“The mortgage sector today is a world away from the one that existed a decade ago”, executive FCA board member and director of strategy and competition, Christopher Woolard has said.
Speaking at UK Finance’s Annual Mortgage Conference, Woolard said “the sector is in a better place than back in 2008, and the market is more competitive”.
“Intense competition means lower rates as they compete to stay in the game – great for consumers, especially those in the later life lending stage. We encourage the industry to continue to be flexible and innovate around the needs of those who are taking out later life borrowing.”
Woolard added that firms will now be able to use modified affordability rates to make it easier to lend to customers and barriers have been removed which will now help vulnerable customers to switch.
In addition, he stated that he doesn’t expect consumers to be transitioned on to a less favourable rate with the move from Libor to Sonia.
Latest News
-
House prices drop in September as annual growth halved
-
More than 34m UK adults face retirement savings vulnerability
-
PM confirms triple lock will become ‘annual double lock’ after next general election
-
Half of aspiring homeowners would use pension savings for home deposit
-
Industry divided over Your First Home scheme
-
Albatross Lending Group joins the BDLA
AI, finfluencers and the future of broking
The mortgage industry is evolving faster than ever. In this MoneyAge video, we examine the opportunities and challenges redefining the broker landscape, from AI-powered lending and changing customer expectations to housing affordability, property supply and the rise of financial influencers. Our guest from Chorley Building Society shares practical insights on what brokers need to do to stay relevant and thrive in a rapidly changing market.
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories