Top Stories of the Week: TMW will start at 3.24% and cut new landlord fees in preparation for Revolut's launch of Ireland's mortgage and UK banks.
Explore these developments and more below. 
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TMW reduces new landlord rates to start at 3.24%
Mortgage construction will reduce up to 30 basis points with selected buy-out products for new customers starting at 3.24% from March 15th.
Major changes include 2-year fixed transactions of 3.24% (down 15bps) and Remortgages, 3.54% (down 20bps) or 4.84% (down 30bps).
Senior manager Joe Abalun says the cuts are aimed at improving market access for buy-value investors.
Lloyds Banking Group issues stamp duty completion guarantee
The Lloyds Bank Group, including the Bank of Scotland, is guaranteeing the completion of a mortgage lawsuit filed by March 25th prior to the April 1st change in stamp duty rules. Lenders expect a 50% spike at completion in March, working with brokers and drivers to meet demand.
Starting in April, the NIL rate stamp duty threshold will fall from £250,000 to £125,000, with a 2% tax being introduced on assets between £125,001 and £250,000. The first-time buyer thresholds will also be reduced, affecting the thresholds, particularly in high-cost regions such as London and the Southeast.
Barclays' latest lenders offering stamp duty completion guarantees
Barclays is the latest major lender to ensure the completion of mortgages for cases filed by March 25th ahead of the April 1st stamp duty rules changes. The bank will urge the Convenors to submit a title certificate by this date to ensure completion.
Since the October budget, average monthly completions have increased by 26%, with first-time buyers having surged by 59%. Barclays says he worked with brokers and lawyers to prepare for the rush. Starting in April, the NIL rate stamp duty threshold will drop to £125,000 for home movers and £325,000 for first-time buyers.
4.5x LTI rules should be relaxed: UK finance
As part of its growth plan, the UK's finances are proposing regulatory reforms that encourage loan restrictions to ease and boost the economy. Banking institutions are calling for changes such as ease of mortgage lending constraints, removing outdated guidance, adjusting capital requirements under the government's free planning freedom.
Other recommendations include disposing of bank collections, raising stamp duty of 0.5% on retail investments, and maintaining an ISA allowance of £20,000. The government has already adopted several measures, and across the country, it is also asking for reviews of 4.5x LTI limits to support more first-time buyers.
Revolut is preparing for Ireland mortgage and UK bank launches
Revolut is preparing to expand its UK banking team ahead of the scheduled summer launch and offer mortgages in Ireland. Digital banks, which received a restricted UK banking license last July, have increased their bank staff from 35 to over 100, and are expected to double by the end of the year.
CEO Francesca Carlesi aims to make Revolut a major bank for UK clients, addressing concerns that many will use digital banks for perks rather than payroll deposits. Revolut has 50 million users in 38 countries and is planning to offer mortgage services in Lithuania, Ireland and France starting in July.
L&C Mortgages appoint stakes as MD
L&C Mortgages appointed Sidney Wager as managing director, bringing nearly 30 years of experience from Barclays and serving as senior leader, including head of middle market development.
As part of L&C's executive committee, he oversees strategy through advice, operations, marketing, partnerships and technology. His appointment follows recent additions to the executive team, including the new CTO, CFO, and CMO.
CEO Mark Harrington praised Wager's industry expertise, and Wager expressed his enthusiasm to join L&C, citing the strong focus and reputation of customers in the mortgage sector.
Inflation-adjusted home prices growth has only grown by 12% over a decade: Yopa
According to Yopa, UK home prices have risen 12.1% on actual terms over the past decade, despite a nominal increase of nearly 52%. Average home prices rose from £176,561 in 2014 to £268,087 in 2024, while Newbuild homes spiked 79% (33% after inflation).
Yopa CEO Verona Frankish said price growth may seem surprising, but the inflation-adjusted increase is more gradual. However, affordability remains a challenge, with Newbuild homes seeing a surge in prices significantly higher compared to the wider market.
MAB Posts 41% Profit Jump Jump Higher Proc and Client Fees
The Mortgage Advice Bureau reported that 41% of pre-tax profits had increased to £22.9 million.
Procurement fees rose 7.9% to £155.8 million, while the Protection and General Insurance Commission rose 12.4% to £104.7 million. In addition, client fees increased by 18.1% to £51.2 million. Advisor count increased just to 1,985, with revenue per advisor increasing 12.3% to £138,700.
The company is looking at the surge in mortgage applications in the second half of 2024, and is hoping for continued growth in 2025. We are also considering moving to major markets that will expand our investor base.
HSBC reduces transfer windows from April
HSBC is set to reduce product switch windows in three stages, reducing from 180 days to 150 in April, 120 in May and 90 in June. This follows a broader industry trend of shortening the six-month window introduced under the Mortgage Charter.
Brokers should note that a steady drop in rates reduces the need for early rate locking, reducing the management burden on both lenders and advisors. Industry experts agree that shorter windows streamline processes, improve efficiency and better reflect current market conditions.
Virgin Money Revamps Retrofit Range
Virgin has revamped its Retrofit Boost Mortgage Range and is now offering up to £10,000 cashback to customers who are now making energy-efficient home improvements. Lenders cancelled their seven- and ten-year options, but increased cashback on a five-year fixed-rate mortgage.
It is available to loan-sized homes and purchase customers from £150,000 to £500,000. This range provides cashback amounts of £5,000, £7k, or £10,000 paid to the carrier upon completion.
These mortgages fund energy-efficient upgrades such as insulation, solar panels, and heat pumps, and are high in the first five years before switching to core products.
