Brilliant Solutions

Mortgage Product Update

Product Update 19 June

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 Some products withdrawn.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Coventry WITHDRAWN 90% LTV for non-PTs.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Nationwide WITHDRAWN 85% LTV cap on purchases for non-existing borrowers.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Newbury WITHDRAWN 2 Shared Ownership Products
Newcastle WITHDRAWN A small number of Resi and HTB products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 Some withdrawn since.
Skipton WITHDRAWN Some resi trackers withdrawn and 2 fixed products with cashback withdrawn.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Barclays NEW Withdrawn from SPVs, MUBs and LLPs.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Skipton WITHDRAWN Four BTL trackers withdrawn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.

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