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For PRIMIS intermediary use only

We’re putting the fizz back into Lemonade !

With the fast paced, ever-changing landscape we have the perfect tonic to keep you up to speed with increasing rates and product changes.

Lemonade was originally launched during the pandemic to provide a host of useful tools and updates to support PRIMIS brokers.

It’s back again to do a very similar job but in different circumstances. The Experts Team will keep the site up to date so if you have any questions or can’t find what you need, please get in touch – experts@primis.co.uk

Rate Changes


Santander selected fixed rate reductions on 16 July


Foundation Home Loans – BTL Limited Edition 16.07.24: Partners

As of the morning of 16th July 2024, Foundation Home Loans will launch a BTL Limited Edition with a rate of 5.44% and product fee of £4995 with an LTV of 75% and comes with a minimum loan size of £200,000.00.

In addition to the BTL Limited Edition launch, we are also repricing some of our Special products (BTL & Residential).


New Business & Retention Reprice (40 products) – 16 July 2024

Product Changes

New product codes issued for all affected products and end dates remain the end of November. Products and rates may change or be withdrawn at short notice subject to demand.

New Business

Residential

• Selected 2 & 5 year fixed rate products decreased by up to 0.32%

Professional Mortgage

• No changes

Buy to Let

• Selected 2 & 5 year fixed rate products decreased by up to 0.05%

Help to Buy

• No changes

Product Switch

Residential

• Selected 2 & 5 year fixed rate products decreased by up to 0.32%

Buy to Let

• Selected 2 & 5 year fixed rate products decreased by up to 0.05%

Help to Buy

• No changes


Criteria update

This week we have new criteria which has aligned the enhanced criteria of our Professionals Mortgage to the 50+ and RIO.

  • Bonus/Overtime/Commission. Max of 100% subject to history/stability
  • Investment/notional income. Allowing withdrawal of investment income outside of retirement income. We’ll take 75% of the investment pot divided by the mortgage term. This only impacts pre retirement income as we already take as a retirement income.
  • Day 1 Fixed Term Contractor. Subject to previous experience in the industry.
  • Day Rate Contractors.
    • Number of weeks moving from 46 to 48 weeks
    • No minimum income required
    • Max gaps moving from 6 weeks to 3 months (subject to explanation on gaps as gaps+weeks should equal 52)
    • Current contract. 3 months remaining or confirmed renewal or something that gives good confidence it will be renewed
    • Can consider multiple contracts subject to experience
  • Day 1 Day Rate Contractors. Subject to:
    • Evidence of previous employment in the industry
    • 3 moths on contract remaining or confirmed renewal or something that gives good confidence it will be renewed
    • Min income £50k
    • Assessed on one contract only
  • Self Employed:
    • 1 year accounts accepted if < 2 years trading plus accountants projection and latest 3 months bank statements
    • 2 years trading, generally take the latest trading year. Subject to:
      • If income is higher in the latest year, the magnitude of the increase from latest to previous year will be considered and we may ask for evidence it’s sustainable.
      • If income in latest year is lower, we’ll ask for explanation from accountant and confirmation the trend is not continuing. Projection for current year must show stable or higher income.
    • Retained Profit. Subject to 2 years accounts. Taken as the growth in the retained profit.
    • Income from Multiple limited companies
    • Moving type of employment i.e. from sole trade to ltd company

LendInvest: Dual Rep is here – save and speed up your next bridging deal

This summer season brings both speed and savings with Dual Rep.

With LendInvest, your customers can now select a firm to act for themselves and us, making the process faster than ever and saving them money by using one law firm.

We have more to offer:

  • Rates from 0.84%
  • High LTV; Low monitoring 85% LTV products for Buy-to-Let and House Flip investors
  • Brand new Bridge-to-Let process offering start-to-finish certainty
  • AVMs to speed up the process even more

What’s not to like? Get started in our Mortgages Portal


Mixed & Matched


Lending Policy Changes

BTL Rental Calculations

(Please note, the changes are highlighted below in red, all other calculations shown below remain unchanged)

Portfolio Landlords/Higher rate taxpayers

·       Less than 5-year fixed rate product selected –  145% @ 7.94%

·       5-year fixed rate product or more selected  – 145% @ 6.04%

Standard rate taxpayers

·       Less than 5-year fixed rate product selected – 125% @ 7.94%

·       5-year fixed rate product or more selected – 125% @ 6.04%

Like for Like Remortgage (regardless of Tax Status)

(excludes CBTL and LTB)

·       Less than 5-year fixed rate product selected – 125% @ 7.94%

·       5-year fixed rate product or more selected – 125% @ 6.04%

BTL Additional Borrowing (irrespective of product selected)

Higher rate taxpayers

·       145% @ 7.94%

Standard Rate taxpayers

·       125% @ 7.94%

Portfolio Background Properties

  • 145% @ 6%
  • OR If Like for Like Remortgage application (with no requirement for top slicing) then 125% @ 6%

Product launch notification


Product Refresh

On Friday 12 July, we’re making the following changes to our product range: Buy to Let and Let to Buy

  • Rates reduced by up to 0.15% on selected products

Product Transfers and Further Advances – no change

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 8pm on Thursday 11 July.


Limited Edition – buy to let and residential rates


Halifax Intermediaries product launch 12.07.2024

On Friday 12 July we are making the following changes to our product range: Homemover and first time buyer products

  • Rate reductions of up to 0.13% 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 12 July.
  • To secure existing product codes, please submit applications in full by 8pm on 11 July.

Lifetime Mortgage Update

From tomorrow, Friday 12 July, we are changing rates on a selection of products across our Residential Purchase and Remortgage ranges. Key Purchase product change highlights include:

  • Reduced – 4.88% 2 Year Fixed  £0 product fee, 60% LTV, Min loan £5k, Max loan £2m, will decrease to 4.71%
  • Reduced – 4.68% 2 Year Fixed  £899 product fee, 60% LTV, Min loan £5k, Max loan £2m, will decrease to 4.52%
  • Reduced – 4.57% 5 Year Fixed  £0 product fee, 75% LTV, Min loan £5k, Max loan £2m, will decrease to 4.24%.

Key Remortgage product change highlights include:

  • Reduced – 4.47% 5 Year Fixed  £999 product fee, 60% LTV, Min loan £5k, Max loan £2m, will decrease to 4.36%
  • Reduced – 4.65% 5 Year Fixed  £999 product fee, 75% LTV, Min loan £5k, Max loan £2m, will decrease to 4.50%
  • Reduced – 5.01% 2 Year Fixed  £999 product fee, 60% LTV, Min loan £5k, Max loan £2m, will decrease to 4.70%

Lifetime Mortgage Update

With effect from Friday 12th July, interest rates are decreasing on the Lifestylerange.


We’ve enhanced our lending criteria

As part of our ongoing commitment to enhance the broker journey, we have listened to your feedback and increased our maximum lending limits across LTV tiers for Capital Repayment and Interest Only mortgage applications. With immediate effect, the following changes have now been implemented:


Rate reductions at Hodge: 50+ & RIO products

At Hodge, we make changes with you and your customers in mind. That’s why we’re letting you know that we’re reducing rates across our 50+ and RIO products. Our rates will be reducing by up to 20bps across our 50+ range and 26bps on our RIO range.

The changes will be live from 9am today.


When extra time is a good thing ⚽


West Brom Product News: Product Launch 11.07.2024

On Thursday 11th July we’re making rate amendments and re-introducing 90% and 95% LTV products to our 5 Year products across the Core purchase/remortgage residential range, as well as, making an amendment to our 5 Year product across the Shared Ownership range.

These products revert to WBBS SVR (currently 6.74% variable) for the term. Customers may benefit from a lower reversionary variable rate dependent upon their respective Loan to Value (LTV).

Please see product page for more information.


Developments in Residential and Buy-to-Let Areas🕩

Residential Update: Importance of fast Remortgage’s

West One are excited to share with you, West One’s fast-track remortgage service, offering a flexible product criteria, manual underwriting approach, and an on-site legal team.

  • Fixed fee of only £99
  • We instruct them at application submission stage – resulting in a very short window between offer and completion – an average of just 12 days!, fastest 4 days!
  • Our very own firm of Lawyers – they work for West One only. They are based at our head office – which means that comms between lender & Lawyer is efficient
  • Available on qualifying re-mortgages up to £750,000 loan amount

But-To-Let Update: Supporting Portfolio landlord

Portfolio landlords can access both our standard and specialist ranges, ensuring suitability for both straightforward and complex property types, as well as individual circumstances.

Flexible approach for portfolio landlords – Light touch background checks, and Generous exposure limits on blocks and portfolios

Three key points to help you conquer criteria:

  • Up to £10.5 million lending with West One (unlimited portfolio size elsewhere).
  • Block exposure up to 100% (consideration for blocks of up to 20 units).
  • Pragmatic approach to background portfolio testing.

It’s time to talk residential product transfers


Important Information – BTL End Date Extensions

From Thursday 11th July we are extending the end dates in our Buy to Let range from 30/11/2026 to 31/12/2026 and from 30/11/2029 to 31/12/2029. Please be aware the only changes made to the products are the codes, end dates and ERC dates.

Please see below the old codes alongside the new codes which go live Thursday 11th July.

Old product codes will be withdrawn COB today, with applications permitted until COB Friday 12th July.

Old Product CodeNew Product Code
BUS EBTL790
CON EBTL791
BUS EBTL798
CON EBTL799
BUS EBTL792
CON EBTL793
BUS EBTL800
CON EBTL801
BUS EBTL794
CON EBTL795
BUS EBTL802
CON EBTL803
BUS EBTL796
CON EBTL797
BUS EBTL804
CON EBTL805
BUS RETN415
CON RETN416
BUS RETN455
CON RETN456
BUS RETN417
CON RETN418
BUS RETN457
CON RETN458
BUS RETN419
CON RETN420
BUS RETN459
CON RETN460
BUS RETN421
CON RETN422
BUS RETN461
CON RETN462

MSO Update

We have switched off the functionality in MSO for the broker to take back control and amend the case whilst we fix the issues we’re experiencing.

As a temporary solution the brokers can either call their local BDM, the intermediary Desk on 0330 333 4021 or email IntermediarySales@principality.co.uk. We will then ask the Underwriters to make the changes on their behalf.

We have put a message on the website.

We hope to get this resolved as soon as possible.


Foundation Home Loans – BTL Product refresh rate reductions 11.07.24: Partner

As of the morning of 11th July 2024, Foundation Home Loans will refresh and reduce rates across a number of its BTL products.

Foundation Home Loans will also withdraw its BTL 5.74% Limited Edition rate.


On Thursday 11 July, Accord are reducing rates in their Residential New Business product range

On Thursday 11 July, we’re making changes to our Residential New Business product range. The current range will be withdrawn at 10pm Wednesday 10 July and the new range will be available at 8am Thursday 11 July.

What’s changing?

  • 75% LTV fixed rates will be reduced by up to 0.20%
  • 80% LTV fixed rates will be reduced by up to 0.10%
  • 85% LTV fixed rates will be reduced by up to 0.15%
  • 90% LTV fixed rates will be reduced by up to 0.25%
  • Fees on products with no incentives will be reduced by £500.

There are no changes to 95% LTV, £5k Deposit Mortgage or tracker rates.

What else is changing?

End dates are being extended to 31 October.

What else do you 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 you are yet to submit a DIP, please do so as soon as possible as any referrals will only be looked at during normal office hours.


Weekly Content – July Economic Update

We’ve teamed up with 4most Economic Consultants to provide you with a monthly economic update. The update for July is now available to download. The update covers:

  • Inflation and interest rates
  • Labour market
  • Housing market
  • Rental market
  • Mortgage market activity
  • Rate analysis

ICYMI: June Roundup – Partner Marketing Update


Limited Company Buy to Let highlights

  • Maximum 75% LTV
  • 125% of the mortgage interest amount calculated at our standard Buy to Let stress rates
  • Up to four Directors/Shareholders accepted. They must be the same people and have 100% shareholding
  • No minimum income (subject to rental void plausibility checks) but at least one Director must be earning an income (other than rental)
  • Portfolio landlord accepted – maximum of 10 properties with Metro Bank (under £10m aggregated debt), maximum of 10 properties in total
  • Maximum age 85 (mortgage term based on the oldest applicant)
  • Limited Company must be non-trading and must be limited to solely holding residential property and not engaged in wider activities (must be an SPV). Acceptable SIC codes:
    • 68100 – Buying and selling of own real estate.
    • 68209 – Letting and operating of own or leased real estate.
    • 68320 – Management of real estate.

Please ensure you or your customer verifies the solicitor firm is on the Smoove panel and that the firm handling the application is able to process limited company buy to let mortgages before submitting. Our Buy to Let calculator has been updated in line with these enhancements – use our Buy to Let calculator to find out how much your customer could borrow. For full details, please refer to our Mortgage Lending Criteria Guide and Product Guides.


Our latest mortgage product update

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

Key Product Updates – Selected 2- and 5-year Residential products reduced by up to 0.24%.

Products will be withdrawn from the system at midnight Tuesday 9 July 2024 – see our latest updates for details. You’ll be able to apply for any new products from the stated launch date.


NEW switch products from Paragon


Regulation Watch 8 July 2024 

UK Parliament – The UK general election took place on Thursday 4 July 2024. The new Parliament has been called to meet on Tuesday 9 July 2024 when the business will be the election of the Speaker. The State Opening of Parliament and the King’s Speech will follow on Wednesday 17 July 2024.

New Parliament – UK Parliament

  • The new Parliament begins on Tuesday 9 July as members of both Houses return to Westminster following the general election.
  • Business begins at 2.30pm when members of both Houses will attend the Lords chamber to hear a Royal Commission from the King to hold the new Parliament.
  • The House of Commons will then proceed to elect a Speaker, while members of the Lords begin to take an oath of allegiance or make a solemn affirmation to the Crown.
  • Business continues on Wednesday when the ‘Royal approbation’ ceremony for the Commons Speaker-elect is expected to take place and oath taking by members of both Houses.
  • The State Opening of Parliament will take place on Wednesday 17 July. The King’s Speech, written by the government, will be read from the Throne in the House of Lords chamber. Members of both Houses then get straight down to work debating the contents of the speech over several days.

General election 2024 results – House of Commons Library (parliament.uk)

HM Treasury (HMT)

Chancellor Rachel Reeves statement to HM Treasury – 5 July 2024 – GOV.UK (www.gov.uk) – the Chancellor has given her first speech to HMT staff:

  • The central mission of this government will be to restore economic growth. It is now our national mission and it will be for the Treasury to lead that mission.
  • Not growth for growth’s sake but growth for a purpose. To make every part of our country better off.
  • To deliver on this mission, I want to be the most pro-growth Treasury in our country’s history. That will mean doing what the Treasury does best – building growth on a rock of economic stability.
  • But it also means taking on new challenges and new responsibilities to fix the foundations and to rebuild Britain; to drive growth not just in a few pocket’s of our country but every single part of Britain. To meet the challenges and to seize the opportunities of the future – including in the energy transition.

Financial Services Consumer Panel

Financial Ombudsman Service charging Claims Management Companies and other professional representatives consultation paper

  • A fundamental tenet of FOS is that it is free for consumers to use. This principle should be closely guarded. The Panel appreciates the arguments set out in the consultation paper in favour of introducing a fee on some third parties who support consumer complaints with FOS.
  • The Panel is not opposed to an introduction of such a fee as a matter of principle, providing it does not lead to worse consumer outcomes, for example:
    • Consumers paying upfront to use the third party;
    • Consumers receiving a poorer service from the third party (e.g. because the third party is trying to reduce its cost per case);
    • Consumers who feel they need or want to use a third party being prevented from doing so, or facing increased barriers; or
    • By increasing the burden on FOS (e.g. if CMCs routinely escalate their complaints to an ombudsman on the basis it costs no more and may lead to a different outcome) leading to increases in complaint resolution timeframes.
  • In the event FOS introduces a fee on CMCs along the lines proposed, the Panel would also encourage FOS to actively monitor:
    • for any material changes in the number of cases brought directly by particular consumer segments (e.g. particular groups of vulnerable consumers) as this may indicate a new inability (or unwillingness) to use a CMC;
    • for any changes to the standard charging models used by CMCs (e.g. the introduction of new fees);
    • complaints regarding consumer experience of CMCs (e.g. in relation to CMCs taking more out of the redress pot, or poor levels of service);
    • the number of complaints brought by CMCs being escalated to the ombudsman.

UK Finance

General election reaction | Insights | UK Finance – David Postings, Chief Executive of UK Finance, comments on the outcome of the 2024 General Election;

  • I’d like to congratulate Sir Keir Starmer, Rachel Reeves and the rest of the Labour Party on their general election victory.
  • Labour have described financial services as one of the UK’s greatest success stories and said they will champion the sector. This level of political support is extremely welcome.
  • Throughout the election campaign economic growth has been front and centre of the debate. Financial services has a vital role to play here, both as a major employer and through the support it provides to consumers and businesses up and down the country.
  • We recently outlined a range of policy ideas for the new government and I now look forward to working with them to deliver the best outcomes for our sector and the whole economy.

The Conveyancing Association (CA)

Conveyancing Association launch Leasehold and Freehold Reform Act 2024 summary guide – The CA, the leading trade body for the conveyancing industry, has released an in-depth guide detailing the key sections of the Leasehold and Freehold Reform Act 2024 which will come into force on the 24th July 2024. This guide aims to help conveyancing firms, property owners, and other stakeholders understand and navigate the significant changes introduced by the new legislation:

  • Regulation of Remedies for Rentcharge Arrears
  • Recovery of Legal Costs through Service Charge
  • Repeal of Section 125 of the Building Safety Act 2022
  • Higher-risk and Relevant Buildings – Insolvency Notifications

Mortgage Solutions

Rayner appointed housing secretary as Starmer forms Labour cabinet   (mortgagesolutions.co.uk)

  • Angela Rayner has been named as the Secretary of State for Levelling Up, Housing and Communities.
  • Rayner will also be deputy Prime Minister following the Labour Party’s victory at the general election.
  • Rayner will be responsible for setting housing policy. In its manifesto, the Labour Party said it would build 1.5 million homes and reform the planning system to deliver more housing and build on brownfield sites and ‘grey’ belts.
  • The new government also pledged to “keep mortgage rates as low as possible” and help first-time buyers with a Freedom to Buy scheme, which would see the currently temporary mortgage guarantee scheme be made permanent.
  • Since being introduced in 2021 to encourage lenders to return to high loan to value lending, the scheme has facilitated nearly 43,000 mortgage completions.
  • It has said its plans would help 80,000 people get onto the housing ladder over the next five years.

Labour: What have they said on housing? (mortgagesolutions.co.uk):

  • Build one-and-a-half million homes over the next Parliament
  • Giving first-time buyers “first chance” to buy homes”.
  • A “permanent, comprehensive” Mortgage Guarantee scheme to help first-time buyers.
  • Update the National Policy Planning Framework to “undo damaging Conservative changes”. This includes restoring mandatory housing targets.
  • Ensuring planning authorities have “up-to-date” Local Plans and reform the process to favour sustainable development.
  • Support local authorities by funding additional planning officers, backed by upping the rate of stamp duty charged to non-residents.
  • Use intervention powers when needed to build houses.
  • Take a “brownfield-first approach” to prioritise developing previously used land and offer “fast-track approval” of urban brownfield sites.
  • A “strategic approach” to the greenbelt land designation and release to “build more homes in the right places”. This involves releasing lower-quality “grey belt” land and introducing “golden rules” to ensure developments benefit communities and nature.
  • Build a “new generation” of new towns.
  • Bringing in “effective new mechanisms” for “cross-boundary strategic planning” so all Combined and Mayoral Authorities will have to strategically plan for housing growth and Combined Authorities will have more planning powers.
  • Reform compulsory purchase compensation rules.
  • Deliver more social and affordable homes by strengthening housebuilding, making changes to the Affordable Homes programme.
  • Prioritise building new social rented homes and review Right to Buy discounts and increase protections for newly built social housing.

Acquisition product launch notification


Product transfer start date policy change


Product Withdrawal Notification