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Newcastle refreshes fixed rate mortgage range

NEWCASTLE INTERMEDIARIES REFRESHES FIXED RATE MORTGAGE RANGE

NEWCASTLE INTERMEDIARIES has reduced rates on a number of its mortgage products.

The lender has reduced a number of products across its range and has introduced free legal fees on many deals, ideal for borrowers re-mortgaging and looking to keep costs low.

Those looking for a short term fix may be interested in the 2 year fixed rate product at 2.15% (5.3% APR), which comes with no reservation or completion fees, a free standard valuation, free legal fees (for re-mortgages) or £200 cashback (for house purchases) and up to a maximum loan to value (LTV) of 80%.

Rates have also been reduced on ten year fixed rate deals, positive news for borrowers looking for a long term fix amidst speculation of a base rate increase. A rate of 3.35% (4.2%APR) is available up to 80% LTV. This product also comes with no reservation or completion fees, a free standard valuation, free legal fees (for re-mortgages) or £200 cashback (for house purchases).

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

Ben Smith, Head of Product Development at Newcastle Intermediaries stated: “We have reassessed all of our rates in a bid to offer borrowers choice and flexibility.

“Whilst rates across the market are rising ahead of a potential base rate rise in November, I’m pleased we can offer borrowers a competitive range of fixed rate products.

“Additionally, our free legal fee feature is ideal for the growing re-mortgage market.”

The lender has also stated that changes recently announced by The Prudential Regulation Authority around Buy to Let portfolios will not affect their existing policy.

The maximum number of mortgaged Buy to Let properties accepted by Newcastle Intermediaries is 3, which is not considered as portfolio landlord lending. Every Buy to Let application will continue to be manually assessed by its experienced team of specialist underwriters to ensure continued responsible lending.

To view Newcastle Intermediaries’ full mortgage range, please visit www.newcastleis.co.uk.

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Furness increases Offer validity period from 3 months to 6 months

Furness increases Offer validity period from 3 months to 6 months

2017 has seen Furness for Intermediaries implement a range of enhancements to its criteria, products and processes to improve the service and experience it delivers to intermediaries.  The latest improvement to be made is the decision to increase mortgage offer validity periods from 3 months to 6 months, on residential and buy to let cases throughout the UK. 

Marketing and Sales Director, Sue Heron told us “we are constantly engaging with our brokers and have listened to feedback which told us this would provide extra reassurance and flexibility to consumers and would help with more complex cases and purchases, especially new-build.

Other changes we’ve recently introduced have been to increase our standard LTI to 4.5 x in cases up to 85% LTV.  We’re now offering free valuations on remortgages up to £1m – doubling the offer we previously made and have simplified some of our operational processes. 

We’re committed to learning from customers and the market as part of a process of continuous improvement. We welcome feedback from our brokers and, where we can, we will make the necessary amendments so that we can say yes to more brokers and their clients, more of the time.”

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Coventry are reducing Residential rates at 90% LTV

Coventry have reduced Residential rates across their 5 Year Fixed portfolio at 90% LTV with a variety of fee options, all of their products are application fee free.

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

Residential – 5 Year Fixed
Rate Fee LTV
2.69% £999 90%
·       Fixed to 31.12.22

·       ERCs apply

·       £999 product fee

·       Remortgage Transfer Service included

·       £500 cashback for first time buyers and home movers

Residential – 5 Year Fixed
Rate Fee LTV
3.05% £0 90%
·       Fixed to 31.12.22

·       ERCs apply

·       No fee

·       Remortgage Transfer Service included

·       £500 cashback for first time buyers and home movers

Residential – 5 Year Flexx Fixed
Rate Fee LTV
3.05% £499 90%
·       Fixed to 31.12.22

·       No ERCs

·       £499 product fee

·       Remortgage Transfer Service included

·       £500 cashback for first time buyers and home movers

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Kensington- What if Bank of England increase interest rates?

A message from Kensington:

There are increasing indications from the Governor of the Bank of England, that interest rates will be rising and that could be even as soon as next month, from the all-time low of 0.25%.

At Kensington, we understand you may have clients that will be affected by this change, as their standard variable rate is linked to the Bank of England rate. This would be the first increase in the Bank of England rate in 10 years, a sobering thought for your clients.

At Kensington we can help your client not only lower monthly instalments, but also consolidate other debts and do home improvements. We can help your customers remove the barriers of changing mortgage rates so they can manage their finances better.

With Kensington’s remortgage fees package:

  • Get competitive remortgage rates from 2.69%
  • Reduce customer stress by offering free valuation and legals
  • Work with Kensington’s experienced team to ensure an efficient transition
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Accord- Affordability

 A message from Accord Mortgages

Affordability – know where your clients stand

“Affordability is always a hot topic on the phones and web chat. Accord’s team of Business Development Advisors are ready to help you understand how our affordability model works for your clients.

Brokers who haven’t used us for a while are often surprised at how much their clients can borrow with us. And you’ll find that the calculator on our website and our AIP match – so as long as you put in the same information, you’ll get the same result.

So give us a try, check our affordability calculator to see how good we are. Or speak to one of our Business Development Advisors on 0345 1200 866 or use our live webchat facility.”

Find out more-

http://www.accordmortgages.com/about/people/campaign/index.html?cmpid=DIS-00197

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Furness- flexibility of overpayments

Need flexibility of overpayments? Furness say YES to Unlimited overpayments when you choose their 1.65% 2 year discount-

2 Year Discount at 1.65% – Maximum LTV 80%
The Society’s Mortgage Variable Rate 5.29%

Initial variable rate for 2 years

1.65%

3.64% discount off our Mortgage Variable Rate, then changing to

The Society’s Mortgage Variable Rate

5.29%

for the remaining term of the mortgage

The overall cost for comparison is

4.80% APRC

Product fee

£999

 

PRODUCT CODE – DS301

 

This is a 1.65% 2 year discounted variable rate mortgage.  A 20% deposit is required.

This mortgage is available for both house purchase and remortgages.

A free legal and valuation package is available for standard remortgages in England and Wales with a contribution towards legal fees in Scotland. For purchases fees are payable the applicant.

There are no early repayment charges applicable on this product and therefore unlimited overpayments are allowed.

The minimum loan amount is £30,000 and the maximum loan amount is £800,000.

The maximum term available is 40 years.

This mortgage has a £999 fee which can be added to the mortgage or paid up front.

This product has a floor rate.

 

 

 

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TML- Family gifted equity

We are pleased to announce that TML can now consider applications with family gifted equity.

Highlights include:

  • Gifted equity from parents, grandparents, siblings, aunts and uncles accepted (including step and adopted relationships)
  • Maximum LTV 75%
  • Available on product tiers 1-6.
  • LTV assessed on property valuation*
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Santander- Payslip Deductions

Discretionary deductions
Includes additional voluntary pension contributions, private healthcare and employee share schemes. Some can be excluded from Santander’s affordability assessment.

Non discretionary deductions
Includes student loans, company pension contributions, season ticket loans and childcare vouchers. These can’t be excluded from Santander’s affordability assessment.

 

Please see Santander’s Payslip guide for all the information you need to know on payslip deductions.

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Coventry- 7 & 10 Year Fixed products added to their Residential range

Coventry Building Society are giving your clients even more choice – they’ve added some new Fixed Residential mortgages to their portfolio.

Coventry have launched a new range of 7 Year Fixed products from 50% to 90% LTV. There’s no application fee and they all have a product fee of £999. ERCs apply.

They’re also expanding their range of 10 Year Fixed mortgages, now ranging from 50% to 90% LTV. In addition, Coventry are also making changes to their Offset and Buy to Let ranges.

Residential – 7 Year Fixed
Rate Fee LTV
3.05% £999 90%
·       Fixed to 31.12.24

·       ERCs apply

·       £999 product fee

·       Remortgage Transfer Service included

·       £500 cashback for first time buyers and home movers

Residential – 10 Year Fixed
Rate Fee LTV
3.39% £999 90%
·       Fixed to 31.12.27

·       ERCs apply

·       £999 product fee

·       Remortgage transfer service included

·       £500 cashback for first time buyers and home movers