Sainsbury’s amends affordability calculations

Sainsbury’s Bank has amended its affordability calculations to increase the average loan amount that borrowers may access.

This change means that in cases of a joint application with two dependants at 65 per cent LTV, borrowers will, on average, be able to apply £40,000 more.

In addition, the amendment will see borrowers being able to request up to £30,000 on average at 70 per cent LTV if they are single applications with one dependant.

Meanwhile, first-time buyers with two dependants will, on average, be able to apply for £47,000 more at 90 per cent LTV.

Sainsbury’s Bank head of intermediaries David Crooke says: “This announcement illustrates that we will always listen to the needs of our broker network and be responsive to their feedback.

“Our new affordability calculations will make it easier for our broker network to do business with us.”


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Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.


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