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Pepper Money, Virgin and Marsden BS review their product range – roundup

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  • 13/11/2018
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Pepper Money, Virgin and Marsden BS review their product range – roundup
Marsden Building Society has launched Retirement Interest Only (RIO) mortgages, whilst Pepper and Virgin Money have updated their product ranges.

 

Marsden’s latest lending solution is available to applicants over the age of 55 who are looking for an interest only mortgage with no plans to downsize and who wish to remain in their home.

Steve Robinson, head of lending at Marsden BS (pictured), said that the product set is available for remortgage and house purchase with mortgages up to £750,000.

He added: “The range differs slightly from our existing older borrower range as each borrower must demonstrate affordability and the sole option for repayment is triggered by a life event which sees the sale of property being the repayment solution.

“We have created another section on our website for the RIO and developed tailored tool kits including criteria and product portfolios so that brokers have access to everything they need.

“Our RIO solution launches with a three-year fixed rate 3.49 per cent available to 50 per cent LTV through sourcing systems for all intermediaries.”

 

Pepper Money simplifies its product range

Pepper Money has simplified its criteria, for borrowers with adverse credit, by streamlining its product range.

Pepper Money’s simplified product tiers, which range from Pepper 6 to Pepper 48, make it easier for brokers to quickly recognise the criteria that applies to their client’s circumstances.

Pepper 48, which has rates starting from 2.17 per cent, is available for clients who have had zero defaults, CCJs, mortgage or secured loan missed payments and arrears in the last 48 months.

Pepper 36, with rates starting from 2.23 per cent, is available for clients who have had zero defaults, CCJs, mortgage or secured loan missed payments and arrears in the last 36 months.

This criteria continues through the range for Pepper 24, Pepper 18 and Pepper 12. Pepper 6 is available to clients who have had zero defaults or CCJs in the last six months, and zero mortgage or secured loan missed payments and arrears in the last 12 months.

 

Virgin Money enhances BTL policy

Virgin Money has further enhanced its buy-to-let proposition by increasing both the maximum age and maximum LTV, available from 12 November.

The new buy-to-let product range includes two and five-year fixed rates starting from 3.45 and 3.61 per cent respectively, at 80 per cent loan to value (LTV) and with a £1,995 fee.

For loans greater than 75 per cent LTV, the maximum loan size is £350,000.

In addition, the maximum lending age has been increased to 85 from 75 across all buy-to-let products.

All buy-to-let purchase applications are available with £500 cashback. Free basic valuations are available on all buy-to-let remortgage applications with a choice of either free standard legal work or £300 cashback.

Andrew Asaam, director of mortgages at Virgin Money, said: “It’s great news for landlords with smaller deposits that a well-known and trusted lender is entering this segment of the market.

“By extending our maximum lending age on buy-to-let, we’re giving our landlords greater flexibility with how they manage their investments. These improvements demonstrate our commitment to improving choice for customers in the buy-to-let market.”

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