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
| Economic Update – May 2024 We’ve teamed up with 4most Economic Consultants to provide you with a monthly economic update. Kicking off the year, the update for May is now available to download. The update covers: Inflation and interest rates Labour market Housing market Rental market Mortgage market activity Rate analysis |
Please visit the below link
| Simple from start, to finish, to start again. Discover simpler Product Transfers Fresh from our latest upgrades to the LendInvest Mortgages Portal, we’ve now redesigned our Product Transfer process; making it simple for you and your customers. Highlights include; Apply in minutes Reduced fees & no legal work required Transfer alerts and updates throughout Our system pulls through your customers’ key details and performs necessary background checks automatically, powering faster decisions with a light-touch approach, to move them from their current Buy-to-Let mortgage to the next. To see it in action, view the tutorial on our dedicated Product Transfer page. |
Please visit the below link
Legal & General Critical Illness Refresh – Pipeline cases – Complete your pending quote before expiry
| Just reaching out as a reminder for upcoming quote expiry for cases for your advisers have for some CIC applications since we have recently implemented product changes. If the current quote expires, it will be necessary to re-enter the application details due to these updates. Quotes from 29th April 2024 onwards will include our changes to Critical Illness Extra and Children’s Critical Illness Extra. From the 29th April, any pipeline cases with a quote date prior to 29th April 2024 will remain on the old T&Cs as long as: The policy completes within 90 days of the original quote date The start date is within 90 days of the original quote date A final underwriting decision is applied within 90 days of the original quote date A requote is not performed. There are four scenarios where a pipeline case may not proceed on original terms and conditions and application must be resold: The policy does not complete within 90 days of the original quote date The start date is after 90 days of the original quote date A manual underwriting decision is applied 90 days after the original quote date A requote is performed, for example, because the new terms and conditions are required. I would really appreciate it if you could please can you share the above information with your teams so that they are aware. Our team is here to support you through this process, so please encourage your members to reach out to their dedicated account manager if they have any questions. Or, to find out more about our product changes please refer them to our dedicated page within our adviser centre – |
Please visit the below link
Hanley Economic Building Society – Product Withdrawal
| Product Withdrawal We will be withdrawing the following products on Friday 17th May 2024 at 5pm: 5.20% Fixed Rate for 5 Years SO (MFD588) 2.80%Variable Discount for Term (MDS274) 5.55% Fixed Rate until 31/01/2026 (MFD568/MFD568D) 5.79% Fixed Rate until 31/01/2026 (MFD560) 6.69% Fixed Rate until 31/07/2028 (MFD545) 6.85% Fixed Rate until 31/10/2025 (MFD549) Important: Brokers who have received a DIP accept have until Friday 31st May 2024 at 5pm to submit the full mortgage application with all supporting documentation. Our intermediary team are here to help! If you have a case you wish to discuss or would like to know what products we have on the market, we can assist you. We’re open 09:00 to 17:00 on Monday, Tuesday, Thursday and Friday and from 09:30 to 17:00 on Wednesday. Telephone 01782 255000, Email: intermediaries@thehanley.co.uk , |
| Contact your BDM for more information |
Darlington Intermediaries updates its criteria to further support homeownership
At Darlington Intermediaries, we always pride ourselves in our ability to place your specific cases, no matter how complex.
Based on market feedback and in line with our appetite to support where other lenders may not, we have recently updated our criteria to further support the vast range of circumstances found with today’s clients.
| New acceptable income We now accept income from applicants on a Spousal Visa where the applicant is classed as a professional. This means that they need to be a qualified, registered and practicing: Accountant, Actuary, Barrister, Dentist, Engineer, medical doctor, optometrist, pharmacist, solicitor or vet. We still have no minimum requirement on time spent in the UK, just asking that there be 2 years left on the VISA. We’ve also updated our consideration on Locum/Bank work, where we will now accept this income based off the latest 6 months earning evidence, providing the applicant has a 2-year track record within their line of work. Small scale credit issues In March, we launched our new Credit Lite proposition. Given a rise in small scale credit issues post-pandemic, we felt there was a need to support individuals in this demographic with their home ownership dreams. Aimed at helping customers get a mortgage who have some historic credit blips that would have otherwise prevented them in the past, we are able to help those: • who have a default or CCJ registered 12 months ago, as long as this is cleared prior to completion, • we can also accept up to a Status 2 on Consumer Credit, so long as the balance has been up to date for the last 6 months. Also to note on Credit Lite is missed or late payments on mobile phones, utility bills and mail orders can be discounted. These changes are in addition to our recent update for those applicants on a Skilled Worker Visa, where we can now offer up to 90% LTV on single applicants earning £60k+ or joint applications earning £90k+, with a credit search, not a credit score. Speak to us today Speak to our team about placing a case with Darlington Intermediaries. We are here to support you and your client on their mortgage journey. Contact your Intermediary support team and local BDM today. |
| Contact your BDM for more information |
Product launch notification
| On the 15th May at 9am we will be enhancing our foreign national acquisition product range. Introducing new 5yr fixed products to add to the current 2yr and 3yr fixed range with rates starting from 5.29%. |
| Contact your BDM for more information |
Our Bridging and Refurbishment Buy to Let Calculators are back.
| Pop in your rate or search for a product to calculate interest and gross loan amounts. Plus, you can download a branded PDF summary to share with your customers to help get things moving. |
| Questions? Contact your Specialist Finance Account Manager or call 0800 116 4385. |
Visit the below link
How we can help: HMO Case
| Nathan wants to purchase his first HMO Nathan owns two Buy to Let properties, but now would like to invest in his first, 5-bed HMO to be used for student accommodation. He has some complexities… Nathan unfortunately received a CCJ 28 months ago for an unpaid parking fine. He’s also never owned an HMO before, so he was worried about being able to get a Buy to Let mortgage for his new HMO property. He also relies largely on the income from his other two rental properties as his personal income and works part-time as a self-employed handyman |
| Nathan’s Student Let journey could begin! Nathan was able to purchase his new HMO in a university city, ready for him to decorate and add the final touches to get onto the rental market for students. |
Visit the below link to view the full case study
Case Study: 100% Right to Buy with satisfied CCJ on Versatility
| At The Mansfield, we like to offer Versatility in our lending and in this case study we helped a family with complex circumstances purchase a Right to Buy property: Right to Buy with a loan at 100% of purchase price over a 20 year term Satisfied CCJ for main applicant Main applicant a self-employed shop owner with additional income from a partnership and background commercial Buy to Lets Second applicant a nursery worker with minor defaults over a year ago |
| Our full range of Versatility products is available online via our intermediary mortgages page. Take a look at our criteria guide to see what we can do for your clients. |
Visit the below link to view the full case study
Product Changes
- Releasing new standard 5-year fixed rates.
- 6 new products.
Standard 5 Year Fixed 55% LTV 7% Fee 4.59%
Standard 5 Year Fixed 65% LTV 7% Fee 4.69%
Standard 5 Year Fixed 75% LTV £1,299 Fee 5.89%
Standard 5 Year Fixed 75% LTV 0% Fee 6.39%
Standard 5 Year Fixed 75% LTV 2% Fee 5.89%
Standard 5 Year Fixed 75% LTV 7% Fee 4.74%
- Refreshing our 2 year like 4 like products.
- Removing our current 70% like 4 like products and replacing them with 75% options. Stressing on these products will be payrate. 125% for Limited Company and Basic Tax rate payers and 140% for higher tax rate payers
Like for Like Standard 2 Year Fixed 65% 3% Fee 5.74%
Like for Like Standard 2 Year Fixed 65% 4% Fee 5.24%
Like for Like Standard 2 Year Fixed 75% 3% Fee 5.89%
Like for Like Standard 2 Year Fixed 75% 4% Fee 5.39%
Fees can be added onto of the loan amount and these products will not allow any capital raising.
- Reducing existing Small HMO/MUFB 2- and 5-year products by 10bps (Including FTL Products)
- Reducing standard 2- and 5-year products by 10 bps.
- Reducing trading company products by 10bps.
Policy Changes Like 4 like will be stressed at payrate – Replacing payrate plus 1%.
We’re withdrawing our buy to let 65% LTV limited edition rates
| We’re withdrawing our 65% LTV limited edition rates across our buy to let range – from 6pm Tuesday 14 May. It’s our commitment to you that we’ll give you at least one full working days notice of any product withdrawal. That’s why we wanted to let you know that we’ve made the decision to withdraw our 65% LTV limited edition rates across our buy to let range. All our buy to let 65% LTV limited edition rates will be withdrawn from 6pm Tuesday 14 May and we’ll continue to accept DIPs submitted in the portal up to 6pm Tuesday 14 May. |
| We’ll process pipeline applications as usual and if you’d like to secure one of these products for your client, the latest you can submit a decision in principle (DIP) is 6pm Tuesday 14 May. |
If you have any questions, contact your relationship manager or call the team on 0333 321 1000.
8 updates.
Every small enhancement to criteria helps you make mortgages simple for your potentially more complex customers, so here’s just some of the things LendInvest Mortgages updated.
By using broker feedback, LendInvest Mortgages continues to enhance and improve their Residential range.
See all of the updates in the latest criteria guide or by getting an instant quote and ESIS in minutes in the Mortgages Portal.
- Up to 100% of additional income can be considered when appropriate for the customer in affordability calculations
- Up to 100% of the income from a second job in an unrelated field can be included in the affordability calculation
- CIS contractors can now be treated as contractors, rather than self-employed, with income verified using payslips
- Income from zero hours contracts can be accepted as guaranteed income if they have a 2-year history of receiving such income
- Underwriters have more freedom to improve applicant credit tiers
- There is additional flexibility around an applicant’s address history, with someone now potentially able to be accepted without 3 years of address history in the UK as long as they have had open credit in the UK for three years
- They can accept up to 50% of non-court ordered maintenance in affordability calculations, based on a track record of receiving it
- Title insurance can now be used on Scottish remortgage cases.
Get started on your next homeowner mortgage made simpler in the Mortgages Portal.
Santander fixed rate increases plus other changes on 14 May
New mortgage package wef 13.05.2024
You will note the following changes;
- Reintroduction of fixed & variable rates for House Purchase & Remortgage
- Reintroduction of fixed & variable rates for Renovation Remortgage
- Reintroduction of fixed & variable rates for Foreign Currency House Purchase & Remortgage
- Reintroduction of fixed & variable rates for Northern Ireland Co-ownership scheme
- Reintroduction of fixed & variable rates for Foreign Currency Northern Ireland Co-ownership scheme
Webinar: Later life lending and the future of 50+ mortgages
Wednesday 29th May at 10am
Book a spot to join our business development managers, Abenaa Afari and Hema Patel for a closer look into the later life lending landscape, including: An overview of the market How 50+ customers are evolving Trends, opportunities and live examples Financial flexibility and maximising affordability Specialist lending solutions Q&A with Abenaa and Hema
Specialist lending market trends – PTs, BTL buoyancy and affordability
Expat Buy-to-Let solutions are here!
Are you looking to enhance your offerings for expat clients interested in UK buy-to-let investments? Look no further than Beverley Building Society.
Our tailored mortgage solutions cater to the unique needs of expat investors, offering flexibility, transparency, and exceptional service every step of the way. Whether your clients are purchasing their first rental property or expanding their investment portfolio, Beverley Building Society is here to help them achieve their financial goals.
Our Buy-to-Let mortgage product is available for: –
- First time landlords
- Minimum income of £40,000
- Up to 70% LTV
- ICR – 130% at higher of payrate plus 2% or 5.5%
- A wide list of accepted countries, which can be found on the Buy-to-Let section of our Intermediary website
Contact us today to discover how we can support your clients in achieving their financial objectives.
We have the experience and expertise to lend in areas of the market where others won’t, such as: –
- Lending into retirement
- 100% lending for FTB’s by utilising equity in a parents property as a deposit charge
- Guarantor mortgages, as well as joint borrower sole proprietor
- Self-build mortgages and conversions, including those involving unusual properties
- Accept mixed use/semi commercial with a minimum of 40% residential usage.
This week’s Kensington spotlight – New Buy to Let Specials
New Buy to Let Specials
We’ve released two new Buy to Let Specials, giving your landlord clients more options. Available to both Limited Company and Personal name landlords.
– 2 year fixed 5.39%, 75% LTV, 3% Fee
– 5 year fixed 4.89%, 75% LTV, 5% Fee
Expanded HMO criteria
We’ve now expanded our criteria to include HMO properties outside of Article 4 areas with 5 and 6 bedrooms (where there are 3 or more bathrooms and/or 2 or more kitchens).
We also now offer investment valuations on 5 and 6 bedroom HMOs both inside or outside of Article 4 areas.
Our latest mortgage product update
NEW: Buy-to-Let Product Transfers with no legals are now live!
Fresh from our latest upgrades to the LendInvest Mortgages Portal, we’ve now redesigned our Product Transfer process; making it simple for you and your customers.
Highlights include;
- Apply in minutes
- Reduced fees & no legal work required
- Transfer alerts and updates throughout
Our system pulls through your customers’ key details and performs necessary background checks automatically, powering faster decisions with a light-touch approach, to move them from their current Buy-to-Let mortgage to the next.
To see it in action, view the tutorial on our dedicated Product Transfer page.
Catch wind of our HL deals
New mortgage package wef 09.05.2024 (5pm)
You will note the following changes;
- All products removed except for Self Build and Foreign Currency Self build
Please read our recent articles below:
