L is for Large Loans up to £1.5m!
Looking for a BTL lender to place your larger loan case? Look no further. We have the perfect mix of competitive products to fit the bill!
Whether it’s a standard or specialist property we’re confident we can help, with Standard products and Specialist HMO & MUFB products available up to 75% LTV, max loan size of £1.5m up to 70% LTV and £1m up to 75% LTV. Plus, with Specialist New Build & Flats Above Commercial products available up to 75% LTV, with max loan size of £750k.
Plus, with our broad criteria which ranges from bog standard properties to student lets, 100% flat roof to HMOs, we’re in tune with your clients’ varying needs and have BTL experts on-hand when you need us. Check out our Submitting Business page for top tips and support.
Get in touch with our BTL experts today
Call 0370 707 1894 Mon to Fri 9am to 5pm
UK address for Expat Buy to Let applications
If you have a Buy to Let application from an Expat client, please be aware that from 1 February 2021 we must have a UK correspondence address. This is the address where we will send any information relating to their mortgage and where we can send notices to whilst they are resident abroad. This can be a family member or a solicitor, for example.
Unfortunately, without that UK correspondence address we will not be able to progress the application and this could lead to delays for your client. Our application forms and other relevant material will be updated and available on our website from 1 February 2021.
Family would like to offer a heartfelt thanks to the many of you who recently completed the Smart Money People Lender Benchmark. This is a really important piece of research as it tells us what you think about Family Building Society and what we need to do to help you keep the applications coming in.
This is what you told us:
- Right from the beginning of the pandemic our hardworking BDMs have always been available to personally help with queries and applications
- You like our personal and common sense approach to underwriting
- A significant proportion of feedback came from those who have placed cases with us during the lockdown/pandemic. That helps us know that we have maintained our service standards, dare we say it, better than many others?
Just five of the 44 lenders in the main Mortgage Lender Benchmark had a better net promoter score than us. That’s good, but we want to improve it further!
Moneyfacts Awards
The prestigious Moneyfacts Intermediary Survey is now open. This allows you to nominate your favourite mortgage lender and we’d be really pleased if you could share your experience of us during the most challenging year that I can remember in financial services.
You can submit a testimonial using this link.
The survey closes on Friday 12 February 2021 and each entry has a chance to win a £150 Amazon voucher.
If you have any questions or have a case you would like to discuss, please contact your local Business Development Manager or our Mortgage Desk.
Supporting your Limited Company customers
If your customer runs their buy to let business as a limited company, Precise Mortgages could have the specialist solution that could help:
- Available for purchase and remortgages
- No limit on shareholders under the age of 21 (must be director dependants)
- Up to 20 buy to let mortgages to a combined value of £10m with Precise Mortgages, unlimited with other lenders
- Minimum applicant age 21, maximum age 80 at date of application
- Quick decisions and fast turnaround times
See our online criteria guide here.
Don’t forget, our Limited Edition Winter Warmers are still available that include a reduced rate on our popular 5 year fixed rate. Take a look at the full product guide here.
To discuss our range of buy to let solutions speak to your local Sales Team member.
Added online FAQs to website
Paymentshield have added online FAQs to their adviser facing website to further support you with your conversations about general insurance.
Save time finding out the answers to your questions as you now have access to fully searchable information to provide answers to frequently asked questions about Paymentshield insurance products, as well as information about Adviser Hub, commission rates and more.
Questions are grouped by common headings to make it easier to explore if you aren’t quite sure what to search for.
This service follows on from launch of their policyholders FAQS and live chat functionality last year.
Limited company rates update
According to the latest BVA BDRC research, an estimated 48% of buy to let landlords are looking to make their next purchase within a limited company1.
The good news is that our limited company offering can support this demand.
Limited company rate:
If your landlord clients are ready for their next limited company opportunity, take a look at our criteria and see if we have the answers they need.
Please contact your local business development manager or call 01634 888276 to discuss our limited company products and criteria with our broker liaison team.
WE NOW ACCEPT BONUS INCOME
From, Wednesday 13 January, we can accept variable income (bonus, commission or overtime) in our affordability assessment.
Here’s what we’ll accept:
- Variable income must have been received after 2 December 2020 to show that customers have continued to receive variable income through the challenging economic conditions.
- We will use 60% of any bonus, commission or overtime.
- For variable pay received annually, six monthly or quarterly, we will use 60% of the two year average. If the most recent year is lower, we’ll use 60% of that.
- For variable pay received monthly, we will use 60% of the variable pay from the lowest of the most recent two payslips. If the year to date figure is lower, we’ll use 60% of the variable pay showing in the YTD.
Here’s what we need
For variable pay received annually, we need the most recent bonus payslip, which must be dated 2 December 2020 or later, plus the 2020 P60.
For variable pay received six monthly or quarterly, we need the most recent bonus payslip, which must be dated 2 December 2020 or later, plus the two most recent P60s.
For variable pay received monthly, we will need the most recent two months’ payslips.
Don’t worry if some variable income was received before 2 December and some was received after – we’ll still calculate it the same way.
We want to help
If you have any questions, just get in touch with your dedicated Business Development Manager, who’ll do everything they can to help, or visit our website.
Introducing changes to their affordability:
- A new and improved affordability calculator launched with enhancements made to the ONS figures used for applicants expenditure.
- Key changes to working affordability including an enhanced income multiplier for high earners that are earning £75k or more (up to 5.5x)
- We are now accepting income from directors that no longer play an active role within a company but continue to receive income in retirement.
- Increases in % of shift allowance that the Society can take for certain roles – up to 100%.
- 100% of BTL rental profit can now be used to support affordability – average of the last 2 years tax calculations used.
The full details of our criteria are available here on the website and in our latest blog.
As they continue to introduce their lending criteria changes throughout January, don’t hesitate to get in touch with a member of their team who can help with any questions you may have.
Legal & General’s Covid-19 Claims Statistics
Between 1st March and 1st December 2020, Legal & General paid out £42.8m of valid Life Insurance* claims within the UK where Covid-19 was an attributing factor. These claims helped to support over 1,000 families who have sadly lost loved ones. This represents 99% of all Life Insurance* claims relating to Covid-19 with only 11 claims declined due to misrepresentation of pre-existing underlying health conditions.
As well as their commitment to paying claims, they continually review their claims and underwriting process to ensure they’re providing your customers with the best service during this difficult time. Some of the enhancements they’ve made this year include:
- Long Covid Intervention Package – Available to all Income Protection Benefit customers who experience fatigue and associated symptoms following Covid-19. The package includes eight hours of therapy assessment and rehabilitation time.
- Underwriting limit increase – Improved IP non-medical limits allowing a quicker process to get the required cover.
- Accessible decisions – Point of Sale decision has increased to 80% for Income Protection Benefit (83% of submissions Life & Critical Illness) and access to underwriting decisions within OLPC.
- Fast amendment turnaround – In the past 6 months, they’ve turned around new applications and application amendments within 4 hours.
- Simplified claims journeys – They’ve created a bespoke claims system to simplify the claims journey. It will help shorten end to-end times for your customers who are making claims, and give us the ability to communicate regularly, keeping them up to date with the progress of their claim.
- Trained claims assessors – Their experienced claims assessors have completed a Samaritans training course which provides them with the skills to support vulnerable people.
- Highest standard claims process – They’ve signed up to The Protection Distributors Group’ Claims Charter, as part of our commitment to deliver the highest standards to our customers throughout their claims process.
Underwriting and Claims Director at Legal & General, David Banks said: “We believe these figures show that the Protection industry does deliver on its promise to pay claims and be there for our customers when they need us most. We have taken a measured approach to Covid-19 and have adapted our underwriting process during the pandemic, for example adding remote screening to help advisers put cases onrisk faster. Our underwriting, claims and services teams are all set up for home working to minimise disruption and in doing so, we’ve maintained our strong underwriting turnaround times from pre-Covid-19 levels to support as many customers as possible.”
*Life & Over 50’s Life Insurance
WEBINAR: THE CHANGING LANDSCAPE FOR THE SELF-EMPLOYED
If you haven’t yet registered, pleased to invite you to join our first webinar of 2021, The changing landscape for self-employed on Tuesday 26th January at 10am.
New Business Director Craig McKinlay, along with key industry experts, will be discussing the impact of the COVID-19 pandemic on the self-employed market, and how lenders can support you and your clients as we look ahead.
Demand for virtual spaces has been high, however there is still opportunity to join us, the link to register if you are yet to do so is below (hold CTRL and click), and please share this with all advisors and other colleagues who you feel will benefit from joining us.
JOIN US AND EARN, 40 MINUTES CPD
Falling short on rental? Why not Top Slice to 80% FTV with Gatehouse Bank?
Top slicing, or an income top up, can be used when a rental coverage doesn’t meet an overall required ratio for a desired finance amount. In these instances, top slicing may be able to increase the finance amount.
For Gatehouse Bank, in order to top slice, we have a minimum rental coverage which we test against 5.5% if the product is fixed for less than 5 years or at the pay rate if fixed for 5 years or more. If this minimum rental coverage is met, the customer’s disposable income can be used to bridge the shortfall up to our overall coverage requirement.
For example, a UK Ex-pat is purchasing a property through a limited company and requires £100,000 finance. The rental is £6,050 per annum which provides a rental coverage of 110%. Whilst this is below our overall requirement of 125%, as long as the customer can demonstrate they have the income to meet that gap, we can proceed with the finance they applied for.
Our coverage ratios vary depending on customer profile and are summarised below:
| Client Profile | Minimum Coverage | Overall Coverage with personal income |
| Limited Company (UK resident shareholders) | 110% | 125% (if basic rate tax payer*) 145% (if higher rate*) |
| Limited Company (UK Ex-Pat Shareholders) | 110% | 125% |
| Limited Company (International Shareholder) | 120% | 125% |
| Individual – UK resident | 115% | 125% (if basic rate tax payer*) 145% (if higher rate*) |
| Individual – UK Ex-Pat | 115% | 145% |
| Individual – International** | 125% | 145% |
*For joint applications, the ratio will be based on the applicant with the highest earner
**Not available to International first time buyer/first time landlord
With BTL financing available up to 80% and for first time landlords through to portfolio landlords, please visit our website for our up-to-date products and criteria. If you are not already registered, use this link to submit a case and receive important product updates from us. Our BDMs are also available and would be delighted to arrange a virtual visit to discuss how Gatehouse can help you and your clients.
Relocating using a bridging loan
There are many reasons relocating can be difficult. The biggest stress on home-movers minds is where they will be living next, especially when moving to a new area.
In this case, our clients were looking to relocate from rural Yorkshire to even more rural Scotland. They had found a great property in the perfect tranquil location with wonderful views but needed to act quickly on the purchase or it may be lost. The issue was the client’s property in Yorkshire hadn’t yet sold and was still on the market. Greenfield Mortgages was able to step in and assist by providing a net loan of £115,000 at a monthly interest rate of 0.59% to help towards the onward purchase of their new home in Scotland. Part of Greenfield’s loan was to settle the small £50,000 outstanding mortgage with Barclay’s on the Yorkshire residence. The remaining £65,000 was be used towards their next purchase.
Since lending the Yorkshire property has secured a buyer so once the sale is complete, Greenfield’s bridge will be redeemed.
To discuss your bridging enquiry please call our team on 0121 233 1188 or email Enquiries@Greenfieldmortgages.com.
Help us help you – Our Service
At NatWest Intermediary Solutions we have been working hard to ensure that we continue to offer a level of service that you expect from us.
Our dedicated broker line for existing pipeline cases is fully operational and our agents are currently answering calls within 2 minutes. If your query relates to a pipeline case, please call us on: 0345 600 0205, and we will deal with your query as quickly and efficiently as possible. The line is open Monday – Friday, 9am to 5pm.
Prior to calling please ensure you;
- Review the Mortgage Application tracker to understand what stage your case is with us
- Visit our website to see our latest service levels and our coronavirus hub.
- View our latest Packaging Guide
We are pleased to report that we are starting the new year with improved service levels and our underwriting processing time is currently at 2 working days for all applications, this also includes Self Employed applications.
As a reminder, we removed our Urgent Request Inbox in December. This inbox is no longer operational and queries sent here will not be answered. Please direct your query to the dedicated brokerline.
Our Staff are here to help you
Our knowledgeable BDMs and LiveTALK agents are here to help you and your customers. Your BDMs can help with pre-application queries and are on hand to proactively support your business and whilst they are unable to visit your offices, virtual meetings via Zoom are readily available to provide regular updates on policy and process changes.
Our LiveTALK service can be accessed via our homepage and our agents can help with new business policy queries and provide technical assistance.
We will as always continue to monitor our service and ensure we are there for you and your customers when you need us most.
Help shape Pure Retirement’s Events Calendar
To help us bring you the most useful and informative events throughout 2021, we have created a survey for you to answer a few questions.
The survey should only take 5 minutes to fill out, but it will really help us to shape our future events and bring you the best guest speakers.
What can brokers and professional landlords expect?
LendInvest’s Director for Buy to Let, Andy Virgo, analyses what the market could look like and how lenders can use the lessons from 2020 to offer their client’s a better service on their Buy to Let deals.
Joint Borrower Sole Proprietor LIVE Criteria Clinic
18th January at 10am
Our next LIVE Criteria Clinic will be at 10am on Monday 18th January where we will be answering your questions on criteria relating to Joint Borrower Sole Proprietor (JBSP) criteria and helping you place those cases.
This Clinic will be hosted by our CEO and Founder, Nicola Firth and joining us to answer your questions and give you some valuable insight into this area of lending on Monday will be as follows:
Hinckley & Rugby Building Society – Emily Smith, National Account Manager
Newcastle Intermediaries – Francesco Di Pietro, National Account Manager
Saffron for Intermediaries – Holly Andrews, Intermediary Team Leader & Business Development Manager
Dudley Building Society – Samuel Lea, Business Development Manager
Attendees who attend the full session will be sent learning certificates which can be used for 60 minutes of CPD.
We encourage brokers to ask questions during the event, but if you would like to provide us with any questions you have in advance, please supply when registering below. We will do our best to get through as many as possible during the live session.
