Yellow Brick Mortgages is regularly trusted and called upon by journalists for expert comment on the property and mortgage market. From national newspapers and broadcasters to the specialist financial press, our views help explain what the latest developments mean for homeowners, buyers and landlords.
Below is our media coverage: the stories we've contributed to, and the words we've been quoted saying.
For media enquiries or expert comment from Yellow Brick Mortgages, email press@ybmortgages.co.uk.
421 pieces of coverage · 148 publications · national, broadcast, trade & regional
In our own words
6 pieces
It is about replacing assumption with evidence. Do not mistake one lender's answer for the market's answer. The home you buy should not be determined by the first affordability assessment you receive.
— Stephen Perkins, Managing Director
We believe if you look after your customers and give something back, the growth and profits look after themselves. This was something Greg and I agreed before we even opened the doors in 2018. It was never intended to be a temporary promotion and we have no intention of ever withdrawing it.
— Stephen Perkins & Greg Marcham
For a mortgage broker finding the best rate of the lenders that can lend to you is probably the easy bit of the job. It’s actually getting the deal through and the service, the chasing lenders, chasing solicitors.
— Stephen Perkins & Greg Marcham
It’s a simple route to success: care about your clients and deliver an exceptional experience.
— Greg Marcham, Co-founder
Stephen Perkins said being a great broker and being a great business owner are two completely different skillsets. “Being accomplished at the former does not guarantee being good at the latter; and it certainly is not easy doing both roles simultaneously, especially as the business grows,” he said.
— Stephen Perkins, Managing Director
Stephen Perkins said CeMAP currently covers so many legal elements around taxation and pension unit trusts, which have “no relevance” or benefit to budding mortgage brokers. He added that there is also a huge focus on endowments, which largely have not been sold for 20 plus years. “So, firstly, the qualification needs updating to relevant technical and industry knowledge, which can be achieved through incorporating topics such as vulnerable clients and Consumer Duty, but it also must focus on what makes good advice principles,” he said.
— Stephen Perkins, Managing Director
8 pieces
“I refer to delaying for a better mortgage rate as the Waiting Penalty… Most people spend weeks calculating how much they could save if mortgage rates fall by another 0.2%, but very few stop to calculate what waiting itself might cost. The next time you’re tempted to wait for mortgage rates to fall just a little further, don’t just ask yourself what you might save. Ask yourself what waiting might cost. That’s your Waiting Penalty.”
— Stephen Perkins, Managing Director
Like a new homeowner dabbing paint test-pots on a wall, there is merit in exploring options and gauging impact. But for taxation, this should happen in Parliament, with policies debated openly. Instead, ministers seem to be testing out only shades of unappealing black and brown, while the markets wait to see what shade the government unveils in the Budget.
— Stephen Perkins, Managing Director
“I’ve never known a time when rates and products appear and then disappear so quickly… To fail to prepare is to prepare to fail, and that has never been more pertinent than at present. One missing document can delay your application and mean you miss out on a rate that could save you hundreds or even thousands of pounds on your mortgage in the years ahead.”
— Stephen Perkins, Managing Director
“Savvy borrowers, whether first-time buyers or those remortgaging, can lock into a mortgage rate up to six months before their new mortgage begins. That way, if the lender they are with raises rates even more, they will be protected from those additional increases… Locking into a mortgage rate protects you from further rate increases while also giving you the opportunity to get a cheaper rate if one becomes available. For switched-on borrowers, locking into mortgage rates early really does offer the best of both worlds.”
— Stephen Perkins, Managing Director
A rate cut now wouldn’t be reckless or risky, it would be the logical next step in a process the Bank has already begun… The Bank has already lowered rates this year because it knows the peak has passed. The only question left is timing – and the inflation data is increasingly shouting, ‘Get on with it’.
— Stephen Perkins, Managing Director
Buying your first home often means compromise, but understanding the difference between leasehold and share of freehold could save you money and give you more control in the long run… The benefits of a share of freehold are significant: no ground rent, more control over service charges, and the ability to extend the lease more easily and at a lower cost.
— Stephen Perkins, Managing Director
For many, the recent sharp climb of the UK gilt yields will feel like a bout of PTSD with flashbacks of the negative market reactions to the Liz Truss “mini”-Budget. That feeling of familiarity is not misplaced; however, it is a relief that the 10-year yields have since eased back to more normal levels again.
— Stephen Perkins, Managing Director
We are privileged to be paid very well for what we do and, compared to many working in the backbone of our economy and society such as doctors, nurses, police, teachers and firefighters, we on average often earn more at only the risk of a paper cut. We feel we have a moral duty to pay it forward and give back.
— Stephen Perkins, Managing Director
148 pieces
The big question, of course, is whether that pricing decision was instigated prior to the Trump tariff reversal or with full knowledge of it. We now hold our breath to see if other major lenders will follow suit in cutting their rates.
— Stephen Perkins, Managing Director
The current market feels like a chaotic game of pass the parcel, where lenders are scrambling to avoid holding the lowest rate when the music stops. With rates increasing multiple times within the same week, advising clients becomes a real challenge in this ever-shifting landscape.
— Stephen Perkins, Managing Director
“Repeated increases to the Bank of England base rate have done nothing to curb inflation and are massively impacting the economy and pushing millions of families’ finances beyond the brink. We need to look at a different approach and select a different tool for the job. The repeated use of the base rate hammer is not turning the inflation screw and is merely causing untold damage.”
— Stephen Perkins, Managing Director
The Times +1 other
With several mainstream lenders now increasing rates in quick succession, this is clearly no longer about one or two isolated repricings. The direction of travel across the market has shifted. For borrowers, the important point is that mortgage pricing can change faster than Bank Rate because lenders respond to wholesale funding costs and market expectations. If that pressure persists, the range of more competitive fixed deals could continue to narrow, even without any change from the Bank of England.
— Stephen Perkins, Managing Director
"Coventry’s move is another reminder that fixed mortgage rates can change quickly as wholesale funding costs move. Borrowers approaching the end of a deal should review their options early, but not panic. "Securing a suitable rate in advance can protect against further increases while still leaving time to reassess if the market improves. One lender moving doesn’t mean every lender will do the same, so comparison remains important."
— Stephen Perkins, Managing Director
Mirror, Birmingham Live +2 others
The bigger question is what markets expect inflation to do next, because that feeds into the funding costs behind fixed mortgage rates. One month's figure shouldn't derail recent reductions on its own, but if inflation continues climbing, lenders may have less room to keep cutting.
— Stephen Perkins, Managing Director
For borrowers, mortgage pricing can change quickly. Waiting in the hope of securing a slightly lower rate can sometimes have the opposite effect if market conditions move against you. We refer to that as the 'waiting penalty'.
— Stephen Perkins, Managing Director
“This is a reminder that mortgage pricing can move in both directions. Just a couple of weeks ago we were seeing lenders increase rates as swap rates rose. Now those funding costs have eased, Nationwide has been quick to pass some of that benefit on to borrowers. If swap rates remain lower, I’d expect other lenders to follow. The mortgage market remains highly competitive, so when one major lender moves, others rarely want to be left behind.”
— Stephen Perkins, Managing Director
“For borrowers, it’s a reminder that mortgage pricing can change quickly. Waiting in the hope of securing a slightly lower rate can sometimes have the opposite effect if market conditions move against you. We refer to that as the ‘waiting penalty’.”
— Stephen Perkins, Managing Director
MoneyWeek, Daily Mail (Print) +4 others
[Paraphrased] The priority is to avoid rash decisions — and many lenders let borrowers switch to a cheaper rate before completion if pricing improves.
— Stephen Perkins, Managing Director
The impact would likely be concentrated among high earners in the capital: “This will not have any seismic impact beyond high earners in London.”
— Stephen Perkins, Managing Director
Daily Express, Mirror +3 others
“It’s hard to get overly excited about rate cuts given the current volatility in the market, as today’s drops may well be tomorrow’s rises if events in the Middle East deteriorate and they are quickly pulled again. What’s needed more than the short-term relief of sporadic rate reductions is some stability and sustained rate reductions that stay around long enough to help borrowers. Earlier this week, it was revealed that the average shelf-life of a mortgage is just eight days at present and that’s a real problem.”
— Stephen Perkins, Managing Director
It has never been more important for anyone considering buying or remortgaging to have their affairs in order.
— Stephen Perkins, Managing Director
“Despite suggestions from Trump and the White House that the war in Iran may be ending sooner rather than later, lenders seem to be hedging their bets. Lenders continue to increase rates as the full economic impact of the Middle East disruption starts to bite. Hopes of rates swiftly going back down may be wishful thinking.”
— Stephen Perkins, Managing Director
Daily Star, Mirror +8 others
“The bad news for borrowers just keeps piling up. The rate increases we’re now seeing and their impact on potential payments are such that we may see home buying or moving plans shelved. Hopefully, this will be a short-term blip that will blow over once stability is restored in the geopolitical landscape. But for now the mortgage market is extremely volatile and lenders’ nerves are fraught.”
— Stephen Perkins, Managing Director
“The plethora of products available to borrowers, particularly for those with low deposits, being the largest since 2007, shows that now is an excellent time to buy or move. However, the vast choice also emphasises the need for professional advice in selecting the most suitable product for your circumstances, as big savings can be secured. Improved choice is always a good thing, but people need to choose well.”
— Stephen Perkins, Managing Director
GB News, What Mortgage +1 other
With the pending storm of the forthcoming budget likely to reduce demand, now is the time for lenders to fill their boots.
— Stephen Perkins, Managing Director
“Right now, lenders are adjusting the sails prior to the wind changing direction, as they suspect there are rough seas ahead. The increases in rates are not huge but they do show that the market is uncertain and that lenders are concerned about the impact of the forthcoming fiscal event.”
— Stephen Perkins, Managing Director
“Whilst all indicators point to a base rate reduction being beneficial and required, the Bank of England rarely take any decisive action based upon a single month’s data. The chances therefore are a hold in June and cautiously await more data before any potential rate cut.”
— Stephen Perkins, Managing Director
“With Trump pausing the tariffs for 90 days it could make the other lenders pause for thought, but hopefully Barclays have started the ball rolling on a surge of rate cuts.” [As the first ‘big six’ lender to offer a sub-4% rate, this is an] “exciting move” [that could be the] “catalyst for a full blown rate war.”
— Stephen Perkins, Managing Director
"Coventry follow TSB and other lenders in finally passing on the recent swap rate reductions to borrowers, which should now apply market pressure to the big six lenders to follow suit, causing rates to fall like dominoes."
— Stephen Perkins, Managing Director
“Lower fixed mortgage rates are incoming. Coventry follow TSB and other lenders in finally passing on the recent swap rate reductions to borrowers, which should now apply market pressure to the big six lenders to follow suit, causing rates to fall like dominoes.”
— Stephen Perkins, Managing Director
'Barclays being the first big six lender to enter the sub-4 per cent fixed rate market is an encouraging development.'
— Stephen Perkins, Managing Director
"After lenders have patiently waited for a recovery that hasn’t materialised, they have finally started to pass on the swap rate reductions to borrowers. However, we are yet to see one of the big six lenders show their cards and start the rate war proper."
— Stephen Perkins, Managing Director
After lenders have patiently waited for a recovery that hasn’t materialised, they have finally started to pass on the swap rate reductions to borrowers.
— Stephen Perkins, Managing Director
President Trump’s tariffs have taken a sledgehammer to the scales of equilibrium and damaged the world economy, so now there is growing pressure on more rate reductions this year to provide life support to the UK economy to compensate for the impact of the tariffs.
— Stephen Perkins, Managing Director
Gazette & Herald, FT Adviser +12 others
"You have to give lenders credit. Despite inflation fears, stamp duty increases and likely forthcoming caution from the Bank of England, they are doing their best to drive the mortgage and property market forward. These rate cuts are all starting to add up but we need to see this trend continue."
— Stephen Perkins, Managing Director
"With inflation rising more than expected on the latest print, expectations around further Bank of England base rate cuts have been tempered. "It's likely some of the best priced deals currently available will be pulled shortly. So buyers or remortgage clients should act quickly to secure a rate."
— Stephen Perkins, Managing Director
This continues to demonstrate the resilience of house prices, as demand remains stronger than expected despite all the misgivings surrounding the economy.
— Stephen Perkins, Managing Director
"A base rate reduction is needed to save the economy, but the Bank of England will leave the superhero cape in the closet and hold rates as they are. "The cuts will come next year, but as usual they will be too little too late."
— Stephen Perkins, Managing Director
Stephen Perkins said it is wrong for Sir Keir Starmer to argue the Budget is not, at least partly, responsible for higher mortgage rates.
— Stephen Perkins, Managing Director
“The economy is crying out for a base rate reduction this week, and prior to the Budget this was more certain than any of the previous years’ decisions. However, gilt yields spiking and the inflationary wage and NI cost increases announced in the Budget mean a reduction of the base rate is now probable rather than certain. It should be some months before the Budget’s impact feeds through into the inflation figures, so hopefully Threadneedle Street can focus on the here and now and cross that bridge when it comes.”
— Stephen Perkins, Managing Director
“The economy is crying out for a base rate reduction this week, and prior to the Budget this was more certain than any of the previous years’ decisions. However, gilt yields spiking and the inflationary wage and National Insurance (NI) cost increases announced in the Budget mean a reduction of the base rate is now probable rather than certain. “It should be some months before the Budget’s impact feeds through into the inflation figures, so hopefully [the Bank of England] can focus on the here and now and cross that bridge when it comes.”
— Stephen Perkins, Managing Director
“It’s not lenders’ place to question the fees of their introducers. “That fair value assessment lies with the broker and their relationship with the Financial Conduct Authority. “The lender should keep in their lane and review their own product fees and early repayment charges, all of which seem grossly unfair in value terms.”
— Stephen Perkins, Managing Director
Stephen Perkins pointed out these increases were announced “within hours of the Budget”. He argued this shows that the rate dust has not yet settled following Labour’s shake of the fiscal snow globe. Perkins predicted that swap rates over the coming days “should reveal the direction of travel ahead of the Bank of England base rate decision next week”.
— Stephen Perkins, Managing Director
“Lenders are trying to fill their boots before the autumn Budget potentially puts a giant hole in them. Now is a great time for borrowers to grab a deal with rate reductions across the board."
— Stephen Perkins, Managing Director
"It's back to school and this is the rate equivalent of a pile-on."
— Stephen Perkins, Managing Director
Birmingham Live, Plymouth Live +1 other
“Even in the landscape of reducing rates, many borrowers will prefer the safety and predictability of a fixed rate. “While a tracker rate, which would decrease each time the Bank of England reduces the base rate, may seem appealing, the differential in the rates mean that there would need to be multiple rate reductions just to break even. “This then becomes too much of a gamble, especially in such a complex economic climate, where there is no guarantees on when or how far rates could drop.”
— Stephen Perkins, Managing Director
Further rate cuts from two of the largest players in the mortgage market sends a clear and strong message to borrowers.
— Stephen Perkins, Managing Director
"Despite doom and gloom speeches from Labour ahead of the Autumn Budget, lenders continue to push out positive messages of rate reductions, showing they are banking on continued economic recovery. "Let's hope that the new administration doesn't do something the markets don't like."
— Stephen Perkins, Managing Director
'Further rate cuts from two of the largest players in the mortgage market sends a clear and strong message to borrowers. 'With competition between lenders heating up, now is a fantastic time for borrowers to make their property dreams a reality.'
— Stephen Perkins, Managing Director
Stephen Perkins commended the bank for making "a real statement" and expressed hope that it would encourage more competitive sub-4% deals across the market.
— Stephen Perkins, Managing Director
[The deal] represents a real statement of intent. It's game on in the mortgage market now. More lenders going sub-4 per cent is greatly welcomed.
— Stephen Perkins, Managing Director
Stephen Perkins told Newspage the deal from the bank “represents a real statement of intent”. He said: “It's game on in the mortgage market now. More lenders going sub-4 percent is greatly welcomed.” At the moment the best deals are only available to those with a large deposit, however he said there is good reason to believe that these competitive rates will filter up the loan-to-value brackets to help more borrowers.
— Stephen Perkins, Managing Director
"While the base rate cut was mostly priced into the market, some were unsure it would come this month so we are seeing positive momentum on swap rates already. “It's likely more lenders will cut in the days ahead."
— Stephen Perkins, Managing Director
Stephen Perkins described the cut as a “watershed moment”. “Rates will not go back to their 2020 lows, but the release of the pressure valve will have enormous impacts on the lives of millions.”
— Stephen Perkins, Managing Director
Stephen Perkins said the biggest innovations have come from challenger lenders, singling out Mpowered, GenH and April Mortgages. “Most establishment lenders have made tweaks to criteria and affordability alongside rates to attract business, but generally they are happy with the status quo,” he explained. “What remains to be seen is the level of the impact on the market from the challengers, especially as rates start to drop.”
— Stephen Perkins, Managing Director
Stephen Perkins referred to the cut as a "watershed moment", adding: "Rates will not go back to their 2020 lows, but the release of the pressure valve will have enormous impacts on the lives of millions."
— Stephen Perkins, Managing Director
"Hopefully these reductions are the aperitif ahead of the main course, a base rate reduction, by the Monetary Policy Committee tomorrow. The odds look good, and the economy needs it, but the Bank of England often disappoints."
— Stephen Perkins, Managing Director
"Further rate cuts from big lenders are a major boost to borrowers and are showing the Bank of England how it's done. "The competition for mortgage applications is heating up and, if a base rate cut comes in August, the market could be cooking on all cylinders."
— Stephen Perkins, Managing Director
Sky News +1 other
The Ferris wheel of rate reductions has returned to the top for another go around, with Barclays announcing fresh rate reductions hot on the back of their previous rate drops. This cycle is gaining momentum ahead of an expected Bank of England base rate cut in the short term. All borrowers will be enjoying the ride.
— Stephen Perkins, Managing Director
“Capped rates give the best of both worlds to borrowers, but provide a potential liability or risk to lenders. “While lenders should be confident that rates have peaked and therefore the chances of rates going above an offered cap and them being out of pocket are minimal, the same lenders cannot give brokers 24 hours notice of rate changes,” he said. “No doubt any lender offering a capped rate would gain traction from it, but they would sooner offer borrowers a fixed rate and look to benefit from rates falling.”
— Stephen Perkins, Managing Director
"The summer post-election rate war is now in full swing. This is excellent news for all borrowers and will have a positive impact on affordability. "With an expected base rate reduction in August, the summer sale is only just starting to heat up. Right now, it's advantage borrowers."
— Stephen Perkins, Managing Director
"Two more high street banks are throwing their hat into the ring for cheapest mortgage rates, hoping borrowers vote for them as their lender of choice. “HSBC and Barclays both announcing rate reductions for Friday following Santander, Natwest and Halifax earlier in the week, is starting to give the mortgage market real momentum.”
— Stephen Perkins, Managing Director
Daily Express, This is Money +1 other
Stephen Perkins said the cuts "will bring huge relief to borrowers across the country".
— Stephen Perkins, Managing Director
"Some lenders are playing it safe by slightly increasing rates. "There is also an element of lenders managing levels of new business through these adjustments as some are struggling with demand for their products and managing to service the level of applications. "Nothing that has been said in any of the election debates so far has given us much confidence in the direction of travel for the economy. The mortgage and property market appear to be drifting aimlessy right now."
— Stephen Perkins, Managing Director
“The Bank of England will be poring through a mixed bag of conflicting economic data points next week. “Everyone is praying for a continued fall in inflation on Wednesday that will support the argument for a cut to the base rate, but this week’s wage inflation data may mean rates will remain higher for longer. “That said, unemployment is rising and the economy, according to official data published Wednesday, is flatlining, so there is hope yet. A hold is still the most likely outcome but a cut cannot be ruled out.”
— Stephen Perkins, Managing Director
Stephen Perkins added the tool is an example of a modern solution to an age-old problem. “Brokers key applications based on the credit commitments disclosed by clients, and even if they ask for a credit report, these do not always show all accounts,” he explained. “Then when the lender receives the application they advise it has been declined due to something undeclared. “The Gen H system of stating the commitments they have found on their search and then asking if these will continue to be paid off, hugely simplifies this process and will lead to much less frustration for borrowers and brokers alike.”
— Stephen Perkins, Managing Director
"As the cost of living crisis and increased mortgage rates continue to bite chunks out of household finances, it is incredibly sad, but unsurprising to see so many families failing to pay their mortgages or rent. "Many lenders have no choice but to take action against them. With no respite in sight currently, there may still be worse to come in these measures as the year progresses."
— Stephen Perkins, Managing Director
Excellent news this morning with rate reductions from both Barclays and HSBC, which will reinvigorate a mortgage market that has been languishing for too long. This could be the spark that starts another mini-rate war.
— Stephen Perkins, Managing Director
“For the Bank of England, the rise in unemployment may be trumped by the ongoing strength of wage growth and potentially put a stick in the spokes of a base rate cut in June, meaning more pain for borrowers. “The rise in unemployment is symptomatic of the pressures on businesses to cut costs wherever possible. The combination of Brexit, Covid, double-digit inflation and high interest rates is taking its toll on the UK labour market.”
— Stephen Perkins, Managing Director
"Positive rate reductions from Barclays on purchase applications is very welcome news, especially after so many rate rises from top six lenders over the past seven days."
— Stephen Perkins, Managing Director
"The current market feels like a chaotic game of pass the parcel, where lenders are scrambling to avoid holding the lowest rate when the music stops."
— Stephen Perkins, Managing Director
'Nationwide is the third major big-six lender behind Natwest and Santander to announce increases to their interest rates making for a challenging start to the week. 'The market is doing its best to douse the remaining optimism of potential buyers, hopefully this will not extinguish their hope in buying a property.'
— Stephen Perkins, Managing Director
Nationwide is the third major big six lender behind NatWest and Santander to announce increases to their interest rates today, making for a challenging start to the week as we close off on April.
— Stephen Perkins, Managing Director
A swirling hurricane of rate rises is shaking the mortgage market this morning, in a disastrous start to the new week. With swap rates having increased in recent days from the lack of expectation of any base rate reduction anytime soon, the "higher for longer rhetoric" is biting hard.
— Stephen Perkins, Managing Director
"Despite all the positive signs around inflation … when the chips are down the Bank of England could still be slow to react.”
— Stephen Perkins, Managing Director
"Skipton have either made these rate decisions in a dark room isolated from the news cycle, or are trying to increase their margins or reduce their application levels."
— Stephen Perkins, Managing Director
Sky News +1 other
Atom’s rates are going up like a mushroom cloud, despite today’s positive inflation results, which means these changes must be about business volumes rather than linked to the direction of travel.
— Stephen Perkins, Managing Director
“It’s great to see NatWest wheel out the first of hopefully many lender rate reductions this week following the better than expected inflation data this morning. “It is shaping up to be a positive week for the mortgage market.”
— Stephen Perkins, Managing Director
This is disappointing given how instrumental she has been with her voting on the appalling handling of the economy by the Bank of England.
— Stephen Perkins, Managing Director
Both individual and company insolvencies are massively up on this time last year.
— Stephen Perkins, Managing Director
Rate reductions are always welcome and hopefully Coventry will draw other lenders out of the shadows. This has the potential to be a real catalyst of positive change in the mortgage and property market.
— Stephen Perkins, Managing Director
GenH are fast becoming beloved by brokers and borrowers for their common-sense approach to lending and their intention to price products as fairly as possible for borrowers. Take a bow GenH.
— Stephen Perkins, Managing Director
"It is going to be a busy day for brokers as they scramble to secure rates for their clients.”
— Stephen Perkins, Managing Director
Stephen Perkins said there are no excuses as to why lenders cannot give appropriate notice. “Lenders should be able to announce rate withdrawals before 10am and give brokers until the close of play the same day to a minimum to secure those rates. “Giving notice at 4:30pm that products are being withdrawn at 5pm is not acceptable.”
— Stephen Perkins, Managing Director
Stephen Perkins said some clients did not know that the best rate was often only available at lower loan to value (LTV) tiers, meaning anyone with a deposit of less than 40 per cent would not be able to secure this. “Whilst it is not nice to burst clients’ bubbles, it is crucial to leave them fully informed on what is most suitable to them in their individual circumstances, lending criteria, affordability and looking at overall cost, so they can then make informed decisions on their maximum purchase price and appropriately set their house-buying goals,” he said.
— Stephen Perkins, Managing Director
Coventry announcing rate increases is certainly not the start to the week Britain’s borrowers were hoping for. However, at least they give some notice, so current rates can be secured by those ready to do so. We may see more volatility in mortgage pricing this week as lenders balance business levels and service.
— Stephen Perkins, Managing Director
Evening Standard, Yahoo Finance +1 other
“If the Bank of England were receiving an Ofsted rating for their performance, it would be grade 4: Inadequate. “They have constantly used a base rate rise hammer on the inflation screw destroying the economy in the process. “The type of inflation experienced hadn’t been from excess spending but other geopolitical factors, so the constant rate rises only poured misery on millions of households already feeling the squeeze and inflation still remains over double their desired target.”
— Stephen Perkins, Managing Director
“Nationwide turn up late to the party and then look to steal the show with what sound to be drastic rate cuts the same day some of the competitors are raising their rates. Such reductions should turn heads and put them out front in the race for new business.”
— Stephen Perkins, Managing Director
Stephen Perkins warned that the defaults were evidence of “incessant pressure on household finances”, with many households now hitting “breaking point” after cutting back where possible and exhausting all available credit options. “Rate reductions on mortgages will help some but are coming too late for many. These figures will look even worse over the coming months. For many, the mortgage rate reprieve we’re currently in will sadly be too little, too late.”
— Stephen Perkins, Managing Director
“After cutting back where possible and exhausting all available credit options, many households are now at breaking point.”
— Stephen Perkins, Managing Director
The Telegraph +1 other
“The sub-4 per cent two-year fixed rate should be imminent. Lenders are keen to get 2024 off to a positive start towards their lending targets after a lacklustre 2023 and the markets seem confident in a base rate reduction by mid-year. “The next inflation data could be the Rosetta Stone to unlocking two-year fixed deals starting with a [figure] three.”
— Stephen Perkins, Managing Director
Stephen Perkins said in the short term he expected a “flurry of rate reductions” as lenders aim to “ensure they don’t have another poor year like 2023”. However, Perkins acknowledged these rate reductions will become “more static” until base rate reductions follow later in the year.
— Stephen Perkins, Managing Director
Stephen Perkins said Sir Howard Davies “should be ashamed of these comments”. He added: “It is tiring reading such comments from people who bought their first house for around £10,000 with a minimal deposit and a mortgage at two to three times their income and who are completely out of touch with the challenges first-time buyers face getting on the housing ladder.”
— Stephen Perkins, Managing Director
"The gloves are off. Lenders are now duking it out daily in a serious rate bout, all trying to land scoring punches. On the back of Halifax and HSBC's reductions, TSB is now making its move to continue to carve out its share of a pent-up market. "This should get more and more explosive as we move through the rounds."
— Stephen Perkins, Managing Director
“Such bad news for the economy could translate into good news for borrowers. These revised GDP figures show the strained breaths of an economy being tightly strangled by the Bank of England over the past 12 months, bringing many businesses to their knees. That’s especially the case in the retail sector.”
— Stephen Perkins, Managing Director
The latest GDP figures show a bleak mid-winter for the UK economy. They reflect the continued cost of living crisis eroding people’s spending power and the current plight of many businesses. The only positive is that this should make a base rate hold decision from the Bank of England this month much more likely, meaning stability all the way through to the following review in February.
— Stephen Perkins, Managing Director
“Brokers fought and campaigned for a long time to get 6-month windows on Product Transfers to align with remortgage windows, so that we could review clients early and check all options at once. This was particularly useful when rates were increasing to be able to secure rates as early as possible. “Of course, now rates are regularly dropping, this creates more work and admin costs for brokers reviewing their clients’ options several times up to completion, but rates will soon stabilise and this will be less dramatic in its impact. So overall six months works well, with brokers beating lenders direct on service, as they will review the rates where the banks direct will not.”
— Stephen Perkins, Managing Director
Barclays have blown the doors off with these rates and have sent a loud and clear message to other lenders.
— Stephen Perkins, Managing Director
“Another very welcome round of rate cuts from the Nationwide. "They won’t have been influenced by the Autumn Statement but rather the ongoing rate war between the UK's top lenders who are battling for market share in what is still a dampened market. Expect other lenders to react soon, bringing more good tidings ahead of the festive season.”
— Stephen Perkins, Managing Director
“Christmas is coming early to homeowners across the country as more of the top lenders reduce their rates following the recent positive news on inflation and growing confidence in the short-term economic outlook. “The competition for market share during the rest of the year looks set to be explosive, so this is a fantastic time to secure a rate on your next mortgage.”
— Stephen Perkins, Managing Director
“Barclays have thrown a match into the haystack with these rate reductions available on remortgages.” Stephen Perkins added that, as a result, the lender rate war is going to “heat up fast” and that more reductions will “almost certainly follow very soon”.
— Stephen Perkins, Managing Director
“Falling inflation will give much-needed respite to the mortgage market and potentially give borrowers a major boost, as lenders further reduce fixed rates based on an enhanced medium-term outlook.”
— Stephen Perkins, Managing Director
“Barclays have thrown a match into the haystack with these rate reductions available on remortgages. The lender rate war is going to heat up fast. More reductions will almost certainly follow very soon to the delight of homeowners around the UK.”
— Stephen Perkins, Managing Director
“The value of independent financial advice has never been higher. “Every day our advisers are saving clients thousands of pounds by re-doing additional work on already agreed mortgages as rates continue to reduce. “Those who apply directly to banks won’t receive that service and will likely pay thousands of pounds more over their product term. People think they’re saving money by going direct but with rates in a downward spiral, they are extremely exposed.”
— Stephen Perkins, Managing Director
“Barclays have thrown a match into the haystack. “The lender rate war is going to heat up fast. More reductions will almost certainly follow very soon to the delight of homeowners around the UK.”
— Stephen Perkins, Managing Director
It’s excellent to see more lenders with two-year fixed rates under 5%.
— Stephen Perkins, Managing Director
“A stamp duty cut or holiday would not be surprising from a Government that is clearly lacking in initiative and ideas. Reducing stamp duty artificially props up the market by bringing forward some transactions and inflating house prices, which are already out of reach of many despite recent falls. To top it all off, the end of stamp duty holidays is a cliff-edge where the market goes into cardiac arrest. So please, let’s not go there again.”
— Stephen Perkins, Managing Director
“It is exceptional news to finally get a two-year fixed rate back sub-5 per cent into the market. “This shows lender confidence in the short and medium-term lending landscape and will bring more affordable options to home buyers and movers across the country, especially as more lenders hopefully follow suit shortly.”
— Stephen Perkins, Managing Director
“A hold decision is desperately needed but the fear is that with inflation proving sticky and above-inflation wage growth, the Monetary Policy Committee may vote for a 0.25% increase, further blowtorching the economy.”
— Stephen Perkins, Managing Director
Stephen Perkins added a note of caution. “Whilst it is great to see two-year fixed rates edge ever closer to the sub-5 per cent zone, the 1 per cent product fee on a two-year deal will likely not be cost-effective for most borrowers. “However, low rates will no doubt attract some borrowers as Virgin is fighting hard for some market share to hit its year-end lending figures.”
— Stephen Perkins, Managing Director
“Whilst it is great to see 2-year fixed rates edge ever closer to the sub-5% zone, the 1% product fee on a 2-year deal will likely not be cost-effective for most borrowers. "However, low rates will no doubt attract some borrowers as Virgin is fighting hard for some market share to hit its year-end lending figures.”
— Stephen Perkins, Managing Director
[Paraphrased] Lenders have been "scrapping over the remaining crumbs of new lending opportunities", with results similar across all the major lenders who are "all far below their lending targets".
— Stephen Perkins, Managing Director
“These results from Santander will be similar across all the major lenders who are all far below their lending targets. “This has been the main catalyst behind the mortgage rate war during the third quarter and October to date, as lenders have been scrapping over the remaining crumbs of new lending opportunities. “It has also led to a focus on existing borrower retention.”
— Stephen Perkins, Managing Director
"A small fall in inflation would give the Bank of England reason to maintain the base rate at its current level. This would likely see continued small reductions in fixed rates, as lenders compete for the lack of business out there right now. However, there will not be any significant mortgage rate decreases unless there is an equally significant drop in the inflation figures. And that could not happen until next year," said Stephen Perkins, Managing Director at Yellow Brick Mortgages, to Newspage.
— Stephen Perkins, Managing Director
“This latest wage growth data shows above-inflation increases in wages and therefore spending power. This creates the real danger of another base rate rise from the Bank of England’s Monetary Policy Committee, unless the next inflation print due tomorrow can settle its nerves.”
— Stephen Perkins, Managing Director
With a lot of households yet to be impacted by increased mortgage rates, things will almost certainly get worse in the fourth quarter and it could be a long time before we see any light at the end of the tunnel.
— Stephen Perkins, Managing Director
Stephen Perkins called the move by Skipton “very innovative” as it effectively allowed their existing clients to capitalise some of their interest in exchange for lower monthly payments, which would also increase their client retention and reduce risk of arrears. “However, borrowers need to weigh up the overall cost of the product against their personal priorities,” he reminded.
— Stephen Perkins, Managing Director
It’s welcome news that Metro has managed to stabilise itself through further investment without having to sell the family silverware or be consolidated into another bank. However, they still need to address the underlying issues of a lack of deposits so that they are not in the same predicament in 12 months’ time, and this has not been helped by the events of the past week with a lot of consumer confidence lost.
— Stephen Perkins, Managing Director
“Yes the rise in swap rates will likely slow the rate cuts, as lenders take time to see how deep-rooted the current increases are. “However, I do not think there is a need to panic if the base rate goes up again, as any increase in November would simply replace the expected rise from September that did not happen.”
— Stephen Perkins, Managing Director
Stephen Perkins welcomed the cuts. “It’s great to see some fresh rate reductions despite fears that they may be coming to an end following the slight reversal in swap rates. “This highlights very clearly the fact that lenders still have money to lend and are fighting with each other over a smaller number of borrowers. Right now, market share is an absolute focus of the big lenders.”
— Stephen Perkins, Managing Director
The announcement of reductions without specifics is just a matter of trying to grab headlines and PR whilst also giving the flexibility to decide the actual rates later after some competitors have made their counter-moves.
— Stephen Perkins, Managing Director
It’s great to see some fresh rate reductions despite fears that they may be coming to an end following the slight reversal in swap rates. This highlights very clearly the fact that lenders still have money to lend and are fighting with each other over a smaller number of borrowers. Right now, market share is an absolute focus of the big lenders.
— Stephen Perkins, Managing Director
Sky News, Financial Reporter +2 others
Rates continue to snowball downhill and summer is barely over. This is yet more great news for homeowners across the country.
— Stephen Perkins, Managing Director
Most clients either want the short term two-year fix, hoping to be able to secure a better rate at renewal by which time rates should have reduced, or the longer term five-year fix, giving them a fixed payment without the cost and hassle of seeing what the market does over the next two years.
— Stephen Perkins, Managing Director
Very positive reductions from Santander who are showing they are keen to fight for market share. It will be very interesting to see the next wave of rate reductions across the market in response.
— Stephen Perkins, Managing Director
Stephen Perkins believes that more rate cuts are now a certainty. 'There is a tidal wave of rate reductions about to hit following the decision by the Bank of England to hold the base rate today, which was better than lender expectations of another increase. 'This will give lenders confidence we are near or at peak and therefore they will continue their rate war to win market share. 'This is great news for homeowners and those planning to buy, and will pump some adrenaline into the heart of the property market.'
— Stephen Perkins, Managing Director
There is a tidal wave of rate reductions about to hit following the decision by the Bank of England to hold the base rate today.
— Stephen Perkins, Managing Director
It is great to be seeing rates below 5% again, and a clear sign that lenders are desperately fighting for market share as they are far behind targets on completions and lending volumes.
— Stephen Perkins, Managing Director
“[The figures paint a] horrific picture… The Bank of England themselves say it takes 18 months for the full impact of an interest rate rise to be seen, so with so many such rises over the last 12 months and so many mortgages yet to come off their low fixed rate deals the worst is yet to come. Cutting back on non-essentials is papering over the cracks for now, but such measures can only go so far.”
— Stephen Perkins, Managing Director
“All these rate reductions are starting to feel like an avalanche. No doubt there will be more of these reductions over the week, as all lenders follow in a conga line.”
— Stephen Perkins, Managing Director
"Santander is the latest large bank to reduce rates this week across their residential range and also targeted more aggressively those clients with higher deposits or equity. "Lenders continue to fight for their share of a reduced market, with none of them wanting to be without a chair when the music stops."
— Stephen Perkins, Managing Director
The two-year fix is popular at the moment given the expectation that we have perhaps seen the peak in mortgage rates and these may be reduced to the 4%-5% zone where they will likely settle.
— Stephen Perkins, Managing Director
“The 2-year fix is popular at the moment given the expectation that we have perhaps seen the peak in mortgage rates and these may be reduced to the 4% to 5% zone where they will likely settle. “Swap rates will continue to fall if the Bank of England raises the base rate by the expected 0.25% this month, but anything more than that and mortgage rates could rise again. “The most important figures will be the next set of inflation data, which should set up the direction of travel for rates for the remainder of the year.”
— Stephen Perkins, Managing Director
“No doubt there will be more of these reductions over the week, as all lenders follow in a conga line.”
— Stephen Perkins, Managing Director
“All these rate reductions are starting to feel like an avalanche. Great news all around and they seem to be picking up momentum as they fall. No doubt there will be more of these reductions over the week as all lenders follow in a conga line.”
— Stephen Perkins, Managing Director
Daily Record, MSN Money +8 others
“The end of Help to Buy will be a factor in this. “With the scheme’s help, many buyers could stretch to the larger detached properties. “Now, however, budgets will be limited to smaller or semi-detached properties.”
— Stephen Perkins, Managing Director
“The confidence to buy simply isn’t there right now. Many people seeking to remortgage are having to stay with their existing lender due to affordability and criteria restrictions. Fortunately, as lenders are desperate to hit lending targets, as seen by recent rate reductions, they are offering very competitive rates for customers to stay with them at present.”
— Stephen Perkins, Managing Director
Evening Standard, Yahoo News +2 others
“This is to be expected. Purchase business has slowed, and as can be seen by the flurry of rate reductions from lenders, they are short of their lending targets. “Retaining existing clients on new deals is the low-hanging fruit. “However, there is also for many clients a need to product transfer as opposed to remortgage, whether that is down to new lender affordability, potential down valuation or just to avoid the added hassle that a new application and legal process involves.”
— Stephen Perkins, Managing Director
“More rate reductions from the TSB and, probably more crucially, the reductions in the 2- and 5-year swap rates are excellent news for borrowers. Let us enjoy it before the Bank of England once again stomps in to ruin the party.”
— Stephen Perkins, Managing Director
"It's excellent news to see further lender rate reductions on the back of the recent inflation and wage data. It shows that the lender rate war is still ongoing to the benefit of all homeowners. Crucially, it also highlights that lenders still have market confidence even with another likely Bank of England base rate hike at the next meeting."
— Stephen Perkins, Managing Director
“Accord has heavily reduced its offering to those with low deposits, making the amount that such borrowers can obtain, and the monthly cost of the mortgage, much more beneficial. This is very welcome and encouraging news and will no doubt see other lenders look to counter, with the biggest winner being potential home-buyers and movers. Cashback will certainly help some buyers also with the property purchase costs, should that be a priority for the borrower. Hopefully, the forthcoming inflation data does not lead to these being pulled on the day of release over fears of a Bank of England reaction.”
— Stephen Perkins, Managing Director
“[Coventry’s cuts were] another domino rate reduction. The rate war rages on, with homeowners and would-be buyers cheering from the sidelines.”
— Stephen Perkins, Managing Director
“Accord has heavily reduced its offering to those with low deposits, making the amount that such borrowers can obtain, and the monthly cost of the mortgage, much more beneficial. “This is very welcome and encouraging news and will no doubt see other lenders look to counter, with the biggest winner being potential home-buyers and movers. “Cashback will certainly help some buyers also with the property purchase costs, should that be a priority for the borrower.”
— Stephen Perkins, Managing Director
Fixed mortgage rates have already priced this increase in so there should not be any lender rate increases and these may even continue to reduce slightly as lenders feel the base rate is close to peaking.
— Stephen Perkins, Managing Director
Stephen Perkins commented that, so far, mortgages had been stable for Virgin Money due to the full impact of rate rises not being realised with much of their loan book yet. “The Mortgage Charter allows for some respite and support in the short term,” he added. “However, a spike in mortgage arrears will surely follow in the months ahead.”
— Stephen Perkins, Managing Director
'Rates should remain stable or even slightly reduce as lenders feel more confident the base rate is reaching its peak. The only announcements from lenders today affect tracker mortgages and their variable rates increasing, which is nothing out of the ordinary. The real question for banks is how long will it take them to pass the rate increase on to savers.'
— Stephen Perkins, Managing Director
“It’s encouraging to see HSBC, one of the UK’s largest mortgage lenders, reduce their rates, especially following the positive inflation news last week. “Hopefully, this now sees the rest of the marketplace follow suit and give much-needed relief to mortgage borrowers across the UK.”
— Stephen Perkins, Managing Director
The news was welcomed by the industry, with Stephen Perkins describing it as "encouraging".
— Stephen Perkins, Managing Director
“Why would you not get a professional opinion on the best deal on what is most people’s largest monthly outgoing? Of course, a rate switch is the fastest and easiest option but not always the most suitable or the cheapest. “At a time of increasing rates and borrowers wanting to minimise the hardship of the increased rates on offer, fee-free consultation for a whole-of-market review with a broker is a must for all mortgage holders and could create savings of thousands of pounds.”
— Stephen Perkins, Managing Director
Stephen Perkins said he was not surprised.
— Stephen Perkins, Managing Director
“We have already been receiving emails from clients asking if they should hold off applying for a remortgage right now and play the odds of a potential rate reduction over the next month or so. The answer of course is to secure a rate now, and we can switch to a better rate should they become available. The recent positive news in the media about easing inflation and a potential end to continual rate rises has certainly encouraged a lot of borrowers.”
— Stephen Perkins, Managing Director
“Coventry Building Society continues to show itself as the shining light of mortgage lenders. “Giving 48 hours’ notice of pending product changes, allowing brokers to manage clients’ expectations and ensuring rates are secured. “All whilst other lenders cannot commit to even 24 hours’ notice, with many withdrawing rates with little to no notice.”
— Stephen Perkins, Managing Director
“Like everyone, I am hoping for a significant drop in the inflation figures this week. However, this may not be the case and if so, may lead the Bank of England to further raise interest rates. “Raising interest rates, so far, has not worked at controlling inflation and has a lag period of 18 to 24 months to have an impact according to the Bank of England. “Rate increases may have worked for more traditionally caused periods of inflation in the past, but with the current inflation being due to unprecedented geopolitical and pandemic-related factors, simply increasing interest rates does not work.
— Stephen Perkins, Managing Director
“They’re already rising, but lenders are expecting losses and default rates on secured loans to increase even further in the next quarter, which is unsurprising given the heights interest rates are now reaching. Demand for mortgages is also expected to fall in the third quarter, which again is what you would expect in such a brutal economic climate.” Stephen Perkins said the central bank’s strategy of putting up the base rate to temper rising inflation had little impact and was “massively impacting the economy”. “We need to look at a different approach and select a different tool for the job. The repeated use of the base rate hammer is not turning the inflation screw and is merely causing untold damage.”
— Stephen Perkins, Managing Director
Stephen Perkins believed that the fall was more about the markets trying to influence the Bank of England’s thinking rather than reflecting the direction of travel.
— Stephen Perkins, Managing Director
“They’re already rising, but lenders are expecting losses and default rates on secured loans to increase even further in the next quarter, which is unsurprising given the heights interest rates are now reaching. Demand [for credit] is also expected to fall in the third quarter, which again is what you would expect in such a brutal economic climate. Repeated increases to the Bank of England base rate have done nothing to curb inflation and are massively impacting the economy and pushing millions of British families’ finances beyond the brink.”
— Stephen Perkins, Managing Director
85 pieces
[The UK property market] went "supersonic" in September. Powered by ongoing rate cuts from lenders and strong wage growth, the market is really starting to fire. I suspect the autumn Budget is also causing people to act now, as it has the potential to disrupt demand.
— Stephen Perkins, Managing Director
Financial Times +1 other
"It was like the property market landed on a trampoline canvas at the start of 2024, with January seeing a real bounce-back in activity levels. Enquiries from purchasers were massively up, buoyed by growing confidence around mortgage rates in the medium term. The predictions from some commentators of a house price crash are looking highly unlikely now."
— Stephen Perkins, Managing Director
“The property market is almost comatose at present. House prices have been coming down but not by a large enough margin to inspire potential buyers to flock to the market.”
— Stephen Perkins, Managing Director
A 24% premium shows just how much buyers value location and lifestyle, but there is another side to these figures. Part of that premium is likely to reflect the limited supply of homes in areas where development is deliberately restricted. Protecting National Parks is clearly important, but it also means buyers wanting to live in these areas may have to pay significantly more for the privilege. For those priced out, Nationwide's 6% premium within 5km shows that living just outside the boundary can potentially offer some of the lifestyle benefits without paying the full National Park premium.
— Stephen Perkins, Managing Director
“The figure that matters most is what comparable properties are actually achieving in your local market.”
— Stephen Perkins, Managing Director
“The biggest impact hasn’t been on demand, it’s been on confidence. People still need to move because life doesn’t stop for mortgage rates, but the recent volatility has made many buyers and sellers pause, question their timing and take longer to commit. Despite that, I’d describe the summer as quieter rather than weak. Demand hasn’t disappeared, it’s become more considered. As mortgage rates settle, confidence tends to return surprisingly quickly because many of those buyers were only ever pressing pause, not cancelling their plans.”
— Stephen Perkins, Managing Director
“The housing market hasn’t stalled, it’s become more selective. Buyers are still moving, but they’re taking longer, negotiating harder and thinking more carefully before committing. Slower house price growth reflects a market adjusting to higher borrowing costs, not one falling off a cliff. Unless mortgage rates fall meaningfully, I’d expect house price growth to remain small over the coming months rather than seeing any dramatic moves in either direction.”
— Stephen Perkins, Managing Director
“July and August were busy months for us despite lots of uncertainty facing many potential buyers. The school holidays also didn’t seem to dampen demand, but after all the fiscal rumours of the past few weeks, there is every chance the Autumn Budget could seriously disrupt the market.”
— Stephen Perkins, Managing Director
Financial Times, The Telegraph +1 other
“The property market was one area of the UK economy the government hadn’t yet broken, so Labour is now working on plans to crash it. “Financially, unless the property tax is ridiculously high, this will raise less money than stamp duty, as fewer homes will be affected. Initially, sellers will just build this into asking prices, sending prices up. “The biggest fear will be thresholds being frozen, and it won’t be long before the majority of houses south of Manchester will be included in this tax. “Those who paid stamp duty to buy their homes, who will then pay a further tax when selling them to downsize, will be rightly frustrated. This potential fiscal overhaul smacks of desperation and a party clutching at straws.”
— Stephen Perkins, Managing Director
Metro (Print), Daily Mail +4 others
"Competition is heating up and those lenders on the grid are adapting their strategies. These latest rate reductions are welcome news to borrowers and the property market.”
— Stephen Perkins, Managing Director
Daily Express, Birmingham Live +3 others
“This is a bold statement of intent from the UK’s largest mortgage lender. “This 3.79% headline rate is market-leading and hopefully will instigate another round of rate cuts from those high street lenders not wanting to be left behind.”
— Stephen Perkins, Managing Director
Birmingham Live, What Mortgage +1 other
"The stamp duty changes are undoubtedly a key driver of demand at present, which is supporting property values."
— Stephen Perkins, Managing Director
"This is great news from the UK's largest mortgage lender offering a glimmer of hope to homeowners and borrowers at a time when so many economic indicators are doom and gloom."
— Stephen Perkins, Managing Director
“Online advertising only works with those in the market actively seeking to buy. “The benefit of a For Sale board is that it draws in people that, before walking past it, may not have been considering a move. “They have been proven to benefit the marketing of a property attracting buyers that otherwise would never have come to market. “Agents also benefit of course from the brand exposure. I imagine councils only worry when there is an enormous amount of for sale signs that may indicate an exodus or that the area isn’t desirable as they would like to claim.”
— Stephen Perkins, Managing Director
In our experience, demand is robust overall and the property market shows no signs of abating, at least whilst there is still hope to complete before the stamp duty changes. The stamp duty changes are undoubtedly a key driver of demand at present, which is supporting property values.
— Stephen Perkins, Managing Director
Financial Times +1 other
"While many New Year fireworks displays were cancelled due to the weather, HSBC is determined to start the year with a bang. "The good news for borrowers is this should see increased competition and further rate cuts over the coming weeks. Other lenders will almost certainly follow suit."
— Stephen Perkins, Managing Director
"Demand picked up during the summer months as rates fell. That momentum continued into September and throughout October, despite a slight uptick in [mortgage] rates. "Right now, it feels like the entire country is holding its breath and hoping to avoid a Truss-style catastrophe in the Budget. "Once the Budget is behind us and the near-inevitable base rate reduction in early November comes, it should be a strong end to the year, which will fuel a more resurgent property market during 2025."
— Stephen Perkins, Managing Director
Stephen Perkins said there could be "U-turns over the coming weeks" by these very same banks, "unless they are anticipating greater than predicted economic fallout from the Autumn Budget".
— Stephen Perkins, Managing Director
Stephen Perkins said that fears over the Autumn Budget had helped to keep demand “resilient” before the upcoming Budget “potentially takes the wind out of their sails”.
— Stephen Perkins, Managing Director
"This could have a substantial impact on the financials of many home moves and could apply the brakes to the property market train."
— Stephen Perkins, Managing Director
“For August, demand was fierce, fuelled by falling mortgage rates as lenders fight for market share. This will continue to push up house prices, which remain resilient. Only the Autumn Budget could derail this train.”
— Stephen Perkins, Managing Director
Enquiry numbers were steady in August despite the expected drop off due to summer holidays, which overall has seen house prices remain firm resolute. Stability is very welcome after the last few years of turmoil.
— Stephen Perkins, Managing Director
'Lower mortgage rates put the jump leads on the market in July. 'Mortgage demand didn't take its usual summer holiday this year and remained strong throughout July and August. 'Lenders reducing rates have encouraged borrowers that now is a good time to make their move, especially when there are indications of tougher times ahead. Strike while the iron and the weather is hot.'
— Stephen Perkins, Managing Director
"This is a very welcome change from the UK's largest mortgage lender. “Affordability has long been a limiting factor for many first time buyers, despite monthly payments being affordable.”
— Stephen Perkins, Managing Director
Daily Express, This is Money +1 other
"Demand in recent weeks has increased markedly, with house prices remaining firm and looking like they will start to creep up again. “Whilst mortgage rates are falling, to the relief of homeowners and first-time buyers, rents could remain high or even continue to increase due to demand outstripping supply. It's incredibly tough for tenants right now."
— Stephen Perkins, Managing Director
“Further rate cuts from two of the largest players in the mortgage market sends a clear and strong message to borrowers. Lenders are hungry for business during the remainder of 2024 and borrowers should take note. With competition between lenders heating up, now is a fantastic time for borrowers to make their property dreams a reality.”
— Stephen Perkins, Managing Director
This data showed what we have all felt on the ground, that this year is a much better market than last year, as confidence has returned to borrowers and rates are starting to ease.
— Stephen Perkins, Managing Director
"The Ferris wheel of rate reductions has returned to the top for another go around, with Barclays announcing fresh rate reductions hot on the back of their previous rate drops."
— Stephen Perkins, Managing Director
“This is Santander reacting to its competitors and joining the rate reduction party. The lender follows Halifax and NatWest who reduced their rates on Monday. This move from Santander has the potential to ramp up the rate battle between the UK's biggest lenders. “Things are really hotting up now in the mortgage market.”
— Stephen Perkins, Managing Director
Daily Express, Birmingham Live +1 other
'This move from Santander has the potential to ramp up the rate battle between the UK's biggest lenders. 'More cuts are now likely ahead of the expected base rate reduction in August. Things are really hotting up now in the mortgage market.'
— Stephen Perkins, Managing Director
"Time for a summer street party, as inflation finally hits the 2 percent target. "But just as the case of Pimms is cracked open, the Bank of England will likely pour cold water on borrowers' hopes of a quick base rate reduction as they look for inflation to stay stable beyond just one month. The Monetary Policy Committee may yet prove the party pooper."
— Stephen Perkins, Managing Director
“Wage growth data proving sticky means there is not huge confidence in a base rate reduction in the early summer. As a result, some lenders are playing it safe by slightly increasing rates. There is also an element of lenders managing levels of new business through these adjustments as some are struggling with demand for their products and managing to service the level of applications. Nothing that has been said in any of the election debates so far has given us much confidence in the direction of travel for the economy. The mortgage and property market appear to be drifting aimlessy right now.”
— Stephen Perkins, Managing Director
"Wage growth data proving sticky this week means there is not huge confidence in a base rate reduction in the early summer. As a result, some lenders are playing it safe by slightly increasing rates. There is also an element of lenders managing levels of new business through these adjustments as some are struggling with demand for their products and managing to service the level of applications. "Nothing that has been said in any of the election debates so far has given us much confidence in the direction of travel for the economy. The mortgage and property market appear to be drifting aimlessy right now."
— Stephen Perkins, Managing Director
"Static is a fair summary of the market right now. House prices are remaining firm, despite all the financial pressures coming from the high base rate. "The cost of living crisis has eased off and wage growth has proved resilient. It feels like the market is holding its breath, awaiting either a base rate reduction or a new government."
— Stephen Perkins, Managing Director
“If you wanted evidence of how mortgage rates can impact the property market, this is it. “Enquiries from buyers were bouyant in April, but many are holding off pulling the trigger and offering on properties.”
— Stephen Perkins, Managing Director
I’m slightly surprised by this data. For us, both March and April have seen the mortgage market stutter and lurch.
— Stephen Perkins, Managing Director
“Some weeks in March it felt like activity was starting to go through the gears, but the next week it stalled. “With the BoE consistently stating rates will be higher for longer, and lenders starting each week by increasing their rates, the market is not going anywhere fast just yet. “We really need that first rate cut from the BoE, which has the potential to ignite the mortgage and property markets.”
— Stephen Perkins, Managing Director
“Even if the Bank of England keeps the base rate at its current level until mid-year, when that first cut comes it could turbocharge activity levels.”
— Stephen Perkins, Managing Director
"This data has a lag of several months or so, but is starting to show signs of life in the property market. "After positive inflation news this morning, a first base rate cut may not be too far off, and that could inject some much-needed momentum into the market."
— Stephen Perkins, Managing Director
“This partial U-turn in policy from Halifax appears unfair and discriminatory. “Halifax is basically going to force those with more moderate credit scores to have higher payments over shorter terms, putting their finances under greater stress. Very disappointing from the UK’s largest mortgage lender.”
— Stephen Perkins, Managing Director
“There is nothing in the economic data over recent days to support such a hike in rates. “So unless Halifax are inundated with enquiries and trying to turn off the taps, this rate rise seems wildly out of touch with the market.”
— Stephen Perkins, Managing Director
"With the UK's largest mortgage lender piling on the misery following rate increases from Natwest, Santander and Co-op, it is going to be a busy day for brokers as they scramble to secure rates for their clients."
— Stephen Perkins, Managing Director
“There is an air of hesitation in the mortgage and property markets at present. The mortgage rate rises of the past month or so have created uncertainty among prospective buyers. Yes, there could be a slowdown this year but equally, a cut in the base rate could see things accelerate noticeably. A lot is riding on the next set of inflation data. With recent mortgage rate increases and house prices rising slightly, indecision could prove costly for some buyers.”
— Stephen Perkins, Managing Director
Sky News, The Intermediary +1 other
Stephen Perkins said “the start of 2024 was exceptionally strong as the mortgage rate war reigned supreme and demand went through the roof”. He added that while initial enquiries from borrowers continue to increase in February, “there is now a degree of hesitation around pulling the trigger and making offers due to the recent increases in mortgage rates”.
— Stephen Perkins, Managing Director
Financial Times +1 other
December saw demand pick up as mortgage rates decreased and 2024 has started with a tsunami of enthusiasm and enquiries from potential homebuyers. Though this data shows prices are down on an annual basis, it paints a picture of how the market was several months previously, and the picture now is really quite different.
— Stephen Perkins, Managing Director
The Business Times, The Irish Times +1 other
Stephen Perkins said January marked “a real bounceback in activity levels” in the housing market, with inquiries from prospective buyers “massively up, buoyed by growing confidence around mortgage rates in the medium term”.
— Stephen Perkins, Managing Director
“After months of their lending books being filled with remortgage and product transfer business, the major lenders want to tilt the balance back towards purchase clients, especially as the housing market is on a bounce-back. “This could help support house prices and overall property market transactions.”
— Stephen Perkins, Managing Director
"That was then and this is now."
— Stephen Perkins, Managing Director
“Though prices were flat in December, demand this month has been anything but. December is usually quiet but the first three weeks of this month saw buyers emerging left, right and centre. “Demand was much higher than usual and did not drop off as early for the festivities as in previous years. As ever, there are far too few properties available for the growing swell of interested buyers to purchase. “After poor GDP figures and positive inflation data in December, the market is expecting base rate reductions before the summer, despite what the Bank of England is sign-posting.”
— Stephen Perkins, Managing Director
“December is usually quiet but the first three weeks of this month saw buyers emerging left, right and centre. Demand was much higher than usual and did not drop off as early for the festivities as in previous years.”
— Stephen Perkins, Managing Director
“December is usually quiet but the first three weeks of this month saw buyers emerging left, right and center. Demand was much higher than usual and did not drop off as early for the festivities as in previous years. As ever, there are far too few properties available for the growing swell of interested buyers to purchase.”
— Stephen Perkins, Managing Director
“Over the past month or two, we’ve seen a significant increase in enquiries but agreed sales are still lower than usual. A lot more people are bracing to buy but we’re finding most are waiting until early 2024 to make their move. “The Government definitely missed a chance in the Autumn Statement to kickstart the property market so we now need either further mortgage rate reductions or house price falls to ignite the market. Thankfully the former are happening on an almost daily basis.”
— Stephen Perkins, Managing Director
Stephen Perkins said the announcements are a sign of “growing confidence” in the rate forecasts with an element of “fighting hard for the lion's share of deals yet to be agreed in 2023”.
— Stephen Perkins, Managing Director
“These are substantial rate reductions from two of the largest mortgage lenders, which are a sign of the growing confidence in the rate forecasts and also an element of fighting hard for the lions share of deals yet to be agreed in 2023. “With all lenders behind on annual lending targets, there is no doubt a real appetite to ensure they maximise their lending volume before the year comes to a close.”
— Stephen Perkins, Managing Director
It’s no surprise that UK house prices fell by 0.1% in the 12 months to September given the headwinds facing the market earlier in the year.
— Stephen Perkins, Managing Director
“These reductions from the UK’s largest mortgage lender keep them in the best deals mix to maintain their market share and hopefully grow it. It’s excellent to see more lenders with 2-year fixed rates under 5%. We now just need to see this filter through to higher loan to values from the current 60% LTV levels they are at present. Which lender is next up to bat?”
— Stephen Perkins, Managing Director
Stephen Perkins added that lower house prices meant Norfolk was also attracting people looking for an investment property. “Norfolk has better than average rental yields, providing a strong investment property market and has seen a great deal of new homes being built to attract and inspire first time buyers and home-movers.”
— Stephen Perkins, Managing Director
Stephen Perkins was upbeat about HSBC's announcement. 'Further rate reductions from HSBC are greatly appreciated, especially those in the higher loan-to-value brackets. 'This should kick-start another round of rate reductions, some before and some after the expected good news on inflation due this week. 'With each day that passes, there are more reasons to be positive in the mortgage market.'
— Stephen Perkins, Managing Director
First-time buyers in particular are in a strong position and know that they hold a lot of bargaining power. The stupendously high cost of renting is also encouraging them to buy even though mortgage rates are much higher than what they are.
— Stephen Perkins, Managing Director
Stephen Perkins said that the lack of supply was “pivotal” to these upticks in house prices, while demand is picking up as buyers “sense a bargain”. “First-time buyers in particular are in a strong position and know that they hold a lot of bargaining power at present. The stupendously high cost of renting is also encouraging them to buy even though mortgage rates are much higher than what they are. Nobody is expecting a spectacular recovery in the property market but predictions of further drops of 10% and above are starting to ring hollow.”
— Stephen Perkins, Managing Director
“Seeing rate reductions being announced by the UK’s largest mortgage lender is a great way to start the working week, especially knowing it will lead to a spate of further reductions from their competitors by the end of the week. “Consumer confidence is starting to return to the market and will be buoyed by these Halifax rate reductions.”
— Stephen Perkins, Managing Director
Compared to a year ago, transactions are down by almost a fifth, but the data is at least more positive than the previous quarter.
— Stephen Perkins, Managing Director
"The property market appears to have entered hibernation mode until the spring. "However, there has been plenty of activity on the remortgage front as people seek to minimise the drastic increase in payments due to the skyrocketing base rate over the past 12 months. "These figures show that many people are sticking with their existing lenders and in many cases that is because they have no other choice. The market won’t pick up substantially until the property market’s alarm clock goes off early in 2024."
— Stephen Perkins, Managing Director
“As more properties pile up on the portals gathering dust, in what is a stagnant market, vendors will have to further reduce their asking prices to compete for buyers.” He added that many buyers at present see mortgage rates and house prices as too high and feel that both will hopefully fall over the next 12 months or so are sitting on their hands. “So perhaps fortunate will favour the patient,” he said.
— Stephen Perkins, Managing Director
“The property market is almost comatose at present. “House prices have been coming down, but not by a large enough margin to inspire potential buyers to flock to the market. “Prices need to come down further if we are to see any real pick-up in activity.”
— Stephen Perkins, Managing Director
“As more properties pile up on the portals gathering dust, in what is a stagnant market, vendors will have to further reduce their asking prices to compete for buyers. Many buyers at present see mortgage rates and house prices as too high and feel that both will hopefully fall over the next 12 months and so are sitting on their hands. So perhaps fortune will favour the patient.”
— Stephen Perkins, Managing Director
“The Holy Grail this week will be lower wage growth and another meaningful reduction in inflation. We want wage growth to be enough to show a growing economy but not big enough to tear a hole in the inflation parachute. This would make a hold decision more likely from the Bank of England and inject confidence into the market, meaning further mortgage rate reductions.”
— Stephen Perkins, Managing Director
Stephen Perkins said anyone making confident predictions about the housing market should be ignored. “The housing market is a mysterious beast that always makes experts look like fools, especially when predicting beyond a couple of months,” he said.
— Stephen Perkins, Managing Director
“There are plenty of properties coming on to the market, but at the moment there are not as many buyers.”
— Stephen Perkins, Managing Director
Financial Times +1 other
“Following earlier announcements of rate reductions from Coventry Building Society and HSBC, the UK's largest mortgage lender is now doing the same as lenders continue to compete for market share. Very welcome news for all homeowners.”
— Stephen Perkins, Managing Director
“Rates continue to snowball downhill and summer is barely over. This is yet more great news for homeowners across the country. Rates will keep falling as lenders continue to contest a royal rumble for market share to hit lending targets off the back of the positive news on the base rate and inflation recently. It's game on.”
— Stephen Perkins, Managing Director
Unsurprisingly, most developers are slowing or pausing the building of new homes and potentially sitting on land banks and sites until market conditions are more favourable.
— Stephen Perkins, Managing Director
Valuers primarily work on behalf of the lender and are therefore always well ahead of any downward curve in house prices, with some down-valuing by 10-15 per cent.
— Stephen Perkins, Managing Director
“House prices falling as much as they have been has not been enough to stop housing market activity dropping below the normal seasonal lull. This August has been the slowest for a long time and that is evident in the 1.9% drop in prices. “However, with mortgage rates continuing to reduce as lenders all fight it out for market share, hope still remains for a recovery. Also, as the Halifax observes, falling house prices are a positive for first-time buyers. Whilst a hold on the base rate would be very welcome, it is almost certain that the Bank of England will raise Bank Rate again at the next review meeting later this month.”
— Stephen Perkins, Managing Director
“This August has been the slowest for a long time and that is evident in the 1.9pc drop in prices.”
— Stephen Perkins, Managing Director
"This morning's data was a more drastic decline than expected, with the bruises and swelling starting to show from the repeated beating dished out by the Bank of England over the last 12 months."
— Stephen Perkins, Managing Director
Stephen Perkins said the data came as no surprise as “in July, and over the summer as a whole, mortgage approvals for house purchase have continued to slow in our experience”. He added: “The confidence to buy simply isn’t there right now.”
— Stephen Perkins, Managing Director
Stephen Perkins said there were many reasons why a product transfer would be more suitable for a client, adding that it was often the cheaper deal and bypassed affordability checks.
— Stephen Perkins, Managing Director
There was certainly a slowdown in sales in July. As more would-be sellers languish on the market with no interest from potential buyers, they will have to reduce their asking prices to attract offers. So house prices will drop over the coming months. However, it will be a more gradual correction of 5%-10% rather than the more extreme crashes that have been suggested by some. This appears to be the view of the Halifax, too.
— Stephen Perkins, Managing Director
“We haven’t seen a resurgence of first-time buyer activity yet. “Also, as house prices fall, lenders will be less happy to provide high loan-to-value mortgages, so the good news that house prices are cheaper is being counteracted by the fact first-time buyers need bigger deposits. “That being said, most first-time buyers will likely be waiting and saving and getting themselves ready to strike when the ideal buying conditions finally align for them. That may not be far off.”
— Stephen Perkins, Managing Director
“The housing market, based on our experience of working with estate agents, was very tough in July. Plenty of properties have come onto the market, but there is a limited amount of potential buyers due to weak demand. Those who are more keen to sell will reduce their asking price, and that will then set the trend. It is a buyers’ market with plenty of choices and great room for negotiation on offers, if only the mortgage and other living costs were affordable. “August’s base rate decision is important, and though an increase is still priced in, it must be within expected levels. Mortgage rates based on the latest inflation and swap rate data should start to ease over the coming months but there’s no doubt it will remain a difficult market for the remainder of 2023.”
— Stephen Perkins, Managing Director
“Residential property transactions have certainly decreased over recent months, as rising mortgage rates combine with people holding their breath waiting for the much-needed price correction. “Only those that really need to buy or move are currently doing so at the moment. On the commercial property front, we have seen plenty of enquiries, but lender appetite seems low, with many lenders raising the minimum borrowing amount and further restricting criteria. So completed transactions appear to be reduced in this sector, too.”
— Stephen Perkins, Managing Director
“Relaxed planning rules around re-using existing buildings and footprints are welcomed and seem common sense to me. The UK is not building enough homes and has not for a sustained period, which has led to inflated house prices. The Nutrient Neutrality legislation has been very problematic for many developers so does need to be eased, however, the green benefits can be better impacted by ensuring all new homes are built with solar panels and other such proposals. Ultimately, total reform of the UK planning system is required to fix this growing problem.”
— Stephen Perkins, Managing Director
“The UK residential property market will see a much-needed price correction during the second half of the year. This data is just the start. With lots of properties coming to market and fewer buyers able to afford them due to mortgage rates and other cost-of-living pressures, it is now very much a buyers’ market, with plenty of properties to choose from, and those most keen to sell are likely to reduce their asking price to secure a buyer. I do not believe price falls will be as drastic as the 25% drop some have suggested, as there is still an overall shortage of properties in the UK despite the increased number of properties coming to market, following many successive years of not building enough houses. As more and more borrowers come off their low fixed deals into the new rate reality, there will be many keen to sell and downsize to help reduce their outgoings and stay afloat.”
— Stephen Perkins, Managing Director
Stephen Perkins said a price correction is long overdue in the UK housing market. "The lack of supply from not building enough houses over a sustained period and reasonable demand despite increased mortgage and living costs should mean a less dramatic decrease in house prices on this side of the pond."
— Stephen Perkins, Managing Director
30 pieces
“This report outlines what has been painfully obvious for years: that it is becoming increasingly difficult for households, especially the younger generation, to get onto the housing ladder. Wages and disposable income simply cannot keep up with soaring house prices. For many aspiring homeowners, this data reveals the financial Everest they need to climb.”
— Stephen Perkins, Managing Director
Financial Times, Mirror +1 other
Mind the gap. 2023 was yet another year when wages did not keep up with cost of living and rising mortgage payments. This has widened the affordability gap between what lenders deem people can afford to borrow and the amount they need to buy a suitable home. For many aspiring homeowners, the housing ladder has become a mirage.
— Stephen Perkins, Managing Director
“[Forty-year mortgage terms are an initial short-term option, with a plan to overpay when you can and reduce the term.] Sometimes this makes sense if the clients are expecting a boost to their income in the future. Our recommendation is always the shortest affordable term for every client, to ensure the greatest saving of interest over the term of the mortgage — whilst also keeping the monthly payments within their maximum budget.”
— Stephen Perkins, Managing Director
"Two buyers with exactly the same income, deposit and circumstances can potentially be offered very different amounts depending on which lender assesses them."
— Stephen Perkins, Managing Director
Sky News, Daily Express +1 other
The difficult part for first-time buyers is timing their notice. Giving two months' notice before their purchase is certain risks leaving them without a home if the transaction is delayed or falls through, but waiting for that certainty can mean paying rent and a mortgage at the same time. That overlap needs to be budgeted for alongside legal fees and moving costs. For buyers already stretching every pound to get onto the ladder, another month of rent and household bills could be a painful final hurdle.
— Stephen Perkins, Managing Director
The gap between rent growth and house price growth highlights one of the housing market's biggest problems. House prices may only be rising modestly, but renters are seeing more of their income swallowed by housing costs, making it harder to save the deposit needed to buy. Building more homes matters, but they also need to be homes people can genuinely afford to rent or buy.
— Stephen Perkins, Managing Director
“Affordability shouldn’t just be about the mortgage payment, it should reflect the total cost of owning the home. If a property genuinely costs less to run, it’s logical that this is recognised in affordability assessments. The key is making sure those savings are real and sustainable, which is why the guarantee behind this proposition is so important.”
— Stephen Perkins, Managing Director
Daily Express, AOL +6 others
“Nationwide lowering the income threshold to access its higher borrowing limits is good news for many borrowers looking to move home or remortgage with additional borrowing, particularly those who may previously have fallen just short of qualifying. Changes like this are a reminder that mortgage affordability isn’t static. Lenders regularly adjust their criteria, meaning the amount someone can borrow can change even when their own circumstances haven’t. However, borrowing more isn’t automatically the right answer, and borrowers should still choose a mortgage that leaves room in their budget if circumstances change. That said, increasing consumer choice within the mainstream market should be welcomed, particularly where it helps financially responsible households buy a home that better suits their long-term needs.”
— Stephen Perkins, Managing Director
“The real risk isn’t borrowing 100%, it’s stretching yourself beyond what you can comfortably afford.”
— Stephen Perkins, Managing Director
When the restriction on the amount of lending by a lender can be over 4.5x income was lifted, the justification was that some lenders would offer more, some wouldn't and the overall % across the marketplace would remain below the desired threshold. However, as expected, more lenders want to compete to help more customers borrow more, so this will snowball until there is a real risk of offering unaffordable mortgages. We do not want a repeat of the 2008 crash. Right now Nationwide, like others, will set income minimums for this, but by already saying no minimum for existing customers that is the start of a complete easing of this. Whilst great for borrowers chances of buying, puts them at risk down the line.
— Stephen Perkins, Managing Director
“HSBC becomes the latest high street lender to enhance their affordability criteria, allowing borrowers bigger lending budgets, in particular boosting first-time buyers. This is excellent news for buyers who now may open up other potential properties in their search. Of course, care is needed to ensure buyers do not over-stretch themselves should rates increase in the future.”
— Stephen Perkins, Managing Director
“Nationwide have just lit a beacon for borrowers that will cut through the doom and gloom. “This is a huge statement from Nationwide both in terms of the rate reductions in spite of the Bank of England holding the base rate steady and increasing the maximum loan to income ratio. “This will open up additional borrowing for thousands of borrowers, allowing them to secure their dream home or even skip a step or two on the housing ladder.”
— Stephen Perkins, Managing Director
Stephen Perkins said that green mortgages offer “very little saving or benefit” to borrowers in their current guise. “I am yet to find anyone who purposefully selects their dream home based on green mortgage criteria,” Perkins added.
— Stephen Perkins, Managing Director
It is pointless to have 'first dibs' on properties that remain unaffordable to most first-time buyers. This policy will not hugely impact the property market.
— Stephen Perkins, Managing Director
The i Paper, Introducer Today +1 other
Stephen Perkins suggested lenders are using the credit and debt binge to cash in. “Banks will struggle to justify how much of the unsecured lending they offer, often with little to no affordability checks or underwriting, is genuinely affordable,” he said. “This can only be due to the much better margins available compared to mortgages, on which many borrowers have to walk across tightropes whilst blindfolded to be approved, having provided everything bar a blood sample to validate their eligibility and affordability. “Sadly all too often, for many the personal loans, car finance and credit cards they have in place end up seriously restricting their ability to buy a home."
— Stephen Perkins, Managing Director
Whilst many do struggle to raise deposits, the growing disparity between house prices and wages means that the maximum amount an average couple could borrow at 99% LTV would not be enough to buy even a starter home in 90% of the country.
— Stephen Perkins, Managing Director
The cheese is placed in the mousetrap with this scheme: buyers will get used to the lower payments and when that initial product ends they will be faced with a large increase in their payments.
— Stephen Perkins, Managing Director
The Times (Print), Sky News +4 others
The growing disparity between house prices and wages means that the maximum amount an average couple could borrow at 99% LTV would not be enough to buy even a starter home in 90% of the country.
— Stephen Perkins, Managing Director
To introduce 1% deposit mortgages, the Government will either have to fund or severely guarantee lenders for the additional risk, especially in the current economic climate.
— Stephen Perkins, Managing Director
“Like most announcements from the Autumn Statement, this has the impact of a feather hammer.”
— Stephen Perkins, Managing Director
“After last week’s Nationwide house price curveball, we’ve got another. The lack of supply is certainly pivotal to these upticks in house prices but demand is also picking up as more and more buyers sense a bargain. First-time buyers, in particular, are in a strong position and know that they hold a lot of bargaining power at present.”
— Stephen Perkins, Managing Director
Mirror, The Intermediary +63 others
'The Mortgage Guarantee Scheme was impactful when first released because at the time no lender was offering 5 per cent deposit mortgages, so borrowers had to find a 10 per cent deposit. 'However, as lender confidence grew, they saw the Government scheme cost as unnecessary and most 5 per cent deposit mortgages are now offered outside of it. 'If the scheme disappeared tomorrow lenders would continue to offer 5 per cent deposit mortgages, so it now holds very little value. This scheme has outlived its original purpose and is now effectively redundant.'
— Stephen Perkins, Managing Director
“There are plenty of properties coming onto the market, but at the moment there are not as many buyers. Prospective buyers are keeping their powder dry, watching mortgage rates decrease and waiting for house prices to come down further to affordable levels. House prices are decreasing but not by enough to reignite interest from buyers.”
— Stephen Perkins, Managing Director
Stephen Perkins described the announcement as “very welcome news for all homeowners”. He explained: “Following earlier announcements of rate reductions from other lenders, the UK's largest mortgage lender is now doing the same as lenders continue to compete for market share.”
— Stephen Perkins, Managing Director
Stephen Perkins said the size of the deposit needed is a significant hurdle for many, which without help from the Bank of Mum and Dad, is difficult to save up, especially if living in rented accommodation. “The second obstacle is affordability, which, following the increased rates and cost-of-living crisis, many lenders have reduced how much they will lend, resulting in the cost of borrowing now much higher than it has been in the last 10-plus years,” Perkins said.
— Stephen Perkins, Managing Director
Stephen Perkins said that while renting is cheaper and more suitable for some, he agreed that it is dead money. With mortgage rates falling and house prices also in decline, Perkins believes that rents will not likely be cheaper for long. “There is still plenty of enquiries from first-time buyers at the moment waiting for the right property at the right price, before they pounce on to the ladder,” he said.
— Stephen Perkins, Managing Director
Stephen Perkins said Help to Buy, while helping first-time buyers achieve a property they could otherwise not have afforded, was really of most benefit to housebuilders. “This gravy train allowed great demand for their homes, and affordability was boosted enabling more premium sale prices,” he added.
— Stephen Perkins, Managing Director
Stephen Perkins said proc fees for remortgages and purchases are at a decent enough level for brokers. “The challenge in the current market is that due to the affordability calculations being tougher, the non-assessed product transfer is more often the most suitable option for the client, but these pay a lower proc fee,” he said.
— Stephen Perkins, Managing Director
Stephen Perkins said that, as house prices fall, lenders will be less happy to provide high loan-to-value mortgages. He added that the good news that house prices are falling is being "counteracted" by the fact first-time buyers need bigger deposits.
— Stephen Perkins, Managing Director
“Forty-year terms are a short-term necessity for many first-time buyers to be able to secure affordable mortgage payments.”
— Stephen Perkins, Managing Director
52 pieces
“This would be an easy target for the Chancellor as a public uproar about those living in homes over £1.5 million paying more tax is unlikely. It may make more sense if it applied to additional rate taxpayers and the super wealthy, as I can see a lot of families in London being caught with this higher tax bill. It may push more wealthy tax contributors to exodus the UK, which is already a problem following the Chancellor’s last budget.”
— Stephen Perkins, Managing Director
The Independent, This is Money +1 other
“Financially, unless the property tax is ridiculously high, this will raise less money than stamp duty, as fewer homes will be affected. Initially, sellers will just build this into asking prices, sending property prices up.”
— Stephen Perkins, Managing Director
Small businesses haven't stopped wanting to grow, but there are now more hurdles to overcome to achieve that growth. Higher employment costs, employer NI and wider operating expenses all raise the bar for taking on another employee. Businesses are also asking whether technology and AI can help them grow without adding the same costs. When confidence is fragile, every new hire becomes a much bigger decision.
— Stephen Perkins, Managing Director
Stephen Perkins said “small businesses haven’t stopped wanting to grow, but there are now more hurdles to overcome to achieve that growth”. He added: “Higher employment costs, employer NI and wider operating expenses all raise the bar for taking on another employee. Businesses are also asking whether technology and AI can help them grow without adding the same costs. When confidence is fragile, every new hire becomes a much bigger decision.”
— Stephen Perkins, Managing Director
“You’ve already committed to the journey, chosen your destination and budgeted for the main cost, only to discover another unavoidable charge before you’re allowed to proceed. The difference is that when someone decides not to travel, the impact is mostly personal. When someone decides not to move home because of stamp duty, the consequences ripple through the housing market. One less downsizer means one less family home becoming available, while one less family move means one less opportunity further down the chain for first-time buyers. Stamp duty doesn’t just raise revenue, it changes behaviour. Reduce the tax on moving, and more people are likely to make the move they’ve been putting off, benefiting not just those households but the wider housing market.”
— Stephen Perkins, Managing Director
Sky News, Daily Express +2 others
“These GDP results are a harrowing scorecard of the government’s economic policy, but unsurprising given the number of businesses on their knees. The greatest concern is these do not yet reflect the impact of the latest global financial crisis from the war in Iran. Tough times lay ahead for everyone in the UK.”
— Stephen Perkins, Managing Director
“Making Tax Digital will likely not be a major problem for most medium businesses, many of whom will already use accounting software for invoicing and reconciliation. For those firms it should be easier than paper-based returns and better for HMRC. However, sole traders, landlords, small businesses and in particular community groups and charities will find this a difficult and expensive transition. The cost of the software needed to make the returns compliant is higher than the Government advises and is an extra cost to bear at a point where many businesses are already feeling the pinch. So switching from an Excel spreadsheet or cash book to this software could be the last straw on the camel’s back for many micro-businesses.”
— Stephen Perkins, Managing Director
Labour’s raising of Employers’ National Insurance contributions had contributed to the ongoing rise in unemployment. “The number of people out of work continues to increase beyond predictions, at the same time as no new vacancies are being created. This is the pure and simple consequence of the tax on jobs and the overall failure of the economy under a government out of its depth.”
— Stephen Perkins, Managing Director
“These latest figures clearly demonstrate the failure of the last Budget. For all the pledges of not impacting working people, this clearly isn’t the case.”
— Stephen Perkins, Managing Director
“Of course scrapping stamp duty will be hugely welcome and positively received, but the detail is what will be brought in to replace it? The Government cannot afford to lose that revenue, so surely will be just paid through some other part of the transaction.”
— Stephen Perkins, Managing Director
“Landlords have long been successive governments’ soft targets, and this could be the coup de grâce.” [Referring to rental income as “unearned” is “unfair” on many landlords who have “worked hard” to generate this income.] “Make no mistake, it will be working people and tenants who will ultimately pay the price of this move if it is implemented.”
— Stephen Perkins, Managing Director
“While the tax might appear politically safe — few would object to taxing homes over £1.5 million — it risks affecting families who aren’t ultra-wealthy. Some may feel forced to relocate abroad, taking both their spending power and tax contributions with them, creating a negative knock-on effect for the economy.”
— Stephen Perkins, Managing Director
Stephen Perkins described the figures as “signwriting from a plane that the economy is broken and many individuals, after trying everything, including borrowing to get through, have finally run out of road and need to go into an Individual Voluntary Arrangement or Debt Relief Order and surrender”. He stressed: “The figures certainly do not give confidence on future growth, so the trend would indicate there is still worse to come.”
— Stephen Perkins, Managing Director
“Verifying my identity with Companies House was quick and easy. This is something that should always have been in place, but wasn’t. It should make it clearer who owns what companies and protect against fraud. Hopefully it will clearly show those directors who consistently phoenix their companies.”
— Stephen Perkins, Managing Director
“Verifying my identity was quick and easy. It’s something that should always have been in place, but wasn’t. It should make it clearer who owns what and protect against fraud. Hopefully, it will clearly show those directors who consistently phoenix their companies.”
— Stephen Perkins, Managing Director
"How can the economy be expected to grow with eight consecutive months of increased unemployment since the Budget? The Chancellor needs to be the next one to lose a job."
— Stephen Perkins, Managing Director
“Despite all the talk from this Government about getting Britain building again, the reality is that the construction sector itself is slowly being demolished. So far, there are no credible plans on which to lay the foundations of growth within the housebuilding sector. The 1.5 million new homes target certainly won’t be achieved in this political term.”
— Stephen Perkins, Managing Director
Stephen Perkins remains sceptical. “I would like to think that Consumer Duty is responsible for improved service and fairness being provided to clients, and therefore less complaints being made. However, the FCA figures show reported complaints as the system requires the company to self-declare these figures in their returns. “So it could also be mis-reporting or issues being dealt with and resolved quickly before becoming official complaints. The other alternative is if clients have become disillusioned about complaints on financial firms and the ombudsman and see it as more hassle than benefit.”
— Stephen Perkins, Managing Director
“No doubt if swap rates remain at current lower levels or drop further it is only a matter of time before the fixed mortgage rates available follow suit, along with additional pressure on the Bank of England to reduce the base rate to assist with the economic fall out from the tariffs.”
— Stephen Perkins, Managing Director
“The drop in inflation is encouraging until you look ahead at all the forthcoming pressures on the economy from April which will lead to certain increases in inflation over the coming months.”
— Stephen Perkins, Managing Director
The anti-business Budget is starting to bite. Many businesses will be downsizing or closing and there has never been less incentive to start a business.
— Stephen Perkins, Managing Director
"The Chancellor must either step down or execute a swift U-turn, as she is currently steering the UK full speed into a dead end. "Presented as a 'budget for growth,' the reality is starkly different - much like the discrepancies in her CV. The only noticeable growth has been in government debt."
— Stephen Perkins, Managing Director
Stephen Perkins accused Rachel Reeves of “steering the UK full speed into a dead end”, suggesting a change in leadership may be the only way to restore stability and win back the trust of investors.
— Stephen Perkins, Managing Director
"This is an extremely positive set of figures, with house prices now only 1% below their all-time peak. "However, as the impact of the Budget and forthcoming increases in inflation feed through, price growth may begin to taper off."
— Stephen Perkins, Managing Director
"If the government thinks that spending taxpayers' money rebranding job centres is tackling the main drivers of employment inactivity then they are delusional. Pushing for young people to take jobs, whilst also making them massively more expensive to hire, means there won’t be the jobs on offer. Taxing employers does not increase opportunities or appetite to hire, and the National Insurance rises will see more people laid off."
— Stephen Perkins, Managing Director
Demand remained resilient in September as borrowers looked to initiate their home moves before the autumn Budget potentially takes the wind out of their sails.
— Stephen Perkins, Managing Director
It is not a fair taxation policy and should be scrapped.
— Stephen Perkins, Managing Director
“This dramatic drop in inflation is incredibly welcome to borrowers and the broader economy. “Hopefully this will be sufficient to see mortgage lenders reduce their rates even though it is still unlikely to sway the BoE from reducing the base rate before the summer.”
— Stephen Perkins, Managing Director
"Both individual and company insolvencies are massively up on this time last year. “So many individuals and companies are at breaking point, having exhausted all available credit and options. These figures paint a very bleak picture of the economy and hopes of a speedy recovery.”
— Stephen Perkins, Managing Director
“It certainly does not feel that the economy is growing. “More like being strangled by rising costs and the actions of the Bank of England. “Last week’s budget was as impactful as a feather landing on the moon, so more of the same until the base rate reductions start.”
— Stephen Perkins, Managing Director
"This seems to be more about tweaking the sourcing system placements and business mix rather than responding to any market movements or economic data. Most of the increases and reductions are minor tweaks unlikely to create any ripples."
— Stephen Perkins, Managing Director
"I would be truly amazed if anything innovative and useful was announced in the spring budget."
— Stephen Perkins, Managing Director
Sky News +1 other
Brokers, like everyone, want to see some growth in the economy and a reduction in inflation.
— Stephen Perkins, Managing Director
Stephen Perkins said the revised GDP figures show the strained breaths of an economy being tightly strangled by the Bank of England over the past 12 months, bringing many businesses "to their knees".
— Stephen Perkins, Managing Director
“The latest insolvency data shows the continued pressure on businesses and households in every corner of the UK. “With inflation still pushing up prices and many seeing their mortgage or rent payments increase, savings, cut-backs and using available credit can only help so much before ultimately the budget breaks. “The fact DROs in November 2023 were 45% higher than in November 2022 shows the strain people are under.”
— Stephen Perkins, Managing Director
“In terms of property transactions, 2023 and 2022 were worlds apart. This data reflects the period when monthly base rate increases really started to challenge the housing market and hit sentiment hard. Completions on the whole are also taking a lot longer so this data may also reflect the fallout from the mini-Budget. Additionally, there are backlogs at the Land Registry, which could be impacting these figures based on stamp duty returns. With lenders now heatedly competing for market share, we are seeing a definitive uplift in enquiries from purchasers and so the data should be far stronger next year.”
— Stephen Perkins, Managing Director
Stephen Perkins said the Chancellor needs to do something to reawaken the UK's housing market.
— Stephen Perkins, Managing Director
The leasehold reform bill will be great news for beleaguered leaseholders across the UK who have long been charged huge fees to extend leases. This should take a massive weight off their shoulders and ultimately will make leasehold properties more popular with buyers.
— Stephen Perkins, Managing Director
Stephen Perkins said "stagnant" inflation and unemployment, coupled with wage increases, will lead the Bank of England to feel another increase of 0.25 percent is needed to re-start downward momentum on price rises. "This, however, would be idiotic as the effects of many of the previous rate increases are still yet to be fully felt. "So many businesses are on their knees asking for mercy and reprieve and the housing market is in a Bank of England-induced coma awaiting a needed adrenaline shot and there is the Middle-East conflict and oil prices also impacting the economy."
— Stephen Perkins, Managing Director
Stephen Perkins, managing director at Yellow Brick Mortgages, echoed the sentiment, highlighting the "real danger" today's data creates for another base rate rise.
— Stephen Perkins, Managing Director
“With every lost seat at the table, there is less competition and less need to innovate and challenge the norms, so the market as a whole suffers.” “While we have smaller insurers, such as Vitality who are unique with their Serious Illness rather than Critical Illness policy, Guardian, the Ferrari of critical illness plan definitions, and specialists like Exeter helping clients with managed health conditions, the major insurers such as Aviva, L&G, LV=, Zurich and Royal London are all much of a muchness,” he explained.
— Stephen Perkins, Managing Director
“This was a wasted opportunity to have a positive impact on battling inflation before the Autumn Statement in November. “Whilst the increase in minimum wage will be very welcomed by millions of employees, the cost of this to employers will be directly passed onto consumers, mitigating the benefit and further stoking the inflation fire.”
— Stephen Perkins, Managing Director
Stephen Perkins said Christmas is traditionally a tough time financially for many families as they try to deliver on their children’s expectations. “With the cost-of-living crisis having squeezed any disposable income, households facing higher mortgage payments, and the continuing high inflation making everything you buy for the festive period more expensive, this year’s celebrations will certainly be bringing financial stress as an unwanted gift,” he said.
— Stephen Perkins, Managing Director
[Paraphrased] Said he was "highly confident" that stamp duty thresholds will be kept as they are.
— Stephen Perkins, Managing Director
The economy is still suffering from the ill-fated mini Budget. Whilst inflation was still going to cause increased mortgage rates, from the Bank of England’s reckless base rate rises, it seems that the Bank of England saw the economy on the floor and decided to continue kicking it.
— Stephen Perkins, Managing Director
Stephen Perkins said that, given the government “often reports there is no money to properly fund anything”, he believes it is nonsensical to look to remove stamp duty or have a holiday from it. The resulting implications, Perkins said, would only temporarily inflate house prices, which need downward adjustment to be more affordable. “That said, some targeted tweaks such as reduced stamp duty for people downsizing and having first-time buyers exempt at any purchase price would be worth consideration,” he added.
— Stephen Perkins, Managing Director
Stephen Perkins said the data shows that “even in poisoned soil something can grow, albeit only slightly”. He cautioned that this data for the second quarter and June came before the impact of yet more needless rate rises, so is not a true reflection of the economy today.
— Stephen Perkins, Managing Director
“Blaming the weather for a decline in retail sales is denial. “The figures show that huge numbers of people have switched to online purchases rather than the high street, mostly for convenience but also due to the fact that, with business rates as they are, bricks and mortar retailers struggle to compete. “Meanwhile, supermarkets say increased prices are reducing sales, whilst declaring record increases in profits and not passing that on through price reductions. “Ultimately this data will show the Bank of England that the economy is not booming and the public is not flush with cash. So whilst another base rate increase is expected in September, it should now be just an additional 0.25%.”
— Stephen Perkins, Managing Director
“Positive news for those hoping there’s life on Mars, as this data shows that even in poisoned soil something can grow, albeit only slightly. Despite the Government and Bank of England’s best efforts to destroy the UK economy, we are still above the brink of recession. However, this data for the second quarter and June came before the impact of yet more needless rate rises, so is not a true reflection of the economy today.”
— Stephen Perkins, Managing Director
“Like all government initiatives and policies, it provides a good PR headline but lacks the detail and substance to make any real difference.”
— Stephen Perkins, Managing Director
Stephen Perkins said stamp duty provides large amounts of revenue into the treasury, so its removal at a time when the government purse is under such strain would be unwise.
— Stephen Perkins, Managing Director
“Relaxed planning rules around re-using existing buildings and footprints are welcomed and seem common sense to me. The UK is not building enough homes and has not for a sustained period, which has led to inflated house prices.”
— Stephen Perkins, Managing Director
20 pieces
“Sentiment now is considerably more upbeat than during the summer and Autumn of last year. There has been a bright start to the property market in 2024 and the blip in inflation will not halt that momentum.”
— Stephen Perkins, Managing Director
“Some landlords are looking more closely at semi-commercial property, [but] it isn’t a silver bullet. Diversified income and stronger cashflow can be attractive, but the finance is more specialist and often more expensive than a standard buy-to-let mortgage. The best investors choose semi-commercial because it suits their long-term strategy, not simply to escape the pressures facing residential buy-to-let.”
— Stephen Perkins, Managing Director
“The increase in lenders taking action against borrowers in arrears and repossessions is staggering, but highly symptomatic of the ongoing cost of living crisis and rising mortgage rates over the past two years. "Many who stretched themselves to the limit on low rates have been strained too far when rates have increased and it's now starting to show. These figures are also indicative of many losing jobs in the current economic climate. "The landlord figures showing a different trend either suggests tenants are keeping up their payments better, or landlords are being more lenient or hesitant to act than lenders."
— Stephen Perkins, Managing Director
Rightmove, despite the efforts of its competitors, is still by far the leading property portal and the first port of call for any prospective home buyers or movers and for many who just want to be nosey. With increased fees and healthy revenue growth on mortgage and other referrals, it is no surprise that the property portal platform is turning heads of potential buyers or investors.
— Stephen Perkins, Managing Director
“The only clients who have ever factored this in are BTL investors looking D and above, or C and above ideally due to regulations.”
— Stephen Perkins, Managing Director
Stephen Perkins described private landlords as “key” to the solution of the housing crisis. He added that, as many people can only afford or choose to rent by pushing landlords out of the market, rental demand is currently outstripping supply. “Rents are therefore becoming unaffordable as many landlords see the hassle far outweigh the economic gains continuing.”
— Stephen Perkins, Managing Director
Whilst this is a large fee increase in percentage terms, no property investor is going to be put off by an additional cost of £38 to register a limited company/specialist purpose vehicle.
— Stephen Perkins, Managing Director
“You can also decide to hold money in the company and decide when and how you draw money out to be tax efficient. “Whilst mortgage rates are higher on limited company buy-to-let products than personal ones, the gap has been getting smaller as more landlords opt for the incorporated model so these become more mainstream. “Despite the higher rates, the stress-testing is usually lower, allowing the landlord to often borrow more on the same rental figure.”
— Stephen Perkins, Managing Director
“These latest ONS figures are heartbreaking to read, but not surprising when you see the everyday impact of the cost-of-living crisis over the past 12 to 18 months. “5% of adults running out of food is a tragic reflection of where the economy is at right now. “The large percentage of households struggling to pay their rent and mortgage is only going to get worse as more homeowners and landlords come off their low-rate deals in the coming months.”
— Stephen Perkins, Managing Director
Stephen Perkins said that the lower stress testing involved means greater numbers of investor purchases were through limited companies.
— Stephen Perkins, Managing Director
The latest UK Finance data paints a grim picture of the economic reality we’re in. With 1.6 million more low-rate mortgages ending in 2024, this will get a lot worse before it gets better. Landlords have had an awful time of late due to tax changes, tighter regulations and mortgage rate increases, and now with their tenants not paying their rent, mortgage arrears are unavoidable for some. This may leave many landlords questioning if it is worth selling up.
— Stephen Perkins, Managing Director
“Rates just continue falling with the cycles between reductions speeding up. What were weekly rate reviews are now happening every other day. While this is indicative of market confidence that the base rate is near its peak, it’s also a clear indication that lenders are fishing for market share in a heavily drought-shrunk pool of borrowers. With committed lending targets to be hit by year end, expect the rate fight to continue to escalate.”
— Stephen Perkins, Managing Director
"Limited company products massively help the buy-to-let market, as despite rates for the products being higher, they benefit usually from a lower stress test on the rental calculation allowing more scope for borrowing needs. "Also as a limited company, landlords can still offset the mortgage interest against their tax bill, which for larger portfolio landlords can be a massive saving on tax."
— Stephen Perkins, Managing Director
Rate reductions across the market are continuing at pace. This will be celebrated by the UK’s beleaguered landlords. I’m not entirely sure why the 10-year fix is increasing given the longer-term rate forecasts, but I doubt this was a popular product anyway.
— Stephen Perkins, Managing Director
“Landlords need some support, as they are crucial to the letting supply ecosystem.”
— Stephen Perkins, Managing Director
With stress rates so high, [many landlords are] stuck like a spider in a bathtub. It completely stops new purchases without large deposits and even remortgaging to a different lender is often not an option. Personally, lenders should base it on the current product rate at 125 per cent and simplify the process and affordability.
— Stephen Perkins, Managing Director
Stephen Perkins said smaller landlords were essential for the lettings market to properly function. “Government policies appear to be pushing towards having large corporate portfolio owners and a population who cannot afford to buy their homes trapped to forever rent. Landlords need some support, as they are crucial to the letting supply ecosystem.”
— Stephen Perkins, Managing Director
This research and data are showing that the hikes in the base rate by the Bank of England are pushing more homeowners into arrears now that the impact of the rate increases is starting to trickle through as more borrowers come off their low fixed rates.
— Stephen Perkins, Managing Director
“This research and data are showing that the hikes of base rate from the Bank of England are pushing more homeowners into arrears now that the impact of the rate increases is starting to trickle through as more borrowers come off their low fixed rates. “Tenants struggling with keeping up with rent is no surprise given the challenges across all their household costs from food and energy meaning something has to give. “Further challenges for landlords with their increased cost of buy-to-let mortgages and rent being missed by tenants.”
— Stephen Perkins, Managing Director
“NatWest putting up stress-test rates and reducing borrowing potential on the same day that other major banks are reducing their residential rates appears unjustified.”
— Stephen Perkins, Managing Director
37 pieces
“Long-term products and tie-ins have never been in the UK homeowner mentality and would need to be cheaper than they are currently to break through the established marketplace. The current mortgage rates being near-peak also make borrowers unlikely to want to fix in for longer terms if they feel rates will be coming down over the next few years.”
— Stephen Perkins, Managing Director
“We’re seeing a growing minority of borrowers deliberately choosing shorter mortgage terms, although it’s still nowhere near the norm. For many, it’s a psychological decision as much as a financial one. As retirement moves closer, the thought of still carrying mortgage debt becomes less appealing, so they’re prepared to pay more each month for the certainty of owning their home outright sooner.”
— Stephen Perkins, Managing Director
Stephen Perkins was more critical of the announcement, describing it as an “awful decision” from Openwork which shows a “complete lack of trust in their firms and advisers”. He explained that, while rolling out additional training is a considered approach, Openwork’s decision is “more of a sledge hammer” and will “only frustrate advisers”. Perkins also warned that it could lead to delays to submitting applications, leading to a poorer outcome for clients.
— Stephen Perkins, Managing Director
“Either CCJs should have a minimum value in order to be lodged or lenders need to start ignoring CCJs under a low-level amount.”
— Stephen Perkins, Managing Director
Stephen Perkins interpreted the reports as a “shot across the boughs” rather than an actual intention to leave the UK market. “While Santander may have smaller margins in the UK due to heavy regulation, the top six bank still achieves decent profits and market share,” he explained. “Ultimately in the unlikely event of a UK market exit, the mortgage loan book would be sold, meaning at most the name on the direct debit would change for borrowers.”
— Stephen Perkins, Managing Director
There has been a recent uplift in the number of borrowers who now have blips on their credit profile or are behind on credit cards or on reduced payment arrangements. Sadly, there aren’t many options in the market for these light adverse clients. There needs to be another tier of products that banks offer, like credit card providers do.
— Stephen Perkins, Managing Director
“One small step for More2life, one giant leap for equity release flexibility. “For too long too many equity release borrowers have been handcuffed to an often uncompetitive deal, and have been unable to reduce or repay their debt without excessive fees. “While this product still has its balances from arrangement fees, it is a step in the right direction and hopefully will see the rest of the market follow suit with similar options.”
— Stephen Perkins, Managing Director
Stephen Perkins stated that transaction times are “certainly” much longer today than they were before the pandemic, despite many efficient working practices being introduced over that time. “The usual bottlenecks apply, namely awaiting local searches, delays with the Land Registry and lack of communication between both sides of the transaction in relation to enquiries, some of which are raised needlessly,” he added.
— Stephen Perkins, Managing Director
Stephen Perkins said cancellation fees “fly in the face of Treating Customers Fairly” and “do not abide by consumer duty”. He explained: “The borrower accepts to pay on application or offer for a service that is being delivered, but to charge the client if they then change their mind in some instances up to 0.5 per cent of the mortgage borrowing is disgraceful. “Someone borrowing £500,000 could pay £500 on an application and then, if they don’t proceed, get billed for a £2,500 cancellation fee.”
— Stephen Perkins, Managing Director
“The Bank of England is independent so blame it for how high and how fast it raised the base rate and the damage made to the economy as a result.”
— Stephen Perkins, Managing Director
I don’t believe this proposed acquisition will have any significant impact on market competition as both lenders serve different elements of the market. Borrowers, as a result, are unlikely to lose out and, even if they do join up, Nationwide will still be some way behind the leviathan that is Lloyds Banking Group.
— Stephen Perkins, Managing Director
This partial U-turn in policy from Halifax appears unfair and discriminatory.
— Stephen Perkins, Managing Director
This is a great product innovation offering borrowers both some long-term rate security with the added flexibility of being able to review after two years should that be beneficial. This added flexibility will of course come with some rate cost but may be a fantastic option for those caught deciding between two and five year fixed options.
— Stephen Perkins, Managing Director
Stephen Perkins pointed out that businesses which have operated on small margins are now feeling the pinch as a result of increasing costs, a slower purchase market and reduced income from product transfers. “Where that is the case, consolidation can keep them alive.”
— Stephen Perkins, Managing Director
Stephen Perkins agreed that what is needed is for some “longevity and consistency”. However, he added: “With a general election next year I have very low expectations on the impact he can bring to the role.”
— Stephen Perkins, Managing Director
“Even though a lot of the details about the Help to Stay scheme in Wales are yet to be clarified, the broad outlines suggest this is an awful scheme. Allowing homeowners to use an equity loan from the government to pay down a chunk of their mortgage balance with the shiny lure of it being interest- and repayment-free for five years doesn’t stop this being a trap. The equity loan is repayable in 15 years, which will be shorter than most mortgage terms, and interest is applied at an unspecified level after 5 years. But most crucially, as it is an equity loan the amount owed increases as house prices increase, unlike a mortgage where the debt is not linked to house price variations. Looking to support homeowners is great but this scheme is not the answer and could leave the very people it is designed to help out of pocket and potentially out of home.”
— Stephen Perkins, Managing Director
“This is disappointing given the usual rigorous nature of the BBC. “While the suggestions may reduce the monthly payment on a mortgage, they certainly don’t save money on the mortgage as they will cost more in the long term. “It’s another great example of why articles like these, which could be construed as advice, should be left to qualified individuals who actually understand the subject matter.”
— Stephen Perkins, Managing Director
“ChatGPT is best for creating written content for websites, blogs or social posts. “However, rather than using it to write the content and therefore risk this not being accurate or unique, it can instead be a great tool for suggesting topics and questions best to answer. “For example, we ask it to list the most common questions from first-time buyers, and then we write answers to those as content.”
— Stephen Perkins, Managing Director
Stephen Perkins noted that the rate of house price growth means many first-time buyers are unable to purchase without help from loved ones. “House buying almost requires two incomes, either from a couple or friends buying jointly, as one sole income is seldom sufficient to borrow the amount needed. Without the building of more genuinely affordable homes, this situation will only get worse.”
— Stephen Perkins, Managing Director
“These results from Santander will be similar across all the major lenders who are all far below their lending targets. “Rates are unlikely to reduce significantly in the next 12 months, so lenders are setting expectations that their lending volumes will remain reduced for the foreseeable, also with lower margins as they compete for business.”
— Stephen Perkins, Managing Director
“I am not surprised by this, given such websites are using experts who are largely unqualified to give advice and therefore giving incorrect information. “How these large companies sign off such financial promotion and content given the approval processes brokers have to go through is baffling. “The FCA needs to ensure that advice given on large platforms such as these is compliant and accurate, especially given the influence they have. “The lesson here is to get real qualified experts to write your content.”
— Stephen Perkins, Managing Director
“This is a very innovative move by Skipton to effectively allow their existing clients to capitalise some of their interest in exchange for lower monthly payments, which will also increase their client retention and reduce risk of arrears. However, borrowers need to weigh up the overall cost of the product against their personal priorities.”
— Stephen Perkins, Managing Director
The Independent, GB News +1 other
“A broker has a duty of care to look after their client. Any broker who saddles a client with debt and does not appropriately discuss the need for protection is failing in their responsibilities. “This is common where an adviser is overly busy with mortgage applications, or has poor processes in place. “It should be a requirement for every client to have had protection advice before completion, and if the mortgage adviser cannot do this, they should refer the client to a protection specialist for advice. “I wouldn’t want to be the broker who didn’t talk about protection as I was too busy when the client called some years later when in need wondering if they have cover.”
— Stephen Perkins, Managing Director
Stephen Perkins was concerned that less competition could mean less innovation. “With every lost seat at the table, there is less competition and less need to innovate and challenge the norms, so the market as a whole suffers. “The protection market needs a shakeup, especially to provide cover for those who are not perfectly healthy at the time of application.”
— Stephen Perkins, Managing Director
“Too many homeowners do not fully consider the need for protection […] they either think they are untouchable and nothing bad will ever happen to them or simply want to avoid any optional cost, but will still pay hundreds a month on Sky TV and pet insurance.”
— Stephen Perkins, Managing Director
Stephen Perkins said that AI can certainly pass a multiple choice exam with the textbook in its data set. He added that it can also check published criteria as well as answer simple questions about house buying and mortgages.
— Stephen Perkins, Managing Director
“I don’t see much change in regard to broker fees. “Clients will still be happy to pay a reasonable fee for appropriate service, as compared to other house buying costs they are not excessive. “There may be more challenges on fees for remortgages, especially with some decent product transfer options available for free.”
— Stephen Perkins, Managing Director
“Our overall enquiry numbers are up 35% year on year and September is looking busier than August with holidays done and kids back to school, looking to find a new home and move in before Christmas is now higher on the to-do list for many. “We have certainly seen more referrals this month from our estate agent introducers showing growing market activity.”
— Stephen Perkins, Managing Director
"The return on investment period is still well over 10 years on most improvements, and often much longer. "Therefore, unless you plan to live in the property long enough to realise the benefits this would not be worthwhile."
— Stephen Perkins, Managing Director
Stephen Perkins emphasised the danger of borrowers turning towards interest only with no clear plan on how to repay the loan down the line, “making a whole new lending crisis in the future”.
— Stephen Perkins, Managing Director
"I have never heard anyone mention EPC ratings or energy bills as part of either list. The only clients who have ever factored this in are buy-to-let investors looking D and above, or C and above ideally due to regulations. Energy costs are just one of many increased costs homeowners and first-time buyers need to contend with."
— Stephen Perkins, Managing Director
Stephen Perkins agreed that there are some advantages to renting in later life. “These include having the flexibility to easily move closer to family when needed, not being responsible for the property maintenance, and of course, no risk of your home being sold to pay for your care,” he said.
— Stephen Perkins, Managing Director
Stephen Perkins said his firm was not directly calling clients, but instead sharing information and inviting clients to get in touch to discuss their situation if needed. “We can advise what option may be best, give them the full detail and risks and how they plan to restore it in six months to avoid their credit rating being impacted. Also making them aware of the risk that lenders may still look unfavourably on having this support even if their credit rating is not impacted.” He added that his firm would advise clients not to use the support unless it is truly needed for this reason.
— Stephen Perkins, Managing Director
Stephen Perkins said that while some lower rates and cashback on green mortgages for properties with low EPC ratings had benefitted some clients, it was “more by chance rather than a pre-calculated move”. “I do not believe a single client of ours has specifically sought out an energy-efficient home based on the potential mortgage rate or cashback benefit. If they have looked carefully at the EPC rating, it may be to save on the energy bills instead. “I think more lenders could offer deals on remortgages for home improvements that improve the energy efficiency of the borrower’s home, for instance for installing solar panels, insulation or a heat pump system, similar to the market-leading product offered by Nationwide,” he noted.
— Stephen Perkins, Managing Director
"It is great to see a lender thinking about how to make life better for their introducing brokers, and in so doing, also fairer to the clients." Stephen Perkins applauded Tandem for the policy changes and hopes more lenders follow suit. "With over 80 per cent of mortgage lending coming through brokers, you would think that treating brokers fairly would be of higher importance to lenders," he added.
— Stephen Perkins, Managing Director
Greg Marcham said current conditions mean service has never been so important. Even with the market challenges, brokers will succeed if they ensure the “service experienced by any client is at an exceptional level”.
— Greg Marcham, Co-founder
Stephen Perkins noted that a frequent misconception among first-time buyers is that their borrowing will be assessed based on their ability to afford the mortgage payment.
— Stephen Perkins, Managing Director
35 pieces
CeMAP, and its equivalents, focus too much on areas of law and finance that have no relevance to the actual job of giving sound mortgage advice. CeMAP is long overdue an overhaul to make it relevant to the role and to deliver the correct client outcomes.
— Stephen Perkins, Managing Director
The overall direction is encouraging, with fewer mortgages in arrears and possession activity also moving the right way. But falling arrears don't necessarily mean every borrower has recovered financially. Some will have caught up, while others may have sold or ultimately lost their property, so the figures need to be viewed together.
— Stephen Perkins, Managing Director
“Very positive move from Checkmyfile, listening to feedback and making changes that will be well received by their financial services partners. Coupled with the rollout of the co-branded portal/landing pages, this really enhances the partnerships. Bravo Checkmyfile.”
— Stephen Perkins, Managing Director
Mortgage brokers care about the trade body’s ability to “drive meaningful change, defend the industry and provide support” rather than its name and branding.
— Stephen Perkins, Managing Director
The trust Checkmyfile said it is respecting “has been long broken and eroded”. “If, as Checkmyfile state, they will not in any way market mortgages to those introduced clients, then there is absolutely no need for these additional questions to collate so much data around their mortgage circumstances. Sadly another case of biting the hand that feeds.”
— Stephen Perkins, Managing Director
Glad to see financial education become part of the national curriculum, with “far too many” children leaving school ignorant. “When we approached schools recently to offer free sessions on this, the response was that they couldn’t spare class time for anything not in the curriculum or exams. Long term, higher financial literacy will be a big boost for the economy and help develop more entrepreneurs.”
— Stephen Perkins, Managing Director
Stephen Perkins said the concept of highlighting the chances of a property being suitable for a mortgage was commendable.
— Stephen Perkins, Managing Director
"Recent banking issues are a stark reminder of our reliance on online banking and apps. Such incidents in an increasingly cash-less society can cause great damage to the most vulnerable in society, and disrupt business and the economy. "With two banks disrupted in quick succession, you do wonder if this is purely coincidence or something more sinister."
— Stephen Perkins, Managing Director
News and Star, Southend Echo +5 others
Stephen Perkins said these issues are a “stark reminder” of customer reliance on online banking and apps. “Such incidents in an increasingly cashless society can cause great damage to the most vulnerable in society, and disrupt business and the economy,” he said. “With two banks disrupted in quick succession you do wonder if this is purely coincidence or something more sinister.”
— Stephen Perkins, Managing Director
Stephen Perkins described doctor’s reports as having “long been” the largest friction to getting protection policies in force within a reasonable timeframe. “The insurers pay the GP surgery and weeks and months of constant chasing are required to obtain which is essentially a printout of medical records with no added value,” he explained.
— Stephen Perkins, Managing Director
It’s refreshing the lender consulted and listened to brokers ahead of launching their new structure.
— Stephen Perkins, Managing Director
AI can be used in so many ways to make the sales process more streamlined and efficient for borrowers and advisers alike. This is where I see the future of AI within financial services, doing the heavy lifting for human advisers to provide a better service.
— Stephen Perkins, Managing Director
"Anything that can help more people get onto the housing ladder should be welcomed, but the friends or family members in question need to go in eyes wide open. “Having your income used to assist a friend's mortgage could have a potential impact on your own credit file and personal borrowing potential in the future.”
— Stephen Perkins, Managing Director
Daily Express, Yorkshire Live +1 other
Stephen Perkins, whose network Yellow Brick Mortgages operates almost entirely remotely, says most experienced advisers prefer the flexibility of working where and when they want.
— Stephen Perkins, Managing Director
"The start of 2024 was exceptionally strong as the mortgage rate war reigned supreme and demand went through the roof. Initial enquiries from borrowers continue to grow, but there is now a degree of hesitation around pulling the trigger and making offers due to the recent increases in mortgage rates. "Mortgage rate volatility is leading to inaction, which could be costly for some if rates rise further. Hopefully the Budget and the next set of inflation data will help get the property market out of neutral and back into gear. House prices have remained relatively flat, with small increases regionally. The property market feels like a coiled spring at the moment, just awaiting some positive news in order to be released."
— Stephen Perkins, Managing Director
The Telegraph, Birmingham Live +1 other
Stephen Perkins suggested demand for new builds has been “pretty consistent”.
— Stephen Perkins, Managing Director
Stephen Perkins added the key message of the story is “no matter your income, people tend to live to their means”. He explained those with larger incomes have larger houses and expenses, and so can be equally strained by any increases. Perkins additionally recognised that those on six-figure salaries are “unlikely to get public sympathy” and have more options to adapt than many on lower incomes.
— Stephen Perkins, Managing Director
"It is no surprise to see builders scaling back their operations."
— Stephen Perkins, Managing Director
We saw Tesco and Sainsbury offer mortgages and other services, and scale back and close these down. I imagine that, for Amazon, the margins of profit compared to the risks were not stacking up.
— Stephen Perkins, Managing Director
Stephen Perkins said Sir Howard Davies “should be ashamed of these comments”. He added: “It is tiring reading such comments from people who bought their first house for around £10,000 with a minimal deposit and a mortgage at two to three times their income and who are completely out of touch with the challenges first-time buyers face getting on the housing ladder.”
— Stephen Perkins, Managing Director
“Without help from the Bank of Mum and Dad or inheritance, it is incredibly hard to save the £30k or so deposit often needed to be able to buy an average-priced house, especially if privately renting.”
— Stephen Perkins, Managing Director
ChatGPT is best for creating written content for websites, blogs or social posts. However, rather than using it to write the content and therefore risk this not being accurate or unique, it can instead be a great tool for suggesting topics and questions best to answer. For example, we ask it to list the most common questions from first-time buyers, and then we write answers to those as content.
— Stephen Perkins, Managing Director
Lenders structure their ERCs to ensure the deal agreed stays in place for them to earn the expected interest, or, if paid off early, that profit is recouped by the charges.
— Stephen Perkins, Managing Director
I am not surprised by this, given such websites are using experts who are largely unqualified to give advice and therefore giving incorrect information.
— Stephen Perkins, Managing Director
Stephen Perkins added that the announcement was a very “innovative” move to allow Skipton’s existing clients to capitalise some of their interest in exchange for lower monthly payments. He added that this will also increase their client retention and reduce risk of arrears. “However, borrowers need to weigh up the overall cost of the product against their personal priorities,” Perkins said.
— Stephen Perkins, Managing Director
Aside from looking awfully like NatWest, the tag line of ‘a good way to bank’ for a mutual that has said for years that they aren’t a bank is crazy.
— Stephen Perkins, Managing Director
“This is positive news — for too long, leaseholders have paid for a policy through their service charges or direct to the freeholder, with no control on what policy is provided or its cost. While leaseholders will still not be in control, these provisions mean the freeholder and insurers need to ensure the policy is most suitable.”
— Stephen Perkins, Managing Director
Fortunately, my business partner and I have differing skill sets and these work very complementary together.
— Stephen Perkins, Managing Director
“Whilst these figures paint a horrific picture of the current state of household finances, I am surprised that year on year the percentage of people struggling to pay their mortgage or rent has only increased by 7% given the increases in mortgages, rents and all the other costs of living.”
— Stephen Perkins, Managing Director
We have gone through Brexit, a pandemic, a disaster budget, a war in Europe, a cost of living crisis and now the Bank of England doing all it can to kill the economy, and are still growing and thriving ‒ as the saying goes, whatever doesn’t kill you makes you stronger.
— Stephen Perkins, Managing Director
Programme it with enough past-paper questions and textbooks and any AI can pass any exam.
— Stephen Perkins, Managing Director
Consumer Duty has not changed anything really for us, as we were already all about the customer with no targets and charged a fair fee for our high level of service. Our network ensured all our advisers have the details of expectations around Consumer Duty, which for us is just common sense.
— Stephen Perkins, Managing Director
“It is great to see a lender thinking about how to make life better for their introducing brokers, and in so doing, also fairer to the clients. “I applaud Tandem Bank for these policy changes and hope more lenders follow suit. “With over 80% of mortgage lending coming through brokers, you would think that treating brokers fairly would be of higher importance to lenders.”
— Stephen Perkins, Managing Director
“Relaxed planning rules around re-using existing buildings and footprints are welcomed and seem common sense to me. “The UK is not building enough homes and has not for a sustained period, which has led to inflated house prices. “The Nutrient Neutrality legislation has been very problematic for many developers so does need to be eased, however, the green benefits can be better impacted by ensuring all new homes are built with solar panels and other such proposals.
— Stephen Perkins, Managing Director
“The increased reliance on credit cards is not surprising given that households have seen every outgoing increase dramatically during the past 12 months, with incomes far from keeping pace. “The majority of UK households lived close to their means before the cost of living squeeze, so now are living on credit in the hope of coming out the other side.”
— Stephen Perkins, Managing Director
