Post Office Money has recently launched a product for first-time buyers which does not require them to have a deposit to buy a property.
The lender allows first-time buyers to borrow up to 90% of the prospective property’s value, and lends the further 10% as a mortgage secured against the buyers’ assistor, usually a close family relative. The second mortgage is interest-free, but can only be taken out if the assistors property is mortgage-free.
The borrower then continues to make two separate mortgage payments for five years, in which time they must repay the mortgage secured against the assistors’ home. After the five-year period, borrowers can then repay their first mortgage over a term of up-to 35 years. The maximum loan is £500,000 and borrowers must have an assessable income of at least £20,000.
SmartSearch awarded with The Queen’s Enterprise award
SmartSearch has been awarded with the The Queen’s Enterprise award, which is award to companies that have excelled in international trade, innovation, sustainable development or promoting opportunity and is the highest award for British businesses.
SmartSearch has won the award in the innovation category for its “world-leading” anti-money laundering (AML) verification platform, which is used by many accounting firms.
Yolt becomes first money app to complete open banking integration
Yolt has become the first money app to successfully complete the Open Banking integration with the RBS Group.
The announcement follows on from the news that Yolt was onboarding up to 100 users per day from RBS, NatWest and Ulster Bank to benefit from the new regulations. The integration allows users to have more control over their banking data and “easily compare” different products.
Yolt COO Leon Muis said: “This latest achievement is testament to all of the hard work that has gone into making this fully functioning Open Banking API connection possible and we will continue to work hard with our partners to allow our users to remain at the forefront of the Open Banking experience.”
InterBay launches new network partnership with Intrinsic
InterBay Commercial has launched a new network partnership with Intrinsic Financial Services as it continues to seek to “diversify and expand” its existing distribution network.
Intrinsic network members can now access InterBay’s range of commercial, semi-commercial, buy-to-let and HMO products, offering advisers access to lending against a wide range of property types, to both investors and trading businesses.
OneSavings Bank sales director Adrian Moloney said: “We know that advisers are dealing with an increasing number of complex borrowers and those with specialist lending needs. At InterBay we use our extensive expertise and knowledge to provide bespoke solutions with a commitment to offering real value and we’re looking forward to sharing this with Intrinsic members.”
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