New market-leading Exclusive & BTL rental test improvements

31 October 2019

On Thursday 31 October, we reduced selected rates across our Core and Exclusive ranges and reduced product fees for your portfolio landlord customers. In addition, we launched a market-leading Exclusive 5 Year Fixed Rate 65% LTV at 1.46%.

Summary of Changes

Intermediary Exclusive

• NEW 65% LTV 5 Year Fixed Rate with £1,495 fee at 1.46% with £300 cashback for purchase customers or free valuation and free legals for remortgage customers
• 65% LTV 5 Year Fixed Rate fee saver option has been reduced to 1.75% with £500 cashback and a free valuation for remortgage customers only

Core Range

• 65% LTV 5 Year Fixed Rate fee saver option has been reduced to 1.75%
• BTL 60% and 75% LTV 2 year fixed rates with £1,995 and £995 fees have been reduced by 0.10%

Portfolio Landlord Product Fees

• All £2,495 fees have been reduced to £1,995
• All £1,495 fees have been reduced to £995

We also reduced our buy-to-let stress rates. The interest rate stress on 5+ year fixed products has been reduced to 4.50%, from 5.00%. The required rental cover remains at 145%.

We apply a different interest rate stress on buy-to-let remortgages where there’s no additional borrowing. The interest rate stress has been reduced to 5.00% from 5.50% across all products, at 125% of rental income.

Additional Information

End dates remain at 1 March of the relevant year.