Buy-to-let market update October 2021
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: -
Platform - has launched a buy-to-let 2-year fixed rate deal priced at 1%. The intermediary arm of Co-operative Bank is offering the two-year fix at 60% LTV with a £2,495 fee as part of its Premier BTL range. Loans are available between £350,001 and £500,000 and borrowers must have a minimum household income of £60,000 to qualify. The maximum number of buy-to-let properties that an applicant can hold is three – even if these are mortgage free.
BM Solutions – has announced rate reduction for their buy-to-let purchase range. Rate reductions of up to 0.14% in 2 year fixed 60% and 75% LTV £0, £995 and £1995 fee product and also rate reductions of up to 0.18% in 5 year fixed 60% and 75% LTV £0, £995 and £1995 fee products.
Virgin Money – has announced the launch of exclusive buy-to-let deals: A new 65% LTV two-year fixed rate, with a £895 fee launched at 1.46%. And a new 65% LTV five-year fixed rate, with a £895 fee launched at 1.67%. On their core range they have reduced their 75% LTV 2-year fixed rate with a £1,995 fee is available to 1.35%, a reduction of 0.18%.
Santander for Intermediaries – has announced rate reductions of up to 0.43%. Their 60% LTV 2-year fixed rate at 1.72%, with no fee for remortgages and purchases has been reduced by 0.33%. Their 75% LTV 2-year fixed rate at 1.84%, with no fee for remortgages and purchases has been reduced by 0.43%. Their 75% LTV 5-year fixed rate at 1.84%, with £999 fee for remortgages has been reduced by 0.20%.
Landbay – has unveiled new rate reductions in its Special Edition range and has 2 new green products. Within the refreshed Special Edition range the standard 70% LTV 2-year fixed rate is 2.79%, down from 2.95%. The standard 5-year fixed rate is 2.89%, reduced from 2.99%, for the 50% LTV product, while the 70% LTV option drops to 2.99% from 3.39%. There are also reductions in the small HMO range for properties up to 6 bedrooms. Both products are set at 70% LTV with the 2-year fixed rate at 2.89%, down from 3.35%, and the 5-year fix is reduced to 3.14% from 3.59%.
Precise Mortgages – has announced rate and fee reductions across their buy-to-let range. 2-year fixed rates start from 2.79%, now with a reduced lender fee of 0.5%. 5-year fixed rates reduced and now start from 3.09%. Options now include a refund of valuation fee (Max £630) and £500 cashback available on selected products. HMO/MUB and Limited Company HMO/MUB 5-yr fixed rates have reduced and now start from 3.34%.
CHL Mortgages – has reduced rates across a number of its products with 5-year fixed rates now starting from 2.88% for limited company and individual applications.
Paragon Bank - has added 2 limited edition products for single self-contained units, houses in multiple occupation (HMOs) and multi-unit blocks (MUBs), to its buy-to-let proposition. Offered over 2 and 5-year fixed-rate terms, with rates starting at 2.65% and 2.99% respectively, these products also include free mortgage valuations and £750 cashback. Both mortgages are offered at 75% loan to value (LTV) and are available for experienced landlords purchasing and remortgaging buy-to-let properties as individuals or through limited companies.
Leeds Building Society – has reduced rates on selected buy-to-let and Portfolio buy-to- let products by up to 0.46%.
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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