Developments have been made to the buy-to-let product, graduate mortgage and a two-year fixed rate no fee product has been introduced across its residential product range.
Buy-to-let mortgage changes
A reduction in rental cover from 120 per cent to 100 per cent
An increase in the maximum loan size to £400k (previously restricted to £300k for applicants who didn't qualify for the Professional Mortgage). Maximum property portfolio value for all applicants now £1million
Graduate mortgage developments
A review of single and joint income multipliers has been carried out on the graduate mortgage product, with multipliers including up to a maximum of five-times single salary for applicants earning upwards of £25,000 (available on a five-year fixed or fixed stepped rate product). Single applicants earning upwards of £50,000 can apply for the same maximum multiplier, and this will now be available across the full range of fixed and discounted rates.
On a joint application, a joint income upwards of £50,000 would allow a maximum multiplier of 5 x graduate + 1 x second applicant or 4.5 x joint.
An increase in the maximum application age from 35 to 40
Minimum loan size has changed from £40k to £30k
Fixed Rate Deals
- Two-year fixed rate FEES FREE product
- Two-year fixed rate offset product (a fee of £200 is applicable for the offset facility which will be added to loan)
