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
