On Monday 10 May 2021 we will re-launch our Mainstream and Buy to Let mortgage ranges for both New Business and Product Switching. 

Criteria Change

We will be making a number of updates to our lending criteria with effect from Monday 10 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.

  1. 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 Coronavirus 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. We can start to allow instructions for both HomeBuyers Reports and Building Surveys from Monday 10 May 2021.

Product Changes

New product codes issued for all products and end dates extended to 31 August. Products and rates may change or be withdrawn at short notice subject to demand.

New Business

Mainstream

  • 2 and 5 year fixed rate products at 95% LTV re-introduced
  • 5 year fixed rate products at 60% to 75% LTV with £0 fee re-introduced
  • 2 and 5 year fixed rate products at 85% and 90% LTV reduced by up to 0.07%
  • Selected 2 year fixed products at 60% to 75% LTV with £1,499 and £999 fees reduced by up to 0.04%
  • 5 year fixed rate products at 60% to 75% LTV with 1,499 and £999 fees reduced by up to 0.06%

Professional Mortgage

  • 2 and 5 year fixed rate products reduced by up to 0.12%

Buy to Let

  • No rate changes

Help to Buy

  • No rate changes

Product Switch

Mainstream

  • Selected 2 year fixed rate products at 60% to 90% LTV with £1,249 and £749 fees reduced by up to 0.06%
  • Selected 3 and 5 year fixed rate products at 60% to 90% LTV with £1,249 and £749 fees reduced by up to 0.06%

Buy to Let

  • 2 year fixed rate products with £0 fee reduced by up to 0.07%
  • 5 year fixed rate products at 60%, 70% and 75% with £0 fee reduced by 0.02%

Help to Buy

  • No rate changes

Pipeline deadline

Clickdecision and Illustrations:  Products will be withdrawn from our website and all sourcing systems at 5pm on Friday 07 May 2021.

Applications must be received at Platform by 5pm on 07 May.  Applications must have a click decision. All applications must be accompanied by all items on our shopping list.

New products will be available from Monday 10 May 2021.