HSBC ‘landmark decision’ to boost lending to older borrowers
A landmark decision against HSBC will boost lending to older borrowers, Nigel Waterson, head of the Equity Release Council claimed. Waterson said the recent Financial Ombudsman Service ruling against HSBC would trigger changes in the market, leading to “greater lender acceptance of borrowing in later life”.
Santander lays out intermediary lending target for 2015
Santander said it plans to lend £20bn of mortgages through the intermediary channel this year. Head of intermediary distribution Paul Adams said Santander had a ‘big mortgage lending appetite’ for 2015 and a significant part of its lending would come from the buy-to-let sector.
Let to buy should not be treated as a ‘consumer decision’
Let-to-buy transactions should be exempt from Europea n regulations which will see some buy-to-let mortgages classed as consumer decisions, according to panelists at The Buy To Let Market Forum.
Scottish Widows to pay brokers proc fee for online transfers
Scottish Widows Bank announced that brokers using its new online mortgage product transfer facility will receive a proc fee on completion of any transfer. Brokers will be able to use the service three months prior to the end of the current rate period without incurring any early repayment charges.
Equity release redefined – Rozario
In a feature for Mortgage Solutions Andrea Rozario looked at how the introduction of a Mortgage Credit Directive (MCD) exempt status for lifetime mortgages will impact the equity release market.
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Further buy-to-let regulation badged ‘retrogressive’ – Wyles
Speaking at the Buy to Let Market Forum, Matthew Wyles of Castle Trust said full regulation of the buy-to-let market would be a ‘retrogressive’ move which could lead to investors creating ways to evade the scrutiny of the FCA.
West Brom increases broker proc fees
The West Brom for Intermediaries upped the rate on its residential mortgage procuration fee by five basis points to 0.40% on completed new mortgages.
Virgin Money exclusive: Remortgage market on its way back – L&G
Legal and General (L&G) said a new market norm of £250-260bn is on its way, supported by a returning remortgage market, in a video exclusive for Mortgage Solutions.
Buckinghamshire offers stress-test busting discount product
Buckingham Building Society launched a discount rate mortgage designed to help borrowers struggling to meet lenders’ affordability stress tests by applying a discount to the life of the loan.
Mortgage brokers must fight on frontline against fraud – Santander
Santander told buy-to-let advisers at the Buy to Let Market Forum they must act as its first line of defence against fraud as over 80% of the lender’s buy-to-let business comes from the intermediary channel.
