Therefore, few tinkered with their products as 2018 wound down.
That being said there are a few updates to report.
Fleet Mortgages announced it is now offering free valuations on properties up to the value of £500,000.
The lender is also introducing three-year fixed rate mortgages, reducing its rental calculation on its pay rate (now 125% @ pay rate), aggregate exposure up to £4m and will now accept tenants on state benefits.
Elsewhere, Foundation Home Loans has updated its buy-to-let and residential ranges.
As of 6 December, all existing products were withdrawn and new products introduced with end-dates extended to 30 April.
A new standard buy-to-let and residential fee scale was introduced with a separate short-term let fee scale introduced.
And for large loan products the minimum loan size has been reduced from £750,000 to £500,000.
TMW, Aldermore and Axis
The Mortgage Works (TMW) has made changes to selected buy-to-let rental stress rates.
The stress rate has been reduced on five-year fixed products:
- from 4.99% to 4.50% at up to 75% loan to value (LTV);
- from 4.99% to 4.00% (or pay rate +0.75% if higher) on 10-year fixed products up to 65% LTV;
- and from 5.50% to 4.99% for like-for-like remortgage applications between 65% and 75% LTV.
Aldermore revealed it will be extending its decision in principle validity period from 14 days to 30 days.
And Axis Bank unveiled a new range of rates with the previous product range withdrawn from December 7.
Allow me to take the opportunity to wish you all a very happy and healthy New Year.