Leeds Building Society – Experience next-level Limited Company Buy to Let

Last year, Leeds Building Society launched their dedicated Limited Company Buy to Let (LCBTL) product range. With decades of award-winning experience in individual Buy to Let, the Society brought their knowledge to LCBTL, helping hundreds of brokers to support landlords who manage buy to let portfolios through a limited company.

Now the Society is taking LCBTL to the next level, with even more support to get business done quickly and easily.

Improved service and support

• Enhanced underwriting service from a team of specially trained experts.
• Comprehensive support from their network of BDMs across the country – plus plenty of other ways to get in touch.
• A useful packaging checklist and affordability calculator to help get your clients completed even faster.
• Expanded product range with 2 & 5-year products up to 80% LTV at different fee points.

Key criteria

• Up to 4 directors and shareholders can be named on the application.
• Non-director shareholders accepted.
• Up to 80% LTV.
• Newly established SPVs accepted.
• Improved stress rate and interest coverage ratio.

Terms and conditions apply. These products are not available for companies or properties registered in Northern Ireland. 

New mortgage package wef 07.10.2024

You will note the following changes from the revised mortgage package 7th Oct;

Variable rates for foreign currency Self-build amended

Variable rates for House Purchase & Remortgage improved

Selected fixed rates for House Purchase & Remortgage improved

Variable rates for Self-build amended

Variable rates for foreign currency House Purchase & Remortgage improved

Fixed rates for foreign currency House Purchase improved

Selected fixed rates for foreign currency Remortgage improved

Halifax Intermediaries Online – User Access Management

Under our online T&Cs all firms must appoint a nominated individual(s) to have supervisor system access rights; to actively manage all registered personnel within their company, including authorising new users from their organisation.

Key roles include –

• To ensure all registrations are legitimate, appropriate and to prevent fraudulent applications being submitted and protect mortgage business.

• Ensure the named individual seeking authorisation is known to your firm and importantly that their email, date of birth, address/telephone/mobile details are consistent with the records you hold.

• To prevent cases of impersonation check with the individual that they have recently registered for user access

• Check that the role that the user has registered for is suitable for the activity that they undertake within your firm

• Rigorous verification of individual credentials and cross-referencing information are all pivotal steps of the registration authorisation process

• Ensure that all user information is reviewed on a regular basis (at least quarterly) and is accurate and up to date

• To immediately delete users that leave your company or who will be temporarily inactive for a period of 60 days or more

• When changing a user’s role consider if this is appropriate for the activity they undertake.

Please find below steps on
how to authorise an individual at your firm:

• Log onto the Intermediaries Online system
• Select “Online Administration” from the Homepage and then
“Supervisor search”
• Select ‘search’ and then ‘pending authorisation’. This will show you a list of all your company users requiring authorisation
• Choose the relevant user from the list and click on ‘User ID’. You’ll then see their details on the screen
• Finally, choose the ‘authorise’ option. You’ll be asked to check your user’s e-mail address and to make sure that their details are correct. To confirm them, simply click ‘Submit’

Metro Bank Talks… JBSP and Maximising Income

We will be running a webinar series in the middle of October focusing on our Joint Borrower, Sole Proprietor proposition with case scenarios to help bring to life how we can help your customers with affordability. Each webinar will run for no longer than 15 minutes and is therefore a great opportunity, for your intermediaries, to obtain a quick insight into these criteria changes.

Metro Bank Talks… JBSP and maximising incomes (less than 15-minute webinars)

Join us for our next ‘Metro Bank Talks…’ webinar series, focusing on our recently enhanced JBSP proposition and income requirements to help with affordability and maximise the income we can use for your customer.

Metro Bank Talks… JBSP and maximising incomes

Tuesday 15 October | 9.30am – 9.45am: Register now

Tuesday 15 October | 2pm – 2.15pm: Register now

Thursday 17 October | 9.30am – 9.45am: Register now

Thursday 17 October | 2pm – 2.15pm: Register now

If you are unable to attend the events above, please feel free to give your BDM a call to book in a meeting – they’d love to hear from you. Find your local BDM here.

Withdrawal of shared ownership. And an invitation.

In advance of something new and pretty exciting coming next week, we’re withdrawing the two products in our Shared Ownership range.

We always aim to give you as much notice as possible, so here are your deadlines:

DIP deadline 5pm Tuesday 8 October 2024

FMA deadline 5pm Friday 11 October 2024

Withdrawn Products

Shared Ownership 2 Year Fixed Rate – for purchase, remortgage or staircasing – up to 95% LTV 5.60%

Shared Ownership 5 Year Fixed Rate – for purchase, remortgage or staircasing – up to 95% LTV 5.25%

Shared Ownership with versatile credit criteria and supportive affordability

Our Shared Ownership lending is available up to 95% share (75% LTV) and can accommodate historic credit blips, including:

• Defaults ignored over 36 months ago, whether satisfied or not
• Debt Management Plans satisfied over 36 months ago
• Up to 2 missed payments on credit cards in the last 24 months (0 in the last 6 months)

As well as our versatile credit criteria, our Shared Ownership products include:

• A fixed end-dated product with affordability stressed at pay rate
• 2 year fixed rate with discounted follow-on rate* to also support affordability stress tests
• No product fees

Find out more from the link here.

*The discounted follow-on rate is 1.74% below our SVR giving a current rate of 7.15% variable.

Available property types and loan sizes

Our Shared Ownership mortgages are available on pre-approved housing association properties registered with Homes England or the Welsh Government.

In addition to lending on houses, we can allow purpose built flats of up to four storeys constructed since 2003. Minimum loan size is just £75,000 and maximum loan size is £350,000.

For more information about our products and services, including our affordability calculator and applying through our online portal, visit our website at https://www.mansfieldbs.co.uk/intermediaries

A common sense approach

If you’ve got a case on your desk that requires a common sense approach to lending then please pick up the phone to our Broker Support team on 01623 676360 or visit https://www.mansfieldbs.co.uk/intermediaries/. 

Product Launch

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Regulation Watch 01 October 2024

Financial Conduct Authority (FCA)

FCA and PRA appoint new Chair of the FSCS | FCA

• The FCA and the Prudential Regulation Authority (PRA) have appointed Elizabeth Passey as Chair of the Financial Services Compensation Scheme’s (FSCS) board. She will take up the role on 1 October 2024.
• Over a 30-year career, Elizabeth held senior positions with J. Stern & Co., Investec Asset Management and Morgan Stanley. She recently completed 2 terms as Chair of the Rural Payments Agency, and as convener of the University of Glasgow.
• The appointment was made by the FCA Board and the Prudential Regulation Committee (PRC) with the approval of HM Treasury. Elizabeth Passey succeeds Marshall Bailey OBE, who is stepping down after 2 terms as FSCS Chair.

The end of LIBOR | FCA

• Yesterday, 30 September 2024, the remaining synthetic LIBOR settings were published for the last time and LIBOR came to an end. All 35 LIBOR settings have now permanently ceased.
• The transition away from LIBOR, once referenced in an estimated $400 trillion of financial contracts, has made financial markets safer, more stable and fit for modern use.
• Synthetic LIBOR was a temporary bridge to give firms more time to move outstanding legacy LIBOR-linked contracts towards alternative RFRs, allowing for an orderly cessation.

Mortgage Solutions

One in 10 borrowers not confident about affording their mortgage payments (mortgagesolutions.co.uk)

• At least one in 10 borrowers aren’t confident about affording their mortgage repayments. The latest Household Financial Confidence Tracker from Compare the Market found that a total of 13% find themselves in this financially precarious position.
• The research also found that 57% of mortgage holders say they are unlikely to switch their mortgage to a new deal while rates remain at current levels.

• The deputy Prime Minister Angela Rayner has laid out a plan to build around 80,000 homes each year in London, more than double the current rate of delivery.
• In a letter to Mayor of London Sadiq Khan, Rayner announced she was withdrawing the London Plan introduced by the previous government to deliver 62,300 new homes in the capital each year, up from the current average of 37,200
• Rayner introduced a new Standard Method, which she said would produce an “ambitious but deliverable figure for London of nearly 81,000”.

Mortgage Strategy

NHQB launches consultation on New Homes Quality Code – Mortgage Strategy

This means that the buyers of these new homes have an independent route for redress through the New Homes Ombudsman Service.

The New Homes Quality Board (NHQB) has launched a consultation on the New Homes Quality Code.

The consultation will allow everyone including housebuilders, buyers of new homes, the wider industry, and policymakers, to review the proposed changes to the code and offer their feedback.

Around 54% of all new homes currently being built in England, Scotland and Wales are already protected by the code.

Mortgage Range Changes – Effective from 7th October 2024

View online

Landbay Monthly Article

Product News: Product Launch 04.10.2024

On Friday 4^th October 2024, we’re extending end dates to January on our Buy to Let Limited Company retention range.

All products listed revert to Limited Company Buy to Let Variable Rate (currently 6.59% variable) for the term.

Withdrawn Products

The following products will be withdrawn from COB Thursday 3^rd October:

Product Refresh

On Friday 4 October, we’re making the following changes to our product range:

Buy to Let and Let to Buy – Complete by dates extended

When we give you notice of PT/FA rate movements, you will be able to view the new products available for a specific customer by logging into BM Solutions Online on the day they become available.

Please ensure any applications on existing products are fully submitted before 6pm on Thursday 3 October.

New Further Advance affordability calculator

We’ve added a Further Advance option to our website Mortgage affordability calculator. Quickly check the maximum further advance amount that may be available to your customer. We recently launched our new and improved further advance application process, and we’re making it even easier for you to support existing Halifax mortgage customers looking for additional borrowing.

How to use the calculator –

• Select ‘Further advance’ as the Loan type
• You just need to key the further advance loan amount, term and the Existing mortgage balance, term and repayment type
• The existing mortgage information is all available on Mortgage Enquiry
• The rest of the calculator is completed the same as for a purchase or remortgage
• The result will show the maximum further advance amount we may be able to lend your customer

Halifax Intermediaries product launch 04.10.2024

On Friday 4 October we are making the following changes to our product range; Homemover and first time buyer products

• Complete by dates extended on all products
• Rate reductions of up to 0.11% on selected products

Remortgage products

• Rate reductions of up to 0.24% on selected products

• Complete by dates extended on all products.

Product transfer and further advance products – Rate reductions on selected products

Further information

• The product search tool on the Halifax Intermediaries Website, Halifax Intermediaries Online and sourcing systems will be updated by Friday 4 October.
• To secure existing product codes, please submit applications in full by 8pm on 3 October.

Our latest mortgage product update

We’re making some changes to our new lending and existing customer mortgage range. These changes affect new mortgage applications and new rate switch applications only.

Key Product Updates – New Lending – See our latest updates

-Limited Company Buy to Let fixed rates reduced up to 0.26%.

-New Limited Company Buy to Let fixed rates launched, starting from 4.79%.

Key Product Updates – Existing Customer –See our latest updates

-End dates on Residential, Interest Only and Retirement Interest Only products extended to January.

-1-year Residential and Interest Only products introduced.

Rate Switch applications must be submitted before the 15 of the month to support the new product taking effect from the 1 of the following month.

Products will be withdrawn from the system at midnight on Thursday 3 October 2024 – see our latest updates for details. You’ll be able to apply for any new products from the stated launch date.

Accord are extending end dates in their Residential New Business product range and…

On Friday 4 October, Accord are making changes to their Residential New Business product range. The current range will be withdrawn at 10pm on Thursday 3 October and the new range will be available at 8am on Friday 4 October.

What’s changing?

• End dates extended to 31 January
• Introducing 2 year Offset remortgage products at 85% for £1m – £2m loan sizes

What else do brokers need to know?

Please note that a full mortgage application must be submitted by the time of withdrawal to secure a new lending product. If a broker is yet to submit a DIP, they should do so as soon as possible as any referrals will only be looked at during normal office hours.

When is this change?

The current range will be withdrawn at 10pm Thursday 3 October and the new range will be available at 8am Friday 4 October.

Speeding things up

Accord knows it’s very busy at the moment – to allow brokers to find the information they need in a hurry (including Accord’s criteria), their  website and chat bot is available to help them get answers quickly and easily.

Brokers also have access to MSO for real time updates on existing cases, freeing up their time to help clients.

Important Barclays product news

From tomorrow, Friday 4 October, we are changing rates on a selection of products across our Purchase and Remortgage ranges, as well as introducing new Purchase products. Key product change highlights include: Introducing new products for Purchase mortgages:

-4.85% Premier 2 Year Fixed £899 product fee, 90% LTV, Min loan £5k, Max loan £570k

-3.92% 5 Year Fixed £0 product fee, 60% LTV, Min loan £5k, Max loan £2m.

Purchase:

-4.22% 2 Year Fixed  £899 product fee, 60% LTV, Min loan £5k, Max loan £2m, will decrease to 3.99%

-4.65% 5 Year Fixed  £999 product fee, 90% LTV, Min loan £5k, Max loan £570k, will decrease to 4.47%

-5.28% Green Home 2 Year Fixed  £0 product fee, 90% LTV, Min loan £5k, Max loan £570k, will decrease to 5.03%.

Remortgage:

-5.82% 2 Year Fixed  £999 product fee, 85% LTV, Min loan £5k, Max loan £2m, will decrease to 5.32%

-5.03% 5 Year Fixed  £999 product fee, 85% LTV, Min loan £5k, Max loan £2m, will decrease to 4.93%.

Please see the rate overview guide for information of all our product changes.

LV= Lifetime Mortgage Update

With effect from Friday 4^th October, interest rates are increasing across our products.

Where a KFI has been produced on a lower rate, DIPs must be submitted by 12:00 midday, 17th October with applications fully submitted by 12:00 Midday, 18th October.

Product Launch – Date Extensions

All Buy to Let products will be extended to reflect 30^th April end dates.

Please be aware the only changes made to the products are the codes, end dates and ERCs.

Old product codes will be withdrawn COB today, with applications permitted until COB Monday 7^th October.

Santander reduces fixed rates again on 4 October

On Friday 4 October, we’re reducing selected standard residential and all Buy to Let fixed rates in our new business and product transfer ranges. We’re also reducing all new build fixed rates.

Plus, we’re reducing our green residential and Buy to Let remortgage fixed rates.

There’ll be no other changes to our product ranges.

New business

Selected standard residential fixed rates for purchases and remortgages, including green remortgage, reducing by up to 0.29%.

All new build rates reducing by up to 0.19%.

All Buy to Let fixed rates, including green Buy to Let remortgage, reducing by up to 0.17%.

Product transfers

Selected residential fixed rates reducing by up to 0.29%.

All Buy to Let rates reducing by up to 0.16%.

For clients who want to change or cancel their new deal.

If they haven’t accepted their product transfer offer yet, you can select a new product in the online mortgage transfer service for them and a new offer will be issued. Please make sure your client accepts the correct offer for the deal they wish to book.If they’ve already accepted their new deal, you can change to a different deal or cancel the one that’s already booked for them. You must do this at least 14 days before their new deal starts. Please see the ‘Product transfer cancellation process’ section on the Product transfers ( https://host.santanderforintermediaries.co.uk/c/AQirkgUQhL2ABxjY0ruNBSCQjvygAfAzqZh3k0uSXPubpzVg0mbgTGQNu_VwxnBV_eesnzP7 ) page.

Whilst a product transfer is pending, your client cannot make any other changes to their mortgage until that new deal has started. This includes a switch to interest only for 6 months or a term increase under the Mortgage Charter, and other changes such as overpayments.

Further information

Full details of our new business range can be found in Rate Bulletin (Issue 25). Our latest mortgage rates page will be updated on Friday 4 October.

From Friday 4 October you can log on to our online mortgage transfer service in Introducer Internet to view your client’s choice of rates. You won’t find these on sourcing systems.

You must submit your new business and product transfer applications on our current ranges by 10pm on Thursday 3 October.

Metro Bank – VISA Enhancement Mailer

Great news! We’ve made some positive changes to our VISA requirements, widening the criteria that can be accepted.

Criteria enhancements

• Skilled Worker VISA
  • No minimum salary requirement
  • Available on all repayment methods 
• Spousal VISA – now accepted in line with above

Some things to note…

• Maximum 75% LTV
• For skilled workers, evidence of sponsorship is required
• Under 3 years U.K. history can be considered for these applications subject to full underwriting assessment and meeting the minimum credit score requirement
• Copy of VISA required

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

Contact us

If you have any questions or need support, please get in touch with your BDM or call our Broker helpdesk on 0203 427 1019. To find your nearest BDM, please click here.

Halifax Intermediaries – up to date self-employed income evidence

Please note that for all applications fully submitted from Sunday 6 October 2024 the latest Tax Calculations and Tax Year Overviews must be for tax year 2023 / 2024

This is to ensure that the most recent Tax Calculations (SA302s) and corresponding Tax Year Overviews are no more than 18 months old.

There’s no change to self-employed income verification and you should continue to follow the existing process

Please see our website Criteria page for more details on self-employed incomes.

Visit us online
www.halifax-intermediaries.co.uk

VM Exclusives Product Reductions

Summary of changes – reductions with our exclusives tonight.

Fix and Switch 90% LTV Purchase fee saver with Free Valuation and £250 Cashback, unchanged at 5.29%

75% LTV Remortgage 2 Year Fixed Rate with £895 fee reduced by 0.10% to 4.24%

75% LTV Remortgage 5 Year Fixed Rate with £895 fee unchanged at 3.94% 

90% LTV Purchase 2 Year with £995 fee and free valuation, reduced by 0.14% to 4.85%

90% LTV Purchase 5 Year with £995 fee and free valuation, unchanged at 4.43%

Looking for a re-bridge solution? We understand things don’t always go to plan

Clients with existing bridging finance may look for a re-bridge to secure a better deal or if their original loan is reaching the end of its term and they need more time before repaying. This may be because their planned sale fell through, or a build is taking longer to complete. That’s why we take a flexible approach and review each case on its own merit to find ways to say ‘yes’.

When it comes to short-term lending, we find the solutions. We’re the original bridging building society lender, offering regulated and unregulated short-term finance. Our dedicated team of experts have the knowledge and experience to guide you through even the more challenging cases. Don’t just take our word for it, check out this real case example where the team came to the rescue for a tricky re-bridge when a client was let down by their current lender – https://mhbs.co.uk/intermediaries/latest-news/rebridge-case-example/ 

At Market Harborough, we provide award-winning bridging finance for many scenarios, not just chain breaks and have recently made it even EASIER to place your short-term cases by simplifying our range and:

• Expanding the range with products now available up to £5m
• Extending our maximum loan to value (LTV) to 70%

Whether you’re looking to place your first bridging case, or you’re a regular, our award-winning dedicated Bridging Finance team are here to help every step of the way. Give them a call today on 01858 412345 (option 2) or chat to your nearest BDM – https://mhbs.co.uk/intermediaries/contact-us/.

We’re reducing our mortgage products

With effect from Thursday 3^rd October, we’ll be making a number of reductions across our residential and Buy to Let (BTL) mortgage product ranges. Summary of changes: We are introducing a new high value mortgage range from £2,000,000.01, with a £1,999 booking fee across our Homemover, First Time Buyer and Remortgage ranges at 60%, 70% and 75% LTV.

Existing residential customer switching

• 2 Year Fixed Fee Saver at 70%, 75%, 80%, 85%, 90% and 95% LTV decreasing
• 2 & 5 Year Fixed Standard 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing
• 3 & 10 Year Fixed Fee Saver at 60%, 70%, and 75% LTV decreasing
• 3 & 10 Year Fixed Standard 60%, 70%, and 75% LTV decreasing
• 5 Year Fixed Fee Saver at 60%, 80%, 85%, 90% and 95% LTV decreasing
• 5 Year Fixed Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

Existing residential borrowing more

• 2 Year Fixed Fee Saver at 70%, 75%, 80%, 85% and 90% LTV decreasing
• 2 & 5 Year Fixed Standard 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing
• 3 & 10 Year Fixed Fee Saver at 60%, 70%, and 75% LTV decreasing
• 3 & 10 Year Fixed Standard 60%, 70%, and 75% LTV decreasing
• 5 Year Fixed Fee Saver at 60%, 80%, 85% and 90% LTV decreasing
• 5 Year Fixed Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

Residential First Time Buyer / Home mover

• 2 & 5 Year Fixed Fee Saver at 80%, 85%, 90% and 95% LTV decreasing
• 2 & 5 Year Fixed Standard at 80%, 85% and 90% LTV decreasing
• 5 Year Fixed Premier Exclusive at 80%, 85% and 90% LTV decreasing

Residential First Time Buyer / Home mover Energy Efficient Home – (A & B EPC Rated Properties)

• 2 & 5 Year Fixed Fee Saver at 80%, 85%, 90% and 95% LTV decreasing
• 2 & 5 Year Fixed Standard at 80%, 85% and 90% LTV decreasing
• 5 Year Fixed Premier Exclusive at 80%, 85% and 90% LTV decreasing

Residential Remortgage

• 2 & 5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing
• 2 & 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing
• 5 Year Fixed Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

Residential Remortgage Energy Efficient Home (A & B EPC Rated Properties)

• 2 & 5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing
• 2 & 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing
• 5 Year Fixed Premier Exclusive at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

Residential Remortgage Cashback

• 2 & 5 Year Fixed Fee Saver at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing
• 2 & 5 Year Fixed Standard at 60%, 70%, 75%, 80%, 85% and 90% LTV decreasing

BTL existing customer switching / Borrowing more

• 5 Year Fixed Fee Saver at 60% and 65% LTV decreasing
• 5 Year Fixed Standard at 60% and 65% LTV decreasing

BTL Purchase

• 2 Year Fixed £3,999 Standard at 60%, 65% and 75% LTV decreasing
• 5 Year Fixed £3,999 Standard at 60%, 65% and 75% LTV decreasing

BTL Remortgage

• 2 & 5 Year Fixed £3,999 Standard at 60%, 65% and 75% LTV decreasing
• 5 Year Fixed Fee Saver at 60% and 65% LTV decreasing
• 5 Year Fixed £1,999 Standard at 60%, 65% and 75% LTV decreasing 

International Residential

• 2, 3, 5 & 10 Year Fixed Fee Saver at 60%, 70% and 75% LTV decreasing
• 2, 3, 5 & 10 Year Fixed Standard at 60%, 70% and 75% LTV decreasing
• 5 Year Fixed Premier Exclusive at 60%, 70% and 75% LTV decreasing

International BTL

• 5 Year Fixed Fee Saver at 60% and 65%LTV decreasing

There are no further changes to any other interest rates at this time.

Further information -The product finder tool and sourcing systems will be updated for Thursday 3^rd October. Use our ‘Chat with us’ service to request a rate change on an existing mortgage application. Please note, due to increasing demand, wait times may be longer than usual. To secure existing product codes, please submit applications in full by midnight, Wednesday 2^nd October.

Product launch notification

Visit here.

Virgin Money is now part of Nationwide

View in browser

BTL Resi Remo Ltd Edition: 03 Oct 2024

As of the morning of the 3^rd October 2024, Foundation Home Loans will launch 2 new Residential Remortgage Only Limited Editions.

Shared Ownership with versatile credit criteria and supportive affordability

View in browser

Goodbye generic.

We know you only want to receive information that’s relevant to you and your cases.

With our tailored product, criteria and case alerts, you’ll never miss out on the vital updates that matter.  Sound good? 

Tell me more about the app

Retention Proc Fees have arrived

In recognition of the role you play in arranging product transfers for customers, we’re delighted to announce that we’re now paying retention proc fees! 

To make it easy for you we’ve put everything you need on the website – you can find it all on our Product Transfer page.

You’ll need to be registered with us to work on a product transfer. The good news is, the registration process is the same as for new business. If you’re unsure if you’re registered, please contact the team and we’ll check for you. 

We look forward to working with you and if you have any further questions then give our helpful team a call on 0330 123 1073 or contact your BDM.

Accord are reducing fixed rates on their Residential Product Transfer and Additional Loans product range

On Wednesday 1 October, Accord are making changes to their Residential Product Transfer and Additional Loans product range. The current range will be withdrawn at 8pm on Tuesday 1 October and the new range will be available at 8am on Wednesday 2 October.

What’s changing?

• Fixed rates are reducing by 0.10-0.55%

No change to BBR trackers or end dates

What else do you need to know?

Accord are pleased to have signed up to the Mortgage Charter – click here to find out how it can help existing Accord customers. For more information about Accord’s product switching process, click here. 

If brokers wish to amend a client’s already offered product to a like-for-like deal they can do so via Accord’s switching form; however, this must be submitted no later than 14 days before the current product end date.

Speeding things up

Accord knows it’s very busy at the moment – to find the information brokers need in a hurry (including criteria) their website is here to help get answers quickly and easily.

Our latest mortgage product update

We’re making some changes to our new lending mortgage range. These changes affect new mortgage applications only.

Key Product Updates – See our latest updates

-Up to 10 bps reductions on selected 90% and 75% Residential and Residential Reach products.

-Up to 15 bps reductions on Buy to Let and Portfolio Buy to Let products.

-Up to 14 bps reductions on Shared Ownership products.

-Selected end dates extended until January.

Products will be withdrawn from the system at midnight Monday 30 September 2024 – see our latest updates for details. You’ll be able to apply for any new products from the stated launch date.

More rate drops from Suffolk

A week ago we dropped up to 20bps off expat holiday let. Now we’ve cast our net further, with reductions across 95% resi and some BTL products. We’ve extended some end dates too!

NEW PRODUCTS from 30 September 2024

Resi 95% LTV – 2 Year Fixed: 5.39% (down 30bps), 5 Year Fixed: 5.05% (down 24bps)

Expat BTL 80% LTV – 2 Year Fixed: 5.69% (down 16bps)

Holiday Let 80% LTV – 2 Year Fixed: 5.55% (down 14bps)

BTL 80% LTV – 2 Year Fixed: 5.39% (down 20bps), 5 Year Fixed: 5.19% (down 30bps)

BTL Light Refurbishment 80% LTV – 2 Year Fixed: 5.49% (down 20bps), 5 Year Fixed: 5.29% (down 30bps)

Struggling to place those quirky cases? Quirky’s what we do best. Give our support squad a call on 0330 123 1073 or email bdt@suffolkbuildingsociety.co.uk. 

We’ve improved our Foreign National policy

Good news – we’ve made a number of enhancements to our Residential lending policy for Foreign Nationals.

With immediate effect, the following changes have now been implemented:

• Where any applicant is a UK National or Foreign National with Indefinite Leave to Remain (ILR), Standard lending criteria applies, up to 95% LTV. Visa evidence will still be required for all Foreign National customers.

• Any application(s) that does not fit the above criteria, the following new criteria will apply:

• Applicant(s) has an ‘acceptable’ visa type
• Max LTV increased from 75% to 85%
• Applicant(s) has lived in the UK for at least 12 months, OR
• Applicant has a minimum income of £75,000 per annum or a joint income of £100,000 per annum (excluding variable income)
• There is no longer a requirement for a Foreign National without ILR to have 1 year remaining on their visa (as long as they have an ‘acceptable’ visa type)
• We will now accept debt consolidation applications (subject to our Standard lending criteria).

Please note, we still require the following additional supporting documents for all Foreign National customers who have lived in the UK less than 12 months:

• Credit report from the previous country of residence
• Latest three months bank statements
• Three months payslips. 

Our broker website will be updated shortly with the above changes.

Your Barclays Monthly Update for September

September has been another month where we have continued our steady efforts to refine our systems and policies, focusing on incremental enhancements that improve your experience of doing business with us.

On Wednesday 25  September, we changed our product transfer window from 180 days to 90 days. Our systems will be updating to reflect this change.

We increased the product transfer window in 2022, from 90 days to 180 days, to help provide certainty to customers in a volatile rate environment. We are making these changes in the context of the current stable rate environment and the vast majority of our customers applying for product transfers within the last 90 days of their maturity.

What does this mean for you? Product transfer applications from Wednesday 25 September 2024 should only be submitted up to 90 days prior to an existing product maturity.

To ensure a smooth transition, we will be operating a minimum grace period of the next 90 days to allow any pipeline appointments, applications and amendments to be worked through. We will be in touch with advance notice before this grace period comes to an end.

Switching BTL to Resi mortgages – We’ve recently made some positive changes to our lending policy. When customers wish to switch an existing Barclays Buy to Let (BTL) mortgage to a Barclays Residential mortgage, we will allow the BTL rate and remaining product term to be kept. A bespoke version of the mortgage product will be created to mirror the rate and period remaining.

This will give customers the option to avoid the potential early repayment charge (ERC) on redemption of the BTL, if required.

Changes to the Halifax Housing Price Index

To calculate the percentage loan to value (LTV) when a product transfer (PT) is required, we use an indexed valuation figure which is updated every quarter by the Halifax House Price Index (HHPI).

Ahead of the next changes to HHPI, expected in early October 2024, we’re sending you the usual reminder that if a PT illustration is not progressed through to offer, any future changes to the HHPI may negatively or positively impact on the LTV and therefore product(s) available.

Products may also be withdrawn as part of a rate change and to ensure the product is secured for your client, a PT application must be progressed through to offer.

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Cut-off date for 2022/2023 self-employed income evidence

For all self-employed income evidence, the most recent year end must not be more than 18 months before the date of the application.  

From Monday 7 October, we’ll no longer be able to accept income evidence if the most recent year end is for the 2022/2023 tax year. We’d need more up-to-date income evidence.

For more information, see the ‘Self-employed income’ section of our evidence requirements guide ( https://host.santanderforintermediaries.co.uk/c/AQirkgUQv9b_BhjY0ruNBSDly-qgAQe8oqaDcMNl-MfXNwVyFPenNP0XxSMJvjFH3rJXhscz ).