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Q2 2026 Mortgage
and Masterclass
There’s still time to register for HSBC’s Q2 Fraud webinars!
Mortgage News
How your clients should prepare for the Renters' Rights Act
The way landlords can let properties to tenants is changing on 1 May 2026.
TheRenters'RightsActwillbringsignificantchangestotheway tenanciesworkinEngland.ThisincludesthemovefromAssured ShortholdTenancies(ASTs)toAssuredTenancies,alsoreferredtoas AssuredPeriodicTenancies(APTs).
Tohelplandlordsandintermediariesprepare,TheMortgageWorks (TMW)haspulledtogetherclear,practicalguidancetogetyourclients prepared.Thisincludes:
•ThekeychangesundertheRenters'RightsAct
•Whatthismeansfortenancyagreements
•Howtogetreadyaheadofimplementation
•Whathappensiflandlordsdon'tcomply
It’simportantthatlandlordsunderstandandcomplywiththe requirementsintroducedbytheRenters'RightsActandpreparefor whatthesechangesmeaninpractice.
For Intermediaries Only
Helping you support landlords ahead of the Renters' Rights Act
Hey Brokers,
From1May2026,theRenters'RightsActwillintroducesignificant changesforprivatelandlords.Withkeydeadlinesapproaching, landlordswhoprepareearly-byreviewingportfoliosandimproving documentation-willbebestplacedtoadaptsmoothly.
Brokershaveanimportantroletoplayinhelpingclientsto understandwhatthesechangesmeaninpractice.Tosupportyouto dothis,we'vecreatedaTopSixTipsguideoutliningthekeychanges andactionsthatlandlordsshouldbeconsidering.
Whilethisprovidesapracticaloverview,werecommendthatyour clientsreviewthefullguidanceavailableontheofficialgovernment websiteformoredetails.
IMPORTANT UPDATES ON BUY-TO-LET MORTGAGES
mortgages.VirginMoneynewbusinessbuytoletproductswillbewithdrawnat8pm on28April2026.
ThismeansyoushouldnowsubmitanynewbuytoletlendingapplicationstoThe MortgageWorks,thebuytoletlenderofNationwide.
Therearenochangestoresidentialmortgages.Youcancontinuetoworkwithyour VirginMoneyBDM,justlikeyoudotoday.
YourclientswithexistingVirginMoneybuytoletmortgagesdon’tneedtodo anything.Virginarecommittedtoprovidingexcellentservicetoourexisting customers,andthere’snochangetotheirmortgageamount,paymentdates, interestrates,orTerms.
New Business Pipeline
Virginwillstillprocesspipelineapplicationsforexistingcustomersasnormal. However,from28April2026,materialchangesthatrequireanewapplication,such aschangeofapplicantorchangeofproperty,willnotbeprocessed.
Foranyapplicationqueries,pleasespeaktoyourVirginMoneyBDM.
ContactyourBDMatTheMortgageWorksforallnewbuytoletcases.They’llbe happytotalkthroughanynewcases.YoucanfindyourBDMhere.
DIPsandapplications
NewVirginMoneybuytoletcasescanbesubmitteduntil28April2026.Anyexisting offerswillbehonoured.
Foranyreferreddecisionsthatareapproved,you’llhave48hourstoconverttoafull application.
Improved affordability at ≤ 85% loan-to-value (LTV)
Forresidentialmortgageapplicationsatorbelow85%LTV,Barclays havereducedtheminimumaffordabilitystressrate.Thismeans thateligibleclientsmaynowbeabletoborrowmore,givingthem greaterflexibilitywhenitcomestotheirnextmove.
TheirresidentialaffordabilitycalculatorandAIP,nowallowyouto entertheexpectedinterestrate(evenifit’sonlyanestimate).
Thishelpsensureyourclientgetsthemostaccuratedecisionand maximumborrowingamount,beforestartinganapplication.The chosenproductratecanaffectthefinalamountoffered,so enteringanexpectedratereducestheriskofdifferencesbetween theresultandthefinaloutcome.
Iftheexpectedinterestratefieldisleftblank,anindicativestress ratewillbeusedinstead.
Whetheryourclientisbuyingtheirfirsthome,movinguptheladder, orrefinancing,thischangecouldmakeameaningfuldifferenceto what’sachievable.
YoucanseehowthiswillbenefityourclientsonBarclaysresidential affordabilitycalculator.
Industry News
TheUKmortgagemarketthisweek hasbeenshapedbylenderpricing competition,economicuncertainty andpolicyscrutiny.
Severallendersmovedtocutborrowingcosts, withSantanderUKannouncingreductionsacrossselectedfixedratemortgageseffectivemid-April,whilePrincipalityBuilding Societyalsorepricedproducts,signallingimprovingfunding conditionsandrenewedcompetitionforborrowers.
Rateexpectationsremaincloselytiedtoinflationandgeopolitics. Mortgagepricingeasedslightlyamidstabilisingmarkets,although higherenergypriceslinkedtoglobalconflictcontinuetocloudthe outlookandmaydelaysignificantratecuts.
Policydiscussionreturnedtohousingaffordabilityfollowingnew analysisfromtheInstituteforFiscalStudies,whichconcludedthe HelptoBuyschemedisproportionatelybenefitedhigher-income householdsandmayhaveacceleratedhousepricegrowthrather thanimprovingaccessforlower-incomebuyers.
Overallmarketsentimentremainscautiouslypositive:lendersare competingthroughpricing,borrowersupportmeasuresunder theMortgageChartercontinue,andexpectationspersistthat mortgageratesmaygraduallyfalllaterin2026ifinflation moderates.
