Sancus
Sancus has recently launched a new refurbishment product.
The Refurb by Sancus option offers loans between £150,000 and £5m at up to 75% LTV on day one, with rates starting from 0.55%.
The product, aimed at developers, investors and professional landlords, can cover up to 100% of refurbishment or renovation costs.
Richard Whitehouse, sales director at Sancus, said: “The interest we have already seen on this product since its launch a fortnight ago has been phenomenal among our broker network.
“It seems to have filled a gap in the market for them on their client offering.
“The additional funds available on first drawdown as a result of our net 75% advance is helping our brokers to win new clients and helping borrowers take on more projects without increasing their cash commitment.
“We are rolling this product out through our business development teams in the North and South over the coming months through face to face meetings and trade shows.
Paragon Bank
Paragon Bank has extended the window in which BTL mortgage customers can switch to a new product by three months.
Borrowers can now remortgage up to six months ahead of their current BTL product reaching maturity.
Brokers are offered a procuration fee of 0.30% for every product switch that they introduce.
Moray Hulme, director for mortgage sales at Paragon Bank, said: “In 2017, changes to PRA underwriting standards led to a significant increase in the number of BTL mortgages being written with rates fixed for five years.
“We’ve already seen how this has started to drive remortgage business and we foresee this as continuing throughout 2022.
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“With the Bank of England recently raising base rate by 0.25% to 0.50% and further increases expected to come throughout the duration of the year, I expect there will be a number of borrowers who will be keen to switch to a new product sooner rather than later, locking in one of the competitive deals currently available.
“We’ve listened to the market and know that extending the window in which borrowers can switch to a new product by three months will be a welcome step, helping to provide landlords with some security amidst the current economic change.”
Aldermore Bank
Aldermore Bank has reduced its product switch rates for existing BTL customers with single residential units.
The bank has also aligned some of its five-year fixed-rate options with its two-year fixed products.
The options are available once the borrower has reached the end of their initial fixed rate period or their ERCs come to an end.
For individual landlords, the lender has cut rates across its two-year fixed options by up to 25bps at 60%, 65%, 70% and 75% LTV, with prices now starting from 2.70%.
It has also reduced rates across its five-year fixes by up to 65bps, now available from 2.70%.
Meanwhile, BTL rates for company landlords have been lowered by up to 20bps for two-year fixed options at 70% and 75% LTV, and up to 60bps for all five-year fixes, both ranges now starting from 2.95%.
Jon Cooper, head of mortgage distribution at Aldermore Bank, said: “I’m delighted to introduce our new product switch suites, which offers some of our cheapest rates yet.
“Alongside our streamlined broker switching portal, we’re providing benefits to both brokers and customers alike.
“2022 is a year we want to show our ambition to seek growth and innovation in what services we can provide for our customers and broker partners.
“This is a next step in that process as we continue to deliver the best products we can and ensure our service is as straightforward and seamless as possible.”
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