The SNP’s power-sharing deal with the Scottish Green Party has collapsed, which has led housing bodies to urge the new government to scrap rent controls north of the border.   The two parties have ended their coalition, called the Bute House Agreement, leaving the Scottish National Party to form a minority government led by First Minister Humza Yousaf.   The move follows the coalition government’s decision to scrap key climate targets and a pause on the prescription of puberty blockers for under-18s.   Also, Peter Murrell, a former chief execut ..read more

LSL Property Services results for the year to end of December show  revenue fell 34% on 2022 figures from £217.5m to £144.4m. Underlying operating profit was also down (74%) from £35.8m in 2022 to £9.3m for 2023. However, the company was keen to point to a positive final quarter of 2023 and said momentum had continued to build further in 2024, particularly in its surveying & valuation division. Over the first quarter, underlying operating profit was materially above the same period in 2023, according to LSL, reflecting the benefits of the group’s transformation programme completed in ..read more

Santander for intermediaries says its mortgage application tracking system on its introducer internet site will go down over the weekend.  The lender’s system will be out of use for brokers between 7pm on 26 April and 8am on 29 April.  It says: “This means you won’t be able to track your mortgage applications, upload documents or upload/receive mortgage application tracking system messages.”  It points out that brokers will be able to submit cases during this time, “however you and your clients won’t receive any confirmation emails until Monday ..read more

LendInvest Mortgages has cut rates across its residential mortgages by up to 25bps.   The largest rate cuts are on its tracker products, which have been reduced by up to 25bps, with its fixed-rate products reduced by up to 15bps.   The bank has also introduced new no-fee products, designed to help buyers with the upfront costs of their mortgage.   As a result of these changes, its tracker range now starts at a rate of 5.75%. This is available on its five-year deal up to 75% LTV, and comes with a £995 fee.   LendInvest’s residential range includ ..read more

The Mortgage Works has relaxed its mortgage criteria for incorporated landlords.    The lender will now accept limited company buy-to-let purchase applications, where the company is purchasing a property that is currently owned and lived in by one of its directors.  This is similar to let-to-buy transactions for standard BTL cases. The Mortgage Works’ existing limited company product range will be available to these applicants.    The Mortgage Works senior manager, BTL mortgages, Joe Avarice says: “The Mortgage Works is one of the largest BTL providers in the mark ..read more

The slowdown in the UK mortgage market continues to hit revenues at Barclays, with the UK bank reporting a drop in income for the three months to the end of March 2024.   Barclays said that loans and advances to customers at amortised cost decreased by 1%, when compared to the final quarter of 2023, to £200.8bn. It said this decrease was largely driven by subdued mortgage lending amid lower market demand. It adds that continued repayment of government scheme lending across its business banking also contributed to this drop.    The difficulties in the UK mortgage market ..read more

Cambridge Building Society has boosted its product switch procuration fees to 30 basis points from 20bps.  The move comes as part of a wider review by the mutual of its product switch retention process, which now includes the introduction of an online intermediary product switch tool.  Cambridge Building Society intermediary manager Kathy Bowes says: “The advice intermediaries give to their clients is just as important when the existing product matures as it was when they first arranged the mortgage.”  “We understand the importance of following a th ..read more

Hanley Economic Building Society has introduced a fee-free two-year tracker and fee-free two-year fixed rate product to boost its residential offering. In addition, the society has launched a fee-free two-year variable discount retirement interest-only (RIO) mortgage with no early repayment charges and no overpayment restrictions. The two-year fixed rate mortgage is available up to 95% LTV and comes with a headline rate of 5.49%. The two-year tracker is available at a variable rate of 5.70% (Bank Base Rate +0.45%) up to 90% LTV. The two-year variable discount RIO mortgage has an initial pay ra ..read more

The Leasehold Advisory Service has strengthened its board with four new non-executive directors, as the government takes its Leasehold and Freehold Reform Bill through Parliament. The Secretary of State for Levelling Up, Housing and Communities has confirmed the appointments to the body, known as LEASE, which is set to have a bigger role as a voice for leaseholders following the reforms that are currently going through Parliament. Paula Higgins, the chief executive of Home Owners Alliance, and Wendy Wilson, an expert with 40 years’ experience in research and policy, both join for a term of fou ..read more

Halifax and BM Solutions are set to increase rates by up to 20 basis points on a range of products this Friday. In an email to brokers, Halifax says it will be increasing rates on certain homemover, first-time buyer, remortgage, product transfer and further advance deals by up to 0.2 percentage points. Advisers have until 8pm on Thursday to secure current rates. BM Solutions is also increasing rates on selected buy-to-let and let-to-buy products by up to 20 basis points on Friday with the same deadline for brokers to secure current deals. Meanwhile, The Mortgage Works is increasing rates on a ..read more