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Principality rate cut, Scottish five-year fix, Melton max loan – round up

  • 19/09/2019
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Principality rate cut, Scottish five-year fix, Melton max loan – round up
A trio of lenders has announced changes to their product range and criteria.

Principality Building Society has cut rates on a selection of its residential and buy to let mortgages.

The five-year fixed residential rate was trimmed by 0.09 per cent for loan to values (LTVs) of 80 and 85 per cent, up to £500,000.

The two-year buy to let rate was lowered by up to 0.17 per cent for LTVs of 70 and 75 per cent, also for loans up to £500,000.

All four of the products offer free standard valuation, free legal advice and no product or commitment fees.

“We understand the financial pressures that customers are facing and we continue to support our brokers with good value products,” said Pablo Marchena, mortgage acquisition manager at Principality Building Society.

The products are available in England and Wales and for up to four people on a single application using all four incomes.


Scottish five-year mortgage

Scottish Building Society has introduced a five-year fixed rate mortgage at 2.59 per cent for properties across Scotland.

The product is available up to 70 per cent LTV for maximum loans of £500,000 and 80 per cent LTV for a maximum of £350,000. There is a £995 product fee.

“Demand for fixed rates with longer terms is growing. Our individual underwriting and flexibility means that we may be able to lend when mainstream lenders cannot,” said Paul Alexander, head of business development and sales strategy at Scottish Building Society.

“This new product enables us to offer a five-year fixed rate option to a wider market,” he said.


The Melton loan size boost

The Melton Building Society has increased its maximum loan size to £1m for mortgages up to 75 per cent LTV.

“Increasing our maximum loan size, combined with our flexible underwriting, makes our products accessible to a wider range of customers and gives brokers more choice in finding the right solutions for their clients,” said Dan Atkinson, head of sales and marketing at Melton Building Society.

The Melton offers an end-to-end, online mortgage arranging platform to brokers.

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