New product, rate reductions and simplified lending criteria
Behind the scenes, we’ve been working hard to improve and simplify our second charge mortgage offering following feedback from our customers.
Today, we’re delighted to announce a series of improvements that include a new limited-edition product, rate reductions and simplified lending criteria to reaffirm our dedication to providing a competitive offering within this market.
For a limited time only, we’ve launched a large loan product that includes rate reductions over 70% LTV.
- 5 year fixed rate at 4.55%
- Up to 75% LTV
- For loans £100,001 to £500k
- Lender fee £595
In addition to this new product, we’ve also reduced our rates on our Prime plan for 85% LTV cases by up to 55bps. Rates now start at 6.00%.
All these changes, including further details, are now reflected in our product guide.
Transparency of our criteria has always been important, so this was another area that we have thoroughly reviewed and updated. The key change was simplification to make us as straightforward as possible to do business with.
Changes include, but are not limited to:
- We have removed our Buy-to-Let calculator
o We now use an average of 70% of the Land and Property income showing on the last 2 years SA302s
- We no longer need to factor in the Buy-to-Let mortgage payment where our funds are to purchase a Buy-to-Let
- Co-habiting partners
o We can lend to a single applicant if they have a partner living with them
o The co-habiting party will need to sign an Occupier Deed of Consent form, which will need to be completed and witnessed by a solicitor or Licensed Conveyancer. They will not be on the application and we will not be using their income
- Simplified income criteria
- System enhancements to speed up journey / flight times
- Reduction in requirements to move cases forward
We’ve also reflected these changes in our new streamlined lending criteria guide.
For cases in the pre-offer stage, we’re happy to move them onto the new lower rates or new limited-edition product, if eligible.
Please take into consideration the higher lender fee on the new limited-edition product.