News in brief - 25 November 2024

Marsden Building Society has announced two new 95% LTV residential mortgage products. The FX018 product starts at a fixed rate of 4.99% to 40 June 2029, with a variable follow-on rate of 6.44% to 30 June 2030. The DS223 product comes with a discount rate of 5.59% to 31 January 2028 with a variable follow-rate of 6.44% to 31 January 2030. Both products come without a booking or arrangement fee. To be eligible for the 95% LTV mortgage, the maximum loan amount is £500,000 and the mortgage property must have a minimum value of £100,000.

Atom bank has enjoyed its strongest ever quarter for commercial mortgage lending. In the three months to October, the app-only bank set a succession of new records for commercial lending activity off the back of a series of improvements. In the quarter, it received a record number of applications for commercial mortgages, increasing by 43% year-on-year. Atom also set a new record for the value of offers provided over the three months, beating the previous record set in the preceding quarter, jumping by 142% annually. As a result, it has also surpassed the 2023/24 financial year in terms of the value of offers and completions for commercial mortgages.

Virgin Money has launched a range of new purchase exclusive products that come with free valuation. Across the range, two-year fixes at 80% LTV will start from 4.59% with a £895 fee, and from 4.85% with no fee. The five-year products at 80% LTV start from 4.34% and 4.51% respectively. The lender has also increased selected 85% and 90% LTV two- and five-year fixes by 0.15%, while own new products have been increased by 0.10%. Retrofit boost 85% LTV five-year rates have increased by 0.05%, while selected shared ownership products have been reduced by up to 0.13%.



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