Nationwide and Virgin Money raise rates by up to 35bps

Nationwide and Virgin Money are increasing selected mortgage rates by up to 35 basis points from 16 July, reversing some of the recent price cuts as funding costs rise.

Industry experts say higher swap rates, driven by renewed geopolitical tensions, have pushed lenders to reprice, although mortgage rates remain below the highs seen earlier this year.

LSL appoints Nowosad as interim managing director

LSL Financial Services has appointed Piotr Nowosad as interim managing director while it searches for a permanent successor to Richard Howells, who will leave at the end of the month.

Nowosad will oversee Primis, TMA Mortgage Club, Novium and Linear, with a focus on improving adviser productivity, investing in technology and strengthening partnerships across the business.

Barclays to hike rates by up to 34bps

Barclays, Coventry Building Society and Gen H are increasing selected residential mortgage rates as higher swap rates push up funding costs, although Barclays is also cutting some buy-to-let deals by up to 15 basis points.

Industry experts say recent geopolitical tensions have slowed the pace of mortgage rate reductions, with more lenders expected to reprice in the coming weeks.

Up to 100,000 unsold ex-rental homes could be left empty: Hamptons

The pace of landlords selling rental properties has slowed, with landlord purchases exceeding sales for the first time since 2019, according to Hamptons.

However, the agency warns the Renters’ Rights Act could prevent up to 100,000 unsold homes from returning to the rental market due to new re-letting restrictions, while rents continue to rise as market conditions improve for landlords.

NatWest to hike fixed rates as Middle East tensions bite

NatWest is increasing selected residential fixed mortgage rates by up to 17 basis points from 17 July, joining Nationwide, Virgin Money, Barclays, Coventry Building Society and Gen H in raising prices as funding costs climb.

Industry experts say rising swap rates, driven by renewed geopolitical uncertainty, have brought an end to the recent wave of mortgage rate cuts, with some borrowers facing noticeably higher monthly repayments.

MPs warn industry may have had too much sway on Treasury plan

MPs have criticised the government’s Financial Inclusion Strategy as incomplete, warning it lacks key data on who is financially excluded and relies too heavily on voluntary industry action without clear measures of success.

The Treasury Committee also raised concerns that industry voices may have had greater influence than consumer groups, urging ministers to strengthen the role of people with lived experience in shaping future policy.

Barratt Redrow calls on Burnham to cut taxes and unlock housing delivery

Barratt Redrow has called on the next Prime Minister to cut taxes and reduce regulation to improve housing delivery, warning that rising costs and policy pressures are affecting viability.

The housebuilder also announced a £400m shareholder return programme after completing 17,667 homes in the year, while cautioning that geopolitical uncertainty could push construction costs higher.

Fixed rates see biggest monthly reduction since October 2024: Moneyfacts

Average fixed mortgage rates fell for a second consecutive month, with two- and five-year deals recording their biggest monthly drops since October 2024, according to Moneyfacts.

Mortgage availability also improved, with 976 products returning since May, although experts warn renewed geopolitical uncertainty could slow further rate reductions.

Nationwide lowers joint income eligibility to £75k

Nationwide has lowered the income threshold for joint applicants to access mortgages of up to six times income, reducing the requirement from £100,000 to £75,000.

The move comes shortly after the lender increased selected mortgage rates, with experts saying the change reflects growing competition among lenders to improve affordability options for borrowers.

Market Harborough acquires £120m portfolio from Gen H

Market Harborough Building Society has acquired a £120m residential mortgage portfolio from Gen H, covering first-time buyers and borrowers with more complex circumstances.

The acquisition supports Market Harborough’s growth strategy, while Gen H says the deal ensures its customers remain with a lender that shares its focus on responsible lending and mutual values.