Kent Reliance, part of specialist mortgage provider and retail savings group OneSavings Bank Plc, has today announced that it is making rate reductions to its five-year fixed buy-to-let (B2L) mortgages for 75% and 80% LTV products.
For its 75% LTV products, rates now start from 3.79% and 4.39% for its 80% LTV mortgage product.
Commenting on the changes, OneSavings Bank sales director Adrian Moloney said: “We’ve listened to broker feedback for mortgage lenders to continue to provide landlords with products that give financial certainty over the longer term. With a rising interest rate market we’re delighted to announce this rate reduction to support our broker partners and their client’s needs.”
Vida appoints new director of marketing
The specialist lender for intermediaries, Vida Homeloans, has recently appointed Nick Allen as its new director of marketing.
Along with Nick Allen, Vida has also promoted Simon Chapman from digital marketing manager to head of marketing.
Commenting on the appointments, Vida director of sales and marketing Guy Batchelor said: “As one of the fastest growing lenders in the mortgage market, we are always delighted to be able to develop our in-house talent and promote internally.
“We wish Ian, Nick and Simon the best in their new roles as we continue in our drive to become the specialist lender of choice in the UK mortgage market.”
PIMFA welcomes three new Board members
The Personal Investment Management and Financial Advice Association (PIMFA) has recently announced the arrival of three new board members; Tracey Davidson, Myles Marmion and Penny Lovell.
Tracey Davidson is currently the chief executive of Heartwood Wealth Management, a wholly owned subsidiary of Handelsbanken Group.
On her appointment, Davidson commented: “PIMFA fulfils an important role representing and supporting wealth management, investment management and financial advice firms in the UK and I am delighted to support this activity by joining the Board at such a key time for our industry.”
Myles Marmion is currently the chief financial officer for Ruffer, and has previously worked at ED&F Man Holdings as the group chief financial officer.
Marmion said: “Our industry plays an important role in the lives of our clients, and in the wider economy. I’m very pleased to be joining the PIMFA board and to contributing to PIMFA’s work in the years ahead.”
Penny Lovell was appointed CEO of The Private Office and the Sanlam UK executive committee in 2017, with over 25 years’ experience advising private clients, families and charities.
Commenting on her appointment, Lovell stated: “The UK is a global leader in investment advice and financial management. But for that position to be maintained, we as an industry must all work together. I very much look forward to helping PIMFA continue to act as a strong and united voice for its combined membership, as well as ensuring that responsible stewardship remains at the heart of the industry. It’s a real privilege to be joining the board and I can’t wait to get started.”
OneFamily improves fixed-rate lifetime mortgages
OneFamily has enhanced its fixed-rate lifetime mortgages by increasing the maximum loan amount from £750,000 to £1m, while also reducing its interest rates.
The lender has said that the increased loan amount will allow advisers to offer even more customers the opportunity to release equity from their property, with researching revealing that there are now over 800,000 homes across the UK values at over £1m.
As well as raising the maximum loan amount, the interest rates on OneFamily fixed rate mortgages are being reduced for both Standard and Lite Lifetime Mortgages. Lite will have a MER rate of 4.34%, while Standard will be 4.79%.
OneFamily managing director of lifetime mortgages Nici Audlan-Gardiner commented: “Following feedback from intermediaries, it became clear that there was a need in the market for higher loan amounts. Equity release is no longer a reaction for consumers to make up a savings shortfall but rather a proactive decision to make the most of their largest asset.
“Some homeowners are looking to give loved ones a living inheritance with an intergenerational wealth transfer, while others want to improve their own lives with major home improvements or by investing in other property.”
Glenhawk secures £75m funding from two UK institutions
Specialist UK property lender Glenhawk has recently announced that it has secured an initial £75m funding line from Shawbrook Bank and a global asset manager.
Following its launch in January 2018, Glenhawk has lent over £20m across 35 loans to date and amassed a near-term pipeline of £35m. The lender has been backed by the founder of Rightmove Harry Hill, and it hopes to capitalise on the growing demand for non-bank lending.
Commenting, Glenhawk CEO said: “This is a major milestone for the business, and with the support of two highly regarded and successful institutions we now have a platform to actively promote our bespoke products to a broader array of borrowers, for whom certainty of funding remains the key factor when choosing a lender.”
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