If you have clients struggling to remortgage to a new lender due to not meeting the affordability assessments – read on!
Ahead of the FCA’s consultation on mortgage prisoners we’re the first lender to utilise existing regulation to help existing borrowers who may be struggling to remortgage away from their current lender, with five new like-for-like deals on offer.
Under the like-for-like rules we can offer an affordability assessment based on product pay rate only, with no need for a stressed rate calculation. This could mean the mortgage may now be deemed more affordable than when applying the additional stressed rate.
Our like-for-like remortgages are available to borrowers who:
- Have been with their current lender for at least two years
- Have good credit and have kept up to date with their repayments
- Are not borrowing more
- Have a maximum 4.5 income ratio
- Have no material changes to their mortgage (eg term, repayment type, borrowers)
The following products are currently on offer:
- Residential 80% LTV 2-year fixed @ 2.80%
- Residential 80% LTV 2-year discount @ 2.55% pay rate
- Later Life (50+) 75% LTV 2-year fixed @ 2.75%
- Later Life (50+) 75% LTV 2-year discount @ 2.50% pay rate
- Shared Ownership 90% Share 2-year fixed @ 3.25%
Don’t forget, we lend on properties throughout England and Wales, with no maximum age and up to 40-year terms offered as standard on all our products.
Click here for full like-for-like product information.
If you’ve got a case in mind speak to us:
Andrew Sadler, Senior Business Development Manager
T: 0330 123 1073
W: www.ipswich-intermediaries.co.uk
Don’t forget you can submit your cases to us online by registering with our panel.
Available to all Right Mortgage Network appointed representatives, plus DA’s based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire.
Details correct as at 24 June 2019
