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Financial Update - 27th April 2021

Mortgage rate update(s)

  • Hodge has reduced rates across its holiday let and 75% LTV 50+ products by 0.20%. It has also added a two-year discounted rate up to 75% LTV across its later life product range.
  • From 22nd April, Nationwide Building Society will return to allowing bonus, overtime and commission income to be included as part of the mortgage affordability calculation.
  • Metro Bank has launched a new five-year fixed rate 95% LTV residential mortgage product. The new 95% LTV purchase product has a rate of 3.89% on a maximum loan size of £570,000.
  • Cambridge Building Society have announced that they will be increasing their maximum LTV to 95% from the 5th May
  • Clydesdale Bank has launched a new first-time buyer intermediary exclusive product at 90% LTV. The two-year fixed rate product is available at 2.89% with a £1,999 fee and includes free valuation. Rates for the new products start at 3.89% for the two-year ‘discounted’ deal; 3.99% for a standard two-year fix and 4.09% for a five-year fix. An application fee of £199 applies across the products
  • Foundation Home Loans has launched a new range of residential mortgage products – new 90% LTV fixed-rate options, priced at 4.99% for two years and 5.19% for five years. These come with no product fee and a maximum loan size of £500,000
  • Furness for Intermediaries has reduced rates across a number of its two-year fixed rate products. A two-year fixed rate at 60% LTV is now available at 1.09%, with a £1,499 fee. At 75% LTV, a two-year fix sees a reduction of 10bps to 1.19% with a £1,499 fee.
  • MPowered Mortgages have launched a new five-year product aimed at customers looking to remortgage larger loans. Available with immediate effect, the five-year fix is for loans between £500,000 and £1m, up to £2m property valuation and comes with free legals and refund of valuation.

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