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Leeds cuts cost of Welcome mortgages with 0% starting rate

Leeds Building Society has cut the rates on its range of Welcome Mortgages which have a 0 per cent starting rate for the first three months. The products first launched in 2013 with the idea that borrowers would value having a few months without mortgage payments at a time when their finances might be stretched […]

West One loosens income requirements on second charge BTL

West One has introduced extra flexibility in its affordability assessment for second charge buy-to-let loans as it will now allow other income sources beyond rental payments to be taken into account Borrowers whose rental income covers 100 per cent of the combined mortgage and second charge loan repayment are eligible to be considered for the […]

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Nationwide plans to launch retirement interest-only mortgage

Nationwide has unveiled plans to launch an interest-only mortgage for older borrowers in its annual report today, as profits and net lending both tumbled. The building society’s pre-tax profits for the 12 months to April were down 7.3 per cent on the previous year at £977m, marking the second annual decline. The lacklustre performance was […]

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Skipton launches Help to Buy calculator

Skipton Intermediaries has launched a new calculator for brokers advising Help to Buy customers on refinance options. The first borrowers to take out a Help to Buy mortgage now have to repay the interest-free government loan, or start paying interest on this debt.  The calculator is designed to help brokers understand how the equity loan […]

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Over-65s have an average £86,000 in mortgage debt

The level of outstanding debt owed by over-65s who are still paying back a mortgage reached an average of £86,000 this year, an increase of 13 per cent over the past three years, according to a new report. The study by the Centre for Economics and Business Research (Cebr) commissioned by equity release lender More […]

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Exclusive: UTB enters first charge mortgage market

United Trust Bank has launched into the first charge residential mortgage market with what it’s calling a ‘mini-mortgage’ product. The second charge specialist has added a first charge product range that allows customers to release equity from an unencumbered property, with loans available from £5,000 to £100,000 and up to 75 per cent LTV. The […]

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Swansea BS added to PMS and Sesame panels

PMS Mortgage Club and Sesame Network have added Swansea Building Society to their respective panels. Members of each network will now have access to Swansea’s newly-expanded range of buy-to-let and residential deals. These include mortgages for holiday lets, properties bought at auction and small holdings as well as lending facilities for borrowers who are self-employed […]