Expert Knowledge & Professional Service

Nationwide Building Society has improved the pricing on many of its fixed-rate mortgages following several weeks of rate increases across the market. Nationwide lowered its rates by up to 0.16%, bucking the trend of price rises, and now offers two-year fixes from 3.54%.  

Nationwide has lowered rates across its property purchase, remortgage, and first-time buyer ranges for borrowers with deposits of between 5% to 40%. The lender has lowered its two, three and five-year fixes, but not its ten-year fixes or two-year trackers.

Nationwide's 3.54% rate is available on mortgages between £300,000 and £5 million, with a £1,499 arrangement fee. Applicants will need a 40% deposit to qualify, and the rate is 3.59%, with a £999 fee for mortgages up to £300,000. 

Santander has just announced a range of rate changes, with many of its first-time buyer rates lowered by up to 0.32%. Its residential home mover, including new-build fixed rates, has been lowered by up to 0.08%, and larger mortgage loan rates are down by up to 0.06%. The bank is increasing many of its best buy fixed rates by up to 0.07%.

Aaron Strutt, product director at Trinity Financial, says: "There have been some really competitively priced mortgages to choose from despite the rate increases. A couple of lenders have recently lowered their rates, including TSB and Generation Home, which suggests rate rises may have paused for a while. 

"The best buys now include Nationwide’s 3.54% two-year fixed rate and its sub-3.70% three-year fix. HSBC for Intermediaries is offering five-year fixes starting from just under 3.80%, which is still pretty good."

What is likely to happen to fixed rates and the Bank of England base rate? 

The Bank of England kept the base rate at 3.75% for February, but Bank deputy governor Sarah Breeden said it was ‘reasonable to expect there to be a cut over the next couple of meetings’.

According to the latest Arbuthnot Latham update, money markets have repriced the probability of a March rate cut to 70% following the surprisingly close call at the recent MPC meeting, with a year-end rate forecast of 3.25%. This means we may well get cheaper fixed rates again over the coming months. 

Representative example for Nationwide's 3.54% rate: A capital and interest Nationwide mortgage of £500,000 payable over 30 years, initially on a 3.54% fixed rate for two years and then on a variable rate of 6.49% for the remaining 28 years, would require 24 monthly repayments of £2,263.23 followed by 336 monthly repayments of £3,115.84. The total amount repayable would be £1,101,239.76.

This amount is illustrative and may vary, made up of the loan amount, plus interest (£599,726.43) and £1,499 (product fee), £65 (final repayment charge), £15 (completion fee). The overall cost for comparison is 6.2% APRC representative.

Lending solutions with Trinity Financial

Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

Call Trinity Financial on 020 7267 9399 to secure a fixed or tracker rate mortgage, book a consultation or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

NatWest offering higher mortgage income multiples

NatWest is making changes to its residential Loan-to-Income (LTI) calculations, enabling many homebuyers and remortgaging customers to access larger mortgage loan sizes. The bank consistently offers many of the cheapest fixed- and tracker-rate mortgages available in the market.

Anyone applying for a NatWest mortgage earning over £75,000 or £100,000 jointly will now be able to access up to 6.0x income, up from 5.5x, provided they have a deposit of at least 25% and they have a good credit score. For single or joint applicants earning over £40,000, the income multiple is also being raised to 5.5x times salary from 5.0x again when they have a deposit of at least 25%. These changes only apply to capital and interest mortgages, although higher-income multiple interest-only mortgages are available to borrowers with a clear interest-only repayment strategy.

What this income multiple change could mean to NatWest customers: A customer earning £75,000 a year could now potentially borrow up to £37,500 more under the updated mortgage income multiple calculations than they could before this change.

Aaron Strutt, product director at Trinity Financial, says: "Nationwide recently made their 6 times multiple more widely available, so it is now an option for other borrowers, not just first-time buyers locking into five or ten-year fixes. When more of the larger lenders start offering higher income multiples, it puts pressure on the remaining lenders that don't offer such large income stretches.

"There is no point in going to a lender offering a super cheap rate if it will not offer a sufficiently large mortgage to get the property you want to buy. All of these changes to income multiples are a game-changer for the mortgage market and those keen to get on the property ladder.  Many of the smaller building societies and specialist lenders have been offering up to six times salary for years, but the acceptance criteria was not widely known about."

What mortgage income multiples do the other mortgage lenders use?

• Halifax up to 5.5 times salary
• Santander up to 5.5 times salary
• Barclays up to 6 times salary
• Nationwide up to 6 times salary
• HSBC up to 6.5 times salary
• TSB up to 5.5 times salary
• Bank of Ireland up to 6 times salary
• Teachers up to 7 times salary

Lending solutions with Trinity Financial

Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

Call Trinity Financial on 020 7267 9399 to secure a fixed or tracker rate mortgage or book a consultation or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Most banks and building societies publish their service standards on their websites to confirm how long it takes them to produce mortgage offers. This means Trinity's brokers can help our clients secure fast mortgage offers, especially when they need to complete their property purchase quickly.

If you have a straightforward financial situation with a good deposit, there is a better chance your mortgage will be agreed quickly. The lenders can produce speedy mortgage offers, often in a matter of days, especially when you have a good credit score, and their systems categorise you and the property you're buying as low risk. 

Mortgage lenders have online portals for brokers like Trinity Financial to submit agreement-in-principle and full mortgage applications. Some of the big banks work so quickly once applications are submitted that they can issue mortgage offers within minutes or on the same day! 

How quickly can you get a mortgage approved on average?

In reality, two to three weeks is generally acceptable, but same-day mortgage offers are possible. Fast-track mortgages tend to be reserved for applicants who fit the following profiles:

• Low loan-to-income requirements (e.g. you only want to borrow four to five times your salary).
• A good credit rating and no or very few missed payments.
• Buying a home with standard construction in a good location with comparable property prices.
• Solid employment history and uncomplicated income.

Appointing a solicitor and arranging a valuation

A solicitor’s role in the house-buying process is to carry out all the necessary conveyancing and searches required, along with all other legalities (transfer of title deeds, stamp duty payments if applicable, etc.). If you are buying a property, it makes sense to know which solicitor you are going to use well in advance because the lender you are applying to will want to know which firm you have appointed. You should also thoroughly check their reviews. Trinity's brokers have used Steph Lyke at SAS Daniels for years and Healys LLP.  

Mortgage lenders will also arrange their own valuations, which are required to confirm that the surveyor’s valuation matches the purchase price. The valuation report may take some time to return, so the earlier the mortgage application is submitted, the better. More banks and building societies are using online valuations to get quicker responses, save money, and issue mortgage offers faster.

Aaron Strutt, product director at Trinity Financial, says: "Some of the lenders are producing faster mortgage offers than others. Halifax and Barclays can be quick when our brokers submit fully packaged applications with all the requested information. Santander for Intermediaries is also issuing fast mortgage offers, which is beneficial because the bank has competitively priced rates."

Average mortgage lender service standards:

Source: Mortgage lender websites

Top tips to get your mortgage approved quicker

We recommend using Checkmyfile as a credit reference agency before you apply for a mortgage, as it provides multiple credit reference checks, similar to those conducted by banks and building societies. This means any defaults or issues are more likely to show up before you apply. You can also take steps to have it removed to avoid delays with your application.

The following is a list of other tips you can check to help your application move more swiftly through the process:

• Get proof of your deposit ready.
• Speak to your partner about their credit history if you're buying with them.
• Think about whether you need a Declaration of Trust.
• Speak to the Bank of Mum and Dad well in advance if you need help.
• Check you’re registered on the electoral roll at your current address.
• Make sure your name on your application exactly matches the name on your passport and other documents.
• Ensure your banking conduct is good.
• All your other supporting documents are ready to go.
• Close any old or inactive bank accounts if you do not need them.
• Consider whether you need multiple credit cards if you already have them, because the lenders will know about them when you apply for a mortgage.
• Avoid applying for a new line of credit in the last three months. This included phone contracts, car finance, and credit purchases of beds, among other items. 

Lending solutions with Trinity Financial

Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

Call Trinity Financial on 020 7267 9399 to secure a fixed or tracker rate mortgage, book a consultation or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Mortgage Options for Major Basement Conversions and Home Extensions in the UK.

Recently, a Channel 4 documentary on Extraordinary Extensions showcased one of the most substantial property projects filmed — a £10 million-plus basement excavation beneath a London home, revealing the extraordinary lengths (and costs) some homeowners and developers will go to for extra space and value.

That kind of mega-basement has inspired us to write this guide on how to fund basement digs or pay for home extensions with mortgages.

Why basement digs are popular in the UK

Basement conversion demand has soared in recent years — especially in London and other high-value property markets — because traditional upward extensions or loft conversions aren’t always possible and land is scarce. Digging down can create high-value additional living space, such as:

• Extra bedrooms and bathrooms

• Home offices and gym spaces

• Cinemas, guest suites or rental units

• Garden basements and entertainment zones

These projects can add significant resale value to your property — often more than the cost of the build itself — and turn cramped homes into generous, usable spaces.

What is a basement dig or home extension mortgage?

There isn’t a specific product called a “basement dig mortgage” or "home extension mortgage" but many UK lenders will consider your basement extension as a major home improvement project when you apply for additional funding.

Aaron Strutt, product director at Trinity Financial, says: "Mortgage lenders have different rules when it comes to homeowners either buying a property or remortgaging with the intention of carrying out basement digs or extensions.

"Some will request a detailed cost breakdown and architectural drawings, while others will simply ask whether the property will be habitable during the works. Fixed rates are cheap at the moment, so if you are planning to take out a mortgage for home improvements, it is a good time to do it, although clearly building costs have increased significantly in recent years."

Here are the most common ways homeowners fund basement excavations:

1. Remortgage to release equity in your home

If your property has increased in value since purchase, you may be able to remortgage — that is, take out a new mortgage on the property at higher borrowing levels — and release funds to pay for your basement project.

Because this is secured against your home, rates are often much more competitive than development finance or loans. As with any mortgage, lenders will assess your affordability, credit profile, and property value before approval.

At the moment, banks and building societies are offering higher income multiples, up to 6.5 times single or joint salaries. They are also particularly keen to issue more mortgages. 

2. Additional borrowing mortgages and further advances

Sometimes you can stay with your current lender but take out a further advance, increasing your existing mortgage to fund basement works. This is often easier than a full remortgage and keeps all borrowing with a single lender, but it is subject to the lender's affordability rules. 

Source: Lender websites/Knowledge Bank

3. Is it worth waiting until your fixed rate finishes and then remortgaging to access home improvement funding? 

Yes. It often makes sense to wait until your fixed-rate term ends rather than apply for additional borrowing with your lender. This is for a couple of reasons... Firstly, existing borrowers' further advance rates are often higher than standard fixed rates. Secondly, additional borrowing fixed-rate loans often have different end dates. This means your mortgage may be split into two parts: one for your main balance and the other for the additional borrowing. This makes your mortgage more complex than it needs to be and makes switching lenders harder without incurring an early repayment charge. 

4. Home improvement loans / secured loans

Specialised home improvement loans or second-charge mortgages are another option. These are secured against your home in addition to your main mortgage and are often used for large renovation projects like basement digs. This is not something Trinity Financial can arrange, but we can refer you to some specialists we work with. 

5. Borrowing the funds to pay for improvement works if you're buying a new home

It may be possible to buy a property and raise the cash required to carry out an extension or basement dig if you are moving or purchasing a new property. This will depend on the size of your deposit and your mortgage affordability. If you buy a property and extend the property, you could always remortgage once the property is finished or close to being finished to recoup your money. 

Do you need to live in the property during works?

Probably, yes. Most high street lenders offering the cheapest rates typically require that the property remain habitable while the work is being done — even for basement projects. This matters because mortgage lenders do not want properties to be empty or for homeowners to undertake such significant work without their express permission.

If you plan to move out temporarily while the basement is excavated, some lenders may be more cautious — particularly if the “improvement” transforms the use of the home or creates separate accommodation. It is also worth informing your building's insurance company that you plan to do work on the property. 

Planning, regulations & cost expectations

Basement excavation is one of the most expensive home improvement projects you can undertake — with costs for full dig-downs and underpinning often running into the hundreds of thousands of pounds.

Before you start:

• Check whether you’ll need planning permission, building regulations, or party wall agreements.

• Prepare for structural surveys, engineering reports, and waterproofing requirements and get a full cost breakdown from a few builders.

Why basement builds and extensions will continue to drive mortgage enquiries

The spotlight on mega projects like the Channel 4 “£10–12 million basement” documentary helps inspire homeowners to improve and expand their homes rather than move and incur the associated costs. A basement dig or extension typically provides:

• More space without moving

• Better value for money than moving house

• Increased property value through additional square footage

Whether you’re planning a modest cellar conversion or a full basement dig, understanding your funding options — from equity release and remortgaging to further advances and secured homeowner loans — is essential before you start digging.

Lending solutions with Trinity Financial

Are you looking to buy a property or remortgage to raise funds for home improvements and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

Call Trinity Financial on 020 7267 9399 to secure a fixed or tracker rate mortgage, book a consultation or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Saving for a deposit remains one of the biggest challenges for many homebuyers in the UK. With rents high and everyday costs continuing to rise, many aspiring homeowners find themselves mortgage-ready in terms of income — but stuck when it comes to building a deposit.

That’s why the recent launch from Family Building Society has attracted attention across the market.

The lender has introduced an enhanced 100% loan-to-value (LTV) Family Mortgage, designed to help buyers purchase a home without contributing a traditional cash deposit — provided they have family support in place.

How the 100% Family Mortgage works

Unlike most standard mortgages, this product allows a buyer to borrow the full purchase price of a property, typically with help from the Bank of Mum and Dad. 

Instead of providing a deposit themselves, a family member offers security equivalent to 20% of the property’s value. 

Family members would have to agree to:

• Place their savings into the Family Security savings account, earning interest at 3.05% AER variable.
• Allow the Family Building Society to take a Collateral Charge over their property for the amount needed to make up the 20% of the new property purchase. This means a legal charge secured against a property that the family member already owns. 
• It is worth noting that terms and conditions apply to receive savings or have the Collateral Charge released.

Key features of the Family Mortgage: 

• Initial five-year fixed rate of just below 5.20%
• No application or product fees
• Up to 5.33 x single or joint income to work out how much you can borrow
• Minimum loan-to-value 80% 
• Minimum mortgage loan size: £96,000
• Maximum mortgage loan size: £750,000
• Available for purchase applications only
• Initial deposit from borrowers is optional, but not required
• The value of the additional security, plus any initial deposit, must equal 20% of the property value
• Up to a 40-year mortgage term to support affordability

Aaron Strutt, product director at Trinity Financial, says: "This is a nice offer from the Family Building Society, but you may be better off getting another low deposit option or even a loan from your family if possible. With this new mortgage, the family’s security is typically held during the fixed-rate period and may be released at the end of the term, subject to conditions being met.

"This means parents may struggle to recover their funds if the mortgage is in arrears or the property is in negative equity. This mortgage is similar to one offered by Barclays and other smaller building societies, and its structure allows buyers with high incomes but limited savings to move forward sooner than they might otherwise.

"The lenders are offering more low-deposit mortgages now because there are so many first-time buyers. Recent figures show first-time buyers now account for 48.3% of purchases in London, up from 22.4% a decade ago."

Mortgage lenders offering more low-deposit mortgages 

Deposit requirements have long been the main barrier to entry for first-time buyers.

While 5% deposit mortgages are widely available, even raising that initial amount can be challenging for some — particularly for those renting in London and the South East.

Products like this reflect a broader shift in the market: lenders recognising that affordability and deposit accumulation are two very different challenges. However, it’s important to understand that 100% borrowing comes with considerations. If property prices fall, there is a greater risk of negative equity. Family members providing security also need to fully understand their exposure and obligations.

What are the alternative mortgage options?

A 100% mortgage is not the only route for buyers with smaller deposits. Other lenders are offering very low deposit mortgages, like Accord Mortgages and Skipton for intermediaries.

95% mortgages (5% Deposit)

Many mainstream lenders offer competitive 95% loan-to-value products. For buyers who can raise a modest deposit, this often provides:

• Greater product choice
• Potentially lower interest rates
• Reduced long-term risk
• Less family arguments if something goes wrong

98% mortgages (2% Deposit)

Some lenders, including Santander, have introduced 98% loan-to-value options. These can be suitable for buyers who have saved something but not quite enough to reach 5%. Many borrowers prefer to take these to avoid renting and get on the property ladder.

Joint Borrower Sole Proprietor (JBSP) & Guarantor Options

In some cases, parents can support borrowing power by going on the mortgage (without being named on the deeds), helping boost affordability without requiring full 100% borrowing. This structure has different implications for tax, liability and long-term planning, so tailored advice is essential and required by most lenders.

Is a 100% mortgage the right choice?

It depends entirely on your circumstances. A 100% family-assisted mortgage can be a smart solution when income is high and stable, family support is available, the property is intended as a medium- to long-term home, and all parties understand the risks involved.

In some situations, saving a small deposit and accessing a 95% mortgage may be more cost-effective over time, but it depends on rates and how long you need to be fixed for. The most competitively priced low-deposit mortgages tend to be shorter-term two-year fixes. The key is understanding the full picture — not just getting onto the ladder quickly, but doing so sustainably.

How Trinity Financial can help

At Trinity Financial, we specialise in helping clients navigate complex and specialist mortgage solutions.

We’ll help you:

• Assess whether a 100% mortgage is suitable
• Compare low deposit mortgage products across the market
• Structure family-assisted arrangements correctly
• Understand the risks and long-term implications
• Secure the most appropriate deal for your circumstances

If you’re exploring low-deposit options or wondering whether family support could help you buy sooner, speak to our team for expert, tailored advice.

Lending solutions with Trinity Financial

Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

Call Trinity Financial on 020 7267 9399 to secure a no deposit or low deposit mortgage, book a consultation or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Remortgaging is one of the most important financial decisions many homeowners will make — yet recent research shows that a large proportion of borrowers haven’t reached a decision about their next mortgage move.

According to new research from Alexander Hall, 56% of homeowners whose fixed-rate mortgage is coming to an end within the next 12 months are still undecided about whether to stay with their existing lender or explore new options. Only 12% are actively planning to switch away from their bank or building society, while 32% intend to remain with their current lender. Most lenders let their existing customers secure a rate around four months before their rate ends, but remortgage offers from rival lenders are available for up to six months. 

This indecision is significant, especially in an environment where the choice of mortgage products has grown markedly over the last year. Data from Moneyfacts shows the total number of mortgages on the market rose above 7,500 by the start of this month (February), meaning borrowers have over 1,000 more deals to consider than a year ago. The number of remortgage products available has risen by 13.7% compared with the previous year, while options for home movers have increased by 13.5%. This expansion reflects stronger competition among lenders and a broader range of deals on the market — advantages that undecided homeowners may be overlooking.

Aaron Strutt, product director at Trinity Financial, says: "The key thing is to research the market and act to make sure you are getting a good remortgage deal, but if you dont have time to do this, then it is important to make sure you get a product transfer secured well in advance before your fixed rate is due to switch to your lenders expensive standard variable rate. It is also worth regularly checking whether better rates are available before your new remortgage rate is due to go live, so you can switch to a cheaper rate if one is available. Many borrowers do not know this is possible, but a good broker will do this automatically for you."

Why would you want to remortgage to another lender? 

One of the most compelling reasons to consider switching lenders when you remortgage is the opportunity to secure a better interest rate or a different type of rate, like an offset, longer-term fix or mortgage with no early repayment charges. There is intense competition in the mortgage market to attract the 1.8 million customers whose rates are set to expire in 2026, also, because UK Finance predicts a 10% rise in the number of borrowers remortgaging to new lenders. With two-year fixes starting from 3.60%, three-year fixes from 3.69% and five-year fixes from 3.8%, it makes sense to make sure you are getting the most competitively priced remortgage deal. This is even more important if you have a larger mortgage loan, plan to move in the near future, or need to raise additional funds. 

Homeowners considering a move cite a desire to reduce monthly payments and benefit from lower rates as their primary motivation. Even small differences in rate can have a meaningful impact on monthly costs and total interest paid over the term of your mortgage.

Why would you want to remortgage to another lender? 

A switch can also help you take advantage of changes in your personal circumstances or property value. For example, if your loan-to-value (LTV) ratio has improved — because you’ve paid down your mortgage or because house prices have risen — you may now qualify for products with more favourable pricing that simply aren’t offered by your existing lender. Boosting your borrowing power can also make it easier to release equity or borrow additional funds for home improvements or other financial goals.

Meanwhile, staying with your current lender might seem easier or faster — many homeowners cite avoiding another full affordability check or simply handling less paperwork as reasons to remain loyal. Concerns about potential rejection from a new lender due to income, credit score, or other personal circumstances also play a role.

Is convenience a good enough reason to stick with your lender?

While convenience is important, it shouldn’t come at the expense of savings and long-term financial well-being. By defaulting to the “easy” option, you could miss out on significantly better deals that are thriving in today’s competitive market. More lenders, a wider range of products, and greater competition mean there has never been a better time to shop around and see what deals you qualify for outside your current provider.

That’s where professional guidance becomes invaluable. A trusted mortgage adviser can analyse your mortgage position, assess the wider marketplace and recommend options that align with your financial goals — whether that’s lowering your monthly payments, fixing your rate for longer, or releasing equity for home improvements. 

Lending solutions with Trinity Financial

Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.

Call Trinity Financial on 020 7267 9399 to secure a fixed or tracker rate mortgage, book a consultation or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage