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 26/09/2024.

BM Solutions – has reduced rates by up to 0.2 per cent on selected buy-to-let and let-to-buy products.

Santander for Intermediaries – has launched a new range of green remortgage products for buy-to-let borrowers who have a valid A or B rated Energy Performance Certificate (EPC) on their property. The rates are 0.1 per cent lower than the equivalent standard remortgage rates, with buy-to-let two and five-year fixes available from 60 per cent to 75 per cent LTV.

Virgin Money – has reduced selected buy-to-let rates. Five-year fixed rates with a 3 per cent lender fee now start from 3.80 per cent and rates with a £2,195 lender fee have reduced by up to 0.1 per cent, now starting from 4.02 per cent. Selected 60 per cent and 75 per cent LTV rates have lowered by up to 0.17 per cent, now starting from 4.17 per cent with a 1 per cent lender fee and 4.27 per cent with a £995 lender fee.

NatWest for Intermediaries – has reduced rates by up to 0.6 per cent, with the largest cut to a 75 per cent LTV product, down to 4.16 per cent with a £3,499 lender fee. At 60 per cent LTV, rates now start from 3.69 per cent with a £3,499 lender fee. Two-year fixed rate remortgage products have reduced by up to 0.47 per cent. At 60 per cent LTV, rates now start from 3.93 per cent, rising to 4.36 per cent at 75 per cent LTV.

Five-year buy-to-let purchase rates have reduced by up to 0.32%, now available from 4.28 per cent at 60 per cent LTV and 4.32 per cent at 75 per cent LTV with a £995 lender fee. Five-year remortgage rates are down by up to 0.42 per cent, with the lowest rate at 60 per cent LTV now 3.90 per cent and 70 per cent LTV rates starting from 4.25 per cent.

The Mortgages Works - has reduced rates by up to 0.35 per cent across selected buy-to-let products for new customers, with rates now starting from 3.49 per cent. The BTL two-year fixed rate (purchase and remortgage) has been reduced by 0.35 per cent to 3.99 per cent. It comes with a £3,995 lender fee, available up to 65 per cent LTV.

Other new business reduced rates include: A five-year fixed rate (purchase and remortgage) at 3.69 per cent with a 3 per cent lender fee, available up to 65 per cent LTV (reduced by 0.1 per cent).

A five-year fixed rate (purchase and remortgage) at 3.99 per cent with a £3,995 lender fee, available up to 65 per cent LTV (reduced by 0.15 per cent).

Paragon Bank – has launched a new two-year fixed-rate buy to let mortgage with no lender fee, as well as a two-year discounted variable product with a low fee.

The no-fee two-year fix starts from 6.1 per cent for the purchase or remortgage of single self-contained properties with EPC ratings of A-C, going up to 6.15 per cent for properties with a D or E EPC rating, and 6.35 per cent for HMOs and MUFBs.

The discounted variable rate product is tracking Paragon’s SVR minus 3.16 per cent on EPC A-C rated properties and 3.11 per cent on the standard range. The mortgage is available with a 1.25 per cent lender fee, with rates starting at 6.19 per cent for the green option, 6.24 per cent on the standard product and 6.44 per cent for HMOs and MUBs.

Both new products are available at maximum 75 per cent LTV. The options are available for individual and limited company applications in England, Scotland and Wales, include a free mortgage valuation and have a £299 application fee.

Family Building Society – has reduced rates across its buy-to-let mortgages by up to 0.3 per cent. The lender has also introduced a new five-year fixed rate buy-to-let product at 4.59 per cent. The product is available up to 65 per cent LTV with no application or product fees, a free valuation up to £500,000 and £500 cashback for remortgages.

Coventry for Intermediaries - has reduced selected buy-to-let products by up to 0.45 per cent.

Leeds Building Society - has reduced rates by up to 0.17 per cent across their 2-year, 60 per cent LTV buy-to-let and portfolio buy-to-let products.

The Mortgage Lender (TML) – has reduced rates across its five-year fixed rate buy-to-let products. TML's rates start from 4.71 per cent for standard properties, down from 4.86 per cent. There have also been reductions on the portfolio multi loan products, now starting from 5.37 per cent, as well as further reductions on the expat, holiday let, and short term let product ranges. The lender has also lowered rates on a number of five-year fixed rate products available for HMOs and multi-unit blocks, with rates now starting from 4.96 per cent.

Kent Reliance for Intermediaries – has reduced fixed rates across all buy-to-let products with rates now starting from 4.09 per cent.

Precise - has reduced rates on their buy-to-let range by 0.25 per cent. The lender’s refurbishment buy-to-let suite has also been lowered by up to 1.05 per cent, and its Tier 1 products have been aligned with the standard refurbishment options to simplify the range.

In addition, pricing for its EPC C+ refurbishment BTL product has been reduced by 02 per cent.

Aldermore Bank – has launched a range of new limited-edition rates for landlords across its buy-to-let mortgages. The limited-edition range has rates reduced by up to 0.2 per cent across both two- and five-year fixed-rate mortgages at up to 75 per cent LTV.

The new options include a two-year limited-edition fix with a 3 per cent lender fee, priced at 4.69 per cent for individual and company landlords with single residential investment properties. It also includes several five-year fixes for individual and company landlords with single residential investment properties offering zero, 1.5 per cent and 5 per cent lender fees, with pricing starting from 4.59 per cent.

Fleet Mortgages - has reintroduced a range of products for landlord borrowers seeking to purchase or refinance properties with an Energy Performance Certificate (EPC) rating of A-C, it has also reduced rates on a number of five-year fixes.

The relaunched EPC A-C products are offered across three core product ranges, standard, limited company and HMO/multi-unit blocks, and are priced 0.1 per cent below its equivalent five-year products. The standard and limited company products are available up to 75 per cent LTV at a rate of 4.69 per cent, while the HMO/MUB product is offered at 5.09 per cent. All EPC A-C products come with a lender fee of 3 per cent, with a minimum of £750.

The lender also continues to offer its £1,000 cashback incentive to landlord borrowers who improve the EPC level of their property to a C or above during the course of their initial fixed-rate period.

Fleet has also cut rates by 0.2 per cent on its existing five-year fixed-rate products with a 3 per cent lender fee. The standard and limited company products are now available at 4.79 per cent, while the HMO/MUB product is available at 5.19 per cent; all up to a 75 per cent LTV.

Accord Mortgages – has reduced their buy-to-let product range by up to 0.3 per cent. The reductions include a discount of up to 0.3 per cent on five-year fixes, with two-year fixes reducing by up to 0.15 per cent and three-year fixes by up to 0.20 per cent.

Vida Homeloans - has reduced rates across its buy-to-let mortgages by up to 0.3 per cent.

Birmingam Bank - has reduced rates by up to 0.7 per cent on their five-year fixed rate standard range.

United Trust Bank – has reduced rates by up to 0.4 per cent. In its standard range, two-year fixed rates now start from 5.69 per cent and five-year fixes from 5.29 per cent. Specialist products, for HMOs and MUBs up to 10 rooms/units, start from 5.44 per cent for five-year fixes and 5.69 per cent for two-year fixes. The lender has also reduced their background buy-to-let portfolio rental coverage ratio to 125 per cent, from 130 per cent.

CHL Mortgages - has reduced rates by 0.2 per cent across its limited-edition buy-to-let products. Following the change, the lender’s product suite now features standard two-year fixed rate mortgages starting from 3.67 per cent, with five-year fixed rates starting from 4.24 per cent.

For landlords looking to purchase small HMO or MUFBs with up to six bedrooms or units, rates for five-year fixed rates now start from 4.28 per cent.

Foundation Homeloans - has reduced rates across its buy-to-let mortgages by up to 0.5 per cent.

Zephyr Homeloans – has reduced five-year fixed rates by 0.29 per cent, and two-year fixed rates by 0.2 per cent.

Clydesdale Bank – has reduced selected rates by up to 0.4 per cent on their two and five-year fixed rates.

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. 

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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