News in brief – 15 July 2022

Ecology Building Society has expanded its range of ‘C-Change’ mortgage discounts, which includes an increase to the maximum discount to 1.50%. The sustainable lender has made the changes to its range of green mortgages for self and custom-build in a drive to accelerate the construction of more energy efficient homes to help meet the UK’s net-zero ambitions. Ecology’s self-build mortgage starts with an initial rate of 4.65% while the construction works are underway. This rate changes to 4.99% from 1 August. On completion of the works, borrowers are eligible for a C-Change discount of up to 1.50% based on the SAP rating in the Energy Performance Certificate (EPC), or if the property is accredited to the exemplary AECB Building Standard or Passivhaus standard.

LiveMore Capital has increased its procuration fee for intermediaries on its long-term fixed rate mortgage range for borrowers aged between 50 and 90. The new enhanced procuration fee is only available on LiveMore’s 20-year fixed rate and fixed for life mortgages, and is 1.10% gross upfront, paid upon completion. This will be on the condition that the intermediary carries out an annual care call to check if their customer has any new circumstances or vulnerability. For LiveMore’s other fixed rate products of five, seven and 10 years, the procuration fee remains at 0.55%.

Yorkshire Building Society has published its first ESG report and provided an update on the progress the society is making against its ambitions. The report, which reflects activities undertaken in 2021, revealed the society achieved a 5% reduction in its carbon footprint, while 99.5% of waste was diverted from landfill. Figures from the society also showed that it supported a record 42,000 people into their own home for the first time last year, while 127,000 people supported towards greater financial wellbeing.

Freedom Finance has announced that Emma Steeley has been appointed as the company’s new CEO. Steeley joins from Equifax, where she spent almost four years as CEO of AccountScore and has spent over 16 years working in senior roles in the consumer finance sector. She will lead the next stage of the company’s plans for growth following fresh investment and the completion of recent product upgrades. Brian Brodie will move into a newly-created chairman role to support the transition of leadership and provide ongoing strategic support to Steeley and the business.

Mortgage Magic has announced the launch of an automated onboarding process. The move provides smaller broker firms with immediate and easy access to its platform. The automated onboarding process means that broker firms choosing Mortgage Magic as their unified business solution can start using the platform immediately, without the need for complex technical configuration or even having to speak to a sales representative. Mortgage Magic’s cloud-based platform features a built-in CRM system, electronic-ID verification, direct messaging as well as secure UK-based document storage that complies with GDPR.

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