Inform 16th February 2024

The Co-operative Bank

Tips and tricks for pipeline applications

We are currently working through our pipeline of applications.  To make the journey as smooth as possible attached is a set of requirements for a fully packaged, standard application and a visual instruction for uploading documents.  In addition, detailed below are some helpful tips…

Uploading documents…
3 month’s payslips are required on all residential employed cases without exception

• Documents should be saved as PDFs but not password protected
• When uploading individual payslip PDFs, to go to the case overview page, select “PLEASE UPLOAD REQUESTED DOCUMENTS”. Select ‘payslips Resi –App1’ and upload the 1^st When successfully uploaded a green tick will appear. Go back to the case overview page and select the same option to upload the 2^nd payslip, repeating the process for the 3^rd payslip to complete the task. Do this for both applicants if a joint application
• Bank statements must be a full monthly statement showing the applicants name and address as well as a running balance. Our processing teams will validate the salary credit and general expenditure so if separate accounts are used for these, please upload both bank statements.  Statements are uploaded through ‘Case overview’ as above.

The documents can only be emailed to preoffer1@co-operativebank.co.uk if there is an issue with the upload as this can delay the process further.

Providing answers to questions to help assessment or making changes to the application…
From the ‘Case overview’ screen, ‘Start a conversation’ is where the broker can provide the information for the case owner to assess at the next assessment.  Please answer the questions fully as the case will not move forward without an answer.

Broker messaging…
Emails will be sent to the advisor by the case owner following an assessment of the case.  To view the messages the broker will need to log into the portal and click on the envelope in the top right hand corner to view the updates.  At this stage, emails will not include the account number or the client name.

Viewing documents (including ESIS and applications)…
All uploaded documents can be viewed in ‘Case overview’, along with documents produced by processing.  ESIS and DIPs are saved in ‘Illustration’ sequence and all other documents are saved within ‘Application sequence’

Fleet Mortgages

FLEET REVEALS REBRAND TO TAKE LENDER INTO SECOND DECADE

Fleet Mortgages, the buy-to-let specialist lender, has revealed a complete rebrand for the business reflecting a more modern image as it moves into its second decade.

The rebrand includes a brand new logo and website – available at www.fleetmortgages.co.uk – with the new imagery and colourway reflected across all of its marketing material and its product and loan documentation.

Fleet Mortgages was established in 2014, and said the rebrand reflected its increased size and scale, particularly its recent growth and the close relationship with its owners, Starling Bank.

The new logo also comes with a new strapline for the business, ‘Everything starts with a good conversation’ and is a reflection of the direct customer service it offers to advisers, plus the strength of Fleet’s entire staff, particularly its Senior and Internal BDMs active across the country, and its underwriting department who speak directly to advisers.

Fleet Mortgages specialises in buy-to-let mortgages, offering a range of products exclusively through advisers to landlord borrowers covering three core ranges; standard, limited company and HMO/multi-unit block.

Last week it launched new limited edition, five-year fixed-rate products with zero completion fees.

Fleet Mortgages’ product guide and full list of lending criteria is available to view by visiting its website at: www.fleetmortgages.co.uk

The Mortgage Lender

now launched shared ownership

We’re delighted to announce we have launched our Shared Ownership (purchase only) proposition as well as a Large Loans & Interest Only range.

These new product ranges provide further opportunities to help your clients who may have either a smaller deposit or are looking for greater flexibility with how much they can borrow, as well as more choice when it comes to how they repay their mortgages.

Highlights of our new products include:

Shared ownership:

• Loans up to 95% of share purchased subject to a maximum of 75% LTV against the open market value.
• Self employed latest years figures or 1 years accounts accepted.
• Pre tax profit plus salary for Limited company directors.
• Complex Incomes and credit blips accepted (see product guides on the website for further detail).

Large Loan/Interest Only

• Loans available between £500,000 – £1,250,000.
• Interest only up to 75% LTV.
• Sale of residential property acceptable repayment method.
• Up to 5x LTI on large loans, if loan is greater than £1m on a C&I basis only.

We have also introduced:

• Non advised BTL.
• Online product transfers

We’ve also made some technical changes which have been designed to provide more options and support for your clients, including:

• Non-advised BTL applications now accepted
• Online Product Transfers now available

Speak to your local Business Development Manager or call our Business Development Hub on 0344 257 0418 to find out more about how we could help your clients.

Hanley Economic Building Society

Hanley Economic Launches new Website!

Over the weekend Hanley Economic have launched our new website. – Welcome to Hanley Economic Building Society | The Hanley

This will be a much easier platform for you and your brokers to navigate through and features a host of improvements designed towards making the broker journey easier.

The main difference is the intermediaries section of the site has now been split into its own micro site. This can be accessed via the top of the site by selecting “intermediaries” or via the following link – Intermediaries | The Hanley

Halifax Intermediaries

Shared Ownership changes

Yesterday, Halifax expanded their Shared Ownership proposition by reducing the minimum share the customer must be purchasing for New Build properties from 25% to 20%. This will help more customers commence a home ownership journey using a Shared Ownership scheme.

The minimum customer share for purchase of an existing home (not New Build) through a Shared Ownership resale scheme, or for remortgages remains as 25%.

The Loughborough Building Society

Introducing new criteria for self-employed applicants

The Loughborough Building Society are now able to accept applicants form client that have 1 year self-employed or limited company accounts.
This is applicable when client have been previously employed in the in the same line of employment as their business.

This is also available to newly qualified professional who have also completed I year accounts.

Key Points

• Max 80% LTV (inclusive of fees)
• Available on products across our residential range
• FTB, new residential and remortgage applications
• Capital and interest only.
• Only available for the client’s main residence
• The client would need to have a clear credit history.
• This is not available in conjunction with the following schemes – JBSP/ Shared Ownership/ B2L/ Holiday let or Family Assist

Metro Bank

Turning Dreams into Keys: An Affordability Success Story 

Did you know that Metro Bank have a range of solutions to help your customer with their affordability?

Meet Clive & Sandra

Clive and Sandra, both 68 years old and retired, have lived in their home for 27 years. They currently have an interest only mortgage with a high street lender. The mortgage term ends next year and their existing lender won’t extend it due to age and affordability models. Victoria and Andrew, their daughter and son-in-law, work full-time. Victoria and Andrew are in a strong financial position to be able to afford their mortgage and assist Clive & Sandra.

And how we can help…

A Joint Borrower, Sole Proprietor remortgage with Metro Bank, utilising all four incomes. Clive and Sandra remain as owners, enabling them to remain in their home, extending the term by 11 years (ending before their 80^th birthday).

Criteria highlights

• Up to four applicants on the mortgage, with a minimum of one applicant on the property deeds
• Income can be accepted from up to 4 applicants – at full income multiples, subject to affordability
• Multiple & complex income streams considered.
• Flexible affordability calculations on pound for pound remortgages.
• Maximum age 80 considered (mortgage term based on the oldest applicant at the end of the term)
• Up to a 40 year term considered on repayment & 35 on Interest Only
• Remortgages up to 90% LTV, (purchase up to 95% LTV) subject to lending policy limits

For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides.

Contact us

Get in touch with your local Business Development Manager; they would love to hear from you. Find your nearest BDM here.

Or call our Broker helpdesk on 020 3427 1019.

Molo

Non-residential BTL mortgages

The UK property market remains a compelling global investment opportunity, and Molo is dedicated to actively supporting your clients’ entry into this thriving market.

At Molo, we are consistently exploring innovative methods to empower both you and your clients in their journey toward homeownership. We’re delighted to introduce our Non-Resident Buy-to-Let Mortgages, offering a unique opportunity for borrowers worldwide to secure a buy-to-let property in England and Wales, all without requiring a UK bank account.

In collaboration with AAA Financial Corporation, who brings 27 years of international lending expertise, Molo is expanding its lending offerings to cater to non-residents looking to invest in properties in England & Wales. AAA Financial Corporation will oversee and coordinate all Non-Resident Buy-to-Let business for Molo.

Our commitment at Molo remains centered on delivering innovative financial solutions tailored to the unique needs of our clients, especially those residing abroad and eager to invest in the UK property market.

Key highlights:

• Two and five-year fixed-rate mortgages, for capital and interest mortgages on both individuals and limited companies
• Two and five-year fixed-rate mortgages, for interest-only mortgages on both individuals and limited companies
• Innovative 5-year switch product allows borrowers to move from a fixed-rate to tracker rate at any time during the loan period, taking advantage of any future reductions in the Bank of England rate
• Capital and interest and interest-only mortgages available for individuals and limited companies
• A wide range of specialist products, including New Builds, Investor Led, Holiday Let, Houses of Multiple Occupation (HMO), and Multi-unit Freehold Blocks (MUFB)
• Available to first-time borrowers and landlords in over 60 countries, including China, Hong Kong and Singapore, and across the European Union. No UK bank account required

Non-Resident buy-to-let mortgages

As always, if you have any questions don’t hesitate to get in touch with us by email at brokersupport@molofinance.com.

Paragon Bank

Intermediaries target limited company lending growth as economic picture improves

The Winter 2024 edition of Paragon’s Mortgage Intermediary Insight Report reveals some of the ways that both brokers and their borrower clients have adapted amidst a challenging, albeit improving, economic landscape.

The first of our twice-yearly reports highlights how the volatile fiscal environment of the past year is shaping the market, influencing intermediary business strategy and investment behaviour.

One of the most notable aspects of this latest report is a rise in limited company lending, an area in which Paragon specialises. In recent times we’ve seen an increasing number of landlords utilise limited company structures as this form of property ownership enables finance costs, such as mortgage interest, to be offset against rental income. This is one method used by landlords to mitigate the increased tax burden resulting from Government policy and our report shows that intermediaries expect the shift to continue.

Almost half (49%) of intermediaries expect to see an increase in buy-to-let mortgages written to portfolio landlords utilising limited company structures throughout the next year, with 45% also anticipating an uptick in non-portfolio limited company business.

The report also revealed the base from which the increases are expected, with almost three in 10 (29%) of current mortgage cases written to portfolio landlords operating through limited companies and 15% amongst non-portfolio landlords.

Alongside the anticipated growth in limited company lending, the research, undertaken by BVA BDRC on behalf of Paragon, also found that:

• Remortgaging will be a key source of residential and buy-to-let business over the next 6-12 months
• A growing proportion of intermediaries expect 2-year fixes to be the most popular product over the next 6-12 months
• The greatest proportion of intermediaries viewed the amount that landlords can borrow, based on rental calculation, as the main priority for their buy-to-let clients

Download MIIR – Winter 2024

Louisa Sedgwick, Paragon Bank Commercial Director for Mortgages, said: “Our twice-yearly MIIR provides us with an extremely useful picture of the mortgage market, particularly because it uses insight from intermediaries, people who know the market inside out.

“The Winter edition shows how they are diversifying to mitigate the impact of unstable economic conditions on purchases while focusing on fundamental aspects of business, like customer service and relationship building. Brokers tell us that landlords are adapting too, with more taking advantage of the potential benefits offered by incorporation and opting for products that may be more suited to today’s market than those they may have chosen in the past.  

“Confidence amongst intermediaries has understandably been influenced by the recent economic instability but the outlook is largely more optimistic when compared to the MIIR from the same period a year ago. It is also important to note that the fieldwork for the report was carried out in November and, since then, we’ve seen some positive economic signs, such as a cooling of inflation and increased consumer confidence. This will bring down rates, helping to stimulate a broader mix of mortgage business activity, so I’m sure we’ll see a more positive picture come the next edition in the Summer.”

Reliance Bank

NEW Shared Ownership Scheme Products Launched + AIP now provided immediately over the phone

Reliance Bank Ltd are excited to announce the launch of our NEW Shared Ownership Mortgage Product Range to both the Intermediary market and Direct Channel with rate reductions across the board.

The Key updates are as follows:

• Minimum Loan amount remains at £75,000 and minimum share remains at  25% of the full market value
• Shared Ownership Scheme Mortgage products can be used for First Time Buyers / Home movers / Remortgage Cases / Staircasing
• The End Date across this product range is 31^st July 2026
• We have maintained an £850 cash back offer. This will be paid within 60 days of  completion
• Product Fees – can be added to the loan or paid upfront. Please note the Maximum LTV limit cannot be exceeded if product fee is being added

New AIP process
Following your feedback, we have launched a simplified AIP process. The aim of this is to reduce the time taken to provide you with an Agreement in Principle. I am pleased to announce we are now able to provide an Agreement in Principle over the telephone once a successful affordability assessment has been conducted. As part of this change, the Agreement in Principle letter is now valid for 30 days from date of issue. Please note that a credit search will not be produced at this stage.