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Coventry are reducing rates on 2 Year Fixed BTL mortgages

Coventry are reducing the rates on their 2 Year Fixed BTL mortgages to make them even more competitive.

Ranging from 50% to 75% LTV, they’re application fee-free with a range of product fees, and include a standard valuation up to £700. ERCs apply.

Buy to Let – 2 Year Fixed
Rate Fee LTV
1.49% £1,999 50%
·       Fixed to 30.04.20

·       ERCs apply

·       £1,999 product fee

·       Remortgage Transfer Service included

 

Buy to Let – 2 Year Fixed
Rate Fee LTV
2.05% £1,999 75%
·       Fixed to 30.04.20

·       ERCs apply

·       £1,999 product fee

·       Remortgage Transfer Service included

Take a look at their full product range on their website.

 

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An update from Santander

A message from Santander:

“Soft footprint at agreement in principle (AIP)

When an AIP is submitted, we now make an enquiry search known as a soft or quotation credit search. This has no effect on the applicant’s credit score and ability to get credit as lenders are unable to see this if they search the applicant’s credit file.

When a full mortgage application (FMA) is submitted, we conduct a full credit enquiry, also known as a hard credit search on your client. If their situation changes during the application process, a further search may be required.

To support this change, we’ve changed the way we tell you about an AIP decision:

Decision Description
Successful The AIP has been successful and you’ll be asked to complete and submit the FMA.
Referred The AIP has been referred to an underwriter for further consideration with the aim to provide a decision within one hour.
Provisionally approved The AIP has been provisionally approved and you’ll be asked to complete and submit the FMA which will be assessed by an underwriter.
Specialised underwriting The AIP will need to be assessed by our Specialist Mortgage Service Team.
Outside lending policy The AIP doesn’t meet our lending policy.
Unsuccessful The AIP has been unsuccessful.

Buy to Let affordability

Changes to our BTL affordability mean some of your clients may be able to borrow more as we now use a more bespoke approach which has three levels of rental cover:

  • NEW! 130% rental cover where at least one applicant’s income tax band is 20% or less
  • 145% rental cover if all applicants’ income tax bands are 40% or 45%
  • 125% rental cover for remortgages without capital raising under transitional arrangements for all income tax bands

NEW! We also now accept remortgage applications without capital raising which don’t meet our eligibility criteria for transitional arrangements.

Application type

Rental cover

Buy to Let affordability

At least one applicant’s income tax band is 20% or less

All applicants’ income tax bands are 40% or 45%

Less than 

5 year products

5 year fixed

Purchase or remortgage

130%

145%

5.50%

4.50%*

Remortgage without capital raising (meets eligibility criteria for transitional arrangements)

125%

125%

5.00%

4.50%*

*Porting applications don’t qualify for the 4.50% affordability rate so 5.50% applies.

Residential affordability

We’ve increased the amount of secondary income we use in our affordability calculation to 65% from 50%. This means some of your clients may be able to borrow more.

Tenancy agreements

We’ve updated our lending criteria regarding tenancy agreements:

  • Increased the maximum tenancy term for an Assured Shorthold Tenancy (or equivalent) to 36 months from 12 months
  • Increased the number of acceptable tenants on one tenancy agreement to four tenants (previously three tenants)

Pipeline rules for these changes

All full mortgage applications (FMAs) already submitted on Introducer Internet by 9pm on Saturday 2 December won’t be affected and will continue to be progressed on our existing residential and BTL lending policies

Any FMAs submitted from 6am on Monday 4 December, or where a material change is made to an FMA submitted before 9pm on Saturday 2 December, will be assessed using the new residential and BTL lending policies.”

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NEW LOWER ICR FOR POUND-FOR-POUND REMORTGAGES

NEW LOWER ICR FOR POUND-FOR-POUND REMORTGAGES
The Melton has launched a new pound-for-pound remortgage product for business buy to let customers with a lower interest coverage ratio of 130% of the monthly mortgage interest payment.  This product is calculated on an interest only basis using their current stressed rate of 5.5%.

This further enhances the Melton’s buy to let portfolio which includes Consumer Buy to Let, Business Buy to Let, Holiday Buy to Let and Regulated Family Buy to Let and allows landlords a portfolio of up to three properties with a total borrowing of £500,000 and a maximum loan to value of 75% (60% for Holiday Lets).

Full details can be found on the Melton’s website www.themeltonbrokers.co.uk

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Precises NEW 5 year fixed products

We are pleased to announce that on Thursday 30th November, Precise launched new 5 year fixed products. 

The new 5-year fixed rates will be set at 3.19% and will again be available for Personal Ownership BTL (product code UZX13) and Limited Company BTL (product code UZX14). As with all of their 5 year fixed rates the pay rate is the assessment rate – this could help you to place high value properties with lower rental yields and help your customer to achieve the loan size they are looking for.

Below are the Key Highlights:

  • Product Rate of 3.19% (UZX13 – Personal Ownership BTL; UZX14 Limited Company BTL)
  • Product fee 3.00%
  • Assessment rate 3.19%
  • Maximum loan of up to £3,000,000 (LTV Limits apply)
  • Minimum loan of £300,000
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Accord are sending an important message regarding March maturities

A Message from Accord Mortgages:

“It’s not even Christmas, so how come we’re looking ahead to products maturing in March 2018? Well, we’ve revamped our maturity mailing program because customers often need more than one reminder to look for a new product.

So from early December, customers with an Accord mortgage maturing in March will receive a series of letters and emails, to give them a heads up and get them thinking about switching their product to avoid paying SVR. It’s one of the biggest maturity months of 2018 for Accord.

How can you benefit from this? Well it’s simple. All our communications remind customers that they can talk to their mortgage broker for advice about next steps. A quick call to your Accord client in December to check they’ve got their mailing and offer your help gets you off to a good start.

You might be thinking of remortgaging your client to a different lender – that’s one option, but here’s a few reasons why transferring to a new Accord product could work well for you and your client:

  • There’s no valuation or legal work required for a straight transfer, keeping costs down and saving time.
  • We’ve improved our transfer product pricing so your client gets a good deal.
  • Our new online transfer process takes about five minutes to complete – it shows you the products suitable for your clients to keep things simple.
  • There’s no excessive paperwork for you and your client to wade through. We post out an offer with acceptance form and your client simply signs it and sends it back.
  • We pay a competitive procuration fee of 0.30% for all residential product transfers.

We’ve created a video demonstrating the online process and how we show the information you need, including existing mortgage details and new payments.

View the video and more information about product transfers with Accord here. http://www.accordmortgages.com/products/product-transfers/index.html?cmpid=DIS- 00236

Or call our BDMs or Business Development Advisers for a chat”

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Accord launches Interest only repayments

Accord launches Interest only repayments

We’re delighted to announce that from today, brokers will be able to choose Interest Only for new lending, as a repayment method with Accord.

So brokers now have more choice for when considering interest only for their clients. Accord’s Interest Only repayment options have been designed to give clients greater freedom and better control of their finances.

 

Why choose Accord for Interest Only clients:

  • Great income multiples-up to 5x for clients earning more than £60,000.
  • No minimum income requirement for either sole or joint applications.
  • All of their new lending products are available as interest only including Offset.
  • Part and part repayment options.
  • Max LTV 75%

 

Find out more about their acceptable repayment methods and their underwriting

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NEWCASTLE SCRAPS ERC ON NEW PRODUCT AND RELAUNCHES LOWER LTV DEALS

NEWCASTLE INTERMEDIARIES SCRAPS ERC ON NEW PRODUCT AND RELAUNCHES LOWER LTV DEALS

 

Newcastle Intermediaries has refreshed its entire mortgage range in a move which supports all types of borrowers.

A new two year 80% Loan to Value (LTV) product with no early repayment charges has been launched, giving borrowers flexibility to move home, switch deals or make significant regular overpayments at no extra cost, should they need to.

The deal is available at 2.09% (5.30% APR) for a £199 reservation fee and £800 completion fee.

The lender has also reintroduced a range of deals available at 60% LTV, ideal for those looking to re-mortgage.

A two year fixed rate is available at 2.22% (5.3%APR), or 2.57% (4.7% APR) for five years. Both products come with no reservation or completion fees, free standard valuation (for properties up to £500,000) and a choice of £200 cashback or free legal fees (for re-mortgages only).

Steve Carruthers, Head of Mortgage Distribution at Newcastle Intermediaries said:

“We’ve reassessed our entire range and made changes which offer even more choice and flexibility to borrowers. 

“Our fee assisted products are particularly helpful when borrowers need to free up cash for a house move and by offering a choice of products across the LTV range, we can support brokers in finding the right choice for their customers.”

Newcastle Intermediaries has refreshed its entire mortgage range. You can see full product details and available rates at www.newcastleis.co.uk

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NEWCASTLE INTERMEDIARIES OFFERS FREE LEGALS FOR FIRST TIME BUYERS

NEWCASTLE INTERMEDIARIES OFFERS FREE LEGALS FOR FIRST TIME BUYERS

 

Newcastle Intermediaries has responded to this week’s budget announcement with a range of 95% Loan to Value (LTV) products with free legal fees designed for first time buyers.

As stamp duty for purchases under £300,000 is abolished for new buyers, the lender has launched free legal products which also aim to make the home buying process even easier.

The new range is designed to take away upfront and often unexpected fees, as well as streamline the purchase process.

Borrowers can choose between a two year fixed rate deal at 4.25% (5.8% APR) or a five year fixed rate at 4.60% (5.6% APR). Both products include all standard legal costs*, including Land Registry fees, Land Registry Priority Search, Bankruptcy Searches, Property Searches (such as Local Authority, Water and Drainage Fees) and VAT.

The range is available with no reservation or completion fees and the lender will also appoint an approved Solicitor on the borrowers’ behalf to arrange completion of the purchase, taking away a stressful part of the process.

Steve Carruthers, Head of Mortgage Distribution at Newcastle Intermediaries said:

“We’re fully committed to helping first time buyers onto the property ladder and welcome the budget announcement this week, which will hopefully help even more people own their first home.

“These products, with the addition of inclusive legal fees, could be an ideal choice for first time buyers hoping to maximise their savings for their deposit by assisting with the upfront costs of buying a property.

“We understand that buying a home, especially a first home, is an exciting but daunting time and we hope to be able to make the experience much easier for borrowers.”

Newcastle Intermediaries has refreshed its entire mortgage range. You can see full product details and available rates at www.newcastleis.co.uk

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NEWCASTLE INTERMEDIARIES CUTS RATES ACROSS BTL AND SELF EMPLOYED RANGE

NEWCASTLE INTERMEDIARIES CUTS RATES ACROSS BTL AND SELF EMPLOYED RANGE

 

Newcastle Intermediaries has reduced rates across its Buy to Let and Self Employed mortgage product range.

Landlords looking to fix their rates following the base rate rise may wish to consider remortgage  deals launched by the lender, available at 2.85% (5.5%APR) for two years, or 3.35% (5.0%APR) for five years, both up to a maximum Loan to Value (LTV) of 75%.

The rental calculation used by Newcastle Intermediaries depends on the product term; under 5 years it is stressed at a rate of 5.5% and 4% for 5 years plus, with both requiring a rental coverage of 145%.

Both of these products come with no reservation or completion fees, free standard valuation and legal fees, helping to keep the costs of remortgaging low.

The lender has also reduced rates on mortgages exclusively for self-employed borrowers who have been trading for two years and under.

The two year fixed rate products offer competitive interest rates from just 1.90% (5.3%APR), free valuations (on properties up to and including £500,000) and are available through all its key account distributors.

The full mortgage range is available at www.newcastle.is.co.uk 

Steve Carruthers, Head of Mortgage Distribution at Newcastle Intermediaries stated: 

“We have reassessed rates across our range to offer even better flexibility and support, especially to our self-employed borrowers.

“Additionally, our free valuation feature and low fee alternatives are ideal for those in the re-mortgage market.”

Newcastle Intermediaries has also refreshed its range of Help to Buy and Large Loan products. To view its full mortgage range, please visit www.newcastleis.co.uk.

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Coventry- new rates

Coventry are launching new rates on their most flexible Buy to Let mortgage, the Flexx for Term, which offers a variable rate for the term of your client’s mortgage with no ERCs.

The new low rates are for products from 50% to 75% LTV and they’ll still apply on 1 December.

They’ve also reduced rates on their 2 and 5 Year Fixed BTL mortgages from 70% to 75% LTV, and on selected Residential products.

All products are application fee-free with a range of product fees, and include a standard valuation up to £670 for Residential and £700 for Buy to Let.

Buy to Let – Flexx for Term
Rate Fee LTV
1.85% £1,999 50%
·       No ERCs

·       £1,999 product fee

·       Remortgage Transfer Service included

 

Buy to Let – Flexx for Term
Rate Fee LTV
2.25% £999 50%
·       No ERCs

·       £999 product fee

·       Remortgage Transfer Service included