Catch up on Mortgage Strategy’s most popular stories this week. Andrew Montlake, managing director of Coreco expresses his hope for Sunak to magic up something meaningful on housing and TSB Intermediary is withdrawing selected residential and product transfer. Read more below:
Market Watch: Will we see two white rabbits?
Andrew Montlake, managing director of Coreco, has said that it appears as though Chancellor of the Exchequer Rishi Sunak has played a blinder in recent Brexit negotiations with the European Union. Sunak’s efforts have been achieved carefully and diligently, without creating headlines or histrionics. Meanwhile, contradictory forces in the economy have led to confusion over the immediate path of interest rates. Although there is at least a mortgage market in place again after a difficult 2022, competition in the market is currently limited.
TSB Intermediary pulls resi loans, relaunches 24 hours later
TSB Intermediary is withdrawing selected residential and product transfer ranges at 1pm on 7 March, and will relaunch these products at a rate 20 basis points higher on 8 March.
Monthly cost of a new mortgage went up by 61% on annual basis: ONS
The monthly cost of a new mortgage rose by 61% in the year to December 2022 for the average semi-detached house in the UK, the latest data from the Office for National Statistics (ONS).
House prices up 2.1% for third month in a row: Halifax
House prices rose 2.1% on an annual basis for the third month in a row, according to Halifax. Measured monthly, house prices gained 1.1%, which is up on the 0.2% spotted in January and the 1.3% drop seen in December 2022.
Historical interest rates in the UK, 1979-2017: rise and fall
A timeline of key events and data relating to historical interest rates in the UK, 1979-2017.
FCA confirms lender guidance for supporting borrowers
The Financial Conduct Authority (FCA) has published its confirmed guidance to set out how mortgage lenders can help customers worried about or already struggling with their mortgage payments because of the rising cost of living.
Buy-to-let product choice at highest level since last summer
The number of buy-to-let (BTL) loans available on the market now stands at 2,400, says Moneyfacts.
Weekly rate watch: 2-year fixes static; 3- and 10-year fixes rise
Moneyfacts has revealed that the average rate for a two-year fix remained at 5.33% this week. The average 10-year fix gained six basis points from 4.97% to 5.03%.
John Charcol forms partnership with Propp
John Charcol has entered into a partnership with specialist property finance comparison site Propp.io to provide its commercial clients with advice and support on specialist finance.
Catalyst increases proc fees to 2.50% as part of Spring offer
Catalyst will offer all intermediaries an enhanced procuration fee of 2.50% on everyday first-charge bridging, development exit finance, auction finance and light refurbishment finance.
