Top Stories of the Week: Mortgage lenders launch 80% LTV BTL products, cut interest rates, and the government launches a white paper to abolish “feudal” leaseholds.
Explore these developments and more below. 
https://www.youtube.com/watch?v=ebfusrt7648
Mortgage lenders launch 80% LTV BTL products to reduce fees
Mortgage lenders (TML) have introduced 80% loan and value (LTV) products to Buy-to-Let (BTL) customers, increasing the maximum loan amount for first-time landlords from £350,000 to £500,000. Lenders also lowered rates across the BTL and residential product range, including reducing the selected BTL rate by 0.05%.
Notable changes include a five-year reduction in rates in the 75% LTV rate range and a two-year restart of fixed-rate BTL products. TML's residential range also saw cuts with a maximum of 0.10% reduction in RL1 fixed products for 2 and 5 years. Sales Director Chris Kirby highlighted TML's commitment to supporting the rental market amid evolving real estate regulations.
The government launches a white paper to abolish “feudal” leasehold rights
The government has proposed reforms to eliminate land rents for homeowners and shift to common stock leases, making it the default ownership model for new homes. These changes aim to provide homeowners with greater control over building management and avoid the problems caused by current leasehold systems.
The reforms also seek to ban new leasehold flats and improve management of common property while providing more flexibility and protection to residents. However, critics argue that the change will create a two-tier housing system, which could leave existing financial challenges behind existing leasehold assets.
Trade wars lead to “substantial” British harm: Beau Bailey
Bank of England Governor Andrew Bailey warned that the world trade war, particularly the tariffs imposed on British imports, could seriously harm the UK economy, raise prices and reduce consumer purchasing power.
Bailey stressed that trade supports growth and that addressing trade imbalances should be done through multilateral forums rather than unilateral action.
The UK is at risk of an economic blow of £24 billion if US tariffs are implemented on VAT charging countries like the UK. Bailey also highlighted economic uncertainty, with inflation predicted to rise and economic growth stagnate.
Halifax sees changes in the entire product range
Halifax has introduced several changes to the mortgage range since March 5, including a reduction of up to 0.14% on selected fixed-rate home movers and first-time buyer products.
Additionally, the lender's maximum lending limit for its first residential scheme products has increased to £1 million.
Updates will be reflected on the Halifax intermediary website and other procurement systems by March 5th.
When Turrell announces his retirement, intermediary CHL mortgage appoints Walker
Ross Turrell, commercial director for CHL Mortgages for Gettermeiaries, announced his retirement in the financial services industry more than 40 years later. After his previous tenure began in 1998, Turrell rejoined CHL in 2020, and Darrell Walker will take over.
Walker, the current director of sales and distribution for ModAmortgages, will assume the role of group sales director for both intermediaries and CHL mortgages. Walker brings extensive experience from positions in Shawbrook Bank, Onesavings Bank and other companies. Tarrell expresses confidence in Walker's leadership and looks forward to enjoying more time with his family.
Young people at risk of rent fraud: fraud bureau
Young people ages 18 to 39 account for almost three-quarters of rental fraud cases in England, Wales and Northern Ireland, according to data from the National Fraud Information Bureau (NFIB).
In 2024, around 5,000 reported cases lost around £9 million, with 48% of the 18-29-year-old group and 25% of the 30-39 group.
The Home Office is urging renters to be cautious when making decisions and avoid paying for the property without looking directly at the property. They also ask tech companies to tackle fraud on social media platforms more effectively.
The government is promoting its suspension! We will consider fraud campaigns and promote two-stage verification nationwide to protect against online fraud.
Halifax Cut Resi fixes up to 31bps, Landbay launches BTL loans
Halifax has reduced fixed rate offers on homes with up to 31 basis points, with product transfers and even advancement loans reducing reductions of up to 31bps and corrections of selected rimmotes of up to 25bps.
Meanwhile, Landbay has launched four new purchase products for small homes with multiple occupations and multiple units of freehold blocks. These products are intended to meet the growing demand for multi-unit real estate and include both purchase and rimmut options.
Barclays offers 3.96% in Green's five-year revised deal
Barclays has reduced its mortgage rate from March 4, including 3.96% to 3.96% for the five-year Green Home, a product price of £899 and a 60% LTV mortgage. Green Home Mortgages are available in energy efficient new build homes with a rating of 81 or higher.
Barclays also has a 2-year fixed product charge, up to 0.48% reduction in two-year fixed amounts, with 90% LTV available at 4.93%. Additionally, lenders increased the maximum loan amount for LTV purchases of 90%, increasing the home cap from £570,000 to £640,000, and the flat increased from £275K to £310K.
Virgin and Natwest reveal further rate changes.
Virgin and Natwest announced changes to the mortgage rates that are effective starting March 6th.
Virgin is reducing its share in several products, including a 0.09% decrease in 80% LTV 2-year and 5-year fixed interest rates starting at 4.37%. Its retrofit boost and green mortgage also shows a reduction of up to 0.14% from 4.30%. Additionally, Virgin has made changes to its exclusive BTL rate, reducing it by up to 0.10%.
Meanwhile, Natwest has reduced the rate of 60% LTV home purchase mortgages by 5bps and increased the rate of 90% LTV purchases by 8bps. Lenders are also increasing the fees for some removers and first-time buyer products. This includes a 5bps increase in 90% LTV Remortgages, a 5-year fixed 5-year increase.
UK rents rise just 3% as Zoopla warns that rental reforms will continue to limit supply
According to Zoopla's Quarterly Rental Market Report, average UK rentals have risen by 3% over the past year, with average rents currently at 1,284%. This is a significant slowdown from last year's 7.4% growth, reflecting a deterioration in rental affordability rather than an increase in housing supply.
Although rental supply has increased slightly, demand has dropped by 17%, primarily due to a decline in immigration and increased demand for the first time. However, the market remains facing supply shortages, and combined with rental reforms and properties' energy rating requirements, could lead to further constraints in the future, and could sustain upward pressure on rents. Zoopla forecasts a 3-4% rent increase in 2025.
