- Homeownership levels remain way below potential, and many people are trapped in an expensive rental market.
2. Existing mortgage products may not be suitable for those borrowers with low financial resilience and could result in many facing increasing mortgage payments, as they are experiencing today.
3. An ageing population means more and more people will need access to suitable finance in retirement, which is not currently available.
4. An energy inefficient housing stock that requires retrofitting at scale but a lack of financial products to fund this.
The Alliance
The LTFRM Alliance is a new trade association campaigning to improve mortgage options, increase access to housing, and increase financial resilience and consumer protection for borrowers in the UK, by scaling up the availability of LTFRMs and giving people more choice over the level of interest rate risk they are willing to take on.
A number of lenders are already offering LTFRMs in the UK. But current regulation means LTFRMs are unable to be rolled out on the scale needed to have the significant impact on the UK mortgage market that they could.
The LTFRM Alliance has been established to campaign for key changes to UK mortgage regulation and raise awareness in the industry that could open up the UK mortgage market to all the potential benefits that LTFRMs are already delivering elsewhere in the world including the US, Germany, the Netherlands, Denmark, France, and many more.
To find out more, take a look at our Plan
A number of lenders are already offering LTFRMs in the UK. But current regulation means LTFRMs are unable to be rolled out on the scale needed to have the significant impact on the UK mortgage market that they could.
The LTFRM Alliance has been established to campaign for key changes to UK mortgage regulation and raise awareness in the industry that could open up the UK mortgage market to all the potential benefits that LTFRMs are already delivering elsewhere in the world including the US, Germany, the Netherlands, Denmark, France, and many more.
To find out more, take a look at our Plan
Arjan Verbeek – Chair
Arjan is Founder and CEO of Perenna Bank. He has over 25 years’ experience in the mortgage market, and has developed a unique insight into how mortgages operate in different countries for the betterment of consumers.
Patrick Bunton – LiveMore Capital
Pat is the founder and Director of LiveMore Capital. He has more than 40 years’ experience in the mortgage market including as Founder Director of London and Country Mortgages, Chair of the Association of Mortgage Intermediaries, and Deputy Chair of the UK Finance Later Life Lending Committee.
Aniq Ahmed – LiveMore Capital
Aniq is Chief Communications Officer and former Head of Regulatory Affairs at Perenna Bank. He has more than 15 years’ experience in the mortgages and financial services sector including roles at Deloitte, Amicus Finance PLC, and Castle Trust Bank.
James Browne - Tony Blair Institute for Global Change
James is Head of Work, Income and Inequality Analysis at Tony Blair Institute for Global Change. He was formerly an OECD Economist Senior Research Economist for the Institute for Fiscal Studies. James co-authored the 2022 TBI report, Bringing It Home: Raising Home Ownership by Reforming Mortgage Finance, which investigated the barriers to the provision of long-term fixed-rate mortgages in the UK.
Havard Hughes – Secretariat
Havard is CEO of Barndoor Strategy, a public affairs consultancy and former regulator at the Financial Conduct Authority. He has more than 25 years’ experience of delivering policy change for clients including Allica Bank, GoHenry, Perenna Bank, and more.
David Spencer – Secretariat
David is Managing Director of Barndoor Strategy and has more than 15 years’ experience working on policy issues with clients across a range of sectors including GoHenry, Perenna Bank, and Visa Europe. He is a former Chief of Staff to Rt Hon David Davis MP where he led work on a UK Consumer Banking Review after the 2008 financial crash.
Arjan Verbeek
Chair
Patrick Bunton
LiveMore Capital
James Browne - Tony Blair Institute for Global Change
James is Head of Work, Income and Inequality Analysis at Tony Blair Institute for Global Change. He was formerly an OECD Economist Senior Research Economist for the Institute for Fiscal Studies. James co-authored the 2022 TBI report, Bringing It Home: Raising Home Ownership by Reforming Mortgage Finance, which investigated the barriers to the provision of long-term fixed-rate mortgages in the UK.
Havard Hughes – Secretariat
Havard is CEO of Barndoor Strategy, a public affairs consultancy and former regulator at the Financial Conduct Authority. He has more than 25 years’ experience of delivering policy change for clients including Allica Bank, GoHenry, Perenna Bank, and more.
David Spencer – Secretariat
David is Managing Director of Barndoor Strategy and has more than 15 years’ experience working on policy issues with clients across a range of sectors including GoHenry, Perenna Bank, and Visa Europe. He is a former Chief of Staff to Rt Hon David Davis MP where he led work on a UK Consumer Banking Review after the 2008 financial crash.
Andrew Griffith MP – Economic Secretary to the Treasury, 2022-2023
“If a mortgage really is fixed [for the entire term] then the stress tests of affordability aren’t as relevant as there is no chance of payments rising.”
Rachel Reeves MP, Shadow Chancellor of the Exchequer
“If you are locked in for a 10, 25-year mortgage, those stress tests become redundant. Potentially you would be able to borrow a bit more, to put down a bit less of a deposit. If you can take out some of that stress and instability, that will make a difference…. For a lot of people, especially for families, those longer-term deals might make more sense.”
Anthony Browne MP – Government Minister, Former CEO of the British Bankers Association and Member, Treasury Select Committee
“The Government is sympathetic to the case for opening up the market in long-term fixed rate mortgages. With relatively minor changes, homebuyers can be given a more balanced choice between short-term and fixed term mortgages, so they can choose what is right for their circumstances.”
Coming soon!
