mean. Under the Mortgage Market Review, lenders are explicitly allowed to ignore the new income assessment rules and can take on borrowers from other lenders who would not normally meet their new criteria, provided the mortgage is for the same amount, and that the customer has no adverse credit history.
8.TMW launches 10-year fix for landlords
The Mortgage Works (TMW), the specialist lending arm of Nationwide, has launched a 10-year fixed rate available up to 75% loan-to-value (LTV) at 4.99% with a £995 fee.
9. Mansfield revises older borrower deal terms after broker feedback
Mansfield Building Society’s has improved its discount and lengthened the product term on its mortgage for older borrowers up to 80-years’ old with a rate of 3.99% for three years.
10. Peter Izard joins Investec Private Bank
Investec Private Banking has appointed Peter Izard as business development manager for its high net worth and professional mortgage range.
