The last 12 months have been a rather turbulent time for the specialist mortgage market, particularly where the lending community is concerned.
The year began with Magellan Homeloans withdrawing from the market and this followed the demise of Amicus at the end of 2018. Secure Trust Bank too closed its doors to new business.
When Fleet Mortgages announced it was pausing lending that added to the nervousness in the market.
But the buy-to-let specialist returned in April with a fresh £1bn funding line and has since added further funding to its reserves.
Lendy’s end came in the summer through a long slow build-up of warnings precipitating a sharp collapse which has left lenders and borrowers exposed and stuck in a potentially costly administration process.
The market also saw two of the largest lenders, OneSavings Bank and Charter Court, announce plans to merge.
After a Competition and Markets Authority (CMA) investigation found there were sufficient competing forces, the deal completed.
Aside from lender upheaval, the market has continued to focus on complexity, with houses in multiple occupation (HMOs) being a particular centre for attention.
And the issues of conveyancing, fraud, regulation and specialist packagers will always remain high on broker agendas.
Magellan Homeloans closes to new business
Fleet Mortgages re-enters buy-to-let lending with £1bn funding line
Lendy administrators reveal loan book insolvencies, AML issues and property transfer concerns
When conveyancing goes wrong: The £200k sent to a client instead of a lender – Syms
Claims companies targeting HMOs post-PPI – Whittaker
Landlords caught out by HMO rules need quick solutions at valuation – TBMC
‘This mortgage price war is different from the last’ – Cleary
All the winners of the British Specialist Lending Awards 2019
FCA investigates second charge and subprime lenders for targeting unaffordable borrowers
The rise in fraudulent mortgage introducers and how to tackle them – Syms
TMW biggest threat to OSB and Charter Court on limited company BTL lending – CMA
Packagers have had to adapt to the evolving market – Together
‘Artificially high’ second charge fees are a ‘thing of the past’ – Specialist Mortgage Group
Private Residence Relief cuts will hit accidental landlords hardest – brokers
Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions.
He also has experience in the protection, pensions, workplace benefits and HR areas.
Owain has won two Headline Money Awards and the Protection Review's Journalist of the Year award.