By using this website, you agree to our use of cookies to enhance your experience.


Mortgage roundup – lower rates, AVM integration and going green

This week’s mortgage roundup is a range of reduced rates and new products across the mortgage market, with Furness Building Society’s new 80% LTV BTL product and Aldermore’s new fee-free products, as well as Twenty7Tec’s latest integration of Hometrack’s Broker AVM and Coventry BS’ expanding partnership with Hometrack to go green.

Twenty7Tec integrates AVM and new mortgage product to broker platform

Hometrack, the provider of valuation and automation solutions, and Twenty7Tec, the provider of mortgage technology, have partnered to enhance the digital mortgage journey for brokers.


The new partnership will allow all users of Twenty7Tec’s platform, CloudTwenty7, to benefit from Hometrack’s new Broker automated valuation model (AVM), streamlining the mortgage application process for brokers and applicants.

As the pioneer behind AVMs, Hometrack has adapted and tailored its model, optimising use and relevance for mortgage brokers to help filter pre-application valuations.

In addition to the Broker AVM, the new solution includes a range of property attributes from Hometrack’s data ecosystem, which brings significant benefit to brokers, avoiding the need to go through time-consuming questions with customers.

James Tucker, chief executive officer at Twenty7Tec, says: “The integration of the Hometrack Broker AVM with our CloudTwenty7 platform is intended to provide our users with another mechanism through which they can seamlessly access property data, and a unique AVM.”

“We believe this can be invaluable in assisting advisers in ensuring that they find the right product for their client in the shortest possible time. We look forward to working with Hometrack to deliver other innovations that deliver real value to our users.”

Commenting on the partnership, George Robbins, vice president of commercial at Hometrack, adds: “Our new partnership with Twenty7Tec has been designed to support their broker users as they verify estimated property values and obtain details of the subject property – reducing resubmissions, increasing accuracy and driving efficiency like never before.”

“It also supports our broader strategy to see mortgages delivered in minutes, and helps to realise our vision for a digitised mortgage journey for lenders, brokers and consumers alike. We look forward to partnering on further innovation with Twenty7Tec in the near term, and to consolidating our relationship further.”

Designed to deliver a fast, reliable and cost-effective quality check on submissions to lenders, the Broker AVM will help to facilitate a ‘right first-time’ service for Twenty7Tec’s users, and the addition of property data ensures accuracy when completing fact finds, mortgage applications and when quoting or applying for Home Insurance.

The mortgage technology provider has also announced that Step One, a provider of secured loans, has added its product range to the SOURCE module of the Twenty7Tec platform.

Established in 2010, Step One operates a consumer finance platform built on traditional lending values. As part of the launch of a new product range, Step One has partnered with Twenty7Tec to ensure access for this product range to the widest possible market of advisers.

Twenty7Tec's SOURCE module, used daily by over 15,000 mortgage advisers, analyses product, criteria and lender affordability to simplify and increase the speed and efficiency of searching, applying for and obtaining a mortgage.

Nathan Reilly, director of lender relationships at Twenty7tec, comments: "At Twenty7Tec we’re committed to making the mortgage research process as efficient as possible for CloudTwenty7 users.”

“This makes continually adding new lenders to our SOURCE module absolutely essential, so advisers can identify the best options for their customers not only across our comprehensive range of mainstream lenders, but also with specialist and Second Charge lenders, such as Step One.”

Martin Porter, head of lending, states: “Our revised product range is competitively priced and offers a wide range of solutions for customers with different circumstances and borrowing needs. Our partnership with Twenty7Tec enables advisers to source for Step One mortgages more efficiently. This is a great benefit to advisers and their customers.”

Furness launches new 80% LTV BTL product

Furness Building Society has announced the launch of two 80% loan-to-value (LTV) buy-to-let (BTL) mortgage products, available across England, Scotland and Wales.

Both products are fixed, with a two-year option at 2.89% or a five-year option at 3.14%. The arrangement fee has been set at £995 and the valuation fee removed for remortgage applicants – making the products ‘very competitive’.

There is a stipulation for an EPC rating of C for properties using these products, in acknowledgement of the government’s forthcoming legal requirement for landlords as well as the Society’s commitment to supporting the environment.

Applications for the new high LTV will be assessed based on an applicant’s overall financial situation – not by simply using an ICR calculation. Earned income together with mortgage and other credit commitments will be reviewed by an underwriter. This enables Furness to consider a wider range of clients that present good quality, low-risk lending.

Alasdair McDonald, head of intermediaries at Furness Building Society, comments: “With the demand for homes to buy higher than the amount of stock available, the appetite for homes to rent is surging as a by-product.”

“Fierce competition is pushing up rent values and we know landlords are looking to expand their portfolios to capitalise on this.”

McDonald says the new product will enable brokers to help even more of their landlord clients meet their investment aspirations throughout the year.

“Plus, our usual human-led, flexible approach to underwriting and affordability enables the f we can quickly consider a client’s overall financial proposition as opposed to being held back by ICR requirements,” he adds.

“Buy-to-Let boomed in 2021 with borrowing up 83% on 2020 and momentum is set to increase in 2022. We’re here to help our brokers’ clients get the finance they need to make hay while the sun shines on the rental sector in 2022.”

Coventry BS goes green with renewed Hometrack partnership

Coventry Building Society has renewed its partnership with Hometrack to drive greater understanding of the potential impact of climate change on both its existing portfolio and new lending.

Building on its existing relationship with Hometrack, Coventry has expanded its agreement to include Hometrack’s Climate Change Risk analysis, provided in partnership with Ambiental and Terrafirma. 

As well as assessing the risk of climate change in the near term, Hometrack’s Risk Insights will assess how risk is forecast to develop across Coventry Building Society’s portfolio over time; equipping them with the best possible foresight on how to navigate the potential impacts of climate change risk in the years to come. 

The partnership forms part of Coventry Building Society’s broader effort to ensure it continues to lend responsibly. Climate risk is incorporated into all its lending decisions, which is in the best long-term interests of all its members. 

Neil Wilson, head of retail credit risk at Coventry Building Society, says: “Coventry Building Society has an ambitious agenda to contribute to a cleaner and more carbon-neutral world. We're taking lots of steps to increase the support we provide for borrowers to understand the environmental impact of their property. This partnership with Hometrack will enable us to better understand the potential climate risks that we and our members may face.”

George Robbins of Hometrack adds: “Climate change regulation is evolving quickly and driving challenges for lenders in understanding the risk they have, new risk they may acquire and how the profile of those risks may develop over time.”

“Coventry Building Society is committed to understanding and managing its commitments to responsible lending throughout the cycle and we welcome the opportunity for our data, analysis and solutions to be part of this key journey.”

Aldermore introduces new products on resi mortgage range

Aldermore Bank has introduced a range of new products and reduced rates on its residential mortgage range.

It aims to support buyers looking to get on the property ladder, those with complex needs or less-than-perfect credit, and homeowners who want to secure a better deal.

Aldermore has launched the following fee-free products, with no product, valuation or funds transfer fees for purchase and remortgage, and free legals on remortgage:

  • 2 year fixed 3.08% to 75% LTV

  • 5 year fixed 3.38% to 75% LTV

  • 2 year fixed 3.28% to 80% LTV

  • 5 year fixed 3.58% to 80% LTV

The bank has also reduced rates on the following £999 fee products for purchase and remortgage:

  • 2 year fixed 2.78% to 75% LTV (previously 3.08%)

  • 5 year fixed 2.98% to 75% LTV (previously 3.28%)

  • 2 year fixed 3.08% to 80% LTV (previously 3.38%)

  • 5 year fixed 3.28% to 80% LTV (previously 3.58%)

Jon Cooper, head of mortgage distribution at Aldermore, comments: “We’re delighted to introduce improvements to our residential mortgage range, providing new pricing, product choice and removal of fees to support prospective and existing homeowners.”

“At Aldermore, we aim for a human approach when it comes to supporting those with complex needs or less than perfect credit.”

“Our enhanced human underwriting process allows us to dig into the detail of a borrower’s application, crucial against today’s market backdrop. This gives us a better understanding of the ever-widening range of individual circumstances so we can better serve new and existing borrowers in 2022.”


Please login to comment

MovePal MovePal MovePal
sign up