JUST MORTGAGES NEWS
Just an update
Monday 20th of April. This week's headlines:
MD alerts YoumayhavenoticedalackofMDalertsbeing deliveredtoyourinboxoverthelastfewdays. Unfortunately,Openworkhavebeenhavingafew issueswiththeirovernightbusinessfile,sonoMD alertswereissuedtoJustMortgagesonThursday orFriday.
Thismeansthatanycasesthatweresubmitted withabrokerfeewillnotbeincludedintheweekly invoicerun.Thisaffectsanycasesubmissionsfrom Thursdaylastweek.Assuch,anyfeesowedwillbe pickedupthefollowingweekBACSpayments.
Openwork are looking into the issue and aim to have this fixed as soon as possible.
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'RightsActwillbringsignificantchangestothewaytenancies workinEngland.ThisincludesthemovefromAssuredShorthold Tenancies(ASTs)toAssuredTenancies,alsoreferredtoasAssured PeriodicTenancies(APTs).
Tohelplandlordsandintermediariesprepare,TheMortgageWorks(TMW) haspulledtogetherclear,practicalguidancetogetyourclientsprepared. Thisincludes:
•ThekeychangesundertheRenters'RightsAct
•Whatthismeansfortenancyagreements
•Howtogetreadyaheadofimplementation
•Whathappensiflandlordsdon'tcomply
It’simportantthatlandlordsunderstandandcomplywiththe requirementsintroducedbytheRenters'RightsActandprepareforwhat thesechangesmeaninpractice.
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.
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.