Shared Ownership and Landlord Criteria Shift
The Chartered Institute of Housing has called for a comprehensive review of shared ownership in England, warning that the tenure should be sustainable over the long term rather than merely affordable at purchase. Its concerns include the risk of a two-tier system, making clear that advisers need to consider rent increases, service charges, staircasing costs, […]
First-Time Buyer Affordability Needs Better Advice
First-time buyer affordability remains under pressure, with UK Finance research reported as placing it at its most squeezed point since 2008. At the same time, lenders and developers are testing targeted routes into ownership: Coventry Building Society is offering enhanced borrowing for some first-time buyers, while Own New and Gable Mortgages have launched a no-deposit […]
AVMs Accelerate Specialist Property Lending
Allica Bank has expanded automated valuation model use in its residential bridging proposition, raising the maximum AVM loan-to-value from 70% to 75% and increasing the maximum AVM-backed loan size from £750,000 to £2 million. This signals growing lender confidence in automated property data for selected, time-sensitive cases. For brokers, AVMs can potentially reduce turnaround times […]
Mortgage Rates Rise as Bank Rate Holds
Virgin Money has increased selected purchase and remortgage rates by up to 0.30%, including two- and five-year fixed products. Two-year trackers are rising by 0.10% and 10-year fixes by 0.15%. The change comes despite Bank Rate being maintained at 3.75% in July, illustrating that mortgage pricing is driven by funding costs, swap markets, risk appetite […]
AI Mortgage Tools: Opportunity Meets Consumer Duty
AI is moving further into the UK advice process. Sesame Bankhall Group’s partnership with AI-focused mortgage and protection technology specialist JammJar is intended to accelerate development of its OneView adviser and principal platform, while the Mortgage Innovation & Technology Awards finalists underline the pace of technology investment across the sector. For advisers, the immediate opportunity […]