Market Harborough Building Society (MHBS) has launched a new three-year discount product with a low early repayment charge (ERC) to provide extra flexibility for clients. The product has an ERC of 1%, after receiving feedback from intermediary partners, who said their clients were looking for options to exit their mortgage early, without facing extortionate penalties. The three-year residential deal is available on loans between £750,000 and £2m, and following MHBS’s announcement earlier this month that it was reducing its fixed rates.

United Trust Bank (UTB) has reduced pricing on its range of regulated and unregulated bridging loans. The specialist bank now offers regulated bridging loans with interest rates from 0.77% pm and unregulated bridging loans from 0.79% pm. UTB’s regulated and unregulated products offer the speed and convenience of free automated valuation models on applications up to 65% LTV and its streamlined fast track service for qualifying loans up to £1m net.

Vida has increased the maximum age at the end of term to 80 years old, as part of its latest enhancements to its products and criteria. As part of the enhancements, the specialist lender will consider lending up to an applicant’s 80th birthday based on their current income if the applicant is under 50 years old, they are at least 10 years from retirement and they are actively contributing to a pension scheme. Additional applicants outside of this can be considered but no income will be used for affordability. The specialist lender has also extended the maximum potential mortgage term from 40 years to 45 years. Rates have been cut across buy-to-let (BTL) and residential mortgages, and Vida has launched new limited edition five-year BTL products at 75% LTV, with a 6% fee and rates starting at 5.14%.

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