Market Harborough lifts LTV to 80% and introduces larger loan deals up to £5m

By Bridging Loan Directory 18th July 2024

Market Harborough Building Society has announced two key changes to its product range to make it even easier for brokers to place clients’ cases.

The specialist lender has introduced a dedicated range of tiered larger loan deals – now available for residential applications up to £5m.

In addition, they’ve extended their loan to value (LTV) to accept residential and buy to let cases up to 80% LTV, on loans up to £2m.

Head of Mortgage Distribution Iain Smith commented:

“We promised to keep listening to brokers and taking action to support them.

As a high net worth client specialist, our new simplified larger loan deals will help brokers source deals up to £5m.

And our move to accept cases up to 80% LTV provides them with further flexibility across our residential and let ranges.

Our tiered products are priced based on the level of case complexity and are designed to help brokers easily find the right product and price for their clients, including those with more challenging circumstances.”

The Society’s new large loan range starts with rates from 6.29% for a five year fixed rate and a new fixed product fee of £2,495.

This news follows soon after the lender announced it had loosened income criteria to help clients achieve maximum affordability, including:

Earned income considered up to age 75
100% of an applicant’s income from their second job accepted
On sale and downsize interest only cases, they’ll lend up to a maximum 75% LTV. Minimum equity applies