Aldermore research shows majority of landlords aware of EPC changes

Aldermore, the specialist finance lender, has published its research ahead of the EPC changes.  In 2025, all newly rented properties are required to have an EPC rating of C or above.  From 2028, this will apply to all existing tenancies as well.

The research shows that landlords estimate they will face an average of £10,400 per property with a rating of C or below, to ensure they are up to standard.  71% of landlords will pay for upgrades from existing savings, 25% will use Government funding, 23% will raise monthly rents and 11% will seek advice from their mortgage lender.

Just 18% of landlords claimed they were unaware of the upcoming EPC changes.  The majority, 62%, are aware and understand the changes fully.  Understandably, this will deter landlords from buying properties with an EPC rating of D or below, with 65% saying they would be less likely to purchase such a property now.

Jon Cooper, director of mortgage distribution at Aldermore, said: “With people’s lives revolving more around their homes than ever before, a robust private rented sector has never been more vital. The data suggests the looming EPC change will cause challenges, but the more support landlords receive from brokers and lenders now, the easier it will be to navigate.

“Encouragingly, awareness appears high among landlords so many will be thinking about what changes may need to be done already. As we move towards a post-pandemic environment, many landlords will be looking to the future, so it is the perfect opportunity for brokers to have conversations with their clients about the EPC ratings. This will ensure, where needed, a plan for financing can be mapped out to assist landlords in getting non-compliant properties up to standard.”

Original article featured here…

Earlier this month, Aldermore launched a new residential range and cut rates across its existing products.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-research-shows-majority-of-landlords-aware-of-epc-changes/

West One makes changes to BTL suite including rate reductions

West One, the specialist bridging finance and buy to let finance lender, has made a series of rate changes to its BTL suite.  The lender has also made criteria changes and added new products.

For HMOs and MUBs in the W1 Specialist product range, rates now start from 3.34%.  The two-year fixed product has been reduced by 15 basis points, now starting from 3.49%.

The Short-term let product, on a five-year fixed term, has been reduced by 0.15%, now starting from 3.94%.

Amongst the new mortgages West One has added is a 75% LTV limited edition at 2.99% in the Standard W1 range, with a five-year fixed payrate.  The green products in the Standard W1 range have been reduced by 15 basis points, and a new 75% LTV product added, with rates starting at 2.94%.

The lender has also added two HMO/MUB products, both of which are limited edition.  For properties up to six beds or units, there is a £750,000 maximum loan size, at 3.29%.  For those with seven to ten beds, there is a maximum loan of £1.5m, at 3.74%.

In addition, West One has made a series of criteria changes.  For the Standard W1 range, the maximum loan size for core products has been increased from £1.5 million to £2 million on an individual asset.  Portfolio lending has been raised from £5 million to £10 million per borrower.  Also, leasehold block exposure has been increased to twenty units, with 100% exposure possible.

Managing director of buy-to-let, Andrew Ferguson, commented: “These criteria changes will ensure we remain amongst the most flexible buy-to-let lenders on the market. This added flexibility means brokers and their clients can continue investing in a buoyant rental sector.

“Those investing in rental properties have been increasingly looking for specialist buy-to-let products, and as we specialise in HMOs and MUBs we are well placed to offer finance to both new, and experienced landlords.

“While we have competitive rates, what separates West One from other lenders is our flexible underwriting and excellent service. Despite being larger than many peers we are nimble, can make decisions quickly and have the entrepreneurial approach of a much smaller lender.”

Original article featured here…

In November, West One announced changes to its BTL product suite, including lowered rates and criteria changes.  In the green product range at 65% LTV, rates now start from 2.99% for a 2-year fix, with a 1.25% product fee.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/west-one-makes-changes-to-btl-suite-including-rate-reductions/

Roma Finance strengthens team with promotions

Roma Finance, the bridging finance, short term lending and buy-to-let finance specialist, has made three internal promotions to director.

Steve Smith, now sales director, joined as BDM in 2019.  He was promoted to national sales manager in 2020 and then to head of sales last year.

Michael Allison has also been promoted, to operations director.  He joined Roma Finance in May 2021, as head of transformational change.

The other internal promotion is for Matthew Severs, who is now finance director.  Matthew joined the lender just over a year ago, as financial controller.  He replaces Keith Richardson, who is the new chief financial officer.

Scott Marshall, managing director at Roma Finance, said: “I have said this before, but I have never been as excited about the future of Roma as I am right now.

“We have fantastic people in every department and this is the perfect time to create this organisational structure with inspirational and innovative leaders.

“Steve, Michael and Matt have all demonstrated their skills and commitment to the business and this is largely why we are now in such a fantastic position.”

Steve Smith added: “I am thrilled to have been given this next opportunity within the business.

“We are all focussed on delivering the best possible experience for everyone who works with us, and we are all aligned in our goals and what we want the business, our partners, our customers and our team to achieve.

“It is a very exciting time to be at Roma.”

Original article featured here…

Earlier this month, Roma Finance appointed a new bridging & development specialist, Samantha Williamson.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/roma-finance-strengthens-team-with-promotions/

United Trust Bank’s asset finance division achieves a record high

United Trust Bank (UTB) the buy to let, bridging finance and development finance lender, has revealed that its asset finance division now has a loan book exceeding £200m, for the first time.

The originations for the asset finance business rose by 136% last year, making it the fastest growing division in the bank, both in business volume and headcount.

The bank will continue to build upon this success by expanding its team, making investments in technology and also developing new, innovative products.  UTB also announced that it will transact more higher value loans, up to £2.5m.

Nathan Mollett, head of asset finance at UTB, said: “2021 was a very successful year for UTB’s asset finance business.

“We more than doubled our new business lending year on year and we’ve grown the team in all departments.

“We have great people working at all levels of the division, all equally committed to providing exemplary broker service and putting UTB on the map as one of the best specialist asset finance lender in the market.

“The technology we’re implementing this year is designed to further simplify processes and accelerate turnaround times without sacrificing that vital USP and we’re developing some exciting new products which will help brokers develop their businesses into new markets.

“We are dealing with more brokers than we ever have before, so in addition to investing in technology, we are continuing to recruit experienced professionals to ensure we maintain those strong relationships and deliver the very best experience to brokers and their customers.”

Original article featured here…

Towards the end of 2021, UTB recruited Mark Stokes into the new role of chief commercial officer.  Stokes has over 20 years’ experience at executive committee level – including work with Lloyds Bank, RBS, Black Horse and Chartered Trust – and joins UTB from his previous role as managing director at Metro Bank – commercial banking.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/united-trust-banks-asset-finance-division-achieves-a-record-high/

Aldermore launches residential range and makes rate cuts

Aldermore, the specialist finance lender, has launched a new residential range and cut rates across its existing products.

The new range of fee-free mortgages comes with free legals on remortgages.  Rates start at 3.08% up to 75% LTV and from 3.28% at 80% LTV for the two-year fix.  For the five year fix, rates start at 3.38% up to 75% LTV and from 3.58% up to 80% LTV.

The lender has also reduced rates by 30 basis points on selected purchase and remortgage products which charge a £999 fee.  At 75% LTV, the two-year fixed rate is now 2.78% and for the five-year fixed rate, at 2.98%.  At 80% LTV, the two-year fixed rate has been reduced to 3.08% and for the five-year fixed rate, to 3.28%.

Jon Cooper, head of mortgage distribution at Aldermore, commented: “We’re delighted to introduce improvements to our residential mortgage range, providing new pricing, product choice and removal of fees to support prospective and existing homeowners.

“At Aldermore, we aim for a human approach when it comes to supporting those with complex needs or less than perfect credit. Our enhanced human underwriting process allows us to dig into the detail of a borrower’s application, crucial against today’s market backdrop. This gives us a better understand of the ever-widening range of individual circumstances so we can better serve new and existing borrowers in 2022.”

Original article featured here…

Aldermore recently appointed three new property development managers to its commercial real estate team, as part of its growth strategy; Pamela Mitchell, Jonathan Driver and Kirsty Dyke.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/aldermore-launches-residential-range-and-makes-rate-cuts/

Hope Capital expands sales team

Hope Capital the short term lending and bridging finance house, has hired two new staff members for its sales team.

Danielle Evans and David Weir join Hope Capital as part of a larger expansion plan which began last year.

Danielle, who is CeMAP qualified, joins from Alternative Bridging Corporation, with over 14 years of industry experience.  She has also held roles at Precise Mortgages and Avamore Capital.  She will be overseeing Hope Capital’s cases across the Midlands and South Wales as an internal business development manager, ensuring support is given to brokers looking for bridging finance solutions.

David joins from Deloittle and Barclays, with experience in direct relationship management, mortgages and investments.  His new role is also internal business development manager, to give support for the volume of enquiries.

Danielle Evans said: “This is a fantastic time to be joining Hope Capital,”

“Having heard many great things about the business and team, I am delighted to start the new year with this exciting opportunity, and I look forward to building on Hope Capital’s success throughout 2022.”

Roz Cawood, director of sales at Hope Capital, added: “We are delighted to welcome Danielle and David to the Hope Capital team.

“Danielle and David have extremely successful track records, so I have no doubt they will both be fantastic assets to the business.”

Original article featured here…

Hope Capital had a busy year for bridging finance in 2021.  Writing in a blog, managing director Gary Bailey noted that amidst the uncertainty of the year, there had been steady growth in the demand for bridging loans enabling customers to undertake refurbishment works.

source https://commercial-mortgages-broker.co.uk/bridging-finance-news/hope-capital-expands-sales-team/

Paragon launches new BTL products

Paragon Bank, the specialist lender, has added four new five-year fixed rate products to its buy-to-let range.

These mortgages are designed for portfolio landlords, either individuals, limited companies or limited liability partnerships.

Available at 70% and 75% LTV, these new products come with a free valuation and £750 cashback.  There is no longer a £100,000 minimum loan rule and the products can be used for both purchase and remortgage.

Rates start at 2.95% for properties that have an EPC of C or above, and at 3.05% for properties with an EPC rating of D or lower.

Paragon director for mortgage sales Moray Hulme says: “Our recently refreshed product range has proven popular, suggesting that landlords have been actively modifying their portfolios, whether that be boosting private rented sector stock through purchasing additional properties or taking advantage of the current low-rate environment to get a good remortgage deal.”

Original article featured here…

Paragon recently unveiled new pricing for its switch and further advance products, available for both portfolio and non-portfolio landlords.

source https://commercial-mortgages-broker.co.uk/buy-to-let-news/paragon-launches-new-btl-products/