A recently completed build-to-rent scheme located in the heart of Glasgow has been refinanced following a £14.4m loan from Secure Trust Bank (STB) Real Estate Finance. The three-year residential property investment loan has been provided to Maven Capital Partners, a leading private equity firm. It was used to refinance an external development facility at Dalian, a former office building converted into 92 apartments. Just a mile away from Glasgow Central train station, the development is conveniently located in Scotland’s most populated city. Completing in late December, only six weeks on from credit approval, this is the bank’s second deal with Maven Capital Partners, having funded the development of a 159-bed purpose-built student accommodation (PBSA) scheme in Stirling in 2020. The deal was led by Daniel Thornton, Relationship Director at STB Real Estate Finance, with the support of Joe Hora, Relationship Support Manager. Paul Johnston, Partner at Maven Capital Partners, said: “Following completion of Dalian in late 2024 we are delighted that the property has let extremely well, and that STB was able to complete the refinance so quickly.  We look forward to working together over the next three years.” Daniel said: “It was a pleasure to work with Maven Capital Partners on this transaction. Over the past six years, STB has been able to build a strong working relationship with Maven that is mutually beneficial to both parties. “With the deal occurring during what was certainly a busy end to the year, a quick turnaround was simply non-negotiable. This was made possible thanks to the hard work of our experienced property finance professionals alongside a constant dialogue with Paul and his team.” With 10 regional offices located across the country, Maven Capital Partners has invested over £920m in UK businesses since 2009. Acting on behalf of the bank for this property loan was solicitors Addleshaw Goddard. Discover more about Secure Trust Bank Real Estate Finance or its dedicated residential property investment landing page. Building, Design & Construction Magazine | The Choice of Industry Professionals

The UK mortgage landscape continues to evolve, presenting both challenges and opportunities for prospective homebuyers. With the housing market showing varied regional performance, estate agents in Yorkshire report sustained interest from first-time buyers and those looking to remortgage, despite the complex economic environment. Understanding current mortgage trends is crucial for anyone planning to enter the property market or refinance their existing home.  Interest Rate Environment  The mortgage market has adapted to the higher interest rate environment, with lenders developing innovative products to help buyers navigate these challenges. Understanding how interest rates affect monthly payments and overall affordability has become increasingly important for prospective homeowners. The shift in the market has led to significant changes in how buyers approach their mortgage decisions, particularly when choosing between fixed and variable rates.  Longer-term fixed-rate mortgages have gained considerable popularity as buyers seek stability in their monthly payments. The security of knowing exactly what you’ll pay each month for five, seven, or even ten years has become increasingly attractive, despite the typically higher initial rates compared to variable products. However, this security often comes with stricter early repayment charges, requiring careful consideration of future plans before committing to a long-term fix.  First-Time Buyer Solutions  The journey to homeownership remains challenging for first-time buyers, but various initiatives continue to provide support. Government schemes have evolved to meet changing market conditions, offering different paths to property ownership. These solutions range from innovative savings programs to shared ownership opportunities, making homeownership more accessible to those struggling with the traditional deposit requirements.  The deposit landscape has also shifted, with lenders taking a more nuanced approach to different buyer situations. While the traditional expectation of a 10-20% deposit remains common, there are now more options for those with smaller deposits, particularly for professional buyers or those with family support. These alternatives have opened up new possibilities for first-time buyers who might otherwise have struggled to enter the market.  Green Mortgages and Sustainability  Environmental considerations have become increasingly central to mortgage lending, reflecting broader societal shifts toward sustainability. Lenders are actively encouraging energy-efficient home purchases and improvements through preferential rates and additional borrowing options for eco-improvements. This trend reflects both consumer demand and regulatory pressure, making green credentials an increasingly important factor in mortgage decisions.  The impact of energy efficiency on property values and running costs has made green mortgages particularly attractive. Lenders are offering incentives for properties with high EPC ratings and providing additional funds for improvements that reduce energy consumption. This approach benefits both the environment and homeowners’ long-term costs, making it an increasingly important consideration in mortgage selection.  Regional Variations and Digital Innovation  The mortgage market shows significant regional variations, with products and lending criteria often tailored to local market conditions. This regional approach recognizes the diverse nature of the UK property market, with different challenges and opportunities across the country. Lenders have developed specific products for various regions, acknowledging the different property types and price points prevalent in different areas.  Technology continues to transform the mortgage application process, making it more efficient and accessible. Digital platforms now handle everything from initial applications to property valuations, streamlining what was traditionally a paper-heavy process. Open banking has revolutionized affordability assessments, while digital identity verification has simplified the documentation process. These innovations have made the mortgage journey smoother while maintaining necessary security measures.  Specialist Lending and Remortgaging  The mortgage market has become increasingly sophisticated in addressing non-standard situations. Self-employed individuals, contract workers, and those seeking later-life lending now have more options available to them. Lenders have developed more flexible approaches to income assessment and lending criteria, recognizing that traditional employment patterns are changing.  Remortgaging remains a significant part of the market, with homeowners actively seeking to optimize their borrowing costs. The process has become more streamlined, with many lenders offering existing customers competitive product transfer options. Additional borrowing for home improvements or debt consolidation continues to be popular, with lenders offering various solutions to meet these needs.  Affordability and Market Outlook  Lenders continue to take a thorough approach to affordability assessment, considering various aspects of applicants’ financial situations. The assessment process has evolved to consider different types of income and financial commitments more holistically. This comprehensive approach helps ensure sustainable lending while providing opportunities for those with strong financial foundations.  Looking ahead, several factors are likely to influence mortgage trends. Economic conditions and interest rate movements will continue to play a crucial role, while technological advancement and environmental policies may shape future lending criteria. The interaction between housing supply, demand, and regulatory requirements will also influence how the mortgage market develops.  Navigating the Market Successfully  Success in today’s mortgage market requires careful preparation and a thorough understanding of available options. Starting preparation early is crucial, giving time to optimise credit scores, save consistently, and gather necessary documentation. Understanding the full range of costs involved, from arrangement fees to stamp duty, helps avoid surprises and ensures better financial planning.  Professional advice has become increasingly valuable in navigating the complex mortgage landscape. Advisors can help identify the most suitable products, understand the implications of different choices, and manage the application process effectively. Their expertise can be particularly valuable when dealing with non-standard situations or trying to optimize borrowing costs.  The mortgage market in 2025 continues to evolve, adapting to changing economic conditions and buyer needs. Whether you’re a first-time buyer, moving home, or looking to remortgage, success lies in understanding current trends and preparing thoroughly. While the process may seem daunting, the range of options available usually means there are solutions for well-prepared buyers. As the market continues to develop, staying informed and seeking professional guidance when needed will help ensure the best possible outcomes in your property financing journey. 

New findings show changes to the VAT rebate scheme for the heritage sector would better safeguard the country’s fragile historic attractions, widen public access, and provide an economic boost. Historic Houses, the association that represents Britain’s independently owned historic houses, castles, and gardens, urges government to make simple changes to the existing VAT rebate scheme following new research. The research, carried out by Harlow Consulting, found that government is unnecessarily exacerbating an already daunting backlog of urgently needed repairs currently costed at an estimate of £2bn (as reported by Historic Houses members)– threatening the fabric of some of the UK’s best-loved buildings. Ben Cowell, Director General of Historic Houses, said: “The average property surveyed spends around £160,000 on its repairs and maintenance each year, but the investment is diminished in value by around 18% as VAT eats into tight budgets. Given the scale of the preservation task they face, it’s not surprising that owners report that almost all money recouped from the tax (90%) would be ploughed into further much-needed work.” About 80% of Historic Houses properties open to the public are VAT-registered, meaning they can reclaim VAT-able expenditure on buildings that form part of their business operations. This can reduce net VAT payments to somewhere between 2% and 5% for those attractions. However, not all buildings qualify for VAT reclamation, including those that provide free public access, which disqualifies them from the role of ‘business operations’ that the VAT reclaim system is designed for. These sites include not just independent places represented by Historic Houses, but free attractions in the care of charities like the National Trust, such as Castlefield Viaduct in Manchester, and English Heritage, which includes Ironbridge in Shropshire, and Kenwood House in London. The Department for Culture, Media and Sport (DCMS) already recognises that VAT can create disincentives for the maintenance of invaluable heritage, which is why it created a multi-million-pound pot for VAT rebate grants to churches under the Listed Places of Worship Scheme (LPOW).  The LPOW scheme was recently confirmed for 2025/26, to support the restoration of thousands of listed places of worship. Historic Houses estimates that extending eligibility for the existing rebate scheme to listed buildings that open to the public for at least 28 days a year would cost not much more than £6m, and yield as much as £5.5m in additional vital repairs and maintenance. On top of that, additional public access incentivised by this scheme would help direct millions of pounds worth of new economic activity to rural areas, and boost other taxable business activity, potentially netting the Treasury an overall fiscal gain. Ben said: “This targeted support would allow owners to choose the best contractors for the job, increasing the demand for specialist heritage skills, and it would encourage almost certainly encourage beneficial reinvestment of recovered VAT expenditures into additional repair and maintenance works.” James Legard, Associate Director at Harlow Consulting, said: “This report provides new insight into the impact of VAT on repair works for historic buildings. Research of this kind can help inform policies that better support the conservation of the UK’s cultural and historical assets.” Building, Design & Construction Magazine | The Choice of Industry Professionals