The Nottingham has rolled out a new five-year fixed product as an option for people looking to remortgage in light of increased housing market uncertainty.
With challenges presented by the Covid-19 pandemic and the looming stamp duty holiday deadline, the building society is introducing an 80% loan-to-value (LTV) remortgage only product with a fixed rate of 2.25% for five years, which has now been rolled out to all brokers.
There are no booking or arrangement fees, and it comes with a free valuation and standard remortgage legal fees paid.
Nikki Warren-Dean, head of intermediary sales at The Nottingham, says with so much uncertainty around, many people are seeing remortgaging as a sensible and stable option for them in the current climate.
She says: “Our ongoing aim is to have products to suit all circumstances, but with a high number of people looking to remortgage and wait and see what the housing market does over the coming years we have reacted by introducing this product.”
Having returned to the 90% LTV space, the building society has also added four mortgages to its range to grow it into a more ‘rounded proposition’ with increased options for different circumstances. These include:
Three-year fixed 90% LTV, 3.40% (purchase and remortgage) product, £199 upfront fee
Minimum loan £350k, two-year fixed 80% LTV, 1.75% purchase and remortgage product with £999 (£199 upfront) fees
Two-year fixed 80% LTV, 1.95% remortgage-only product with no fees
Two-year fixed 85% LTV, 2.60% (purchase and remortgage) product with no fees
Warren-Dean adds: “These products are further examples of our desire to keep widening our product range to ensure we have the most rounded proposition possible.”
Furness launches new five-year fixed rate product range
Furness Building Society has introduced a new 90% five-year fixed rate to its product rage to strengthen its high LTV offering across England, Scotland and Wales.
It has also taken the opportunity to price down its existing five-year fixed rates at 70% and 80% LTV.
The rate for a 70% LTV is 2.19%, rising to 2.49% at 80% LTV – both carry an application fee of £1,250. Meanwhile, at 90% LTV the rate is 3.49% with a £999 fee.
For remortgages, the products come with an incentive package of a free valuation and standard legal fees available in England and Wales. In Scotland they will receive a free valuation and £150 towards legal fees.
Residential applications are welcome on new build houses, from employed and self-employed customers.
Alasdair McDonald, head of intermediaries at Furness, says: “We’re constantly improving our product range and we’re pleased to be offering another option at 90% LTV with our new five-year fixed rate.”
“One of our main aims is to help brokers access products across the LTV range, as well as providing a common sense approach to lending and being on hand when brokers need to talk to us. We’ve got a massive amount of underwriting experience here and every application is looked at by an underwriter, meaning real people are making sensible lending decisions.”
Vernon refreshes residential products for remortgagors
Vernon Building Society has refreshed its residential mortgage range, including six new fixed and discounted options.
The same interest rates are available on two, three or five-year products for homebuyers and remortgagors. These include:
Two-year, three-year or five-year fixed rate mortgage at 2.25%, with a £999 fee
Two-year, three-year or five-year fee-free discounted rate mortgage at 2.09%.
All products are available nationally up to 80% LTV.
Brendan Crowshaw, head of mortgage and savings distribution at Vernon, comments: “Whether your client wants to fix their rate for two, three or five years, the rate and fees are the same. Our three discounted rates offer the same interest rate whichever length of initial term they choose and come with no product fee.”
“Vernon’s common-sense approach to lending includes personalised underwriting and flexibility where applicants have unconventional circumstances. Combined with our commitment to broker service it’s a compelling proposition.”