This week, a round-up of the recent British Mortgage and Protection Senate was published. The two-day event welcomed professionals from all across the mortgage and protection sectors to discuss regulatory changes, the development of technology and diversity.

With regards to regulatory changes and possible amendments to legislation, the Prudential Regulation Authority (PRA) released its near-final Basel 3.1 statement, while the government published the Renters’ Rights Bill.

The Basel 3.1 statement detailed how lending rules would change starting from January 2026, with amendments to how properties are valued and improvements to access to finance for SMEs.

Announced in the Renters’ Rights Bill were proposals such as a predicted ban on Section 21 evictions, the extension of Awaab’s Law to the private rental sector (PRS) and an end to bidding on rental properties. Housing Secretary and deputy Prime Minister Angela Rayner said these measures would rid the private rental sector of “unscrupulous landlords”.

Following the announcement of his retirement, the Association of Mortgage Intermediaries (AMI) revealed it was now searching for outgoing chief executive Rob Sinclair’s replacement.

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Lastly, continued signs of a pick-up in the mortgage market were present, with data from the Bank of England showing a rise in gross lending volumes in Q2, with a 16.7% annual increase to £60.2bn.

 

Innovation, AI takeover and the economy: Highlights of the 2024 British Mortgage and Protection Senate

PRA publishes Basel 3.1 statement with updated mortgage lending rules

Section 21 ban and once-a-year rent increases proposed in Renters’ Rights Bill

AMI calls for applications for next chief executive

Gross mortgage lending rises to £60.2bn in Q2