Nottingham Building Society has announced changes to its mortgage criteria, designed to streamline the mortgage process for brokers and customers. The building society has revised its maximum loan sizes, enabling more customers to access suitable mortgages for their potential homes. For LTVs <75%, the maximum loan up to £1.5m; LTVs <80% are up to £1m; LTVs <90% are now at £750k and LTVs <95% up to £500k. These changes apply to all residential mortgages, except retirement-only mortgages, self-builds and new-buildings, which carry the maximum loan sizes of £500k, £600k and £750k respectively.

Pepper Money has announced its largest rate reduction so far this year, with rates reduced by up to 0.95%. These new rates will be available on the specialist lender’s new range of limited edition residential products. Pepper Money has introduced over 140 limited edition products with the largest rate reductions aimed at customers with recent adverse credit events and smaller deposits. The lender said its reductions also include its light range, which is available for customers who have missed payments and defaults, but no CCJs. Pepper Money’s new limited edition mortgages are available from 7.44% for a five-year fixed rate up to 75% LTV.

Standard Life has revealed that a pension pot of around £285,000 is needed for a comfortable standard of living in retirement, even with a full state pension. Using the MoneyHelper annuity tool, Standard Life has found that for a minimum living standard, which is enough for the basics, a week’s holiday in the UK a year and no car, an annual income of £12,800 is needed, alongside a full state pension of £10,600 a year, according to the Pension and Lifetime Savings Association (PLSA). This works out as a retirement saving of £50,000 at current rates. Managing director for retail direct at Standard Life, Dean Butler, said: “The retirement living atandards tool from the PLSA clearly shows what life in retirement looks like at different levels, factoring in the expenses people tend to forget like birthday money for loved ones as well as the more obvious costs. It’s important to note these figures are just a guide, and individual circumstances will vary. Life costs more in different parts of the country, for example, and the figures don’t account for housing costs which a significant minority of retirees currently have and which more are predicted to have in the future as longer-term mortgages surge in popularity. However, knowing that £285,000 is the amount needed for a moderate retirement is a good place to start, and highlights the importance of consistent saving.”

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