Kent Reliance launches resi range for clients with complex income streams
The lender said there is the potential for higher income multiples on the products, depending on the client circumstance, but did not specify a figure.
The range is aimed at professionals with “sustainable incomes” that will rise when they secure professional qualifications, or customers that can provide evidence of regular bonuses or more than one form of income.
It is up to 95 per cent loan to value, with products starting from 4.29 per cent. Two and five-year fixed rates are available and the maximum loan size is £1.5m.
Adrian Moloney (pictured), group intermediary director at OSB Group, said that the value of a specialist mortgage brokers “cannot be overlooked”, now more than ever, especially for clients who were paying high rents but could not secure a home from high street banks due to multi-income streams.
He said: “At Kent Reliance for Intermediaries, our underwriters are widely acknowledged as having best-in-class service as well as outstanding knowledge. Our expertise means we could provide a common sense solution even if the case falls outside of standard criteria, with the ability to support a wide range of client types and differing income considerations.”
“This new flexible residential range is another example of us working with our broker partners and using our in-house expertise to handcraft positive lending solutions for clients.”
Recognise Bank completes £8.7m capital raise
So far, COLG has raised almost £65m in investment for the bank.
The capital will be used to support business lending and create a new team with an aim to build on the bank’s digital capabilities. This will include the development of new products and revenue streams.
The latest investment comes from two of COLG’s existing shareholders, PV27, the family office of real estate entrepreneur and digital pioneer, Ruth Parasol, and Max Barney Investment Limited (MBIL), the London based property firm. PV27 and MBIL exercised warrants received during the last fund raise in August 2021.
Recognise Bank recently reached £100m in lending, six months after receiving its full banking licence from the Prudential Regulatory Authority.
Bryce Glover (pictured), chief executive of Recognise Bank, said: “To receive this fresh investment from two of our keystone shareholders shows their continued support for Recognise Bank and commitment to our strategy and vision. Investing in our digital capabilities will help us build a world-class business bank, for today and the future.”
Phil Jenks, chairman of the City of London Group, added: “We have consistently delivered on time and in line with our strategy to create a new bank for Britain’s growing businesses, firms that are the lifeblood of our economy, but are consistently ignored and let down by the mainstream banks.
“The latest investment from Ruth Parasol and Max Barney is an important moment for Recognise, because it means the bank can build on a foundation of £100m in lending and £95m in savings deposits to push its digital capability even further and create a bank that perfectly blends speed, service and innovation.”
Virgin launches high LTVs; TSB and Platform up rates ‒ round-up
The new products will be available from tomorrow.
They include purchase fixed rates between 75 and 90 per cent LTV, which come with a £495 fee and £500 cashback.
The lender has also brought out 85 per cent LTV remortgage fixed rates, which come with a £1,295 fee, free valuation and free legals.
There is also a five-year fixed rate BTL deal at 75 per cent LTV and select product rates would increase.
It added that from 8pm today all 80 per cent LTV fixed rates would be withdrawn
This includes certain products between 65 and 90 per cent LTV, which will go up by 0.23 per cent. Rates begin from 2.23 per cent.
Selected BTL fixed rates between 60 and 75 per cent LTV will rise by 0.15 per cent. Rates start from two per cent.
TSB ups select rates and withdraws products
TSB has increased certain rates by 0.25 per cent, upped its variable rates and withdrawn select products.
In its BTL range, select five-year fixed rate house purchase and remortgage rates have gone up by 0.25 per cent.
Its five-year fixed rate for purchase and remortgage starts from 2.84 per cent and go up to 3.54 per cent.
In its residential range, the lender has increased select five-year fixed rate first-time buyer and house purchase products between 75 and 90 per cent LTV by 0.1 per cent.
Rates between 75 and 80 per cent LTV start from 2.99 per cent and go up to 3.19 per cent at 85 and 90 per cent LTV.
Its five-year fixed rates for new-build first-time buyer and house purchase rates have gone up by 0.1 per cent.
Rates begins from 2.96 per cent at 80 and 85 per cent LTV, and at 85 to 90 per cent LTV the rate is 3.09 per cent.
The lender has also withdrawn its two-year fixed rate first-time buyer, purchase and remortgage products with £995 fee.
Platform ups SVR, reversionary rates and tracker products
Platform has increased its standard variable rate to 5.24 per cent and upped the reversionary rate for its buy-to-let products.
Its BTL reversionary rate up to 70 per cent loan to value (LTV) is 5.5 per cent and is six per cent up to 75 per cent LTV. This applies to new business and product switch ranges.
In its product switch range, its two-year tracker mainstream products have increased by 0.25 per cent.
Dudley BS adds shared ownership products and changes criteria
Rates start from 3.29 per cent and can be accessed up to 95 per cent loan to value (LTV).
The mutual has also upped the maximum LTV for its five-year fixed rate expat residential product, which is available for purchase and remortgage, from 80 to 90 per cent LTV.
The maximum loan size for this product has risen from £1m and £1.5m and comes with a rate of 3.89 per cent. It has an arrangement fee of £750.
Dudley Building Society added that it had introduced tiered early repayment charge to its products and a discounted early repayment charge (ERC) rate would be available after the first year.
Dudley Building Society’s chief executive Jeremy Wood (pictured) said the rising cost of living was putting more pressure on prospective homeowners.
“We have been listening to our intermediary partners who have demanded longer term products that provide applicants with additional security. Following on from last week’s Bank base rate increase to one per cent, we expect that fixed rate propositions will only continue to be preferred by applicants,” he said.
Wood said “servicing the mortgage needs of financially stretched applicants is increasingly important”, and the products were in response to intermediary partner demand and “wider efforts to serve the underserved”.
Earlier this year, the mutual increased the maximum LTV for its shared ownership, buy-to-let and self-build ranges to widen access.
Accord Mortgages unveils residential product transfer range
The range will be available from 29 April and the lender will give up to £250 cashback on selected product transfers.
This will then be paid directly into the bank account that the client’s direct debit comes from upon completion.
The lender is withdrawing its current product transfer range tomorrow at 8pm, and other residential product transfer options will be increased by 0.3 per cent.
Products include a two-year fixed rate at 65 per cent loan to value (LTV) with a rate of 2.89 per cent which comes with £100 cashback.
There is also a two-year fixed rate at 75 per cent LTV priced at 3.01 per cent, and a five-year fixed rate at 85 per cent LTV with a rate of 3.33 per cent. They both come with £250 cashback.
Nicola Alvarez (pictured), senior manager for new propositions at Accord, said: “We know cashback on new lending is really popular, so we’re pleased to be adding this to the options brokers have when considering a product transfer for existing customers too.
“Keeping it simple, brokers don’t need to do anything outside of the existing product transfer process – we’re just adding more choice for advisers and their clients, many of whom may welcome cash in their bank account in the current environment.”
Metro Bank adds 75 per cent LTV products and changes criteria
In its residential range, the lender has brought back its 75 per cent LTV products with rates now starting from 2.29 per cent.
Metro Bank had withdrawn its 75 per cent LTV products in its core and interest-only ranges last week in order to reprice them.
On the buy-to-let side, the bank has cut products at 80 per cent LTV by 24 basis points to 3.05 per cent. The five-year fixed rate has a maximum loan size £500,0000.
The product fees for its 75 per cent LTV products in the range have been reduced to £1,999.
It has also repriced its two-year products at 70 per cent LTV by 10 basis points to 2.89 per cent. It has a maximum loan size of £2m as well as a £1,499 product fee.
The lender added that it will accept 60 per cent of bonus, commission and overtime income from the last year’s P60.
Metro Bank said that from tomorrow it would change its standard variable rate, which would stand at 4.25 per cent for residential products and 4.75 per cent for buy-to-let products.
Foundation Home Loans adds two-year green products for owner occupiers
The product is eligible for purchase and remortgage property with an Energy Performance Certificate (EPC) rating between A and C, and is part of the lender’s F1 and F2 ranges.
The F1 range is described as Foundation’s “most competitive rates” for clients who fall outside of mainstream criteria due to complex income types, specialist property or a low credit score. The lender’s F2 range targets customers with credit blips in the preceding 24 months.
The products are available up to 85 per cent loan to value (LTV) and the discounted options start from 2.99 per cent in the F1 tier, and 3.24 per cent in the F2 tier. The discount options have no early repayment charges.
Fixed rate options start from 3.84 per cent in the F1 tier, and 4.09 per cent in the F2 range. They are available on capital and interest repayment basis and come with a free standard valuation and reduced product fees of £595 for fixed rates, and £1,295 for discounted products.
Foundation said the new products, especially in the F2 tier, broadened the availability of its green offerings, initially introduced in 2021 for landlords and owner-occupiers, and cut upfront costs.
George Gee (pictured), commercial director at Foundation Home Loans, said that green mortgages for its residential owner-occupiers were a “key part” of its offering.
He said: “This is the first time we have offered a discount product within the ‘Green ABC+’ range and it is also the first time we have broadened the availability out to F2 borrowers, meaning more potential homeowners can secure mortgage rate benefits as a result of purchasing an energy-efficient property or having improved the EPC level of their existing property.
“Our aim with these products is to incentivise and reward borrowers to help improve the overall energy ratings of the UK’s property stock and provide a range of mortgages which promote far greater efficiency in this highly important area.”
Lenders have been creating more residential and buy-to-let green mortgage products due to increased awareness from COP26 and upcoming regulation around EPC requirements. Brokers have suggested that government intervention and increased education is needed to increase product traction.
Metro Bank and Kensington Mortgages withdraw products – roundup
The products will be removed from 5.30pm from tomorrow, but new products will soon be released to replace them.
The lender said that cases must be at the ‘application submitted’ stage and fully packaged by the deadline to ensure customers could secure a product.
It added that any cases outside of these timeframes would not be accepted.
Kensington Mortgages removes duo of special buy-to-let products
Kensington Mortgages said it would remove two special buy-to-let products and replace them with two new special products, which will be launched tomorrow.
This includes a two-year fixed rate at 75 per cent loan to value (LTV), at 2.79 per cent with no fee, as well a five-year fixed rate at the same LTV at 2.95 per cent, and a fee of 1.75 per cent.
It said that a decision in principle illustration would need to be produced and the full mortgage application would need to be commenced by 5pm today, with the full application submitted by 5pm on 19 April to secure the old products.
The new products include a two-year fixed rate at 75 per cent LTV at 3.09 per cent, and a five-year fixed rate at the same LTV tier with a rate of 3.25 per cent. Both come with no fee.
Natwest releases no-fee high LTV products and ups rates
On the core residential side, the lender has brought out 12 products for purchase and remortgage between 80 and 90 per cent loan to value.
This includes a two-year fixed purchase product at 80 per cent LTV with a rate of 2.67 per cent. Its remortgage equivalent also has the same rate.
At 90 per cent LTV, the two-year fixed rate purchase product sits at a rate of 2.77 per cent, whilst its remortgage product at the same LTV is 2.89 per cent.
Its five-year fixed purchase product rate at 80 per cent LTV is priced at 2.76 per cent, and its remortgage equivalent mirrors the new rate.
At 90 per cent LTV Natwest’s purchase product has a rate of 2.98 per cent, whilst its remortgage equivalent at the same LTV is priced at 3.25 per cent.
The BS has also brought out four first-time buyer products with no product fee and £750 cashback at 85 and 90 per cent LTV.
Its two-year fixed rate purchase product at 85 per cent LTV is priced at 3.05 per cent, whilst its five-year fixed rate version has a rate of 3.07 per cent.
The two-year fixed rate at 90 per cent LTV has a rate of 3.08 per cent, whilst its five-year fixed rate at the same LTV is priced at 3.17 per cent.
Residential, first-time buyer and green mortgage rates increased
Natwest has increased rates for select products in its first-time buyer range by up to 0.23 per cent.
This includes its two-year fixed rate purchase at 85 per cent has gone up from 2.5 per cent to 2.73 per cent, and at 90 per cent LTV the rate has increased from 2.53 per cent to 2.75 per cent.
The products come with a £995 product fee and £750 cashback.
The lender has also increased the rates in its new business residential range by up to 0.07 per cent.
This includes its five-year fixed rate purchase at 60 per cent LTV which has risen from 2.24 per cent to 2.31 per cent. Its 75 per cent LTV with the same term has also risen from 2.24 per cent to 2.31 per cent.
Its two-year fixed rate remortgage at 90 per cent LTV has risen from 2.54 per cent to 2.6 per cent. The above trio have a £995 product fee.
The rate for its mortgage guarantee has increased from 3.04 per cent to 3.09 per cent with no product fee and £750 cashback.
Natwest has also upped its green mortgage offering by 0.07 per cent, which comes with £995 product fee and £350 cashback.
Its five-year fixed rate purchase at 60 per cent LTV has risen from 2.23 per cent to 2.3 per cent, and the rate increase is the same for its 75 per cent LTV product.
OSB Group launches bridging range with Precise Mortgages and InterBay
The group said the proposition will help brokers meet client requirements for short-term lending solutions.
It added that there was high demand for heavy non-regulated refurbishment on properties due to lack of available property stock.
The range is a two-tier offering, in addition to standard bridging finance range, and will allow a “wider choice of streamlined options for brokers”. It covers structural works and extensions for residential customers as well commercial conversion.
Rates begin at 0.47 per cent for regulated and non-regulated products through Precise Mortgages and InterBay and up to 75 per cent loan to value (LTV) is available.
There is also a develop exit range up to 75 per cent LTV available through InterBay.
House to flat conversions and works that require planning permission are both allowed in the range through both Precise and InterBay.
Commercial to flat conversions are permitted through InterBay, and the firm also has a expanded solicitor panel which has dual legal representation.
Emily Hollands (pictured), head of specialist finance at OSB Group, said the launch coincided with the changing property market, which included heightened demand for houses in multiple occupation and changes in permitted development rights.
She added: “From our own research and market knowledge, we know that investors are looking at a wider range of properties for conversion into residential units as well as changing commercial usage from pure office space into a combined “work/eat/sleep” offering.
“With our combined expertise across both Precise Mortgages and Interbay, we’re confident in being able to offer the best support and knowledge across short term lending and this new product range cements our commitment.”
Rob Jupp, chief executive at Brightstar Financial said that it was a “really exciting announcement” from OSB Group and it was pleased to see a “comprehensive range of products”.
He said: “It’s wonderful to have InterBay back into the bridging market, alongside Precise Mortgages and their dual-branded approach offers the next level in terms of support and expertise. This new product range is very timely for the market.”