NatWest appoints Connolly as mortgage MD

NatWest has appointed Barry Connolly as the new managing director of its mortgage business, effective 10 September 2024. Connolly, who has been with NatWest for 21 years, previously led its retail banking division. He will focus on enhancing the bank’s mortgage offerings and supporting customers through significant home buying decisions. Brad Fordham, who served as interim MD, will continue to assist with mortgage distribution. This leadership change follows NatWest’s recent £2.5bn acquisition of a residential mortgage portfolio from Metro Bank.

Renters’ Rights Bill to end no-fault evictions and limit rent rises  

The UK government has introduced the Renters’ Rights Bill to parliament, aiming to end Section 21 no-fault evictions and limit rent increases to once annually. The bill also extends Awaab’s Law to private landlords, mandating timely repairs and enforcing the Decent Homes Standard. Landlords will be prohibited from raising rents more frequently and from engaging in rental bidding wars. The bill also seeks to protect renters from discrimination based on benefits or family status. The proposed reforms are part of a broader effort to address the housing crisis.

Tax rises on landlords in Budget could push rent crisis ‘beyond repair’: Octane 

A survey by Octane Capital warns that upcoming tax increases on landlords, expected in the 30 October Budget, could exacerbate the rental crisis. The survey suggests that potential hikes in capital gains tax and rental income tax might drive landlords to further reduce their property portfolios. With 66% of landlords already scaling back due to past legislation and reduced profitability, increased taxes could push the sector “beyond repair.” Octane’s CEO, Jonathan Samuels, highlights concerns that these changes could worsen the rental market crisis.

Barclays halves product transfer window

Barclays is cutting its product transfer window from six months to three, effective 25 September. This change aligns with similar moves by Halifax, Nationwide, and Santander. Barclays had extended the window to 180 days in 2022 due to a volatile rate environment but is now reverting to 90 days, reflecting current stability. The move aims to reduce administrative work and matches the trend of borrowers typically applying for product transfers within the last 90 days of their mortgage term.

Reeves targets up to £20bn of tax hikes: Goldman Sachs

Twenty7tec secures £16.5m investment from BGF fund   

Twenty7tec has secured a £16.5m investment from BGF to drive expansion. The Bournemouth-based mortgage platform, founded in 2014, plans to use the funds to enhance product development, upgrade technology, and explore new market opportunities. Angela Williams joins as non-executive chair to support growth strategy, while BGF investor Duncan Wade joins the board. The investment will also aid in scaling the firm’s CRM platform and digital marketing tools, expanding its services to over 16,000 advisers daily.

Renters’ Rights Bill set for Commons reading this week  

The UK government is introducing the Renters’ Rights Bill to the Commons this week, aiming to abolish Section 21 ‘no fault’ evictions. The bill will enhance tenant protections, including the right to request pets and extending Awaab’s law to private landlords, requiring timely repairs. Named after Awaab Ishak, who died from mould exposure, the bill addresses longstanding tenant rights issues. Labour’s commitment to renter reform contrasts with previous Conservative efforts, which faced opposition and expired when Parliament dissolved.

Simply Conveyancing appoints Young as CEO  

Simply Conveyancing has appointed Alan Young as its new CEO, effective immediately, replacing Doug Crawford. Young, who joined the firm as Chief Commercial Officer in July, previously led L&C Mortgages and founded Optimus, which was sold to Landmark Information Group in 2019. Backed by private equity firm Livingbridge, Simply Conveyancing has 300 staff across England and Wales. Young is praised for his growth-driving track record and cultural fit, and aims to advance the company’s growth and innovation.

Barclays cuts rates by up to 66bps and Leeds by 20bps

Barclays is reducing mortgage rates by up to 66 basis points across its residential and buy-to-let products, with notable cuts on large loans. For example, a two-year fixed-rate mortgage at 60% LTV will drop from 5.06% to 4.4%. Leeds Building Society is also cutting rates by up to 20 basis points on selected shared ownership deals and introducing new buy-to-let options at 75% LTV. These adjustments come amid similar repricing moves by TSB, Zephyr, and Vida.

Ami kicks off search for new CEO

The Association of Mortgage Intermediaries (Ami) has begun searching for a new CEO following Robert Sinclair’s retirement after 16 years. Sinclair, a key figure in Ami’s establishment and industry advocacy, is stepping down. The new CEO will need extensive financial services experience and the ability to engage effectively with brokers, regulators, and government bodies. Ami Chair Andrew Montlake emphasised the need for a leader with vision and dedication. Applications are open until 27 September; details are available on the Ami website.