MPowered Mortgages has reduced rates in response to the Bank of England’s decision to hold rates last week. The one-day mortgage lender has reduced its entire range of two-year fixed rates, which now start from 4.76% at 60% LTV with a £999 arrangement fee. For those not wating to pay an arrangement fee, rates start from 4.99%. For remortgagers, two-year fixed loans start from 5.12% and 5.23% at 60% and 70% LTV respectively with no arrangement fees. All five-year fixed rates have also been lowered for rates 75% LTV and lower for purchases and remortgage. For purchases, rates start at 4.47% with a £999 arrangement fee and 4.55% with no fee, both at 65% LTV, while remortgage rates start at 4.69% and 4.74% at 65% and 75% LTV respectively.

One Mortgage System (OMS) has appointed Ahmet Tunsay and Matt Jones as telephone business development managers (BDM) to bolster its sales support team. Tunsay started his career at NatWest, where he held a variety of roles including account management during his five years with the lender. He then moved to a broker role over the following five years, using this experience in banking and finance in his new role at OMS. Jones joins the firm with over 27 years’ experience, starting his journey as an adviser with Prudential and Zurich before entering the fintech space in 2002 as a BDM at O&M Systems.

Mansfield Building Society has enhanced the criteria on its expat buy-to-let (BTL) offering by reducing its rental income requirements for consumer BTL and including expats who have lived overseas for more than five years. Expat consumer BTL affordability has seen the interest coverage rate (ICR) lowered from 145% to 125% of the monthly mortgage payment calculated at 6.50% or 2% above the product pay rate. The criteria available on expat property types has also been brought into line with recent enhancements across the wider BTL product rage, which now encompasses 10 storey flats, including in city centres and above commercial units.

---