The review has seen many of the rates reduced, which it claims demonstrates its support to the packager distribution channel.
It has extended its product range to offer more choice, offering a low rate buy-to-let product with a rate starting from 5.39 per cent for a two-year fixed rate. This product fills a gap in the market where achieving rental incomes required is becoming more of a problem as it offers a rental requirement of 100 per cent of the payrate.
On an average £130k loan it saves the client just under £1000 per year on rental income requirements compared to the previous product available which equates to a 12 per cent reduction. This range means that packagers have more choice to be able to offer their clients, depending on their preference and circumstances.
For clients who prefer the core range they can still have a ‘Partners’ two-year fixed rate which starts from 5.79 per cent up to 75 per cent loan-to-value (LTV) or 5.99 per cent for above 75 per cent LTV offering again a choice of rental calculation of 100, 110 or 125 per cent.
The non-conforming products have not gone amiss either with again fixed rates being reduced meaning their 95 per cent LTV Level 1 status product starts from as little as 5.69 per cent for again a two-year fixed product.
Roger Brown, director of Partners distribution, said: “We have to work very closely with our distributor partners and listen to their feedback. They have asked for products that offers them ‘choice’ and of course they have to be competitive which is why we have had a major review and substantially reduced most of our fixed rate products.
“We still remain strong on our 95 per cent LTV self-cert product that is exclusive to our Partners. This now starts from as little as 6.69 per cent. I’m very excited about the new launch and anticipate to get some very positive feedback on this range.”
