FCA to update thousands of directions to over 9,000 firms

The Financial Conduct Authority updated around 11,000 requirements, directions or limitations for over 9,000 firms after finding some data was outdated, superseded or contained errors. The regulator clarified these were obligations for firms to act or cease activities, such as restricting new customers or retaining assets. Minor amendments were made automatically, while substantive changes required direct contact. Firms needed no action unless contacted. The updates occurred over several months.

Almost half a million homeowners face monthly mortgage rate jump in 2025: CTM

Nearly 500,000 homeowners faced steep mortgage payment rises in 2025 as their five-year fixed-rate deals (averaging 2.11%) ended. Switching to lenders’ standard variable rates (7.13%) would cost an extra £510 monthly. Compare the Market found switching to new fixed-rate deals (4.33%-4.60%) could save up to £3,618 annually. Experts urged homeowners to shop around early, warning that delaying risked higher SVR costs amid market uncertainty.

FCA encourages lenders to ‘rebalance’ mortgage risk

The FCA urged lenders to reassess mortgage risk by considering savings and later-life home equity to improve access for creditworthy borrowers. Speaking at a UK Finance event, Emad Aladhal noted stretched affordability, with many repaying mortgages into retirement. Major banks had already adjusted lending rules after FCA stress test flexibility calls. The regulator promised a June review on risk appetite, innovation, and later-life lending, questioning if housing wealth could be better utilised while ensuring responsible lending.

New bricklayers and carpenters lead £3bn apprenticeship plan

The government allocated £3bn to fund 120,000 new apprenticeships, prioritising bricklayers, carpenters and healthcare workers to address skills shortages. The plan aimed to support Labour’s pledge to build 1.5 million homes, including £14m for local construction training and £100m for skills bootcamps. Education Secretary Bridget Phillipson urged young people to seize the opportunities. Funding was partly covered by a 32% rise in the Immigration Skills Charge to reduce reliance on foreign labour.

Gable Mortgages launches 0% deposit five-year deals

Gable Mortgages launched two 0% deposit five-year fixed-rate deals (5.65%-5.95%) for first-time and next-time buyers, targeting renters struggling to save. Loans ranged from £125,000 to £1m, with higher income multiples for key workers. This followed April Mortgages’ recent 100% LTV product. Experts noted such deals help creditworthy renters but warned of risks from negative equity. Increased lender competition may expand low-deposit options, supporting buyers amid high living costs.

Former Trussle digital mortgage broker snapped up by OneDome: Report

OneDome acquired digital mortgage broker Better.co.uk (formerly Trussle) from US-based Better Home & Finance for an undisclosed sum. Founded in 2015, Trussle had raised £30m before its 2021 discounted sale. OneDome CEO Babek Ismayil said the deal aligned with their all-in-one homebuying platform vision. The purchase follows OneDome’s recent acquisitions, including Coreco Group, expanding its annual mortgage lending to £3.5bn and workforce to 230.

Barclays increases rates on purchase and remortgage products

Barclays raised rates on selected purchase and remortgage products by 0.10%-0.15%, effective from 30 May. Key increases included its 95% LTV two-year fixed (now 5.05%) and five-year fixed (4.99%), alongside premier products at 60-85% LTV. However, it reduced its 85% LTV tracker rate to 4.98%. The changes followed Barclays’ earlier relaxation of affordability rules, allowing borrowers £30,000 more. Loan limits ranged from £25,000 to £2m depending on product.

Housebuilders face forced land sales if they fail to build homes

The government introduced measures forcing housebuilders to meet construction deadlines or face land seizures and fines. Developers now had to submit annual progress reports and commit to timelines before receiving planning permission. Those hoarding land risked ‘Delayed Homes Penalties’ or compulsory council purchases. The policy aimed to accelerate delivery of 1.5 million homes, with Deputy PM Angela Rayner criticising years of stalled developments. Large sites with 40% affordable housing were found to build twice as fast.

L&C Mortgages achieves B Corp certification

L&C Mortgages secured B Corp certification after scoring 87.4 in its first assessment, exceeding the 80-point threshold. The accreditation recognised the broker’s commitment to governance, workers, community, environment and customers. CEO Mark Harrington called it a “proud moment” reflecting their focus on people and planet. The achievement followed L&C’s recent adoption of One Mortgage System’s CRM platform, marking the start of its ongoing sustainability improvements.

Unexpected costs hitting FTBs hard: Smoove

Two-thirds of recent UK homebuyers faced unexpected costs during purchases, with first-time buyers (66%) hardest hit, Smoove’s research revealed. Renovations, legal fees and stamp duty were the most common surprise expenses, causing frustration for 27% of buyers. While conveyancing costs rose 17% to £1.9bn in 2024, these weren’t the main concern. Smoove called for better upfront education about hidden costs to reduce transaction stress and improve market fluidity.