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More transactions collapsed in the 3rd quarter as surveyors down-valued properties

21/9/2017

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The Bank of England's 2017 Q3 summary of business conditions has commented that there were more reports of transactions falling through due to surveyors down-valuing properties, reflecting concerns about falling prices.

The report also stated that In the residential mortgage market, both lender and broker contacts reported that competition remained intense, driven by new market entrants and low funding costs. However, this competition was mainly concentrated on customers with the cleanest credit history. More customers were taking out fixed-rate deals; mortgages with longer terms, in many cases over 30 years, were becoming more popular. 

Read the full Bank of England 2017 Q3 agents summary of business conditions here

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Law Society publish guidance on new Mortgage Credit Directive requirements.

7/3/2016

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The Law Society have published new information on the changes to the Mortgage Credit Directive that must be implemented by 21st March 2016.

"The main requirements imposed on member states by the MCD ensure that:
  • mortgage firms act fairly and professionally, and that their staff have an appropriate level of knowledge and competence
  • the advertising of products is fair and not misleading, with standard information included where specific rates are being quoted
  • certain information is provided to the consumer ahead of a mortgage contract being completed
  • lenders conduct an affordability test, looking at customers’ income and expenditure, to determine whether they can afford the mortgage loan
  • minimum standards are followed where advice is provided to consumers
  • lenders put in place additional consumer safeguards where loans are in a foreign currency, to protect the customer against exchange rate risk
  • consumers are given a right to be able to exit a mortgage before it reaches the end of the term
  • lenders exercise reasonable forbearance to customers in payment difficulties before initiating repossession proceedings
  • it is easier for mortgage intermediaries to operate across borders, and
  • consumers have access to cross-border redress"

Read the full Law Society article here
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CML Market commentary January 2016 published

21/1/2016

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The Council of Mortgage lenders has publish its January Commentary....

  • The UK may not see a rate hike this year, as global uncertainties continue to have had a profound effect on interest rate expectations.
  • Our estimate is that gross mortgage lending was £19.9 billion in December, nearly a quarter higher than a year ago.
  • The pick-up in mortgage lending is becoming more broadly based, following several months of year-on-year growth in lending to first-time buyers, movers and remortgage customers.
  • The buy-to-let sector is going through an uncertain period as it is unclear how changes to the tax treatment of the sector will affect it.

Read the full CML article here

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Gross mortgage lending up 8% in 2015 - CML

21/1/2016

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The Council of Mortgage Lenders estimates that gross mortgage lending reached £19.9 billion in December.

This is 3% lower than November (£20.5 billion), but 23% higher than December 2014 (£16.2 billion).

​This brings the estimated total for the year to £220.3 billion, an 8% increase on 2014’s £203.3 billion and the highest annual gross lending figure since 2008.

Read the full CML article here
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