Leek United return to the market
Following a brief spell out of the intermediary market, Leek United have announced their return with a new range of Buy to Let and Residential products.
Intermediary Mortgages Team Manager, Laura Allcock, commented:
‘Following the success of their last product range, they took a few weeks out of the market to focus on delivering the best possible service to their customers. Leek United are delighted to announce that they have since returned to the market with a varied range of Buy to Let and Residential products. Offering up to 85% LTV for their residential customers and have an extensive Buy to Let product range to support first time buyer/first time landlords, non-homeowner Buy to Let’s and regulated Buy to Let’s. They continue to offer no maximum age^ and a common sense approach to underwriting.
Their full product range can be viewed on their website.
To speak to an experienced member of their BDM team, please call them on 0808 281 9309 or email intermediary.mortgages@leekunited.co.uk.
Lines are open 9-5pm weekdays.
Take the stress out of bridging finance
One of the main questions Greenfield receive from brokers and borrowers alike is “How quickly can funds be released?” It’s not always clear-cut answer and can be down to a number of factors. Greenfield Mortgages has been known to complete in as quickly as 7 days. To achieve quick timescales like this however is dependent on several factors, a few of which have been outlined below.
One element of Greenfield’s process that automatically makes the pace of their service quicker is the fact that all underwriting is conducted from the beginning of our process. All cases will receive a same-day decision on all enquiries.
Having an experienced BDM onside will also help to ensure the process goes smoothly and leads to a successful outcome. BDMs who are experienced with bridging finance will be more familiar with the process meaning they can work through the jargon and help guide a case through to a successful outcome.
Selecting the right solicitor can help speed the bridging process up too. Asking your solicitor if they are experienced in dealing with bridging loans is a good starting point. Being honest about the desired timescale expectations from the beginning is also a good place to start. By being open about your expectations, this will help to establish if your chosen solicitor can help achieve the desired outcome.
It’s also important, to be honest about your timescale expectations from the start. This will help to establish if the solicitor can help achieve the desired outcome.
Finally, a key element of ensuring a bridging loan reaches completion quickly is having a strong exit strategy. Having a strong exit will ensure the lender that there is a clear plan of action for how the loan facility will be repaid when it reaches the end of its terms. You can read more about exit strategies here.
If you would like to learn more about Greenfield Mortgages’ range of bridging products, please email Averil@greenfieldmortgages.com or give their team a call on 0121 233 1188.
InterBay Commercial – NEW commercial products with loans up to 65% LTV
InterBay Commercial has launched a new commercial product range. The specialist lender is committed as ever to supporting you and your clients and working in partnership with you on your commercial cases.
With up to 65% LTV, why not see if InterBay Commercial can help your commercial clients get back to business?
Key criteria
- Up to 65% LTV
- Property values over £2m considered (but should be referred to your BDM first)
- Two, three and five-year terms
- Interest-only options
Their new product guide contains all the information you need, and to further assist your application and ensure you can get your cases through quicker, take a look at their “getting it right first time” checklist.
Get in touch
InterBay Commercial’s underwriting team have seen it all, so whether it’s a complex ownership structure or your client has a less-than-perfect credit history, their individual approach to case assessment could help.
For more information, get in touch with your local senior business development manager today.
Coronavirus Update: Evidence of Income requirements for employed customers
What’s happening
With the current restrictions and the UK Government extending the Job Retention Scheme until March 2021, NatWest have reviewed and updated their employed policy to ensure they are doing the right thing for customers.
At this time their primary purpose remains to ensure that any mortgage they provide to customers is affordable.
What you need to know
NatWest continue to support customers who have returned to work following furlough, providing they can demonstrate at least one full month’s evidence of their income e.g. payslips. For customers who cannot provide this evidence, they are unable to accept an application at this time.
A return to work letter from the customer’s employer is no longer acceptable evidence.
These changes in policy are effective from 01/12/20 for all new employed applications. These changes do not impact employed applications submitted prior to 01/12/20.
NatWest will continue to review their policy in light of any appropriate changes which affect employed customers.
For all customers not impacted by furlough, there are no changes to their current policies.
What you need to do
Review and follow the revised policy guidelines for employed customers
Self-employed policy remains the same.
If you have any questions, please view the FAQs on their latest news page.
Please remember to let them know if there is a change in the customer’s circumstances at any point during the mortgage process.
Zephyr’s got BTL covered in their NEW Broker Guide
Zephyr are delighted to launch their first Broker’s Guide to Buy to Let! Written in collaboration with Mortgage Solutions, this guide will tell you all you need to know about Zephyr. Plus, the latest market insights revealing what the key opportunities are in Buy to Let and find out some top tips on submitting business from their team of experts.
Here’s an overview of the contents…
Page 4 – The changing face of Buy to Let
Page 6 – The Buy to Let experts Introducing Zephyr Homeloans, the young lender built by experienced and broker-focused professionals
Page 8 – The rental sector in numbers Independent facts and figures on the Private Rented Sector, from The Deposit Protection Service
Page 10 – Ten tips for submitting a Buy to Let case. Want to get your cases offered first time? Here’s how to prepare the perfect Buy to Let submission
Take a look here
Here’s a quick reminder of what they offer…
- No upfront application fees
- Zero product fee
- Standard and Specialist HMO & MUFB products available up to 75% LTV
- Max Loan size of £1.5m to 70% LTV and £1m to 75% LTV.
- Specialist New Build & Flats Above Commercial products available up to 75% LTV, with Max Loan size of £750k.
Call their expert team 0370 707 1894
Mon-Fri, 9am until 5pm
Improved tech for Buy to Let Submit your cases faster!
TBMC has recently added some great new features to its online application system, including an online client declaration and document upload facility to enable you to submit your cases faster.
If you are unable to conduct face-to-face meetings with your clients during the pandemic, these new features will help you to continue with your Buy to Let mortgage business efficiently.
If you have clients making Buy to Let purchases before the Stamp Duty deadline in March, TBMC could help get your cases to completion on time.
- Free online Buy to Let sourcing system
- Apply easily using their online application form
- Upload supporting documentation directly
- Get your cases processed efficiently
- Support from their team of Buy to Let experts
How can TBMC help?
TBMC’s team of Buy to Let mortgage experts are up to speed on all the latest lending criteria and product ranges. They have a whole of market Buy to Let offering and can help you to identify the best options for your clients.
New Deadline to Breadline: Helping to protect one of your clients’ most valuable assets
Did you know that, on average, your clients could be just 24 days from the breadline?
Planning for the worst-case scenario is tough, but with some households across the UK far less financially resilient than they think, it’s important for people to understand their options if the main household earner is unable to work due to illness or injury.
The Legal and General 6th edition Deadline to Breadline research shows that many do not have an income protection plan in place. This could be due to things such as misconceptions around the price, people overestimating how long their savings will last and not being aware of potential barriers to work.
Key elements of the research explore:
- Financial resilience: A look at household finances up and down the country
- Deadline to Breadline: The length of time it would take to reach the ‘breadline’ if someone were to lose their income
- Ability to work: Understanding the factors that might affect someone’s ability to work
- Myths and misconceptions: Uncovering the biggest myths around income protection
Find out more about their Deadline to Breadline research by visiting their Adviser Site.
PAYMENTSHIELD – NETWORK COMMUNICATION – CHRISTMAS CAMPAIGN 2020
To round off what’s been a very different year, Paymentshield are spreading some festive cheer with their Christmas Rooftop Runner competition.
Paymentshield invite you to play along for a chance to win a prize every Monday – Friday from Tuesday 1 December until Friday 18 December!
Simply run more than 500m and you’ll be entered into the prize draw for the day you play on!
There’s prizes from Amazon, Hotel Chocolat, Harrods, Selfridges and Bose all up for grabs, so be sure to play every day!
Play Christmas Rooftop Runner now and run as far as you can!
Skipton have been busy – here are the highlights
Stamp Duty Holidays
With the Government Stamp Duty holiday due to end on the 31st March 2021, at Skipton, they are doing everything they can to help you and your customers.
It is unfortunately anticipated in the industry that not all cases will be completed by this date for clients to be able to take advantage of this.
There are many moving parts to the homebuying process, one of them being getting a mortgage offer. As a lender, they are trying to do all they can to get offers turned around as quickly as possible, but Skipton are subject to events outside their control, and this has increased due to market pressures and the impact of this on their third-party suppliers. So, to help them help you, Skipton have created a list of things you can do which could help your cases progress quicker.
- Make sure you include all customer outgoings and debts upfront.
- Familiarise yourselves with their income policy and ‘shopping list’. If you send it, they must assess it, so make sure you’re only sending into them what they need.
- If it is a self-employed case the best way to prove income is an up to date accountant’s certificate.
- Make sure the conveyancer is on their panel. If they aren’t this can hold up the process up as they will need them to complete and return an application form with evidence of their PII (Professional Indemnity Insurance).
- Promptly respond to any correspondence from them.
You can also check their latest service levels here.
Is now the right time to buy?
It’s a question asked by many but what’s the answer? Alex Beavis, their Head of Mortgage Products, shares his opinion in this thought-provoking article.
Read Alex’s thoughts.
Changes to portfolio landlord calculations
Coventry for intermediaries is simplifying their portfolio landlord lending policy.
They have reduced the stress rate from 5.5% to 5% for all portfolio calculations, and have also increased the minimum portfolio landlord Interest Coverage Ratio (ICR) from 125% to 145% for Higher/Additional rate tax payers (anyone earning £49,000 or more in England and Wales or anyone earning £42,500 or more in Scotland).
These changes apply to how they assess the whole portfolio only and come into effect from 3rd December. Pipeline cases will be unaffected by the changes.
Jonathan Stinton, Head of Intermediary Relationships explains “These changes are aimed at the client’s whole portfolio only and are designed to align our ICR calculations between basic rate and higher rate tax payers.”
Coventry for intermediaries is the go-to option for many brokers due to their simple policy and hassle-free approach to portfolio landlords. They don’t ask portfolio landlords for a business plan; instead, there’s just one portfolio document to complete which allows them to underwrite the case immediately.
For more about portfolio landlords, visit Coventryforintermediaries.co.uk
Incase you missed it Saffron Building Society have hosted an Expat BTL webinar
Last week Saffron Building Society hosted their 3rd SFI live webinar where they focused on Expat BTL products as well as a criteria clinic answering attendees questions, Incase you missed it here is your chance to catch up on what you missed.
