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West One has consolidated its residential mortgages, landlord and second charge units under Marie Grundy, who has been appointed managing director, mortgages. The business says, Grundy, who joined the firm in 2017, “has been instrumental to the successful delivery and growth of the firm’s second charge and residential propositions, and now takes charge of buy-to-let as well”. Phill Tyson will take up the role of head of mortgage operations, overseeing the underwriting for the new division. The lender adds that its head of intermediary sales & distribution, Paul Huxter, and his sales team will lead the sales of BTL in addition to residential mortgages, focusing on club and network partners. Its packaging partners will receive dedicated support from the firm’s BTL mortgages specialist distribution team, led by Pauline Rylands. The business will offer dedicated sales support for its short-term lending unit, including bridging and development finance, led by Guy Murray and Tom Cantor. Andrew Ferguson had previously been managing director of BTL at West One. Grundy says: “The consolidation of the products under the new mortgage division will mean a more joined-up approach to distribution, and ultimately better service for brokers. “With all the mortgage products now under one roof, I look forward to working with our broker partners to develop deeper connections and provide seamless access to the full range of products we can offer.” Enra Specialist Finance owns the West One and Arla Finance brands. Enra Specialist Finance chief executive Danny Waters adds: “By consolidating our Mortgage products into one division, we put ourselves in the best possible position to be easy to deal with and to provide a joined-up, efficient service. “Marie has been with us for eight years, and in that time has been a tremendous ambassador for the firm and has delivered continued success. “I can think of no one better qualified to spearhead this next phase of our growth.” The post West One consolidates mortgage unit under Grundy appeared first on Mortgage Strategy.

Homes England started and completed more properties and unlocked more land for home development this year compared to the previous 12 months. The agency, which works with local and national organisations to boost housing, revealed its provisional 2024/2025 figures, which are set by the government. It says last year it: Backed the completion of more than 36,000 homes, up 14% from 2023/24 Was behind the start of construction for an additional 38,000 homes, up 6% on 2023/24 Unlocked land that is capable of delivering 79,000 further homes, up 32% on 2023/24 The projects the agency has recently agreed, include a land purchase for 4,200 homes in April that creates the agency’s largest development site in the North of England. The body has bought 34 hectares for its South East Warrington Urban Extension, for an undisclosed sum, which brings the amount of land it owns in the area to around 250 hectares. Homes England was also behind a £96.7m deal in March to develop a five-acre residential site near Leeds city centre. The Kirkstall Road site will house 618 one-, two- and three-bedroom apartments set across five buildings in landscaped grounds, including a new public space next to the River Aire. Housing minister Matthew Pennycook (picture) says: “Homes England is playing a crucial role in supporting the government’s plan for change to build 1.5 million new homes and deliver the biggest increase in social and affordable housebuilding in a generation. “Last year, I set out ambitious priorities for Homes England, and I am pleased that the Agency has exceeded key housebuilding targets to ramp up the delivery of new homes and place-based regeneration.” In November, Home England chair Peter Freeman and chief executive Peter Denton resigned after Pennycook wrote to the body setting out new annual targets. New Homes England chair Pat Ritchie says: “As the newly appointed chair of Homes England, I’m proud to see the hard work of the agency reflected in our 2024/25 performance figures. “Looking forward, the transformation of the Agency into a more regionally-based model will mean we’re well-placed to support the government’s mission to build 1.5 million homes this parliament.” In January, Eamonn Boylan was appointed as the new chief executive of Homes England. The post Homes England boosts housebuilding projects appeared first on Mortgage Strategy.

As we settle into the new financial year, we should brace ourselves for a period of stability within the new-build market, rather than a considerable surge in activity. With fewer units anticipated, yet competition among developers hotter than ever, focus must shift towards how brokers can maximise opportunities with prospective customers. Typically, mortgage brokers convert one in every four new-build leads to reservation — but what then happens to the other three? By putting these customers to one side, we’re missing out on additional lead-generation opportunities, and it’s this pipeline that we need to make the most of. Nurturing prospective customers is vital By digging a little deeper into these customers’ initial enquiries, we can uncover their specific challenges and aspirations, providing them with tailored solutions that can help turn their homeownership dreams into a reality. Reasons for optimism The need to get more buyers into the new-build market comes against a backdrop of concerning figures, with 2024 marking the lowest level of new-home approvals in a decade, according to the latest Housing Pipeline Report from the Home Builders Federation, based on data from Glenigan. Furthermore, 17,000 affordable homes remain stalled due to existing Section 106 agreements, further impacting the pace of new construction, the Home Builders Federation found. It’s up to us to influence developers and lenders to innovate With several lenders now enabling customers to borrow beyond the standard 4.5 times income, all eyes continue to be on the high-LTV landscape, and we’ll wait with bated breath to see what comes from the Financial Conduct Authority’s review this summer. Despite these figures, there’s a sense of optimism fuelled by increased lender collaboration. We’re finally witnessing a genuine shift as lenders offer more innovative products (such as low-deposit solutions) and more flexible criteria, taking additional income streams into consideration and overlooking minor credit issues for straightforward cases. Crucial demographic The current generation of prospective first-time buyers remains a crucial demographic for us to tap into, with more renters than ever expressing a desire to buy. In fact, research suggests that a third (33%) of first-time buyers think now is a good time to purchase a property, almost double the number a year ago. By remaining proactive, we can turn more prospective customers into leads However, around two-thirds of aspiring buyers consider the biggest barriers to homeownership to be the affordability of monthly mortgage repayments and building a deposit, Building Societies Association analysis found. That’s where the value of a new-build broker comes into its own, debunking the myths around homeownership to empower more buyers onto the property ladder. Many hats A new-build broker wears many hats, acting as a go-between for the customer and the developer. We position ourselves as problem solvers, identifying the right financial pathways to secure the right deal for our customers’ circumstances, and we navigate the financial complexities that facilitate the purchase. Incentives are key to this, and it’s up to us to influence developers and lenders to innovate, giving our customers more choice than ever. Despite the figures, there’s a sense of optimism fuelled by increased lender collaboration With this in mind, we should encourage more developers and lenders to engage with the latest market innovation that supports aspiring first-time buyers, as recent product launches specifically geared to their needs and pain points have seen considerable uptake. This must be the year of buyer education, ensuring everyone is aware of the evolving range of solutions and the often-significant criteria changes that can be the key to transitioning from renting to homeownership. Nurturing prospective customers is absolutely vital to achieving this, alongside the understanding that every single customer you come across has the same end goal — albeit on different timelines. Focus must shift towards how brokers can maximise opportunities with prospective customers It’s essential to foster a continuous relationship with prospective customers who aren’t ready to move forward in their homebuying journey. Ongoing communication will help shift their mindset to realise that they can become homeowners sooner than they may think. By remaining proactive and continuously offering them relevant solutions that align with their specific needs, we can turn more prospective customers into leads, and get more people into the new-build market. Felicity Barnett is lender operations manager at Mortgage Advice Bureau This article featured in the May 2025 edition of Mortgage Strategy. If you would like to subscribe to the monthly print or digital magazine, please click here. The post Housing Watch: The year of buyer education appeared first on Mortgage Strategy.

Law firm and property finance expert Ward Hadaway has joined the Bridging & Development Lenders Association (BDLA) as an associate member. Ward Hadaway has offices in Leeds, Manchester, and Newcastle and provides legal services to bridging and development lenders, offering support across a range of transactions from acquisition funding, development finance, loan management, exit planning, recovery and enforcement. The BDLA currently has nearly 100 lender and associate members, with lender members collectively supporting a loan book exceeding £10.3bn. Commenting on Ward Hadaway’s membership BDLA chief executive Vic Jannels said: “It’s a pleasure to welcome Ward Hadaway as the latest associate member of the BDLA. It’s a well-established firm in property finance, with an understanding of the bridging sector’s unique requirements, and will be a strong addition to our growing network of professional partners. He added: “As our membership grows, so too does our influence in championing the interests of short-term property lenders and the professionals who support them.” The post Ward Hadaway joins BDLA as associate member appeared first on Mortgage Strategy.

HSBC has cut rates on its residential, buy-to-let (BTL) and international mortgage ranges. The lender says it now has the most rates under 4% since 2022. The two year fixed rate at 60% loan-to-value (LTV) has been lowered to 3.84% for remortgages and for premier customers the 60% LTV with a fee of £999 is 3.81%. The bank’s lowest purchase rate is 3.83% for premier customers and 3.86% for non-premier customers. This is on a two-year at 60% LTV with a fee of £999 and has been lowered by 0.05%. For premier customers the lowest remortgage rate is 3.81% and for non-premier customers is 3.84%. This is based on a two-year at 60% LTV with a fee of £999. The lowest switcher rate sits at 3.74% for two- and five-year rates at 60% LTV with a fee of £999 for premier customers. The equivalent for non-premier customers is 3.79%. In addition, BTL rates have been reduced by up to 0.25% and international mortgages have been cut by up to 0.09%. The lowest BTL rate is at 3.74%, based on a two-year at 60% LTV with a fee of £3,999 fee or 3.99%, based on a two-year at 60% LTV with a fee of £1,999. Meanwhile, the lowest international mortgage for premier customers is 4.23%, based on a two-year at 60% LTV and a fee of £999, while the equivalent mortgage for non-premier customers is 4.26%. Earlier this month, HSBC announced rate cuts of up to 0.25% on specific mortgages.  The post HSBC trims prices on resi, BTL and international mortgage rates appeared first on Mortgage Strategy.

Halifax has announced changes to its product range with effect from 20 May. The changes include, for remortgage products with £1,999 product fee, the rate will increase by 0.18% on two-year fixed rate 0-60% loan to value product; and a rate increase of 0.06% on two year fixed rate 0-75% loan to value product; and also a rate increase of 0.15% on five-year fixed rate 0–60% and 0–75% loan to value products To secure existing product codes, applications must be submitted in full by 8pm on 19 May. Earlier this month the Halifax HPI pointed to a stronger market. The post Halifax changes rates on remo products appeared first on Mortgage Strategy.

Guest night stays in short-term lets booked through online platforms such as Airbnb topped 90 million last year, data from the Office for National Statistics shows.   The government numbers office says rentals, for apartments or rooms, booked through sites such as Airbnb, Booking.com and Expedia Group, hit 90.1 million in 2024.  Across the UK, England hosted 70.3 million stays, or 78% of the total, Scotland hosted 11.4 million stays, 12.7%, Wales hosted 6.3 million stays, 6.9% and Northern Ireland played home to 2.2 million stays, 2.4%.  By local authority, Westminster totalled the highest number of guest nights with 3.9 million nights, followed by Cornwall with 3.4 million nights, Edinburgh with 3 million nights and the Highlands with 2.6 million nights.  The average number of nights stayed in Westminster and Cornwall was four days, compared to 3.1 days in Edinburgh and 2.9 days in the Highlands.  The numbers office points out: “Guest nights were not evenly distributed within areas.   “For instance, Hammersmith and Fulham had 899,610 guest nights in short-term lets in 2024, compared with 154,690 in neighbouring Richmond upon Thames.   “In Wales, which had 6,256,930 guest nights in 2024, 1,156,590 were in Gwynedd; next-door Ceredigion had 353,850.”  August was the most popular month for guest nights spent in the UK, notching up 12.8 million nights, 3.5 times higher than the lowest month, January with 3.7 million nights. The post Platform short-term stays top 90 million nights in 2024: ONS   appeared first on Mortgage Strategy.

Santander UK has confirmed mortgage rate reductions of up to 0.19%, introducing further sub-4% loans, to more than 60 products with effect from 20 May. The rate cuts apply to products across its home mover, first time buyer, remortgage and buy-to-let ranges. Rate examples include for home movers – 60% LTV two-year fixed rate, £999 fee, rate reduced by 0.09% to 3.80% and 90% LTV five-year fixed rate, £0 fee and £250 cashback, rate reduced by 0.13% to 4.49%. For first-time buyers –   60% LTV two-year fixed rate with a £0 fee, rate reduced by 0.05% to 4.13%; and 85% LTV two-year fixed rate with a £0 fee and £250 cashback, rate reduced by 0.11% to 4.47% – currently top of market1 For remortgage –  60% LTV two-year fixed rate with a £0 fee, rate reduced by 0.19% to 4.13%;  and 75% LTV five-year fixed rate with a £999 fee, rate reduced by 0.09% to 3.98% These cuts follow reduction announced earlier today by Virgin and TSB. The post Santander to offer more sub-4% loans among 60 rate cuts appeared first on Mortgage Strategy.

The UK Government will launch a consultation later this year in a major reform to property ownership, with a plan to ban new leasehold flats. This will mark one of the most significant changes in the property industry in decades. While commonhold ownership is far less established, with only 184 properties registered in England and Wales, compared with nearly 4.77 million leasehold homes in England alone, the market is set to take a new direction in how flats will be owned and managed. For buy to let (BTL) landlords, the shift to commonhold brings both challenges and opportunities, impacting everything from ownership rights to service charge structures, requiring landlords to reassess how they manage and invest in properties. As the market adapts, mortgage brokers will play a key role in helping landlords navigate the legal and financial implications to future-proof their property portfolios. The end of leasehold As part of the Leasehold and Commonhold Reform Bill, the government is planning to launch a consultation to ban new leasehold flats and explore an appropriate way forward. This move aims to address longstanding criticisms of the leasehold system which has been viewed as outdated and unfair to homeowners. With commonhold ensuring permanent ownership, ground rent will be cut and homeowners will have greater control over service charges, eliminating many of the pitfalls associated with leasehold ownership​. The Ministry of Housing, Communities and Local Government plans to publish the draft Leasehold and Commonhold Reform Bill later this year. This is expected to include detailed proposals for converting existing leasehold properties and implementing the changes to the commonhold regime. This legislation should provide a fairer property ownership structure, but the transition still has the potential to cause short-term uncertainty. Under the current leasehold system, many properties are owned by a third-party landlord known as a ‘freeholder’, who owns the building, while the leaseholder buys the right to occupy a flat within it for a fixed term (typically 99, 125, or 999 years). Leaseholders are responsible for paying costs such as ground rent and service charges, which are often set by third-party management companies. As a result, they’ve had limited control and transparency over these charges leading to issues like rising ground rents and high service costs, but this is set to change under new rules. Leasehold vs commonhold – what this change means for BTL landlords Commonhold properties enable flat owners to collectively own and manage the entire building, with shared areas managed collectively through a commonhold association, allowing a more collaborative approach to property management. No ground rent is charged and while third-party management companies can still be used, commonholders will have more control over their appointment. With potentially fewer charges for landlords, there should be less pressure to pass rising costs onto tenants, meaning costs could be lower and more predictable. Building management will also be governed by a shared set of rules, overseen by a committee of property owners. Landlords can be part of that committee, but decisions are made collectively. This means more transparency and a more collaborative approach to managing the property. How can brokers support landlords with commonhold properties   As the property market moves towards commonhold ownership, brokers have a vital role to play in helping landlords understand and adapt to the new structure. By educating clients on how the future ban will affect their properties, brokers can help them to make informed decisions on property management while also building trust with clients. The government is expected to publish the draft Leasehold and Commonhold Reform Bill later this year, laying the foundation for broader implementation. Ahead of this, the government also plans to consult on banning the sale of new leasehold properties, though this will depend on the establishment of a viable and scalable commonhold model. Brokers who stay up to date with the changing mortgage policies around leasehold and commonhold properties will be best placed to help landlords identify suitable lending options, restructure portfolios, and explore investment opportunities in commonhold developments. Brokers can also support clients in reassessing their risk exposure and long-term investment strategies as the market adapts. With the government aiming to make commonhold the standard tenure by the end of this parliament, mortgage brokers have an opportunity to lead in this evolving market. By staying informed, brokers can offer essential guidance to landlords, helping them adapt with confidence and future-proof their property investments.  Jonathan Stinton is head of intermediary relationships at Coventry for intermediaries The post Leasehold to commonhold: How brokers can help landlords navigate the change appeared first on Mortgage Strategy.

The Renter’s Rights Bill has moved to the report stage in the House of Lords, with landlords concerned that the legislation does not address the capacity of the courts to handle the banning of no-fault evictions.   The wide-ranging reforms left the committee stage of the Lords yesterday after peers began debating the Bill on 22 April. Its measures include, limiting rent increases to once a year, moves to end bidding wars, scrapping fixed-term tenancies as well as banning Section 21 no-fault possessions.  However, the National Residential Landlords Association warned that the Government has “failed to acknowledge the true state of the court system and its lack of readiness to handle possession cases following the end of Section 21 ‘no-fault’ evictions”.  It called on Labour to set out “a credible plan for court reform as a matter of urgency”. The landlord’s association points to Ministry of Justice data this week that shows that the average time between a landlord submitting a claim and regaining legitimate possession of a property in the first three months of 2025 rose to 32.5 weeks, from 29.8 weeks a year ago.  Once no-fault evictions are scrapped courts will have greater powers to hear, decide, process and enforce possession claims.  The housing department has said that courts will have the resources they need to handle any additional workload.  But National Residential Landlords Association chief executive Ben Beadle says: “Ministers are either unaware of the true state of the courts or are refusing to admit it.   “Their claims that the courts will be ‘ready’ for the impact of the Renters’ Rights Bill simply do not stack up.  “Seven months is an eternity for responsible landlords who may be dealing with serious rent arrears and for neighbours having to endure anti-social behaviour.  “The government must stop burying its head in the sand and commit to a fully funded, detailed and deliverable plan to ensure the courts are fit for purpose.”  However, in the Lords yesterday, housing minister Baroness Taylor said: “To end the scourge of Section 21 evictions as quickly as possible, we will introduce the new tenancy for the private rented sector in one stage.   “On that date, the new tenancy system will apply to all private tenancies.   “Existing tenancies will convert to the new system, and any new tenancies signed on or after that date will be governed by the new rules.   “There will be no dither or delay, and the abolition of Section 21, fixed-term contracts, and other vital measures in the Bill will happen as quickly as possible.”  During the General Election last July, Labour pledged to end no-fault evictions “immediately”. The post Rent Bill moves to report stage amid landlord concerns over court capacity   appeared first on Mortgage Strategy.