Day: May 14, 2025

Movera has appointed Glen Walker as its director of professional standards. Walker brings over two decades of experience in client-facing and risk-focused roles, having worked across both large financial institutions and specialist firms. In his first 100 days, Walker has introduced a new risk management framework, implemented a risk management platform, and begun a full reshaping of the professional standards function to support Movera’s growth plans. As part of his long-term vision, he is now expanding the professional standards team. The company has started recruiting for a number of new roles, including within Movera’s financial crime, advisory, client care and technical support functions. Movera group chief operating officer Craig Underwood says: “Glen’s appointment is a significant step forward for us. He brings not only deep technical knowledge but a leadership style that’s grounded, people-focused and future-ready.” “The work he’s doing to build out the team and bring professional standards to life across the business will support our long-term growth and create exciting development opportunities for talent across Movera.” The post Movera appoints Walker as director of professional standards appeared first on Mortgage Strategy.

Mortgage finance is at its most affordable level since the end of last year, new data from Stonebridge reveals. The national mortgage and protection network’s latest bi-monthly Mortgage Affordability Index reveals that mortgage repayments accounted for 36.9% of the average borrower’s salary in March – down from 37% in January and February. It means that mortgage finance is at its most affordable since December last year when mortgage repayments accounted for 36.5% of the average borrower’s salary. The long-running average is 35.9%. The improvement in affordability in March was down to a small uptick in wages and a marginal reduction in mortgage rates. Stonebridge’s data shows the average consumer borrowed £194,372 for their mortgage in March – the highest amount since October last year and up 0.8% on the previous month. Average wages were up 0.5% on the previous month in March, according to the Office for National Statistics, while the average mortgage rate fell from 4.53% to 4.5% – the level it was at last November, according to Bank of England (BoE) figures. Commenting on the figures Stonebridge chief executive Rob Clifford said: “Mortgage affordability improved slightly in March, but after a turbulent three years, even such modest progress matters. Our affordability index shows that stability is returning to the market, and with it, an appropriate sense of confidence. That shift in sentiment is just as important as the headline numbers.” “The good news is that the outlook for borrowers looks increasingly positive. The Bank of England’s recent rate cut — and that further cuts are very likely — has given lenders the confidence to reduce pricing even further. He concluded: “We’re still some way from a fully-fledged recovery in market activity, but momentum is clearly building. For brokers, any positive pricing and market news is always an opportunity to engage with existing customers and continue to strengthen that relationship – and deliver even better consumer outcomes.” The post Mortgage finance at most affordable since 2024: Stonebridge appeared first on Mortgage Strategy.

Vida almost doubled home loan originations to £369m over the last year as it took advantage of the shift in funding its move to becoming a bank gave the business.  It said originations jumped 94% in the 12 months to the end of December compared to a year ago, in a period that saw the lender gain bank status in November.     “While pursuing banking licence approval, we were very careful to maintain a clear focus on supporting our mortgage customers and intermediary partners, preparing the ground for the growth plans we have as a bank,” it said in its annual report. “We were able to begin to grow mortgage origination volumes across the year, in anticipation of the shift to retail funding.  “Mortgage applications in the year increased by 67% to £1.2bn, allowing us to finish the year with a strong pipeline of new business.” Its mortgage book lifted to £1.9bn from £1.7bn in the period. The business completed three successful securitisations raising £850m in the year and attracted £173m of retail deposits raised within the first month as a bank. The lender posted a pre-tax profit down 25% to £3.6m, as administrative expenses rose 11.7% to £36.2m as it moved to become a bank. Vida chief executive Anth Mooney said: “2024 was a milestone year for Vida, marking our transition from a wholesale funded mortgage lender to becoming a fully authorised specialist mortgage bank.  “Receiving our banking licence represents the culmination of many months of preparation, opening the door to a more diversified funding model with the launch of our retail deposit business.” Mooney added: “With our banking licence secured, we have entered 2025 with momentum and confidence.  “The year ahead will be all about leveraging our retail funding base to expand our mortgage product offerings, driving growth in our mortgage originations, and continuing to enhance customer and colleague experiences.” The post Vida sees new home loans almost double to £369m  appeared first on Mortgage Strategy.

Hanley Economic Building Society has expanded its residential mortgage range with the launch of a five-year fixed rate 100% loan-to-value (LTV) rent to own mortgage. The new mortgages are specifically available for properties within local ST postcodes. ST refers to Stoke-on-Trent and its surrounding areas, encompassing 21 postcode districts within six post towns. Eligible applicants must also have a household income of over £25,000pa. The rent to own mortgage offers a five-year fixed rate of 5.79%, and is available up to 100% LTV for eligible applicants meeting the society’s rent to own criteria. Loans can be offered up to 133% of current rental payments with proof required of full rental payments over a 12-month period. There are no application or arrangement fees though a valuation fee is applicable, subject to the property’s value. The product comes with an early repayment charge of 3% during the fixed rate period, but borrowers can make overpayments of up to 10% per year without penalties. The product comes with a maximum loan size of £350,000 and a minimum loan size of £30,000. Hanley Economic Building Society head of products and marketing David Lownds says: “This new 100% Rent to Own mortgage is designed to make homeownership a reality for those who may have struggled to save for a deposit.” “By eliminating the need for an upfront deposit, we are offering a practical solution for individuals, couples and families across the ST postcode region who are ready to take their first step onto the property ladder.” The post Hanley Economic launches 100% local rent to own mortgage appeared first on Mortgage Strategy.

Specialist distributor Crystal SF has strengthened its leadership team with the appointment of Gareth Shilton as group strategy director. Shilton has over 30 years of experience in financial services, having held senior roles at firms including Ocean Finance, where he was most recently CEO. He has worked closely with Crystal in a consultancy capacity since 2019. In his role as group strategy director, Shilton will focus on identifying opportunities for business development and operational efficiencies. Commenting on his appointment Shilton (pictured) said: “I’m thrilled to be joining at such a pivotal time in Crystal’s evolution. While the economic landscape presents its challenges, I see immense opportunity for the business to achieve greater efficiency and expansion. “The leadership team is focused on delivering strong commercial results, and I look forward to playing my part supporting the business, ensuring that every step taken aligns with Crystal’s long-term vision and potential. It’s an exciting challenge, and I can’t wait to get started.” Commenting on Gareth’s appointment, CEO Jo Breedon said: “We are delighted to welcome Gareth to the team at such a crucial moment in our journey. His wealth of experience at Ocean Finance and his familiarity with Crystal bring invaluable strategic insight. “ The post Crystal SF appoints Shilton as strategy director appeared first on Mortgage Strategy.