£1,000,000 property invited to place with a lender today on Notify.
The criteria included but was not limited to:
- Limited Company
- Holiday Let
- Student Let
- MUFB.
Great synopsis breaking down the case and providing the lenders with the address, so they were able to look up the property.
7 lenders initiated on the case, 1 invite which came back within 4 hours of the
case being raised.
If you haven’t used it yet. make sure you try Notify for your next case.
Industry News
The founders of the Mortgage Industry Mental Health Charter (MIMHC) have started their 125-mile Walk and Talk charity fundraising campaign.
The sponsored hike will take place over the next five days and forms part of MIMHC’s Walk and Talk 2024 initiative.
This has been created to encourage physical activity and better communication to promote better wellbeing.
For more information and details of the route, follow this link: https://mimhc.co.uk/
Throughout Mental Health Awareness Week, we’re also encouraging everyone to track and record their step count – as well as share their photos and personal experiences – using the hashtag #walkandtalk2024 .
To read the full article click here
Knowledge Bank Summary
Kent Reliance have expanded their criteria to include HMO Properties outside of Article 4 areas with 5 and 6 bedrooms (where there are 3 or more bathrooms and/or 2 or more kitchens). They also now offer investment valuations on 5 and 6 bedroom HMO’s both inside or outside of Article 4
NatWest have expanded their evidence options to confirm the fire safety assessment status of buildings in the UK. Fire Risk Assessment for External Walls (FREAW) can now be accepted for buildings in the UK, the FREAW must,
- Contain an executive summary which clearly advises if remediation is required or if an EWS1 rating has been provided.
- Be signed and have the signatories qualifications listed.
- The building name and postcode on the FRAEW must match the application
Newcastle for Intermediaries have enhanced their Large Loans proposition, some of these changes include
- Increase in loan amounts across all LTV brackets
- Acceptance of combined repayment vehicles
- An expansion of their product range to include loans up to 85% LTV
Virgin Money have announced four recent policy changes,
- 100% of income from second jobs can be used for affordability if it has been received for at least 12 months
- For Contractors they only need to see a contract renewal if there is less than one month left on the contract, this used to be three months
- For clients who have started a new job in the last six months they now only need a copy of their contract and a payslip to prove it is a permeant position, the need for two years employment history has been removed
- The minimum term is now five years
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