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PRECISE MORTGAGES
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UPCOMING EVENTS – REGISTER NOW
DA INDUCTION COURSE
Tuesday 17th – Thursday 19th May
FOUNDATION HOME LOANS
Thursday 19th May
VIRTUAL WORKSHOP
Thursday 26th May 10-12:30pm
BM Solutions
BTL PORTFOLIO LANDLORDS
At BM solutions, we know whether you are a BTL specialist or only write the occasional case, this can be a very complex area to navigate for brokers due to the amount of information lenders ask for and in different ways in order to assess the portfolio and make a lending decision.
On top of this complexity, if cases aren’t submitted in the right way with all of the correct information at the right time this can also cause lengthy delays in getting that all important customer decision and the case to offer.
That is why at BM solutions we are looking at ways to help improve this journey for you and your clients to get better outcomes more quickly.
Please see our Portfolio Landlord checklist when submitting cases to us. By making sure you have followed all of these steps on every case you could take days off the overall processing time of your application.
In addition to the completing the checklist for Portfolio Landlord cases please also see the section on ‘How to complete a Portfolio Landlord form’. This contains a link to the BM Solutions Mortgage Portal which needs to be used for submission of all Portfolio Landlord cases by following the instructions. There is also a link to a short video showing you how to complete this section if you’d prefer.
Portfolio Landlord checklist
Once you have submitted your application, you must immediately complete the following steps:-
- Upload the documents that are listed in the “Summary” and “Next Steps” section on BM Solutions Online.
- All documents, apart from completing the Portfolio Landlord section, should be uploaded under the “Upload Documents” tab on BM Solutions Online – this will include full proof of income for your applicant(s).
- All sources of income must be declared in your application, especially land and property income. If you haven’t keyed these, now is a good time to add these to the application. Please upload proof of all sources of income as keyed in the application. For example; if your client is employed as well as having land and property income, we need to see most recent payslip and most recent tax year overviews and tax calculations.
- Where the client has limited company BTLs in their portfolio, please upload the most recent mortgage statement for these (or mortgage offer if they completed in the last 12 months).
- We require the Portfolio Landlord section to be completed via the Mortgage Portal -see guidance below on how to submit this correctly, as failure to do so will delay the processing of your application.
Portfolio Landlord form – how to complete
This needs to be completed via the Mortgage Portal. This can be accessed via the link below.
A short video is available showing how to complete this section; or follow instructions below.
- Once you have logged in, click on “new application” and then enter the application number and clients names (you must remove the special characters e.g. 60/12345678-1 would be 60123456781)
- Once you have created a new case, you will see a button “Portfolio Landlord”. You must select this option to complete the form.
- To complete the form use the “Add” buttons on the right hand side and work your way through the options to complete details in ALL of the sections.
- Once you have completed this make sure you select “Validate” and then “Submit”.
- If the submit button is greyed out, there are errors on your form. After you have validated the form any errors will be highlighted in red. Just click any red boxes and amend the error, validate again and then submit.
Our dedicated case handlers from our BM Portfolio Team will be in touch to help progress your case. Should you need to speak to them direct, then please contact 0345 602 0914, they are open Monday to Friday, 9am until 5pm.
TMA Club
Direct Magazine -Issue 7
Our latest issue of Direct Magazine is out now!
This issue focuses on the uncertainty of the road ahead and how to futureproof your business with help from your TMA Key Account Manager.
There is also an exciting Q&A with our newest Key Account Manager, Ronnie Molloy.
Read on to find out more – https://view.publitas.com/tma-mortgage-club/direct-magazine-april-2022/page/1
Impact Specialist Finance
United Trust Bank launches BTL
UTB has launched into the Buy to Let sector, offering brand new products available to individual, portfolio, limited company SPV and first time landlords.
Impact Packaging are delighted to have been offered this new improved product range which has some great USPs.
Standard & Specialist Ranges:
- 2 year fixed rates
- Max 80% LTV
- Standard Range : Single Dwelling , Private and ex LA or standard construction
- Specialist Range : Single Dwelling: Holiday lets of standard construction,
HMOs: Up to 6 lettable rooms, MUBs: Up to 6 units
Non-Standard Range:
- 2 year fixed rates
- Max 75% LTV
- Single Dwelling: Non-standard construction, HMOs: Up to 10 lettable roomsMUBs: Up to 10 units
Buy to Let Criteria:
- Applicants: Individuals or in a Ltd. Company (SPV), owning other BTL properties
- Gifted deposits considered
- Impaired credit accepted
- New Builds
- Capital Repayments
Have a case you would like to discuss?
Call the impact packaging team now on 01403272625.
Mansfield Building Society
Personal approach means lenders can meet demand for higher LTV remortgages
by Tom Denman-Molloy, Intermediary Sales Manager, Mansfield Building Society
We’re already around a quarter of the way through the year and we know that many intermediaries are already incredibly busy.
They have been inundated with enquiries from clients old and new about whether they can raise additional funds against their property.
HSBC
Important changes to our lending policy
With effect from Monday 9th May, we will be making the following changes to our lending policy:
Self-employed – residential mortgage applications
As part of our ongoing commitment to ensure our lending policy remains fit for purpose, we will be returning to our pre-covid position for self-employed residential mortgage applications.
The following documents will be required to support your customer’s self-employed mortgage application:
Sole Trader, General Partnership or Limited Liability Partnerships with fewer than 200 partners
- The last 2 years’ worth of Tax Year Overviews and Tax Calculations – the most recent year must be dated within the last 18 months.
Limited Company Director with 25% or more shareholding
- The last 2 years’ finalised accounts – the most recent year must be dated within the last 18 months (Where the latest year’s finalised accounts are dated on or before 31st March 2021, the last 3 months’ business bank statements will be required).
- If there is more than 1 director, we will also require the last 2 years’ P60s or the last two years SA302 / tax calculations, and the corresponding tax year overviews to evidence salaried income.
Limited Liability Partnerships with 200 or more partners
- Letter issued by either the company finance director or accountant (the letter must detail the customer’s earnings over the past 2 years and be dated within the last 3 months)
We will accept self-employed income which includes the Government’s Self-Employed Income Support Scheme (SEISS).
Please note, in some instances additional information may be required by the Underwriter to support the application.
Loan to Income (LTI) – residential mortgage applications
Our Loan to Value (LTV) banding will be changing from 90% LTV to 80% LTV. Any applications that reach a full credit decision after the 8th May will be subject to the below LTI:
| LTV | Joint income | Max. income multiples |
| <=80% | <£50,000 | 4.49x |
| >=£50,000 to <£100,000 | 4.75x | |
| >=£100,000 | 5.50x | |
| >80% | All incomes | 4.49x |
Please note, our online Affordability Calculator is currently being updated and may not reflect the above change. If you have an application with an income of more than £50k and between 80%-90% LTV, please contact our Broker Helpdesk or Chat with us.
Buy to Let (BTL) lending policy
The following changes will be made to our BTL lending policy:
- Removing the need for bank statements when assessing income and will be requested by exception only.
- The latest year’s self-employed income will only be used when assessing your customer’s case. Please note, you will still be required to input the last 2 years, but will only need to evidence the latest year.
- Removing the professional landlord policy, allowing applications from individuals with BTL borrowing greater than £2m across all lenders, and where more than 50% of the customer’s total gross annual income is derived from rental income.
- The maximum aggregated BTL borrowing with HSBC will be capped at £2m.
- A maximum LTV of 60% for borrowing >£1m to <=£2m.
Our Broker website will be updated shortly to reflect the above changes.
Further information
Chat with us or call our Broker Support Team on 0345 600 5847 (Monday to Friday, 9am to 5pm).
LENDINVEST
How the broker portal enhances the BDM role
When used correctly, the right technology can be a powerful tool to simplifying bridging finance for brokers, clients and BDMs. LendInvest’s Mia Colgan talks about how the technology in their broker portal supports her role to improve broker experiences.
WEST ONE BTL
Why are West One a safe pair of hands for portfolio BTL Mortgages?
When it comes to financing large complex buy-to-let portfolios, selecting the right lender is crucial.
For complex cases you need a safe pair of hands and at West One our individual approach to underwriting means that we review each case on its own merits, ensuring we support clients to secure the purchase or remortgage that they require in a smooth and timely fashion.
Why West One?
- Portfolio lending up to £10m per borrower – more than 20 applications or £3m lending by referral
- Leasehold Block exposure to 20 units with up to 100% exposure possible – over 20 by referral
- No background portfolio stress test
- Additional verification (like E-Tech or EDM) is not required
- Great turnaround times from enquiry to application and offer
- Limited company lending with no rate loading
- Fast-track remortgage options to speed up completions
- No minimum income requirements
For more information on how West One can help with your clients’ buy-to-let portfolio visit https://www.westoneloans.co.uk/buy-to-let-mortgages or contact the West One buy-to-let team on 0333 123 4556 or email: btlbrokersupport@westoneloans.co.uk.
LiveMore Capital
MORTGAGES AS EASY AS 1,2,3 AND 4
A WEBINAR FROM LIVEMORE
- Looking for a way to make finding the perfect mortgage even easier for you and your 50 -90+ customers?
- Got some burning questions you want to ask about LiveMore’s new product structure?
If you answered YES to the above questions, look no further! Join LiveMore on May 17th at 12:30pm for a webinar all about their new product structure, LiveMore 1-4.
In the 45-minute session, they will be covering;
- An overview of LiveMore, their criteria and the types of customers they are helping
- The brand new LiveMore 1-4 structure, and how each tier differs, giving your customers much wider choice of products.
- LIVE Q&A at the end, with a chance to ask the expert hosts your questions about LiveMore 1-4!
The webinar will be hosted by:
Matt Evans – Head of Underwriting
Tim Wellard – Product Manager
It is encouraged that advisers ask questions during the event, but if you would like to provide LiveMore with any questions you have in advance, please supply when registering below. They will do their best to get through as many as possible during the webinar.
THE MORTGAGE LENDER
Exploring Adverse Credit
We’ve conducted some research and published an in-depth report on adverse credit, what it means for mortgage applicants and what brokers can do about it. The results surprised us and we’d like to share our findings some from the survey and social creative for you to utilise with your advisors and it you see fit on your channels with a deep dive into Credit Scores.
Findings include;
- 62% of UK adults do not know what their credit score is
- 10% of Britons say their credit score has worsened since the pandemic
- Fewer than one in five (18%) have taken steps to improve their credit score
Foundation Home Loans
NEW RESIDENTIAL ERC-FREE DISCOUNT AND NEW PROFESSIONALS DISCOUNT WITH ENHANCED INCOME MULTIPLES
As of Tuesday 10th May 2022, Foundation Home Loans have launched new residential discount products at 75% and 85% LTV, targeted at professionals looking to maximise their income. The new Discount rate products come with one free standard valuation and no ERCs – allowing for greater flexibility.
• NEW F1 Professional 2-year ERC-free discount up to 75% LTV
• One free standard valuation
• Product fee of £1495
• Purchase and remortgage
• On a capital and interest repayment basis only
These products are available for purchase and remortgage on a capital and interest repayment basis only and are available for professionals looking to maximise their income with increased flexibility.
What’s more, Foundation have today also reduced rates across their standard F1 and F2 discount range up to 70bps.
• F1 2 Year ERC-free discount
• One free standard valuation
• Product fee of £1495
• Purchase and remortgage
Foundation have also released new Fixed rate pricing across the residential range up to 90% LTV.
As a final note, Foundation have reduced selected product fees by £300.
You can find out more by checking out the latest product guide today.
Reasons to use Foundation for your next specialist residential case:
Who for?
• Self-employed – directors, partners and contractors; retained profits considered
• Employed – no minimum term in current job (minimum 3 months employed)
• Clients with multiple and unusual income sources
• Holders of credit blips / lower credit scores
• First time buyers
• Eligible Professionals looking for up to 6 x income
How much?
• Maximum loan £2m
• Maximum term 40 years
• Maximum age 75 at end of term
• No minimum income
• Maximum number of applicants is 4 (immediate family)
What for?
• Capital and repayment mortgages up to 90% LTV
• Interest only, affordability calculated on an interest only basis up to 70% LTV
• Capital raising for buy to let purchase accepted
• A part and part mortgage up to 80% LTV
LEGAL & GENERAL
INTRODUCING A LIVE CHAT OPTION TO YOUR CUSTOMERS
From the 12th May your customers will be able to communicate with us directly through their ‘My Account’ using our new live chat option. This enables your customers to get help to resolve their query whilst remaining within their account, saving them time.
They will be supported by our Webchat team who will provide a quick, efficient, and accurate service.
Benefits of using My Account
- Update personal details such as address or telephone number
- Change their Direct Debit details
- Review additional benefits they have access too
- See all their policy documents and benefits
- Complete their “confirm your details” document
- Get help with any access queries
Your customer will receive a link to register for My Account when their policy goes live, and they can register for immediate access to their online portal.
ZEPHYR HOMELOANS
SPECIALIST BTL FOR INDIVIDUALS AND LTD COMPANIES
As a specialist buy-to-let lender, Zephyr Homeloans is dedicated to providing a quality service to brokers and their individual and limited company landlord clients. If you joined last week’s Criteria Clinic, you will have heard about our criteria and the types of buy to let cases we can help with.
We have a range of deals for purchases and re-mortgages, with discounted rates for properties with EPC ratings of A-C. And with broad buy to let criteria and manual underwriting provided by underwriters you can speak with; Zephyr could be the perfect solution for your buy to let cases.
But it’s not just what we do that stands Zephyr out from the crowd, it’s how we do it. We treat brokers as individuals and give a friendly and supportive service throughout the application journey. It’s no wonder then that 100% of brokers say they are happy with the service from Zephyr’s BDMs and Regional Sales Managers.*
*Survey completed by 123 brokers who had a mortgage offer from January 2021 to April 2022. All brokers who answered the questions about their BDM/RSM gave positive scores.
Don’t just take our word for it…
This is what Ian Gopsill from Just Mortgages said in March:
“I recently used Zephyr to apply for 3 SPV Ltd Company mortgages. I found the whole process very smooth and easy. I found it extremely helpful to have direct discussions with the underwriter dealing with the case, rather than just sending emails which so often happens with lenders. I also had fantastic BDM support throughout the process – proactive at keeping me up to date and very responsive to my calls and emails. I would recommend Zephyr and will be using them again for future applications.”
Give Zephyr a try today
If you have a buy to let case, the Zephyr team would love to have a chat and help you.
KENSINGTON
INNOVATIVE MORTGAGES THAT MEET YOUR CLIENTS’ NEEDS
Alongside flexible lending criteria, our team of underwriters look beyond the tick boxes of an application form. We use real data to create innovative mortgages that meet the needs of real people, those the high street lenders can often overlook.
If you’re looking for a mortgage lender that looks for ways to say yes, rather than no, register for access to our broker portal. You’ll then be able to place cases with us, and sign up for our latest updates so you’re first to hear when we launch new products and services.
