TSB has applied new reversionary rates to products to reflect the Bank of England base rate increase to 0.25% from 10 January for new customers.

• Homeowner Variable Rate 3.74%
• Buy to Let Variable Rate 4.59%

Residential product end dates have been extended to end of May and various rate changes on Affordable Housing products apply, from Monday 10 January.

Reduced rates:

• 5 Year Fixed New Build/Shared Ownership/Shared Equity First Time Buyer and House Purchase,80-90% LTV, by up to 0.30%
• 5 Year Fixed Shared Equity First Time Buyer and House Purchase, 80-85% LTV, by15%
• 5 Year Fixed Shared Ownership Remortgage, 80-85% LTV, by 0.15%

Increased rates:

• 5 Year Fixed New Build Shared Ownership/Shared Equity First Time Buyer and House Purchase,0-75% LTV, by up to 0.35%
• 2 Year Fixed Shared Ownership/Shared Equity First Time Buyer and House Purchase, 0-90% LTV, by up to 0.40%
• 2 and 5 Year Fixed Shared Equity Remortgage0-75% LTV by up to 0.25%
• 2 Year Fixed Shared Ownership Remortgage, 0-85% LTV, by up to 0.30%
• 5 Year Fixed Shared Ownership Remortgage,0-75% LTV, by 0.55%

The product guide is attached and embargoed until 9am on Monday 10 January. 

Brokers will be informed of these changes on Friday 7 January at 10am and asked to submit applications for these products by 8pm on Sunday 9 January as they won’t be available after this time.

If you have any questions, please contact your National Account Manager

Introducing 3 new products, available immediately;

MFD443

2.90% Fixed for 5 Years

Up to 95% LTV

• No application or product fee
• Free standard valuation (if house if estimated over £250,000 – a contribution of £310 towards valuation)
• Available for house purchase only (not remortgage)

MFD444

1.59% Fixed for 5 Years

Up to 75% LTV

• No application or product fee
• Free standard valuation (if house if estimated over £250,000 – a contribution of £310 towards valuation)
• Free legals when using the Society’s solicitor
• Available for remortgage only (not purchase)

MFD445

1.79% Fixed for 5 years

Up to 80% LTV

• No application or product fee
• Free standard valuation (if house if estimated over £250,000 – a contribution of £310 towards valuation)
• Free legals when using the Society’s solicitor
• Available for remortgage only (not purchase)

These new products are available for both direct customers and brokers.

Full Product Range Withdrawal

In advance of something particularly spectacular happening on Tuesday 11th January we will be withdrawing ALL our current products at 6.30pm on Monday 10th January.

DON’T PANIC! – Transition arrangements

Decisions in Principle must be submitted, with product selected, by 6.30pm on Monday 10th January

For any new DIPs, or cases currently in the pipeline, all mandatory docs must have been uploaded with fees paid, and case progressed to ‘Application Received’ stage, by 8pm on Monday 17th January

Keep an eye out for further news on 11th January.

Vida Homeloans Sales & Marketing Team

Contacts

Telephone: 03300 246 246

enquiries@vidahomeloans.co.uk

Website: www.vidahomeloans.co.uk

Changes to our product range

On Monday 10 January, we’re making the following changes to our product range:

First time buyer and homemover products including Green products and excluding Large Loans

• £1,499 fee products will be withdrawn.

Further Information

• Please click Find Out More to access the Product Rate Guide which has been updated with the changes
• The product search tool, Halifax Intermediaries Online and sourcing systems will be updated by Monday 10 January
• To secure existing product codes, please submit applications in full by 5pm on Saturday 8 January.

Please visit www.halifax-intermediaries.co.uk from Monday 10 January.

Effective 7^th January we are making the following changes to our New and Existing customer product ranges:

New Business

New Products

• First Time Buyer: 4 new products, covering 85% and 90% LTVs, across 2 and 5 year deals

Rate Changes

• Purchase: Rate decreases of up to 10bps and 12bps on selected 2 and 5 year deals
• Remortgage: Rate decreases of up to 18bps and 50bps on selected 2 and 5 year deals
• Shared Equity Purchase: Rate decreases of up to 3bps and 50bps on selected 2 and 5 year deals
• Help to Buy Shared Equity Purchase: Rate decreases of up to 3bps and 50bps on selected 2 and 5 year deals
• BTL Purchase: Rate increases of up to 5bps on selected 5 year deals
• BTL Remortgage: Rate decreases of 5bps on selected 2 and 5 year deals
• Green Purchase: Rate decreases of up to 10bps and 12bps on selected 2 and 5 year deals
• Green Remortgage: Rate decreases of up to 9bps and 15bps on selected 2 and 5 year deals
• BTL Green Purchase: Rate increase of 4bps on 75% 5 year deal
• BTL Green Remortgage: Rate increase of 5bps on 75% 2 year deal

Rate Changes and cashback changes

• Purchase: Rate decreases of up to 18bps and 10bps on selected 2 and 5 year deals, with a variety of cashback changes. Rate increase of 4bps on 80% LTV 5 year deal.
• Remortgage: Rate decreases of up to 12bps and 14bps on selected 2 and 5 year deals, with a variety of cashback changes.
• Tracker Remortgage: Rate decrease of 5bps on 75% LTV 2 year deal, with cashback decreasing to £0
• First Time Buyer: Rate increases of up to 4bps and decreases of up to 10bps on selected 2 and 5 year deals, with cashback increasing to £750
• Shared Equity Purchase: Rate decreases of up to 9bps and 22bps on selected 2 and 5 year deals, with cashback decreasing to £250
• Help to Buy Shared Equity Purchase: Rate decreases of up to 9bps and 22bps on selected 2 and 5 year deals, with cashback decreasing to £250

Cashback changes

• Purchase: Cashback increasing to £250 on 70% and 75% LTV 2 year deals

Withdrawn

• First Time Buyer: Withdrawal of an 80% LTV 5 year deal

Existing Customer

Rate Changes

• Switcher: Rate decreases of up to 20bps and 35bps on selected 2 and 5 year deals
• Switcher – High value: Rate decrease of 1bps on selected 5 year deals
• BTL Switcher: Rate decreases of up to 10bps and 21bps on selected 2 and 5 year deals

From 2pm today, you can download a PDF of the updated product ranges on our Website. At this time, the Latest News section will be updated to display a full summary of the changes, including transitional arrangements.

We’ve started the new year with a bang, launching a product refresh featuring rate reductions up to 0.29%!

Our Green range has been simplified, offering the same discounted rates for EPC A,B and C rated properties — new builds are now accepted!

Product highlights

• Standard 5 Year 75% LTV @ 3.04% with free valuation options
• Green Standard 5 Year 75% LTV @ 2.94 (including new builds)
• Small portfolio 2 Year 65% LTV @ 2.65% for landlords with 3 or less BTL properties
• Small HMO/MUFB 5 Year 75% LTV @ 3.34% up to 6 beds/units

To find out more, speak to your local BDM.

Following the decision by the Monetary Policy Committee on 16 December 2021 to increase the Bank of England Base Rate to 0.25%, we’re making some changes. On 6 January 2022, we will increase our Standard Variable Rate to 4.49% and our Buy to Let Variable Rate to 4.69%.

What happens with existing customers

Customers affected by the changes to our Standard Variable Rate or Buy to Let Variable Rate will be contacted to let them know their rate and monthly repayment will change on 1 February 2022.

If you’ve got any questions, you can get in touch with your Business Development Manager or dedicated Regional Service Team.

We recently discovered that while our RL1 product allowed some missed payments, or unsecured credit events in the profile, 55% of our applicants on that product didn’t have any at all. These findings are in addition to our research that we conducted earlier in the year finding that the impact of the pandemic on earnings has also impacted those self-employed workers with 51% of self-employed people surveyed believing it is now more difficult for self-employed people to get a mortgage compared to a year ago. As a result of these findings we have introduced RL0, an appropriately priced product created to serve the self-employed and those with complex incomes, so if you’ve met with clients that feel left out by high street lenders, you could come to us.

KSP’s

• We use share of profit before tax plus salary for affordability
• We consider using previous year’s trading accounts where the most recent year’s accounts have been impacted by Covid, if their last 3 months business bank statements show a return to a similar level of turnover (speak to a BDM before submitting an application)
• And we consider applicants with just three months of contracting (with 12 months previous employment in a similar role)
• We accept 100% of bonus, overtime and commission earnings
• We accept applications with a minimum of 12 months in self-employment
• For those trading 2 years+ we use their latest year’s figures without averaging

Suggested social post: The Mortgage Lender has announced it has launched a new residential product aimed at supporting the self employed and borrowers with complex incomes.

Quote from Steve Griffiths, Sales & Product Director;

“The self-employed and those with untraditional income streams are becoming more and more common in the UK- but the lending industry has failed to adapt as quickly to this trend. Our new RL0 product range will offer competitive pricing for borrowers that don’t have adverse credit history but do have complex incomes. We are pleased to be supporting these customers by taking a RealLife approach to affordability such as using pre covid accounts where appropriate, as well as 100% of bonus and overtime for employed borrowers.

In line with the Bank Base Rate increase on 16th December, the Society’s Mortgage Variable Rate will increase by 0.15% for new customers on Thursday 6th January.  The MVR from this date will be 5.29%.

The initial pay rate for any variable products currently linked to the MVR will therefore increase by 0.15% from 6th January.