Over the past week or so, we’ve seen a number of lenders increasing their LTV’s, and widening their criteria.
Precise Mortgages has extended the maximum LTV on its near-prime range to 85%. The lender previously lent up to a maximum of 80% LTV on its near-prime range, but has now launched a range of 85% LTV products.
It is offering four products at an 85% LTV rate, including a two-year fixed rate at 6.04%, which allows one default in the last 24 months and one CCJ. It is also offering a two-year fix at 7.84% which allows two defaults in the last 24 months up to £5,000 or one in the last 12 months up to £1,000, as well as one CCJ in the last 24 months up to £2,500 in the last 13-24 months. The product also allows one missed mortgage payment in the last 12 months and three in the last 36 months.
Woolwich has extended the maximum LTV on its mortgage range to 90%. The lender previously lent to a maximum of 85% LTV, but has now launched a 90% LTV range which includes fee-free deals. There is a three year fix with no fees at 4.99% up to 90% LTV, and a five year fix at 5.49%.
Woolwich commented: “As one of the UK’s largest lenders we recognise the importance of supporting the first-time buyer market which is why we’ve committed today to extend our lending to 90% LTV. Higher LTV mortgages with more competitive rates have started to come through to the market this year and our deals are sitting well below the average rates to encourage homebuyers and remortgage customers alike to get some great fee-free mortgages.” The 90% LTV deals have a minimum loan size of £50,000 and a maximum size of £500,000.
Kent Reliance is now offering an 85% LTV buy-to-let deal. The product is a two-year fix at 5.99% with a 1% completion fee and £130 booking fee. It makes Kent Reliance the only lender to be offering up to 85% LTV on a buy-to-let basis.
GE Money Home Lending started offering mortgages to self-employed customers from November 1. Self-employed customers will be able to access its discount, fixed and tracker mortgages with LTVs up to 80% on its LVMO and LTM1 products, with rates starting from 3.99%.