Improvements to our Refurb products and valuation fee scale
May 17 2016
Following your feedback, we have made some changes to our Refurbishment product range, aligning prices and simplifying the product literature.
We have also made changes to our valuation fee scale, ensuring a consistent approach across the OneSavings Bank Group.
Refurb loans – pricing and literature
Earlier this year, we introduced lower pricing for our BTL Refurb loans, and launched 2 and 3 year Kent Reliance priced fixed rate exit options.
Building on the success of those changes, with effect from 17 May 2016, we have extended our Refurb range to include loans where the Pre-Planning option is selected prior to the Refurb phase as follows:
- Margin during the Pre-Planning phase of a BTL Refurb loan reduced by 0.6% per annum
- Where the Pre-Planning option is selected, our Kent Reliance priced fixed rate can be taken as the Term option if required – pay rates from 3.99%
These changes bring all of our Refurb products into line, including consistency of pricing across the available Pre-Planning and Term options, and the ability to move seamlessly to the Kent Reliance priced product, without having to go through another application and underwriting process.
To help you consider the options available to your client, we have also simplified our literature, with all of the Pre-Planning, Refurb and Refurb to Term products now shown on one sheet on our Tools and Resources page. Alternatively, you can view our refurb loans here.
Valuation fee scale
Following a review of the valuation fees we charge, with effect from 17 May 2016, we will be making the following changes:
Short form (typically BTL property)
- Valuation fees will move to a two tier pricing structure, reflecting the standard or specialist nature of the property
Long form (typically Commercial property or values greater than £1m)
- There will no longer be a valuation fee scale for these cases
- A bespoke fee quote will be obtained from one of our specialist panel once we have issued a Conditional Offer, and your client will only have to pay this amount to instruct the valuation
- The fee amount will be confirmed to you, and the Conditional Offer updated, by the end of the next working day
- The quote will be valid for five working days, after which it may be subject to change
Details can be found on our updated valuation fee scale document on our tools and resources page.