This week’s top headlines: Leaseholders to gain new powers from April and Metro Bank is up for sale.
Explore these and other major industry updates below:
Sidney Wager departs L&C Mortgages
Sidney Wager has left his role as managing director at L&C Mortgages, having joined the business in Spring last year.
He was responsible for delivering the firm’s strategic plan across advice, operations, marketing, partnerships and technology.
Before joining L&C, Wager spent nine years at Barclays, most recently as head of intermediary market development.
Barclays to cut residential mortgage rates by up to 40bps
Barclays is cutting selected residential mortgage rates by up to 40bps from 11 November, with the largest reductions affecting five-year fixed-rate purchase and remortgage deals, including higher-LTV products.
The lender is also reducing selected green and existing customer mortgage rates and introducing two new two-year fixed-rate remortgage products, although its 60% LTV Premier two-year tracker rate is increasing by 13bps.
Meanwhile, Halifax Intermediaries is relaxing affordability assessments for some doctors and dentists to take their full annual income into account.
Leaseholders to gain new powers from April
More than three million leaseholders will benefit from stronger service charge protections as the government begins implementing the Leasehold and Freehold Reform Act 2024.
From April 2027, freeholders will need court or tribunal approval to recover legal costs from leaseholders challenging charges, while leaseholders will gain greater rights to information and legal cost recovery.
Further reforms in November 2027 and 2028 will improve transparency through standardised service charge demands, financial accounts and annual reports.
Santander, NatWest and others join wave of rate cuts
Santander, NatWest, Nottingham Building Society, Fleet Mortgages and Molo have announced mortgage rate cuts of up to 22bps across residential and buy-to-let ranges.
NatWest is reducing selected residential and BTL rates by up to 20bps, although one BTL purchase deal is increasing by 43bps, while Santander is cutting selected remortgage rates by up to 20bps.
Nottingham Building Society is reducing selected rates by up to 22bps, Fleet by 20bps and Molo by 10bps, while Vida is withdrawing its existing ranges ahead of launching new fixed-rate products on Thursday.
Metro Bank has launched a formal sale process, inviting potential buyers to make offers for the entire business, with Morgan Stanley appointed to handle approaches.
The move follows a turnaround that saw record annual profits in 2025, with the lender citing its deposit base, commercial lending operations and branch network as key strengths.
However, no potential buyers have come forward and there is no guarantee of a sale, with the bank continuing to operate as normal while maintaining its profit targets.
Mortgage Advice Bureau rebrands as Mab
Mortgage Advice Bureau has rebranded as Mab, reflecting its growth from a mortgage intermediary founded in 2000 into a national, technology-enabled advice business with more than 2,100 advisers.
The new identity is live across its website, social media and customer communications, with appointed representative firms set to transition over the coming months.
Existing customers will see no changes and the company’s stock market ticker will remain the same.
Weakest outlook for sales since 2023: RICS
Estate agents and valuers are increasingly pessimistic about the housing market, with RICS reporting its weakest 12-month sales outlook since July 2023 as higher mortgage rates weigh on demand.
In October, the net balance for agreed sales fell to -24%, while house price sentiment weakened to -36%. However, the lettings market showed signs of strength, with tenant demand returning to growth and rental growth expectations reaching their highest level since early 2024, despite continued falls in landlord instructions.
Landlords urged to rethink investments after Budget tax hikes: IMLA
Landlords are being urged to review their investment strategies following Budget tax increases, with IMLA warning that higher taxes on rental income could make personally owned buy-to-let properties less profitable.
From 2027/28, tax rates on rental income will rise to 24%, 44% and 49%, potentially encouraging more landlords to purchase through limited companies, although transferring existing properties could trigger Stamp Duty and Capital Gains Tax liabilities.
IMLA cautions that landlords will respond differently depending on their financial circumstances, and a shift towards corporate ownership does not necessarily mean an overall reduction in rental housing supply.
Halifax updates affordability rules for doctors and dentists
Halifax Intermediaries has relaxed its affordability criteria for resident doctors, locum doctors and associate dentists, allowing their full annual income to be considered from 9 November.
Previously, these borrowers were assessed using contractor calculations that annualised income over 46 weeks.
The change brings their assessment in line with permanently employed customers and aims to better reflect their earnings and improve access to mortgage lending.
Prime regional prices to rise 12% in five years: Savills
Prime regional house prices are forecast to rise by 11.9% over the five years to 2031, outperforming outer prime London (9.7%) and prime central London (8.7%), according to Savills.
However, most prime markets are expected to see price falls in 2027 before recovering from 2028, with Scotland forecast to lead regional growth at 17% over the five-year period.
Higher borrowing costs, taxation and political uncertainty continue to weigh on the market, although lower mortgage rates and an improving economic outlook are expected to support recovery.
