The lender announced changes to its range of non-conforming residential mortgages after a review of its products in consultation with key intermediaries and packager partners.
The changes included the streamlining of products and an overall increase on the loan-to-value (LTV) to 80 per cent across the entire range. The range has also encompassed a complete redefinition of acceptable property types, which means that more properties will now fall into lower interest rate plans. The mortgage rates currently start at 3.35 per cent plus LIBOR and rise to 4.84 per cent plus LIBOR.
London Scottish Mortgages said it has established relationships with a number of packagers to promote its products and maintained ties with individual intermediary firms.
Commenting on the changes, Martin Coates, sales and marketing director of London Scottish Mortgages, said the changes would ensure the range received a warm welcome. “Following discussions with our introducers we have increased LTVs to 80 per cent right across our range. Furthermore, our property reclassification means that even more property types will attract lower rates. I’m convinced these changes will be warmly welcomed by both introducers and clients alike.”
Hugh Nicholls, partner at Badbury Berkeley Financial Services, commented: “London Scottish Mortgages has always been good – if you are dealing with a property that is slightly out of the ordinary it is the first lender to turn to, so there is a place for it in the market. Anything it does to improve its range must be good for the broker, but the interest rate structure often makes its deals harder to sell.”
