You are here: Home - News -

Platform adds more 90 per cent LTV deals and Clydesdale cuts LTI cap – round-up

by:
  • 23/11/2020
  • 0
Platform adds more 90 per cent LTV deals and Clydesdale cuts LTI cap – round-up
Santander will be launching four product transfer mortgages to its residential range, as of 24 November.

 

All deals will have fees of £1,499 and will be available as two or five-year fixes up to 75 per cent loan to value (LTV). These mortgages will be offered to borrowers with balances of £150,000 and above and rates are personalised to each customer. 

The bank will also make changes to the fees of its buy-to-let and consent to let products, but rates will stay the same.  

Existing residential fixed and tracker rates will also remain unchanged. 

 

Platform relaunches high LTV deals  

Platform has reintroduced a selection of mainstream new business mortgages up to 90 per cent LTV. 

This includes the relaunch of the two-year fixes at 90 per cent LTV, with a £999 option and a fee-free alternative. Rates are at 3.49 per cent for the fee paying product and 3.89 per cent for the fee-free mortgage. 

A pair of two-year fixes at 85 per cent LTV with £0 and £999 fee options have been re-introduced.

There are also the two-year fixes at 60-80 per cent LTV with a fee of £999. Rates range from 1.66 per cent to 2.44 per cent.

And the relaunch of the two-year fixed at 60 per cent LTV with a fee of £1,499 at 1.58 per cent.

These products are available from today. 

 

Clydesdale reduces LTI for low income borrowers 

Clydesdale has reduced its loan to income (LTI) cap to 4.49 times income for customers with a joint allowable income of £50,000 or less.  

As well as basic pay, the full pension, rental and allowable benefit income will be included in the LTI calculation.  

The changes will come in on 25 November and will apply to applications submitted on the day or afterwards.  

Pipeline and remortgage applications with no additional borrowing will not be affected.  

A spokesperson said: “For customers with income of less than £50,000, we have amended our mortgage lending terms to 4.49x income, subject to other affordability criteria. For incomes above this our policy of up to 5x is unchanged.” 

 

There are 0 Comment(s)

You may also be interested in

Read previous post:
Regulator the FCA logo
Dear regulator: ‘replying to emails would be greatly appreciated’ – JLM Mortgages

Before you begin reading this article, a caveat:

Close