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TML, Cambridge BS and Pepper Money shake up product ranges – roundup

  • 18/10/2018
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TML, Cambridge BS and Pepper Money shake up product ranges – roundup
The Mortgage Lender, Pepper Money and Cambridge Building Society are among the lenders that have recently reviewed their product offerings, while Complete FS has confirmed that Magellan and Vida Homeloans will be joining its lender panel.


Complete FS also recently added Kent Reliance, Foundation Home Loans, Landbay and The Family Building Society to its panel.

Phil Jay, director at Complete FS (pictured), said: “Introducers now have the best opportunity of not only accessing complex whole of market support in one place, but also having deals underwritten onsite as well.

“We are committed to bringing brokers and lenders closer together, which benefits everybody. It is a testament to our successful formula that Magellan has made us their first packager partner.”


The Mortgage Lender

The Mortgage Lender has increased its loan-to-value (LTV) to 90% and has reduced its completion fees and a cashback range.

It has also increased its product tiers from three, known as TML 1-3 to seven, now Real life 1-7.

A £750 cashback product on Real Life 1 has started at 3.3% for a two-year fix at 70% LTV.

Rates for Real Life 1 at 70% LTV starts at 2.8% for a two-year fix and 3.55% for a five-year fix. At 90% LTV a two-year fix starts at 3.99%.


Pepper Money

Pepper Money has reduced the price on seven of its two-year fixed rate residential mortgages.

Rates have been cut on Pepper 18, Pepper 12 and Pepper 6 for clients who have not had a CCJ or default in the last six months.

On Pepper 18, two-year fixed rates up to 80% LTV have been reduced from 4.28% to 3.93%, while rates up to 85% LTV have been cut from 4.43% to 4.33%.

On Pepper 12, two-year fix rates up to 70% LTV have been cut from 3.78% to 3.63%, and up to 75% LTV reduced from 4.18% to 3.78%. The rate for up to 80% LTV on Pepper 12 has also been slashed by 0.70% from 4.68% to 3.98%.

On Pepper 6, two-year fix rates up to 70% LTV have been reduced from 4.48% to 4.08%, and up to 75% LTV have dropped from 4.78% to 4.23%.

Marketing director at Pepper Money, James Blower, said: “We recently announced Pepper Money’s intentions to seek authorisation for a banking licence and the finalisation of terms to purchase Optimum Credit, subject to regulatory approval.

“However, we aren’t standing still and we continue to work to ensure we are providing brokers and their clients with market leading specialist products.”


The Cambridge Building Society

The Cambridge BS has added Help to Buy mortgages to its product range that will be available to existing Help to Buy homeowners looking to remortgage, as well as first-time buyers.

The range includes a two-year discount mortgage, with a starting rate of 2.24%, and a two-year fixed rate both of which are available to registered intermediaries looking to place business within The Cambridge’s lending area.

The products have application fees at £199 and no completion fees.

Andy Lucas, chief operating officer at The Cambridge BS, said: “We’re hearing from borrowers who are looking for choice of product when coming to the end of their current Help to Buy deal.

“With the latest reports suggesting that over 150,000 households have already been helped by the scheme, there will be a growing remortgage market developing over the new few years.”

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