Brokers Benefit from Product Updates
FOR INTERMEDIARY USE ONLY
Mortgage brokers will benefit from increased product availability in the latest range of changes to our portfolio during October 2015. Available to brokers on properties located in England or Wales, a summary of the changes are as follows:
Residential Interest Only mortgage up to age 80 with property downsizing
Exclusively available via mortgage intermediaries for house purchase or remortgage, we have a new 2 year discounted rate mortgage up to 40% LTV. It’s only available for interest only with property downsizing as the repayment strategy, and allows a term up to 30 years subject to the loan being repaid before the oldest applicant reaches the age of 80.
Property downsizing as an Interest Only repayment strategy
Property downsizing is acceptable on selected mortgages when the whole of the loan is interest only, up to 75% LTV pre-retirement and up to 40% LTV during retirement. To qualify, there must be a minimum equity of £150,000 and this must be sufficient to provide a reasonable quality home in the property locality.
Find out more about our interest only mortgages.
Buy to Let mortgages
Our Buy to Let mortgages available across England or Wales up to 70% loan to value are now available to mortgage brokers and include:
- 2 Year Fixed Rate House Purchase or Remortgage
- 2 Year Discounted Rate House Purchase Only
- 2 Year Discounted Rate Remortgage Only
- 3 Year Discounted Rate House Purchase or Remortgage
We also have a 3 Year Discounted Rate specialist option available for house purchase or remortgage and property to be let to a close relative, light refurbishment and Ex-Pats. Ex-Pat buy to let is available on completions prior to 1 February 2016 and up to 65% LTV.
Residential Mortgages up to 95% LTV for House Purchase Only
We have a 2 year fixed rate mortgage up to 95% LTV and a 2 year discounted rate mortgage over 85% and up to 95% LTV now available to intermediaries. Both products are for house purchase only and allow a term up to 35 years subject to the loan being repaid before the oldest applicant reaches the age of 70.
A Boost to Brokers
Our Business Development Manager, Stuart Bryce (pictured above), said he hoped the increased product availability would be a real boost to brokers who can offer value to their clients:
“Not only will brokers be able to access a range of products in the Buy to Let and Residential sectors, we also have specialists products available in the shape of our Interest Only Mortgage with Property Downsizing and our regulated Buy to Let option."
"These new products show our commitment to the value that mortgage intermediaries offer through the expert advice they give to borrowers.”
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