Mortgage and Insurance Blog

Date - 05th May 2021

Written by Richard Johnson

 

Hello again readers,

I hope you are all keeping safe and well and If you need any assistance with your mortgage finance or insurance needs, please feel free to email / call me and I will be happy to help.

 

It has been a busy week in the interest rate world West Bromwich, Furness, HSBC, Coventry, Leeds, Skipton, Tipton, Nottingham, Loughborough, Accord and Nat West all announcing changes. Leeds return to 75% lending with a new range of rates for Buy to Lets.

 

In criteria news, Accord made changes to its acceptable new home builders guarantee list.

Keystone makes a change to their source of deposit list.

Coventry made a change to its maternity/paternity back to work salary rule.

Precise make a change to their BTL top slice rule.

Stafford Railway make a change to its self - employed income rules.

Digital Bank make changes to its tier 1 visa rules.

 

In wider news, Landbay has launched a new five-year funding partnership worth £200m of originations per annum. Landbay, has partnered with Allica Bank to fund its buy-to-let mortgages over the next five years. Allica Bank, the challenger bank for established small and medium-sized enterprises (SMEs), will fund a range of residential buy-to-let mortgages originated by Landbay. Allica Bank was awarded its banking licence in September 2019 and has grown rapidly since.

Mortgage borrowing in March was at its strongest level since records began in April 1993, the Bank of England’s (BoE’s) latest Money and Credit report has revealed. Net borrowing during the month was £11.8 billion which is higher even then the peak in October 2006, which was £10.4 billion.

The extension of the stamp duty holiday was attributed to the record-breaking figures with the BoE also revealing how gross lending also reached a series high in March of £35.6 billion.

Along with strong borrowing came a large number of approvals too. Indeed, the BoE reported numbers were at 82,700 in March. Although this was lower than the 103,100 recorded in November 2020, the BoE described these figures as ‘relatively strong’ and also topped the 73,000 approvals in February.

 

In Insurance new, more claims statistics, this time from LV with their report stating they paid almost £118 million across personal protection, with 95% of all personal protection claims paid and over £6.5 million paid in COVID claims.

And again, this time from Exeter, where Covid-19 accounted for 32% of all income protection claims received by The Exeter during 2020. According to the latest figures from the insurer, pay outs for income protection totalled £10.1 million, equating to 91% of all claims submitted during the year.

Covid-19 was the single most claimed for condition in 2020, representing nearly one-third (32%) of claims, while other conditions accounting for a large number of claims included musculoskeletal conditions (21%) and accident and injuries (12%)

I hope you found this post of interest and feel free to get in touch with me if you need any help with your mortgage or insurance needs,

All the very best,

 

Richard Johnson

Cert CII (MP), CeCM, AdvCemap, CeRGI

Mortgage and Insurance Consultant.

Mobile Phone ; 07881802962

Office : 0208 245 8464 direct dial

Email : richard@rjmortgagefinance.co.uk

 

 

 

 

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