It also raises LTV to 80% on £2 million
Market Harborough Building Society has announced two key changes to its product range to simplify brokers’ processes.
The specialist lender has introduced a range of tiered larger loan deals, now available for residential applications up to £5 million.
The mutual has also raised its loan-to-value (LTV) ratio to accept residential and buy-to-let cases up to 80% LTV on loans up to £2 million.
“We promised to keep listening to brokers and taking action to support them,” said Iain Smith (pictured), head of mortgage distribution at Market Harborough Building Society. “As a high-net-worth client specialist, our new simplified larger loan deals will help brokers source deals up to £5 million. And our move to accept cases up to 80% LTV provides them with further flexibility across our residential and let ranges.
“Our tiered products are priced based on the level of case complexity and are designed to help brokers easily find the right product and price for their clients, including those with more challenging circumstances.”
Market Harborough’s new large loan range starts with rates from 6.29% for a five-year fixed rate and a new fixed product fee of £2,495.
This announcement follows the lender’s recent loosening of income criteria to help clients achieve maximum affordability, including considering earned income up to age 75, accepting 100% of an applicant’s income from their second job, and lending up to a maximum 75% LTV on sale and downsize interest-only cases, with minimum equity requirements.
Market Harborough specialises in providing mortgage solutions for complex cases and offers a range of products for expats, high net worth individuals, and both buy-to-let and holiday let investors. It lends on properties in England and Wales.
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