Accord Mortgages joins Mortgage Brain’s Lendex platform
The platform launched in February this year following a successful pilot, and has Nationwide Building Society, Virgin Money, Coventry Building Society and Platform signed up to the platform so far.
The platform can save mortgage advisers up to 20 minutes per case as it is able to pre-populate data from Mortgage Brain’s CRM or its mortgage sourcing system to the lender’s platform. This allows a decision in principle (DIP) to be made without having to re-enter information.
Accord Mortgages managing director Jeremy Duncombe said: “We’re always looking for ways to improve our systems and processes to make things easier for brokers.
“Our MSO platform, together with Lendex, means placing cases with us will be much more efficient; speeding up the time taken to apply for a decision in principle.”
The platform is currently in pilot with Fluent Mortgages, and Mortgage Brain has said that the number of lenders using its platform will increase to eight in the coming months.
Lendex is integrated with Mortgage Brain’s sourcing solution Mortgage Brain Anywhere and its CRM, The Key. It is available to UK advisers on a standalone user interface so advisers can get multiple DIPs, full mortgage applications, share documentation and track cases with one login.
Mortgage Brain’s sales and marketing director Neil Wyatt said: “We know from the feedback that the time being saved submitting DIPs or carrying out full applications through Lendex is making a tangible difference to the workloads of mortgage advisers across the country.
“At Mortgage Brain we are determined to transform the mortgage process for the better, and the fact that large lenders like Accord are backing innovations like Lendex demonstrates the progress already being made.”
Virgin re-enters shared ownership with offering at 95 per cent LTV
There is a two and five-year fixed option for borrowers with a five per cent deposit using shared ownership priced at 4.04 and 4.14 per cent respectively.
Its shared ownership deals are available up to a maximum term of 35 years. Lending on flats over 80 per cent LTV must be in buildings of no more than 10 storeys.
The new 95 per cent LTV standard mortgage is a two-year fixed fee-free product, with a rate of 3.79 per cent.
These products are available from today.
Virgin Money has reduced rates across its range too.
The two-year fixed product at 85 per cent LTV with a £995 fee has been reduced to 2.4 per cent, while the five-year fixed alternative has been cut to 2.7 per cent – reductions of four and nine basis points respectively.
The bank has also cut buy-to-let rates by as much as 50 basis points.
Within its product transfers, the 85 per cent LTV two-year fixed product with a £995 fee has been reduced to 2.38 per cent and the five-year fixed fee-free product at 65 per cent LTV has been cut to 1.48 per cent.
Virgin Money has also amended its criteria for contractors in light of IR35 rule changes.
The bank will accept contracts that fall within the IR35 rules as well as contract income received through a payroll services or umbrella company.
For contractors paid through an umbrella company or those who fall within IR35 and receive payslips, Virgin Money will require the last two months’ payslips as well as standard documentation.
And statutory employer costs, such as NI contributions and apprenticeship levy, will be deducted from an applicant’s gross pay before it is multiplied by 46 weeks to calculate affordability.
Virgin Money launches mortgages for energy-efficient new builds
The Greener Mortgages range is available for first and next-time buyers and includes Help to Buy equity loan options.
It aims to encourage buyers to purchase homes with an Energy Performance Certificate or Predicated Energy Assessment rating of A or B.
It has both two and five-year fixed rate options, and is available at 65 per cent, 75 per cent and 85 per cent loan to value (LTV) for standard residential mortgages and at 55 per cent and 75 per cent LTV for Help to Buy equity loan products.
The products are subject to a £995 fee and rates start at 1.25 per cent, which the lender says is 0.1 per cent lower than equivalent standard products.
The lender has also partnered with Carbon Neutral to ensure that for every Greener Mortgage sold Virgin Money will fund sustainable energy projects, such as reforestations, hydro and solar projects. It is also aiming to plant 100,000 trees from the sale of Greener Mortgages alongside Carbon Neutral Britain.
Virgin Money’s chief commercial officer Hugh Chater said: “We want to give our customers the chance to make a greener choice in their finances.
“Our Greener Mortgages reward customers who choose a more energy efficient new build home with a lower interest rate, coupled with funding renewable energy and tree planting, meaning their mortgage is kind to both the environment and their wallet.”
Cuts to BTL rates
The lender also announced that it would cut a range of its core, portfolio and product transfer buy-to-let (BTL) products effective from today.
On the core BTL side Virgin Money will cut its two-year fixed at 75 per cent LTV by 0.02 per cent to 1.85 per cent. Both its five-year fixed at 75 per cent LTV receiving 0.05 per cent reductions taking it to 2.04 per cent and 2.09 per cent respectively.
Virgin Money’s portfolio BTL 75 per cent LTV product will also be cut by 0.02 per cent to 1.95 per cent, with its five-year fixed at 75 per cent LTV also subject to 0.05 per cent reductions.
The reductions on these five-year fixed products take rates to 2.14 per cent and 2.19 percent.
Virgin Money’s two-year BTL product transfer at 75 per cent LTV will be cut by 0.02 per cent to 1.85 per cent and its similar five-year fixed product will decrease 0.05 per cent to 2.09 per cent.
Virgin Money cuts rates across resi and BTL range
Its intermediary exclusive purchase products with £1,000 cashback and a £995 fee have had rates cuts up to 0.14 per cent.
The 75 per cent loan to value (LTV) five-year fixed option has seen the largest reduction, down from 1.74 per cent to 1.60 per cent.
The two-year fix at 85 per cent LTV has been reduced from 2.59 per cent to 2.49 per cent. The five-year alternative at the same tier has been cut by 0.02 per cent to 2.77 per cent.
The buy-to-let two-year fixed product at 75 per cent LTV has been reduced by 0.07 per cent to 1.84 per cent. This has £1,000 cashback and a £1,995 fee.
The portfolio equivalent at the same lending tier also had a rate cut of 0.07 per cent to 1.94 per cent.
Across its core offering, the five-year fixed at 75 per cent LTV with a £995 fee has been reduced by 0.14 per cent to 1.54 per cent.
Two, three and five-year fixes at 85 per cent have also been reduced by up to five basis points.
Product transfers for owner-occupiers have been cut by as much as 0.14 per cent, while the core buy-to-let two-year fixed switching option at 85 per cent LTV has been cut by 0.23 per cent to 3.36 per cent.
The lender has also launched an 80 per cent LTV product for core buy-to-let borrowers. This is a two-year fixed priced at 3.36 per cent. This product has a £995 fee.
Product changes are effective from today.
Top 10 most read mortgage broker stories this week – 14/05/2021
Beyond these broker challengers, technology advances caught reader’s attention as new integrations and partnerships promised more seamless workflows. The rush of lenders returning to, or enhancing, their high loan to value (LTV) lending continued.
Meanwhile, the regulator ruffled feathers in setting out the latest fees to cover the cost of its compensation scheme.
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Primis bosses heap criticism on FCA and FSCS fee blows and call for industry unity
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Virgin launches mortgage guarantee fixes up to 15 years; TSB adjusts rates
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Virgin launches mortgage guarantee fixes up to 15 years; TSB adjusts rates
At 95 per cent LTV, there is a five-year fixed with a rate of 3.99 per cent, a 10-year fixed priced at 4.19 per cent and a 15-year fixed priced at 4.39 per cent.
All products have no fee and come with £300 cashback for purchases or £500 for first-time buyers. It offers free valuation and free legals on remortgages.
The products are also portable.
The deals are available on properties with a maximum value of £600,000 and for a maximum term of 30 years. They are eligible on houses, flats and maisonettes.
Virgin warned the products could be withdrawn at a short notice.
The lender also changed criteria on its products at 90 per cent LTV.
The maximum term has increased from 30 to 35 years and the maximum property value has also been lifted from £500,000 to £600,000.
It now also accepts flats and maisonettes but they must be in buildings shorter than four storeys and must not be ex-local authority or Ministry of Defence.
Sarah Green, head of customer acquisition, group mortgages at Virgin Money said: “The mortgage guarantee scheme addresses an important consumer need and Virgin Money’s participation in the scheme demonstrates our commitment to the UK housing market.
“We want to continue to build our support for people’s home ownership ambitions, including those with smaller deposits.”
TSB product changes
TSB has added fee-free two-year fixed first-time buyer and purchase products to its range at 0-85 per cent LTV.
Rates vary from 1.64 per cent at 60 per cent LTV and 2.99 per cent at 80-85 per cent LTV.
It has also introduced two-year fixed, fee-free deals, for remortgages up to 90 per cent LTV including a product priced at 0.99 per cent.
The low rate deal is the 60 per cent LTV remortgage with a £1,495 fee. Otherwise, rates range from 1.69 per cent up to 60 per cent LTV with a £999 fee and 3.64 per cent for a fee-free deal at 85-90 per cent LTV.
Elsewhere, the bank has reduced rates on its two-year fixes across 0-90 per cent LTVs by as much as 15 basis points. Two-year fixed remortgages up to 85 per cent have seen reductions of up to 10 basis points.
Meanwhile, its two and five-year fixed shared equity remortgages have had rates increased by up to 50 basis points.
These are now priced between 1.54 per cent – for the two-year fixed at 60 per cent LTV for the £995 fee-paying product – and 2.39 per cent for the five-year fixed at 60-75 per cent LTV with no fee.
Coventry cuts BTL rates and Virgin adds broker BTL products
There’s a two-year fixed rate at 2.15 per cent, down from 2.25 per cent, at 65 per cent LTV available for purchase, remortgage, product transfer and further advance. Early repayment charges (ERCs) start at two per cent for the first year of the fixed rate term, before dropping to one cent.
The five-year fixed product at 65 per cent LTV is priced at 1.89 per cent, down from 1.99 per cent for purchase, remortgage, product transfer and further advance. ERCs begin at five per cent for the first two years of the fixed rate period then declines to two per cent for the subsequent two years, before falling to one per cent in the fifth year.
This product has a £1,999 fee which can be added to the mortgage loan.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “This is great for intermediaries and their landlord clients. With many large buy to let maturities due soon, this will help to support the market.
“Plus, there’s no minimum income requirement and all products include a standard valuation fee up to £700,” he added.
Virgin adds BTLs for broker market
Virgin Money has launched a range of buy-to-let mortgages exclusively for the broker market from today.
The new products include a purchase product with a two-year fixed rate at 1.91 per cent at 75 per cent LTV, with £1,995 fee and £1,000 cashback. There’s a five-year version of the same, priced at 2.13 per cent.
There’s also a new portfolio purchase product, with a two-year fixed rate at 2.01 per cent at 75 per cent LTV, a fee of £1,995 and cashback of £1,000. The five-year rate is 2.23 per cent.
Virgin 10-year rate cuts
The lender also cut rates on its core residential mortgages for new business. The 10-year fixed rate was reduced to 1.95 per cent, down by 0.3 per cent, at 65 per cent LTV, with a £995 fee. The 10-year fixed fee-saver, at 65 per cent LTV, was cut to 2.34 per cent, lower by 0.5 per cent.
On buy-to-let and buy-to-let portfolio products for new business, rates were cut across the 10-year fixed range. They all have a fee of £995.
At 60 per cent LTV, the buy-to-let product rate was cut to 2.43 per cent, down by 0.26 per cent. At 75 per cent LTV, is was down by 1.06 per cent to 2.68 per cent.
On portfolio products, at 60 per cent LTV, the rate was reduced by 0.26 per cent to 2.53 per cent. At 75 per cent LTV, the rate is 2.78 per cent, cut by 1.06 per cent.
For product transfers, the residential 10-year fixed fee-saver product at 65 per cent LTV, was cut by 0.15 per cent to 2.34 per cent.
The 10-year fixes for buy-to-let product transfers, both with £995 fee, were also reduced in price. The 60 per cent LTV product was cut by 0.16 per cent to 2.43 per cent, and at 75 per cent LTV, the reduction was 0.66 per cent to 2.68 per cent.
Virgin Money reveals 95 per cent LTV mortgage guarantee criteria
The mortgages will be eligible for purchases and remortgages but cannot be used for capital raising.
It will be accepted on houses, flats or maisonettes with a maximum property value of £600,000. As with the rest of the mortgages under this scheme, new builds will not be permitted.
Properties must be in buildings with four storeys or fewer and must not be ex-local authority or ex-ministry of defence.
A maximum mortgage term of 30 years will be offered. Applicants must not have equity in any other properties.
Sarah Green, head of customer acquisition, group mortgages at Virgin Money, said: “Virgin Money are excited to announce our support for customers looking for low deposit mortgages.
“It’s encouraging to see that the government’s mortgage guarantee scheme is off to a such a strong start and we are pleased to be offering a wide choice of products to new and next time buyers as well as remortgage customers.”
Virgin Money launches high LTV three-year fixes at two-year rates and broker exclusives
The lender has introduced a pair of three-year fixed zero fee mortgages at the same rate as the matching two-year versions.
They are a 90 per cent LTV deal at 3.34 per cent and an 85 per cent LTV product at 2.77 per cent.
Virgin Money said the deals would allow “customers to benefit from an extra year’s peace of mind for no additional cost.”
A pair of broker exclusives with £1,000 cashback and £995 fee have also been made available with a two-year fix at 90 per cent LTV cut by five basis points (bps) to 3.18 per cent, and an 85 per cent LTV added at 2.79 per cent.
Elsewhere five core residential deals at either 85 or 90 per cent LTV have had rate cuts by between four and nine bps.
This includes the two-year fixed at 90 per cent LTV with £995 fee reduced by nine bps to 3.09 per cent.
While four buy-to-let and a further four owner occupier product transfer rates have also been trimmed by up to 12bps.
Virgin Money cuts high LTV rates by up to 0.16 per cent
The lender is trimming rates on 11 new business residential deals with seven at 85 per cent LTV and three at 90 per cent LTV.
These include a pair of broker exclusive purchase only mortgages with £1,000 cashback and £995 fee with the 85 per cent LTV version reduced by 10bps to 2.59 per cent and the 90 per cent LTV edition down six bps to 3.23 per cent.
The largest cut to residential deals has been made to the 85 per cent LTV two-year fix with zero fee reduced by 16bps to 2.82 per cent.
One 75 per cent LTV two-year fix with £995 fee has also been cut by 10bps to 2.08 per cent.
Meanwhile, the buy-to-let 80 per cent LTV five-year fix with £995 fee has been reduced by 89bps to 3.59 per cent.
The changes take effect from 22 March.