Earlier in the year, the Society received a record number of applications and withdrew a number of products in order to maintain service levels. Since then then we’ve been monitoring inflows and market conditions and have made the decision to re-enter with a select number of products.
The products are for purchase and remortgage cases across the following ranges:
- Residential – up to 85% LTV for max loan of £500k.
- Buy to let – up to 80% LTV for max loan £500k
- Expat buy to let – up to 80% LTV for max loan £750k
- Holiday let – up to 80% LTV for max loan £500k
In addition to this good news, we can now consider applications for properties valued at £1m+ on all our products.
CEO of the society Richard Norrington said:
“We’ve been keeping a keen eye on the market and taken careful consideration over the appropriate time to re-enter. It is important we introduce and maintain a suitable range of products which enable us to uphold our service standards."
“We’re particularly pleased to be offering 85 per cent loan-to-value residential mortgage products as part of a stepped re-entry into the higher LTV market, with a view to returning to 90 per cent lending in the future. We especially hope to be able to help first time buyers, many of whom have had their plans put on ice during the pandemic instead of realising their property-ownership dreams.”
For the latest news about lending criteria see our COVID-19 FAQs blog.
If you have any questions or to discuss your case, please get in touch.
