LATEST PARTNER BLOGS:
Fluent Money
Have you given second charge mortgages a second thought?
Lendinvest
How bridging offers a path to certainty in 2024
Guardian
Helping advisers explain the cost of childhood cancer to clients
The Loans Engine
Unlocking opportunities in a challenging market
The Exeter
Gain CPD with our live webinar
Join us for the first of our value-added services sessions, where Square Health GP, Dr Morven Telling, discusses the importance of Remote GP services and examines how the new Health MOTs work in practice. Dr Telling is joined by Andrea Ryan, Senior Account Manager at Square Health and Jamie Page, Head of Protection Distribution at The Exeter.
By joining this session you’ll gain an understanding of how your clients use Remote GP services, how the sessions are run and what your clients can expect when they have a Health MOT, including how the MOT reports are reviewed and any red flags are handled.
Don’t miss this insightful discussion worth 40 minutes of CPD – join us on 21st February between 11.00am and 11.40am.
HSBC UK (Mortgage Intermediaries)
Lending into Retirement policy
With effect from today, Monday 29th January, we’ve made the following amendments to our Lending into Retirement policy:
Applicants who are more than 10 years from age 70 or their anticipated retirement age (whichever is sooner)
- Our max age at the end of the term remains 80 however, affordability needs to be evidenced up to the 70th birthday of the oldest applicant. Where affordability is evidenced, a term up to age 80 can be taken.
- We will no longer require confirmation of pension provision to be provided for these customers.
Applicants who are within 10 years from age 70 or their anticipated retirement age (whichever is sooner)
- Affordability must be evidenced up to the 70th birthday of the oldest applicant based on earned income. Where affordability is evidenced, a term up to age 80 can be taken.
- To ensure we continue to lend responsibly we will also require affordability to be evidenced based on pension projections over the required term.
Our Broker website and Affordability Calculator will be updated shortly to reflect the above changes.
Please note, when using the Affordability Calculator you must only input a mortgage term up to the maximum age of 70, to ensure affordability is assessed correctly.
Once the calculator has been aligned with these changes, we will notify you on our Broker website that the full lending term, up to the maximum age of 80, can now be input.
Further information
Chat with us or call our Broker Support Team on 0345 600 5847 (Monday to Friday, 9am to 5pm).
Vida Homeloans
Maximise your client’s borrowing power
Loan to Income – With affordability assessed, we’ll accept up to 6 x Loan to Income (LTI) across our Residential product range.
We can also lend up to 90% LTV on our 7-year fixed Residential range.
Minimum Income – One applicant must earn at least £15,000. Benefit income should not typically be considered the main source of income.
Helping Hand – We’ll accept up to 4 applicants, with all incomes considered. Joint Borrower/Sole Proprietor includes:
Parents (including stepparents and parents of a spouse), children (including step or adopted), siblings, grandparents, aunts, uncles, cousins and nieces/nephews
Income and Income Sources – Employment History:
- No minimum time in employment. Applicants need to provide at least 3 months’ employment history
Child Benefit, Guardians Allowance and Child Tax Credits considered up to 100%
We’ll also consider regular overtime and Tips (TRONIC) income up to 75% and second job income up to 100%
For the full list of income sources, click here.
Vitality
Hayley’s Story: ‘Knowing I’m still covered, even after claiming twice, has made all the difference
With people more likely to survive a serious illness than ever, the need for cover to remain in place after a claim has never been more important. As Hayley found out first hand.
As a young mother, it was a no-brainer for Hayley to take out the most comprehensive protection insurance she could get for her and her family.
However, in her mid-30s she never expected she’d actually need to make a claim on her Serious Illness Cover, let alone twice.
Darlington Intermediaries
Skilled Workers and ex-pats to benefit from new criteria
The intermediary branch of Darlington Building Society – is proud to say no to ‘computer says no’. In its ambition to help people achieve their dreams of homeownership, even in more complex circumstances, the lender has updated criteria across its range to open up its mortgage offering even further.
From 22 January:
- Borrowers with a Skilled Worker Visa can now borrow up to 90% LTV. With many people from overseas coming to the UK to fill skills gaps, it’s now easier to plant roots and take their first step onto the property ladder here in the UK.
- Ex-Pats can now take advantage of a Holiday Let Mortgage offering up to 75% LTV. As well as a generous maximum of 42 weeks letting period to base the Interest Coverage Ratio (ICR) on, applicants can also use the property for up to 90 days a year themselves.
Chris Blewitt, Head of Intermediary Distribution said:
“We are proud of our specialist approach to lending, and are constantly working with our distribution partners to understand the market challenges. Through these conversations it has been highlighted that there is a considerable demand for higher LTV loans for those on Skilled Worker Visas. With Skilled Workers being a significant part of the UK labour market and the Society having significant knowledge of this market it was felt that a flexing of criteria to cater for higher LTV’s was a challenge we could rise to.
“We have also incorporated a new Ex-pat Holiday Let product, again responding to changes in the market and facilitating those who may find it difficult to find a mortgage to suit their unique circumstances with a traditional high street lender.”
Aria Finance
Fast and flexible funding for auction purchase
Once the hammer falls at an auction, you typically have 28 days to complete the purchase, which means traditional funding options for a property such as a mortgage are too timely.
In our latest case study, we look at a recent deal where Aria Finance arranged a second charge bridging loan for a client in just 6 days, to secure a church purchased at auction.
Key Details:
- Loan Type: Second Charge Bridging Loan
- Amount: £482,946.59
- LTV: 67%
- Term: 12 months
Why Aria Finance for Bridging Loans:
- Speed & flexibility
- Large loan sizes up to £30m+
- Peace of mind that your cases are being dealt with by industry-leading experts
- Up to 80 – 100% LTV available with additional security
- Finance can be used to purchase or re-mortgage as a first or second charge loan
At Aria Finance you always get a premium service that’s second to none. We handle every element of your enquiry from application to completion to take the stress out of the bridging finance process.
With one quick easy call to 020 3839 9998, submit an enquiry or talk to us on the live chat, we can review your client’s finance needs and work with our extensive panel of lenders to tailor a perfect bridging solution.
Kensington
Low deposit options
Solutions available for your clients who have smaller deposits, or are first time buyers.
- 95% LTV available up to £500k
- Interest only to 75% / part and part to 95% LTV
- Limited or no credit history considered
- Shared Ownership, HTB Wales and RTB available
- Gifted deposits from immediate family members accepted
- Fee and no fee options available up to 90% LTV*
You can find out more about low deposit mortgages here.
*Completion fees cannot be added to Residential applications over 90% LTV.
**Please note, for applications from Northern Ireland, the maximum LTV is 80%.
The Mortgage Lender
Buy to Let landlords see opportunities in 12 months ahead
The Swansea Building Society
Implementing some pivotal changes to our lending criteria
We are implementing a series of pivotal changes to our lending criteria, effective from February 1, 2024. These strategic adjustments are poised to provide a more nuanced and flexible approach to mortgage lending.
The key changes are as follows:
- Self employed income – now we are using the last 2 years income info not 3 years as previously required.
- Max LTV for Limited co borrowing increased to 75% from 70% and now the same LTV (75%) as personal BTL / HL mortgage products.
- Max loan for BTL increased to £500k from £300k and higher amounts considered on a case by case basis.
- Max loan for HL increased to £1m from £500k and higher amounts considered on a case by case basis.
- Max loan amount for self build mortgage increased to £1.5m from £500k.
- Income multiples – joint income multiples increased to 4.5 from 3.5 with higher levels considered on a case by case basis. (Sole = 4.5)
- Income multiples for medical professionals – joint income multiples increased to 5.5 from 5 with higher levels considered on a case by case basis. (sole = 5.5)
- Don’t forget we have introduced a Regulated Bridging Product and a new Green BTL product wef 01.01.24.
These changes follow a series of enhancements introduced in January, including the launch of our new Regulated Bridging Mortgage product, a Green BTL mortgage product, and a shift in product fee charges on regulated products to a flat £1249 Product fee.
Click here to read the full changes.
Alun Williams, our Chief Executive, said:
“Our commitment to meeting the wide ranging and diverse needs of our customers is unwavering. These changes to our lending criteria signify our dedication to providing increased flexibility and tailored solutions, ultimately supporting our customers on their unique financial journeys.”
Metro Bank
‘Metro Bank Talks…’ now available to fit your schedule
Thank you to all of you who joined our the latest “Metro Bank Talks” webinars.
If you were unable to make it, that’s not a problem. We’ve listened to your feedback and uploaded recorded versions onto our website, enabling you to watch at a time that’s suits.
Metro Bank Talks… Buy to Let (13 minute webinar)
Find out in more detail on our Buy to let range, including our improved stress rates, details on our Top Slicing policy and how both work in conjunction with our current policy.
Metro Bank Talks… Affordability (16 minute webinar)
We understand that affordability is currently one of the biggest challenges in the market and at Metro Bank we have a number of solutions that can help with this.
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.
The Cambridge
Mortgage Applications from Foreign Nationals
We can now consider Mortgage Applications from Foreign Nationals on either a Skilled Worker Visa (Tier 2), a Global Talent Visa (Tier 1) or a Health and Care Worker Visa.
Your customers must:
• have been a resident in England or Wales for the last two years
• have a deposit from their own sources (not gifted)
The maximum LTV is 80% for applications where all mortgage customers hold a Visa. If the application is in joint names, where one customer holds permanent rights to reside in the UK (or pre settled/settled status), the maximum LTV increases to 95%, with only a 5% deposit required.
Our policy allows:
• a rate from our standard product range to be chosen
• no minimum time remaining on the Visa – although where it is less than six months the Underwriter will need to understand the future position
• Buy to Let applications where your customer owns a UK residential property
• applicants from all countries, provided they are not on the Government Sanction List
