The biggest reduction is of 0.90 per cent, with rates now starting at 6.24 per cent.
In addition, all fixed rates will now run a full two or three years from their date of completion rather than to a set end date.
The lender is also changing the risk assessment methodology from value of County Court Judgements (CCJs) to actual number. This new approach offers a cleaner, simpler method to pricing and is generally viewed as a better indicator of actual risk.
The changes, effective immediately, also include the following::
- Significantly lower pricing, particularly at lower loan to value
- Broader, simpler product range, using CCJ numbers built-in to products Zero through to Six
- No more end dates – fixed rates run two or three years from date of completion
- New completion fees of 0.75 per cent and 1.75 per cent – giving more choice to intermediaries
- Enhanced affordability calculator to calculate the net debt to income ratio
"We identified that changing from counting the value to the number of CCJs is a positive move with our business partners. We also wanted the products to be simpler than ever before.
“We have always prided ourselves on our ability to assess cases individually on merit. This new range makes it easier for intermediaries to understand our products and apply them to their clients’ circumstances.
"With uncertainty surrounding the non-conforming sector in recent months, this launch signals our commitment to the market and our desire to remain at the forefront of the sector.”
