Lenders adjust rates, expand criteria, and enhance broker resources
Several UK lenders have introduced changes to their mortgage products and policies, affecting homebuyers, brokers, and investors.
Halifax Intermediaries has revised rates on its home mover and first-time buyer products. The lender has reduced rates by up to 0.15% on two-year and selected three-year fixed rate products, while increasing rates by up to 0.11% on certain five-year fixed rate products.
Intermediary-only Accord Mortgages has extended its Cascade Score lending solution to borrowers purchasing new-build properties with a loan-to-value (LTV) of up to 90%.
The lender, which launched the Cascade Score range in 2022, offers an alternative to applicants who do not meet its higher LTV scorecard but qualify under its standard criteria. Applications are assessed automatically, with no additional steps required for brokers.
Meanwhile, Virgin Money has updated its Retrofit Boost mortgage product, offering customers up to £10,000 in cashback for energy-efficient home improvements.
The five-year fixed rate mortgage provides cashback for upgrades such as insulation, solar panels, battery storage, and heat pumps. Rates are initially higher than Virgin Money’s core products, but customers can switch after five years without additional costs.
In another lender update, Standard Life Home Finance has introduced enhancements to its Horizon lifetime mortgage range, broadening property eligibility.
Key updates include allowing remortgages within six months of purchase subject to a suitability assessment and accepting properties where spray foam insulation has been removed before completion. Other changes include updates to service charge classifications and increased flexibility for properties near commercial units.
Specialist bridging lender London Credit has upgraded its website and product guides to provide brokers with clearer, more accessible information on loan criteria and product offerings. The changes aim to enhance the broker experience and streamline access to key details.
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