This is a large amount of potential remortgage business, as we anticipate purchase activity beginning to tail-off the closer we get to next March’s stamp duty deadline.
Our anticipation is that demand for re-mortgages will continue to grow and, with 2020 providing an added layer of complexity for many existing borrowers, we wanted to provide a competitive remortgage product range alongside our criteria, which takes into account what might have happened to a borrower’s individual finances.
As always, our priority is to support advisers, we're working very closely with advisers to progress existing client cases as quickly as possible, and looking forward we believe these new remortgage products will appeal to both landlord and residential clients alike.
In order to support advisers with clients wishing to remortgage, we have launched a range of new remortgage products across both our buy to let and residential ranges with competitive pricing and a range of incentives including one free standard valuation per case, no application fee, and £250 cashback on completion.
We are also launching a new ‘Early’ re-mortgage product for standard HMOs of up to six occupants, which allows the borrower to remortgage within six months of the initial purchase.
The new range should appeal to those borrowers who may not meet mainstream lender criteria, those who may currently believe they are only eligible for a product transfer from their existing lender or have recently returned from furlough. In addition, we accept borrowers with complex income and employment situations, including the recently self-employed and those with mixed self-employed/PAYE income as well as applicants across a range of credit levels.
We believe the products and data highlight a good opportunity for advisers to generate remortgage business, which is unaffected by the stamp duty deadline.
FOR INTERMEDIARIES ONLY