TML raises RESI and landlord standards, SOMO reduces first and second rates – Mortgage Strategy

Mortgage lenders have expanded their residential and purchase standards, while SOMO has lowered rates for all first and second alleged bridging products.

Mortgage lenders have expanded their qualifications for non-British nationals who have not yet had indefinite leave, “but show stability and commitment through residence and employment in the UK”.

Applicants working in skilled workers or health and care visas in the UK can now qualify for TML home loans, but meet certain criteria, according to part of Shawbrook’s retail mortgage.

These borrowers are eligible for up to 90% loans to residential mortgages and 75% LTV loans based on the following methods:

The lender added that it expanded the standards for landlords to support landlords and release property they had previously resided or inherited.

“These changes reflect our ongoing mission to provide more opportunities for customers who are often underserved by traditional standards,” said Steve Griffiths, a retail mortgage at Shawbrook Business Director.

“By expanding the approach to including skilled workers and landlords in more nuanced situations, we can provide brokers with the options they need to meet more client needs.”

at the same time,,,,, Bridge lender SOMO has reduced the first rate to 0.69%, with an open market value of LTV up to 75%, and a second charge rate starting at 0.85%, with an open market value of LTV up to 70%.

Experts added that its standards include loans for any business purpose and there is no attorney fees for the lender until completion.

It added that its app is an 18-point list that can lead to quotes in an hour.

Jade Keval, director of sales at Somo (pictured), added: “The speed of bridging is growing, but speed, certainty and flexibility still dominate.

“We have raised our pricing to keep the curve ahead and paired it with features that brokers tell us they do need.”