Mortgage Strategy

Bischoff to replace Oldfield as Castle Trust CEO

Bischoff to replace Oldfield as Castle Trust CEO

Founder and chief executive of Castle Trust Sean Oldfield is to step down from his role at the lender after seven years at the helm.

Subject to regulatory approval, Oldfield will be replaced as chief executive by Martin Bischoff, who was managing director of retail distribution at Santander for five years to 2017 and recently worked as an executive business adviser at Virgin Money.

Oldfield is the second senior figure to step down from Castle Trust this year, following the departure of mortgage division manager Matthew Wyles in February who left to join Hampshire Trust as chief executive.

Natwest increases cost of fixed rate deals

Natwest increases cost of fixed rate deals

Natwest will be increasing its fixed rates across its core, semi-exclusive and buy to let ranges. On its core range two year fixed rates will be increasing by up to as much as 15 basis points depending on the loan to value (LTV). Five year fixed rates will also increase for 60 per cent and 95 per cent Loan To Value by only 1 basis point. This also includes increase for its Shared Equity and Help To Buy mortgages byt eh same level so 15 basis point on the two year fixed and 1 basis point on the five year fixed for purchases to 70 per cent and 75 per cent Loan to value.

Semi-exclusives (only available through certain channels) will see rises for five year fixed rates for both remortgages and purchases. The increase will be between one and six basis points depending on the on the deal.

Buy to let deals are heading upwards with the biggest rise on its five year fixed rates for Buy to let purchases. The increase is from six and 11 basis points for the purchase and two and three basis points for Buy to let remortgages.

Bridging and Buy to let combination deal Launched

Bridging and Buy to let combination deal Launched

Tiuta a bridging loan lender and UX Mortgages a Buy to let lender can now offer customers a bridging loan to quickly purchase a property and at the same time underwrite the Buy to Let mortgage for the longer term as bridging finance can be a costly short term exercise. This is great for people who want the guarantee that the bridging loan will be repaid giving customers peace of mind. The product is called “Dual” and is underwritten by both lenders at the same time.

Government pledges £218m for new housing in West of England

Government pledges £218m for new housing in West of England

The West of England has ben designated a “high housing demand area” by the Ministry for Housing, Communities and Local Government.

The majority of funding will be being put into Oxfordshire and they have agreed £215m of funding which should help grow 100,000 by 2031. Housing Minister Sajid Javid has said Government support should nearly double the amount of homes being built in the region from 4,000 to 7,500 per year.

Bristol, Bath, North Somerset and South Gloucestershire will also receive £3m of funding to help deliver large housing developments