Market Harborough, Buckinghamshire and ModaMortgages unveil new products and criteria changes
Market Harborough Building Society, Buckinghamshire Building Society, and ModaMortgages have announced updates to their mortgage product lines and lending criteria.
Market Harborough Building Society has launched a two-year variable rate range across its residential and let offerings, featuring early repayment charges (ERCs) of 2% in the first year and 1% in the second. It also revised ERCs for its five-year fixed rate products.
“Off the back of us announcing another strong financial year in 2024, we’ve made some enhancements to our product offering,” said Iain Smith (pictured left), head of mortgage distribution at Market Harborough Building Society.
“After listening to feedback from our brokers, these latest changes mean that our range of specialist lending solutions for loans up to £5 million are now even more accessible for clients wanting the flexibility of a variable rate deal or lower early repayment charges.”
The changes follow the lender’s 0.20% standard variable rate (SVR) reduction in March and earlier criteria enhancements, including a revised interest stress rate and a lowered minimum equity requirement for interest-only deals in London and the South East.
Buckinghamshire Building Society has also announced updates to its product names and lending criteria, aligning with a strategy to improve transparency and cater to a broader borrower base.
Its ‘Standard Residential’ range is now called ‘Everyday Residential’, while ‘Non-standard’ and ‘Impaired Credit’ products have been renamed ‘Credit Revive’ and ‘Credit Restore’, respectively.
Loan-to-value limits for Credit Revive have increased from 80% to 85%, and maximum loan sizes for both Credit Revive and Credit Restore have risen from £500,000 to £750,000. The lender has also eased its credit policy, now allowing one missed payment in the last 12 months under its Everyday Residential range and increasing the CCJ threshold across all ranges from £250 to £500.
“By updating our product names and lending criteria, we’re making it easier for brokers to match their clients to the right mortgage solution, without unnecessary barriers,” said Claire Askham (pictured centre), head of mortgage sales at Buckinghamshire Building Society. “Our aim is to be fair, transparent and accessible. Whether it’s supporting borrowers recovering from a minor credit issue or helping more people access finance at higher LTVs, we want our criteria to keep pace with our customers' circumstances.”
Meanwhile, specialist lender ModaMortgages has introduced new product fee options for its limited edition buy-to-let range, adding £0 and 3% fee structures to existing 2.5% and 5.5% options. The £0 fee products include free valuations on all property types and no application charges.
The two- and five-year fixed rate products are available to a wide range of landlords, including first-time buyers, portfolio landlords, individuals and limited companies, with borrowing up to 75% LTV.
“We’re constantly monitoring our product offering and proposition to ensure brokers have got the tools they need at their disposal,” said Darrell Walker (pictured right), group sales director at ModaMortgages. “These new £0 and 3% product fee options give them even more choice and flexibility when it comes to supporting their landlord customers.”
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