Financial Update - 22nd March 2021
Financial update(s)
- Just Cashflow is introducing a new and enhanced Portfolio Builder facility for professional property investors and developers between £50,000 – £1 million with no interest to pay until the facility is drawn down
- Nearly 450 jobs have been lost in London and Cheshire at Greensill Capital, the controversial lender which collapsed into administration last week – a supplier of invoice/supply chain finance facilities.
- The British Business Bank’s latest report highlights a surge in applications for external financial support, including government and local grants, among SMEs, with almost half (45%) of all SMEs surveyed saying they applied for external financial support in 2020, compared to 13% in 2019.
Current Mortgage Updates
- Accord Mortgages have increased their maximum LTV to 95% for first-time buyers
- Santander to launch 85% LTV 2.5 year fixed rate at 2.68% with £999 fee, and 2.98% with £0 fee for purchases only
- HSBC have increased their maximum loan at 85% LTV to £750,000 and their maximum loan at 90% LTV to £550,000
- Landbay have launched a new five-year fixed product available at up to 50 per cent loan-to-value for standard properties only, the product is available at 2.99 per cent with a 1.5 per cent product fee. The maximum loan size is £1m
- Masthaven provides rates from 0.53% pm for loans between £300K to £2M upto 60% LTV for light refurbishment projects and from 0.68% pm for loans between £300K to £1M for heavy refurbishment projects
- Shawbrook bridging loans from 0.50% pm for loans from £50K to £15M for terms upto 24 months.
Zurich 2020 claim results
- The last year has brought with it a lot of challenges and uncertainty for customers and their families. One thing though has become more certain than ever – the importance of financial protection.
- Zurich life protection claims results for 2020 where has seen a 23% increase in claims from the previous year. In 2020, Zurich paid £353.7m in protection claims across critical illness, income protection and life insurance – an increase of 23% from 2019.
- Last year, Zurich also paid out £6.6m to its income protection customers. Mental illness accounted for more than a quarter of claims (27%), followed by 22% for cancers and 20% for musculoskeletal conditions.