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Virgin and Clydesdale to relaunch products next week

Virgin Money and Clydesdale Bank will launch a wider product range next week, which will include residential mortgages up to 90% LTV and buy-to-lets to 80% LTV.

The limits on loan sizes will also be removed, as the lender will once again offer large loans, shared ownership, professional and new build products.

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Physical valuations will be booked in England for pipeline cases requiring a physical valuation.

The same policy will apply once restrictions are lifted in the rest of the UK.

Home moves and viewings in England were given the green light to restart last week.

BY RYAN BEMBRIDGE

Source: Property Wire

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Aldermore streamlines mortgage offering

Aldermore Bank has today taken the decision to streamline its mortgage product offerings and cap loan to value (LTV) options on residential and buy to let products. This will allow the Bank to focus on supporting its existing customers, during a period of high request volumes, while still being able to support the housing market despite challenges due to physical valuations not being able to be conducted in this period of social distancing.

In streamlining its product offerings, Aldermore will be temporarily reducing its mortgage range open to new customers, including credit-adverse and Help to Buy Equity Loan products, alongside withdrawing our 3 year fixed rate products and term variable products. All HMO and multi-unit freehold products up to 6 bedrooms/units will be put on hold at this time. Existing applications, where a product has already been reserved, will continue to progress.

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Aldermore will continue to offer the following products:

Residential mortgages:

  • Standard 70-80% LTV with a £999 fee for purchase and remortgage

2 year fixed 70% LTV from 3.18%

5 year fixed 70% LTV from 3.38%

  • 85% High-LTV with a £999 fee for purchase and remortgage

2 year fixed at 4.08%

5 year fixed at 4.28%

Buy to let mortgages:

  • Buy to let for individuals – Single residential investment properties (up to 75% LTV)
  • Buy to let for companies – Single residential investment properties (up to 75% LTV)

Due to physical valuations becoming impossible under the government restrictions, Aldermore has in general moved towards remote valuations for owner-occupied properties and buy to let single unit applications.

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Where remote valuations are not possible, Aldermore is currently working through how this can be remedied but until that time more complicated valuation cases have been put on hold until new processes can be created for them or physical valuations recommence.

Aldermore is a continued supporter of government initiatives to ease financial strains placed on home owners and landlords. The Bank is offering payment breaks for existing home owner and landlord customers impacted by COVID-19 and is providing three-month mortgage offer extensions to customers that have exchanged. We will continue to be supportive of future initiatives the government and UK Finance may announce to further help customers at this time.

Jon Cooper, head of mortgage distribution, Aldermore, said: “It has been an extraordinary few weeks for the industry and the country as a whole, and this has led to the necessary decision to temporarily reduce our options for new customers. Our aim is to continue to support the market as much as possible while we work hard to maintain the service required to our customers during this worrying time for many.

“We fully understand and appreciate this is a period of stress and anxiety for many customers and we are focused on providing them with the service and flexibility they expect and need at this time. We would like to thank all our customers and brokers for their patience and understanding at this time – we are here to get through this together.”

Source: Business Money

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Mortgage product numbers rise by 9.3%

The number of mortgage products available on the market has risen by 9.3% over the past 12 months to a record high of 14,437, according to the latest data from Mortgage Brain.

Within this increase of 1,233 products, remortgage deals saw the strongest growth, with product numbers increasing by 7.4% to a total of 9,718.

Despite the upheaval seen in the buy-to-let sector in recent years, the number of products for landlords to choose from has still grown by 4.5% since February 2019 to 4,263.

Product numbers rose across all LTV bands, with deals available at an LTV of 70% or more seeing the sharpest uplift.

There are 9,350 deals to choose from at this level, an increase of 15.1% since February 2019.

At the other end of the scale, the number of products available to borrowers at 90% LTV has grown by 3.2% over this time period.

Looking over a three-year period the rise in products is even more significant, with the total number of mortgage deals on the market jumping by 72.7%.

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This rise is most pronounced in buy-to-let, with product numbers rising by 2,007 (89%).

Mark Lofthouse, chief executive officer of Mortgage Brain, said: “Mortgage borrowers are the big beneficiaries of the heightened competition within the mortgage market now, with a greater level of choice than ever before.

“What’s more, this increase isn’t limited to a single area of the market, with products of all types and across all LTV bands seeing an uplift over the last year.

“The sheer number of deals to choose from demonstrates the value provided by mortgage brokers in helping their clients navigate these competitive waters.

“But they too need to think carefully about what technology they can use to help them sift through the many home loans lenders have on offer.”

By Jessica Nangle

Source: Mortgage Introducer