This week’s top headlines: Barclays launches fast-track remortgage service and Coventry boosts FTB borrowing with 6.5x income.
Explore these and other major industry updates below:
Barclays launches fast-track remortgage service
Barclays will launch its Fast-Track Remortgage service on 7 September, offering eligible customers mortgage offers within 24 hours and completion in as little as five days.
The service aims to provide a quicker alternative to product transfers, with research showing borrowers often find switching lenders slower and more difficult.
Over a million homeowners face £283 monthly mortgage hike
More than one million homeowners are facing higher mortgage payments after coming off cheaper two-year fixed-rate deals, according to Compare the Market.
Some could see monthly payments rise by £283 to £1,432 if they move onto their lender’s SVR, potentially costing them more than £3,000 extra a year.
Coventry boosts FTB borrowing with 6.5x income
Coventry for intermediaries has increased support for first-time buyers by offering eligible customers lending of up to 6.5 times income, with loans available up to 95% LTV.
The lender has also increased LTV limits on new-build properties, including up to 95% for owner-occupied houses and 85% for flats.
Mortgage borrowing fell sharply in July, says Bank of England
Mortgage borrowing fell sharply in July, with net mortgage lending dropping to £4.3bn from £7.7bn in June, according to the Bank of England.
Net approvals for house purchases also fell to 56,100, while the effective rate on newly drawn mortgages rose to 4.45% from 4.35%.
Paragon, Principality and HSBC make rate cuts
Paragon Bank has cut fixed-rate buy-to-let pricing by 0.15%, with rates starting from 3.40% across its core and tailored ranges.
Principality Intermediaries has also reduced product transfer rates by up to 0.20%, while HSBC has cut rates across its first-time buyer, purchase and remortgage ranges by up to 0.11%.
Gen H promotes Palmer and Dockar departs
Gen H has promoted Sara Palmer to chief distribution officer, Richard Leivers to chief lending officer and Andrew Mackie to chief financial officer.
Meanwhile, chief commercial officer Pete Dockar will leave at the end of September after four years to join Principality Building Society as its new chief commercial officer.
Stamp duty deterring millions of movers: YBS
Stamp duty is deterring millions from moving home and holding back housing transactions, according to Yorkshire Building Society.
The lender estimates that restoring transaction levels to those seen in the early 2000s could generate an additional £66bn in economic value over five years, with stamp duty cited as a significant barrier by up to 35% of prospective movers.
Squeeze on FTB affordability hit post-credit crunch peak in June
First-time buyer affordability hit its worst level since the global financial crisis in June, with mortgage payments reaching 22.6% of gross income, according to UK Finance.
Despite affordability pressures and higher mortgage rates, gross lending is expected to rise 4% to £300bn in 2026, driven largely by resilient remortgage activity.
Pepper, Leeds, Keystone, April and Rely make rate changes
Pepper Money has cut rates across its residential and buy-to-let ranges, with residential pricing starting from 5.38% and BTL from 4.54%.
It has also launched a limited-edition remortgage range, while Leeds Building Society has reduced selected rates; Keystone Property Finance has increased rates by up to 0.25% and Rely has introduced new products for larger landlord portfolios.
YBS appoints Mather and Kettle to homes division
Yorkshire Building Society has appointed Catherine Mather to lead residential mortgages and Sophia Kettle to head buy-to-let within its Homes division.
The appointments strengthen its senior leadership team, with Mather bringing residential mortgage and transformation experience from NatWest and Kettle joining from LendInvest with expertise in BTL and specialist lending.
