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EPC ratings are changing and it will affect how cases are underwritten

From 1 April, the rules on EPC ratings are changing and it will affect how cases are underwritten.

What’s changing?

It will be against the law in England and Wales for landlords to grant a new tenancy to either new or existing tenants if their property doesn’t have an Energy Performance Certificate rating of ‘E’ or above.

How will it affect new clients?

Lenders will need to know the EPC rating of a property and may start asking NOW. Exemptions are available.

How will it affect landlord with property with a rating below E?

The landlord will need to carry out ‘relevant energy efficiency improvements’ to bring it up to an ‘E’ or above. They may be able to obtain Green Deal finance to do this or the property may qualify for an exemption.


Call our mortgage specialists if you want some guidance 01792 277555

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Virgin Money- £750 cashback on BTL Intermediary Exclusives


Friday 16 March, Virgin Money will launch a new £750 cashback incentive on their Intermediary Exclusive BTL products. They will also make improvements to their 90% LTV products, with new rates starting from 1.89%.

Quarter 2 is a key period for BTL maturities. So Virgin Money want to give landlords a helping hand towards their new mortgage deal. This offer is available for a limited time only, so don’t miss out.

Virgin Money’s service remains strong with current application to offer turnaround at 10 days.

Intermediary Exclusives

  • New: £750 cashback on BTL 2, 3 and 5 year fixed rates from 60% to 75% LTV.
  • 2 and 3 year fixed rate remortgage specials at 90% LTV will be reduced and continue to offer £500 cashback and free valuations.

Core Range

  • 2 and 3 year fixed rates at 90% LTV with a £995 product fee will be reduced. These products come with £500 cashback for first time buyers or £300 for homemovers.
  • 2 Year Fixed Rate Fee Saver Option at 90% LTV will be reduced. This product comes with £300 cashback for homemovers.
  • Don’t forget, remortgage clients can access these rates with free valuation and free legal work in place of cashback.

Additional Information

End dates will be extended to 1 July of the relevant year.

Intermediary Exclusives are available for a limited time only.

For full details of Virgin Money’s new range, please view their Mortgage Update
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Coventry- Loans up to £2m and improved LTV limits on residential mortgages

Coventry have made some policy changes so your clients could now borrow more!

Increased their maximum residential loan amount to £2 million
Adjusted LTV limits for purchases, remortgages and further advances
There’s no upper limit on proc fees
Their underwriting process is the same for all sized loans

Here are the new LTV Limits:

Additional borrowing on the applicant’s current scheme as a result of either porting or further advances is restricted to a maximum LTV of 95% or the product limit, whichever is lower.

* The maximum loan for specific First Time Buyer Products is £250,000

** If the property is unencumbered or there is less than £5,000 outstanding on the current mortgage the maximum LTV is 50%

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Update from Accord Mortgages

Accord Mortgages are making the following changes to their residential product range

from 9am Friday 16 March:

  • Residential rates are going down
  • They’re cutting rates on 21 products in the 75%, 80%, 85% and 95% LTV tiers by up to 0.23%
  • They’re also cutting £500 off the product fee on their 2 year, 3.65%, 95% LTV deal from £995 to £495

Residential deals not changing

  • 59 other products in Accord’s portfolio will remain unchanged

The current products will be withdrawn at 8pm on Thursday 15 March and the new products will be available from 9am on Friday 16 March.

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Newcastle Intermediaries refreshes 95% LTV range

Newcastle Intermediaries has refreshed its range of 95% LTV mortgages with rate reductions on its two year deals.

The refreshed range includes a two year deal, with no product set up fees at a rate of 3.99% (5.8% APR). This product also includes a free standard valuation, 10% overpayments per annum and £500 cashback, ideal for first time buyers looking for a helping hand with the costs of buying their first home. For re-mortgages, customers have the option of either cashback or free legal fees providing choice based on their needs and circumstances.

Alternatively, a lower 2 year fixed rate of 3.40% (5.7% APR) is available with 10% overpayments per annum with a reservation fee of £199 (payable upfront) and a completion fee of £299.

Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “We’re committed to supporting more first time buyers get a foothold on the property ladder and I’m pleased we can offer a reduction in our rates to help them do that. These products are designed for borrowers who have a small deposit and are looking for a competitive deal.”

All product details and the full range of available products can be found at

Newcastle Intermediaries are on our mortgage club panel- make sure you benefit from our payments on completion!

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Aldermore- Rebuilt Commercial Mortgages Portfolio

Aldermore have reduced their arrangement fees from 1.75% to 1.50%. They’ve reduced early repayment charges on their 5 year fixed rate commercial mortgages. Aldermore have also revised reversionary rates on their new 3 and 5 year fixed terms. Sometimes offering less means they can offer more for your clients.

Aldermore Commercial Mortgages at a glance:

  • New range of 7 year fixed rates
  • Fixed rates now available on their Semi Commercial range
  • Flexible repayment terms available
  • Introduction of Search Insurance for remortgages up to £1m*
  • New 3 & 5 year fixed rates with revised reversionary rates
  • Arrangement fees reduced to 1.50% (from 1.75%)**

See their website to find out more:

Don’t forget, you can access Aldermore through Brilliant Solutions- Call us today with any cases you may have.

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Newcastle Intermediaries has refreshed its buy to let range

Newcastle Intermediaries has announced it is reducing all its buy to let rates by up to 0.10%.

The largest reduction has been on its five year fixed rate products, which continue to be popular with investors who are looking for a long term fixed rate.

An exclusive re-mortgage deal is a five year fixed rate at 3.45% (5.0% APR) with no reservation or completion fee. This product comes with a free standard valuation, free legal fees or £500 cashback and 10% overpayments per annum.

Another five year buy to let deal is offered at a fixed rate of 3.25% (5.0% APR) with £199 reservation fee and £800 completion fee. This product also includes 10% overpayments per annum, and is available to future investors.

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

“I’m pleased to announce a number of rate reductions across our whole buy to let range but in particular our popular 5 year products. We know that whilst the purchase market has shrunk over recent years our re-mortgage exclusive product will be popular for existing investors looking for long term rate security.”

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No credit score cascade

The Mortgage Lender have launched a new product range.  They no longer cascade based on credit score to determine the rate available to your applicants.

With rates starting from 2.89%, criteria highlights include:

  • Employed and self employed over 2 years trading up to 85% LTV
  • Self employed 1 years trading up to 80% LTV
  • Contractors accepted up to weekly income x 48, on selected products.
  • Family gifted deposit and family gifted equity considered
  • New build up to 85% LTV, with 5% builder deposit/incentives
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Virgin Money are Red Hot with Personal Income for BTL

To help more of your clients get the loan amount they need, Virgin Money have increased the flexibility of their buy-to-let underwriting. That’s they we allow clients to include personal income in the affordability test.

The rental income must cover 125% of the mortgage interest payment, calculated at a notional rate of 5.50%, with personal income being considered to cover the difference up to 145%.

Personal income is defined as the customer’s net monthly income less any outgoings.

For more information and examples of how their Personal Income policy works, have a look at the BTL Sales Aid, or try out the simple BTL Affordability Calculator

Click here to find out more about Virgin Money products

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Accord mailing for maturities – make the most of it

A Message from Accord Mortgages:

“Do you have an Accord customer with a mortgage maturing?  We’ve recently revamped our maturity mailing program because customers often need more than one reminder to look for a new product.

So, customers with an Accord mortgage maturing 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. We’ve a lot of maturities in June this year and our mailings have already started.

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 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.