News in brief - 17 November 2023

The Open Property Data Association (OPDA) has expanded its member executive committee by appointing the chief executive officer at LMS, Nick Chadbourne. The OPDA wants to change the way that people buy and sell houses and wants to do that through encouraging transparent data sharing across the mortgage and wider property industry. Chadbourne has been added to the committee to assist it in its cause. He and LMS joins 13 other industry leaders, technology innovators and organisations committed to driving positive change, including mortgage lenders, property and proptech firms, conveyancers and estate agents.

Luxury asset lender, Suros Capital, is offering brokers 3% commission on loans secured against luxury assets until Christmas 2023. The new deal marks a 2% increase on the current baseline commission and cases received before Christmas Day that go on to complete are eligible for the new fee. The lender has said that the new deal is an “added incentive” to help them spotlight clients who need immediate short-term funding for any purpose.

Yorkshire Building Society has cut rates back further on its mortgage product rang. The society has also added competitive tracker mortgages with no early repayment charges (ERCs) to its offering. The lender has added a suite of new two- and three-year tracker options up to 85% LTV, starting from the Bank of England’s base rate plus 0.54% (5.79%) with a £995 fee. With no ERCs, these products provide flexibility for borrowers to switch their deal without reoccurring penalties. The society has also launched new lower rate products on its residential range, including best buy products. The group’s five-year fixed rate for borrowers with a 25% deposit at 4.69%, with a £495 fee and a free standard valuation. The society has also launched a three-year fixed-rate product designed for first-time buyers, available at 5.69% up to 95% LTV, with a £1,495 fee and free standard valuation.

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