A variety of lenders have made changes to their product ranges; Foundation Home Loans has doubled its buy to let portfolio limits, while TSB has removed application fees and NatWest and Accord have lowered the rates on their mortgage and remortgage products.
Foundation Home Loans (FHL) has doubled its buy to let portfolio limits, increasing its maximum landlord portfolio from £1 million to £2 million. The change applies to both purchase and remortgage.
Furthermore, FHL has changed its proof of income criteria. Where the lender previously requested the last three months’ bank statements for income verification, they will now accept:
- Last month’s payslips and last P60 for employed applicants
- Last year’s accounts or SA302 for self-employed applicants
- Evidence of pension income for retired applicants
- Trust funds, investment and rental income as additional income (SA302 or income statement)
Following TSB’s decision to remove its £265 application fee from all new mortgage applications, the lender has now decided to remove application fees across all its residential and buy to let product ranges.
In addition, TSB has introduced new rates across its (now fee-free) three-year fixed rate range.
Both NatWest Intermediary Solutions and Accord Mortgages are also making changes to their mortgage and remortgage ranges.
NatWest is discounting products within its 60 to 90% LTV range, with highlights including a new two-year fixed-rate purchase mortgage for first-time buyers with an LTV of 80%.
The lender’s two-year and five-year fixed-rate first-time buyer mortgages are offered with £500 cashback.
In its remortgage range, a three-year fixed-rate product is available up to 60% LTV or up to 70% LTV. Both rates come with a £995 arrangement fee.
Meanwhile, Accord Mortgages, which is part of Yorkshire Building Society Group, is reducing rates on selected mortgages by up to 0.08%.
Remortgaging customers can now access a two-year fixed rate at 1.38%(4.3% APRC) for a 75% LTV mortgage or a five-year fixed rate of 2.13%(3.9% APRC), also at 75% LTV.
Both products carry a fee of £995 and come with a choice of either £250 cashback on completion and free standard valuation or free legal fees and free standard valuation.
Lastly, Yorkshire Building Society has launched a new Help to Buy ISA at a rate of 2.00%.
Savers over the age of 16, who have never owned a residential property in the UK, will be eligible for a 25% Government bonus as part of the scheme. The minimum bonus is £400 based on £1,600 saved with a maximum bonus of £3,000 based on £12,000 saved.
Savers hoping to get their foot on the housing ladder can deposit up to £1,200 within the first month of opening their account, and can subsequently save a maximum of £200 a month.
The savings account is available through Yorkshire Building Society branches and agencies, Norwich & Peterborough branches and online via the Yorkshire and Chelsea building societies.
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For more information on getting onto the property ladder give our residential team a call today on 0345 345 6788.
28th October 2016