Announcement
THIS BROADCAST IS FOR INTERMEDIARY USE ONLY AND IS NOT INTENDED FOR PUBLIC OR CUSTOMER USE
I am writing to inform you of some upcoming changes to our Buy-to-Let, Commercial and Semi-Commercial, Seconds and Bridging products, with the following being effective from Friday 2nd September:
- Bridging: Simplification of our proposition by creating a single pricing structure for loans up to £25m, and an increase of our arrangement fee to 2%.
- Buy-to-Let: Introduction of a new price point for loans under £150,000 and rate increases from 0.1% – 0.5% on all other products.
- Commercial and Semi Commercial: Removal of 55% LTV pricing band on small loans and rate increases of up to 0.4%.
- Seconds: Rate increases from 0.4% – 0.64% across the range of products.
We are all navigating a new environment with more frequent increases to interest rates than we have been used to. Our priority is to minimise the impact on you and your customers. These decisions are not taken lightly, and we’ve worked hard to balance maintaining a competitive proposition whilst minimising the number of pricing changes that we need to make.
Pipeline: All cases where at least an IMO has been issued (that is less than 14 days old) before 5pm on Thursday 1st September will be honoured on the existing rates. However, if there is no change in case status within 14 days of the IMO being issued, the case will have to proceed on the new rate and arrangement fee detailed above (if applicable).
Seconds Pipeline: All cases that were entered on to the system prior to 5.30pm on Thursday 1st September will be honoured on the former pricing as long as the binding offer is issued before Friday 14th October 2022.