Conor McDermott

3 July: Figures Out Tomorrow To Increase Competition - Santander for Intermediaries has cut selected fixed rates for first-time buyers and home purchase by up to 0.16 percentage points - Aldermore Bank has cut selected fixed rate buy-to-let deals, by up to 0.2 percentage points. - Residential by Foundation Home Loans, has reduced fixed rates across its range, available through brokers, by up to 0.3 percentage points. Nick Mendes at broker John Charcol - Independent Mortgage Expertise said: “Santander is the latest lender to make its mark during a week of significant repricing by high street lenders. “The recent flurry of activity has motivated prospective buyers to reassess their options. With the election nearing its conclusion, any hopes of last-minute incentives for first-time buyers are fading. Now is the time to act swiftly to stay ahead of the competition.” Further details in Forbes Advisor  #johncharcol #mortgagebroker #reaction #marketcommentary #mortgagebrokers #mortgagebrokerage #mortgageindustry #mortgagerates #mortgageadvice #mortgageadvisor #fixedrate #fixedrates #mortgage #mortgagelending #mortgagebrokeruk https://lnkd.in/edgv4c6z

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The impact of the SVR on the amount a homebuyer can borrow is significant. For many the cheapest rate for a few years might not be a good outcome.

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Market brief - 23rd April The five main UK mortgage lenders all raised their rates for new loans yesterday, citing uncertainty over the size of the rate cut. Where the long tail inflation is looking increasingly sticky, some economists think the Bank of England may not cut rates before November.  KPMG believe that inflation will return to target in the coming months, but geopolitical risks remain from the Middle East. The last Fed meeting stuck to the script, and the idea of three rate cuts this year remains on the table. Things may change at the next Fed meeting on May 1st as many expect the “dot plot” to change, forecasting only two rate cuts this year. Fed members have raised concerns over the data and are cautious over the timing of the first rate cut. Inflation has not been falling at the pace they would like to see and the economy remains surprisingly robust, supported by strong job creation and the IMF forecast US GDP growth will be double that of the G7 average. The #dollar is being driven higher by the yield appeal of interest rate expectations and we saw the #dollarindex peak around 106.40 yesterday. #Sterling lost ground against the dollar, dropping to 1.23, which was the lowest since Mid-November.  #GBP kicked off this morning around 1.2335 against #USD, 1.1590 against #EUR and #EURUSD was around 1.0640 on the open #Finance #FxPlew #news

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#SecuredLoans showing their value (⬆ 20% in H1). Especially while many other forms of lending continue to drop or remain flat on the previous year... Always good to see the Finance & Leasing Association figures (abide being one of the dullest bits of PR to ever land in the trade press each month / quarter) 😁 #SpiceItUpGuys #DataCanBeFun A further 12% increase in May highlights the continued need by customers for additional borrowing, outside of the usual "borrow more with the current mortgage lender" - who remembers MCD? 🤷‍♂️ We are tracking well above this growth curve for 2024 and on behalf of the whole team here at Loan.co.uk, a HUGE thanks to all our lenders who not only support us, but partner with us to scale as one and increase the size of our market and the value to everyone within it. Our lenders, customers & brokers alike, all benefit when the market grows. Pepper Money UK, Tandem Bank, United Trust Bank Limited, Together - loans, mortgages & finance, West One Loans, Equifinance, Selina Finance, Spring Finance Limited, Evolution Money, Step One Finance Limited Central Trust Limited, Mercantile Trust Limited #SecondCharge #Mortgages #FLA #Loans The Intermediary https://lnkd.in/eMpGp-KG

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Value of mortgages in arrears hits £21.9bn Recent data from the Bank of England unveils a substantial surge in the value of outstanding mortgages in arrears, reaching £21.9 billion in Q2 this year. This marks a significant 32% increase compared to Q2 2023 and represents the highest recorded figure since 2014. Lenvi #Mortgages #BankOfEngland #Finance

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HSBC, Santander and Nationwide are among the big lenders that have upped prices this week. Few thoughts today in The Sun on being proactive and why there is still time to secure a good deal. Nicholas Mendes said: "For clients nearing the end of their fixed-rate terms, it’s essential not to delay in the hope that rates will revert to levels seen weeks ago. "Securing a deal now provides certainty in an uncertain market. There is always the option to review and adjust if circumstances change but acting promptly minimises exposure to further rate increases."  #johncharcol #mortgagebroker #reaction #marketcommentary #mortgagebrokers #mortgagebrokerage #mortgageindustry #mortgagerates #mortgageadvice #mortgageadvisor #fixedrate #fixedrates #mortgage #mortgagelending #mortgagebrokeruk

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TAB has surpassed £510m in loans since 2018, setting a record with 135 active loans. CEO Duncan Kreeger shares ambitious plans to reach a £700m loan book by 2025, expanding their presence across the UK. Exciting times ahead for UK property finance! #PropertyFinance #UKRealEstate #LendingMilestone #TABLoans #FinanceGoals #Investment #RealEstateNews #BusinessGrowth #UKEconomy #FinancialAchievements

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The amount you will incur if you repay your mortgage during any fixed period. The amount can vary, so check your original letter of approval or terms and conditions for the amount. Most lenders will allow you to make overpayments of up to 10% of the outstanding balance per year without incurring an ERC. If you would like to see if I can help you, why not send me a DM, or visit my website to book a free consultation. https://lnkd.in/eTmhKP8d YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON ANY LOAN OR MORTGAGE SECURED ON IT. Joanne Pay Mortgage and Protection is a trading style of Mortgage Saving Experts ltd, which is authorised and regulated by the Financial Conduct Authority - FCA number 779662 #mumbojumbo #breakitdown #jargon #jpmortgageandprotection #mymortgagelife #mortgages #remortgage #knowledgeispower #buytolet #incomeprotection #protection #insurance #educate #property #womeninfinance #home #family #mortgagetips #mortgageadvice #workingmum #erc #fees #charges

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The amount you will incur if you repay your mortgage during any fixed period. The amount can vary, so check your original letter of approval or terms and conditions for the amount. Most lenders will allow you to make overpayments of up to 10% of the outstanding balance per year without incurring an ERC. If you would like to see if I can help you, why not send me a DM, or visit my website to book a free consultation. https://lnkd.in/eTmhKP8d YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON ANY LOAN OR MORTGAGE SECURED ON IT. Joanne Pay Mortgage and Protection is a trading style of Mortgage Saving Experts ltd, which is authorised and regulated by the Financial Conduct Authority - FCA number 779662 #mumbojumbo #breakitdown #jargon #jpmortgageandprotection #mymortgagelife #mortgages #remortgage #knowledgeispower #buytolet #incomeprotection #protection #insurance #educate #property #womeninfinance #home #family #mortgagetips #mortgageadvice #workingmum #erc #fees #charges

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Another example of listening to Brokers and working with them to make their businesses more efficient allowing them to spend more time adding value to clients. We still have lots to do but are making progress. Thanks to all of the PBS teams involved in delivering this important capability. 🙏🙏🙏 Thanks to all our Brokers for their continued insights and for supporting our improvemt journey.

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FAST BRIDGING LOAN COMPLETIONS FROM £5,000 Lending to individuals only Advances from just £5,000 to £300,000 All adverse status considered No valuation required in many cases LTVs up to 70% (Based on open market) No Solicitor involvement in most cases Lending in England and Wales only. Interest is added to the advance in a ‘roll up’ meaning we do not require evidence of affordability Partial redemption allowed at anytime without penalty Various security considered including land, commercial, semi-commercial, buy to let and partially completed development. First, second and third charges (Even where consent is declined) No default rates at term expiry In house issue of documents and legal completion Contact me for more information. 07939 091418 [email protected] For other property finance visit https://lnkd.in/ecGW-BQx #bridgingloans #secondchargeloans #fastbridgingloans #secondchargeloans #bridgingfinance #smallbridgingloans

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29 April: Market Adjusts To Negative Bank Rate Sentiment - Nationwide Building Society, the UK’s second largest lender, is increasing selected fixed rates for new borrowers by up to 0.25 percentage points from tomorrow (30 April). - Santander for Intermediaries has said it will increase its rates, available direct and through brokers, by up to 0.2 percentage points for new borrowers (purchase and remortgage), as well as for existing customers looking for a product switch fixed rate. - NatWest is increasing the cost of its two and five-year fixed-rate purchase and remortgage deals, available direct and through brokers, by up to 0.22 percentage points. - Halifax Intermediaries for Intermediaries is increasing its maximum loan to value ratio on part-repayment/ part-interest-only mortgages from 75% to 85% from tomorrow (30 April). The maximum LTV on pure interest-only loans remains at 75%. Further product and criteria updates in Forbes Advisor. Nick Mendes at broker John Charcol - Independent Mortgage Expertise said: “These latest rate rises were inevitable, following market movements and competitor repricing last week in which most high street lenders increased fixed rates.”  #johncharcol #mortgagebroker #reaction #marketcommentary #mortgagebrokers #mortgagebrokerage #mortgageindustry #mortgagerates #mortgageadvice #mortgageadvisor #fixedrate #fixedrates #mortgage #mortgagelending #mortgagebrokeruk #criteria https://lnkd.in/eJ75msYT

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How do Lenders assess Ltd Company Director Income? There are two ways lender’s assess income for Ltd Company Directors, they will either take your Salary plus Dividends OR they will take your Share of the Company Profit plus your Salary. If as a Director you take a small Salary and Dividends and leave profit in the business until you need it, if you go to a lender that assess on Salary and Dividends then this could result in you not being able to borrow what you need, as they aren’t using your full range of income, in cases like these you will need a lender that takes your share of the Company Profit PLUS your Salary – this could result in a much higher borrowing capacity for you. 💜 Helping people buy their homes and build their property portfolio. Follow for more information and tips on how to navigate the Mortgage maze and protect your home, lifestyle and loved ones from the challenges life can throw at us. 💚 YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 💜 We work from a comprehensive panel which is representative of the whole of the market. 💚 Debt Consolidation: Think carefully before securing other debts against your home. Consolidating unsecured debt may reduce your outgoings now, but you may end up paying more overall. 💜 Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.

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Great news to see the Bank of England cut interest rates from 5.25% to 5% today. This will be a welcome relief for existing borrowers on tracker products and also those looking to refinance their deals over the coming year. Lender competition has been hotting up over the last few weeks with a base rate cut feeling inevitable at some point this year, so the fact it has come today will be well received by all.   As we come out of the summer housing market over the next few weeks the backdrop of being in a falling rate environment will give great impetus all round. A case of watch this space now for the second half of the year. LDN Finance LDN Private Clients

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The Bank of England has a 4.5 LTI cap that will avoid the leverage provided in the run up to the financial crisis. It also has locked up the market, with the number of mortgage loans down by about 10%. "Stability of the graveyard" is the term used by the Bank of England themselves. We need to offer first time buyers the funding needed to become a homeowner, which will reverse the housing market fortunes. But we need to offer these vulnerable young households with little financial resilience products that protect them against market shocks. Other countries do this by imposing the requirement to borrow on a long term fixed rate basis if they take out relatively large mortgage loans. Our regulators should follow their example. Set the rules to make long term fixed rate mortgages the product for first time buyers, and many lenders will start offering them, instead of pushing ill suited products to these vulnerable buyer groups, causing the Bank of England to put radical caps on leverage. Financial Times Louise Lucas Financial Conduct Authority #firsttimebuyers #homeownership #SVR #affordability Bank of England

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Unexpected Mortgage Rate Increases Amidst Bank of England Rate Cut!! Not great news for mortgage customers as interest rates with many lenders increase. If you have a mortgage deal ending in the next 4/5 months talk to your mortgage adviser today. What the f@ck is going on !! #moneymatters #moneytips #mortgages #mortgage #mortgagerates #interestrates

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'In a widely anticipated move, the Bank of England has maintained the interest rate at 5.25%, marking the sixth consecutive hold at this 16-year high. The Bank’s latest monetary policy decision was accompanied by forecasts predicting a slow but steady adjustment in the economy. While inflation has decreased slightly, it remains a significant concern that justifies the current rate, according to Bank officials.' Reaction in The Intermediary Nicholas Mendes, mortgage technical manager at John Charcol - Independent Mortgage Expertise: “Since the beginning of the year, the Bank of England has taken a more conservative stance than the markets initially anticipated. Originally, projections suggested a total of 150 basis points in rate cuts throughout the year. However, expectations have been significantly adjusted, with predictions now set for a cumulative reduction of only 50 basis points by December. “The likelihood of a rate cut in June remains high, but this could be followed by an additional cut in either September or November. Nevertheless, if inflation and wage growth continue to exceed forecasts, the timing of these adjustments could be pushed back, potentially delaying the first rate cut until August.” #johncharcol #mortgagebroker #mpc #bankofengland #inflation #baserate #bankrate #reaction #marketcommentary #mortgagebrokers #mortgagebrokerage #mortgageindustry #mortgagerates #mortgageadvice #mortgageadvisor #fixedrate #fixedrates #mortgage #mortgagelending #mortgagebrokeruk https://lnkd.in/eS7a795a

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MVP "Launch-Alert” (date TBA Monday 27 May) Three metrics will guide our product roadmap and whether the "Open Finance Ecosystem" we are building for the Banks and their mortgage customers has a net positive impact on the cost of housing, and energy crises (Q-o-Q). 1) Number of Homes quantified (the financial health of our homes digitised); 2) Net reduction in the cost-to-own / run / maintain a home; and 3) Net reduction in the cost of energy bills. For the Banks, a static data approach to products and fragmented retrofitting channels will further fuel the cost of housing crises. It will lead to higher losses on the mortgage book / green loans / household total finance. An Open Data led ecosystem approach, would enable the Banks to shift from "provider of largest debt" to "Home as Experience" based value-add services. In the near-term, personalised one-click energy efficiency upgrades, to households across income levels and community types. #netzero #sustainblefinance #financialinclusion #Openbanking #OpenFinance Department for Business and Trade https://lnkd.in/e2JeJQpt

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