Product Blast w/e 08 October 2021

By Jodie Grief / 7th October 2021 7th October 2021 / Product Updates

Product Blast sponsored by Precise Mortgages

Update Overview

This week shows more lenders reducing their rates and fees. Many lenders are launching new schemes and product ranges along with criteria amendments and improvement to loan to income multiples to support clients with credit issues and increased borrowing.

This Week's Updates

LENDER	TYPE	DETAIL	MORE
Accord	BTL	CHANGES - refreshed interest rates on select new business BTL products, whilst also introducing 6 new 60% Remortgage products & 4 new discount SVR products
Barclays	RESI	CHANGES - improved Loan-to-Income multiples
Bucks	RESI	CHANGES - Solutions Portfolio launched for Adverse & impaired credit customers. New Prime & Non-Standard Credit products, LTV now 90% & the max to £500K for JBSP & Reverse JBSP products, adverse criteria updated for 3yr fixed Impaired Credit product
Chorley	RESI	NEW - Discount Market Scheme products launched
Coventry	RESI	NEW - product range for FTB at 85-95% LTV. Offering cashback for FTB Only Range
Furness	RESI	REDUCTIONS - to a number of rates for residential and discounted products
Gatehouse	BTL, RESI	CHANGES - updated rates across selected products on Residential and BTL product ranges
Halifax	RESI	CHANGES - amended rates on selected standard Residential and shared ownership/equity products
HSBC	BTL, RESI	CHANGES - extended end dates on all fixed rate products & extended BTL product range to all Intermediary partners
Interbay	BTL	CHANGES - BTL products withdrawn & a new range of enhanced products introduced on standard, HMO & MUFB loans
L&G	RESI	INCREASES - interest rates by up to 0.21% across all of lifetime mortgage products
Mansfield	RESI	CHANGES - withdrawn product code SX-020, relaunched as SX-021. Select min loan changes across range of products for applicants living in the society’s heartland & existing customers
Melton	BTL, RESI	CHANGES - products launched, products withdrawn, reduced fees & rates on shared ownership product, Fees Assisted Legals incentive no longer available for purchase transactions only standard remortgage transactions
Nationwide	RESI	CHANGES - updated the standard range of home mover products at 90- 95% LTV to allow the new Deposit Unlock scheme to be used.
Natwest	RESI	CHANGES - increased the free valuation threshold for purchase applications & amended valuation fee scale
Nottingham	BTL	CHANGES - reduced rates on RIO product range & removed fee from 3 yr product. Updated rates & extended end dates on selected LTD Company BTL products. Max loan increased to £750k per property, across LTD Company & BTL ranges, along with further policy changes
Santander	RESI	CHANGES - to ERC refund window for non-simultaneous porting
Scottish Widows	RESI	NEW - launched a range of 90% LTV new business residential products
Skipton	RESI	CHANGES - rates & end dates updated on selected products, increased max loan for Residential products, 4 new products & withdrawn a number of products
TML	RESI	CHANGES - affordability changes for employed and self employed
TMW	BTL	CHANGES - launch of new brand partner, The Landlord Works. New end dates for switcher products & withdrawn 10 yr short ERC switcher 3.24% product
Vida	BTL, RESI	CHANGES - to BTL expat criteria & new limited edition BTL products
West Brom	RESI	CHANGES - amended rates & extended end dates on core, assisted, shared ownership & Help to Buy retention ranges

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