Accord Mortgages is reverting its loan-to-income (LTI) cap to five times for those on an income of £60,000 and above. In October 2020, LTI caps were standardised to 4.49 for all incomes to manage service levels. However, Accord’s recent headcount increase has improved capacity and this measure is no longer needed. As of Wednesday [...]
Metro Bank has announced rate reductions of 0.4% on its 90% LTV five-year fixed rate mortgages. Purchase rates are now available at 3.59%, with remortgage rates starting from 3.64%. Additionally, Metro Bank has partnered with Brilliant Solutions, opening up access to a wider range of mortgage brokers. Charles Morley, director of mortgage distribution at [...]
The Completion section of our Application Dashboard is live meaning you can now track progress online on all applications through the full journey from new application to mortgage completion.Select the Completion section of the Dashboard to show live updates on whether the conveyancer has requested funds, the planned date of completion and confirmation of the [...]
It's time for our third and penultimate weekly update, with our new Expat lending criteria. We have made the following changes to our Expat criteria: We will now accept a non-UK national as a second applicant if the first applicant is a UK passport holder and meets all the Society's criteria alone; For Expat [...]
Rate Reductions on our Heritage and Freedom 40 Ranges MER AER New Rates across our Heritage Gilt ERCs Range 3.67% ‐ 4.39% 3.73% ‐ 4.48% New Rates across our Heritage Fixed ERCs Range 3.72% ‐ 4.44% 3.78% ‐ 4.53% New Rates across our Freedom 40 Range 3.97% ‐ 4.49% 4.04% ‐ 4.58% [...]
We've increased the maximum loan term at 90% LTV back to 40 years. This change applies to all cases that receive their first DIP on or after Thursday 21 January. Please remember that for lending over 85% LTV, our enhanced criteria still applies. Have you noticed our improved timescales? On average, it currently takes 15 working days [...]
Please see below for our weekly summary: Lifetime mortgage application cycle STAGE 1 Applications received waiting to be worked STAGE 2 Case checked and reviewed for approval (packaged for underwriters) STAGE 3 Case assessed by Underwriters for approval and set to offer STAGE 4 Offer approval to Offer issued General Post Benchmark SLA 1 2 [...]
We’re pleased to announce we’ve made changes to our Lifestyle Options from 10am this morning - Monday 18th January. We have:Decreased interest rates on Lifestyle Lite and Gold including Flexible variants.Our new interest rates are shown in the Product Information table below highlighted in red.Product Old Interest rate (MER)New Interest rate (MER)Old Interest rate (AER)New [...]
We have increased the rates of the following products: 2 year purchase products in the 85% and 90% LTV brackets; 5 year purchase products in the 90% LTV bracket; All other products and features remain unchanged. The new rates have been available on sourcing systems from Tuesday 19th January, and our rate table and [...]
Welcome to this week's Mortgage Update. Please take the time to read through the update as there may be some information that is important to you. Included in this week's update: Santander announce new 90% first time buyer exclusives; Nationwide increase maximum term on 90% LTV lending; Metro Bank cut LTV rates by 0.40%. [...]
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The Right Mortgage & Protection Network Limited is authorised and regulated by the Financial Conduct Authority. Registered Office: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH. Registered in England and Wales. Registered Number: 08130498. FCA Number: 649443.
