Mortgages news: page 2
- May 2025
Equity Release Council launches Standards 2.0
The Equity Release Council launched Standards 2.0 in May 2025, adding a Consumer Charter and a product standard that waives early repayment charges for customers moving permanently into long-term care.
- March 2025
Green mortgage market grows from four products to over 90
The number of green mortgage products in the UK rose from four in 2019 to more than 90 in 2025, according to Green Finance Institute data, with almost 60 of them residential mortgages.
- September 2024
Guidance on the interest rate cap updated
Government guidance on student loan interest rate caps was updated on 16 September 2024, covering Plan 2 and Plan 5 loans, with the cap applied at 6% for Plan 2 and not currently applied for Plan 5.
- July 2024
Mortgage borrowing by individuals reaches highest net level since November 2022
Individuals borrowed a net £2.8 billion of mortgage debt in July 2024, the highest monthly figure since November 2022, according to Bank of England money and credit statistics.
Net mortgage approvals for house purchases rise to highest since September 2022
Net mortgage approvals for house purchases rose to 62,000 in July 2024, the highest since September 2022, while remortgaging approvals fell, according to Bank of England money and credit data.
- June 2024
Hamptons research finds owning costs more than renting in most of Great Britain
Hamptons research published on 22 June 2024 found that buyers with a 5% deposit would pay about £300 a month more on a 95% loan-to-value mortgage than they currently pay in rent.
Mortgage guarantee scheme extended to June 2025
The mortgage guarantee scheme has been extended to June 2025, UK Finance said, as one of several smaller measures announced alongside the Autumn Statement.
- May 2024
Leasehold and Freehold Reform Act reforms introduced
The government introduced leasehold reforms in May 2024 under the Leasehold and Freehold Reform Act, including a 990-year standard lease extension term and standardised service charge bills.
Mortgage arrears among StepChange clients up three percentage points year on year
StepChange reports that 18% of its clients responsible for a mortgage were in arrears in May 2024, three percentage points higher than the 15% recorded a year earlier.
Which? reports growing popularity of 40-year marathon mortgages
Which? reports that longer mortgage terms have grown more popular as first-time buyers respond to higher rates, with 20% of first-time buyers taking terms of 35 years or more by the time the base rate peaked.
- April 2024
Nationwide reported to stop lending on some high flood risk properties
Nationwide Building Society is reported to be declining mortgages on properties judged at high risk of flooding, using mapping technology, according to a Welsh Government committee report.
Research shows older mortgaged homeowners struggling to save for retirement
Research published on 11 April 2024 found that 18% of mortgaged homeowners aged 55 and over say repayments are stopping them saving more for retirement, as equity release funds used to clear mortgages rose.
- March 2024
Mortgage approvals for house purchases reach highest level since September 2022
Bank of England data show net mortgage approvals for house purchases rose to 61,300 in March 2024, the highest since September 2022, while remortgaging approvals fell and the rate on new mortgages eased.
- December 2023
42% of new mortgages extend beyond state pension age
Bank of England data obtained by a freedom of information request shows 42% of new mortgages granted in late 2023 will run past the borrower's projected state pension age, up from 31% in 2021.
Mortgage arrears rise for fifth consecutive quarter in Q4 2023
UK Finance's Q4 2023 review shows mortgage arrears rose for a fifth consecutive quarter, with 107,250 mortgages in arrears of at least 2.5 per cent of balance in December 2023.
- November 2023
Mortgage Guarantee Scheme deadline extended to 30 June 2025
The government has extended the deadline for new 95% mortgages under its Mortgage Guarantee Scheme to 30 June 2025, updating the scheme's policy paper on 23 November 2023.
- September 2023
Recent rule change makes 200,000 more benefit claimants eligible for SMI loan
A rule change to the government's Support for Mortgage Interest loan has extended eligibility to 200,000 more benefit claimants, according to Which?, which reports the figure alongside new survey findings on borrower reluctance.
- August 2023
Housing Loss Prevention Advice Service introduced
The Legal Aid Agency introduced a Housing Loss Prevention Advice Service on 1 August 2023 for people at risk of losing their home, with no legal aid financial eligibility test.
Mortgage Charter agreed by Government, FCA and lenders
The Government, the Financial Conduct Authority and mortgage lenders agreed a Mortgage Charter in August 2023, signed by lenders representing around 90% of the mortgage market.
- July 2023
Participating lenders to offer rate lock up to six months ahead of expiry
From 10 July 2023, lenders signed up to the Mortgage Charter began letting borrowers lock in a new mortgage rate up to six months before their existing fixed deal ends.
- June 2023
FCA publishes policy statement and revised rules to bring the Mortgage Charter into force
The FCA published a policy statement and revised rules on 30 June 2023 to bring the government's Mortgage Charter into force, giving lenders new options for borrowers in financial difficulty.
Mortgage Charter support for borrowers up to date with payments takes effect
From 30 June 2023 borrowers who are up to date with their mortgage can ask their lender to switch to interest only for up to six months or extend their term without an affordability assessment.
SMI eligibility rule changes for Universal Credit claimants documented
The Department for Work and Pensions has added information about changes to Support for Mortgage Interest eligibility rules for Universal Credit claimants to its statistics background and methodology note.
Government publishes Mortgage Charter with lenders covering 85% of mortgage market
The government published the Mortgage Charter on 26 June 2023, with lenders covering 85% of the UK mortgage market committing to measures for borrowers in financial difficulty.
Possession protection commitment takes effect
From 26 June 2023 lenders signed up to the Mortgage Charter will not force a borrower out of their home within a year of a first missed payment, except in exceptional circumstances.
New mortgage support measures agreed by lenders, Chancellor and FCA
On 23 June 2023 the principal mortgage lenders, the Chancellor and the Financial Conduct Authority agreed new support measures for residential mortgage holders, as mortgage rates rose.
Major mortgage lenders extend repossession threshold to 12 months of arrears
The UK's major mortgage lenders agreed in June 2023 to extend the point at which repossession orders can begin from three months of arrears to 12 months, a change the government estimated covered 90% of the market.
Majority of mortgage lenders sign new mortgage charter
The majority of UK mortgage lenders signed a new mortgage charter in June 2023, confirming support options for borrowers and protecting those who miss payments from repossession without consent for at least 12 months.
Mortgage Charter agreed by lenders, FCA and government
The UK's largest mortgage lenders, the Financial Conduct Authority and the Chancellor agreed the Mortgage Charter in June 2023, setting standards for helping borrowers worried about higher rates.
Mortgage Charter protection against quick eviction
Lenders covering 85% of the UK mortgage market have committed to a charter that stops them forcing borrowers out of their homes within a year of a first missed payment.