Mortgage Roundup – Electricity Products and Lower Interest Rates …

There is also a new limited edition product for Small Homes in Apartment Buildings (HMO) and Multi Unit Condos (MUFB), also with a five year fixed rate and a maximum loan amount of £ 750,000. This product is now part of the Specialist W1 range and costs 3.59% with a 2% fee.

For the W1 Specialist HMO / MUFB series, prices have also been reduced by up to 10 basis points. Prices start at 3.49% with a 1.5% fee. Short-term Let, Ex-Pat and W2-Light-Adverse products remain unchanged and are available for selection.

As part of the changes, some products will be withdrawn or replaced and will no longer be available for new submissions. These include the current limited edition product range (3.34%, five-year fixed), the current products of the Standard and Specialist series and the PMS / Sesame Small HMO Exclusive product (3.64% £ 1.75% Fee).

Andrew Ferguson, managing director of West One Buy-to-Let, says the changes gave brokers and their clients more choice while expanding West One’s offerings.

He continues: “The buy-to-let market is currently in high demand and our offer has been very well received by brokers. Our expanded offering, aligned with our strong service ethos, should ensure that we continue to grow our business and become a preferred provider for brokers with rental customers who need specialists in this field. “

“We maintain a strong level of service even in busy times and expect our refreshed range to attract real attention in the next few weeks at the start of summer.”

Mint Property Finance brings competitive power products to market

Specialized lender Mint Property Finance has brought the first of a series of “power products” to the mortgage market.

The new standard bridging loan offers up to 85% LTV with rates from 0.4% per month.

This unique product gives borrowers the ability to borrow up to 10% more than traditional bridging loans, which are largely capped at 75% LTV by competing lenders.

The Standard Bridge is available for loans between £ 75,000 and £ 2,500,000 with interest rates starting from 0.4% pm and terms of up to 12 months.

Additionally, the lender has removed its minimum term, with no rating or personal guarantee required for loans with an LTV of up to 65%. The new product is available on properties in England and Wales.

Finally, foreigners are invited to enjoy up to 75% LTV, up to 15% more than the majority of competitors.

Introducing Andrew Lazare, Founder and General Manager of Mint Property Finance, “Most lenders, including us, have always viewed short-term financing as a lending game in which the borrower is given little credit for their track record or assets. “

“The sector has grown in recent years, but the mindset of only lending against the security offered has not changed. We believe that borrowers with a proven track record and experience should be able to borrow more money from us without us having to obtain additional collateral from them. Provided the exit strategy is solid, we can now offer improved, market-leading lending. “

“Our new products have been in development for a long time and we are delighted to be bringing them to market with this first launch.”

Pure Retirement offers 20% overpayments with no ERC

Pure Retirement has announced the launch of its new Heritage Freedom 20 product, which gives customers the ability to repay up to 20% of their loan every year with no early repayment penalty (ERC).

The product also allows up to 12 repayments per year, allowing customers to set up a monthly payment and reduce the impact of interest rate hikes.

It follows the successful launch of Heritage 40 last year, which allows up to 40% repayment.

The Heritage Freedom range of products has been developed to give customers more flexibility with the optional repayment. It is suitable for those who want to make either high monthly payments or a single large payment from an expected future principal such as a pension pot, inheritance or investment.

Like last year’s product Freedom 40, Freedom 20 is available to applicants aged 55 and over with an upper age limit of 80 upon application and offers applicants LTVs between 23.50% and 52.32%, depending on the number of applicants, their age and the product type .

The new products will accept £ 70,000 worth of property with no ceiling, with loan sizes up to £ 1 million (£ 800,000 for Heritage Max Plus) available either as a lump sum or as a draw-up facility.

According to Product Director Brendan Gilligan, the launch underscores Pure’s commitment to finding innovative and flexible product solutions for customers who, more than ever, are looking for plans that meet their needs not only now but also in the future.

“Freedom 20 is designed to compensate for customers looking for competitive interest rates and above-average ERC-free repayment options at the same time,” he adds.

“In an increasingly competitive marketplace, we recognize the need to offer consumers products with clear benefits, and we firmly believe that our Heritage Freedom range underscores our understanding of consumer needs and our commitment to meet them.”

Newcastle Intermediaries is reducing prices on 85% LTV products

Newcastle Intermediaries cut rates on three products in its 85% LTV range by up to 0.20%.

The reduction includes a 0.20% cut on a two-year fixed rate now available at 2.30% (3.8% APRC) with product fees of £ 499.

A no-fee two-year fix is ​​now available at 2.55% (3.8% APRC), a 0.10% reduction from the previous rate. A prepayment penalty of 2% until December 31, 2022 and 1% until December 31, 2021 applies to both fixed-income products.

Alternatively, a free 2-year discount rate was reduced by 0.05% to 2.30% (3.8% APR), which has a prepayment penalty of 1% until December 31, 2023.

All updated products come with a free standard property valuation up to £ 500,000 and allow 10% overpayments per year on top of the regular monthly overpayments of £ 499.

John Truswell, Head of Intermediary Mortgages at Newcastle Building Society, says, “We always listen to broker feedback and know the importance of keeping supply fresh in a very competitive market. Customers will benefit from the reductions offered as well as our manual underwriting approach and our leading service levels. “

BuildLoan and Vernon BS bring new do-it-yourself products to market

Lender BuildLoan has developed two new affordable products funded by the Vernon Building Society.

Designed for do-it-yourself and custom builds, renovations, conversions and do-it-yourselfers, the products are available at discount rates exclusively from BuildLoan to agents who can offer them to their customers in England and Wales.

With up to 85% of the customer’s land and construction costs, these products offer guaranteed tier payments based on project costs, either retrospectively or in advance.

The interest rates are 3.99% and the repayments can only accrue interest during the entire construction period in order to further reduce costs.

Chris Martin, Head of Product Development and Underwriting at BuildLoan, comments, “We have worked closely with the Vernon team to develop these new products that are great value for money while meeting the needs of an increasing number of self – and customer-specific clients want to use more modern and efficient construction methods. “

“Funds are released based on actual construction costs rather than relying on on-site value during construction, and the upfront option means up to 85% of the cost of each phase of the work can be pre-allocated.”

He says, “These features mean that customers will receive expected funds during construction, which reduces the risk of delays due to limited funds.”

Brendan Crowshaw, Vernon Building Society’s Head of Mortgage & Savings Distribution, added, “At Vernon we recognize the growing market for home and custom construction and the sector is an integral part of our credit strategy. We developed these products with BuildLoan to provide the features we know are important for DIY enthusiasts. “

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