CHANGES TO OUR PRODUCT RANGE AND CRITERIA

Product changes

We have reviewed our mortgage products and have increased our pricing across our Core Residential and Large Loan Ranges. We have also introduced a new range for customers looking to take a Further Advance and these products will be in line with the new Core Range. There is no change to our Buy to Let or Rate Switching Products. Please visit our website for more detail.

To secure any of the rates that are being withdrawn, the case must be at Application Submitted stage and fully packaged with the necessary documents with the product selected by 5.30pm 3rd April 2020.

Due to the ongoing impacts of COVID-10 we are only able to provide valuations on properties up to a maximum value of £3m. Product LTV limits continue to apply.

We have been working hard to put in place solutions to the ongoing impacts of the coronavirus. These include the following:

Valuations

We are currently operating a process of AVMs and Digital valuations (dependant on LTV), the cost for a Digital Valuation is up to £145. Customers will still need to pay the valuation fee as stated in the product guides which are available on our website, however the differential will be refunded back to the customer.

Criteria changes

We have also made changes to our underwriting requirements in several areas:

Self employed – there will be a requirement to demonstrate the sustainability and profit of the business

Bonus/Commission/Overtime – 50% of cash bonus/commission/overtime averaged over the last 2 years will now be used in the affordability assessment. As evidence, we will require the last 2 years P60’s.

Investment income – accepted where the portfolio is valued at a minimum of £1m.