In this issue, we look at how the wider mortgage market has fared through the COVID-19 crisis. We examine how new lending has been impacted and what the recovery might look like, as well as what the changes in the industry, both temporary and permanent, mean for lenders and customers and the future of the sector.
Key Highlights include:
Watch this Precise Mortgages’ video discussion which focuses on ‘What’s next for New Build’ from the lender’s point of view.
Introducer Internet won’t be available from 9am on Saturday 1st August until 6am on Monday 3rd August.
During this time you will be unable to submit cases.
Santander apologise for any inconvenience caused.
We are enhancing our service by creating an additional submissions channel and giving you the opportunity to generate further business.
With effect from Monday 3 August 2020, we will accept product transfer applications where a variation is included such as changing the length of the mortgage term and changing the repayment type of the loan.
Any product transfer applications for new or existing interest only mortgages will need to meet our interest only lending criteria and we will require evidence of the repayment strategy.
A proc fee of 0.25% will be paid for all product transfer applications.
Where a customer requires further borrowing on an existing mortgage or transfer of equity, they will need to speak with us directly.
On Monday 3 August our product transfer page will be updated on our website www.themeltonbrokers.co.uk where you will find full details of our products and criteria. If you have any queries please call our Broker Support Team on 01664 414144.
Please note with immediate effect, Scottish Widows have amended their procuration fees to 0.36% Gross and 0.35% Net for all products (incl. further advances, porting and product transfers)
View the latest blog from Leek United Building Society which focuses on the opportunity for first time landlords based on the current market.
Click here to read the blog: https://www.leekunited.co.uk/intermediaries/news/mortgage-opportunity-in-the-first-time-landlord-market/
Mansfield Building Society are delighted to announce that their holiday lets are back. Holiday let lending is available for new or existing portfolio landlords with applicants benefiting from their personal and pragmatic approach to underwriting.
Introduced to help the UK’s workforce through COVID-19, the furlough scheme means that the Government pays up to 80% of eligible employees’ wages; up to £2,500 per month. This also covers those working zero or flexible hours contracts.
From August to October, workers on furlough will continue to receive 80% of their salary, although employers are expected to make up the rest of the shortfall.
While lenders have taken steps to reassure those with mortgages that are struggling to make payments, such as introducing mortgage payment holidays, many may still be concerned about their credit scores and what missing payments may mean for them in the future.
How Kent Reliance for Intermediaries could help
Through these most unprecedented of times, Kent Reliance for Intermediaries has provided continuous support to its brokers. For those concerned about not meeting ‘mainstream criteria’ requirements, the specialist lender operates a little differently to others by individually assessing each case, providing a more human and considered approach to underwriting.
Flexible criteria could be the answer
Here are some of the ways Kent Reliance for Intermediaries has tailored its product ranges to help those receiving furlough:
First2Protect have launched ‘Rent Guarantee’, which is available both via their referral services and on TMA’s GI Quote & Apply Engine on Toolbox.
This means that you can once again protect your BTL customers against tenants’ defaulting rent.
For further information, speak to your TMA Key Account Manager or email firstname.lastname@example.org.
Read our latest article from our Head of Claims and Underwriting Strategy, Scott Cadger, highlighting the need to dispel customer myths about the need for protection, especially in these unprecedented times.