Mortgage Roundup – “Outstanding” Products for …


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Following on from the new two-year fixed interest rate of 80%, Moneyfacts says: “The two-year fixed interest rate with 80% mortgage lending value has received the most modest cut of 0.07% and is now 1.37%.”

“This is now the lowest available interest rate in the sector and has a lower minimum credit requirement than the lowest current interest rate that gives access to a wider audience.”

The fee is described as “reasonable” at £ 999 and offers an incentive package for both home purchases and rescheduling. A £ 250 cashback is also included, making the offer a great option overall.

Alasdair McDonald, Head of Intermediaries at Furness, comments, “Our product teams are constantly adapting our range of products to provide fantastic value for our brokers and their clients, whether they are buying a new home or letting their mortgage run out and try to get on theirs to save monthly repayments. “

The lender has also cut its Holiday Let fixed income products, available in England, Scotland, Wales and the Isle of Skye.

For customers with a case up to 65% LTV there is a two-year option at 3.39% and a five-year option at 3.59%. For customers with a higher LTV, there is a 3.69% two-year and 3.99% five-year option up to 75% LTV.

Each of the products has a £ 995 fee that can be added to the loan or prepaid. For debt rescheduling, Furness offers a free standard rating and free legal fees, although in Scotland this is adjusted to a contribution of £ 150 towards legal fees.

Furness also takes a flexible approach to lending that takes both gross vacation rental income and personal income into account when calculating affordability. Private use of the property is permitted up to 90 days a year.

Adds McDonald, “As an established vacation lender, we are excited to bring these new products to market.”

“But it’s not just about the lower interest rates, our approach to lending means that we can take the time to look at and assess each case individually, and because we allow personal use of the property for up to 90 days Every year the customer will also be able to enjoy his property. “

Vernon expands buy-to-let offering with new products

The Vernon Building Society has launched five new buy-to-let (BTL) mortgages to complement their existing range of rental products.

The lender now has a wide range of options for landlords, including those operating in a limited liability company structure and landlords who own their properties on a personal basis.

The new products include:

  • A reduced five year rate of 2.49% up to 75% LTV with a fee of £ 1,499

  • A discounted 2 year plan from 2.99% up to 75% LTV with a fee of £ 999

  • A 3 year discount rate from 3.29% up to 75% LTV with a fee of £ 999 available to both private individuals and limited landlords

  • A limited liability rental company for five years reduced rate of 2.49% up to 75% LTV with a fee of £ 1,499

  • A reduced two year limited liability rate from 2.99% up to 75% LTV with a fee of £ 999.

The lender has also expanded its criteria to support more landlords. It now grants loans to landlords without a minimum income requirement and has extended its maximum age to 80 years at the end of the term.

Vernon’s BTL mortgages are now also available to non-owners, first-time tenants and first-time buyers on an individual, corporate and rental basis.

In addition to the new products, the lender offers a range of vacation rental mortgages.

Brendan Crowshaw, Head of Mortgage and Savings Sales at Vernon Building Society, commented, “We have expanded our line of purchase-to-rent products to meet demand. And we’ve updated our lending criteria to support a wider range of landlords, whether they are first-time buyers or seasoned professionals whose portfolios are held in a corporate structure. “

“We listened carefully to the brokers and added these products to meet your clients’ needs. Our hands-on approach to underwriting means that we treat each case individually and look for ways to say yes when possible. “

Direct Life Appoints New Chief Commercial Officer

Direct Life, the specialist in protection services and technology, has named Iain Clark as chief commercial officer.

Clark will lead Direct Life’s commercial side and lead sales across the company.

Direct Life received an investment from LSL Property Services (LSL) in January this year to significantly improve the insurance advisory market, improve its technology and operational capabilities, and provide further growth opportunities for its broker partners.

Clark has 25 years of experience in the protection industry and has held a wealth of senior management positions in companies such as L&G, Vitality, LV = and British Friendly. During that time, he has led some of the most successful protection companies, sales and marketing activities, and led many industry-leading innovations.

Neil McCarthy, former chief commercial officer, will leave the company in early 2022 once the handover is complete. Neil McCarthy is leaving after 13 years with Direct Life and a 38 year career in the life and pension industries.

Commenting on his new role, Clark said, “I am very much looking forward to arriving at a crucial time in the development and execution of Direct Life’s business strategy. This is a wonderful opportunity for me to guide the commercial side of the business through the next phase of growth. “

Working with a variety of networks, directly authorized consultancies and online intermediaries, Direct Life offers users a multifunctional protection portal, consumer offer and application systems, as well as cross-insurance application and back office services that relieve advisors of the risks and stress of taking out insurance application and the time consuming frustrations of pipeline management.

Direct Life Chief Executive Officer Rob Quayle commented, “It’s been a really exciting time for Direct Life since LSL invested, and Iain’s drive and experience will add a new dimension to our growth and success.”

“Life insurance has never been more prominent than it has been in the past 18 months, and we look forward to Iain’s contribution to our goal of making life insurance easy for advisors to sell and making buying easier for customers, whether they face online or in-person or by phone. “

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