They remain committed to supporting customers. The changes below reflect our considered responses to a changing and challenging environment.
- With immediate effect, all products will be capped at 75% LTV.
- All applications over 65% LTV will be subject to additional assessment and may, therefore, take more time.
- Increased rates on certain products and LTV’s.
- All offers honoured regardless of LTV.
Short Term Lending.
In addition to the max 75% LTV across all products:
- Heavy Refurb; The pandemic has substantially impacted the construction industry and supply chains. They are unable to consider lending for this purpose until further notice.
- Developer Exit applications will be assessed on a case by case basis and they will assume that the property will be held for term, rather than sold. Standard BTL term rental affordability criteria will apply and market rent will, therefore, be a key consideration.
Applications from owner occupied commercial businesses will be subject to additional diligence
They continue to support existing customers on a ‘business as usual’ basis for product transfers and refinances.