95% LTV on New Build Houses
We are delighted to now be offering up to 95% LTV mortgages which includes new build houses anywhere in England and Wales. The new product is available for first time buyers, homemovers and remortgage applicants, (We will consider home improvements up to 95% provided quotes and estimates can be provided).
Applicants in probation periods, gifted deposits, latest years accounts for self-employed and CIS/Sub contractors all considered.
Credit History (95/90%% LTV Deals Only) no adverse credit or indications of financial stress of any type in the last 3 years, irrelevant of explanation i.e.
Missed payments subject to the below:
– no missed payments in the last 6 months
– no more than 2 months arrears/missed in the last 3 years
– no referrals considered for anything in excess of the above
e.g. no CCJs, no DMP, no IVAs, no defaults, no missed payments, no use of unauthorised overdraft, no pay-day loans
Landbay’s Broker of the month
Adam Robinson from Venture Mortgage Management has won Landbay’s Broker of the month for March. This award from our underwriting team is given to recognise brokers who submit exceptionally well packaged mortgage deals, swiftly meeting underwriting requirements and are generally a pleasure to work with. Adam has consistently demonstrated that he really does know his customer. This accolade is in recognition of Adam’s professionalism which has helped both Landbay and Venture Mortgage Management to provide a quality service and a swift process to our mutual Landlord customers. Thank you Adam for your support of Landbay and we hope that you enjoy your hamper.
A Q&A webinar with CBE Professor David Miles
Join us for an exclusive webinar featuring Professor David Miles CBE, ex-member of the Monetary Policy Committee for the Bank of England. We will be discussing the housing market and predictions for the coming months and how you could be affected. Hosted by John Goodall, CEO of Landbay.
Register here.
Suit yourself
Our spring webinars are now available to watch on-demand on the Skipton Talks Hub and our YouTube channel (have you subscribed yet?). Thousands of you registered to join the live discussions on topics that ranged from changing customer expectations to inclusivity and this is a great chance to see them again.
Watch our webinars at the Skipton Talks hub.
Coming soon
You scored our spring series 4.7/5 for relevance and gave us some great feedback too, which we’re using to help shape the summer webinars we’re working on right now.
In your words
Your feedback means a lot to us, so we’ll leave you with a few of our favourite comments from the spring series and a note from your host.
“Great work and thanks for this content, which, even as someone with over 25 years’ experience, proved very informative.” Simon Cutler
“During lockdown… you’ve been the only lender to show commitment to brokers with these helpful, informative, up to date and relevant webinars.” Chris Hurley
“Thank you. Entertaining as well as informative!” Lisa Johnston
“They are relevant, well presented with a great balance of professionalism and humour and tackle real life scenarios rather than simple textbook.” Sarah Heath
Rachael Hunnisett, Host & Business Development Manager
“It was an absolute delight to host the spring webinars. Over 3,100 of you registered across the five-part series, so thank you for joining us. We’re now reading through all your suggestions and feedback for the summer series and we’ll be in touch with the details really soon.”
High LTV for Home Improvements and Debt Consolidation
Don’t be constrained by LTV – 2nd Charge loans are available for home owners, right through to 100% LTV, from The Loans Engine (TLE).
Typical uses:
- Any Home Improvements
- Debt consolidation
- Repay bank of Mum and Dad
- Deposit for BTL or holiday home
- Tax Bill
- Any other legal purpose
A typical example:
You helped your clients move home. They would now like to renovate the property to their own taste – new kitchen/bathroom/windows, etc. You can’t remortgage or access a further advance, because you’re constrained by LTV or lending policy.
TLE can recover/release your client’s equity from the property, right through to 100% LTV if needed, and a valuation is unlikely to be required, (in most instances TLE will use a desk-top valuation/AVM).
What’s more, affordability is assessed using income and outgoings.
Call TLE on 0800 032 9595 to help your clients access the funding they need.
For high-value cases, you need a high standard of expertise
When dealing with High Net Worth clients, it’s vital you have the right expertise behind you. Vantage Finance has a wealth of experience dealing with HNW individuals and on complex, high value cases, holding strong relationships with a variety of fast-acting lenders in this space.
Our clients receive the highest standard of service, which is why they return to us. Our five-star Feefo rating demonstrates the level of customer satisfaction we generate.
Below is a case study showcasing the team’s efficiency, urgency and first-class service which resulted in this high-net-worth individual receiving a £16m portfolio refinance in only six weeks.
For any questions, enquiries or pressing cases you’d like to talk through, I’ll be happy to help. Please reply to this email or give me a call on 07841 026375.
My Care Consultant
Pure Retirement have recently sponsored the creation of My Care Consultant’s newest brochure: ‘Paying for care: important things your family should know’, as part of their commitment to providing you with the specialist tools to enhance your processes.
The new literature has been designed for you to share with your clients, prospective clients, and professional connections (such as local care providers and solicitors), to highlight the importance of financial advice in the care planning process and to signpost access to your service at the earliest opportunity.
The guide, which is available to Care Box subscribers, will help you strengthen relationships with local professional connections and generate new client referrals as well as provide you with the tools to engage effectively with customers and their families when looking for a sustainable care funding solution.
PAYMENTSHIELD JOIN FORCES WITH SKY
Paymentshield are excited to announce an exciting new partnership which brings them together with Sky, the powerhouse of home entertainment.
Now when your clients take out a Paymentshield Home Insurance policy, they can benefit from a range of offers exclusively available through Paymentshield’s website.
What’s the offer?
If your client is new to Sky, they can enjoy Sky TV & broadband for just £39 a month*! This partnership doesn’t just benefit new customers, clients who are already Sky customers will have access to an amazing range of offers not currently available through Sky directly. Allowing them to enjoy even more of the entertainment they already love.
How do my clients access the offers?
All the information your clients need to take advantage of these offers, including the terms and conditions, is available on Paymentshield’s digital flyer.
After discussing your client’s Home Insurance needs, if your client would like to know more about the deals available from Sky as a Paymentshield customer, simply download and print or email it to your client. Alternatively, your client can go straight to www.paymentshield.co.uk/vip.
They then just need to follow the instructions on the flyer or website to get in touch with Sky and start benefitting from the offers.
*New Sky customers only. Price may change. 18-month minimum term. £29.95 set up fee.
THE LINK BETWEEN TYPE 2 DIABETES AND OBESITY
The number of people in the UK with type 2 diabetes has more than doubled over the past 20 years to more than four million people have type 2 diabetes, a condition which often begins in middle age and where your blood sugars are too high.
Underwriters are aware that high BMI and diabetes are significant risk factors – what strategies to improve health and lifestyle might help?
Policy Updates on Cladding
Coventry for intermediaries has updated its policy on cladding in line with the new RICS guidance and updated the information on its website to help brokers navigate the policy for their clients.
The lender is following RICS guidance to identify where an EWS1 form is required and will only accept applications that have been assessed as A1, A2 or B1 (as listed on the form).
Jonathan Stinton, Head of Intermediary Relationships at Coventry Building Society, commented: “”Brokers have needed clearer guidance on policies around cladding from the market for some time.
“We hope that by following the RICS guidance and updating our website, we’ll make it easier for brokers to help their clients with these types of properties. And we’re trusting the expertise of valuers to identify any further checks that are needed on a property.”
Coventry for intermediaries reduces rates on BTL mortgages
Coventry for intermediaries have announced they’ve reduced rates across their BTL product range at 70% LTV and below by 10 basis points. Products are available at 2 and 5 Year Fixed and the range includes no product fee options. They’ve also reduced the rates on their Portfolio Landlord range.
Highlights of their competitive new range include:
• 2.15% 2 Year Fixed to 31.07.23 with ERCs until 31.07.23. 65% LTV, no product fee. (Available for purchase, remortgage, product transfer and further advance)
• 1.89% 5 Year Fixed to 31.01.27 with ERCs until 31.01.27. 65% LTV, £1,999 product fee. (Available for purchase, remortgage, product transfer and further advance)
Jonathan Stinton, Head of Intermediary Relationships, said: “This is good news for intermediaries and their landlord clients as our Buy to Let range is now even more competitive. With many large Buy to Let maturities due soon, this will help to support the market.
“Plus, as with all our Buy to Let mortgages, there’s no minimum income requirement and includes a standard valuation fee up to £700.”
Criteria Changes
We will be making a number of updates to our lending criteria with effect from Monday 10th May 2021. The following changes have been updated in our lending criteria;
1. 95% LTV lending – The Bank will re-enter this segment to support first time buyers and customers with low deposits, however applications will not be available for those purchasing flats or maisonettes. We will continue to monitor the market and will review this in due course.
2. LTV limits increased – Residential application LTV limits increased for Capital raising and Debt consolidation from 75% to 85%.
3. Lease changes – Minimum lease term is extended from 70 years to 85 years
4. Properties built under supervision – For new build properties where the security has been built under supervision and does not benefit from an approved Bank warranty scheme, the acceptable qualifications has been updated to reflect the UK finance lender handbook approved list across the industry.
5. Maintenance Income – Updated the acceptable evidence for maintenance income which can now be provided via the last three months bank statements showing maintenance payments received in each of the last three months. Where the maintenance received varies, income will be based on the lowest figure received on the Bank statements, payments should be consistent and any fluctuations will need to be clarified and understood.
6. Stipend income – Allow stipend income as acceptable income source income to support the mortgage. Stipend income cannot be the only form of income on an application and must be supported alongside the main income or another source of income.
What is Stipend income?
A stipend (sometimes called benevolence income) is a payment made on a regular basis by an employer or organisation, to cover basic costs of living, petrol and phone costs. These can include those studying for a PhD, charity workers and clergy.
7. Help to Buy (HTB) update – Criteria has been updated to reflect the new scheme details from April 2021. To support the mortgage process for new originations the Bank has removed the requirement to gain the authority to proceed document prior to the offer being generated.
Valuation Reports
As a result of Covid challenges with access to properties to complete valuation reports, Platform temporarily suspended instructions for Homebuyers Reports and Building Surveys. As the Government is relaxing restrictions and things such as shielding have come to an end Platform are now able to start fulfilling these more detailed reports, that take much longer to complete, for the Bank. We can start to allow instructions for both Homebuyers Reports and Building Surveys without exception from Monday 10th May 2021.
Keystone Property Finance’s latest lending criteria changes…
The specialist buy to let lender, Keystone Property Finance, have recently made some exciting changes to their Lending Criteria, as well as reducing their rates. The updates come at the same time as the launch of their new Green Product Range which rewards landlords whose properties are more environmentally friendly.
Keystone’s product rates now start from just 3.04% and are available for purchase or remortgage on all properties, including HMOs and multi-units. They now lend to individual or limited company portfolios up to £3m, previously lending up to £2m. Other criteria changes made in the last month include:
- Lending on HMOs up to 10 bedrooms
- Up to 75% LTV where the applicant owns both the freehold and leasehold of the property
- Minimum of 40% private ownership for ex-local authority properties
- Ex-pat applicants now accepted for new builds
If you have any questions or need any assistance with your complex buy to let case enquiries, Keystone’s Business Development Managers are here to help, call their broker hotline on 0345 148 9086, email enquiry@keystonepropertyfinance.co.uk or speak to them via the online chat feature here.
View the full product range
View the Lending Criteria Overview
Residential and later life
We’re champions of later life lending, which is why we’re now merging our residential and later life borrowing ranges into one set of products. That’s right, our standard residential range will now be available for our later life customers too.
We are removing our current later life products. DIPs on withdrawn later life products will be accepted until 5pm on Wednesday 12 May. All DIPs received prior to the deadline will be honoured and no deadline is set for subsequent fully packaged applications.
Here’s what you need to know:
- No maximum age for repayment mortgages, max 95 on interest only
- Retaining an option for our popular ERC-free 2-year discount but with a minimum age of 55 at application
- Max 75% LTV for applicants borrowing into retirement, or 70% LTV for applicants in retirement
This is a continuation of our commitment to older borrowers, so if you’ve got clients looking to purchase a new property, sale & downsize, or remortgage to free up capital in their home, get in touch to discuss your case.
Residential and later life
With another Stamp Duty Deadline approaching, the Director of Underwriting at LendInvest explains why landlords should turn to Bridge-to-Let finance to secure their next property ahead of the deadline.
Residential Lending Criteria
We’re pleased to announce some positive changes to our residential lending criteria effective from today, Friday 7 May.
The changes, fully detailed below, include an enhancement to our bonus criteria to support greater affordability across your employed client base and also, for your non-UK national clients, we’re reducing the documentation we require when processing their applications.
Bonus enhancements
We’re increasing the proportion of quarterly/annual bonus used to support affordability from 25% to 50%. You don’t need to do anything differently when recording bonuses during an application; the system will automatically apply the relevant calculations.
This policy will be in effect from Friday 7 May:
- New cases, created from today, Friday 7 May, will be subject to the new policy with 50% of bonus utilised in affordability (where applicable)
- Where applicable, existing cases created before 7 May, will continue to be assessed under the policy in place at the time the case was initiated
Requirements for non-UK nationals
All non-UK and Non-RoI nationals are required to prove their residency status in the UK.
From Friday 7 May the following documents will no longer be requested for residential mortgage applicants who have permanent rights to reside or pre-settled status and have lived in the UK for at least 2 years:
- Proof of deposit;
- Three months’ bank statements;
- Three months’ payslips.
Note: If applicants do not have permanent rights to reside or pre-settled status and/or have not lived in the UK for at least 2 years these documents are still required and need to be submitted at point of application in order to avoid delays.
Please be advised the affordability calculator on our website have been updated to reflect the changes.
