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Principality extends cashbacks; Bath BS moves into Scotland; equity release tweaks ‒ round-up

  • 16/01/2020
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Principality extends cashbacks; Bath BS moves into Scotland; equity release tweaks ‒ round-up
A host of lenders have announced changes to their product ranges and lending criteria.


Cashback deals at Principality

Principality Building Society has launched six cashback deals, taking its total number of cashback products on offer to 22.

The cashback bonus ranges from £200 to £1,000, and is paid to the solicitor on completion of the application.

The new range includes a two-year fixed up to 75 per cent loan-to-value (LTV) at 1.84 per cent with £200 cashback, and a five-year fixed rate up to 90 per cent LTV at 2.70 per cent with £500 cashback.

Pablo Ivars Marchena, mortgage product manager at Principality, said: “We’re delighted to be able to extend our cashback offering on our residential mortgages, which will give customers an extra cash boost when purchasing a mortgage with us and support our brokers in offering good value products to suit their clients.”


Pure Retirement tweaks Heritage range

Pure Retirement has adjusted the criteria on its Heritage range, meaning it will now consider age-restricted properties as long as they are worth more than £200,000 and have a resale value of under three per cent. The maximum LTV will be two-thirds of those available for standard properties.

Other changes include increasing the maximum flat roof considered from 25 per cent to 30 per cent, the maximum acreage from three to five, and reducing the minimum lease considered from 120 years to 100.

Brendan Gilligan, head of product delivery at Pure Retirement, said the criteria changes would open up the products to more customers and product types.

He added: “This is the first of many planned improvements to our product offering in 2020 as we continue working towards developing ambitious and innovative retirement solutions for the benefit of both of our adviser network and the end customer.”


Reduced rates at Canada Life

Canada Life has cut rates on three of its Lifestyle Options deals. 

The annualised interest rate on the Lifestyle Lite deal has been reduced from 3.39 per cent to 3.12 per cent, while the Gold rate drops from 3.60 per cent to 3.43 per cent.

Finally the rate on the Gold Plus deal drops to 4.80 per cent from 5.59 per cent.

Alice Watson, head of marketing, insurance at Canada Life, said: “As with all our lifetime mortgage products, the Lifestyle Options range allows people to continue living in their homes, while releasing the money tied up in their property. This unlocked capital can boost retirement pots, pay for home improvements or even fund a holiday.”


Bath BS expands into Scotland

Bath Building Society has announced it is now offering deals in mainland Scotland.

The mutual is offering its niche deals, including the ‘buy-for-uni’ and parent assisted mortgage schemes, as well as its standard residential range.

Steve Matthews, head of mortgages at Bath BS, said: “The society is well known in the mortgage market for its innovation, individual underwriting, and personal service and it is an exciting development for the society to be able to offer its mortgage expertise to those wishing to purchase a property in mainland Scotland. 

“Those that know the society, will know that we are passionate about giving customers a special experience that may not be available elsewhere.”


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