Fast Remortgages Raise Automation Stakes
Barclays is launching a Fast-Track Remortgage service for eligible customers, with reports suggesting an offer could be issued within 24 hours and completion achieved within five days. Separately, Gatehouse has introduced fee-free refinance products, while a substantial 2026 refinancing cohort faces potentially higher payments as existing deals mature. Faster processing can reduce friction for straightforward […]
Consumer Duty Needs Better Technology Controls
Only around half of advisers use technology to support Consumer Duty compliance, according to sector research, as the FCA continues its supervisory work. At the same time, the Renters’ Rights Act is reported to be increasing compliance and administration demands for letting agents, with 62.5% saying their teams now spend more time on these tasks. […]
Open Finance Could Transform Affordability
The FCA is exploring how open finance could reshape the mortgage journey. A policy sprint involving mortgage and open-finance specialists considered whether verified rental-payment histories and other financial data could help consumers evidence affordability more effectively. This could be particularly significant for renters and first-time buyers with strong payment records but limited conventional credit evidence. […]
AI Advice Risks Need Clear Guardrails
Consumers are increasingly turning to AI for financial information. FCA research found that 56% of 18- to 40-year-old investors trust AI tools, while 44% mistakenly believe AI-generated financial information is regulated. Around 38% believe it is acceptable to make an investment decision solely from AI output, and 32% incorrectly expect FSCS or Financial Ombudsman protection […]
Mortgage Rate Rises Test AI Monitoring
Mortgage pricing is again moving upwards. HSBC UK and Molo are due to increase rates from 7 September, while Virgin Money has raised selected residential rates. Moneyfacts says the average two-year fixed rate edged up to 5.60% and the average five-year fix to 5.64% as swap rates rose. Reports of gilt-market volatility and expectations of […]