News in brief – 13 May 2022

Newbury Building Society has expanded its “GoGreen” mortgage range with the launch of two products for existing buy-to-let customers. The products, for both individual borrowers and limited companies, have been launched to support existing customers wishing to secure further lending to improve the energy efficiency of their rental properties. The society confirmed the mortgages are available for loans of between £2,500 and £39,999, with the requirement that at least 50% of the funds will be used for environmentally friendly improvements to the property.

Twenty7Tec has announced that it has recorded its third highest day of mortgage searches ever. The increase in mortgage searches on Twenty7Tec’s platform was recorded after the Bank of England announced last week it was raising its base rate from 0.75% to 1%. The firm also revealed that its seven-day rolling average of searches was also within the top 1% of all-time highs on the Twenty7Tec platform, set in February 2022.

Bridging lender, TAB, has announced the launch of a new type of bridging loan. In the wake of the Bank of England’s latest interest hike to 1%, the Hertfordshire-based lender is introducing the TAB Tracker to sit alongside its traditional, fixed-rate, short-term loans. The product links to the Bank’s base rate, plus a margin, and starts from 6.80% over base – working out at rates from 7.80% per annum, or 0.65% per month.

Foundation Home Loans has announced the return of Jack Gerasimov as a regional account manager. He will cover a range of North and East London postcode areas as well as the wider South East region, working with advisory firms and practices covering the specialist lender’s residential and buy-to-let product ranges. Gerasimov moved to West One Loans in May 2021 but has now returned to Foundation with immediate effect, reporting to the firm’s national sales manager, Nathan Goodridge.

The Nottingham has introduced product transfers for brokers to its mortgage offering. Brokers will now be able to retain the lender’s customers on one of their mortgages at the end of their fixed rate period. The lender confirmed the process will be fully digitised, so once a broker has been verified they will have online access to their client’s current mortgage information before proceeding to application submission. Brokers will be paid on any successful applications they submit on behalf of existing customers of The Nottingham from July onwards.

Challenger bank and specialist buy-to-let lender, Monument, has announced the recruitment of Craig Middleton to its lending team. Middleton, who joins as a lending relationship manager, has more than 30 years’ experience across retail, private banking and building society lending. He joins Monument, following a spell within the building society sector, most recently at Harpenden Building Society where he helped build out the distribution network and product proposition strategy.

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