Top Stories of the Week: Fleet Mortgages Announces a number of standard changes, and Financial Conduct Authorities elicited its “name and shame” plan.
Explore these developments and more below. 
https://www.youtube.com/watch?v=jqutqcikpnw
Lenders dig into broker market share: AMI
Retiring AMI's Robert Sinclair has warned brokers that lenders will try to seize market share through direct mortgage offerings, despite the broker currently processing 87% of their mortgages.
Sinclair opposed self-satisfaction as lenders invest in technology to streamline the process and reduce reliance on intermediaries. He also highlighted the opportunity for a massive rimmut opportunity in 2024, with 1.8 million mortgages closing current transactions, making the total loans £500 million.
Brokers need to actively attract clients to maintain their business as many product transfers circumvent them now. Sinclair's departure marks the end of a long tenure as a powerful advocate for mortgage brokers.
The fleet checks the number of changes to the standard
Fleet Mortgages have introduced several standard changes to improve the flexibility of landlord borrowers. This will help you accept the TR1 form to promote re-bortion on the first day and remove the need to renew your land registration until it is complete.
Lenders also consider both satisfaction and dissatisfaction CCJs. This is up to £500 if you are satisfied within three years, and up to £250 if you are satisfied. Furthermore, the minimum floor area requirement has been reduced to 35-30 square meters.
The Fleet will soon announce further standard changes and strengthen its commitment to supporting advisors and landlords with more adaptive lending options.
AMI opens board post nomination
The Association's Mortgage Broker (AMI) has begun nominations for board positions that have been re-elected over a three-year cycle. This year's elections cover the Mortgage Club, Regional, Two Network Vacancy and the Association of Finance Brokers. Eligible companies may nominate senior management members with the elections contested on April 22nd.
Results will be announced on April 2, unless a vote is required. AMI CEO Stephanie Charman encourages members to participate in the formation of intermediate occupations.
Nominations must be submitted to Stephanie@ami.org.uk by March 31st
FCA draws out “name and shame” plans and pauses other work in progress
The FCA has abolished its “name and shame” plan after strong industry opposition and criticism from the Senate. We will maintain our policy of only publishing investigations in exceptional cases.
However, regulators will proceed with transparency measurements, including checking the probes announced by companies and issuing warnings about unregulated companies.
It also suspends work on diversity, inclusion and non-financial fraud in line with government pushing for ease of regulation. The shift follows Prime Minister Rachel Reeves's call to reduce the deficit and recent popular regulations.
Payment System Regulators discard the drive and cut red tape
Prime Minister Kiel Starmer will be abolished by the payment system regulator and will be integrated into the FCA to streamline regulations and reduce deficits. He argues that the current system is too complicated and slows business growth.
The FCA will take over important responsibility, and CEO Nikhillati will support this move as a step towards clearer and more efficient surveillance.
The priorities say this is in line with his pro-government agenda, but industry voices note that deregulation should not compromise on financial stability.
Habito launches accelerator programs for broker companies
Habito has launched an accelerator program for mortgage broker companies with the aim of scaling and exiting. Leading by CEO Ying Tan, it offers access to Habito's technology, tools and leadership insights.
Three companies have been selected and the application will open until March. Participants also gain connections with key lenders and become part of Habito's growth in exploring mergers and acquisitions.
Tan calls it a “game changer,” emphasizing innovation and community. After building a dynamo, he brought Fintech Investment Experience to Habito, who became CEO in 2023.
HSBC reduces SVR and eases mortgages for international customers
HSBC reduced the standard mortgage volatility rate from 6.99% to 6.74%. This is the lowest since January 2023. The bank also relaxed lending standards for international clients and adjusted policies with UK residents. Currently, if at least one applicant has indefinite leave to stay in the UK, they can apply for a loan and value of up to 95%, and talented deposits are accepted.
Additionally, the bank has increased the maximum loan value for indefinite leaveless applicants to 85% if they met certain income or residence criteria. The move aims to help more people, including foreigners, achieve homeownership.
Mandatory purchases and more lean committees in bill planning
The Planning and Infrastructure Bill is intended to speed up house building and infrastructure projects targeting 1.5 million homes and 150 major developments over the next five years. Key measures include streamlining planning decisions, simplifying mandatory purchases, and strengthening large-scale projects development companies.
The bill also introduces strategies to tailor housing to infrastructure needs. Industry experts welcome the move to reduce the deficit, but concerns remain about planner recruitment and skills shortages. Overall, the bill is considered essential to meet the UK's ambitious housing goals.
Green Mortgage Search reaches its February high: Twenty7Tec
According to Twenty7Tec, Green Mortgage Searches reached a new record in February, up 7.67% from the previous month. The week ending February 28 saw a 23.76% increase in searches compared to January, with February marking the busiest month on green mortgages in six of the 10 days.
Green mortgage interest is usually driven by landlords of purchases, but the February surge was driven primarily by home buyers seeking lower rates associated with better EPC valuations. As new products emerge, the trend in demand for green mortgages is expected to continue.
Fixed-rate mortgages continue to decline in the “positive” market: MoneyFacts
This week, average fixed-rate mortgages continued to decline, with 4% trading emerging. The average 2- and 3-year fixed interest rates fell to 5.37% and 5.23%, respectively, but fell to 5.21% for five years and to 5.67% for ten years.
Several major banks, including Lloyd's, Virgin Money and Barclays, have cut their fees by up to 0.68%, and various architectural associations such as West Brom and Skipton have also made cuts.
Moneyfacts expert Rachel Springall highlighted the positive sentiment in the market, noting that while interest rates are falling, borrowers should be aware of rising fees and overall mortgage costs.
