Halifax has announced it is reducing the minimum loan size for further advances for existing borrowers from £10,000 to £5,000.
Halifax said this would give borrowers more choices and help them with lower-cost retrofit measures to improve the sustainability of their homes.
It will also now accept non-sterling income on further advance applications. This will be allowed in circumstances where a full affordability assessment is made, and the original mortgage application is not required to have also used non-sterling income.
This change will only apply to applications made through mortgage intermediaries for now; direct submissions will still have a minimum loan size of £10,000. Halifax said this would be aligned “very soon”.
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Halifax said it would also improve how brokers can inform the lender of a customer’s vulnerability and if they need extra support.
Intermediaries can now ask for a trained colleague to call a customer to discuss any additional support they may need, or this can be registered with Halifax.
This comes after data from the Financial Conduct Authority (FCA) found not all vulnerable customers were making firms aware of their need for support.
Clydesdale Bank reduces rates
Clydesdale Bank has announced mortgage rate reductions to select products.
Its exclusive two- and five-year products at 75% and 80% loan to value (LTV) for residential remortgage will be cut by as much as 0.25%, while two- and five-year purchase exclusive rates will be reduced by as much as 0.36%.
The bank’s large loan two- and five-year exclusive residential rates will see price cuts of up to 0.31%.
Across its professional range, Clydesdale Bank will reduce two- and five-year rates at 90% LTV by 0.1%, while newly qualified professional rates with two- or five-year terms will be reduced by as much as 0.35%.
It will also simplify its discount offset range, and from 8pm on 17 March, borrowers requiring loans up to £1m at 80% LTV on a two-year term will have a rate of 5.79% and a £999 fee.
For loans above £1m, the rate will be 6.09% with a £1,999 fee.
