95% deals drop to sub 3%, 90% deals back under 2%
HSBC have reduced rates again this week, launching a 2.99% 2 year fixed rate at 95% LTV which is the first sub 3% rate at 95% this year! In fact it works out 1% lower than the best 95% deal at the start of April this year which was 3.99%.
The deal is available for any home mover, not just First Time Buyers and comes with a £999 fee you can add to the mortgage. They have also released a 2 year fixed at 90% LTV at 1.99% with £999 fee bringing the headlining rate at 90% under 2% again.
Both deals are intermediary exclusives, so are available through brokers only so make sure you speak to your adviser today to ensure your clients are getting the best rate they can!
More lenders offering Holiday-Lets as Staycations are increasing!
Furness Building Society have launched a new Holiday-Let range this week, their approach allows clients to use both the gross holiday let income and their own personal income to support the loan for affordability calculation purposes, meaning the loan is no longer restricted if the rental is not high enough. Other benefits of their Holiday-Let mortgages include allowing personal use by applicant for up to 90 days per year, mortgages considered on both an interest-only or repayment basis and available across properties in mainland UK with a maximum loan to value of 75%.
Metro improved Self Employed Proposition
Metro Bank are the latest mortgage lender to improve their Self Employed criteria. They are now taking “share of net profit along with salary” for limited company directors instead of the standard “salary and dividends”. This can make a huge difference to the affordability and borrowing ability of the client. Metro will be joining only a handful of lenders who take this approach currently, such as HSBC and Coventry, and this change will certainly increase the lending ability of those Self Employed limited company directors. For all self employed applicants they have increased their lending LTV back up to 95% LTV or 80% where any SEISS grants have been taken by the applicants in the last 6 months.
