- Hanley Economic Building Society has moved to broaden its buy-to-let proposition with the introduction of a variable discount ex-pat product and a two-year fixed rate remortgage-only deal, both available up to 80% loan-to-value (LTV). The variable discount ex-pat BTL mortgage has an initial pay rate of 5.89%, which represents a 2.60% discount from the Society’s standard variable rate of 8.49%. This product is available for purchase and remortgage purposes up to maximum 80% LTV. It comes with a free valuation and is subject to a non-refundable application fee of £299 and a £700 arrangement fee – deducted from loan amount on completion. The two-year fixed rate remortgage-only BTL product is available up to 80% LTV and comes with a headline rate of 5.35%. This product includes a free valuation and a £700 arrangement fee – deducted from loan amount on completion. Both these products are available on an interest-only basis, with a minimum loan size of £30,000 and a maximum loan size of £500,000.

- Bridging lender, London Credit, has launched a Best 4 U promotion that allows brokers to choose the offer that would best suit their clients. The promotion gives brokers the option to choose either refunded legal fees, refunded valuation fees or a lower rate. Under the promotion a broker can choose a 100% refund on legal or valuation fees up to a maximum amount of £5,000 per loan, or a 10% discount on the interest rate. The offer is available on residential loans up to 70% LTV and a maximum loan size of £2m, where the legal undertaking is paid by 1st June 2024. Brokers can benefit from the offer by submitting a loan application, choosing their preferred promotion and communicating it to their BDM. The chosen promotion will then be applied upon approval of the loan.

- The Mortgage Works is reducing its Interest cover ratios (ICR):
• For higher rate taxpayers, the ICR reduces from 165% to 160%;
• For Limited Company and lower rate taxpayers, the ICR reduces from 130% to 125%

The Mortgage Works is also reducing its Existing Portfolio Rental Calculation stress rate from 5% to 4.5%.

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