Secure Trust Bank reports strong start to 2016

Thu 5 May 2016

Secure Trust Bank reported a strong start to 2016 despite curbing its residential development lending ahead of a possible Brexit. And addressing shareholders at the annual general meeting chairman Sir Henry Angest said the bank is well positioned to make progress throughout the rest of the year with its asst and commercial finance divisions performing well. He said: […]

Aldermore reduces commercial rates

Wed 4 May 2016

Aldermore has reduced its rates across their full range of commercial owner occupied and commercial investment mortgages for loans between £100,000 and £500,000. Additionally for a limited period, whether applying through a broker or direct, a 0.4% discount will be applied. Charles Haresnape, Aldermore’s group managing director, mortgages, said:  “With record low interest rates and […]

Buy-to-let crackdown branded “ridiculous”

Wed 4 May 2016

Multiple measures to curb buy-to-let have been branded “ridiculous” by a pressure group campaigning against the government’s decision to phase out tax relief for landlords. Steve Bolton, founder of Platinum Property Partners and a co-leader of a judicial review against the government to reverse the proposed changes to mortgage interest tax relief said: “It is […]

Precise parent rejects buyout bid

Wed 4 May 2016

The private equity firms hoping to buy Charter Court Bank at a knock-down price have been left disappointed after the bank’s investor, Elliott Associates rejected all bids this week. Charter Court, which owns Precise Mortgages and Exact, was on the market for £400m but it is believed that BC Partners, Varde Partners and Warburg Pincus […]

HMRC property transactions

Challenger banks face £70m tax bill after changes

Wed 4 May 2016

The 8% surcharge on bank profits is set to leave the UK’s challenger banks facing a £70m tax bill, a recent report into the sector from accountancy giants KPMG has claimed. In the Summer Budget of 2015 Chancellor George Osborne introduced the new 8% surcharge on the profits of any bank with profits in excess […]

Challenger banks could raise buy-to-let prices

Wed 4 May 2016

Challenger banks could look to raise prices or tighten criteria on their buy-to-let products as they look to improve profitability following regulatory changes, a report into the challenger bank market by KPMG has warned. The buy-to-let market is a significant contributor towards the overall profitability of challenger banks accounting for approximately 15% of their balance […]

Financial Services Expo unveils Manchester programme

Wed 4 May 2016

Financial Services Expo has unveiled the seminar programme for its upcoming event in Manchester. FSE Manchester, which will be held at The Emirates – Old Trafford on 18 May, will have a key-note address from Olympian and former GB athlete Steve Backley OBE. Talking about his presentation at FSE Manchester, Backley said: “Success is a decision, not a gift. Performance […]

FCA: Bridging advice raising red flag

Tue 3 May 2016

The FCA has raised concerns that regulated bridging finance is being recommended to borrowers in instances where a mainstream mortgage product would have been more appropriate. Speaking to brokers at the Leeds Mortgage Business Expo Lynda Blackwell, mortgage sector manager at the Financial Conduct Authority, said: “The recent increase in bridging sales makes us worry that […]

New partner for Lindsays commercial property team

Tue 3 May 2016

Scottish law firm Lindsays has appointed Stuart Rowson as a partner in its commercial property team. Rowson, who will be based in Edinburgh, joins from fellow commercial law firm Shepherd and Wedderburn. He said: “It is great to be joining Lindsays which feels like a very natural fit for me. I am looking forward to working with the team to […]

FSCS fees rise less than expected

Tue 26 Apr 2016

The Financial Services Compensation Scheme has lowered the uplift in charges levied on home finance intermediaries this year. Rather than charge mortgage brokers £10m in the coming year, the FSCS has agreed to a £6m contribution, which is nevertheless a rise from last year’s fees of £5m. The body said its decision to cut the bill for […]