This week's top stories include an April mortgage that announces long-term 100% LTV mortgages, and a gable mortgage that introduces five-year transactions with a 0% deposit. Explore these and other important developments below.
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April Mortgage launches long-term 100% LTV mortgage
April Mortgages has launched a valuable mortgage from a long-term 100% loan called No Depose Mortgage. As it was provided on fixed terms of 10 and 15 years, there was no early repayment fee and we were able to borrow up to 4.49 times the income. The product included uncap overpayments and automatic fee reductions as capital increased. There was no support from family, aiming to become a strong financial buyer. They tried to address the barriers to homeownership without loosening their lending standards.
Gable Mortgages deposits 0% of 5 years of transactions
Gable Mortgages has put in two five-year fixed-rate transactions for the first and next buyers, targeting “generational rentals” customers who are struggling to save their deposits. The rate was set at 5.95% as standard and 5.65% as new builds. The size of the loan ranged from £125,000 to £1 million, with the cap between loans varying depending on employment situation. The launch follows a similar move on mortgages in April, showing an increasing response from lenders to the deposit challenges facing aspiring homeowners.
FCA Mortgage Proposal “Overlook” Broker Advice: AMI
The Mortgage Intermediaries Association argued that the FCA's proposal for mortgage rules overlooked the key role of brokers and argued that consumer protection was weak. The FCA was intended to simplify switching and remote gauges, but Ami warned that this could reduce access to quality advice and reduce results. At 97%, driven by mortgage business brokers, AMI challenged the market's notion of failure and criticised the push towards a run-only transaction that lacked essential guidance and safeguards.
Rate pace “too fast”: Boe Pill
Huw Pill, chief economist at the Bank of England, said the pace of base rate reductions was “too fast.” Since August, the bank has implemented four 25bps cuts to 4.25%. The pills suggest that the decline was too early, and that they have taken note of signs of weakening excavations. With inflation expected to rise to 3.5%, he stressed that some policy constraints are needed despite improved forecasts for economic growth.
HSBC trims RESI, BTL and international mortgage prices
HSBC cuts interest rates across the range of homes, buybacks (BTL) and international mortgages, offering rates below 4% since 2022. The 2-year fixed interest rate at 60% LTV fell to 3.74% for the Premier Switcher. BTL rates fell by up to 0.25%, while international mortgage rates fell by up to 0.09%. Lenders also reduced fees with the aim of attracting reflection, buyers and switchers with competitive pricing.
Halifax changes the rate of Remod products
Halifax announced an increase in prices for Remortgage products that are effective on May 20th. The two-year fixed interest rate increased by 0.18% for 0-60% LTV and 0.06% for 0-75% LTV, both with a product charge of £1,999. The 5-year fixed rate increased by 0.15% for 0-60% and 0-75% LTV products. Customers were required to submit their application by 8pm on May 19th to secure their existing product code. Previously, Halifax HPI had demonstrated a stronger housing market.
Mortgage rates continue to be downward this week: MoneyFacts
Mortgage rates continued to fall as more than 12 lenders cut their fixed mortgage rates. The two-year revisions fell from 0.03% to 5.11%, the three-year revisions fell from 0.02% to 5.03%, and the five-year revisions fell from 0.02% to 5.08%. Major lenders, including Natwest, Virgin Money and Barclays, have cut interest rates, while some building societies have also cut interest rates. However, the 10-year revision was unchanged at 5.47%. The market showed a mixed movement overall.
Barclays' latest lenders to make it easier to test affordable
Barclays has become the latest lender to make affordable stress testing easier, allowing customers to borrow up to £30,000 to buy a home. A relaxed standard applied to home buying and remoot applications. This followed a similar move by the nation, Natwest, Lloyds, Santander, Hodge and Accord. Barclays aimed to support buyers amid the current challenges while maintaining strong repayments. The FCA previously criticized lenders for being overly cautious about their first buyer loans.
Winners to the Mortgage Strategy Award 2025 have been announced!
The Mortgage Strategy Award 2025 was held at the JW Marriott Grosvenor House Hotel in London. Hosted by comedian Maisie Adam, the event celebrated outstanding businesses and individuals in the mortgage industry. The judges faced a tough task of selecting the winner from many highly rated entries. The ceremony honored all finalists and recognized their achievements. Participants made the evening a memorable celebration and strengthened the award status as a highlight of the mortgage industry calendar.
National and Right-Committee Launch Property Loan Check
The Nationwide Building Society and Rightmove have launched a digital “property lending check” to see if home buyers could qualify for a mortgage before they can see their property. The tool assessed risks such as flooding and short leases, with the aim of saving buyers time and stress. This feature, part of RightMove's principled mortgage service, is designed to speed up the home buying process and provide clearer, affordable information faster.
