This week’s top headlines: Santander cuts rates across its mortgage range and Tenants’ Rights Act triggers evictions
Check out these and other industry updates below:
Santander lowers loan rates, fees and returns with low LTV FTB deals
Santander is cutting rates across its loan range from 18 June, with cuts on many fixed and tracker products for new and existing residential and buy-to-let customers.
However, some first-time purchase products at 85% LTV will see a rate increase, while the lender introduces new home delivery products, lowers product fees, re-launches selected first-time purchase products, and extends application lock-in and completion deadlines by one month.
House prices see biggest fall in June in 14 years: Rightmove
Rightmove reports that average asking prices for newly listed homes fell by 0.6% in June to £376,191, marking the biggest June drop in 14 years as sellers respond to stiff competition and more price-conscious buyers.
Although consumer demand and sales activity have remained consistent in recent years, high stock levels, affordability pressures and cautious consumer behavior are creating a more price-sensitive market, with strong performance seen in the more affordable northern regions than in the south of England and Wales.
About 20,000 were fired in the month before the Tenants’ Bill of Rights
New research from COHO suggests that as many as 20,000 employers were fired in the month before the Tenants’ Rights Act came into effect, with nearly one in four employers reportedly giving notice before the Section 21 “no-fault” eviction ban.
Analysis shows that landlords are speeding up evictions as a result of the changes, with many being more cautious about managing risks such as rent arrears and anti-social behavior outside of the Section 21 process.
Fleet Mortgages appoints Coulson and Parkes
Fleet Mortgages has strengthened its executive committee with the appointment of Toni Coulson as director of Risk and Data Insights and Andy Parkes as director of operations under managing director. Nicola Richardson.
The pair brings extensive experience in risk, data, operations and business transformation, and will help support the lender’s growth strategy, efficiency and continued investment in its content and technology.
Dudley grows by borrowing to record £131m
Dudley Building Society reported loans totaling £131 million in the year to March, up nearly 6% on last year, with loan balances rising to £558 million.
The lender also achieved record savings balances of £592m and attributed its growth to continued investment in technology, including a new intermediary portal aimed at improving efficiency and dealer support.
Nationwide it continues to reduce the lowest rates by 4.29%
Nationwide it is cutting rates across the range of fixed-rate mortgages from tomorrow, with reductions of up to 0.28 percentage points for first-time buyers, home movers and mortgage customers, bringing its minimum rate down to 4.29%.
The lender also continues to offer cashback incentives and its green rewards program, while keeping its promise that existing customers who switch deals will get the same or better rates than equivalent mortgage products.
Mortgage Mama joins the HomeOwners Alliance
HomeOwners Alliance Appoints Mortgage Mom – Sarah Tucker as its lead mortgage spokesperson, responsible for providing mortgage insights to the media and creating consumer-focused content, including videos and webinars.
Working closely Paula HigginsTucker will help strengthen the organization’s support for homeowners and buyers through expert advice, education and housing market advocacy.
A few tenants saw rent increase in the first month of RRA: Hamptons
Research from the Hamptons found that fewer tenants experienced a rent increase in the first month after the Tenants’ Bill of Rights went into effect, with the number of increases in May down 23% year-over-year.
However, while rent increases may be reduced under the new rules, the impact may be greater, with affected tenants seeing an average annual increase of 5.4%, while rents for agreed rental properties rose by 1.1%.
The housing market can have a messy life, says Conveybuddy
Data from Conveybuddy suggests that the housing market remains strong, with purchase orders increasing steadily between April, May and June and growing by 37% during this period.
While mortgage activity has normalized following unusually high rates earlier in the year, survey orders have continued to grow strongly, reflecting continued consumer demand and purchasing activity despite broader economic uncertainty.
Castle Trust and London Credit cut rates, Harpenden presents expat proposal
Several professional lenders have updated their product range, with Castle Trust Bank to cut prices on all bridges and shopping products to allow it, and London Credit reducing prices on its semi-commercial bridging title.
Currently, Harpenden Building Society launched a new range of expat mortgages including residential, buy-to-let, limited company and holiday property loans, with products available in a range of international currencies.
