Here Mortgage Solutions presents the biggest news stories of the year.
A campaign kicked off by Mortgage Solutions’ Lana Clements saw NatWest overhaul its lending policy on landlords with tenants receiving housing benefits. Other lenders followed in a major turning point for the market.
And we thought rates in the UK could not get much lower…
HM Revenue and Customs (HMRC) decided to tell tens of thousands of the self-employed to consider remortgaging their home if they were struggling to pay their tax bill. You commented on the story in droves.
The banks stood up to developers who are making money from buyers of freehold new-build homes by charging them escalating fees to maintain roads and cut the grass on their estate.
Habito’s ‘Hell or Habito’ adverts got mortgage brokers hot under collar and gave rise to complaints that it unfairly criticised the advice industry.
Prime minister Boris Johnson offered a stamp duty sweetener, but only if the UK leaves the EU without a deal.
In May, the regulator sparked criticism when it said advisers will have to tell their clients why they have not recommended the cheapest deal on the market prompting one reader to comment: “Has the FCA heard of suitability letters?”
Former Financial Conduct Authority (FCA) mortgage boss Lynda Blackwell caused a stir when she said the regulator should turn its gaze to to the equity release market.
HM Treasury said it would not intervene and prevent mortgage books being sold on to inactive lenders.
Accurately valuing high rise buildings with cladding was one of the major news themes this year, following the issues raised from the awful events at the Grenfell Tower.
But a solution appears to be at hand after Barclays’ head of valuations led the way in producing a certificate that lenders and valuers could use to confirm the safety status of cladding. This led to a RICS and UK Finance collaboration and the launch of an industry wide form.
Execution-only was one of the biggest regulatory discussions of the year. So when the country’s biggest building society announced an execution-only partnership with Moneysupermarket it certainly sparked lively debate.
After inflating his income and trying to pin the blame on his mortgage broker, this crook was found guilty of fraud.
The long-awaited changes to affordability assessments to help mortgage prisoners were finally published in October. However, many in the industry think they do not go far enough to help the majority of homeowners who are trapped on high standard variable rates with inactive lenders.
And a change to private residence relief that was ushered in quietly during the 2018 Budget is expected to net the Treasury £470m over the next five years.