Catch up on Mortgage Strategy’s most popular stories this week. Nationwide BS speeds up Dip process and Together appoints new COO. Read more below:
Nationwide BS speeds up Dip process
Nationwide Building Society has partnered with Iress to utilize Lender Connect, becoming the inaugural lender to adopt the direct Decision-in-Principle (DIP) process. This new process empowers brokers to seamlessly apply for Nationwide products and obtain a DIP directly via Xplan Mortgage, eliminating the necessity to manually input data into Nationwide’s online broker portal.
Together, the specialist lender, has named John Barker as its new Group Chief Operating Officer. Prior to joining Together, Barker served as the CEO of Target Group and held the COO position within the company. He has also held significant roles at Capita, where he served as the Managing Director, and Co-operative Insurance.
Wealthier mortgage borrowers in for rough ride: HL
According to the latest Hargreaves Lansdown Savings & Resilience Barometer, one in four mortgage borrowers face the possibility of missing payments. The data reveals a decline in the overall financial resilience score, dropping by 1.4 points to 60.8 since the end of 2021. Sarah Coles, a personal finance expert at Hargreaves Lansdown, highlights the concerning impact of significant increases in mortgage and credit card rates on affluent borrowers. Additionally, she emphasizes that the detrimental effects on financial resilience are expected to continue.
UK housebuilders on the back foot as pressure mounts
Housebuilders experienced a sense of relief earlier this year when the rapid increase in mortgage rates, following the mini-Budget, began to subside. However, according to Russ Mould, the investment director at AJ Bell, the situation has changed. The persistent UK inflation and the likelihood of prolonged higher rates have eliminated the previous sense of relief for housebuilders.
Clydesdale and Halifax lift resi, BTL and remortgage rates
Clydesdale Bank has announced an increase in residential and buy-to-let rates for both new and existing customers. The rate hike, which will take place on 3 July, will range up to 66 basis points. In addition, Clydesdale Bank is set to introduce new professional loans on 4 July. Meanwhile, Halifax recently raised remortgage rates during the weekend. Clydesdale Bank has specified that the rate adjustments will come into effect at 8pm 3 July.
Homebuyers love for Crossrail locations waning
The allure of Crossrail appears to be fading for homebuyers, as indicated by recent research conducted by London lettings and estate agent, Benham and Reeves. The survey findings demonstrate that in at least 20 Crossrail stations, the annual house price growth within their respective postcodes has fallen behind that of the broader local authorities where they are situated.
FCA unveils measures to strengthen UK’s financial position
The Financial Conduct Authority (FCA) has unveiled a set of initiatives aimed at bolstering the UK’s status as a leading global financial hub. Among these measures is the proposal to establish a consolidated tape (CT), designed to facilitate improved and cost-effective trading data access for all investors. By consolidating various sources of trading data into a single stream of information, the CT aims to enable investors to make better and more timely decisions.
Remortgage searches hit record high, purchase enquiries soar: Twenty7tec
Remortgage searches reached an all-time high last month, accompanied by a surge in purchase enquiries, making it the second busiest month ever on the Twenty7tec platform. These trends were triggered by the recent increase in interest rates, reaching a 15-year peak. Broker searches for clients seeking new mortgage deals witnessed a substantial 21.9% rise, reaching an unprecedented monthly level of 825,736 enquiries in June compared to the previous month.
Natwest’s Topliss joins Together’s corporate team
Richard Topliss, the former Managing Director of Corporate Banking in the North at Natwest, has joined Together as a consultant for its corporate team. With over 40 years of banking experience, Topliss is an esteemed industry leader. Together, headquartered in Cheadle, Greater Manchester, offers corporate and commercial finance services throughout the UK.
Precise pulls BTL and resi ranges with relaunch tomorrow
Precise Mortgages has announced the withdrawal of its current buy-to-let and residential mortgage range starting from 8pm today, 4 July. The lender plans to introduce new products to the market commencing at 9am tomorrow. In a communication addressed to brokers, Precise emphasized that all minimum supporting documents for existing applications must be submitted by 5pm this Thursday, 6 July.
