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Coventry BS, Newcastle BS, Ipswich BS and Pepper Money cut rates – roundup

  • 11/06/2019
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Coventry BS, Newcastle BS, Ipswich BS and Pepper Money cut rates – roundup
Coventry for Intermediaries, Newcastle Intermediaries, Ipswich Building Society and Pepper Money have cut their rates.


Coventry for Intermediaries has cut rates across its two-year fixed owner-occupier mortgage ranges by up to 0.20 per cent.

The rates have been reduced to 1.35 and 1.69 per cent from 1.55 and 1.89 per cent, respectively.

The lender has also reduced rates on its three- and five-year owner-occupier ranges and fixed standard buy-to-let products.

Kevin Purvey, director of intermediaries (pictured), said: “The next few months will see a lot of borrowers’ current mortgage deals coming to an end, so these products are ideal for those looking to secure their remortgage deal as early as they can.

And it is good news for landlords too, as we’ve reduced fixed rates on standard BTL products”.


Newcastle Intermediaries

Newcastle Intermediaries has reduced rates on its five-year 95 per cent loan to value (LTV) mortgages by up to 0.16 per cent.

A five year fix of 3.09 per cent is a 0.16 per cent reduction, coming with fees of £498 and 10 per cent overpayments allowed per annum.

Alternatively, for borrowers not wanting to pay any fees, a 3.35 per cent fix for five years is available at 95 per LTV and is a 0.10 per cent reduction.

They both provide an early repayment charge of five per cent until 31 July 2020, four per cent until 31 July 2021, three per cent until 31 July 2022, two per cent until 31 July 2023 and one per cent until 31 July 2024.

Stuart Miller, customer director at Newcastle Intermediaries, said: “We’re pleased to see that the first-time buyer market remains very active, and our reduction in rates supports buyers making their first step onto the housing ladder.

“These products would also suit those looking to re-mortgage and possibly increase their loan to make the most of some extra funding for home improvements for example. We’re also seeing an overall increase in five year mortgages with borrowers wanting more certainty around monthly payments and locking in longer term deals.”


Ipswich BS

Ipswich BS has developed a self-build hub, designed to offer advice on the self-build mortgage market and to make it easier for intermediaries to support their self-build clients.

The hub, which sits on the society’s intermediary site, consists of a purpose-built, digital location hosting the society’s entire library of self-build content, including a collection of useful guides, downloads, and a step-by-step process of how to submit a self-build mortgage case.

Also, the society has improved its existing self-build offering by reducing the product interest rate. The two-year rate has been cut to 3.99 per cent from 5.74 per cent, including a £1,000 completion fee and £199 application fee.

Self-build mortgages are available on projects, conversions, renovations, and knock-down and rebuild projects, with loans up to the value of £750,000 and a maximum 80 per cent LTV.

Richard Norrington, CEO at Ipswich BS, said: “Self-build is an increasingly popular market, with more people seeking to build from scratch or make large scale renovations to suit their family circumstances and requirements.

“By hosting all of our self-build content on a centralised, easily-accessible platform we have created an invaluable tool for brokers, and I am confident that the hub will help cement our position as the go-to place for mortgage intermediaries with self-build cases.

“We also hope that by providing a comprehensive overview of the self-build process, we can reassure brokers who may be less familiar with this type of product that self-build cases aren’t as complex as they may first appear.”


Pepper Money

Pepper Money has launched rate reductions across nearly all residential and BTL products.

Rates have been cut by up to 0.15 per cent on most products, including Pepper Money’s DMP range for customers in active debt management plans.

Rates on Pepper 18 for clients who have adverse credit in the last two years but no defaults, CCJs, mortgage or secured loan missed payments and arrears in the last 18 months, are available from 3.56 per cent.

Rates on Pepper 12, for clients with a clean record in the last 12 months, are available from 3.59 per cent and rates on Pepper 6, which is available for 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, start at 3.93 per cent.

Clients with an active debt management plan (DMP) can access rates from 3.63 per cent and Pepper’s Buy to Let products start at 3.48 per cent.

Paul Adams, sales director at Pepper Money, said: “With rates for borrowers who have had credit problems within the last two years available from 3.56 per cent, we are demonstrating to brokers and their clients that affordable mortgages can still be accessible to customers with adverse credit.”

Jane Benjamin, director of mortgages at Sesame and PMS, said: “Growing numbers of defaults and CCJs mean that more customers are looking for a mortgage with recent incidents of adverse credit on their record.

“It’s therefore good to see more lenders taking a pragmatic underwriting approach for borrowers in these circumstances, as well as offering rates in this part of the market that are increasingly competitive.”


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