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Principality, Newcastle BS, Barclays and Accord refresh offerings – round-up

  • 25/04/2018
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Principality, Newcastle BS, Barclays and Accord refresh offerings – round-up
Principality Building Society, Newcastle Building Society, Barclays and Accord have made criteria and product changes, as lenders continue to compete for business across the market.


Principality relaxes self-employed lending criteria

Principality Building Society has reduced the level of income information it needs for self-employed mortgage borrowers, from three years to two years.

And in cases where the loan to value (LTV) is 75% or less, the lender will assess applications based on just the latest year’s figures.

Anthony Fisher, senior manager of mortgage new business, said: “Changing our criteria to support the self-employed is part of our ongoing commitment to make it easier for our brokers to do business with this segment.

“We recognise that one size doesn’t fit all, which is why we individually assess each case and make common-sense decisions.”


Newcastle Intermediaries launches 95% LTV deal with £1,000 cashback

Newcastle Intermediaries has introduced a 95% LTV mortgage with £1,000 cashback, available to first-time buyers, home movers, re-mortgagers, as well as Help to Buy customers.

The product is fixed for two-years at 4.09% and also has free valuation and no arrangement fees.

The deal provides another much-needed option in the Help To Buy remortgage market.

Borrowers within the government-backed scheme will be able to remortgage using Newcastle’s deal, adding the equity loan to their current mortgage balance, provided they have enough equity in their home.

Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said: “We’re always looking at improvements to our mortgage products that keep pace with the changing needs of first time buyers, remortgage customers, and Help to Buy purchasers.

“We’re hoping that positive take up on this product will encourage roll out of an increased cashback facility over a wider range of our LTV products.”


Barclays shakes-up residential, buy-to-let and reward products

Barclays is changing rates across select residential, buy-to-let and reward products from tomorrow.

At the same time, the lender has launched purchase and remortgage deals at 60% LTV, including a rate of 1.46% fixed for two years, with a £999 fee, and a 2.14% five-year fix with no product fee.

The bank is also unveiling new purchase and remortgage deals for portfolio landlords, including a five-year fixed-rate of 2.69% at 75% LTV, with a £1,950 fee.


Accord cuts rates on select buy-to-let mortgages

Accord has snipped rates on some of its two and five-year fixed-rate mortgages by up to 0.15% for landlords with a deposit of at least 25%.

The intermediary arm of Yorkshire Building Society is now offering buy-to-let investors a fee-free 2.62% fixed for two years, and a five-year fix at 2.69%, with a £1,495 fee – both deals are at 75% LTV.

Chris Maggs, commercial manager at Accord Buy To Let said: “We wanted to ensure that we have a number of attractive offerings available at both two and five years so landlords, with the help of a broker, can weigh up the best way forward for their portfolio.

“With a potential bank rate rise looming landlords may be savvy by plumping for a longer term deal, which could save them money in the long run.

“However, a shorter term will provide flexibility to react quickly should the market change over the next couple of years.”

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