Day: May 22, 2025

West Brom Building Society has made rate reductions across its three-year fixed mortgage range, with cuts of up to 0.23%. The society has lowered its 95% loan-to-value (LTV) three-year fix with no fee by 0.23% to 5.08% while the 95% LTV three-year fix with a £499 fee has been reduced by 0.22% to 4.98%. The 90% LTV three-year fix with a £999 fee has been cut by 0.22% to 4.67% and the 90% LTV three-year fix with no fee has gone down by 0.22% to 4.88%. The society has also extended end dates, which will now run until September. The changes apply to products targeted to support first-time buyers and movers with lower deposits. In addition, the society is launching a three-year fixed rate product at 95% LTV specifically for new build homes, priced at 5.12% with a £499 fee. West Brom Building Society head of product Gareth Madeley says: “We’re happy to be reducing rates on our 3-year fixed range to support more customers into ownership. Supporting borrowers with smaller deposits is a key priority for us, especially in today’s challenging market, where affordability remains a key concern.” Last month, the West Brom lowered rates on two-year shared ownership and new build mortgage products. The post West Brom BS cuts three-year fixes by up to 0.23% appeared first on Mortgage Strategy.

The London rental market continues to display signs of resilience, according to the latest Foxtons Lettings Market Report. Property supply has expanded, easing concerns over landlord attrition, while pressure in historically overheated regions is beginning to ease. There was a 5% increase in market supply of new instructions in April 2025, which drove the total increase in market supply of new instructions year to date at 9%. With regards to demand, April saw a 3% month-on-month reduction in applicant registrations, which goes against the trend usually seen at this time of year. Average rental prices have edged upwards, suggesting landlords are cautiously rebuilding yields in response to previous margin compression The average rent achieved in April 2025 increased by 3% to stand at £589 per week. Commenting on the latest figures Foxtons managing director of lettings Gareth Atkins said: “April’s market data presents a unique challenge: a 5% rise in new instructions alongside a 3% decline in applicant demand. While these shifts aren’t dramatic, they further highlight the contrast between today’s environment and the much busier summer market of two years ago.” Earlier this week ONS reported that private rents had risen by 7.4% on average in May to £1,335 a month, from a year ago. The post London rental market holding up: Foxtons appeared first on Mortgage Strategy.

Some 10,000 firms will find it easier to submit customer complaints data under new reporting proposals, the Financial Conduct Authority says.   The City watchdog plans to “consolidate five current returns into one,” which it adds will also” improve the quality of the data we receive, helping us identify potential harm to consumers faster”.  It adds that it intends to standardise the number of times it asks regulated firms to send data returns so that the timing of the body’s requests is more predictable.   This will help firms to plan more effectively, as well as helping the regulator process the information more consistently, it contends.  Simplify Consulting lead consultant Dom House says the move by the regulator “represents a step forward for complaints processes”. House points out: “Simplification of complaints reporting should help firms who are currently completing multiple returns to reduce the burden of collation and submission, and should reduce the risk of mis-reporting. “In addition, and perhaps the biggest improvement in how complaints are viewed across the industry is that this will enable complaints data to be processed more efficiently by the FCA. “As data becomes more important across the industry, and at the FCA itself, improvements to the quality and availability of the data should enable firms to make better and smarter comparisons with where they sit within the market and against their peers.  “With the evolution of Consumer Duty more and more firms will be looking at this data to identify where their areas of focus should be.” FCA executive director for supervision, policy, competition and international Sarah Pritchard adds: “Streamlining the complaints data reporting process will ease unnecessary burdens on firms and strengthen our commitment to smarter, more effective regulation.   “These proposals will also help us collect better quality data on complaints received by firms which will help us spot and respond more quickly to harm as it arises.”  The FCA will accept feedback on the proposals in its consultation paper, CP25/13: Improving the complaints reporting process, until 24 July.  The watchdog has made several changes and launched a series of consultations since, Prime Minister Keir Starmer and Chancellor Rachel Reeves wrote to a range of regulators last November, asking them to loosen rules that will allow economic growth, particularly within the UK’s financial sector. The post FCA plans to ease customer complaints reporting for 10,000 firms    appeared first on Mortgage Strategy.

Inheritance tax receipts hit £0.8bn in April, up £97m on the same period a year ago, HMRC data shows.   The tax body says rises in the tax since March 2022 are due to a combination of more wealth transfers following “recent liable deaths”, rising property prices, and freezes on tax-free thresholds.  Inheritance tax is set to hit a record £9.1bn in 2025/26, according to the last Office for Budget Responsibility forecast made at the Spring Statement, with this figure set to rise to more than £14bn by the end of the decade.  Inheritance tax is not liable on estates worth less than £325,000, but after this, the standard rate above this threshold is 40%, although there are exemptions and reliefs for businesses and gifting.  Just Group director Stephen Lowe says: “The Treasury has enjoyed four years on the trot of record inheritance tax receipts and this April’s figures show a rapid start to 2025/26 with the tax raising over three-quarters of a billion pounds this month alone.”  Quilter tax and financial planning expert Shaun Moore adds: “Inheritance tax receipts for April stood at £0.8bn, which is £97m higher than last year, continuing the steady upward trend seen over recent years.   “With property prices remaining high and nil-rate bands still frozen until 2030, more families are being caught by inheritance tax, many without realising until it’s too late. “Upcoming changes to business and agricultural relief from 2026, and the inclusion of unused pensions in estates from 2027, mean this trend is unlikely to reverse any time soon.   “For those who are worried about inheritance tax, gifting remains the best defence against it, but this should be weighed against your own needs.” The post IHT levies hit £0.8bn in April: HMRC   appeared first on Mortgage Strategy.

House buyers paid £1.3bn in Stamp Duty in April, a £102m decrease from March, according to the latest HMRC data. April was the first month since the nil-rate thresholds dropped from £250,000 to £125,000. However, April was still the second highest month for stamp duty receipts this year, with buyers paying £848m and £1.1bn in January and February respectively. With the nil-rate threshold now halved, individual tax bills have climbed – with the bill on average priced home rising from £2,282 to £4,782. The current thresholds are equivalent to those introduced in 2014, when the average home in England cost £191,986. House prices have risen by more than 50% since then, but thresholds have stayed frozen – meaning far more buyers are going to be dragged into higher tax bands. In total, so far this year homebuyers have paid £4.6bn in property tax. Commenting on the latest figures, Coventry Building Society  head of intermediary relationships Jonathan Stinton said: “March saw a rush of buyers racing to complete before the threshold changes, yet in April buyers still paid a staggering amount in property tax. “Some of this could be from a lag of payments, but it also shows how much buyers are being squeezed, which brings a worry of long-term strain on the market.” He added: “When you’re juggling deposits, legal fees and moving costs, adding thousands of pounds in tax can push a move out of reach. It risks freezing people out of the market altogether – especially in higher priced areas where even modest homes now carry a hefty tax bill. “For many, moving isn’t just about a new address – it’s tied to bigger life steps like starting a family, downsizing in retirement or getting closer to schools and support networks. When those plans get delayed, it doesn’t just affect individuals – it risks the whole market slowing down.” The post April stamp duty receipts down on previous month: HMRC appeared first on Mortgage Strategy.