This week’s headlines: Leeds BS and Coventry have cut loan rates and Monmouthshire BS will go live with Phoebus.
Check out these and other industry updates below:
Leeds BS and Coventry have reduced selected mortgage rates
Leeds Building Society is cutting rates on residential and shared ownership by up to 0.35%, including prime loan deals with no fees, while Coventry for Intermediaries is also cutting rates across a wide range of products for both new and existing borrowers.
The changes reflect a wider trend of lenders reducing prices on all residential and buy-to-let mortgages, as well as extending product expiry dates in some cases.
Monmouthshire BS goes live with Phoebus
Monmouthshire Building Society has used the Phoebus platform to improve mortgage account servicing, integrate its systems to enter new mortgages and support a full range of products including residential and buy-to-let.
The initiative, delivered by Phoebus Software, is expected to improve efficiency through automation, with plans to migrate existing loan and savings accounts into the system over time.
A new Farringdon removals firm is launching
A new AI-led conveyancing firm, Farringdon, has launched into the UK property market, aiming to improve efficiency and transparency in the house buying process.
Founded by Ed Boulle, the firm will use AI-driven workflows and legal technology and has already partnered with agencies including JLL, with plans to start handling orders from May.
Chancellor’s lease termination will be “catastrophic for landlords and investors”
Rachel Reeves is reportedly considering a one-year rent freeze on private sector housing in England, which would prevent landlords from raising rents as part of a wider effort to tackle the rising cost of living.
However, industry groups including the National Residential Landlords Association warn that the move could reduce landlord confidence and reduce housing supply, which could push up rents over time.
Gen H opens up the Scottish proposition to the whole market
Gen H has expanded its Scottish distribution to all dealers on its panel following the Mortgage Advice Bureau pilot, offering wider access to its income-generating products and lending methods.
The initiative aims to support borrowers who fall outside of traditional lending models, including first-time buyers and those with complex income or living conditions.
The government is no longer considering a one-year rent freeze
The UK government has decided to introduce a rent freeze, distancing itself from earlier speculation that Rachel Reeves was considering a one-year break from private sector rents to meet the cost of living.
A Downing Street spokesman confirmed the policy would not be followed, allaying concerns raised by groups such as the National Residential Landlords Association about potential impacts on housing supply and investor confidence.
Borrowers left in limbo as rates change again: Moneyfacts
Borrowers face continued uncertainty, as analysis from Moneyfacts suggests that while major lenders including Barclays, HSBC, Lloyds Bank, NatWest and Santander have recently reduced some fixed rates, the overall outlook remains unclear.
Mortgage rates have risen year-on-year between fixed terms and remain high despite previous base rate cuts, leaving borrowers unsure whether to lock in deals or wait, although a shift to higher repayment rates could still offer savings.
Drop rates from NatWest, TSB and Accord
NatWest, TSB and Accord Mortgages have announced a new round of mortgage cuts, with cuts of up to 45 basis points across selected fixed rate products, particularly buy-to-let, mortgage and existing borrowers.
The changes reflect a wider trend of price reductions, with lenders including Coventry for Intermediaries and The Mortgage Works also cutting rates, although some tracker deals are rising slightly.
Barclays and HSBC join in with rate cuts
Barclays and HSBC joined other lenders in cutting mortgage rates, with Barclays reducing some mortgage deals while increasing some high-value lending products.
The mixed changes reflect continued market volatility, with lenders including NatWest, TSB and Accord Mortgages also adjusting rates, and competition intensifying despite uncertainty about future rate movements.
Paragon launches new limited edition BTL 75% LTV 5 year fix
Paragon Bank has launched a limited range of three five-year fixed purchase products with 75% loan-to-value rates, with rates starting from 4.95% for energy efficient properties and high rates for HMOs and low EPC rates.
The move aims to give homeowners more flexibility and improve affordability, especially for those who choose more expensive products to get lower interest rates.
