Origin Mortgages Update

What this update includes:

• Rate increases on all products
• Criteria changes to Lite, Flexi 1 & Flexi 2
• Withdrawal of Flexi 3 & Fresh Start

 Rates

Rates will increase across their entire product range by 0.25%. This change includes fixed, discount and reversionary rates. This will be effective from 1st May 2008 and will include extensions to the 2 and 3 year fixed rate end dates of 30/06/2010 and 30/06/2011 respectively.

Criteria Changes

Lite

• Where any form of income is being self certified the maximum LTV available for Lite is reduced from 85% to 80%. The maximum LTV of 85% is still available where income is fully verified.

1. Flexi 1

• The maximum LTV available where 1 in 3 payments missed is reduced from 80% to 75%.
• Buy to Let discontinued.
• Self Certification - In addition to MPL’s existing lending requirements, self employed borrowers will be required to produce their last 3 months bank statements to support their income declaration and cash flow.

 Flexi 2

• Buy to Let discontinued.
• Self Certification - In addition to MPL’s existing lending requirements, self employed borrowers will be required to produce their last 3 months bank statements to support their income declaration and cash flow. 

Product Withdrawal

Flexi 3 & Fresh Start

Please note that they will be withdrawing Flexi 3 and Fresh Start from the Origin Mortgage Product Range.

Product Availability

 These changes will become effective from the 1st May 2008. The existing criteria and rates will be removed from their website and MoneyPort at the close of business on 30th April 2008.

Pipeline Deadlines

Cases on the existing criteria and rates must be received and offered by the close of business on 30th April 2008. No new offers will be issued on the existing criteria and rates after this date. Offers issued will remain valid until the expiry date detailed on the mortgage offer letter. Offers on withdrawn products, old criteria and old rates cannot be reissued after 30th April 2008.

Documentation

An updated Mortgage Matrix and Underwriting Guideline Booklet will be available for download prior to the 1st May 2008.

 If you have any questions regarding the content of this communication, please contact your local Regional SMS Office

  Harbour Homeloans (in association with First National) -

 Buy to Let  Product  Pricing  Update

The Harbour Homeloans Buy to Let range will be repricing effective Wednesday 23rd April 2008.  They are having to make changes to the pricing due to the unprecedented demand they have received for the current rates.

The new rates will be communicated on Monday 21st April 2008. 

Deadline Dates

The new product range (BTL1708 effective from 23rd April 2008) replaces BTL1508 (effective from 11th April 2008).  The current 1508 range will be removed from the Mortgage Illustration at 5.30pm on Tuesday 22nd April 2008.  

The fully packaged submission deadline for 1508 cases to your regional SMS Office is Wednesday 23rd April 2008.   

 They shall advise us of the offer deadline date(s) early week commencing Monday 21st April 2008.

Please contact your regional SMS office if you have any queries regarding this.

Harbour Homeloans (in association with First National) -

 Buy to Let  Product Guide - effective from Wednesday 23rd April 2008 

 The new BTL Product Guide is now available to download from the Porthole.  Please note that it is effective from Wednesday 23rd April 2008.

Deadline dates

The new product range (BTL 1708 effective from 23rd April 2008) replaced BTL1508 (effective from 11th April 2008). The current 1508 range will be removed from the Mortgage Illustration at 5.30pm on Tuesday 22nd April 2008.

The fully packaging submission deadline for 1508 cases to your regional SMS Office is Wednesday 23rd April 2008. Please note as a minimum the packaged cases must contain the following in order to be processed:

• Fully signed and completed application form
• Assured Shorthold Tenancy (AST) agreement (remortgage)
• Credit Search
• Proof of mortgage payment
• Valuation report

For any packs submitted without the above items and any applications received after this deadline date the 1708 rates will apply.

with Solent Mortgage Services in association with GE Money

The law is applicable from 19 April 2008, therefore all applications signed, with signature date after 19th April 2008, must be completed on the new version of the application form.

Please find application forms for UK residents and for Irish residents available on the Porthole.

Please do not hesitate to contact us if you require further information.