Santander introduces 50 new mortgage products

Santander UK launched over 50 new mortgage products from 6 May, including 43 new-build specific deals with loan-to-values from 60% to 95%, alongside new three-year fixed rates, cashback offers, and rate reductions across its mortgage range, aiming to support first-time buyers, home movers and brokers amid growing demand in the new-build market.

FCA launches consultation to make mortgages ‘easier, faster and cheaper’

The Financial Conduct Authority has launched a consultation aimed at making it easier, faster and cheaper for borrowers to change their mortgage, proposing reforms to support remortgaging, term reductions and more flexible advice, as part of its drive to modernise rules under the Consumer Duty; feedback is open until 4 June, with a policy statement due later this year.

Nationwide launches sub-4% FTB rates, MPowered trims prices

Nationwide has cut mortgage rates by up to 0.30% across various fixed and tracker products, now offering sub-4% deals for first-time buyers for the first time since September 2024, while MPowered Mortgages has also reduced rates by up to 0.17%, as both lenders respond to falling swap rates to boost affordability for home movers, first-time buyers, and remortgagers.

FCA intends to make ‘meaningful changes’ to mortgage market 

The Financial Conduct Authority plans two consultations this summer to reform the mortgage market, aiming to make remortgaging easier, encourage innovation, and test the industry’s risk appetite, while also addressing affordability, disclosure rules, and the growing need for later life lending, with the ultimate goal of creating a more accessible mortgage market for all creditworthy borrowers.

Halifax cuts rates, including 2-year fix at sub-4%

Halifax has reduced rates across its homebuyer and remortgage products, including a sub-4% two-year fixed rate at 3.94% (60% LTV, £999 fee), alongside cuts to five-year fixes and high-LTV options, lowering rates by up to 0.21% to support borrowers.

Mortgage rate cuts continue as HSBC, Landbay and Coventry make moves

Multiple lenders have cut mortgage rates today, with HSBC reducing rates by up to 0.25%, bringing all purchase and first-time buyer rates below 5% for the first time since 2022.

Landbay cut up to 0.25% on non-portfolio buy-to-let products; and Coventry for intermediaries lowered select residential and BTL fixed rates by up to 0.10%, signalling growing market competitiveness.

Brokers say business will rise in 2025 but expect to work into their 70s: HSBC

HSBC’s first Broker Barometer reveals that brokers expect residential and buy-to-let business to grow this year, with half predicting more residential applications and 86% seeing landlord demand staying stable.

Most view broking as a long-term career, with four in 10 planning to work beyond 70, while 53% expect AI to play a meaningful role in their business within two years and 69% report high job satisfaction.

Ami and Imla launch drive for new brokers

The Intermediary Mortgage Lenders Association and the Association of Mortgage Intermediaries have launched a Diversity and Inclusion Charter through their joint initiative, Working in Mortgages.

They are calling for industry volunteers to help attract new talent and create an inclusive environment. Leaders emphasised the importance of promoting the sector’s purpose and expanding access to careers in mortgages.

Paragon demands Govt abandon EPC 2030 target

Paragon Bank is advocating for a phased introduction of minimum energy standards for private rented properties, urging the government to extend deadlines for achieving Energy Performance Certificate (EPC) C standards

Instead of the government’s 2028 target, Paragon proposes a timeline of 2030 for new tenancies, 2033 for extended tenancies, and 2035 for all tenancies. They argue that the current timeframe is too short, risks landlords exiting the market, and lacks sufficient retrofit capacity.

Paragon also suggests financial incentives for landlords, training programmes to address skills shortages, and regional considerations for a smoother transition, ensuring minimal disruption to the rental sector.

Virgin Money cuts select fixed rates by up to 0.32%

Virgin Money has reduced rates across its purchase, buy-to-let and product transfer ranges. Selected buy-to-let two- and five-year fixed rates with a 3% fee have been cut by up to 0.32% to start from 3.09%, while fixes with a £2,195 fee are down by up to 0.19% to 4.02%.

Shared ownership fixes have been reduced by up to 0.20% to 4.24%, and the 95% LTV two-year fee-saver is down 0.15% to 5.09%. Exclusive 80% LTV fixes have fallen by up to 0.06% to 4.19%, with selected product transfer rates cut by up to 0.15%.