The Right Mortgage & Protection Network (TRM) has announced three key leadership promotions, which it said will enable it to "build in its growth and success". Adam Stretton has been appointed as chairman, having previously served as managing director. As a founding shareholder, the firm said that he brings a "wealth of knowledge and strategic insight" to the position. Ben Allen will replace Stretton as managing director, having been at the firm for nine years, leading its compliance, risk and training functions. In addition, TRM’s sales and recruitment director, Amanda Wilson, has been promoted to the newly-created role of commercial and strategy director, supporting the firm’s growth and strategic vision.

Atom bank has improved its variable stressed interest rate calculation for commercial mortgages, which is set to help some borrowers access larger loan amounts. As a result, variable rate commercial mortgage applications will now be stressed against a rate of margin plus base rate plus 1%. Furthermore, on loans of between £1m and £4m, business borrowers can benefit from an additional 0.25% rate discount.

Santander has reduced its residential affordability rates, supporting customers looking to purchase or remortgage a home. The move comes after the FCA called on lenders to design affordability rates to best meet customer needs, in a market where interest rates are declining. As a result, the bank has reduced all residential affordability rates by up to 0.75%, bringing them to the lowest levels since 2022. Borrowers are now able to borrow between £10,000 and £35,000 more than they previously could, depending on their individual circumstances and subject to affordability checks and loan to income limits.

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