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The Mortgage Lender
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Does More Homes On The Rental Market, Mean Opportunities For Landlords?
gatehousebank
Latest Changes
We have announced a number of changes to our products, criteria, offer validity period and application packaging process.
To find out more about our full range of products and criteria, please click here.
Advance notice of reduction to finance Offer validity period from 15 November
Following a review of the current market, we have decided to reduce our Offer validity period from 6 months to 4 months. This change will take effect from Wednesday, 15 November 2023.
Offers issued up to and including Tuesday, 14 November will have a 6-month validity period. Any Offers issued after this date will be subject to a validity period of 4 months. Once an Offer has expired, a new application will need to be submitted on current products and new fees will apply. The Valuation Report will be valid for the period of the finance Offer.
Change to our Application Packaging Process from 15 November
If an application has not been satisfactorily packaged in accordance with our packaging guidelines, we will remove the application from the portal after 14 days of receipt of the signed application (previously 30 days). This change will also take effect from Wednesday, 15 November 2023. If the Customer wishes to proceed, a new application will need to be submitted to us on current products and new fees will apply.
If you have any queries or require further information and support with packaging Finance Applications, our team remains available via phone and email, details of which can be found here.
Skipton Building Society For Intermediaries
Skipton BS rebrands JBSP loans as Income Booster mortgages
Skipton Building Society will rename its Joint Borrower Sole Proprietor loans as Income Booster mortgages in a bid “to simplify” house purchases for first-time buyers.
The mutual says the name change is a bid to combat “mortgage journey jargon” and aims to “highlight exactly what the product is and encourage aspiring homeowners to find out more about it and see if it is a viable option that they may have not realised before”.
The firm reveals that 60% of potential FTBs worry that their lack of understanding is delaying them from getting onto the property ladder, with 52% saying they feel they may miss out on a better deal due to not understanding the different types of mortgages available to them, in a recent survey of 1,000 aspiring homebuyers.
The study adds that 70% of potential buyers agree that homebuying “would run smoother if everyone spoke in layman’s terms”.
The mutual’s Income Booster scheme allows potential home buyers to add up to three extra people onto their mortgage, without making them an owner of the property.
Skipton head of mortgages and propositions Jennifer Lloyd says: “Getting on the property ladder has become increasingly challenging, and we recognise financial assistance is often essential for aspiring homeowners.
“We want more people to be aware of the options that are available to them such as the Income Booster scheme, which increases the amount able to borrow through assessing the main applicant’s income along with the income of up to three friends or family, which means potential home buyers could borrow more, allowing a scope of more properties or making that first step onto the ladder easier for FTBs.”
Kent Reliance For Intermediaries
Portfolio landlords and the changing rental market
In our latest article Group Intermediary Director, Adrian Moloney explores the rise of the portfolio landlord and explains how Kent Reliance for Intermediaries could help landlords looking to extend their buy to let business.
Within the article you’ll learn more about:
- The latest portfolio landlord figures
- Why it’s not all doom and gloom for landlords
- Our handcrafted approach to portfolio lending
For intermediaries only. Product information correct as at 27/10/2023
lendinvest
How should landlords respond to dropping of new EPC requirements?
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The Mortgage Lender
Committed to complex
We understand that life isn’t 100% perfect but with our real life lending approach and dedicated underwriting, we’re 100% committed to supporting your business.
This means:
- For employed cases, we will consider using 100% of evidenced bonus, overtime and commission to help affordability
- For the self-employed, we lend up to 85% LTV with 12 months trading history
- For contractors, we’ll calculate income up to a maximum of weekly rate x 48
- Applicants in a current DMP are considered
Utility defaults or arrears are not considered as impaired credit. And on top of that, we’ll consider 75% of working tax credit, and 50% of investment income.
Coventry for Intermediaries
First Time Buyer Economy Report
The value of the first time buyer (FTB) economy, comprised of lending and spending, is set to reach a total of £74.1 billion by 2025, according to latest research by Coventry for intermediaries in partnership with the Centre for Economics and Business Research (Cebr). This research forms part of Coventry for intermediaries’ second edition of The First Time Buyer Economy report looking at the value that FTBs bring to the housing market and wider UK economy.
Manor Mortgages
No Tricks this Halloween
There are only treats at Manor Mortgages this Halloween.
We will give you an extra £250 Special Bonus per case if you refer a client or if you send us a processing-only case. It is dead simple.
See how you can use our Tier One and Tier Three services:
Tier One: Refer a Client
In busy periods, you may not have the capacity to process time-consuming cases. Or you may not be able to advise on a particular type of mortgage, such as: Expat, Bridging, Development Finance, Commercial, Second Charges, Complex BTL, or Adverse Credit.
OUR GUARANTEE
1. We will pay you a percentage of the completion and proc fee (Plus £250) within 48 hours of completion.
2. We never cross sell insurance or solicitors, so if you have this arranged, we will make sure this remains in place.
3. We make it clear to clients that we are a specialist service for complex cases. Future mortgages and remortgages will be arranged through your company.
Tier Three: Outsourced Processing
Save your precious time by outsourcing your processing to Manor.
1. We offer a processing-only service in which we submit an AIP, issue you with an illustration, request documents and liaise with the lender during underwriting
2. You will receive the same procuration fee as you would receive if going directly to the lender + £250 Special Bonus
3. Your client will pay no additional fees whatsoever.
Scottish Widows
Scottish Widows pulls out of resi, remo markets to focus on later life lending
Scottish Widows Bank will pull out of the house purchase and remortgage markets to focus on equity release loans later this month.
The lender, which is part of the Lloyds Banking Group, says that from 17 November it “will no longer accept purchase or remortgage applications for new customers”.
It adds that any purchase or remortgage applications submitted up to 16 November “will be able to proceed to offer and completion as normal”.
The firm says the change is part of a move to “simplify our mortgage proposition” across the wider banking group’s brands.
Scottish Widows adds: “For existing mortgage customers, we will continue to provide a full range of mortgage services including porting, which will continue to be serviced via mortgage intermediaries, as we do today.”
It adds that its lifetime mortgage business remains unchanged, “and new business applications for these can be submitted as normal”.
John Charcol mortgage technical manager Nicholas Mendes says: “There is a slight shock to this latest announcement for Scottish Widows to exit the market and solely focus on the lifetime mortgage market.
“With little forward notice or warning, to hear Scottish widows have decided to exit the market, is certainly unexpected.
“The lender was one of few to offer an offset product, but also its flexible criteria for certain clients will be missed.”
The firms said that LV= Lump Sum Lifestyle and Drawdown Lifestyle products would come to market on 7 November, adding that the deals “offer added flexibility for customers considering equity release as a way of accessing capital to help support their financial plans”.
Scottish Widows managing director of retirement and longstanding Emma Watkins said the tie-up with LV= supported “the growth of our annuities business.”
Fleet Mortages
Rental Barometer
Fleet Mortgages has released the latest iteration of its Buy-to-Let Rental Barometer covering Q3 2023 rental yields across England and Wales. The regional snapshot covers all areas of England and Wales in which Fleet lends and highlights the rental yield changes that have occurred in each of those regions. In this iteration, the yearly comparison is between Q3 2023 and Q3 2022.
This new version of the Rental Barometer continues to include data covering average rates, loan sizes, landlord portfolio numbers and average monthly rental income by region.
