Latest Criteria Changes from Darlington Building Society

Darlington don’t fit your clients into a box.

First-time buyers are hot property right now.  Darlington Building Society are launching some brand new FTB products, offering new flexible criteria.

From 9am Monday 28th October 2024:

These can be combined with their standard criteria such as, No Credit Score, Variable Income and Self-Employed Accepted.

All of their first-time buyer products will be fee-free with standard criteria

Their rates will be cut by up to 0.35%

They will lend nationally up to 95% LTV (excluding London)

Their maximum loan size will be 90% for £500k, and 95% for £400k (that’s a £100k increase from what they were a month ago!)

Our latest mortgage product update

Selected Limited Company BTL products withdrawn.

Products will be withdrawn from the system at midnight Friday 25 October 2024 – see our latest updates for details. You’ll be able to apply for any new products from the stated launch date.

We are on hand with any support you need on these product updates so please feel free to get in touch and we’ll be happy to help. Get in touch with us

Barclays mortgage policy changes: BTL affordability

Buy to let affordability policy

We are pleased to share that from today, Friday 25 October, buy to let (BTL) customers will benefit from our enhanced affordability model as well as improvements to how we calculate cost associated for BTL mortgages.

We understand that not all landlords incur management fees, hence, will no longer be automatically including them. You will now need to confirm if the customer will be paying these fees, and if applicable they must be recorded as a financial commitment.

This applies to both BTL purchases and remortgages.

What does this mean for me?

For remortgage applications, 3 months of bank statements and/or letting agent statements will continue to be used as proof of gross rental income for the subject property, where applicable.

Rental income from background properties: As a result of this change, letting agent statements are no longer required as proof of rental income from background properties on BTL mortgage applications, only 3 months of bank statements will be required. Management fees for these background properties do not need to be added as a commitment if the rental income provided (from bank statements) is net of management fees.

We will be updating our website with these details shortly. Explore our mortgage policy here 

Expat BTL – up to 20bps off

Landlords struggling to borrow what they need? Our 2 year 3% fee, and 5 year products might help

With rates on a rollercoaster, you can raise your arms in the air to see us repricing two of our expat BTL products DOWNWARDS. Whether a 5 year fix (stressed at payrate) or a 2 year fix (lower rate, higher fee), we’re here to help your clients reach their required loan amount (without doing loop the loop).

NEW PRODUCTS from 24 October 2024

Expat BTL 80% LTV – 3% fee 2 Year Fixed 5.09% (down 10bps)

Expat BTL 80% LTV – £1,499 fee 5 Year Fixed 5.49% (down 20bps)

Struggling to place those quirky cases? Quirky’s what we do best. Give our support squad a call on 0330 123 1073 or email bdt@suffolkbuildingsociety.co.uk. 

BM Solutions – Product Refresh

On Friday 25 October, we’re making the following changes to our product range:

Buy to Let and Let to Buy – Selected rate increases

Product Transfers and Further Advances – No change

When we give you notice of PT/FA rate movements, you will be able to view the new products available for a specific customer by logging into BM Solutions Online on the day they become available.

Please ensure any applications on existing products are fully submitted before 8pm on Thursday 24 October.

West Brom Product News: Product Launch 25.10.2024

On Friday 25^th October we will be making increases on our 80% LTV purchase products and reductions across the rest of our 2-year fixed rate Purchase, Remortgage, Shared Ownership and New Build Ranges.

All products listed revert to WBBS SVR (currently 6.59% variable) for the term. Customers may benefit from a lower reversionary variable rate dependent upon their respective Loan to Value (LTV).

Withdrawn Products

The following products will be withdrawn from COB Thursday 24^th October:

Halifax Intermediaries product launch 25.10.2024

On Friday 25 October we are making the following changes to our product range;

Homemover and first time buyer products – Rate increases on selected 5 year fixed rate products of up to 0.08%.

Further information – The product search tool on the Halifax Intermediaries Website, Halifax Intermediaries Online and sourcing systems will be updated by Friday 25 October. To secure existing product codes, please submit applications in full by 8pm on Thursday 24 October.

Please visit www.halifax-intermediaries.co.uk from Friday 25 October.

Flexible solutions for later life lending

Did you know that we can use up to 90% of the value of a pension pot (even if it’s not in drawdown) or investment, split over the mortgage term? How can we help? 

• We take into account earned income up to the age of 70, or even 75 if the client is in a non-manual role.

• Other income can be considered on a case-by-case basis, such as:
  – State and private pensions
  – Rental income
  – Investment portfolios
  – Stocks and shares ISAs
  – Remuneration drawn by limited company directors (where the applicant is not actively running the day-to-day business operation).

• We lend in retirement with higher maximum ages than most lenders:
  – Owner Occupier repayment mortgages, up to a maximum age of 95 at the end of term
  – Owner Occupier Interest-Only and Buy to Let mortgages, up to a maximum age of 89 when the loan commences.

• We have a common sense approach to lending and use human beings, not robots, to underwrite each case. This means we can tailor our solutions to each of your client’s needs.

FIND OUT MORE

We’re changing things up

What’s new and why are we making these changes?

• From Thursday 24 October we’re putting the words ‘building society’ back into our name, so we’ll be calling ourselves West Brom Building Society, and sometimes we’ll also shorten our name to the West Brom. We’re making this change because our customers told us these words create a feeling of trust, and we should be proud about the fact we are one!

• We’ve refreshed how we look, including our logo and colours, to make sure all our communications continue to be as accessible as possible for our customers, whether that’s in branch or online. Sometimes our logo will feature our oak tree and sometimes it won’t, but don’t worry it’s still us. When we’re communicating with our customers online or digitally, they’ll see our logo without our tree.

And when we send them printed letters or documents, that’s when they’ll see the tree. 

• It’s been over 10 years since we’ve refreshed how we look, and a lot has changed in that time. As more customers are dealing with us online, we’ve made sure our colours and fonts are fully accessible and work across a range of devices and in different modes.

What does this mean for you?

Nothing right now, we just wanted to let you know in case your clients ask you any questions about these changes. We’re planning to update all our intermediary communications and the intermediary website early 2025.

What does this mean for your clients?

Absolutely nothing, whilst our consumer website looks a little different there’s no changes to any products they have with us, or how they access them. Our customer website address is still the same, https://www.westbrom.co.uk/, and it will always start with https and have a padlock symbol next to the web address. Please remind your clients to double check the website address when they’re entering their personal details.

For a while they may get some paper-based communications like letters or statements which feature the old logo, and sometimes, they may get some with the new logo. This is because we have chosen to introduce these changes when we need to, rather than doing it all at once. We’ve done it this way, so we don’t spend lots of our customers’ money or create waste. We hope you and your clients like our refreshed look. We think it’s a great way to mark our 175-birthday year, celebrate our history, and shows our commitment to the next generation of savers and homeowners.

New product launch

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Spooktacular Remo + Debt solutions

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Working with you…Why choose us for your large loans applications

For loans over £1 million, our Large Loans Underwriting Team are here to help when you need them.

We offer a maximum term of 40 years for interest only, 
part and part and repayment mortgages.

We don’t need to include school fees where your client
has savings to cover these.

We can offer up to:

o 85% LTV for part interest only and part repayment mortgages (maximum loan amount £2 million).

o 75% LTV on a pure interest only basis where there’s a combined gross income of £200,000 or more.

o 50% LTV on an interest only basis with no minimum income.

Please note, there must be a minimum equity of £300,000 at the end of the mortgage term. 

Find out more

Large loan with a high LTV?

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The Criteria Mixtape – Leaving on a Jetplane 🎶

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Great news – 10 new criteria enhancements

Hot on the heels of JBSP, retention proc fees, and multi currency, we’re squeezing in a few more rays of sunshine before the clocks go back.

1. New build flats now accepted across England and Wales.
2. We’ll now lend on flats in blocks of up to 10 storeys.
3. Self build – multiplot accepted (up to 10 plots on site).
4. Where net profit/salary and dividends have increased by more than 20%, we’ll now consider accountant’s projections to support using the latest year’s figures (as long as 9 months into the accounting period).
5. Self build – can consider detached properties adjacent to current home, title to be split on completion.
6. Annexes with separate council tax now accepted.
7. Property income in retirement – no maximum age if using rental income from fewer than 10 properties.
8. Expat holiday let – applicants no longer need to be an owner occupier.
9. Self build – outline planning permission accepted on application; full planning required before completion. 
10. Self build – Building Regulation Approval will now be required prior to completion.

If you have any further questions then give our support squad a call on 0330 123 1073 or contact your BDM.

Weekly content

Real life lending is our bread and butter, and when brokers come to us in need of our help, we strive to support them to get the best outcome possible.

We recently had a case where a broker was trying to secure a mortgage for a self-employed couple who hadn’t quite found what they were looking for from previous lenders. The applicants were a couple on their next time buyer journey, seeking an interest only large loan on a property purchase of £1.6m, using the sale of other UK property as the Mortgage Repayment Vehicle (MRV). The mortgage broker approached TML because the maximum loan offered by another lender based on their affordability was insufficient, and timings were reaching a crunch point as the property in question was close to being put back on the market.

Find the full case study here

Case Study: debt consolidation remortgage with complex incomes

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VM Exclusives Product Reductions

We have some reductions with our exclusives tonight (21/10/2024).

90% LTV Purchase Fix and Switch fee-saver with Free Valuation and £250 Cashback, unchanged at 5.19%

NEW 75% LTV Remortgage 5 Year Fixed Rate with £1,495 fee, at 3.94%.

WITHDRAW 75% LTV Remortgage 2 Year Fixed Rate with £895 fee, at 4.24%.

WITHDRAW 75% LTV Remortgage 5 Year Fixed Rate with £895 fee, at 3.94%.

75% LTV Remortgage fee-saver will be increased by 0.09%, to 4.64%.

90% LTV Purchase 2 Year with £995 fee and free valuation, unchanged at 4.85%

90% LTV Purchase 5 Year with £995 fee and free valuation, unchanged at 4.43%

90% LTV Purchase 2 Year fee-saver with a free valuation, unchanged at 5.10%

90% LTV Purchase 5 Year fee-saver with a free valuation, unchanged at 4.56%

New Limited Edition – buy to let rates

With effect from Tuesday 22^nd October, we’ll be making a number of changes across our residential and Buy to Let (BTL) mortgage product ranges.

Summary of changes:

Existing residential customer switching / borrowing more – 2 Year Fixed Standard at 80% and 85% LTV decreasing

Residential First Time Buyer / Home mover – 5 Year Fixed Premier Exclusive at 60%, 70% and 75% LTV increasing, 2 Year Fixed Fee Saver at 60% LTV increasing, 2 Year Fixed Standard at 60% LTV increasing, 2 Year Fixed Standard at 80% and 85% LTV decreasing, 2 Year Fixed High Value Mortgages at 60% LTV increasing, 5 Year Fixed Fee Saver at 60%, 70% and 75% LTV increasing, 5 Year Fixed Standard at 60%, 70% and 75% LTV increasing, 5 Year Fixed High Value Mortgages at 60%, 70% and 75% LTV increasing.

Residential First Time Buyer / Home mover Energy Efficient Home (A & B EPC Rated Properties) – 2 Year Fixed Fee Saver at 60% LTV increasing, 2 Year Fixed Standard at 60% LTV increasing, 2 Year Fixed Standard at 80% and 85% LTV decreasing, 5 Year Fixed Fee Saver at 60%, 70% and 75% LTV increasing, 5 Year Fixed Standard at 60%, 70% and 75% LTV increasing.

Residential Remortgage – 5 Year Fixed Premier Exclusive at 90% LTV decreasing, 2 Year Fixed Fee Saver at 60% LTV increasing, 2 Year Fixed Fee Saver at 85% and 90% LTV decreasing, 2 Year Fixed Standard at 60% LTV increasing, 2 Year Fixed Standard at 80%, 85% and 90% LTV decreasing, 2 Year Fixed High Value Mortgages at 60% LTV increasing, 5 Year Fixed Fee Saver at 60%, 70% and 75% LTV increasing, 5 Year Fixed Fee Saver at 90% LTV decreasing, 5 Year Fixed Standard at 60%, 70% and 75% LTV increasing, 5 Year Fixed Standard at 90% LTV decreasing, 5 Year Fixed High Value Mortgages at 60%, 70%, and 75% LTV increasing, 5 Year Fixed Premier Exclusive at 60%, 70%, 75% LTV increasing.

Residential Remortgage Energy Efficient Home (A & B EPC Rated Properties) – 2 Year Fixed Fee Saver at 60% LTV increasing, 2 Year Fixed Fee Saver at 85% and 90% LTV decreasing, 2 Year Fixed Standard at 60% LTV increasing, 2 Year Fixed Standard at 80%, 85% and 90% LTV decreasing, 5 Year Fixed Fee Saver at 60%, 70% and 75% LTV increasing, 5 Year Fixed Fee Saver at 90% LTV decreasing, 5 Year Fixed Standard at 60%, 70% and 75% LTV increasing, 5 Year Fixed Standard at 90% LTV decreasing.

Residential Remortgage Cashback – 2 Year Fixed Fee Saver at 60% LTV increasing, 2 Year Fixed Fee Saver at 85% and 90% LTV decreasing, 2 Year Fixed Standard at 60% LTV increasing, 2 Year Fixed Standard at 80%, 85% and 90% LTV decreasing, 5 Year Fixed Fee Saver at 60%, 70% and 75% LTV increasing, 5 Year Fixed Fee Saver at 90% LTV decreasing, 5 Year Fixed Standard at 60%, 70% and 75% LTV increasing, 5 Year Fixed Standard at 90% LTV decreasing.

BTL Remortgage – 2 Year Fixed £3999 Standard at 60%, 65% and 75% LTV decreasing, 2 Year Fixed Fee Saver at 60%, 65% and 75% LTV decreasing, 2 Year Fixed £1999 Standard at 60%, 65% and 75% LTV decreasing.

Further information –

• The product finder tool and sourcing systems will be updated for Tuesday 22^nd October.
• Use our ‘Chat with us’ service to request a rate change on an existing mortgage application. Please note, due to increasing demand, wait times may be longer than usual. 
• To secure existing product codes, please submit applications in full by midnight, Monday 21^st October.
• All evidential and supporting documentation must be provided within 30 calendar days of submission.

Our latest mortgage product update

We’re making some changes to our new lending mortgage range. These changes affect new mortgage applications only.

Key Product Updates – Selected Residential products priced up or withdrawn. See our latest updates

Products will be withdrawn from the system at midnight on Monday 21 October 2024 – see our latest updates for details. You’ll be able to apply for any new products from the stated launch date.

New Limited Edition – buy to let rates

Click here

BTL Refresh: 23 Oct 2024

As of the morning of the 23^rd October 2024, Foundation Home Loans will refresh some of its BTL product range which includes updated rates/fees and withdrawals.

Update

By Tom Denman-Molloy, Intermediary Sales Manager, Mansfield Building Society

After almost a year since its last rise, the Bank of England Base Rate finally decreased from its recent high of 5.25% to 5.00% in August 2024. According to forecasters, another base rate cut could be on the horizon by the end of the year. While inflation has not yet reached the 2% target, it seems to be stabilising just above that level. However, there is still a long way to go, and there’s no denying that it has been a tough few years for the UK economy, the effects of which have hit borrowers hard. Affordability has been a key challenge for many, with higher interest rates restricting the purchasing power of would-be homeowners and limiting the options available to those looking to remortgage. According to figures from the recent Building Societies Association Property Tracker report, 68% of respondents cited the cost of monthly mortgage payments as the main barrier to buying a home. Similarly, rising living costs continue to stretch household finances, leaving many households hoping for some relief in their mortgage payments.

Responding swiftly to support borrowers – As a lender committed to supporting homebuyers and property investors with unique circumstances, affordability challenges can be particularly acute when product availability is limited. While competition in the market can place a healthy focus on the initial rate and monthly repayments, it can also distract from the overall cost of borrowing. Shortly after the Bank of England Base Rate reduction, Mansfield followed suit and reduced both our Standard Variable Rate (SVR) and follow-on rate, the latter being used to stress test affordability on prime residential, Versatility, and Shared Ownership mortgages. Our recent SVR reduction, along with linked follow-on and discounted rates, was accompanied by a reduction in our fixed-rate products. Together, these measures help provide prospective borrowers with the affordability boost needed to more comfortably meet our borrowing criteria and reduce the pressure of monthly repayments, whether choosing a fixed or variable product.

Improving access to flexible lending – Improving affordability is especially important in the current economic climate, where some borrowers may have previously failed affordability stress tests due to rising interest rates. In some cases, these borrowers may have struggled to secure the funding needed to purchase a property. Others may have found it difficult to remortgage onto a more suitable deal, particularly if they were seeking to raise funds or consolidate debts. Individual underwriting enables lenders to better understand the varied circumstances of borrowers, including those who may have experienced a credit blip, allowing them to secure the financing needed to get back on track. As the Base Rate begins to stabilise, and hopefully reduce further, lenders must maintain a strong focus on whether they can help ease the burden on borrowers. After a prolonged period of instability and rising rates, lending accessibility is about more than just reducing the initial rate. It requires reviewing the overall cost of the mortgage and, critically, focusing on the type of lending being offered.

A common sense approach– If you’ve got a case on your desk that requires a common sense approach to lending then please pick up the phone to our Broker Support team on 01623 676360 or visit https://www.mansfieldbs.co.uk/intermediaries/. 

Rate Change – Embargoed until midnight tonight

We are increasing rates by 30, 20 and 10 bps across some of our products.

These products will be updated in our platforms tomorrow morning (19th of October). There are few cases affected, and the relevant brokers will be contacted to get the cases submitted (accepted by client & fee paid) to ensure they secure the rate. As it is a Friday the brokers have until Tuesday midnight to secure. The affected products are highlighted in yellow in column A. The guides will be live on the website tomorrow morning.

Complex ownership structure?

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Product News: Product Launch 18.10.2024

On Friday 18^th October we will be reducing selected rates across our 5 year fixed rate Purchase, Remortgage, Shared Ownership and New Build Ranges. We will also be extending end dates to March across these products.

All products listed revert to WBBS SVR (currently 6.59% variable) for the term. Customers may benefit from a lower reversionary variable rate dependent upon their respective Loan to Value (LTV).

Withdrawn Products

The following products will be withdrawn from COB Thursday 17^th October:

New product launch

Visit here.

Product Withdrawal Notification

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Lower Rates on our 85% LTV Refurb Bridge

This Autumn, we’ve reduced the rate on our 85% LTV Refurbishment Bridging product – now just 0.98%, providing a net LTV of 74%. What does this mean for your Landlord customers?

• Lower cost of borrowing means cheaper financing for new purchases.
• Ideal for HMO investors looking to secure and convert properties quickly.
• Clients can secure their exit with us at the same time with a range of Buy-to-let options.

With our fast funding and seamless process, your customers can take advantage of this lower rate to secure their next investment. Take advantage of our bridging loans for your clients’ HMO investments. Whether you’re purchasing and refurbishing an HMO or refinancing, we’ve got the solution. Plus, with our bridging loans, transitioning to a long-term Buy-to-Let product is effortless once your project is complete.

Product features: 74% Net LTV on day 1, Use the GDV value when exiting onto our Buy-to-Let, Rolled interest up to 85% gross, Minimum loan £100k, No monitoring on the works, First-time investors, Lend off open market value and All done in the Mortgages Portal. Get started

Halifax Intermediaries product launch 18.10.2024

On Friday 18 October we are making the following changes to our product range;

Remortgage – Rate increases on 2 and 5 year fixed rate products of between 0.11% and 0.24%.

Product transfer and further advance – Rate increases on selected products

Further information – The product search tool on the Halifax Intermediaries Website, Halifax Intermediaries Online and sourcing systems will be updated by Friday 18 October. To secure existing product codes, please submit applications in full by 8pm on Thursday 17 October.

Important Barclays product news

From tomorrow, Friday 18 October, we are changing rates on a selection of products across our Purchase and Remortgage ranges. Please see the rate overview guide for information of all our product changes. You can access the full range of Barclays mortgage products, effective from tomorrow, within our updatedIntermediary and Reward rate sheets.

Product withdrawal timings – Please be advised that upon withdrawal, the products will be removed from the dropdown options within our application services. For new lending, an application needs to have been started and the product selected from the dropdown, on or before the date of withdrawal (Thursday 17 October) and must be submitted prior to the last application date (Saturday 26 October). For product transfers, the product must be selected and application submitted on or before Friday 18 October.

Welcome to Hinckley & Rugby for Intermediaries

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Our latest mortgage product update

We’re making some changes to our new lending mortgage range. These changes affect new mortgage applications only.

Key Product Updates – 3 Residential products withdrawn. See our latest updates

Products will be withdrawn from the system at midnight Thursday 17 October – see our latest updates for details. You’ll be able to apply for any new products from the stated launch date.

Help your clients jump into a new home

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We’re making changes to our Residential and BTL New Business, and Residential Product Transfer and Additional Loans product ranges

We appreciate the market is volatile at present, and whilst not always possible, we will endeavour to give you at least 24 hours’ notice of any upcoming changes.

On Friday 18 October, we’re making changes to our Residential and BTL New Business, and Residential Product Transfer and Additional Loans product ranges. The current ranges will be withdrawn at 10pm on Thursday 17 October (8pm for Residential Product Transfer and Additional Loans) and the new ranges will be available at 8am Friday 18 October. What’s changing?

Residential New Business changes

90% LTV products increased by up to 0.15%

75% LTV products increased by 0.28%

80% and 85% LTV products increased by 0.22%

No changes to residential 95% LTV products, £5k Deposit and tracker products. Click here to visit our Residential New Business product finder.

Buy to Let New Business changes

65% and 75% LTV products increased by up to 0.30%

60% and 80% LTV products increased by up to 0.20%

Click here to visit our BTL New Business product finder.

Residential Product Transfer and Additional Loans changes

Fixed rates are increasing:

• 65% LTV products increasing by up to 0.40%
• 75%, 80% and 85% LTV products increasing by up to 0.30%
• 90% LTV products increasing by up to 0.20%
• 95% LTV products increasing by up to 0.30%
• 100% and 100%+ LTV products increasing by up to 0.10%

No change to BBR trackers or end dates.

Click here to visit our Residential Existing Borrower product finder.

Hodge rebrands 50+ Mortgage range to Resi Retire

Hodge has rebranded its 50+ mortgage range to Resi Retire and removing the requirement for borrowers to be aged over 50 to access them. This change reflects Hodge’s commitment to making lending more inclusive and aligned with customer aspirations rather than age.

As part of the Resi Retire range, a two-year fixed rate at 85% loan-to-value (LTV) is now available at 6.35%, with a £995 product fee. Additionally, a two-year fixed rate at 60% LTV has been introduced, offering a rate of 5.68%, also with a £995 product fee.

This rebrand follows the earlier launch of Hodge Resi, which expanded access to professional mortgage products for individuals aged 21 and over with complex income streams.

Alongside the rebrand, Hodge is reducing selected rates and introducing higher-fee, lower-rate products. For example, the two-year fixed rate at 75% LTV with a £995 fee has been reduced from 6.15% to 5.79%, and the five-year fixed rate at 75% LTV has been reduced from 5.75% to 5.59%.

Emma Graham, business development director commented: “As always at Hodge, it’s key that we are constantly listening to and working closely with our intermediary partners to ensure we are developing products and making changes that really make a difference to the end customer.

“Our new Hodge Resi and Hodge Resi Retire products represent a big change for us here at Hodge. We have fundamentally repositioned our propositions to define our customers based on their goals and aspirations rather than their age, which is historically where the later life lending market has been. We have challenged ourselves and asked why products that cater for customers lending into their retirement stipulate a minimum age of 50.

“We are excited to see how the Resi Retire products will be welcomed by the market and are looking to chat brokers, IFAs and networks about how they can help customers get the outcomes they need from their mortgages.”

For more information on Hodge Resi and Resi Retire products, or to explore how they can help meet your mortgage needs, please get in touch with our team today.