Monday 18th of September:
1: Metro Bank reduced their yield on hard and soft assets - new rate guides saved.
2: West One Loans brings out a new product guide which sees a new rate of 4.8% for a 5-year fix brought in but with a 10% arrangement fee!
They have also withdrawn all their limited edition fixed rate products as well as their tracker rate products.
3: Shawbrook Bank reduced their DTSC on HMOs as per the following:
Limited Companies – reducing from 165% cover to 130%
Individuals – reducing from 190% to 165%
HMOs do have additional costs to manage over and above a single let property so Shawbrook will continue to use ‘Adjusted Gross Rental’ – to take into account these costs. On the short-form hybrid HMO reports a new line asks valuers to confirm the expected annual costs to maintain the property which will be used to calculate the ‘Adjusted Gross Rent’ that is ultimately used to calculate affordability.
4: Castle Trust Bank made a change to their new heavy refurbishment product released last week as per the following:
Minimum lending reduced to £250,000.
The minimum drawdown was reduced to £50,000.
An updated Product Guide is saved within their section.
Tuesday 19th of September
1: Landbay reduced rates across our Limited Edition Standard 5-year fixed products by 0.10%, with rates now starting at 5.05%. This range is for standard properties and includes a variable fee structure for enhanced affordability. 2: Keystone Mortgages have reduced rates by up to 0.10% and added a new Standard 7% arrangement fee product. Reduction of 0.05% on 2-year products in Standard and Specialist range at 65% LTV. Reduction of 0.10% on all 5-year fixed rates 3: Allica Bank released a new product guide. No major changes except for a relaxation on the RLS Owner occupier IO loan and some of the healthcare products. 4: Accredo makes an offer on their secured business loan that they will pay back legal fees on any completed deal that they can’t pay out within 14 working days when clients use their app. 5: Funding Circle has amended their FlexiPay product so it now comes with a credit card. This can be used to pay for any business purchase, bill, or invoice with the cost spread over 3 months. The card can be used online or in-store or to make a transfer to a supplier - there’s no interest, just a flat fee, paid only when used.
Wednesday 20th of September
1: Playter has provided us with a training deck - saved within their section in Business Cashflow Funding. Worth looking through to get an understanding of what they do.
2: Both Paragon Bank and West One Loans advertised new rates this morning but haven't updated their product guides as yet. Hopefully, over the course of this morning, the new guides will arrive and on receipt, we will update LenderHub.
3: Lendinvest withdraws all their fixed products in lieu of preparing some new rates.
Thursday 21st of September
1: Landbay releases their second new product guide in two days but at least the rates are going down!
2: Adelpha Capital is being onboarded as a new-to-network unsecured and secured business loan provider. Their key products are as follows:
Business Growth Loan - £2k to £100k
Unsecured Business Loan
2-24 months (Max 12 months for non-homeowner)
Rate: 33% pa+
Lending Limit: 2 x monthly revenue (£20k for non-home owner)
Secured Business Loan
£25k to £500k
2% arrangement fee
Up to 75% LTV (1st) 70% (2nd)
Rate from 12% per annum
Term - Up to 60 months
Available for start-ups with a business plan.
Friday 22nd of September
1: Foundation Home Loans reduce their rates dramatically across their entire product range bringing them back into competition on products like holiday lets and HMO's. New guide saved within their section.
2: Fleet Mortgages drop their margin on their fixed rate products by 0.15% per annum and bring in a 7 year green fixed rate product.