Kensington, Zephyr and Skipton BS cut mortgage rates as Vernon BS eases JBSP criteria – round-up - Mortgage Solutions
By Google News Personal Finance ·
The reductions apply to products at 75% loan to value (LTV).
Two-year fixed rates now start at 3.69% with a 5% product fee, while five-year fixes start at 4.99%, also with a 5% fee.
Rates in the Core range have also been reduced, with two-year fixed deals starting at 3.99% with a 5% fee and five-year fixes from 5.42% with a 3% fee.
Andy Bickers, commercial director at Kensington Mortgages, said the reductions would strengthen the competitiveness of its BTL proposition.
He added: “However, competitive pricing is only part of what makes a great lending experience. By combining competitive rates, specialist expertise and consistently high standards of service, we’re continuing to make Kensington a lender that brokers can rely on.”
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Vernon Building Society has enhanced its joint borrower sole proprietor (JBSP) mortgage criteria.
Under the updated criteria, mortgage terms can now extend beyond the supporting borrowers’ intended retirement age.
There is no maximum age for capital-and-repayment mortgages, while interest-only lending can be considered up to age 85 in defined circumstances.
The mutual has also removed the requirement for the property-owning borrower to demonstrate that they could afford at least 50% of the monthly mortgage payment. Instead, affordability is assessed for all applicants, with each borrower subject to the society’s lending criteria.
The proposition allows up to four applicants and their incomes to be considered, while split repayment terms can be used to structure different parts of the mortgage over separate periods. Further, no fixed minimum income requirement applies, with affordability assessed using combined financial circumstances.
Brendan Crowshaw, head of mortgage and savings distribution…
Originally published by Google News Personal Finance
