Offa has announced a number of rate drops across its Sharia-compliant buy-to-let (BTL) products. The Islamic property finance fintech has cut its two- and five-year BTL rates by up to 0.21% and 0.24% respectively. Offa has also reduced product fees from 1.5% to 1% on its HMO and MUFB products. The announcement comes after the fintech announced that first-time buyers can now get BTL finance through the lender and that it has reduced the minimum age required to gain finance to 18 years old.

MPowered Mortgages has appointed Peter Stimson as its new managing director of mortgages. Stimson previously served as head of product at the firm, where he helped to shape MPowered’s product strategy and customer offering. He brings more than two decades of experience in the mortgage industry to the role, with expertise in product innovation, pricing and risk management. As part of his new role, Stimson will lead MPowered’s mortgage proposition and operational delivery, overseeing the growth of its broker-facing business and its technology-driven proposition.

The Cumberland Building Society has unveiled its new commercial lending criteria. The new criteria will apply to those in the hospitality sector, as well as businesses within the healthcare, professional services and food and drink industries. The new commercial lending criteria will see the society increase its maximum LTV up to 70% and increase its maximum loan term to up to 25 years. Furthermore, its maximum individual loan size has been increased to £6m.

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