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 24/05/2024.

Buy to Let Market Update: 

BM Solutions - has reduced their Buy to Let and Let to Buy products by up to 0.2 per cent.

Virgin Money - has reduced select Buy to Let purchase and remortgage rates. Within its BTL purchase and remortgage range, exclusive fixed rates with a 3 per cent lender fee have reduced by up to 0.04 per cent, starting from 4.05 per cent. Exclusive fixed rates with a 1 per cent lender fee have reduced by up to 0.05 per cent, and will be priced from 4.67 per cent, while exclusive fixed rates with a £2,195 lender fee have reduced by 0.1 per cent, beginning from 4.57 per cent. Fixed rates with a £995 lender fee have reduced by up to 0.19 per cent, starting from 4.89 per cent, and its fee-saver fixed rates have reduced up to 0.21 per cent, priced from 5.19 per cent.

Santander for Intermediaries - has made reductions to selected fixed rates across their Buy to Let range. The 60 per cent LTV 2-year fixed rate remortgage with a £1,749 lender fee is now priced at 4.82 per cent, a reduction of 0.16 per cent. Also, in the BTL range, the 75 per cent LTV 2-year fixed rate remortgage with a £1,749 lender fee is now priced at 4.96 per cent, a reduction of 0.2 per cent.

The Mortgage Works - will now accept limited company Buy to Let purchase applications for properties currently inhabited by one of the company directors. TMW’s existing limited company product range will be available for these cases.

Paragon Bank - has launched a new range of 5-year fixed rate products for portfolio Buy to Let clients. Available up to 75 per cent LTV, these new 5-year fixed rates start from 5.09 per cent, with various percentage product fee options available. These products are available for purchase and remortgages, and all come with a free mortgage valuation. 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 Mortgage Lender (TML) -  has introduced a Buy to Let multi-loan product range. The range is available to existing TML Buy to Let customers or customers who are submitting 2 or more applications at the same time.

United Trust Bank Mortgages for Intermediaries - has expanded its offering to include new build properties in its Buy to Let mortgage range. With evidence of an appropriate new build warranty or certificate, UTB will accept off-plan purchases, subject to re-inspection before completion, and a maximum 5% new build incentive, including builder’s deposit. The move follows a recent reprice, with interest rates now starting from 4.84 per cent.

Kent Reliance for Intermediaries - has announced the introduction of a number of new Buy to Let products and reduced rates. The lender's new products include reduced 75 per cent LTV rates, lower LTV options for 55 per cent and 65 per cent LTV 5-year fixes, and large MUFB products. The lender can now also support large MUFBs (up to 20 units as standard) in its Buy to Let range.

Landbay - has reduced the stress testing requirement across it’s like-for-like remortgage range. The lowered stress testing is available to BTL landlord borrowers who are making no changes to their current borrowing amount and are in need of 2-year fixed rate products. Landbay has amended this to stress test borrowers at pay rate instead of pay rate plus 2 per cent. The lender has also added to its like-for-like remortgage products with a range of new 2-year deals.

Birmingham Bank - As part of the current product choice, all NRLA members will qualify for an additional £250 cashback at completion when using 3mc/NRLA Mortgages.

Fleet Mortgages - has launched new limited company 65 per cent loan-to-value loans and cut pricing on 2 of its 65 per cent LTV standard products by 0.2 per cent.  The lender has also introduced a pair of 5-year limited company fixes — 1 with a zero-fee option, available at 5.64 per cent, as well as a 5.44 per cent product with a fixed fee of £1,999, available up to a maximum loan size of £300,000.  It has also cut rates on 2 of its 65 per cent LTV standard 5-year, fixed-rate products by 0.2 per cent. 

Kensington Mortgages - has reduced Buy to Let mortgage rates by 0.2 per cent, including options for limited company borrowers, houses in multiple occupation (HMOs) and multi-unit blocks (MUBs). Additionally, the lender has reduced special BTL rates by up to 0.4 per cent. Rates across this offering start at 4.15 per cent for its 2-year special fixed rate at 70 per cent LTV, while at 75 per cent LTV, pricing begins at 4.69 per cent. Both options have a 5 per cent lender fee and a free valuation.

Foundation Home Loans - has launched new short-term and holiday let products, and also reduced fees across a range of Buy to Let products. The lender has launched fee-assisted, 2 and 5-year fixed-rate products for short-term let properties, available up to 75 per cent LTV with rates starting at 6.79 per cent and a lender fee of 1.25 per cent. It has also launched a new 2-year fixed-rate holiday let product, available up to 70 per cent LTV, with a 2 per cent lender fee and a rate of 6.99 per cent.

The lender has also launched a ‘pound-for-pound’ remortgage range to include new 2-year fixed-rate deals for landlord borrowers who do not require any additional funds. Rental cover is at 125 per cent regardless of the applicant’s taxpayer status, with the stress rates applied at the product’s pay rate. 

Vida Homeloans - has launched limited edition Buy to Let products across individual BTL units and houses of multiple occupancy/multi-use building (HMO/MUB) properties. The products offer a 75 per cent LTV on a 5-year fix with a 6 per cent lender fee. The individual BTL product has a rate of 4.84 per cent with the HMO/MUB product at 5.04 per cent. The products are suitable for both individual landlords and limited company special purpose vehicles (SPVs).

LendInvest Mortgages - has made a number of changes to its Buy to Let product range, including reducing rates and increasing maximum loan sizes. The lender has reduced rates by up to 0.15 per cent, with rates now starting from 3.89 per cent. Landlords can now also access up to 80 per cent LTV on five-year products for both standard properties and small HMOs. Maximum loan sizes have been increased up to £3 million. Additionally, the lender has reintroduced Holiday Let products, offering new 2-year and 5-year fixed rates.

CHL Mortgages - has reduced rates by 0.21 per cent across its entire Buy to Let range. The refreshed range now features standard 2-year fixed rate mortgages starting from 3.20 per cent, with 5-year fixed rates starting from 4.55 per cent. For investors looking to explore small HMO (up to 6 bedrooms) and MUFB (up to 6 units) opportunities, rates for 2-year fixed rate mortgages now start from 3.22 per cent, with 5-year fixed rates starting from 4.62 per cent.

Zephyr Homeloans - has reduced the stress rate calculation on their 2-year fixed rates to help with affordability.  Previously, the calculation included the reversion rate, but now the stress rate is the higher of Payrate + 2 per cent or 5.5 per cent. The lender has also reduced their 2- and 5-year fixed rates and launched some new products.

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.

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ANY PROPERTY USED AS SECURITY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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