Category: Residential Mortgages
Bailey explained that COVID has furthered the use of apps within this space. He said: “You will eventually be able to use apps to determine exactly how much carpet you will need for a room, rather than going to Carpetright and estimating.”
The lender has also made changes to its first-time buyer lending policy, including extending the definition of a ‘close relative’ for gifted deposits.
The updates to lending criteria mean Atom’s mortgages will now be opened up to a wider range of customers who may find it challenging to secure loans elsewhere.
Nigel Purves, chief executive of Wayhome revealed that house prices continue to cause affordability headaches for the majority of hopeful first-time buyers.
The cuts are across both fixed and variable options and the increase in LTV for JBSP products is from 80% to 90%.
Emma Harvey, programme director at the Green Finance Institute, said: “The handbook informs and empowers the finance sector to fund retrofit projects and develop new financial solutions to support their customers’ net-zero ambitions.”
Ben Merritt said: “In a really competitive mortgage market, we’re pleased to be able to offer our lowest ever mortgage rate to give borrowers more choice.”
However, September was the lowest ranking month for first-time buyers as a percentage of all mortgage searches in 2021.
The products use a credit matrix structure which allows the lender to offer a range of rates and LTVs, based on individual circumstances.
The proposition defines four new product suites, and launches four new products, building upon Hometrack’s Automated Valuation Model (AVM).