Inform 11th February 2022

Aldermore have recently released their Q4 BDRC Landlord research – this report will enable you to benchmark each region against the UK wide picture.

If you would like to know more about what Aldermore cover in their research such as BTL topics including; upcoming EPC requirements, or Ltd Co Ownership structures.

Please call our Broker support Team on 0330 303 0236 and we will pass your details on.

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Did you know that we have recently expanded our Expat countries list for those living and working abroad?

In addition to our range, we have added India, Malaysia, Saudi Arabia and Singapore.

This expansion adds to the 41 countries worldwide currently accepted by Vida. And customers in these locations can apply for a BTL mortgage up to 75% LTV.

• Minimum property value required is £150,000
• UK registered SPVs are considered where at least one director or shareholder is an expat
• HMOs and MUBs considered
• No minimum income required if the property is self-funding
• Maximum loan size £1m
• Properties across England, Wales and Scotland
• Fee Saver and Flex options available on Expat range

Download link to our new Expat flyer here.

Changes to Maximum Tenancy
With immediate effect, we have increased our maximum tenancy term to 36 months.

A term of up to 36 months is acceptable on tenancy agreements for properties in England, Northern Ireland and Wales. Private Residential Tenancies in Scotland already have no specific end date.

A maximum term of five years is still acceptable when the tenancy is in the form of a Department for Levelling Up, Housing and Communities (DLUHC) model agreement or the Scottish equivalent.

Mortgage completions which occur on or after Monday 7 February will benefit from the enhanced term.

Improvements to the Mortgage Portal
We are pleased to advise that we have made some improvement to our Mortgage Portal, used to capture additional details for Portfolio Landlord applications.

With immediate effect, you can clone a previously completed Portfolio Landlord form on the Mortgage Portal. This will be useful for clients who are portfolio landlords and do multiple mortgage transactions with us over time.

Following these few simple steps will allow you to make use of this feature:

Do you have clients in their 60s, 70s or 80s?

Were they turned down by high street lenders simply because of their age? At Family Building Society, we actively look for ways to help when other lenders can’t.

We’ve also made some significant rate reductions to our mortgage product range which will make your clients even happier!

How can we help? 

• We take into account earned income up to the age of 70 and other sources of income beyond that such as fixed pensions, pension pots, investment and rental income. Other income can be considered on a case-by-case basis.
• We lend in retirement with higher maximum ages than most lenders:
  – Owner Occupier repayment mortgages, up to a maximum age of 95 at the end of term.
  – Owner Occupier Interest-Only and Buy to Let mortgages, up to a maximum age of 89 when the loan commences.
• We have a common sense approach to lending and use real human beings to underwrite each mortgage case.

FIND OUT MORE and see how we can help your clients.

Semi-exclusive products

Did you know that on top of our standard range of products we have additional semi-exclusive products available via our packaging partners? Speak to your local Business Development Manager for more information.

To contact our Mortgage Desk or your local BDM;

CALL US ON:  01372 744155 

OR EMAIL:  mortgage.desk@familybsoc.co.uk

Do you have clients with 4 or more mortgaged buy-to-lets looking to remortgage or expand their portfolio? At MPowered Mortgages, we look for ways to help when other lenders can’t.

We’ve also made some rate reductions to our product range.
And we’re offering a free valuation on every application, including on purchases!

Submit an application

How can we help your portfolio landlord clients?

• Background rental stressed at 125% @ 5%
• Landlords don’t need to be an existing homeowner
• Income from Land and Property accepted
• Maximum £5million lending up to 75% LTV with MPowered
• Up to 25 properties in a portfolio

Other lending criteria applies.

With loans available up to £1.5million, learn more about the types of clients we can help by viewing our lending criteria.

View our lending criteria

TSB is making some system updates this weekend, so TSB Mortgage Pro will be unavailable between 9pm Friday 11 February and 8am Monday 14 February.

Initially, brokers will notice some small changes to current fields when keying applications which will improve navigation through the system. 

New DIPs or applications should not be keyed during this time. 

For more information, please contact your national account manager.

Our Joint Borrower, Sole Proprietor solution is perfect for first time buyers wanting to get on the property ladder, for for customers in a separation scenario where one applicant wants to buy out their former spouse or for older borrowers whose circumstances have changed and need support from a close family member to live independently in their own home.

JBSP highlights

• Up to 95% LTV (New Build up to 90% LTV on houses and flats)
• Up to four applicants on the mortgage, with a minimum of one applicant on the property deeds
• Income can be accepted from up to 4 applicants at full income multiples, subject to affordability
• Maximum age 80 considered (mortgage term based on the oldest applicant)
• Gifted deposit from an immediate family relative can be accepted
• Interest only and repayment options available (maximum LTVs apply)

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

If you have any questions or need support, please get in touch with your BDM or call our Broker helpdesk on 020 3427 1019.