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Mortgage roundup – a diverse range of products just in time for Easter…

Vernon Building Society has announced a new competitively priced mortgage, available up to 90% of the property’s value.

The mortgage is designed to help first-time buyers with a modest deposit to get on the ladder, and support home movers and remortgagors with limited equity in their homes.

The two-year floored discounted mortgage has a rate of 2.35% and comes with a £999 fee, which can be added to the loan.


Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, says: “We know that 90% mortgages are in demand, not just from first-time buyers but also homeowners making that next step or remortgaging, so we’re pleased to support this sector.”

“Our new 90% discounted mortgage has a low-interest rate of 2.35% and borrowers can apply for the mortgage over the phone, in branch or via a mortgage broker.”

The new 90% loan-to-value product is available on mortgages between £150,000 and £350,000, directly or through mortgage brokers.

The discounted rate is a 2.85% reduction on the society’s Standard Variable Rate of 5.2% with a floor of 2.35%. Early Repayment Charges apply for the two-year discounted period.

Trading company and high rise BTL now available at Landbay

Specialist lender Landbay has launched a range of buy-to-let products for trading limited companies purchasing or remortgaging standard properties, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).

Most buy-to-let (BTL) limited companies are set up as a ‘Special Purpose Vehicle’ and must apply for a Standard Industrial Classification of Economic Activities (SIC) code which indicates they specialise in property.

Meanwhile, trading limited companies can be any small business such as doctors, dentists or brokers who wish to use their firm to buy property to let. However, not many BTL lenders will lend to trading limited companies.

In addition, Landbay has increased loan-to-values (LTVs) on large HMOs/MUFBs (up to 12 beds/units) to 75%, up from 70%. There is also now no limit on the number of floors in a property that Landbay will lend on.

Paul Brett, managing director of intermediaries at Landbay, comments: “As one of the few lenders catering for trading limited companies, brokers now have more choice when advising company directors, who do not specialise in property. If small companies have surplus profits, buying property to let can be a tax-efficient investment.”

“Our appetite for lending has been boosted by our new £1 billion funding source over five years from our new friends and partners, Allica Bank. We are having a tremendous year across the business and I believe there are even more exciting times ahead for us.”

Shawbrook’s 48-hour mortgage offer completes via new tech platform

Shawbrook Bank has provided a formal mortgage offer to a customer in just 48 hours from submission, using its new Buy-to-Let Platform ahead of its official launch.

The platform aims to streamline the entire application process for brokers by using the most up-to-date technology.

Applying advanced decisioning techniques and ‘sophisticated’ insights via API technology, Shawbrook says the new system will provide ‘a quicker and more intuitive journey’ to credit decisions and property valuations, where eligible.

While testing the new platform, a broker submitted a new case for consideration. All third-party checks were automatically carried out as part of the application in principle (AIP) process, significantly reducing the requirements of the underwriting team.

An instant IMO was then generated, alongside a successful automated property valuation (AVM). The Broker provided the necessary documentation required for a Formal Offer. From submitting an AIP to the offer being issued, the process took 48 hours.

Emma Cox, sales director at Shawbrook Property Finance, comments: “Over the last twelve months we have been investing heavily in the technology we rely on behind the scenes to help deliver the best possible service to our customers.”

“The launch to our Strategic Partners has already demonstrated the benefits these improvements will have. This is just the start of a series of digital enhancements that we will be announcing in 2021 to improve broker experience and ensure a more efficient application journey for our customers.”

Hope for Scotland as lender enters the Scottish market

Hope Capital has announced it is launching its short-term finance proposition in Scotland.

After having tracked the Scottish property market for some time, the specialist lender is expanding its offering to brokers and their clients who have property in Scotland.

This includes a range of bridging loans for residential, mixed-use and commercial property.

Gary Bailey, managing director of Hope Capital, comments: “Despite the challenges of Covid-19, we have experienced a consistently high level of enquiries and now is the time to extend our lending into the underserved Scottish market.”

“We've been monitoring the Scottish property market and it has remained buoyant in the last 12 months, so it is clear there is a growing demand for bridging finance. This is really great to see, especially after such a challenging year.”

He adds: “We look forward to providing the same excellent service in Scotland and assisting brokers with the delivery of innovative, unique and flexible bridging finance solutions, which will help their clients reach their business and investment ambitions.”

Ewan Macfarlane at Simple Commercial Finance Scotland, adds: “I am delighted to hear Hope Capital has chosen to offer their unique, competitive bridging finance products in Scotland and I look forward to working with the Hope Capital team in the near future.”

Dudley delivers early Easter present with new product range

Dudley Building Society has launched a new suite of products with lower fixed and discounted rates, increased loan-to-values (LTVs) and now offers 90% LTV up to £1 million.

Some 18 new core residential products were introduced this week, including two-year fixed rates starting from 3.69%, three-year fixed rates at 3.64% and five-year fixed rates also from 3.69%.

Two products with a 1.30% discount from current standard variable rates (4.99%) at 3.69% and a 1.30% discount for term product also starting at 3.69% at 90% LTV.

Features include the acceptance of gifted deposits and tiered fixed rate LTVs on the two and five-year fixed rates between 85-90% with a stepped tier at 87.5%.

Dudley’s commercial director Sam Ward says the new product line up reflects an exciting development for the society.

She comments: “It is only right that as the days lengthen and with Easter on the horizon, the Dudley unveils a fresh, new product range for our introducers and their customers. Whether purchasing or remortgaging there is something here for everyone.”

“We are particularly delighted to introduce tiered LTVs, because we wanted borrowers who had managed to save slightly higher deposits to benefit from lower rates without having to find a full 5% extra.”

Mortgage roundup – a diverse range of products just in time for Easter…

Newbury Building Society slashes mortgage rates

Newbury Building Society has reduced the rates on a range of standard residential 60% and 75% loan-to-value (LTV) mortgage products, as well as its 95% LTV Shared Ownership range.  

The mortgage products – including both variable and fixed rate – have been reduced up to 0.50%. 

The Society has also removed its booking fee from Shared Ownership fixed rate products. The Shared Ownership fixed rate products can be used to purchase new-build houses and flats with a deposit of 5% of the share purchased. 

The reduced rates are as follows:


  • GoGreen further advance 5-year discount at 1.49% - 60% LTV (down from 1.69%) 

  • Existing borrower 5-year discount at 1.59% - 60% LTV (down from 1.69%) 

  • GoGreen further advance 5-year discount at 1.49% - 75% LTV (down from 1.79%) 

  • Existing borrower 5-year discount at 1.59% - 75% LTV (down from 1.89%) 

  • 5-year discount at 1.69% - 75% LTV (down from 2.09%) 

  • 3-year discount at 1.69% - 75% LTV (down from 2.09%) 

  • Made to Measure at 1.99% - 75% LTV (down from 2.49%) 

Fixed rate: 

  • Existing borrower 3-year fixed at 2.14% - 75% LTV (down from 2.49%) 

  • 3-year fixed at 2.24% - 75% LTV (down from 2.69%) 

  • 5-year fixed at 2.49% - 75% LTV (down from 2.89%) 

Shared Ownership: 

  • Shared Ownership 3-year fix at 3.99% - 95% LTV (down from 4.29% and booking fee free) 

  • Shared Ownership 5-year fix at 4.29% - 95% LTV (down from 4.59% and booking fee free) 

Roger Knight, lending manager at Newbury Building Society, comments: “We want to offer products which give prospective and existing borrowers the greatest chance to fulfil their homeownership ambitions.”

“We believe the decision to reduce a number of our products does just that as we continue to listen to brokers and their clients to ensure we provide the financial products they need.” 


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