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Mortgage roundup – entering the mortgage market and slashing rates

Roma Finance has launched new bridging and development ranges with improved rates and enhanced criteria.

The new bridging range, called RomaPrime, is designed for borrowers with a prime profile and properties of standard residential construction.

Offering rates from 0.60%, the range applies to standard bridging, auction finance and light refurbishment covering a wide range of property projects.


Its RomaPro development range is also designed for borrowers with a prime profile who are looking to complete larger development projects up to £5 million.

The lender says the existing bridging and development ranges remain in place for more complex circumstances and it remains flexible to provide intermediaries with the best possible solutions for their customers.

Steve Smith, national sales manager at Roma Finance, comments: “With strong and sustainable funding lines in place to help us keep pace with growing demand, now is the right time to launch these new products.”

“To cope with higher business levels we are continuing to expand the Roma team and we are seeing incredible growth in our lending for property acquisition, refurbishment and development. The new products and lower rates will further stimulate our business in a focused and strategic way and we will continue to deliver excellent service to our intermediaries and customers.”

Owners of Uswitch enters mortgage market with Mojo acquisition

RVU, owners of Uswitch, Confused.com and Money.co.uk is breaking into the UK mortgages sector by acquiring Mojo Mortgages.

Mojo, the Manchester-based free online mortgage broker, delivers personalised mortgage recommendations and has won industry awards for innovations such as Mortgagescore, an app designed to help first-time buyers get ‘mortgage ready’.

RVU operates digital brands that empower people to make confident decisions. In the UK these include Uswitch, Confused.com and Money.co.uk – all of which offer consumers the ability to compare and switch across a range of utilities and financial services products including mortgages. 

The agreement to acquire Mojo will enable RVU ‘to go deeper into mortgage intermediation’ and own the full journey across all customer touchpoints, from the moment they seek information and advice, to applying and securing a mortgage.

Tariq Syed, chief executive officer of RVU, says: “Millions of mortgage seekers are coming to us through trusted sites like Money.co.uk, Uswitch and Confused.com. Owning every part of the process means we can improve their experience from start to finish. This is a unique fusion of capabilities, combining our growing audiences with the most advanced digital broker in the UK.”

“Digitalisation has been sluggish in the mortgage sector but together with Mojo we will have the teams and the tools to supercharge the process and give consumers the experience they deserve.”

Richard Hayes, co-founder and chief executive officer of Mojo Mortgages, adds: “We're delighted at the prospect of joining the RVU team and are looking forward to working with some exceptional people and amazing household brands.”

“Three years ago, we started Mojo with a clear vision to make everyone feel more confident about finding a great mortgage deal. This significant next step in our journey makes that vision a reality on a scale we could have only dreamt of back then. We'll look to revitalise the UK mortgage ecosystem while creating remarkable digital experiences for both our colleagues and our customers.”

He concludes: “Alongside RVU, we'll be at the forefront of positive change for the UK mortgage market. We can't wait to get going.”

Landbay reduces rates on core product range for landlords

Landbay has reduced the rates on its core product range by up to 0.24%, alongside other key changes.

New products from the lender include:

  • Mult-unit freehold block (MUFBs) mortgages available for first-time landlords starting from 3.49%. This joins the new HMO products for first-time landlords launched earlier this month

  • New large loan 65% loan-to-value (LTV) five-year cashback products starting at 3.24%

  • Green buy-to-let mortgages reduced by up to 0.14% now starting at 2.99%

Paul Brett, Landbay’s managing director of intermediaries, comments: “We constantly look to revise our range to make sure that it is highly competitive across every type of specialist buy-to-let mortgage.”

“With our new competitive green products, plus MUFB and HMO mortgages for first-time landlords, as well as an attractive standard and new build range, we believe that we have something for every landlord.”

The Nottingham unveils new 90% LTV products and further cuts

The Nottingham has launched a two-year fixed 90% LTV product and made further reductions across its residential rate.

Available for purchase or remortgage, the new fee-free offering has been introduced at a rate of 2.75%.

Just two weeks after lowering rates across its range, the building society has also announced further cuts of up to 65 basis points (bps).

The biggest reduction comes on another two-year fixed offering – its fee-free 85% LTV product, which is now priced at 2.25% from 2.90%.

For those looking for a longer fixed option, The Nottingham’s fee-free five-year 85% LTV mortgage has also been reduced to 2.55% from 3.10%.

In the 75% LTV space, their two-year fixed fee-free product is now 1.70% (was 1.80%) and two-year fixed with £999 fees (£199 upfront) is down 5bps to 1.60%.

Nikki Warren-Dean, The Nottingham’s head of intermediary sales, comments: “It’s important that as we continue to reinvent our mortgage offering that we do so with broker views underpinning the positive steps we take.”

“Recent feedback around what people are asking brokers for has definitely played a key role in bringing this latest group of products to life and it is a further example of how we pride ourselves on being #BuiltAroundBrokers.”

Due to increased popularity of other mortgage options, appetite for three and ten-year fixed products has reduced, so The Nottingham has removed those products from its range at present.

Zephyr Homeloans slashes rates across majority of products

Specialist buy-to-let lender Zephyr Homeloans has reduced rates across the majority of its products.

The lender’s new rates for its five-year fixed-rate standard property BTL mortgage products start at 3.04%, with rates reduced by up to 0.25%. Its two-year fixed-rate standard BTL mortgage products start at 2.84%.

Zephyr’s rates for specialist new builds, flats above commercial property, houses in multiple occupation (HMO) and MUFBs now start at 3.43% for a five-year fixed-rate loan.

Paul Fryers, managing director at Zephyr Homeloans, says: “Our broad range of products offer several, flexible options to fit the individual needs for landlords and property investors.”

“Reducing the rates across a majority of Zephyr’s mortgage products reinforces our position as one of the more competitive lenders in the UK buy-to-let market.”

The lender says it will continue to offer its 80% LTV mortgages, which are exclusively available through its packager channel.


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