What have the mortgage lenders been up to this week? Barclays, HSBC and Virgin Money all make changes
Many of the banks and building societies have been busy making mortgage rate and acceptance criteria changes over the last week.
Barclays took the unusual step of withdrawing its 25% deposit mortgage rates to try and limit demand for its products. The move means borrowers will have to take its more expensive 20% deposit rates if they do not have a sufficient deposit to qualify for the lower rate band. The bank also raised the price of some of its other fixes by 0.25%.
HSBC for Intermediaries has increased the cost of its 15% deposit mortgages and raised the price of some of its tracker rates. First Direct went a step further by withdrawing its 15% deposit mortgages.
Accord Mortgages is issuing more 10% deposit first-time buyer rates for a very limited time. The low deposit products will be going on sale via brokers at 9 am on Monday 5 October, and withdrawn at 8 pm the following day.
Aaron Strutt, product director at Trinity Financial, says: "The majority of mortgage lenders have their staff working from home and they are finding it hard to cope with the demand from homebuyers."
Virgin Money for Intermediaries has launched new 15% deposit two and three-year fixes with £995 arrangement fees and lowered the price of its other residential and buy-to-let deals. Its sister company Clydesdale Bank has withdrawn a number of its residential and buy-to-let mortgages as it turns its focus to pipeline applications.
TSB Bank has temporarily pulled some of our buy-to-let and residential products and no longer requires borrowers to complete the Coronavirus Income Impact Form for residential mortgage applications. The bank also pulled its one-day-only 10% deposit product.
Have there been other changes?
Santander for Intermediaries has confirmed for all self-employed income evidence, the most recent year-end must not be more than 18 months before the date of the application.
Metro Bank has increased its maximum residential loan amount to £540,000 following the return to the 10% deposit market. The Melton Building Society and Dudley Building Society have also returned to the self-build mortgage market.
Which lenders have the cheapest rates? Click here for our mortgage best buy table.
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