The Manchester targets brokers with new range

Published on

Manchester Building Society has revamped its product range, significantly increasing the number of its residential purchase, residential remortgage and buy-to-let mortgages for use by mortgage intermediaries. It has also improved income multiples.

For house purchase, the two-year fixed rate starts at 3.74% and offers an income multiple of up to 4.5 times main income, with other rates and multiples applying to higher LTV options. At 80% LTV the lowest rate is now 3.99% and the remortgage option also features an incentive package.

Also included is a range of two and three-year discounted variable rate products linked to its SVR, with a discount of up to 2.25% available.

The Manchester’s retail buy-to-let range has been extended and this now offers a choice of two discounted rates for a period of one year. The standard rate for 75% LTV is 5.74% and 5.49% for 65% LTV, each having an arrangement fee of 0.5% (minimum £495). For 60% LTV the discount offered is 1.75% and for 70% LTV the discount is 1.50%, with arrangement fees of £1995. These products are targeted at small scale landlords.

Each mortgage application is manually assessed by a team of experienced underwriters, with the mutual acknowledging that a ‘one size fits all’ approach often frustrates advisers.

Brokers can contact the underwriting team directly to discuss any aspect of individual cases.

Chris Mitton, business relationship manager, said: “Our newly extended mortgage options range remains focused on the intermediary market and is intended to cater for a wider range of client needs. In addition to the launch of our new fixed and discounted variable rates

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

RICS: Housing market recovery falters as buyer demand weakens

The UK housing market lost momentum in September as rising interest rate expectations weighed...

Cost pressures hold back demand for energy-efficient home upgrades

More than a third of Britons want to improve the energy efficiency of their...

TPFG buys 25% stake in property and mortgage AI business Enteka

The Property Franchise Group (TPFG) has taken a 25% stake in Enteka AI as...

Property professionals back homebuying reforms, CSS poll finds

More than three-quarters of property professionals believe proposed changes to the homebuying and selling...

Accord cuts buy-to-let rates by up to 0.43%

Accord Mortgages is reducing selected buy-to-let rates by up to 0.43 percentage points, with...

Latest publication

Other news

RICS: Housing market recovery falters as buyer demand weakens

The UK housing market lost momentum in September as rising interest rate expectations weighed...

If AI gives us more time to think, we must learn how to think well

The great promise of AI in financial services is usually expressed in terms of...

The right scrutiny is a precursor of growing lending safely

Credit markets have always had to accommodate change, but there are periods when the...