The additional features of the range include loans up to £1.5 million, available up to 80 per cent loan-to-value (LTV). Unity has also altered its income multiple offerings, allowing five times single and 3.75 times joint income multiples for its residential mortgage applications.
The builders’ deposit of 15 per cent on prime buy-to-let (BTL) has been extended to allow three properties per applicant. All of Unity Homeloans’ products are distributed through Professional Mortgage Packagers’ Alliance (PMPA) members.
Ian Nelson, chief executive at Unity Homeloans, commented: “We want to offer products that are both competitive and flexible to a client’s circumstances. As we individually underwrite each case, we can take specific decisions based on each person’s detailed personal history, thus insuring that either a larger loan or higher multiple is appropriate.”
Nicholas Hanson, director of Hanson Financial Management, said: “It’s inevitable lenders are going
to try to attract new business and encapsulate a wider market that, up until now,
has been segregated by income multiples. Abbey has led the way with five times lending and there is a growing sense of competition. Potentially, the market is peaking and being less active over the next 12 months, so there is a need to find new blood. That means first-time buyers and BTL investors, as they are actively pursuing house buying.”
