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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


Goodbye products.

We’re withdrawing our range of buy to let products. Fear not, a new and improved range will be available on Friday featuring:

  • Lower rates across the range from 4.49%
  • Return of Tier 1 at 75% LTV
  • Reintroducing more fee options to help with affordability

Want to secure a rate from our current range? You must fully submit applications by 5pm today, Thursday 20 June.

Current range deadline:20 JUN / Shiny new range:21 JUN


Get the conversation started with our senior underwriters

So, let’s talk about 24 June, following the success of our April Live Chat event, we wanted to offer you access to something special…

Our Group Underwriting Director, Dawn Mirfin and our Group Head of Underwriting Operations, Craig Richardson, will be answering questions here on Live Chat between 3pm and 5pm on Monday 24 June.

This is the perfect chance to get your week off to a good start by asking your burning questions to our senior underwriters.

So, let’s talk.


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

  • End dates extended to September across our Affordable Housing and Buy to Let ranges, and our Residential 3 year range.
  • Selected Residential and Reach Products increased or reduced by up to 0.05%.

Key Product Updates – Existing Customer

  • End dates extended to September across our Affordable Housing and Buy to Let ranges.
  • Selected Residential fixed rates increased.

Products will be withdrawn from the system at midnight Thursday 20 June – see our latest updates for details. You’ll be able to apply for any new products from the stated launch date.


VM Exclusives

Just a quick heads up as the exclusive remortgage product we currently offer is likely to be withdrawn tomorrow & replaced with a higher rate – applications will need to be in by 8pm

On a positive we hopefully will be launching;

  • a New 95% Fix & Switch purchase product
  • a New 75% Remortgage BTL product

Sign off is likely to be between 1.30pm-2pm tomorrow.


Product Refresh

On Friday 21 June, we’re making the following changes to our product range:

Buy to Let and Let to Buy

Selected rates reduced by up to 0.05%.
£1,000,000 – £2,000,000 product range increased.

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 20 June.


So, let’s talk on 24 June – A date for your diary!

Following the success of our April Live Chat event, we wanted to let you know that next week our senior underwriters will be available again to answer your burning questions. 

Join our Group Underwriting Director, Dawn Mirfin, and our Group Head of Underwriting Operations, Craig Richardson, on Live Chat between 3pm and 5pm on Monday 24 June.


Hodge webinar on complex income streams

Wednesday 26th June @ 10am One week to go!

Join our business development managers, Stuart Ottery and Bradley Street, for a closer look at the specialist mortgage market for professionals, career-climbers and individuals with complex income streams.

This session will cover:

  • An overview of the market
  • Financial flexibility and maximising affordability
  • Trends, opportunities and live examples

Specialist lending solutions


Working with you…Supporting vulnerable customers


Newsletter Content

A popular question often posed to brokers by clients is: “Can I get a mortgage with a debt management plan?” The answer is yes. But not through the traditional lender route. If you discover that your client is on a DMP, you must establish how long the plan has been in place and whether your client has successfully maintained their regular payments. We want to widen the range of customers who can access a mortgage, and our manual underwriting approach allows us to do just that. Taking the time to understand the nature of your client’s personal and financial situation, allows us to be as flexible as possible. We acknowledge that life is not always smooth sailing, Nara’s situation is a prime example of this: 

The Scenario – Nara’s divorce left her in a difficult financial position with a substantial accumulation of debt as she had to pay off 2 properties at the same time. After 4 defaults on her credit profile, Nara entered a debt management plan to help her pay off this debt. 

The Outcome – Despite these challenges, Nara purchased a new property after the courts ruled that the previous house had to be sold. As we don’t credit score our borrowers and allow DMPs to run alongside the mortgage, Nara was able to obtain her dream home and move on with her life! As credit borrowing rises and the risk of defaults grows, brokers may observe a rise in borrowers entering the ‘specialist’ mortgage sector. Despite its label as ‘specialist,’ this segment caters to individuals facing real-life challenges, highlighting the crucial need to ensure they can access the financial support they require to purchase their dream homes. If you would like more information on DMPs, read the latest blog posted here: https://bit.ly/3Us0pOg


Mortgage Application Tracking System (MATS) in Introducer Internet

Our Mortgage Application Tracking System (MATS) in Introducer Internet won’t be available from 7pm on Friday 21 June until 8am on Monday 24 June due to planned maintenance.

This means your brokers won’t be able to track mortgage applications, upload documents or upload/receive MATS messages.

You will still be able to submit new business and product transfer applications during this time, however your brokers and their customers won’t receive any confirmation emails until Monday 24 June.

We’re sorry for any inconvenience caused.


Lifetime Mortgage Update

With effect from Thursday 20th June, interest rates are decreasing on the Lifestylerange and increasing on the Plus range.

On the Plus range, where a KFI has been generated on lower rates, DIPs must be submitted by 12:00 midday, 3rd July with applications fully submitted by 12:00 Midday, 4th July.


Need buy to let product transfer solutions?


Product launch notification – including new 85% LTV tier in our foreign national range


New Case Study from TFI


Read our latest blog on Lending into Retirement


Shared Ownership with versatile credit criteria and supportive affordability


Enhances Interest Only and Buy to Let criteria

Interest Only

  • Maximum amount on interest only increased to 80% LTV, part and part without sale of subject property remains at 85% LTV
  • Removal of £600k minimum property value when using sale of mortgage property as a repayment strategy –a minimum of £250k must be made up of equity, capital repayment and/or other interest only repayment strategies (subject to loan to value restrictions)

Buy to Let

  • Revised Interest Cover Ratio – download our updated Rental Criteria Guide
  • 5 year fixed and pound for pound remortgages now stressed at payrate
  • Portfolio Buy to Let – maximum number of buy to let mortgaged properties with Metro Bank increased to 10 or £10m in buy to let lending, whichever binds first. A maximum of 10 Buy to Let properties owned (mortgaged or unencumbered, including within limited companies) in total also applies

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 on the points above, please refer to our Lending Criteria Guide and Product Guides. Download our updated Packaging Checklist.


CRITERIA CHANGES 17th June 2024


Product Launch – 19/06/2024

Product Changes

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

New Business

Residential

• Selected 2, 3 & 5 year fixed at 60% and 75% LTV decreased by up to 0.22%

• Selected 2, 3 & 5 year fixed increased by up to 0.16%

Professional Mortgage

• 2 & 5 year fixed increased by up to 0.16%

• 5 year fixed no fee 90% LTV decreased by up to 0.05%

Buy to Let

• 2 year fixed products increased by up to 0.05%

• 5 year fixed products increased by up to 0.10%

Help to Buy

Welsh scheme only:

• 2 year fixed increased by up to 0.15%

• Selected 5 year fixed products increased by up to 0.10%

Product Switch

Residential

• Selected 2, 3 & 5 year fixed at 60% and 75% LTV decreased by up to 0.14%

• Selected 2, 3 & 5 year fixed increased by up to 0.29%

Buy to Let

• Selected 2 & 5 year fixed products decreased by up to 0.06%

Help to Buy

• 5 year fixed products at 75% LTV decreased by up to 0.10%

• All other fixed products increased by up to 0.17%

Pipeline deadline

BrokerPortal and Illustrations:  Products will be withdrawn from our website and all sourcing systems at 5pm on Tuesday 18 June 2024.

Applications must be received by 5pm on Tuesday 18 June 2024.  Applications must have a decision. All applications must be accompanied by all items on our shopping list. 

New Business and Product Switch products will be available from 9am on Wednesday 19 June 2024.


Product News: Product Launch 18.06.2024

On Tuesday 18th June we will be launching a new product proposition specifically designed for New Build houses at 90% and 95% LTV. These products are exclusively for New Build houses only, however New Build customers who have a LTV of 85% or less will still be eligible for products from our standard purchase range (New Build flats still remain limited at 75% LTV).

All products listed 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).


Worried a case won’t fit?

Our automatic cascade means you can filter through our tiers to find the right product to suit your customer.  

FACTS

  • No reapplying needed
  • Instant decision means no waiting around
  • It’ll leave a soft footprint, so it won’t affect their credit score

Oh buoy! BTL rates lowered by up to 30bps.


BTL 2 Year Limited Edition launch 18.06.24: Partners

As of the morning of 18th June, Foundation Home Loans will launch a BTL 2 year Limited Edition.


Changes to Residential products

We have today made a couple of changes to our residential range:

  • Removal of RL4 and RL5

You can follow the link for the up to date product guide  residential_product_guide_june_2024-v1-2.pdf (themortgagelender.com)

The main criteria changes are as follows:

  • We now require bankruptcy and IVA to be discharged 36+ months ago (previously 12 months)
  • Max number of secured missed payments is 2 in last 24 months 0 in last 12 (previously 4 missed)

Embargoed – Product update to be live on the 15th June

We are decreasing our rates across our fixed rate products:

Releasing 2 new 3% fees products: 

– Standard 5Y fixed 75% LTV 3% Fee 

– Standard 5Y fixed 65% LTV 3% Fee 

Reducing all 5Y fixed products by 10bps except Large MUFB/HMO and Standard 5Y 75% LTV £1299 and 2% fee, which are reduced by 5bps.

Reducing all 2Y fixed fixed products by 10bps except Large MUFB/HMO and trackers.

These products will be updated on our platform on Saturday morning, (15th June).