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TSB, Vernon, Accord, Tipton, Leeds and Nationwide shake-up mortgage deals

  • 31/10/2018
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A number of lenders have changed mortgage rates and launched new products this week.


TSB changes residential rates

TSB has changed its house purchase and remortgage products within its residential range.

For house purchase, the lender increased its two and five-year fixed rates by up to 0.20%, with 0.90% loan-to-value (LTV).

The lender has also increased its two and five-year fixed rates in the remortgage range by 0.15%, up to 85% and 75% loan-to-value (LTV) respectively.


Leeds BS launches two year discount

Leeds Building Society has introduced two year discount mortgages starting at 0.99% for its residential range.

The 0.99% two year discount is available up to 65% LTV with a £1,999 fee, whilst 1.47% and 1.79% two year discounts are offered up to 65% and 85% LTV respectively, both with no fee.

After the end of the two year term each has a 1% discount for a further three years.


Vernon BS and Accord introduce new BTL deals

Vernon Building Society has launched a five-year fixed rate and increased its maximum loan-to-value (LTV) across all of its buy-to-let products to 75%.

The new five-year fixed deal is available across the lender’s residential range, including limited company and holiday lets.

The rate is fixed at 3.84% with a £995 fee and affordability will be assessed at a rate of 5% with rental cover (ICR) of at least 130%.

Additionally, the lender has launched a three-year discounted BTL rate at 1.5% with a £495 fee with no early repayment charges.

At the same time, Accord Buy To Let has launched new two and three-year fixed rate deals.

Landlords requiring 60% loan-to-value (LTV) can now opt for a two-year fixed rate of 1.72% which comes with free standard valuation and product fee of £1,495.

Those remortgaging can also take advantage of free legal fees, or anyone extending their portfolio can get £250 cashback on completion.

The lender is also offering £1,000 cashback to landlords remortgaging or extending their portfolio with a two-year fixed rate of 2.89% at 75% LTV. This mortgage comes with a fee of £195 and free standard valuation.

Three-year fixed rates have also been reduced by up to 0.20%, with landlords who have a 25% deposit able to choose a rate of 2.72%, which comes with free standard valuation and £500 cashback on completion.

Accord has also launched two new tracker mortgages with no early repayment charges (ERCs).


Magellan Homeloans launches new BTL affordability calculator

Magellan Homeloans, has developed an online tool to help reduce some of the complexity for brokers in finding suitable funding options for BTL clients.

The calculator also flags circumstances where the borrowers may be able to borrow a greater amount if they apply through a limited company.


Tipton and Coseley BS enhances 100% Family Assist product

Tipton and Coseley Building Society has reviewed its 100% Family Assist mortgage, with a reduction in the collateral charge and an alternative option of depositing cash into a savings account.

Its Family Assist collateral charge has been cut from 35% to 20% on a family member’s property. The property owner will be required to take independent legal advice.

As an alternative to the collateral charge, the parent or family member can deposit 20% of the loan value in cash into a Tipton deposit savings account.

The deposit will accrue interest and the parent or family member will be able to claim back the deposit once the balance reduced to 80% LTV.


Keystone Property Finance joins Legal and General’s mortgage panel

Keystone Property Finance has joined the mortgage panel of Legal and General, giving members direct access to Keystone’s products.

Members will need to register with Keystone before they can submit or track cases.


Nationwide cuts rates

Nationwide has cut selected fixed and tracker mortgage rates at 95% LTV by up to 0.50%, offering a sub-3% rate for a two-year tracker mortgage.

The lender has also increased its maximum loan size at 95% LTV to £500,000, whilst the maximum LTV for further borrowing, as well as those looking to remortgage to the society with additional borrowing, will increase to 90% LTV.

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