As a result we will be withdrawing our current product range with effect from 5pm Friday 2 January. New products will be available from Monday 5 January.

Pipeline deadlines:

Clickdecision and kfis:

All current products will be withdrawn from our website and all sourcing systems at 5pm Friday 2 January. All applications must have a Clickdecision and kfi completed by this date.

Unpackaged applications
All unpackaged applications must be received at Platform by 5pm Monday 5 January. Applications must have a clickdecision.

Packaged applications
All packaged applications must be received at Platform by 5pm Friday 9 January. Applications must have a clickdecision, be fully packaged and accompanied by all items on our shopping list.

Current product guide

Savills Lending Solutions would like to thank you for your continued support throughout 2008.
 We would like to take this opportunity to wish all our clients past, present and future a very Merry Christmas and a Happy New Year.

You can apply 24/7 on www.e-zy.co.uk  or for further information logon to www.savillslendingsolutions.co.uk

For all other enquires you can call our sales team
on 01702 226718

Existing pipeline must be received and completed by 12 December 2008.
 

• Minor 65 (M65), Minor 70 (M70) and Minor 75 (M75)
• Light 65 (L65), Light 70 (L70) and Light 75 (L75)

All applications on the above products must be fully packaged (see below for definition of fully packaged application) and with BHL ready for first time offer by close of business on Wednesday 19th November. This also applies to applications we have already received but are awaiting further information as these too will need to be closed out - please ensure the outstanding information is with an underwriter by close of business on Wednesday 19th November.


Please be aware that fully packaged applications received within the deadline date must also be within your offer quota for November - there will be no exception to this requirement.


For clarity, a fully packaged application must have the following items:

Fully completed application form
Valuation report with acceptable comparables
Credit Search( including any linked addresses/aliases)
Proof of income (where appropriate)
Proof of residency & ID (URU where applicable)
Proof of mortgage payments
BHL Application Submission Sheet
BHL underwriters have been instructed that if any of the above information is missing or incomplete then the application will be returned to the packager - if the missing or incomplete information is not received by cob on Wednesday 19th November the application will not proceed - there will be no exception to this rule.


Summary

As you will no doubt all be aware, we continue to see changes in the mortgage market and it's related funding almost on a daily basis. Due to these market circumstances we have decided that it is in BHL's best interests to complete the final transition to a prime lender.Whilst we appreciate that the withdrawal of the above products obviously creates "challenges" for you, we would like to take this opportunity to thank you for your continued support and look forward to continuing our close business relationship with you throughout next year.

Further product and interest rate changes will be announced in the near future as part of the transition.

 
If you have any queries on the above then please contact a member of the sales team on 01702 226718 - option 1.

 

The Mortgage Works' current range of Buy to Let, Self Cert and Large Loan tracker products will be withdrawn with immediate effect.

Applications for a tracker product will only be accepted where a full application has been received at The Mortgage Works offices or via TMW Online by 1pm on 6th November 2008.  No applications for our current range of tracker products will be accepted after this time.

Cases that have not reached full mortgage application, for example accepted or referred DIPs, may select from our current range of fixed rate products subject to eligibility and criteria.

• 6.29% Fixed until 01/02/2011 (then BBR + 3%) for life of loan
• Available up to 75% LTV
• Loans from Pound25,001 - Pound1m
• 125% rental cover at pay-rate
• Product Fee 3%
• ERCs 3% until 01/02/2011
• Code CZR

• 6.75% Fixed until 01/02/2011 (then BBR + 3% for life of loan) (
  
• Available to 75% LTV 
• Loans from Pound25,001 - Pound1m
• No rental cover
• Product Fee 3%
• ERCs 3% until 01/02/2011
• Code GAL

• 6.79% Fixed until 01/02/2011 (then BBR + 3% for life of loan)
• Available to 75% LTV
• Loans from Pound25,001 - Pound1m
• No rental cover
• Product Fee 2.5%
• Code RTM

• 8.04% Fixed until 01/02/2011 (then BBR + 4.50% for life of loan)
• Near Prime 500 Product
• Max Pound500 CCJs (none in last 6 months)
• Mortgage Arrears - 1 missed in last 12 months
• Bankruptcy - discharged 1 year
• IVA - satisfied for 6 months
  
• Available to 75% LTV
• Loans from Pound25,001 - Pound1m
• Product Fee 2%
• Code VVB

Platform will be withdrawing their current product range with effect from 5pm Friday 31 October.

Pipeline deadlines

Clickdecision and kfis
All current products will be withdrawn from our website and all sourcing systems at close of business Friday 31 October.

Unpackaged applications
All unpackaged applications must be received at Platform by 5pm Monday 3 November. Applications must have a clickdecision.

Packaged applications
All packaged applications must be received at Platform by 5pm Friday 7 November. Applications must have a clickdecision, be fully packaged and accompanied by all items on our shopping list.

With market conditions looking more challenging for the economy in general and likely to worsen in 2009, we have had to review our criteria and pricing to ensure we offer you sustainable products in a highly volatile market.  As a result of our review we have removed GEM2 and GEM5 and will continue to analyse market conditions in the coming months to ensure we act prudently and continue to offer relevant products.

In consideration of the above we will be making the following changes on Friday 24th October 2008, to our new 4308 range: 

Summary of Changes

Rates

• All fixed rates removed across the range
• All discount, tracker and reversionary rates have been increased

Maximum LTVs

• Employed:  NRM to LTM 2 - 80%; GEM 1 to 6 - 70% and GEM 7 - 60%
• Self Employed: NRM to GEM 1 - 70%; GEM 3 to 7 - 60%

Arrears and CCJs*

*igroup will credit score all applications above 60% LTV and in doing so all credit bureau information will be taken into account in the decision making process.

Loan sizes

• Up to 60% - NRM – GEM3 maximum Pound750k
• Up to 70% - NRM – GEM3 maximum Pound500k
• All other Maximum Loan sizes remain unchanged

Valuations

• Minimum property valuation Pound100,000
• Maximum property valuation Pound1,500,000 in London and South East, Pound1,000,000 for the rest of UK

Full details can be found on the attached Product Guide, Click here.

Pipeline Arrangements

The following rules will apply to managing pipeline business:

New Applications

We need fully packaged cases for the 4108 range in our offices by close of business on Friday 24th October 2008. To speed up processing of your cases you must ensure your packs meet the minimum submission standards. Packs not meeting minimum standards will be returned to you, this also will apply to any existing unworked packs.
 
Minimum pack requirements are:

• Fully signed and completed Mortgage Application form
• Addendum form (where Generic Application forms are used)
• Copy of IDOL submission form and/or IDOL reference number
• Proof of last 12 months mortgage payment if not shown on IDOL
• Proof of Residency for last 12 months (if not on Voters Roll)
• Proof of income (if required)
• Credit search if IDOL decision is not required (i.e. semi commercial case)
• Valuation report (plus 4 photos)

Pre-Offer

All cases that have been submitted on the 4108 range will need to be offered by Friday 31st October 2008.  If cases on the 4108 range are not offered by this date they will be subject to criteria, rates and fees prevailing at the time, and will need to be reassessed via IDOL if you want them to proceed.

Post-Offer
 
All cases submitted on the 4108 range or previous will be honoured on present terms, however, if the offer period expires and customers still wish to proceed with the loan, the reoffer will be subject to criteria, rates and fees prevailing at the time.  

There will be no exception to these rules

If you have any questions please do not hesitate to contact your National Account Manager,
Business Development Manager or the Sales Liaison Team on 0845 610 6574.

We apologise for the short timelines in announcing these changes and the disruption this may cause to your business. We hope you appreciate that exceptional market conditions make these changes necessary.

Kind regards

With market conditions looking more challenging for the economy in general and likely to worsen in 2009, we have had to review our criteria and pricing at this time to enable us to provide you sustainable products in a highly volatile market.  We will continue to review market conditions in the coming months to ensure we act prudently in the products we offer.

In consideration of the above we will be making the following changes on Friday 24th October 2008, to our new 4308 range: 

Summary of Changes

Product

Rates

Arrears, CCJs and Defaults

Applications on products to be withdrawn

To submit applications on our current product range, please ensure that completed applications are submitted via TMW Online by 5.30pm on Thursday 16 October 2008.

Full mortgage applications must be submitted by 5.30pm Thursday 16 October 2008.
Any DIPs must be progressed to full mortgage application by 5.30pm Thursday 16 October 2008.
Any DIPs with a refer status at 5.30pm Thursday 16 October 2008 will not be accepted on the current range but will be considered against the new range.

Paper applications will only be accepted with a post mark dated up to and including Thursday 16th October 2008.

Product changes:

Buy to Let product change highlights:

2 year fixed rate products from 5.49%
2 year fixed rate products from 5.99% with free valuations, free legals and free EPC or cashback option
2 year tracker products from 6.09%
Self Cert product change highlights:

2 year fixed rate products from 5.99%
2 year tracker products from 6.19%
Selected fixed and tracker products with free valuations, free legals or cashback
For full details of the new product range, please see the attached product guide below.

Lending Criteria Changes:

Buy to Let maximum aggregate loan:

With effect from Wednesday 8 October, the maximum BTL aggregate loan per applicant will be increased:

Maximum aggregate loan at 75% LTV: Pound1.5m
New maximum aggregate loan at 65% LTV: Pound5m
Further borrowing in excess of Pound1.5m is subject to a maximum LTV of 65% on that further borrowing only.

N.B. These limits do not apply to portfolios held with TMW prior to 21st March 2008.

Updated valuation fee scales:

The Mortgage Works standard and homebuyers valuation fees will increase across the scale.

Valuation fees will increase by Pound25
Application fee will increase by Pound50
The new fees will apply for new applications with effect from Wednesday 8 October. Pipeline cases are unaffected.

We are pleased to announce that TMW’s semi-commercial valuation fees will be reduced across the scale and simplified to include the Pound150 application fee and VAT.

Please see the link below for full details of the new TMW lending criteria.

Easy Remortgage products:

Important – the products below are only available for single property applications – not available for applicants wishing to utilise TMW’s portfolio propostion, e.g. the averaging of LTV and rental cover across a portfolio of properties.

With effect from Wednesday 8 October, the easy remortgage products available in the Buy to Let and Self Cert product ranges will be split into three codes per product:

Code 1: For easy remortgage (property value up to Pound500k)

Including free standard valuation, free legals and, for Buy to Let, free EPC.
Code 2: For easy remortgage (property value above Pound500k)

Including standard valuation subsidised by Pound565 and, for Buy to Let, free EPC. Free legals are not available for property values above Pound500k
Code 3: For Pound500 cashback (all property values)

Please note existing exclusions apply.
 
 

Current product guide

• Fully signed and completed Mortgage Application form
• Addendum form (where Generic Application forms are used)
• Copy of IDOL submission form and/or IDOL reference number (Please send in the original dip decision.  Please do not amend the original dip)
• Satisfactory Know Your Customer (KYC)
• Proof of last 12 months mortgage payment if not shown on IDOL
• Proof of Residency for last 12 months (if not on Voters Roll)
• Proof of income (if required)
• Credit search if IDOL decision is not required (i.e. semi commercial case)
• Valuations report (plus 4 photos)

As a result, we have reviewed our business operations and processes, and concluded that we must achieve greater efficiencies by simplifying how we support you in doing business.

We are therefore proposing to make the following changes:

Wolverhampton

We propose to close the GE Money Home Lending site in Wolverhampton and transfer the processing, underwriting and completions of all applications to our Watford offices.  We also propose to move Sales Liaison roles to Watford as well.

We are also proposing to reconfigure our onsite underwriting team to allow us to apply resource more effectively.  We will be undertaking a review of our packager partner requirements to enable us to absorb the activity into a smaller, but more flexible team.

All our impacted staff have been informed today of the proposal and will be going through a period of consultation.  Through this period, we will aim to maintain our present service levels and you will continue to deal with the Wolverhampton and Onsiters teams as before.  As we progress through this process, we will update you on changes that will impact you.
 
Commitment to Serving You in a Challenging Market

The changes announced today have been made in the context of continued uncertainty in our market, but have also been driven by a desire to serve you in the best way possible.   We believe our actions will achieve this aim and provide you with the support your business needs.
 

All mortgage offers that have been issued will be honoured, in line with the terms outlined in the specific conditions of each offer.

There will be no exception to these rules 
If you have any questions please do not hesitate to contact your National Account Manager,
Business Development Manager or the Sales Liaison Team on 0845 610 6574.

 We apologise for the short timelines in announcing these changes and the disruption this may cause to your business. We hope you appreciate that exceptional market conditions make these changes necessary.