ALL LENDER UPDATES

As we continue to see the effect of rising inflation and the impact on Savings rates, banks, brokers and customers alike are having to navigate an increasingly tricky journey. This, combined with the record volumes of business written in the past 12 weeks and subsequent impact to our service levels has led to us making a few changes.

Metro Bank will be making changes to Residential products

As we see larger volumes of lending applications and the growth of our broker panel, we continue to review our lending criteria to best meet the changing needs of you and your clients. This is an ongoing process as we respond to feedback from our key stakeholders, members of our broker panel, our borrowers and our team who work with the lending standards daily. 

Accord are increasing rates across our Buy to Let New Business range, existing products will be withdrawn at 8pm on Monday 16th May and new products will be introduced at 9am on Tuesday 17th May.

I am sure you are aware of the current pressures on the economy, and the effect that this is having on both Bank of England Base Rate as well as the cost of funding for lenders in the market more generally. As a result of these ongoing pressures, we are making some changes to the pricing of our fixed rate loans secured by commercial property.

2 Year Discount 2.89% / 3.39% Max LTV Repayment 80% Max LTV Interest-Only/Part & Part 75%

These changes and new products will be live Wednesday 11th May.

With effect from 5.30pm on Tuesday 10 May 2022, we will be increasing our 5 year fixed 75% LTV Buy to Let products.

New Lender with a social conscience

As of Tuesday 10th May 2022, Foundation Home Loans have launched new residential discount products at 75% and 85% LTV, targeted at professionals looking to maximise their income. The new Discount rate products come with one free standard valuation and no ERCs – allowing for greater flexibility.