Product ranges launch to help with mortgage affordability
December 24, 2024 by Alan
Lenders
Two of the biggest UK mortgage lenders have announced the launch of new product slates, which are intended to help ease the problems with affordability within the market.
Precise Mortgages and Newcastle for Intermediaries have brought in these new products. In the case of the former, it is limited edition loans for both buy-to-let and residential borrowers. These come with rates that are lower than those for the standard Precise Mortgages product ranges, to make them more affordable. When it comes to the residential loans, the starting rate is 5.79%.
The range also comes with other features designed to improve affordability. These include the absence of product fees, a 200 basis points reduction in revert rates and additional help for borrowers who have credit history issues. Adrian Moloney from OSB Group stated that these features would help to offset the scrapping of stamp duty relief in 2025.
Newcastle for Intermediaries is bringing in a range that it calls Affordability Boost. This will work by offering borrowers affordability assessments that are more relaxed than those for its other ranges. They will also be able to borrow more if their personal circumstances mean that they need to.
Its intermediary mortgages head, Francesco Di Pietro, told Mortgage Introducer that:
“By adapting to the dynamic nature of the market, we can offer brokers a flexible proposition that meets their clients’ needs.”
Both of these ranges will be welcomed by mortgage advisors who have completed the CeMAP course.
Written by
Alan
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