Discover Mortgage Strategy’s latest top 10 stories this week.
Highlights include Trio’s return to Habito to lead the specialist team and Pivotal Growth’s acquisition of John Charcol. Learn more here:
Trio return to Habito to lead specialist team
Three former Habito employees have returned to lead a new specialist team. Lizzie Markham, Teddy Cenaj, and Jamie Gardner, who previously worked at the digital broker between 2021 and 2022, rejoin as specialist mortgage experts. Markham returns from Mojo as a mortgage consultant, Cenaj joins from Rest Less UK as head of mortgage advice, and Gardner comes from Mortgage Simple as a broker.
Pivotal Growth snaps up John Charcol
Pivotal Growth has acquired well-established mortgage broker John Charcol for an undisclosed fee. John Charcol, founded in 1974, comprises 150 mortgage and protection advisers and operates offices in Southampton and London. Pivotal Growth, a property investment firm, is a joint venture between listed business LSL Property Services and asset manager Pollen Street. This acquisition is Pivotal Growth’s eleventh since its formation in 2021.
One to One – Iain Kirkpatrick, CEO, Market Harborough Building Society
Iain Kirkpatrick, CEO of Market Harborough Building Society (MHBS), highlights the unique focus of building societies on customer care. He emphasises MHBS’s commitment to swift responses and broker support, achieving 20% mortgage-book growth despite challenges. Kirkpatrick also discusses MHBS’s Thrive Agenda, investing in social housing. Looking ahead, MHBS aims to enhance broker support and maintain service excellence in their new head office.
Annual UK house price growth rises in March: Nationwide
In March, the annual rate of house price growth increased to 1.6%, up from 1.2% in February, as reported by the latest Nationwide House Price Index. Northern Ireland saw the strongest performance, with prices rising by 4.6%, while the South West experienced the weakest performance, with prices decreasing by 1.7% over the year. Additionally, UK house prices fell by 0.2% on a monthly basis between March and February.
Broker searches tumble 12% in March: Twenty7tec
Broker mortgage searches declined by 12% in March compared to the previous month, influenced by the Bank of England’s decision to maintain interest rates and the Bank Holiday weekend, according to data from Twenty7tec. Purchase mortgage enquiries decreased by 8.1% in March compared to the previous month and by 4.98% compared to the same period last year. Remortgage searches also saw a decline of 15.61% compared to the previous month but increased by 3.75% compared to a year ago.
Rising defaults on specialist mortgages to cost £760m
New research suggests that mortgage defaults are anticipated to surge in the coming year, potentially resulting in losses of up to £760 million for specialist lenders. Analysis of financial statements from 10 major UK specialist lenders reveals a projected 22% increase in expected credit losses. This figure, amounting to £760 million, marks a rise from the £625 million losses reported in the previous year.
Exclusive: DNA Financial Solutions appoints CEO
Mortgage brokerage DNA Financial Solutions has named Hugh Spillane as its new Chief Executive. Spillane, who previously served as Commercial Director, joined the company in 2021. This marks the first instance of DNA Financial Solutions establishing a CEO position. The brokerage firm was established in 2018 by Adam McGhee and Drew Turner.
BTL lending plunges and arrears jump in Q4: UK Finance
According to data from UK Finance, buy-to-let lending for purchases plunged by 56% to £1.8 billion in the final quarter of 2023 compared to the same period the previous year. This represents the lowest level of buy-to-let activity in a decade, excluding the months during the pandemic when the housing market was shut down. Additionally, remortgages saw a 55% decrease year on year to £4.3 billion in Q4 2023.
Halifax cuts resi rates by up to 11bps, MHBS by 20bps
Halifax has lowered residential rates by up to 11 basis points, and Market Harborough Building Society has also reduced home and landlord prices by as much as 20bps. Halifax’s cuts include reductions of up to 9bps across various homebuyer products and up to 11bps on remortgage products, including affordable housing options.
Harpenden BS announces lending policy changes
Harpenden Building Society has introduced several improvements to its specialist mortgages. These include offering six-month mortgage offers for all variable rate products. Additionally, the requirement for bank statements has been reduced from three months to one month. Furthermore, the age limit for earned income, previously set at age 75, has been eliminated in cases where continued income generation is plausible, such as for passive owners or directors.
