Owain Thomas
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Articles by Owain Thomas
A new blueprint: The UK’s Building Safety Act could significantly alter the country’s developer landscape
The introduction of the Building Safety Act marks a watershed moment in the United Kingdom’s approach to high-rise buildings. The new legislation has been driven by the catastrophe of the 2017 Grenfell Tower fire in London, which took the lives of 72 people. It is a once-in-a-generation change to the regulatory framework, which seeks to place an emphasis on safety for residents and accountability on developers, contractors, designers and managers of high-risk buildings.
Healthcare utilisation in patients with long-term conditions during the COVID-19 pandemic: a population-based observational study of all patients across Greater Manchester, UK
COVID-19 Epidemiology Public health STRENGTHS AND LIMITATIONS OF THIS STUDY This study includes data on over 3 million individuals, representing all patients registered with a general practitioner across an entire geographical area. Both primary and secondary care services were analysed in this study. Five surrogate markers of healthcare utilisation were considered in the primary care analyses.
BTL2021: Product transfers will become ‘very important’ in limited company BTL
Product transfers are becoming more important in buy-to-let and the focus on them is likely to grow as they expand in the limited company sector, lenders have said. Speaking at the Buy to Let Online Forum, representatives from Paragon and Aldermore noted that lenders would be increasing the range of product transfer for limited company borrowers. Paragon national sales manager Jason Wilde highlighted that with rising costs in the market a cheaper refinancing option would be welcomed by landlords.
BTLF2021: Tax adviser referrals gave brokers £5m+ portfolios to incorporate – Paragon - Mortgage Solutions
Building working relationships with tax advisers is vital for brokers to serve limited company landlord clients and can be potentially highly profitable, the Buy to Let Online Forum has heard. Speaking during the event, Paragon national sales manager Jason Wilde (pictured) revealed the lender had dealt with several multi-million pound cases from brokers originated through tax specialists.
Perfect conditions for developers and landlords with expanding PDRs and funding supply
The combination of expanding permitted development rights (PDRs), high street turmoil and greater support from lenders has created perfect conditions for property developers and landlords. Speaking on Specialist Lending Solutions Television in association with Roma Finance, Enterprise Finance managing director Harry Landy and Vantage Finance national sales manager Joe Aston, agreed there was likely to be a surge in business in this area.
No change to Help to Buy caps despite local hotspots – housing minister - Mortgage Solutions
The housing minister has admitted that there will be local hotspots in regions that will push property prices beyond the caps of the Help to Buy scheme. However, he said government remained satisfied with how the caps were working and there were no plans to revise them. The Help to Buy 2021-23 scheme began accepting applications in December and started allowing completions in April.
Metro Bank launches 95 per cent LTV mortgages
Metro Bank is the latest lender to re-enter the 95 per cent loan to value (LTV) mortgage market. It has introduced a five-year fix deal available for purchases only at an interest rate of 3.89 per cent and a maximum loan size of £570,000. The lender said it had also added a top-up option for existing homeowners and rate switch options for existing customers.
BTL2021: Mini-boom and ‘really strong pipelines’ give BTL market positive edge – Rickards - Mortgage Solutions
The buy-to-let market is witnessing a mini-boom and is in a good position to maintain and grow its business volumes, according to BM Solutions head Phil Rickards. Speaking at the Buy to Let Online Forum, Rickards (pictured) emphasised that the market had proved remarkably resilient over the last year and was on course to remain so. Rickards added that 2020 was BM Solutions’ biggest year for new business since 2007 and its largest ever year for product transfers.
Nick Jones leaving Roma Finance
Nick Jones is leaving his position as commercial director at Roma Finance, the lender has announced. Jones (pictured) joined Roma in August and was charged with heading up the specialist lender’s new business and marketing strategy, which it said resulted in a 60 per cent year-on-year rise in new business. It said Jones was brought in to share his experience, knowledge and concentrate on creating a sustainable front-end operation.
Mortgage broker fees rise four per cent as FCA increases budget by £26m
Mortgage advisers will see the fees they pay to the Financial Conduct Authority (FCA) rise by four per cent in 2021/22, the regulator has confirmed. According to the regulated fees and levies CP21/8 paper published today, brokers earning more than £100,000 in annual income will see their FCA fee rise to £11.031 per thousand pounds of income.
FCA admits culprits should pay more in FSCS fees
The Financial Conduct Authority (FCA) has admitted it wants to work towards a “fairer” funding structure for the Financial Services Compensation Scheme (FSCS) where those firms that offend pay the most. The regulator made the statement in its regulated fees and levies CP21/8 paper published today. The FCA has come under significant criticism from across the mortgage market as brokers are facing massive bills to cover FSCS compensation costs for failures in the investment and pension sectors.
Maslow Capital completes £43m development deal
Maslow Capital has agreed a £43.5m loan to fund a 242-unit residential development scheme. The deal was secured with SevenCapital as part of a project with a £69.9m gross development value (GDV) in Bracknell. The pair have partnered on three other residential development projects in Birmingham previously and this scheme took the total GDV across all four deals to £173m.
FCA announces £10m fee for networks to tackle AR oversight failures
The Financial Conduct Authority (FCA) is proposing a new fee for networks as the regulator aims to increase its oversight of principal firms and their appointed representatives (AR). This will include greater scrutiny of principal firms and the ARs as they are appointing them. Principal firms will be charged a flat £250 fee per AR firm which the regulator expects will raise £10m in the 2021/22 financial year.
Leeds BS adds two-year 95 per cent LTV mortgages
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HSBC unveils 95 per cent LTV product details
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IMLA: Mortgages outside government 95 per cent scheme may be ‘better value’
The Intermediary Mortgage Lenders Association (IMLA) has welcomed the launch of the government’s mortgage guarantee scheme but highlighted that products offered outside it could prove “better value for borrowers”. The government’s scheme went live today with Halifax, Barclays, HSBC and NatWest launching their 95 per cent loan to value (LTV) offerings – although NatWest’s range is only available direct from the lender.
Accord opens up 95 per cent LTV mortgages to all home buyers
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Newcastle BS trims resi rates and TSB updates BTL products
You are here: Home - News - by: Owain Thomas Newcastle Building Society has cut rates across its 85 per cent loan to value (LTV) range by up to 0.20 per cent. The lender has reduced rates on several two and five year-products with £999 and zero fee options. This includes the two-year fix with £999 fee cut by 20 basis points (bps) to 2.5 per cent. Zero-fee deals include the two-year fix reduced by 15bps to 2.65 per cent and the five-year version which is reduced by 14bps to 2.85 per cent.
Santander to launch 95 per cent LTV mortgages on Tuesday
Santander will be launching its 95 per cent loan to value (LTV) mortgages backed by the government’s guarantee scheme on Tuesday 20 April. However it has not released many product details including interest rates, fee information and fixed or variable periods. The deals are only available for first-time buyers and movers and do not include remortgages or self-employed borrowers. New build, shared ownership and Right to Buy applications are also excluded.
Halifax launching 95 per cent LTV deals next week and cutting rates
Halifax has confirmed it will be launching its range of 95 per cent loan to value (LTV) mortgages through the government’s guarantee scheme at the start of next week. On 19 April it will go live with two-year and five-year fixed products for first-time buyers and home movers with a five per cent deposit. There are £999 fee and fee-free versions of each product – the two-year fixes are at 3.73 per cent and four per cent respectively with the five-year options at four per cent and 4.2 per cent each.
Opportunities abound for brokers to help developers and landlords in high street evolution – Roma - Mortgage Solutions
There are significant opportunities for developers and landlords as the UK’s high street evolves in the wake of the pandemic and brokers should be at the forefront to advise their clients. Speaking on Specialist Lending Solutions Television in association with Roma Finance, a panel of industry experts explained there was an increasing trend over the last year for conversions and refurbishments of high street properties.
L&G Insurance appoints head of intermediary development from Sesame Bankhall
Legal & General Insurance has appointed Jeff Woods as its head of intermediary development to replace Richard Kateley who is retiring after 33 years. Woods (pictured) joins from Sesame Bankhall where he has been business development director and campaigns and proposition director for the last five years. He has more than 30 years in the insurance and mortgage industry having held positions at Royal Sun Alliance, Mortgages Direct, PruProtect and Pink Home Loans, among others.
Only half of high-rise tower blocks have had dangerous ACM cladding fixed
Only half of the high-rise buildings known to have highly flammable aluminium composite material (ACM) cladding have been fully fixed, according to latest government statistics. The data shows that at the end of March only 247 or 53 per cent of the 469 high-rise residential and publicly-owned buildings in England had fully completed remediation. ACM cladding is the type which was responsible for the Grenfell Tower disaster in June 2017 and progress on remedying the situation has been slow.
Santander to disregard 2020-21 tax year for self-employed borrowers
Santander will discard the 2020-21 tax year for self-employed borrowers who have been hit by the Covid-19 pandemic. Instead, from 19 April Santander will base its income assessment on the 2018/19 and 2019/20 accounting periods. However, the lender said it will need to take into account future Covid-19-related liabilities such as paying back loans or deferred tax.
TML introduces mortgages for credit impaired borrowers
The Mortgage Lender (TML) is launching a range of residential mortgages to cater for borrowers who have suffered some form of credit issue through a change in circumstance. The Lumi-branded range is available up to 75 per cent loan to value (LTV), across four categories to support customers with defaults, county court judgements (CCJs) and mortgage arrears. The products are available for employed, self-employed and complex income applicants.
Together and Optimum Credit update second charge offerings
Together and Optimum Credit have overhauled their second charge mortgage ranges with rate cuts, higher loan to values (LTVs) and new products. Together has launched a limited edition two-year fixed prime plus deal with an interest rate of 4.29 per cent for capital repayment and 4.79 per cent for interest only. It has also cut the rate on its five-year fixed second charge products by a full one per cent to 4.99 per cent for capital repayment and 5.49 per cent for interest only.
InterBay launches holiday let products
InterBay Commercial has launched a pair of holiday let products for purchase and remortgage as demand in the sector continues to grow. The two and five-year fixed rate mortgages are available for individual and limited company landlords at up to 70 per cent loan to value (LTV). The two-year deal has an interest rate of 3.84 per cent and the five-year version is at 4.29 per cent, loans are available between £50,000 and £1m, and an interest-only option is also available.
Alexander Hall mortgage advice revenue rises driven by strong purchase market
Alexander Hall has reported a 20 per cent rise in mortgage broking revenue in the first three months of 2021. According to parent company Foxtons, revenue at the advice firm hit £2.3m from January to March, up from £1.9m in the same period last year. It said the increase was “driven by new purchase activity”. The upturn will be welcome after the pandemic dropped revenue at the advice firm by five per cent year-on-year in 2020, when it generated total advice revenue of £8.1m.
Virgin Money launches high LTV three-year fixes at two-year rates and broker exclusives
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Bridging drives Q1 growth at West One with BTL and seconds on course for larger Q2
Bridging finance was the main driver behind a first quarter pick up in business at West One Loans, however it expects buy-to-let and second charge lending to come to the fore in Q2. According to figures published by parent company Enra Specialist Finance, completions at West One reached £309m in the first three months of 2021, up 37 per cent on the same period last year.
Furness BS expands holiday let range and cuts BTL mortgage rates
Furness Building Society has added a pair of holiday let deals and cut rates as part of an overhaul of its buy-to-let (BTL) mortgage offering. The mutual has introduced two five-year fixes for holiday lets at 65 per cent and 75 per cent loan to value (LTV) with rates of 3.89 per cent and 4.29 per cent respectively.
MBT to integrate Iress mortgage sourcing
Mortgage Broker Tools (MBT) is partnering with sourcing system Iress to allow advisers to search for mortgage products from within the MBT affordability platform. The integration will be launched later this month. MBT said the combination would enable brokers to source by affordability, rate, criteria and even current service levels depending on their client’s priority.
OSB sees mortgage lending fall 40 per cent and books £20m fraud loss
OneSavings Bank (OSB) completed £3.8bn of new mortgage lending in 2020, down significantly from £6.5bn in 2019 as a result of the pandemic. The lender also booked a £20m loss in its provisional results due to a suspected fraud through one of its outgoing asset finance funding lines, discovered last month.
Halifax overhauls mortgage criteria for all non-UK national applicants
Halifax is overhauling its mortgage application criteria for all non-UK nationals following Brexit. Many lenders have been making changes to rules for European Economic Area (EEA) nationals but Halifax is applying these to non-European citizens as well, meaning all international applicants will have to meet the same criteria.
Evolution sees rise in prime borrowers and value of debts consolidated
Evolution Money has reported a growing number of prime borrowers taking out its second charge loans over the last six months, although debt consolidation remains the dominant need. And while the value of loans taken out has increased, so has the value of debts being consolidated by both prime and pure debt consolidation borrowers.
LendInvest and Black & White make key appointments
LendInvest and Black & White Bridging have made key appointments to their support teams. LendInvest has promoted Jan Gallagher from business development manager (BDM) to key account manager. Gallagher (pictured) will be working across the lender’s distribution channels including mortgage clubs and networks and will also be developing and delivering strategic marketing initiatives and helping to engage potential partners.
Fraud and AML detection challenged by changing lifestyles and home working – report - Mortgage Solutions
Home working and a dramatic shift in consumer behaviour over the pandemic has created challenges for the UK’s banks in spotting financial crime, according to a report by FICO. However, it appears instances of fraud and money laundering were not greatly impacted by the health crisis.
Mutuals report Q1 surge and predict further stamp duty deadline rushes
Two of the nation’s biggest building societies revealed the scale of demand hitting the mortgage market to start the year and highlighted the demand broker phone calls for case updates can put on teams. Skipton Building Society saw a 43 per cent increase in mortgage borrowers last month compared with March 2020 as the original stamp duty holiday deadline loomed.
Foundation cuts rates and launches limited company and short-term let products
Foundation Home Loans has cut rates across its specialist buy-to-let ranges and also introduced new limited company and short-term let products. The limited edition limited company product is available up to 75 per cent loan to value (LTV) and priced at 3.24 per cent, 10 basis points below Foundation’s core limited company range. It has a reduced 1.5 per cent fee, an interest coverage ratio (ICR) calculated at 125 per cent of pay rate and a maximum loan amount of £1m.
MPowered Mortgages BTL range added to L&G Mortgage Club panel
MQube’s MPowered Mortgages buy-to-let offering has been added to Legal & General Mortgage Club’s lender panel. It is the next step in the lender’s rollout to the broker market which has already gone live with TMA and Mortgage Advice Bureau (MAB). Members of Legal & General Mortgage Club and users of its SmartrCriteria tool can now access MPowered Mortgages’ range of unregulated buy-to-let products.
Damien Druce joins rebranded Black & White Bridging
Bath & West Finance has rebranded as Black & White Bridging and appointed Damien Druce as commercial director ahead of a national expansion. The firm said it had undertaken the rebrand from its regional basis to create a national identity for intermediaries as it plans to expand coverage across the country.
Keystone completes record £40m lending in March and opens latest funding line
Keystone Property Finance completed £40m of new lending in March, the firm’s highest monthly total to date. The busy start to the year means the forward funding portion of Keystone’s first securitisation, which was completed in January worth £400m, has now been fulfilled. In a statement to the stock exchange, funding partner UK Mortgages Limited (UKML) revealed this loan pool performance had been “extremely strong” despite the pandemic, with no loans currently in arrears.
Skipton BS expands 95 per cent LTV range and cuts rates
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Interview: Roma’s Scott Marshall on inflation, AVMs and liquidity for lenders
“Inflation is the biggest risk and it’s the one we have most conversations about,” says Scott Marshall, managing director of specialist lender Roma Finance. Marshall (pictured) raises the point while discussing the wider UK economy and prospects for the year ahead, noting that in general the housing market is in a pretty good position at present.
Overseas buyer stamp duty surcharge begins today
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Hope Capital launches in Scotland
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House prices dipped before stamp duty holiday extension – Nationwide - Mortgage Solutions
House prices dipped by 0.2 per cent in March after seasonal adjustments following a rise of 0.7 per cent in February, according to Nationwide Building Society’s house price index. However, the lender’s data shows the typical property was still worth 5.7 per cent more than the same point last year at £232,134.
SMG completes takeover of Y3S Bridging and Commercial
Specialist Mortgage Group (SMG) has completed the purchase of Y3S Bridging and Commercial to bring the full range of Y3S advice firms under one business. Cardiff-based SMG, previously known as Y3S Group, also includes fellow packager businesses Y3S Loans, Y3S Private Clients, B2B Financial, and Chaseblue Loans. The firm completed the purchases of the full share capital in Y3S Bridging and Commercial from the founding directors Nathan Raffour and Andrew Gage.
Bridging lenders prepared for more competition as positivity increases
Bridging lenders are significantly more confident about the state of the market and their businesses than last year. Along with these expectations for a buoyant year, bridging lenders believe the market is more likely to see competition increase in the next six months. And perhaps unsurprisingly given the current housing market, they are more confident in the sector than the UK economy as a whole.
MQube mortgages go live on MAB with firms working on AI-enabled fact find – exclusive - Mortgage Solutions
MQube’s buy-to-let mortgage offering MPowered Mortgages has gone live with Mortgage Advice Bureau (MAB) and is due to continue rolling out across the broker market over the next two months. The firms are also working on an artificial intelligence (AI) system to connect the lending process right from the initial broker fact find. MQube launched its lending brand alongside the MPowered lender hosting platform earlier this month and is now rolling out product availability to advisers.
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