David Burrows

1 week ago | mortgagestrategy.co.uk | Becky Bellamy |David Burrows |Roger Baird

West Brom Building Society has reduced rates on two-year shared ownership and new build mortgage products. As part of the changes, the society has lowered 95% borrower share product, with no fee to 5.24%. Rates across the rest of the shared ownership range have also been reduced and end dates have been extended from June to September. For those buying new build homes, The West Brom has trimmed two-year rates by as much as 47 basis points and now start from 4.77% for customers with a 10% deposit.

1 week ago | mortgagestrategy.co.uk | Roger Baird |David Burrows

Lenders report that secured credit to households rose “slightly” in the three months to the end of February, while demand for these loans also lifted, Bank of England data shows. Institutions said household secured credit rose to a net balance of 18.4 in the period from 10.4 in the previous three months, citing expectations that house prices will rise.

1 week ago | mortgagestrategy.co.uk | David Burrows |Roger Baird

According to the latest LMS remortgage snapshot report for March, there was a £315.67 average monthly payment increase for those who remortgaged during the month. Some 47% of borrowers increased their loan size in March and 47% of those who remortgaged took out a 5-year fixed rate product, the most popular product last monthThe report showed that 30% said their main aim when remortgaging was to release equity in their property.

1 week ago | mortgagestrategy.co.uk | David Burrows |Becky Bellamy

Saffron for Intermediaries has announced major changes across its range. The changes include enhanced professional income boost criteria with a new maximum 6.0x LTI, a new approach to development finance with increases to key loan parameters, and several criteria updates across residential and buy-to-let. Saffron is also reducing rates across many categories – including for self-employed and contractor clients.

1 week ago | mortgagestrategy.co.uk | David Burrows |Roger Baird

Average UK monthly private rents increased by 7.7%, (£96) to £1,332, in the 12 months to March 2025. This is according to the latest data from the ONS which also reveals that the annual growth rate was down from 8.1% in the 12 months to February 2025. Average rents increased to £1,386 (7.8%) in England, £792 (8.9%) in Wales, and £1,001 (5.7%) in Scotland, in the year to end of March 2025. In Northern Ireland, average rents increased to £838 (8.2%) in the 12 months to January 2025.