Buy to Let Market Update: April 2022
Welcome to 'Buy to Let Market’' a column aimed at providing you with recent criteria and product updates within the Buy to Let lending markets.
Buy to Let Market Update: -
Landbay – has repriced the first ever exclusive mortgage product for NRLA Members. If you are looking for buy-to-let finance with fixed payments for the next 5 years, this exclusive product has a 0.20% reduction in the pay rate when compared to the lenders core range. This product is fixed for 5 years with a pay rate of 2.94% and is available for the remortgage and purchase of rental property including lending to SPV Limited Companies (Special Purpose Vehicle) and individuals up to 75% Loan to Value.
Skipton Building Society has announced it will now lend up to 75% on new build flats, having previously not lent on the. m at all. The building society has made the change after seeing that its clients were considering the purchase of new build flats to rent, out of consideration for environmental and energy efficient advantages. The building society has also increased its minimum property value from £50,000 to £75,000 and updated its buy-to-let (BTL) stress calculations, reducing the stress rates from 5% to 4.5% on five-year or longer fixed-rate products.
Clydesdale Bank – has announced on their 60% Loan to Value range that 2- and 5-year fixed rates have increased by up to 0.25%.
Platform part of The Co-operative Bank – has announced 2- and 5-year fixed rate products have increased by up to 0.16%.
Virgin Money – has announced on all buy-to-let products that rates have increased by between 0.10% and 0.30%.
BM Solutions – has announced Buy to Let remortgage and let to buy rate increases of up to 0.64% across 2 and 5 year fixed 60% Loan to Value and 75% Loan to Value, £0, £995 and £1,995 fee products. For Buy to Let house purchase, there are rate increases of up to 0.65% across 2 and 5 year fixed 60% Loan to Value and 75% Loan to Value, £0, £995 and £1,995 fee products.
The Mortgage Works – has announced 2-year fixed rates have increased by up to 0.55%- and 5-year fixed rates have increased by up to 0.40%. At the same time the lender has launched new 2-year tracker rates with rates starting from 1.39%.
CHL Mortgages – has launched a range of 7-year fixed rate products and also increased their maximum Loan to Value to 80%. The 7-year fixed rates start from 3.55%.
Vida Homeloans – has launched new limited-edition products for personal ownership, limited company, HMO/Multi Units and limited company HMO/Multi units. Rates start from 3.14%.
Pepper Money – has launched new life time tracker products with rates starting from 2.83% with free standard legals on all remortgages.
Accord Mortgages – has launched a range of new 5-year fixed rates, some with no early repayment charges from day 1.5 Year 60% LTV Fixed Rate for Re-mortgage & House Purchase. This is priced at 2.45% with a £995 fee and comes with a Free Valuation. 5 Year 60% LTV ‘ERC Free’ Fixed Rate for Re-mortgage & House Purchase. This is priced at 2.96% with a £1995 fee and comes with Free Valuation and £250 Cashback. 5 Year 60% LTV ‘ERC Free’ Fixed Rate for Re-mortgage. This is priced at 2.96% with a £1995 fee and comes with Free Valuation and their Re-mortgage Legal Service.
For further information on Buy to Let mortgages both for individuals and limited companies please contact NRLA Mortgages on 0161 341 0581 or visit the NRLA website https://www.nrla.org.uk/services/mortgages.
Please note lenders have different minimum criteria requirements and not all landlords and property types will qualify for a specific product. The product rates are correct at the time of writing the article and are subject to change.
This is an advertisement only and in no way should be viewed as a personal recommendation or advice. Before a recommendation of the suitability of the product can be given, we will direct you to 3mc (UK) Limited who can provide independent mortgage advice. As part of this they will ask questions so that they can fully understand your circumstances before giving advice.
NRLA Mortgages is a trading name of LPTE Limited which is an Introducer Appointed Representative of 3mc (UK) Limited who is Authorised and Regulated by the Financial Conduct Authority and is entered on the FS Register under reference 302992.
Please note: 3mc can advise/arrange Business Buy to Let (BBTL) and Consumer Buy to Lets (CBTL). Of the two, only Consumer Buy to Lets are regulated by the FCA.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
ANY PROPERTY USED AS SECURITY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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