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Mortgage roundup – exclusive products, lower rates and increased LTVs

LiveMore has announced a reduction of its standard fixed rates from five-year up to lifetime.

Launched last week, the seven, 10 and 20-year fixed rates sit at 3.55%, 3.74% and 4.05% respectively, while the five-year start at 3.04% and the lifetime fixed at 3.90%.

The mortgages are available to borrowers aged over 55 and have no maximum age limit.


Alison Pallet, director of sales at LiveMore, says: “Today is a huge day for LiveMore as with our new rates we’ll be able to help more borrowers aged over 55 who need an interest-only mortgage.”

“We have widened our lowest rate band from 50% to 60% LTV and at 75% we can lend more than any of our competitors and we have no maximum age limit. We are also able to accept income beyond a ‘traditional’ retirement age where it’s plausible, particularly helpful for the self-employed or business owners.”

She concludes: “More mature borrowers and the intermediaries trying to help them, have been crying out for a lender that properly addresses their needs. We do this with great products, flexible criteria and a fresh and realistic view of affordability – in other words; a much-needed return to common sense.”

Impact offers exclusive rates via Pepper Money

Impact Specialist Finance has been provided access to exclusive 85% loan-to-value (LTV) mortgages from Pepper Money’s product ranges.

Pepper 24 is available to customers who may have experienced defaults, missed payments, arrears or CCJs in the last 24 months. The 85% LTV exclusive is available at 4.60% for either a two-year fixed-rate or a five-year fixed rate.

Pepper 24 Light is available for customers who may have experienced defaults, missed payments and arrears in the last 24 months, but received no CCJs. At 85% LTV, the exclusive is available at 4.55% for a two-year or five-year fixed rate.

Dale Jannels, managing director at Impact Specialist Finance, comments: “We are seeing more and more brokers enquiring about the options available to customers who have had blips in their credit history, and I expect this to only increase due to difficulties faced by many over the last twelve months.”

“Having options at higher LTVs, thanks to Pepper Money, means that we can meet the needs of an increased number of brokers and their customers.”

Furness – ‘outstanding’ product and bolstered Holiday Let range

Furness for Intermediaries has launched a two-year discount priced at 1.49%.

Available up to 80% LTV, the product offers free legal and valuation fees for standard remortgages in England and Wales. For Scottish cases, a contribution of £150 is available.

The product – rated ‘outstanding’ by Moneyfacts – is available for purchases and remortgages across England, Scotland and Wales.

Alasdair McDonald, head of intermediaries for Furness, says: “When the rate is this keen, it is definitely worth a deeper dive into the potential savings for remortgages.”

“With our individual approach to underwriting, we can cater for the straightforward cases as well as those that need a closer look and a personal touch. We often help our broker partners to understand their clients’ accounts with self-employed cases and our experienced underwriters will always try to find a way to say yes. “

Furness has also strengthened its Holiday Let range by introducing two new five-year fixed rates at 65% and 75% LTV, priced at 3.89% and 4.29% respectively.

Both products carry a fee of £1,250, which can be paid upfront or added to the loan.

The Holiday Let products allow a 90 days personal use each year for the owners, and Furness will look at the overall affordability for a client when assessing a case.

It has also introduced a new ‘Consumer and Unregulated’ buy-to-let range, which includes a reduction in rate to its two-year fixed rate products at 65% and 75% LTV.  These products are priced at 2.49% and 2.99% respectively.

In addition, the Furness has also introduced two new five-year fixed rates for ‘Unregulated’ buy-to-lets at 65% and 75% LTV, which are priced at 2.89% and 3.39%.

The buy-to-let products carry a £1,495 product fee, which can be paid upfront or added to the loan. 

Commenting on the products, McDonald says: “We’re often a great choice for brokers looking to place a buy to let case as we don’t assess cases using an ICR calculation but instead consider an applicant’s overall financial situation – earned income together with a mortgage and other credit commitments – and use our affordability model.”

Lower rates and increased LTVs on Together’s second charge range

Together has cut rates on its second charge products to help more borrowers who may have been ‘locked out’ by mainstream lenders.

The lender’s new Prime Plus second charge mortgage has been launched at a rate of 4.29% for capital repayment and to 4.79% for interest only.

The two-year fixed, limited edition product has been added to the lender’s range alongside a re-priced five-year fixed second charge mortgage product, which comes with a rate of 4.99% for capital repayment and 5.49% for interest only.

At the same time, the maximum LTV for Together’s second charge term products, has been raised from 70% to 75% and the lower rate products are for loans of up to £1 million.

Sundeep Patel, director of sales at Together, comments: “We expect demand in the second charge market to grow significantly throughout this year and are refreshing our product offering to help our intermediary partners’ clients achieve their ambitions.”

“These changes may help borrowers who have been locked out by high street lenders. Self-employed customers, freelancers and contractors, those on zero-hour contracts, retired people and those on benefits, as well as those in full employment, may also fit Together’s criteria for our second charge products, subject to affordability assessments.”

He adds: “At a time when people’s circumstances may have changed due to coronavirus, we think it’s important that lenders offer flexible criteria and competitive rates to increase the choice available in the market.”

Together’s Prime Plus second charge range is available to network and club brokers through the lender’s specialist distributer partners, and for direct customers.

Landbay increases flexibility and lowers rates

Buy-to-let lender Landbay is adapting its product range to add flexibility for intermediaries and their clients. 

The lender is lowering the minimum property value on its core products to £65,000 from £75,000, which it believes will appeal particularly to landlords investing in parts of north England and Wales.

For properties above commercial units, Landbay is increasing the LTV to 75%, up from 70%.

Landbay is also increasing the maximum loan size for its Special Edition range to £1.5 million, up from £1 million.

In addition, the recently launched non-portfolio landlord five-year fixed rate products have been reduced to 3.39%, down five basis points.

Paul Brett, managing director of intermediaries at Landbay, comments: “With the rental market currently booming, some landlords are looking to diversify their portfolios.”

“We have been seeing southern-based landlords venturing further afield and buying less expensive properties in the north as the yields are higher.”

He adds: “With the pandemic showing remote working can be effective, we may see more landlords looking to invest in properties away from their local area. The added flexibility in our range will support this expansion, and combined with our efficient service and turnaround times, we have an unrivalled offering that suits all client needs.” 


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