TAB has announced a series of exciting changes to its mortgage products, including discounted rates and the introduction of automated valuation models (AVMs). These developments aim to make the lender's offerings more competitive and sustainable, benefiting both borrowers and TAB itself.
Lower Rates for Residential and Commercial Properties
The new rates start at 3.74% per annum over the Bank of England Base Rate for both residential and commercial properties, marking a significant reduction compared to previous offerings. Additionally, TAB has introduced a three-year discount on its 10-year tracker mortgage, bringing the all-in rate to 8.99% per annum. These attractive rates are designed to make homeownership and commercial investment more accessible.
Streamlined Lending with Automated Valuation Models
TAB has also embraced the use of AVMs, a technology that can quickly and efficiently assess property values. This innovative approach speeds up the mortgage application process, allowing borrowers to secure funding faster and more efficiently. AVMs are currently available for residential properties up to 60% LTV and valued up to £1 million. For residential loans under £2.5 million, TAB utilises the open market value for up to 75% LTV.
Title Indemnity Insurance for Faster Completions
In a further move to streamline the lending process, TAB has implemented title indemnity insurance across its residential bridging products. This innovative approach significantly reduces the time required for deal completion, benefiting both borrowers and the lender. Title indemnity insurance also helps to alleviate potential complications associated with property ownership, providing a greater sense of security for all parties involved.
TAB's Commitment to Client Needs
Duncan Kreeger, TAB founder and CEO, highlighted the company's focus on client needs: âWe are thrilled to announce these discounted rates and the introduction of new initiatives which will make our products more sustainable and competitive. Over the last few months, we have worked with our clients to understand their priorities and have designed products to meet their needs.â
Mr. Kreeger emphasised the importance of innovation in streamlining the lending process: âBy leveraging innovative tools like AVM and title indemnity insurance, we can streamline the lending process, helping our clients to secure funding more quickly and efficiently and deliver mortgages at bridging speed.â
These recent changes demonstrate TAB's commitment to providing competitive and accessible mortgage solutions, catering to the evolving needs of both individuals and businesses. With the implementation of these innovative strategies, TAB is well-positioned to become a leading force in the UK mortgage market.