A two-year and five-year fixed rate option will be offered for purchases and remortgages between 60 to 75 per cent LTV and 75 to 80 per cent LTV. All products have a £0 fee.
Lloyds Banking Group scaled back lending to a maximum of 60 per cent LTV for all its intermediary brands last week.
In an email to brokers, the bank said the outbreak of Covid-19 had had a direct impact on its processing resources
But from tomorrow, Halifax Intermediaries will bring back lending up to 80 per cent LTV and product details will be added to its intermediary website.
The bank will complete remote valuations where possible, but cases that need a physical valuation will have to be put on hold.
Higher loan to value deals are expected to follow soon for BM Solutions’ borrowers as well.
Mike Jones, managing director for intermediaries and specialist brands (pictured), said: “Being there for our customers when they need us is our priority and last week’s temporary changes in this challenging environment enabled us to review and adapt our product range to continue supporting the market as best we can in these unprecedented times.”
Difficult for lenders
Andrew Montlake, managing director, Coreco, said: “Halifax has done a great job with their broker communication they have given us a bit of better news in a difficult environment. This shows that lenders do want to lend where they can.
“It must be difficult for banks to work out the best way to support customers and brokers with the staffing capacity issues we are all having.
“We must all stand shoulder to shoulder with our lending partners and help support each other,” he added.
Mortgage Solutions has approached Halifax for comment.
