TML HAVE RETURNED to residential lending
- We accept self employed income with just one year’s trading
- Competitive fixed rates
- We can accept 50% of overtime & bonus earnings for employed applicants
- Self employed applicants trading >12 months can now be assessed at 85%
They have reviewed and expanded their criteria to consider defaults, CCJs, and unsecured/secured arrears
Further detail and quote from Peter Beaumont (CEO)
The Mortgage Lender has returned to specialist residential lending with purchase and remortgage products for employed, self-employed, contract workers, retired and those with complex incomes up to 85 per cent loan to value.
The new range has criteria that enables applicants to access mortgage products at competitive rates, which start at 3.27 per cent.
Self-employed income is assessed on salary and share of profit before tax for the most recent year and 50 per cent of regular overtime and bonus is used to assess employed income.
There is a range of products that are available to the whole of market for applicants who have an impaired credit history, including CCJs, defaults, arrears and debt management plans.
The Mortgage Lender chief executive Peter Beaumont said: “We’re delighted to return to residential lending with a new product range that meets the needs of home movers, buyers and those remortgaging here and now.
“Our real life criteria combined with competitive rates has been developed around customer needs in conjunction with our broker partners and benefits from being backed by a balance sheet lender.
“The residential relaunch comes on the back of record performance of our buy to let products throughout the pandemic and is down to the hard work of our team and our dedication to providing relevant products for applicants who are locked out of the High Street.”
Score a hat-trick of offers
With lockdown 3.0 well underway, Watts Commercial Finance Scotland team were delighted to have secured funding offers this week alone totaling over £700,000 for three clients with all facilities being fully approved less than 7 days after being submitted.
A very promising sign for the strength of the Scottish economy, this funding amongst all the other applications that our Scotland office are working on will enable three SME businesses to continue with their growth plans and include:
- Capital raise for a roofing company to acquire a second yard in line with their business growth plans
- Commercial mortgage for a calls solutions business to purchase a larger space to grow and futureproof their business
- Commercial mortgage for a water treatment business to buy an additional unit – further bolstering their business
Commenting on these recent deals, Dean Thomson, Commercial Manager at Watts Commercial Finance said: “The Scottish finance market is very much open for business and I have seen a huge flurry of activity from businesses across the country. It’s also fantastic to be able to advise and support business owners on their finance requirements while hearing their positive and ambitions plans for the future.
In a way – you wouldn’t think that there is a global pandemic and it’s very much ‘business as usual’ for many in Scotland.”
Emma Ross added; “In spite of the pandemic, many businesses are taking a step back and reassessing their business. It’s also very encouraging that the Scottish finance market has remained buoyant with many lenders still taking new enquiries, valuations still taking place and deals still being underwritten.
Upcoming Stamp duty deadline
Watch our Head of National Accounts, Grant Hendry, and Julian Sampson, Partner and Head of Lending at TWM Solicitors discuss the upcoming Stamp Duty Land Tax deadline and how best to help your customers get over the line before the 31st March 2021 deadline.
Julian also shares the legal differences between client types that allows intermediaries to keep a legacy of cases for after the March deadline.
As well as giving valuable insight on the specialist conveyancing process from the lawyer’s point of view, Julian gives his commentary on the current state of the market as we move into 2021.
Quarterly Report
At Pure, we’re dedicated to providing you with the latest industry trends, helping you to gain a greater understanding of the market and customer habits, and giving you a competitive advantage in a competitive space.
Whether you want to dive in to a thorough market commentary or access instant insight via user-friendly infographics, in our Q4 market report, we reveal the customer and market trends spanning the last few months of 2020, including:
- Average house prices among over-55s have more than doubled since 2000
- 57% of advisers believe the average customer age will get younger
- 72% of advisers predict that the value of the equity release market will grow in 2021
- In 2020 the available equity for release in UK homes among over-55s hit £591bn
Half your clients could be vulnerable
Thank you for registering to use our online training tool, Consumer vulnerability in later life. Over 5,500 people registered and more than 4,000 successfully completed it, with 96% of users surveyed highly recommending it.
It’s important to keep up to date with developments in this area so we’ve teamed up again with SOLLA (Society of Later Life Advisers) to update the module. We’ve also added new sections reflecting recent FCA publications, cognitive decline and the impact of coronavirus. And it offers a new 2021 certificate for successful completion.
The module is free, interactive and designed for all staff in financial advice firms who work with older and vulnerable clients and their families. It’ll help you benchmark your knowledge in areas such as:
- Understanding how vulnerability can arise and identifying when a client may be vulnerable.
- Adapting communications and working practices to make them more suitable.
- Measuring and recording progress in the area of vulnerability.
Follow us and share this new training with your colleagues.
Justadviser.com – knowledge, resources, tools and support, all designed to help you and your clients through their retirement.
For more information, please contact me on my usual number. Alternatively contact our support team on 0345 302 2287 or drop them an email.
Greater opportunities for your landlord customers
We’re constantly challenging ourselves to provide simple specialist solutions for you and your customers, offering more choice to match their borrowing needs.
Our latest way of showing this is by lowering rates and fees across our buy to let product range, providing greater opportunities for your landlord customers this year.
In addition to 2 year fixed rates starting from 2.79% with a 1.5% fee, our range of products and supporting criteria aims to provide the solution for various landlord borrowing needs:
- Options available for limited companies, HMOs, and limited company HMOs
- 5 year fixed products – affordability assessed at pay rate
- Portfolio landlords – up to 20 properties to a total value of £10m with Precise Mortgages, unlimited with other lenders
- Limited company landlords – no limit on director dependant shareholders under age of 21
Discover the new ranges by clicking on the links below and see what new opportunities they could offer your customers.
- Buy to Let
- Specialist Buy to Let Mortgages
- Limited Company
- HMO and Multi-Unit
Welcoming new applications
We are pleased to confirm we are open to new applications, for the following products:
- Family Assist
- Non Standard & Impaired Credit
- Buy to Let
- Expat Buy to Let
To help us to help you, please ensure your applications are fully packaged.
For full application requirement details visit our website here.
This must include:
– All requirements as detailed in our DIP acceptance email
– Signed declaration form
– Direct debit mandate
– Certified identification for all parties to the application
Please make sure your clients are aware that the valuation fee is required upfront, in order for us to process their application. An underwriter will not review applications unless all information requested is received, and the valuation has been instructed.
For our full product range please visit our website:
www.bucksbs.co.uk/intermediaries
or contact your Key Account Managers…
Call Julie Hanif
Key Account Manager (South)
t: 01494 418254
e: juliehanif@bucksbs.co.uk
Call Claire Askham
Key Account Manager (North & Midlands)
t: 01494 418257
e: claireaskham@bucksbs.co.uk
How bridging finance could help beat the Stamp Duty Holiday Deadline
With the SDLT holiday cut off fast approaching, it’s clear borrowers are in a race against the clock to complete on time to take full advantage of the scheme before it ends. Many mainstream mortgage lenders are seeing delays due to the volume of new mortgage requests, leaving buyers in limbo. This is where bridging finance can step in to be the ideal solution to fill the gap.
As a regulated bridging lender, a large majority of the cases Greenfield Mortgages covers are residential, making us a perfect short-term solution to help those looking to capitalise on the SDLT holiday.
Naturally with bridging finance being short term, a client’s exit strategy should be planned prior to borrowing. Refinancing has become an increasingly popular exit, typically onto a residential mortgage with a high-street lender. An AIP is essential to evidence the refinance exit is plausible so there will be smooth transition from bridge to mortgage.
Slow or broken property chains often mean delays which could make achieving completion by March 31st unrealistic. Where the client has additional security, Greenfield Mortgages can offer up to 100% of the purchase price for their new home.
Income requirements can be a hindrance when securing bridging finance. At Greenfield Mortgages our criteria means we can cater to those outside the working population as evidence of serviceability is not a requirement as our bridging loans have no monthly payments. Interest is added to the bridging loan, then redeemed with a bullet of interest and capital when the property has sold.
Our team understands how important speed of service is and is equipped to move fast. In most cases, our clients do not have the luxury of time and need quick answers. For this reason, underwriting is conducted at the beginning of our process so that funds can often be released in as quickly as 5 working days.
Our straight-forward bridging criteria is suited to help support those looking to move house and ease the stress of the process. To learn more about our bridging products, please email Enquries@Greenfieldmortgages.com or call 0121 233 1188.
Little Income and Large Assets
Is your client asset rich but income poor?
Has your client been shut out by the high street?
Does your client have complex income?
Is your client nearing retirement or retired?
Is your client’s current provider unprepared to extend their mortgage term?
Has your client been left with no other option than sitting on a SVR?
We create positive outcomes using assets
By demonstrating your client owns other assets which have been invested to create income, repay the loan or to give background support we’re able to arrange mortgages for individuals falling short through assessing traditional income sources only. We recently did just that…
Latest Agreed Case
The Scenario – The couple wanted a like for like remortgage for their current residential property in London. Their existing fixed rate term on their mortgage will expire at the end of January and the mortgage is due to end in September, with £1m plus outstanding.
The Offer – Both in their mid 60s, the husband had been in his current employed role for less than 12 months. Other income including a substantial investment portfolio meant the couple met our affordability requirements so we could confidently make them a mortgage offer.
Ralph Punter, BDM at Teachers For Intermediaries, said:
“Complex income doesn’t have to mean mortgage complications. We can look beyond lower employment income to larger financial assets to assess mortgage affordability and find simple solutions for your clients.”
We’re ready to help you find a solution to your complex income case
Find out more from us and contact Ralph and the TFI team today…
Call 0800 378 669
Flexible and versatile on Buy to Let ICRs
Check affordability with our Buy to Let calculator
If you’ve got a case that needs our flexible approach, you can check affordability with our new Buy to Let calculator.
The calculator will offer a simple Pass, Refer or Decline decision together with the maximum loan available based on the rental income and the minimum rental income required for the loan amount.
For more information about our products and services, including applying through our online portal, visit our website at mansfieldbs.co.uk/intermediaries.
At The Mansfield, our flexible approach enables us to assess affordability on an individual basis. Mansfield can apply it in a range of circumstances:
- Buy to Let purchase or remortgage
- Family ‘Regulated’ Buy to Let
- Consumer Buy to Let
- Expat Buy to Let
- Limited Company Buy to Let
Visit our website to find out more about our buy to let mortgages.
Read all about it from Zephyr!
Average rents grow throughout 2020.
At Zephyr, we regularly share the thoughts and views of our BTL experts, to bring useful insights for you and your clients.
Read the latest report from The DPS about how rent for larger properties continues to rise at a faster rate during the last quarter of 2020, as tenants seek more space as a result of work-from-home restrictions caused by the pandemic.
The DPS MD, Matt Trevett, comments “While there seems to be a particular focus on detached and semi-detached properties, the rental market as a whole remained remarkably resilient throughout much of 2020, despite broader economic uncertainties and restrictions that affected home viewings and public movement during the first national lockdown.”
Stay in-the-know
In these changing times, it’s important to find the most up-to-date information available for your landlord clients; and we’ll continue to bring you regular updates to help you to provide answers to any complex questions you and your clients have.
Get in touch with our expert , call 0370 707 1894
(Mon-Fri, 9am until 5pm)
What a year, what an opportunity for change
Jane Simpson, managing director at TBMC says:
What a year and what a challenge in 2020; it’s hard to put into words exactly what the impact of the coronavirus pandemic has been on our lives over the last 12 months. It has certainly brought a lot of change to our working lives and perhaps forced businesses to reassess some of the assumptions about best practices or develop new strategies for continuing to work effectively in a different set of circumstances.
From the perspective of a specialist in the buy-to-let mortgage market, the last year has highlighted the benefits to be gained by focusing on our technical capabilities and how improvements to our online processes can provide a more efficient service to customers. It also made us rethink our approach to team-working within the business.
To start with, everyone at TBMC was immediately asked to work from home at the beginning of the first lockdown in March. This was arranged remarkably quickly and without fuss, especially considering we have always been an office-based business. It meant that we all became remote workers and online conferencing took on a life of its own, with Microsoft Teams becoming our channel of choice.
Although this has required staff to adapt, it has also taught us new ways of communicating and allowed a more flexible approach to working, especially for those who have young children at home needing supervision during these unusual times.
Throughout the buy-to-let mortgage sector, we have seen an increase in the use of digital communications to maintain relationships between lenders, brokers and clients, which has highlighted the need for service providers to keep improving their online capabilities to meet the changing demands of customers.
In general, the demand for buy-to-let finance has remained high throughout the pandemic and once the housing market reopened after the initial shutdown, there has been a surge in buy-to-let mortgage business spurred on by the stamp duty holiday. Buy-to-let continues to be a viable investment opportunity, especially in a financial environment offering such low interest rates on savings.
During 2020, the continuing interest in limited company buy-to-let was apparent with a significant proportion of applications at TBMC being via a corporate entity. This is unsurprising given the buy-to-let mortgage interest tax relief was finally phased out in April 2020, and the high demand for limited company finance is likely to continue in 2021.
Coronavirus also brought an unexpected boon for the holiday let sector as more people opted for UK staycations and the demand soared for properties in popular resorts and other desirable locations. This has led to a wider range of products for investors to choose from as lenders have developed their propositions to service this niche sector.
It looks as though the uncertainty brought by Covid-19 in 2020 is likely to continue during the early part of 2021 and those working in the mortgage industry will have to remain flexible and open to change as we wait for situation to play out. However, there will be plenty of proactive ways to face the unknown challenges ahead and sometimes unexpected change can bring unexpected opportunities.
At TBMC, our main priority is maintaining good communications with our providers, partners and customers; harnessing technology to deliver a better service. We have also developed greater understanding of the challenges facing our clients, becoming better at empathising and looking for creative solutions to individual customer needs.
No doubt 2021 will be another interesting year in the buy-to-let sector and one that provides us with the opportunity to effect change – for the better.
