Market Update

Welcome to the Mortgage Advice Bureau market update

Welcome...

Welcome to the second of our new-look Market Updates, providing an insightful look into the UK’s mortgage landscape. 

Alongside latest rates, you will also read the latest market news.  This month we also celebrate the achievements of Rob Thompson, a key player in our new build department.

If there is anything specific you would like to see in these updates, please let us know.

Dashboard Overview as of 1/5/24

Base Rate
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Number of 95% lenders
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Number of Own New lenders
0
Lowest Rate on the market
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Average loan amount
£ 0
Average LTV
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Shared Ownership Summary

Average Share
0 %
Average loan amount
£ 0
Average LTV
0 %

Importance of Storytelling in Selling New Build

This month we hear from Rachel Colgan, Managing Director, Building Relations PR

Storytelling helps sell homes…

As part of the marketing mix, PR stands as an important pillar for business success and rather than being an afterthought, it requires time, strategic thought and a budget.

It’s more than just sharing sales information; PR creates a narrative, sets companies – and competition – apart, helping to establish a unique identity that will resonate with potential customers and audiences. While adverts deliver important messages, PR engages in storytelling, shares company values, and encourages discussion and debate that builds trust and forges genuine connections.

Property firms, agents and housebuilders have used PR to communicate new developments or property launches, sales updates, and promotional activities for many years.  Typically PR activities will align with marketing campaigns, intensifying around the launch of sales suites – or when there are a few remaining for sale. However, as the news landscape becomes more saturated and more challenging; compelling and well considered PR campaigns will help brands stand out.

Today’s fast-paced media landscape is busy, and online content floods the internet – meaning that standout PR campaigns are paramount. Furthermore, social media and networking means that interesting news is shared within seconds. Good PR not only builds reputation and shares what a company stands for but it  articulates the ‘why’ behind their endeavours. This ‘why’ factor significantly enhances brand visibility and engagement – and allows audiences to understand brand values.

Sharing the ‘why’ adds depth to your brand narrative – and builds trust. While it’s known that a new house is for sale with certain amenities and conveniences, what intrigues audiences is the backstory. For instance, highlighting that a development addresses the demand for first-time buyer homes due to the emergence of a significant firm or infrastructure project nearby adds context and helps creates a story. Perhaps the local area holds some historical significance – which can become part of the future story for a new homes development.

Moreover, storytelling should begin much earlier than the show home launch.  Buildings are interesting in their own right and PR can help share details of certain aspects of the construction process  – or indeed, the people building them. Whether it’s using low carbon materials, the installation of renewable energy source, or showcasing eco-friendly initiatives, this detail shows commitment to environmental impact but also enhances the appeal to environmentally-conscious homebuyers.

Beyond attracting media attention, sharing your ‘why’ is instrumental in shaping corporate reputation. While positive customer ratings are commendable, they might not necessarily capture media interest. However, illustrating how a company’s actions align with its values and contribute to societal or environmental causes can improve its reputation and encourage engagement among stakeholders.

In summary, effective and well considered PR goes beyond the surface level of promotional content. It reflects a company’s ethos, articulating its purpose, value, and impact on the local community and environment. By sharing the ‘why’, companies can forge meaningful connections with their audience, enhance brand perception, and stand out in a crowded media and property sales landscape.

Rates - May 2024

Below we have listed the top five rates available across a range of LTVs. Please let us know if you need any additional information.

95% 90% 85% 80%
5.39% - Scottish Building Society
5.54% - Nationwide
5.55% - Halifax
5.58% - Cumberland Building Society
5.64% - Virgin
5.07% - Cumberland Building Society
5.14% - Nationwide
5.18% - Virgin
5.19% - Nationwide
5.19% - Clydesdale
4.89% - Nationwide
4.89% - NatWest
4.93% - Santander
4.94% - Cumberland Building Society
4.94% - NatWest
4.89% - Nationwide
4.89% - NatWest
4.93% - Santander
4.94% - Cumberland Building Society
4.94% - NatWest
75% 70% 65% 60%
4.68% - Santander
4.72% - Clydesdale
4.73% - Cumberland Building Society
4.74% - Nationwide
4.74% - NatWest
4.68% - Santander
4.73% - Cumberland Building Society
4.74% - Nationwide
4.74% - NatWest
4.79% - NatWest
4.68% - Santander
4.73% - Cumberland Building Society
4.74% - Nationwide
4.73% - NatWest
4.73% - NatWest
4.61% - Santander
4.64% - NatWest
4.68% - Cumberland Building Society
4.69% - Nationwide
4.69% - NatWest
95% 90% 85% 80%
4.99% - Scottish Building Society
5.09% - Nationwide
5.10% - Cumberland Building Society
5.21% - Co-Operative Bank
5.22% - Virgin
4.64% - Clydesdale
4.67% - Cumberland Building Society
4.70% - Nationwide
4.74% - Nationwide
4.79% - Virgin
4.48% - NatWest
4.51% - HSBC
4.53% - Cumberland Building Society
4.53% - Nationwide
4.53% - NatWest
4.47% - NatWest
4.48% - NatWest
4.51% - Clydesdale
4.52% - NatWest
4.53% - Cumberland Building Society
75% 70% 65% 60%
4.37% - Natwest
4.40% - Nationwide
4.41% - Santander
4.42% - Natwest
4.44% - Clydesdale
4.37% - NatWest
4.40% - Nationwide
4.41% - Santander
4.42% - NatWest
4.47% - Nationwide
4.37% - NatWest
4.40% - Nationwide
4.41% - Santander
4.42% - Natwest
4.44% - Virgin
4.19% - NatWest
4.22% - Santander
4.24% - Nationwide
4.24% - NatWest
4.24% - Cumberland Building Society

Own New

Rate Reducer

Rate Reducer from Own New is designed to make it more cost effective to buy a new build home by helping homebuyers access mortgage rates that are lower than traditional ones.  This scheme is open to first-time buyers and those planning to move home. The tables below provides current rates available on this scheme. 

Halifax - Own New Exclusive 2-Year Fixed Rates with £999 Product Fee

60% 75% 80% 85% 90%
RATE
2.78%
3.27%
3.61%
3.71%
4.14%

Halifax – Own New Exclusive 2-Year Fixed Rates with no Product Fee

60% 75% 80% 85% 90%
RATE
3.04%
3.53%
3.88%
3.97%
4.40%

Virgin – Own New Fixed Rates Reducer Everyday Purchase Range – 5% Incentive with £495 Product Fee

Term 60% 75% 85% 90%
2-Year Fixed
0.99%
1.83%
2.40%
2.76%
5-Year Fixed
2.95%
3.37%
3.62%
3.78%

Virgin – Own New Fixed Rates Reducer Everyday Purchase Range – 3% Incentive with £995 Product Fee

Term 60% 75% 85% 90%
2-Year Fixed
2.52%
3.09%
3.41%
3.71%
5-Year Fixed
3.54%
3.83%
4.02%
4.16%

Furness – Own New Excusive 2-Year Fixed Rates

80% 90% 95%
RATE
2.11% - £999 Product Fee
2.66% - £999 Product Fee
3.56% - No Product Fee

Products with a £1999 fee

75% 80% 85% 90%
25-30 Years
4.96%
5.11%
5.15%
5.26%
30-35 years
5.06%
5.21%
5.25%
5.36%
35-40 years
5.12%
5.27%
5.32%
5.43%

Products with no fee

75% 80% 85% 90%
25-30 Years
5.09%
5.24%
5.28%
5.39%
30-35 years
5.18%
5.33%
5.38%
5.49%
35-40 years
5.24%
5.40%
5.44%
5.55%

News
Articles

BoE - Approvals rise for sixth month in a row

Mortgage approvals for house purchases lifted 1.3% to 61,300 in March from the previous month, the highest since September 2022, according to the Bank of England.

Link opens a third party website

Higher mortgage costs prompt house price fall

Higher mortgage rates and cost-of-living pressures continue to weigh on the housing market, with property prices falling in April, according to the latest monthly data from Nationwide Building Society.

Link opens a third party website

Highlights of the month

Perenna Launch Own New Products

Perenna has joined the Own New Rate Reducer scheme, which offers buyers lower rates if they buy a home with certain housebuilders.

On the scheme, Perenna’s minimum term is 25 years, and the minimum LTV is 60%. Perenna’s rates on the scheme are 0.5% lower than its standard mortgage products.

Its 90% LTV, over a term of 30 years and with a product fee, is 5.26% (versus 5.76% on its standard mortgage product on the same terms).

Review

Absolute 5 stars. Can only thank Grant, Jordan and Josh for all their help and hard work in finding me the perfect mortgage.

Definitely took a lot of the stress away from me and they got me a fantastic deal! I’d absolutely recommend this company. Kept informed throughout the whole process and thoroughly very happy. Thank you!

– Gillian J

We've added Guardian Financial Services to our protection panel.

Great news! We’ve added Guardian Financial Services to our protection panel. 📣

As the UK’s number one distributor of income protection in the market, Guardian’s addition to our panel is an ideal opportunity for us to take our proposition even further.

This partnership will add more value to the advice and products we offer, benefitting both brokers and customers alike.

Helps Us Support Rob's Nomination

We are thrilled and proud of Robert Thompson’s nomination for a 2024 British Mortgage Award, coming after an amazing year for us and our New Build team.

We would really appreciate support for Rob’s nomination and if you’re able, it would be fantastic if you help us bolster Rob’s chances, by adding your own backing…. 

 

How can you support? 

1) Follow the link here to place your vote: https://www.mortgagesolutions.co.uk/british-mortgage-awards-2024/

 

2) Please include this information on the form:

Category – Broker: First-Time Buyer
Nominated Person: Robert Thompson
Nominees Company: Mortgage Advice Bureau
Nominees Email: Robert.Thompson@mab.org.uk

 

A huge thank you in advance!

Contact Us

For more information please contact our team

Kirsty Smith

Business Development Manager

Grant McKenna

New Business Team Manager

Jack Wilson

Head of New Build

Small Print

The information pertained in here is not intended for public consumption, it has been prepared for the partners and friends of Mortgage Advice Bureau. Please do not share with consumers or buyers. Thank you.

Your home may be repossessed if you do not keep up repayments on your mortgage.

In some instances, there may be a fee for mortgage advice. We will not charge a fee to those purchasing a new build home who contact us via the details provided. Other branches of Mortgage Advice Bureau may charge a fee. The actual amount you pay to them will depend on your circumstances. The fee is up to 1%
but a typical fee is 0.3% of the amount borrowed