TSB
TSB is withdrawing its two-, three- and five-year residential purchase fixes with a £995 fee at 85 per cent loan to value (LTV) today.
The bank will still offer fee-free purchase options across these tiers and a mixture of fee-free and £995 fee remortgage deals at 85 per cent LTV.
Beverley Bradford, TSB’s head of intermediary mortgages, said: “As part of our regular review of our products, we have removed a set of products while we make changes to our existing range of mortgages.”
Chorley Building Society
Chorley Building Society has updated its later life lending offering to cater to borrowers who turn 70 during their mortgage term.
The society said it reviewed its range following broker feedback to develop mortgages for clients who either start the term of the mortgage before they turn 70 or apply after their 70th birthday.
Previously, borrowers who turned 70 and over during their mortgage term fell into the same bracket as other borrowers regardless of their age at application.
The range includes a new 60 per cent loan to value (LTV) rate and the 80 per cent LTV mortgage is still available. These are both available with a two– or five–year discount from the society’s standard variable rate (SVR).
For mortgages that see applicants turn 70 or over at the end of the term there is a 2.75 per cent discount from SVR at 60 per cent loan to value (LTV) and a 2.59 per cent discount at 80 per cent LTV.
The five-year discount equivalent is available only at 80 per cent LTV and has a rate 2.25 per cent lower than the society’s SVR.
For applicants who are aged 70 or over when they apply, there is the 2.65 per cent discount from SVR for two years at 60 per cent LTV and 1.99 per cent discount at 80 per cent LTV.
At 80 per cent LTV only, there is the 1.65 per cent five-year discount from SVR.
The maximum loan size for all mortgages within this range is £1m, there is no maximum age or application fee and the scheme fee is 0.75 per cent.
Kim Roby, customer services director, said: “We listened to feedback and decided it was important to support our members by offering them a range of products that met their LTV requirements as well as recognising their life stage.
“We’ve heard many times from those over 70 that think they’re too old for a mortgage and that equity release is their only option. That simply isn’t true.”
Julie Goodwin, Chorley Building Society’s business development manager, added: “With mortgage terms moving away from the traditional 25 years, we listened to what our broker network were saying.
“Many purchases are now also much later in life and we want to make sure our mortgages reflect the ever-changing needs of borrowers, whilst remaining a responsible lender.”
