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. The information within this article is correct as at 29/07/2024.

Buy to Let Market Update: 

BM Solutions - has reduced rates by up to 0.15 per cent on selected buy-to-let and let-to-buy products.

Santander for Intermediaries - has launched a one-year fixed rate buy-to-let mortgage product. The one-year fixed rate is available at 5.37 per cent up to 75 per cent LTV with a £1,749 lender fee. In addition, the lender has reduced rates across its existing buy-to-let fixed and tracker rate mortgage ranges by up to 0.13 per cent.

Virgin Money - has reduced selected buy-to-let purchase and remortgage rates. Buy-to-let fixed rates with a 3 per cent lender fee have been reduced by up to 0.08 per cent, with rates starting from 3.83 per cent. Buy-to-let fixed rates with a 1 per cent lender fee have been reduced by up to 0.1 per cent, with rates starting from 4.52 per cent.

NatWest for Intermediaries - has made reductions to selected products across their buy-to-let five-year fixed rate range by up to 0.16 per cent.

The Mortgage Works - has reduced selected buy-to-let rates for new customers by up to 0.25 per cent. Its two-year fixed new business rate for purchase and remortgage at 65 per cent loan-to-value with a 3 per cent lender fee has decreased by 0.15 per cent to 3.54 per cent. The lenders five-year fixed new business rate for purchase and remortgage at 65 per cent LTV with a 3 per cent lender fee has decreased by 0.1 per cent to 3.94 per cent. The lenders five-year fixed new business rate for purchase and remortgage at 75 per cent LTV with a 3 per cent lender fee has been reduced by 0.15 per cent to 3.99 per cent. The five-year fixed rate for new business purchase and remortgage at 65 per cent LTV with a £1,495 lender fee has been reduced by 0.25 per cent to 4.44 per cent. The lender has also reduced rates by up to 0.25 per cent on new business limited company buy-to-let products, with rates now starting from 4.84 per cent.

Paragon Bank - has launched four new limited edition five-year fixed-rate buy-to-let mortgages. Two of the products have been designed for landlords with three or fewer mortgaged buy-to-let properties, while the remaining two are available for those with four or more buy-to-let dwellings. All four products are available up to 65 per cent LTV for single self-contained properties and come with a £2,995 fee. Rates start from 5.45 per cent for the purchase or remortgage of properties with EPC ratings of A-C, going up to 5.50 per cent and upwards for D or E-rated rental homes. These products all benefit from free mortgage valuations. The lender has also launched a range of NRLA member shared exclusive products via 3mc/NRLA Mortgages. The products come without a lender application fee, saving the member £299. The lender has also launched a refurb-to-let proposition, which will allow landlords to access finance to upgrade their properties. Two refurb-to-let products are aimed at properties that need some modernisation but not structural changes. This is traditionally defined as work where no planning permission or building regulations are required. The products are suitable for small house in multiple occupation (HMO) adaptations and can be used for single self-contained properties, HMOs and multi-unit blocks (MUBs) in England, Scotland and Wales. The deals are available up to 75 per cent loan to value (LTV), initially over a 1-6-month term, with monthly product rates from 0.75 per cent. Landlords will then switch to a buy-to-let mortgage from available Paragon products.

Leeds Building Society - has reduced by up to 0.09 per cent on selected buy-to-let and portfolio buy-to-let options. The lender has also reduced selected limited company buy-to-let options by up to 0.25 per cent.

Coventry for Intermediaries - has reduced selected buy-to-let products by up to 0.15 per cent.

The Mortgage Lender (TML) -  has reduced their buy-to-let rates across their five-year fixed 75 per cent LTV products for both their core range and portfolio multi-loan.

Kent Reliance for Intermediaries - has expanded their buy-to-let limited edition range with new products now up to 75 per cent LTV, as well as reducing their current fixed rates by up to 0.35 per cent across the entire range.

Precise - has made a number of changes across its buy-to-let product range, including reduced rates now starting from 4.49 per cent.

Landbay - has launched a range of new products with rate reductions of up to 0.25 per cent. The lender has reduced its five-year standard products, along with its two-year standard and two-year like-for-like remortgage products by up to 0.25 per cent. Meanwhile, its two-year small HMO/MUFB products have seen a reduction of 0.1 per cent. The standard two-year fixed products now start from 4.04 per cent, while the standard five-year fixed range begins at 4.69 per cent. Both are available with a loan-to-value (LTV) of up to 75 per cent. The lender has also launched a semi exclusive range of large HMO/MUFB products which are available via 3mc/NRLA Mortgages. The lender has also introduced a brand-new range of non-portfolio buy-to-let products. The new range is designed for landlords with three or less mortgaged properties. It includes five-year fixed rate products, available at up to 75 per cent loan-to-value (LTV) and with rates starting from 4.39 per cent.

Aldermore Bank - has launched new limited-edition products. Individual and company landlords with single residential investment properties can access a two-year fix with a 3 per cent lender fee to 75 per cent loan-to-value (LTV) from 5.09 per cent. The multi-property product for individual and company landlords with residential investment property portfolios can access a two-year fix with a 3 per cent fee to 75 per cent LTV from 4.99 per cent.

Fleet Mortgages - has launched two five-year 75 per cent loan-to-value fixes for standard and limited company landlord borrowers, along with rate cuts of up to 0.35 per cent across selected products.

Accord Mortgages - has reduced rates on its buy-to-let product range by 0.25 per cent across all LTVs up to 75 per cent. Changes include three-and five-year fixes, while two-year fixed-rate products have reduced by up to 0.15 per cent. Two-year tracker rates have also reduced by up to 0.15 per cent.

Vida Homeloans - has reduced rates across its buy-to-let mortgages by up to 0.35 per cent. Rates now start from 6.12 per cent for a two-year fix and 5.39 per cent for a five-year fixed deal. Vida has also released limited-edition products for buy-to-let borrowers, eligible for individual dwellings or houses of multiple occupation (HMOs) and multi-unit blocks (MUBs). This includes a two-year fix at 75 per cent LTV, priced at 5.97 per cent for standard properties and 6.07 per cent for HMOs and MUBs. The product has a £4,995 lender fee and the minimum loan amount is £200,000. The limited-edition five-year fixes have 6 per cent lender fees and a rate of 4.78 per cent for standard properties and 4.91 per cent for HMOs and MUBs. The minimum loan size is £50,000. The range is open to first-time landlords, experienced portfolio landlords, individual borrowers and limited company special purchase vehicles (SPVs).

Clydesdale Bank - has made reductions to selected two- and five-year fixed rate products by up to 0.14 per cent.

Metro Bank - has launched its first limited company buy-to-let product. Metro's limited company range is available up to 75 per cent LTV with 125 per cent of the mortgage interest amount calculated at its standard buy-to-let stress rates.

CHL Mortgages - has relaunched its specialist product range following its withdrawal earlier this year. The range includes products for landlords looking to access finance for their trading companies, for properties let on short-term tenancies, and for both larger or more complex houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFB).The large HMO/MUFB range, which is designed for properties with up to 10 bedrooms or units, features two and five-year fixed rates starting from 4.67 per cent, and up to 75 per cent LTV available, all with a choice of lender fee options.

Zephyr Homeloans - is now offering 80 per cent LTV mortgage products on five-year fixes for houses in multiple occupancy (HMOs) and multi-unit freehold blocks (MUFBs) for the first time. For properties with an A to C-rated energy performance certificate (EPC), five-year fixes are available from 5.99 per cent with a 3 per cent lender fee and 6.59 per cent fee-free. For properties with an EPC rating of D or E, rates start from 6.09 per cent with a 3 per cent lender fee and 6.69 per cent fee-free.

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 specialist 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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