more 2 life announces record levels of applications in 2018; and more

Written by Oliver Wade

more 2 life, the equity release lender, has announced that recent “product innovations” and “technological advancements” have led to record levels of growth in Q1 2018

The lender reportedly “smashed” its previous record for the number of applications processed in one day by more than 20% and has built up a pipeline of business that is “double the size” of what it has previously projected.

more 2 life chief underwriting officer Martin Heppenstall commented: “The outstanding level of applications we have received this year alone so far is a fantastic achievement and highlights once again the growing popularity of equity release. The lifetime lending sector is showing no sign of slowing down as continues to become an integral part of the UK mortgage market.”

Kent Reliance launches new residential prime and near prime ranges

Kent Reliance, part of OneSavings Bank, has launched a new residential prime and near prime range proposition featuring rates from 3.19% and a maximum LTV of 90%. The maximum age that the lender can be on both ranges is 85, whilst borrowers can received up to £3m in the prime range and £500,000 in the near prime range.

OneSavings Bank sales director Adrian Moloney said: “Kent Reliance is open for residential business. Having been synonymous with specialist buy to let lending, and rightly so, for some time, we’re bringing the same skill set and specialist underwriting expertise to the residential market. The new residential Prime and Near Prime ranges, featuring 90% LTV and wider criteria, signals our clear ambition to be a competitive player in this market.”

Foundation Home Loans changes B2L criteria for new EPC regulation

Foundation Home Loans has announced changes to its B2L criteria for borrowers, in response to the new EPC regulation that is due to be implemented on 1 April 2018.

Properties registered with the firm must now have an APC rating between A and E, with those not achieving the standard needing to make improvements, and will be applied to both purchase applications and remortgage applications.

Landbay opens latest funding round to new investors through Seedrs

Landbay recently announced that it is opening its latest equity funding round to new investors through the Seedrs platform, with the capital raised allowing further investment in Landbay’s technology platform and distribution capability.

The introduction of the round comes on the back of the firm exceeding its £100m target, and it has already funded its £1.25m target, with over 25% of the investments being received within the past three months.

Landbay CEO and founder John Goodall said: “It is only natural and right to open this equity round up to retail investors, inspiring people to see the possibilities in property investment. Over the past 18 months the business has matured significantly and we now have the mortgage funding, intermediary partners, technology and capacity in place to support the continued expansion of the company. Our sights are now set on becoming a publicly listed company in the future.”

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