Update Overview
Important improvements for FTBs and also for more specialist landlords in this updates this week. It goes without saying that 90% LTV in resi is still a real sweet (or sore) point in the market but there is still plenty of activity with HTB, shared ownership and an expansion of products too.
Residential Mortgages
| LENDER | CHANGE | DETAIL | MORE |
|---|---|---|---|
| Accord | NEW | 90% LTV FTB products returned. | |
| Barclays | NEW | 60% and 75% 2 yr fix released up to £5m. New HTB Released. | |
| Buckingham | CHANGE | Purchase & Remo now accepted on Prime, inc FTBs. Some products withdrawn. | |
| Chorley | NEW | 2 yr discount 2.70% at 85% LTV. | |
| Coventry | WITHDRAWN | 90% LTV for non-PTs. | |
| Foundation | NEW | 80% LTV range released. These include ERC free, FTB and 5 year products. | |
| Kent Reliance | NEW | 100% of Shared Value (75% LTV) shared ownership returns. | |
| Loughborough | NEW | New discount products released (Broker Only) | |
| Monmouth | NEW | Purchase & Remo fixed rates released at 75% and 90% LTV | |
| Nationwide | WITHDRAWN | 85% LTV cap on purchases for non-existing borrowers. Low LTV rates drop. | |
| Natwest | CHANGE | Rates Improved by 0.30% for existing customers. | |
| Newbury | WITHDRAWN | 2 Shared Ownership Products | |
| Newcastle | WITHDRAWN | A small number of Resi and HTB products | |
| RBS | CHANGE | Existing customer rates dropped (some). | |
| Saffron | NEW | 95% LTV FTB and new 95% LTV JBSP products as well as 90% LTV products. Some withdrawn since. | |
| Skipton | WITHDRAWN | Some resi trackers withdrawn and 2 fixed products with cashback withdrawn. Some increases in residential fixed rates. | |
| TSB | CHANGE | Revised furlough income and additional income criteria. |
90% LTVs aside, things are improving for FTBs and whilst there are some rate increases and withdrawals, the general movement is positive with lower rates and more products and a slow increase in the average LTV set available.
Buy to Let Mortgages
| LENDER | CHANGE | DETAIL | MORE |
|---|---|---|---|
| Barclays | NEW | Withdrawn from SPVs, MUBs and LLPs. - NEW - Released Portfolio 75% LTV 2yr fix | |
| Buckingham | CHANGE | Increased LTV to 70% max loan £750k | |
| Bath | NEW | Now considers Ltd Co SPV up to 70% LTV | |
| Interbay | CHANGE | MUFBs and HMOs with 6 or less beds available for purchase (as well as remo) | |
| Ipswich | WITHDRAW | 5yr Fixed rate standard BTL and Ex-Pat rates | |
| Kent Reliance | NEW | Expanded BTL purchase range | |
| Leeds | CHANGE | Reduced selected BTL and Portfolio rates | |
| Loughborough | CHANGE | 80% BTL released | |
| Precise | NEW | HMO & Ltd co now available on Purchase as well as remo. | |
| Skipton | WITHDRAWN | Four BTL trackers withdrawn | |
| TMW | WITHDRAWN+ | 2 Yr trackers withdrawn. Existing customers switch products released for Large Portfolio Landlord BTL and HMO. |
More products so choice and competition is increased. Specialist ranges are enhanced in HMOs and MUBs too. More lenders are now assessing at 125%. Tracker pricing or risk is clearly under pressure.
Links to further information in the More column are not working at this stage. We will be seeking to implement that in the weeks ahead to add further functionality.