Open Finance Could Reshape Affordability
The FCA is exploring how verified financial information and open finance could improve the mortgage journey, including whether rental-payment histories could play a greater role in affordability assessments. This is especially relevant as first-time-buyer affordability is reported to be at its most squeezed point since 2008, despite some lenders extending borrowing capacity. For advisers, consented […]
Faster Remortgages Meet the Advice Test
Barclays is set to launch a Fast-Track Remortgage service for eligible switchers, with reports suggesting an offer could be issued within 24 hours and completion achieved in as little as five days. Gatehouse has also introduced fee-free refinance products, adding to competitive pressure in a market where many borrowers face higher payments at maturity. Automation […]
AI Needs Consumer Duty Controls
Only around half of advisers use technology to support Consumer Duty compliance, according to industry research, while the FCA’s consumer research shows a growing tendency to trust AI. Among younger investors surveyed, 56% said they trust AI tools, yet 44% wrongly believed AI-generated financial information is regulated. Mortgage firms using generative AI should treat it […]
Mortgage Rates Rise as Swaps Climb
Mortgage pricing is coming under renewed pressure as swap rates rise. HSBC UK and Molo are preparing rate increases, while Virgin Money has also repriced selected residential products. Moneyfacts reported the average two-year fixed rate edging up to 5.60% and the average five-year fix to 5.64%; separate market reporting points to gilt-market volatility adding to […]
So you are a mortgage adviser, and you wonder whether and how you can use AI.
AI, AI, AI. Everyone keeps talking about it. Alright, great! AI! But is it usable without running afoul of the regulations? The AI tools of today did not exist when The Financial Services and Markets Act 2000 (FSMA) or the Consumer Duty were written. The FCA has made it clear in the 2026 Mills Review: […]