Santander cuts rates; Dudley “opens” mortgages to self-employed

Santander for Intermediaries will launch two remortgage deals tomorrow (September 9) and make discounts of up to 20 basis points on selected residential products in its new lines of mortgages for new business and product transfer.

While the Dudley Building Society claims to have “opened” its line of self-employed mortgages with one year of accounts.

The Main Street Bank will launch two new 60% remortgage products with fees of £ 749.

He adds that he will reduce the selected buy and remortgage rates down to 0.20% on all LTVs and reduce the £ 250 product charge on selected remortgage products to 75% LTV.

Its new mortgage products are a fixed rate of 60% two-year LTV at 0.84% ​​with fees of £ 749 and a fixed rate of 60% five-year LTV at 0.99% with fees of £ 749.

Santander for Intermediaries will present a range of cups. Highlights include:

A fixed rate of 75% two-year LTV at 0.99%, with a fee of £ 749 – remortgage – fee reduced by £ 250.

A fixed rate of 90% two-year LTV at 2.04%, with a charge of £ 999 – purchase – reduced rate of 0.20%

A fixed mortgage guarantee rate of 95% LTV over two years at 3.20%, free of charge – purchase – reduced rate of 0.20%.

A fixed five-year LTV mortgage guarantee rate of 95% at 3.45%, no charge – purchase – reduced rate of 0.15%.

And a fixed rate LTV of 90% over five years at 2.72% with a charge of £ 999 – buy – rate reduced by 0.18%.

The bank adds that it is reducing selected residential fixed rates, up to 75% LTV, from 0.05% to 0.20% and making fee reductions of £ 250.

At the same time, the Dudley Building Society “opened up its entire range of residential products to independent applicants with only one year of accounts.”

The mutual says that this decision will help reduce the “gap” in the treatment of mortgage loans between employees and the self-employed.

Managing Director of the Dudley Building Society Jeremy Wood says, “The company believes that self-employment should not be a barrier to homeownership.

Our decision to open our products to those with only one year of accounts is designed to remove some of the barriers to homeownership that independent applicants face.

As a lender, we take our role as facilitator for future homeowners very seriously and it is up to us to respond positively to an ever-changing world.

The world of work is no exception. It is estimated that there are over 4.5 million self-employed people in the UK, around 15% of the workforce and these numbers are on the rise.

At the same time, the world of work, far from offering workers the same security as before, must adapt to an economy where cycles of upswing and downsizing of companies are more frequent.

So while employment always retains the cachet of ‘security’ and lenders are happy with the way employee mortgages work, there is no reason why we shouldn’t constantly reassess risk. related to self-employment. ”

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