Additionally, the lender has also increased the maximum LTV of their five year fixed rate ex-pat residential product from 80% to 90%. The maximum loan size of this product has also increased from £1 million to £1.5 million, with a rate of 3.89%.
The society has also continued to introduce tiered ERC rates to their products, with a discounted ERC rate available following the first year.
Jeremy Wood, (pictured) chief executive, comments: “The ever-increasing cost of living has put a great amount of pressure on prospective homeowners. We have been listening to our intermediary partners who have demanded longer-term products that provide applicants with additional security. Following on from last week’s Bank Base Rate increase to 1%, we expect that fixed-rate propositions will only continue to be preferred by applicants”
Jeremy continued “Since our LTV improvements in March, when we increased the maximum share for shared ownership applicants from 90% to 95%, we maintain the stance that servicing the mortgage needs of financially stretched applicants is increasingly important. The introduction of this Five Year Fixed Rate Shared Ownership product is both in response to demand from our intermediary partners, and part of our wider efforts to serve the underserved."
