Open Finance Could Transform Affordability
The FCA is exploring how open finance could reshape the mortgage journey, including whether verified rent-payment histories could contribute to affordability assessments. This development is particularly relevant to first-time buyers, whose affordability is reported to be at its most squeezed point since 2008, despite some lenders expanding borrowing criteria, including higher income multiples for eligible […]
AI Use Creates Consumer Duty Challenge
FCA research finds that 56% of surveyed younger investors trust AI tools, while four in five less-experienced investors have used AI for investment help. Crucially, 44% mistakenly believe AI-generated financial information is regulated, 38% think it is acceptable to act solely on an AI output, and 32% believe they would have Financial Ombudsman Service or […]
Fast-Track 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 in as little as five days. Gatehouse Bank has also introduced fee-free refinance products, reinforcing the competitive focus on retaining and switching borrowers as refinancing volumes and rate sensitivity remain elevated. […]
Swap Rates Push Mortgage Pricing Higher
UK fixed-rate mortgage pricing is under renewed pressure as swap rates rise. Moneyfacts reported the average two-year fixed rate edging up to 5.60% and the average five-year fix to 5.64%, while HSBC UK, Molo, Virgin Money and others have announced or signalled repricing across residential and buy-to-let ranges. The Bank of England held Bank Rate […]