Exclusive: Tucker becomes sole owner of The Mortgage Mum as Lewis steps back

Sarah Tucker, alongside co-founder Jamie Lewis, established The Mortgage Mum brokerage in 2018, operating as joint directors until the recent transition. With Lewis deciding to shift his focus to his role as managing director at Affinity Mortgages, Tucker has taken over as the chief executive and sole proprietor of The Mortgage Mum. This transition marks a strategic evolution in the business’s leadership structure, aligning with Tucker’s vision for its future growth and development.

Purplebricks launches branded mortgage advice service

Strike Financial Services is set to undergo a rebranding as Purplebricks Mortgages, following its parent company’s acquisition of the online estate agency for £1 last year. This strategic move aims to align the mortgage operation with the Purplebricks brand, consolidating its identity within the larger company framework. With this transition, over 150 employees will shift to working under the Purplebricks Mortgage name. This integration underscores the business’s commitment to providing customers with comprehensive house buying solutions, facilitated by its in-house team of advisers. Through this unified approach, customers can access mortgage deals seamlessly via the Purplebricks platform, enhancing their overall home buying experience.

Halifax price caps a bid to ‘dictate’ broker fees: Ami

Halifax’s decision to implement price fee caps has drawn criticism from the Association of Mortgage Intermediaries, which perceives it as an attempt to assert control over supplier payment terms. The association suggests that setting a cap represents a shift towards price-setting, potentially limiting consumer options. Halifax, a subsidiary of Lloyds Banking Group, recently announced that it would impose fees on brokers selling its products, fixed at 1% of the loan amount or £1,500, effective from June 1st.

ASTL joins industry calls to block FCA’s ‘name and shame’ plan

The Association of Short Term Lenders is among several industry bodies opposing the Financial Conduct Authority’s proposal to publicly identify firms under investigation. They have expressed their concerns to Chancellor Jeremy Hunt, joining a chorus of dissent against the regulator’s plan to disclose firms at the onset of investigations. The FCA outlined these controversial proposals in its consultation paper titled “Our Enforcement Guide and Publicising Enforcement Investigations – A New Approach” in February. As part of the plan, the FCA intends to give firms a 24-hour notice before making their investigations public, citing reasons of public interest.

Harpenden Building Society appoints Pearce as CEO

Harpenden Building Society has named Tracie Pearce as its new chief executive. Pearce comes from Santander, where she served as chief customer officer, homes, for nearly three years. She takes over from Richard Doe, who led the mutual for four years. Before her tenure at Santander, Pearce spent nearly six-and-a-half years at HSBC UK, initially as head of mortgages and later as the director of retail banking.

Santander lifts rates for second time in a week

Santander for Intermediaries raised rates on selected residential fixed-rate home loans and all landlord new business offers by up to 26 basis points starting on May 3. This adjustment marked the second rate hike by the bank within a week. The changes affected selected residential fixed-rate products, which experienced increases of 2 to 26 basis points for both purchases and remortgages, along with all buy-to-let fixed-rate products, which saw rises ranging from 5 to 22 basis points.

ERC offers guidance to advisers ahead of Consumer Duty changes

The Equity Release Council has cautioned advisers about the necessity of reviewing older lifetime mortgage cases, as these will soon be subject to the new Consumer Duty rules. Starting July 31, the Financial Conduct Authority’s Consumer Duty rules will encompass previously sold products and ‘closed’ books of business, in addition to new sales. In response, the ERC is releasing guidance for advisers to assist them with the second phase of this regulation, which it anticipates could impose significantly greater demands on firms.

HSBC makes changes to lending into retirement policy

HSBC has updated its lending into retirement criteria. The bank’s revised policy applies to applicants who are more than 10 years away from reaching age 70 or their anticipated retirement age, whichever comes first. Under the new rules, confirmation of pension provision is now mandatory for these customers.

BTL homes in South of England fall to record low: Paragon

Last year, the percentage of buy-to-let properties acquired in Southern England, in comparison to the rest of the UK, dropped to a historic low of 35%. This trend has persisted since the introduction of stamp duty surcharges for additional properties eight years ago. Paragon Bank reports that slightly more than one-third of properties bought with a landlord mortgage in 2023 were located in the South East, Greater London, and the South West.

Foxtons reveals London hotspots for buyers in 2024

According to the most recent market analysis by estate agent Foxtons, buyer enquiries in the London market have surged significantly this year, with an average increase of 41% per month. Dulwich stands out as the area experiencing the most remarkable surge, with a staggering 153% increase in monthly enquiries compared to last year. Hampstead follows closely with a 104% rise, and Ilford also boasts a notable increase of 101%.