Changes to our BTL Criteria
From Monday 6 March we are making the below criteria changes:
- For products with a fixed term of less than 5 years, our BTL Stress Rate is reducing from 7.60% to 7.15%
- For products with a fixed term of 5 years or more, the BTL Stress Rate will remain at 6.00%
- The rate at which we assess any background BTL properties is reducing from 7.60% to 6.00%.
Product Update to Mortgage Product Ranges
From 9am Tuesday 7 March, we will be updating selected products in our Residential, New Build and Government Scheme product ranges.
- Rate changes in our 2 and 5 year fixed Residential range.
- Rate reduction on our 2 year New Build product.
- Rate reductions on selected products in our 2 and 5 year Government Scheme ranges.
- We have extended the end dates of our 2 year New Build and Government Scheme products to September 2025.
Please note that all current equivalent products will be withdrawn at 10.00pm Monday 6 March. Please see the updated Product Guide on our website for further details.
New Build: Enjoy the unpredictability
In a fast-paced, ever-changing, deadline-driven market like New Build, you and your clients need to be ready to go when the time is right.
In other words, you can’t afford to sit around waiting. By the time you’ve started from scratch and got the offer across the line, your client’s dream home could be gone.
That’s why we’ve designed our New Build proposition around quick decisions and long offer periods. That includes:
- 9 month offers as standard with 3 month extensions available, subject to criteria
- Underwriting all fully packaged New Build applications within a target time of 48 hours
- Any additional requested documents reviewed within a target time of 24 hours
No charge for a standard valuation for mortgage purposes, which is instructed on day 1.
Committed to First Time Buyers
We’re passionate about helping the next generation of homeowners – and helping people into affordable, greener houses – and our approach to New Build has been designed with this in mind.