HSBC temporarily removes mortgage products for new customers, as borrowers face higher rates

Mortgage turbulence continues as HSBC pulls deals; UK house prices ‘to fall 10%’ – business live

There has been more turbulence in the mortgage market this week after HSBC pulled products for new borrowers at short notice and Nationwide increased its rates.

HSBC withdraws mortgages: Is the market really in turmoil?

Product choice in the lifetime mortgage sector has remained significantly lower since last September’s “mini” Budget, with less than half the amount of products currently available on the market than there was nine months ago.

Number of equity release products halve since ‘mini’ Budget

Brokers have called on lenders to pledge to provide a minimum notice period of 24 hours to withdraw products, pointing to widespread removals over the past few weeks and heightened market uncertainty.

Advisers urge lenders to agree minimum 24-hour withdrawal notice period - Mortgage Solutions

Mortgage brokers — Riz Malik, Jamie Lennox, and Lewis Shaw — are leading the call, asking that lenders sign a pledge to provide a minimum notice period of 24 hours to all affiliated brokers before withdrawing any of their products.

Mortgage brokers call on lenders to establish a minimum notice period for product withdrawals

Sunak is reportedly drawing up plans to bring back the Help to Buy Equity Loan scheme.

Sunak considering relaunching Help to Buy scheme - brokers react

In total there were 89,560 residential property transactions in March on a seasonally adjusted basis, according to the latest data from HMRC.

Home sales stall in stand-off over prices in wake of mortgage spike

Demand for 100 per cent mortgages could be very high among first-time buyers but there are concerns around credit quality and negative equity

Return of the 100 per cent LTV mortgage a blessing, not a curse, for FTBs

Advisers were not impressed, with some saying the headline “could absolutely be construed as advice”.

Newspaper headline stating ‘stick with your lender’ to get best mortgage deal faces broker backlash

A headline in yesterday’s Sunday Times Money section read ‘Stick with your lender — you will get a better mortgage deal’. Whilst their article does s

Stick with you lender - you will get a better mortgage deal’ Really?

The extension to the Help to Buy completion deadline has been welcomed by mortgage brokers, who said that clients who still have not had their purchases go through have been "through the wringer”.

Brokers say Help to Buy clients being ‘put through the wringer’ ‒ analysis

Scott Taylor-Barr, Financial Adviser at Carl Summers Financial Services: “I’m a self-employed mortgage adviser, with over 25 years’ financial service

​Brokers respond to comments made by Money Box presenter Paul Lewis

Money Box’s Paul Lewis tells mortgage seekers to avoid ‘local brokers’ - brokers react

Retirees on the lowest incomes have been hit the hardest by the cost of living crisis, according to new research

How much more do you need to pay into your pension to offset inflation?

Coventry Building Society will briefly close its bank base rate tracker products in both its owner occupied and buy-to-let ranges.

Coventry BS temporarily removes tracker products ahead of base rate change

Equity release pricing has started to come down from the highs seen during the mini-Budget.

Equity release pricing beginning to fall but stabilisation will be ‘slow’ – analysis

Financial advisers and mortgage brokers have warned clients to be wary of using spray foam roof insulation as it can negatively affect their ability to remortgage and use equity release products

Advisers issue mortgage warning against use of spray foam insulation

Of adults who reported difficulty in affording rent or mortgage payments, 27% had moderate to severe depressive symptoms, according to the ONS.

Mortgage brokers undergo mental health training as rates rise

Newspage asked brokers what they’re doing to help support clients who may be struggling emotionally as well as financially.

Mortgage brokers undergoing mental health training ahead of recession

Yesterday, IFA Magazine highlighted the responses of a number of brokers to a report which linked depression to the cost of living crisis - including mortgage w

Mental Health training and mortgage advice: brokers going above and beyond to support clients’ needs

A report published by the ONS earlier this week revealed a clear link between depression and people struggling with mortgage and rent payments, energy bills, and increased personal debt.

Mental health training and mortgage advice: How are brokers supporting struggling clients?

Brokers have warned that people need to be aware of the ramifications and risks of taking out equity release during the cost of living crisis.

More people turning to equity release as cost of living bites - brokers react

IFA Magazine has heard of a fantastic example of lenders and brokers working together to try and find solutions for hard pressed borrowers in today’s challeng

A lifetime mortgage rate starting with a 5? More2Life listens and acts following a mortgage broker’s request

Mortgage brokers call the reduced rate a ‘turning point’ for new borrowers

Equity release rates drop below 6pc as homeowners raid properties for cash

With mortgage rates now dropping back from recent highs should brokers be advising people to opt for the security of a fixed rate or a cheaper tracker or variable rate mortgage?

To track or to fix? The Big Broker Debate

More lenders may follow Virgin Money’s decision to temporarily remove high loan to value (LTV) (95 per cent loan) mortgages resulting in a lack of options for those with smaller deposits, brokers are speculating.

High LTV deals could drop amid expected house price falls – broker reaction

Following news that the average 5-year fixed mortgage rate has fallen below 6% for the first time in seven weeks, free broker PR platform, Newspage, asked a s

Average 5-year fix falls below 6% for first time in seven weeks - brokers give their views on where fixed rates are headed next

Brokers have been urged to educate clients on the pressure tactics they are likely to experience from estate agents, pushing them to use the agent’s own mortgage adviser, in order to combat conditional selling.

Brokers battle to beat the scourge of conditional selling ‒ analysis

‘It will all come crashing down’, warns economics professor

Equity release market in trouble as rates rise and house prices wobble

Seven days that shook Britain’s housing market

Lack of supply will prevent crash, say some, while others predict ‘simple maths’ mean property price bubble poised to burst

UK house prices may fall 20% amid mortgage ‘carnage’, warn experts

Mortgage brokers are reporting ‘an enormous uptick in enquires’ from tenants who are being given first refusal to buy their rented home. The brokers point to increasing numbers of amateur landlords who are now exiting the private rental sector with rising interest rates squeezing margins - and looki…

Tenants increasingly getting first refusal to buy their home

Following Liz Truss’s energy price cap announcement last week, some brokers have suggested that property market activity may start to tick up again now that people know what’s happening with their utility bills for the next two years — and that they are already seeing signs of this.

Energy price cap could bolster housing demand, brokers predict

Mortgage brokers have said first time buyers only have a week or two left to benefit from the government s Help to Buy scheme ahead of the October 31 deadline

FTBs need to ‘make like Usain Bolt’ as deadline looms

Brokers have urged anyone seeking to make use of the Help to Buy scheme to “get their skates on, pronto”, ahead of the forthcoming deadlines. They have al

Brokers urge Help to Buy borrowers to “get their skates on” as deadlines approach

Brokers have reported “an enormous uptick in enquires from tenants who have been given first refusal to buy the property they’re renting”. They say increas

Great Landlord Sell-off: Brokers see “enormous uptick in enquires from tenants who have been given first refusal to buy the property they’re renting”

Buyers are being delayed by inefficiency, incompetency, gazumping and gazundering

Backlog Britain: why it’s taking four months to move house

Following the UK House Price Index (June 2022), property experts have reacted. Ryan Joyce, director of Nottingham-based independent mortgage broker, Key Mortg

UK HPI June 2022 - “we could see a 5%-10% fall in house prices over the course of the next year” - reaction from property experts

Following the Land Registry house price data published this morning agents and brokers have commented: Wesley Davidson, founder of broker Fox Davidson: “Th

Land Registry HPI - “More mad house price growth in May” - reaction from agents and brokers

With 163 days until Christmas, buyers need to get a move on if they plan on enjoying the festivities in their new home, with many who agree an offer

Why one in five property chains are collapsing

The cost-of-living crisis has put mortgage affordability under strain, and many brokers agree that the Financial Conduct Authority (FCA) has been correct in flagging equity release as a product that may be 'inappropriately' sold to some borrowers.

Brokers fear coming financial storm may result in equity release ‘misuse’ ‒ analysis

Following reports of record times in property conveyancing, we asked 12 property and mortgage industry experts for their views on the current conveyancing syste

“Conveyancing is completely broken” - property and mortgage experts give their views on conveyancing market

Mortgage brokers are more likely to burnout through becoming overworked precisely because of the nature of the job, brokers have suggested.

Nature of mortgage broker role increases risk of burnout

Brokers also give their views on the growing number of people taking out longer term fixes as a result of increasing rates

Will rates ever go down again?

Brokers have reported seeing increased numbers of clients with missed or late payments on their credit records, and have warned that too often they have little to no idea of the impact such black marks will have on their borrowing prospects.

Clients unaware of impact of missed payments ‒ analysis

With household budgets more stretched than ever, we look at what this means for people looking to re-mortgage and what support is available

The A to Z of mortgages in the face of inflation, from fixed rates to lending rules

The number of property sales completed through the Help to Buy scheme totalled 8,913 in Q4 2021, a 41 per cent decline on the same period in 2019.

Help to Buy completions drop 41 per cent on pre-pandemic levels

Lenders are restricting mortgage loan sizes as the cost of living surges, brokers have reported.

Lenders reduce loan sizes as cost of living squeezes affordability, report brokers

There has been a surge of activity in the mortgage market in recent weeks, with hundreds of deals being pulled and lenders hiking rates on many more products. This is causing serious problems for brokers in both the residential and buy-to-let (BTL) sectors as mortgage deals disappear with little or …

Cover feature: Brokers struggle as lenders hike rates and pull deals

Britain s housing market is broken and the property bull market could soon turn into a bear mortgage advisers have warned

UK housing market is ‘kaput’, brokers claim

HOUSEHOLDS have been hit with a double whammy of energy price rises and interest rate rises today. The government has also unveiled its long-awaited package of support to help with energy bills inc…

How energy bill, interest rates and council tax changes affect you

For anyone who has just bought a home for the UK average of £276,000 and has an 80 per cent loan on a tracker rate, the 0.25 percentage point rate rise means extra repayments of £552 a year.

What will the interest rate rise cost you on your mortgage?

HOUSE prices boomed to unprecedented levels in 2021, with sellers enjoying one of the most lucrative markets in decades. But when should prospective buyers strike this year?

House prices 2022 prediction: When you should buy a new home in 2022 - estate agent advice

How to make yourself stand out from crowd as a buyer

Property: Top tips for buying a home

Here are the tips and advice from those in the know about how to sell your home as soon as possible.

Property: How to sell your home faster

Many households are feeling the financial impact of the pandemic but renters are struggling more than homeowners

One in five households have dipped into savings to pay rent or mortgage

Mortgage rates have continued their downward slide, with multiple deals now available with less than 0.90 per cent interest - but borrowers should watch out for hefty fees.

HSBC offers its cheapest mortgage ever: Can YOU save by switching?

The British Pound was tipped to remain supported amidst expectations for a continued recovery of the UK economy, underpinned by the removal of all Covid-related restrictions by July 19.

Pound Sterling Tipped to Remain Supported against Euro and Dollar as July 19 Exit Receives Green Light

Annual house price growth reached its highest level for nearly seven years in May at 10.9%, according to the latest index from Nationwide. Average prices across the UK hit a new record of £242,832 – up £23,930 over the past twelve months. Month-on-month prices grew by 1.8%, down slightly from 2.3% i…

House price growth hits double figures: Nationwide | Mortgage Strategy

HOUSE prices have continued to surge in Great Britain with properties costing an average of £242,832. May 2021 saw a “further acceleration” in annual house price growth after hitting its highest level recorded in seven years.

House prices: Average UK home now costs over £242k as property market ‘accelerates’

Mortgage brokers say the best remortgage rates are reserved for those with the best credit ratings, so what can you do with a poor score?

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