Includes removal of application fees on all fixed-rate Core residential products
Effective Friday 30 May, we have introduced mortgage rate reductions of up to 35 basis points across our entire product range, alongside a series of criteria improvements aimed at helping brokers place more complex cases.
Rate changes to improve affordability
Many products have been reduced, including options within the Income Flex range for clients with non-standard income, and Credit Flex for those with historical credit issues but a strong repayment track record.
Products include:
- Core Residential, two- and five-year fixed rates reduced by up to 0.35%; rates starting from 5.55% up to 90% LTV
- Retention, two- and five-year fixed rates reduced by up to 0.16%; rates starting from 5.07% up to 90% LTV
- Credit Flex, two- and five-year fixed rates reduced by up to 0.35%; rates starting from 5.89% up to 80% LTV
- Income Flex, two- and five-year fixed rates reduced by up to 0.31%; rates starting from 5.85% up to 90% LTV
- Buy to Let (BTL) Retention, five-year fixed rates reduced by up to 0.10%; rates starting from 5.39% up to 75% LTV
- Visa, two- and five-year fixed rates reduced by up to 0.16%; rates starting from 5.89% up to 90% LTV
- Limited Company, five-year fixed rates reduced by 0.06%; rates starting from 5.79% up to 70% LTV
We’ve removed application fees from our fixed-rate Core residential products
In addition, the Society has removed the £199 application fee from all fixed-rate Core residential products – a change introduced following direct feedback from brokers.
Criteria enhancements to support more complex cases
These changes are aimed at supporting brokers placing a broader range of cases, including self-employed clients using retained profit, those with variable income such as commission or benefits, and borrowers relying on family support or purchasing through concessionary arrangements. They also support capital raising, debt consolidation, higher income multiples, and interest-only lending in later life.
To help with this, we have introduced a number of criteria enhancements:
- Retained profit now accepted on Income Flex, helping limited company directors access finance.
- Expanded repayment vehicles for interest-only mortgages, including pension lump sums and stocks and shares ISAs.
Laura Sneddon, Head of Mortgage Sales & Distribution, commented:
“We’ve listened closely to what brokers have been telling us, and these changes are a direct result of that feedback. The application fee on our fixed-rate Core range has consistently been raised as a barrier, so we’ve removed it. At the same time, we’ve cut rates and introduced practical criteria enhancements that reflect the real-life cases brokers are dealing with.
Whether it’s using retained profit, supporting later life borrowers, or increasing flexibility on interest-only lending, we’re committed to making it easier for brokers to place business. These changes aren’t just about pricing, they’re about being more accessible and responsive to the needs of the intermediary market.”
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Our dedicated Business Development team will be happy to speak to you about any cases you have, explain how our specialist products and flexible criteria can benefit your clients, or answer any questions you have. Get in touch on 01455 894 084. Or send us a message on our Live Chat, our response time is often only seconds!
Please note product details and criteria are correct at launch and are subject to change.
