2021
The world of mortgage strategy is constantly changing, and staying up to date on the latest news and developments can be a challenge. To help you stay informed, we’ve rounded up the top 10 stories of the week from 6-10 March 2021.
1. The Financial Conduct Authority (FCA) has announced that it is to launch a review into mortgage advice and sales practices. The review will assess whether firms are providing customers with suitable advice and whether they are meeting their obligations under the Mortgage Market Review.
2. The Bank of England has announced that it will keep interest rates at their current level of 0.1% for the foreseeable future. This decision is designed to support the UK economy as it recovers from the pandemic.
3. The Council of Mortgage Lenders (CML) has released new figures showing that mortgage lending in February 2021 was up by 4% compared to the same period last year. This is a sign that the housing market is continuing to recover from the effects of the pandemic.
4. The government has announced plans to extend the Stamp Duty holiday until the end of June 2021. This will provide a boost to the housing market and help people who are looking to buy a home.
5. The Financial Ombudsman Service (FOS) has published new guidance on how it will handle complaints about mortgage advice and sales practices. The guidance outlines how FOS will assess complaints and what customers can expect when making a complaint.
6. The Financial Services Compensation Scheme (FSCS) has announced that it will be increasing its compensation limit for mortgage advice and sales from £50,000 to £85,000. This increase is designed to provide customers with greater protection in the event of a firm failing.
7. The Bank of England has released its latest Financial Stability Report, which outlines the risks posed by the current economic situation. The report highlights the need for banks to remain vigilant in order to protect customers and ensure financial stability.
8. The FCA has published its latest Mortgage Market Update, which shows that mortgage lending in February 2021 was up by 7% compared to the same period last year. This suggests that the housing market is continuing to recover from the effects of the pandemic.
9. The government has announced plans to introduce a new Help to Buy scheme, which will help people who are looking to buy their first home. The scheme will provide buyers with an interest-free loan of up to 20% of the purchase price of their property.
10. The FCA has published new rules which will require firms to provide customers with more information about their mortgage products and services. This will help customers make more informed decisions when choosing a mortgage provider.
These are just some of the top stories from this week in mortgage strategy. Staying informed on the latest news and developments is essential for anyone looking to buy or refinance a home, so make sure you keep up with all the latest news and developments in this ever-changing industry.