Richard Norrington

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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A new SME insights report by Dojo has revealed that an estimated 110,940 SMEs are at risk of going bust due to having no cash left to support business operations. Read more in this Credit Connect UK article here: https://lnkd.in/dVjPm3sc #CreditManagement #SME #Business #News

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A great article written by David Prosser 'How to protect your savings from falling interest rates', following the Bank of England announcement yesterday to reduce the base rate. Have a read, please contact me if you would like to find out more about United Trust Bank's saving accounts and rates. How to protect your savings from falling interest rates (utbank.co.uk)

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Many borrowers took out interest only mortgages pre 2007, and are now given very little option to refinance. Trading down is not an option for many, and having to pay the very high SVR adds to the cost of living cost increases. Long term fixed rate mortgages would likely have avoided this strain on borrowers, and potentially offer a solution out of their predicament! The Telegraph Ruby Hinchliffe MPowered Mortgages #longtermfixedratemortgages #housing #svr #affordability https://lnkd.in/emsxXcU3

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Atom bank #DigitalMortgages Wow, unbelievable and I am, unlike me, speechless. From application submission to Mortgage Offer in 3 seconds, yes 3 seconds!! No not a Rate Switch, not a remortgage...but a purchase at 93% Loan to Value, where one of the applicants was a First Time Buyer. To all other mortgage lenders....there is your target 💥 #JLP #JLPMortgages #JLPFinancial #firsttimebuyer #mortgage #mortgageoffer

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CDFI lending increases by 14% to a record high of £287m, turning ripples of finances into waves of change. At Lendology CIC, we're proud to contribute to this momentum, transforming homeowners' lives through responsible lending. Read more in Responsible Finance Impact Report https://lnkd.in/eWSFydQ2 #RipplesToWaves #CDFIs #ResponsibleFinance #Lendology #FinancialInclusion

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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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Great information by L&C, publishing the SVR in the market. The SVR is set by the lender as they please, and as can be observed, some lenders increased the SVR while base rates went down. The UK mortgage market needs reform! Cheapest rate might not be cheap in the end! Perenna London & Country Mortgages #SVR #longtermfixedratemortgages #housing #mortgagelenders Financial Conduct Authority IMLA - The Intermediary Mortgage Lenders Association

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Lenders Update: New Products, Rate Cuts, and Affordability Changes! New Product Launches: • CHL Mortgages introduces the CHL 2 range, tailored for customers with complex credit profiles, including short-term loans and large HMOs/MUFBs. • Market Harborough Building Society unveils a range for multi-level larger loans, now available for private customers up to £5m. Rate Reductions: • Accord Mortgages slashes mortgage rates to 0.20%, effective from Friday, July 19. Act fast - applications close by 10pm on July 18. • Leeds Building Society offers reduced rates on new loans and existing customer refinancing, with changes effective immediately. Affordability Enhancements: • Hodge extends acceptance criteria for over-50s, now including 100% of non-contractual income and relaxing trading account requirements. LTV Adjustments: • Market Harborough Building Society expands loan-to-value options, now offering up to 80% LTV on loans up to £2 million. For more details on these updates, please free to contact us. Stay informed to make the most of these opportunities! #MortgageNews #FinanceUpdate #LenderChanges If you are looking for help funding your new project or looking to remortgage and existing agreement our team is on hand to help. Please click the link below and let’s see how we can help you. https://lnkd.in/eDR-28RJ

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Empowering millions of people to have better financial futures starts with firms being able to communicate with their customers. That's why the partnership between We Are Gretel and LifeSearch is so powerful, and it's just kind of thing expected of firms seeking to meet their Consumer Duty obligations. But did you know that, on average, a whopping 60% of disconnected customers are typically not flagged as such by organisations. For any firm therefore focussing efforts on tackling just known "gone aways" there is a serious risk of regulatory exposure. Even with just 7 weeks to go until Consumer Duty board reports are due and legacy products come into scope, the good news is that there is still more than enough time to take the necessary action. DM me if you'd like to know how we can help. #ConsumerDuty #ProtectionIndustry #FinancialResilience

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Read our thoughts on the Business Loan market for SME's #businessloan #funding https://lnkd.in/eZDiK_tT

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📣 Good News for Mortgage Holders! 📣   On the August 1, 2024, the Bank of England has reduced the base rate for the first time since March 19, 2020. This is fantastic news for the housing market and anyone with a mortgage.   Now is the perfect time to review your mortgage options. With the ability to secure deals up to 6 months in advance, you can lock in today’s rates and plan ahead.   At Contractor Financial, we specialise in finding the best deals for contractors. There are even deals that offer 5-year fixed rates with a break clause after 2 years, giving you long-term security and flexibility.    We have also seen the first sub-4% mortgages rates being dropped this week for purchases. Hopefully more lenders will follow given the positive change today🤞🏻   Get in touch to explore your options and make the most of this opportunity!   Your home may be repossessed if you do not keep up with your mortgage payments. Link below to book directly in with one of our advisers. Contractor Financial   #MortgageRates #FinancialPlanning #HomeBuying #MortgageAdvice #BankOfEngland

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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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The latest Economic Snapshot from TSB Bank’s Chief Economist, David Fenton is now available. Visit the Mortgage Intermediaries News page to read his latest update: https://lnkd.in/eCAhit4k #TSBMortgageIntermediaries

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Yesterday we released our H1 2024 Mortgage Lender Benchmark report. Our latest results found that overall broker satisfaction with UK mortgage lenders for the first half of the year has increased since H2 2023. 👉 Read more and download the free summary version: https://lnkd.in/eEXjkfgT #MLBH124 #SmartMoneyPeople

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Ever wanted to know how to grow your business internationally? Join our live Webinar to understand the practical steps you need to consider to grow your business globally. European EMC Products Limited Make UK Department for Business and Trade

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Myth vs. Reality ⚖️ At DSL, as proud members of the Credit Services Association (CSA), we take a personal and proactive approach to debt collection. We understand that every debtor has a unique story, and we are committed to working closely with both practices and debtors to resolve issues and find practical, professional solutions for recovering owed amounts. Find out more about how we handle debt collection here 🔗 https://lnkd.in/eFcE_9mQ #veterinarypractice #veterinarydebtmanagement

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There is room for more mobile-friendly platforms in the mortgage sector – Marketwatch https://lnkd.in/eJQKWNuG #mortgagesector #marketwatch

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