Top stories this week: FCA chief points out ‘structural challenges’ to home ownership, OSB Group launches specialist BTL lender Rely
Explore these and other key industry updates below:
FCA chief identifies ‘structural challenges’ to home ownership
FCA chief executive Nikhil Rathi warned that significant structural barriers to home ownership remained, particularly for those without significant savings, stable income or family support, and those with minor credit problems.
Speaking at an L&G Mortgage Club meeting, he said the challenges were likely to force more people to rent for longer and possibly even into retirement, increasing the financial burden they faced.
Rathi said the FCA’s mortgage review would look beyond today’s market to future models, including interest-only options and ways to more efficiently unlock housing wealth to support living standards in later life.
OSB Group launches professional BTL lender Rely
OSB Group has launched Rely, a new specialist buy-to-let lender built on a streamlined, data-driven platform developed with input from hundreds of agents.
Aimed at landlords of all types, Rely offers faster sign-ups, integrated technology, and expert support for complex cases. Its launch enables Precise to focus on residential and bridging loans, while Precise’s BTL products and Kent Reliance for Intermediaries brands are withdrawn from new business.
OSB said the move supports its strategy to expand into high-yield areas as loan originations and overall loan book grow.
Halifax and BM cut rates while Accord reprices both ways
Halifax and BM Solutions have today reduced a range of mortgage rates, with Halifax cutting rates by 10 basis points on selected home movers and first home buyer products, and BM Solutions cutting rates by 29 basis points on buy-to-let and rent-to-own products, including reductions for limited companies.
Accord will change its rates tomorrow, increasing prices on residential purchase transactions of 75-85% LTV by up to 10 basis points, but cutting rates by 5 basis points for 90-95% LTV and £5,000 deposit mortgages, with remortgage and tracker products unchanged.
Barclays cuts interest rates by up to 21 basis points tomorrow
Barclays will slash mortgage rates tomorrow, with interest rates for purchase, remortgage and existing customer products reduced by up to 21 basis points.
Notable changes include a reduction in fixed prices for 85% LTV purchases, a significant reduction in 75% LTV remortgage deals – including a 21 basis point cut on the Great Escape two-year fixed rate – and a further reduction in the range of incentives for existing borrowers.
Principality, TSB and HSBC announce rate cuts
Principality Intermediaries lowered rates across its residential, joint borrower, sole proprietor and vacation rental ranges, with reductions generally ranging from 0.06% to 0.13%.
TSB has also reduced pricing by up to 0.25 per cent across its broad portfolio of residential, buy-to-let, conveyancing and additional lending products. HSBC has also confirmed it is about to cut its residential and buy-to-let rates.
Taylor Wimpey urges government to support first-time buyers
Taylor Wimpey has called on the government to provide stronger support for first-time buyers to combat the slowdown in the housing market, citing uncertainty ahead of the Budget and ongoing affordability pressures.
Chief executive Jennie Daly said that while planning reforms were welcome, stimulating demand – especially from constrained first-time buyers – was vital to unlocking the UK’s housing ambitions. The company expects to build 10,400-10,800 homes by 2025 and is expected to make annual operating profits of £424m.
Meanwhile, Housing Minister Steve Reed said the government remained confident of building 1.5 million homes this parliament and was considering building new towns to help meet demand.
NatWest launches shared ownership mortgage
NatWest has launched shared ownership mortgages that allow buyers to purchase as little as a 25% share of a home and increase their share over time, offering buy-and-remortgage products through brokers.
The bank has also relaxed lending standards, offering up to 90% LTV for new apartments and 95% for new houses, and higher LTV limits for interest-only loans, subject to income thresholds.
NatWest said the changes, along with the recent Home Support Mortgage, are designed to widen access to housing and provide customers with a more flexible way to buy property.
OSB founding CEO retires after 14 years at bank
OSB Group has announced that long-serving chief executive Andy Golding plans to retire at the end of 2026 and is currently conducting a formal search for a successor.
Golding, who has led the bank for 14 years through major milestones including an initial public offering and subsequent merger, will remain in his role while overseeing the group’s strategic objectives for 2025 and 2026.
The board praises his role in transforming OSB into the UK’s leading specialist lender, delivering significant growth and shareholder returns.
Aldermore to offer residential mortgages of up to 6 times income
Aldermore has increased the income caps on residential mortgages, allowing borrowers with household incomes over £60,000 to borrow up to 6 times their income at 80% LTV, while borrowers on lower incomes can get loans between 4.49 times and 5.5 times depending on LTV.
The bank has also launched a new limited-edition no-fee residential product, including two-year fixed rates of up to 95% LTV. Mr Oldmore said the changes were designed to help more customers secure housing and provide agents with more choice, following a similar move by HSBC to offer high earners up to 6.5 times their income.
Santander allows brokers to accept PT quotes on behalf of clients
From November 17, Santander will allow brokers to accept product transfer offers on behalf of clients and will require brokers to submit a new statement confirming client permission and provide relevant documentation.
The broker will receive the notification email on behalf of the client. Santander is also cutting residential fixed rates by up to 0.14% across new business and product transfers, including first-time buyer and remortgage products, and launching a new five-year fixed jumbo remortgage product starting at £500,000.
The rate cut also applies to relocation mortgages, new build mortgages and product transfer mortgages.
