April Mortgages launches long-term 100% LTV home loan  

April Mortgages launched a long-term 100% loan-to-value home loan called the No Deposit Mortgage. Offered on 10- and 15-year fixed terms, it allowed borrowing up to 4.49 times income, with no early repayment charges. The product included uncapped overpayments and automatic rate reductions as equity grew. Aimed at buyers with strong finances but no family support, it sought to address home ownership barriers without loosening lending standards.

Gable Mortgages launches 0% deposit five-year deals

Gable Mortgages launched two 0% deposit five-year fixed-rate deals for first- and next-time buyers, targeting ‘Generation Rent’ customers struggling to save for a deposit. Rates were set at 5.95% for standard and 5.65% for new builds. Loan sizes ranged from £125,000 to £1m, with loan-to-income caps varying by employment status. The launch followed April Mortgages’ similar move, signalling growing lender response to deposit challenges faced by aspiring homeowners.

FCA mortgage proposals ‘overlook’ broker advice: Ami  

The Association of Mortgage Intermediaries argued that the FCA’s mortgage rule proposals overlooked the vital role of brokers, risking weaker consumer protection. While the FCA aimed to simplify switching and remortgaging, Ami warned this could reduce access to quality advice, leading to poorer outcomes. With 97% of mortgage business broker-led, Ami challenged the notion of market failure and criticised the push towards execution-only transactions that lack essential guidance and safeguards.

Rate cut pace ‘too rapid’: BoE Pill

Bank of England chief economist Huw Pill said the pace of base rate cuts had been “too rapid,” warning inflation pressures warranted a more cautious approach. Since August, the Bank had implemented four 25bps cuts, bringing the rate to 4.25%. Pill suggested reductions began too early and noted signs of weakening disinflation. With inflation expected to rise to 3.5%, he stressed that some policy restraint remained necessary despite improved economic growth forecasts.

HSBC trims prices on resi, BTL and international mortgage rates

HSBC cut rates across its residential, buy-to-let (BTL), and international mortgage ranges, offering the most rates under 4% since 2022. Two-year fixed rates at 60% LTV dropped to as low as 3.74% for premier switchers. BTL rates fell by up to 0.25%, and international mortgage rates reduced by up to 0.09%. The lender also lowered fees, aiming to attract remortgages, purchasers, and switchers with competitive pricing.

Halifax changes rates on remo products

Halifax announced rate increases on remortgage products effective 20 May. Two-year fixed rates rose by 0.18% for 0-60% LTV and 0.06% for 0-75% LTV, both with a £1,999 product fee. Five-year fixed rates increased by 0.15% for 0-60% and 0-75% LTV products. Customers had to submit applications by 8pm on 19 May to secure existing product codes. Earlier, Halifax HPI indicated a stronger housing market.

Mortgage rates continued downward trend this week: Moneyfacts

Mortgage rates continued to fall as over a dozen lenders cut fixed mortgage rates, according to Moneyfacts. Two-year fixes dropped by 0.03% to 5.11%, three-year fixes by 0.02% to 5.03%, and five-year fixes by 0.02% to 5.08%. Major lenders including NatWest, Virgin Money, and Barclays reduced rates, while some building societies also cut rates. However, 10-year fixes remained unchanged at 5.47%. The market showed mixed movements overall.

Barclays latest lender to ease affordability tests  

Barclays became the latest lender to ease affordability stress tests, allowing customers to borrow up to £30,000 more for home purchases. The relaxed criteria applied to residential purchase and remortgage applications. This followed similar moves by Nationwide, NatWest, Lloyds, Santander, Hodge, and Accord. Barclays aimed to help buyers amid current challenges while maintaining strong repayment measures. The FCA had previously criticised lenders for being overly cautious with first-time buyer loans.

Mortgage Strategy Awards 2025 winners announced!

The Mortgage Strategy Awards 2025 took place at London’s JW Marriott Grosvenor House Hotel. Hosted by comedian Maisie Adam, the event celebrated outstanding firms and individuals in the mortgage industry. Judges faced a tough task selecting winners from many highly commended entries. The ceremony honoured all shortlisted participants, recognising their achievements. Attendees helped make the evening a memorable celebration, reinforcing the awards’ status as a highlight of the mortgage industry calendar.

Nationwide and Rightmove launch property lending check

Nationwide Building Society and Rightmove launched a digital ‘property lending check’ allowing homebuyers to see if a property was likely eligible for a mortgage before viewing it. The tool assessed risks like flooding or short leases, aiming to save buyers time and stress. This feature, part of Rightmove’s mortgage in principle service, was designed to speed up the home-buying process and provide clearer affordability information earlier.