Buy-to-let market update
BM Solutions – has decreased rates by up to 0.1 per cent on buy-to-let deals in personal ownership and let-to-buy. Limited company buy-to-let products have also decreased by up to 0.1 per cent.
The Mortgage Works – has decreased rates by up to 0.26 per cent across selected two-, three- and five-year fixed-rate products. The reductions apply to both buy-to-let and limited company buy-to-let ranges.
Among the changes, TMW’s two-year fixed-rate buy-to-let remortgage product, available up to 65 per cent loan-to-value (LTV) with a 3 per cent lender fee, has decreased by 0.1 per cent to 3.49 per cent.
Meanwhile, a two-year fixed-rate limited company buy-to-let product, available up to 75 per cent LTV with a £3,995 lender fee, has decreased by 0.26 per cent to 4.98 per cent.
The lender has also increased the portfolio landlord stress rate from 4.75 per cent to 5.00 per cent for existing portfolios.
Coventry for Intermediaries – has decreased selected buy-to-let products by up to 0.13 per cent.
NatWest – has decreased selected buy-to-let products.
HSBC – has decreased selected two- and five-year fixed and tracker buy-to-let (BTL) rates by up to 0.11 per cent.
TSB – has decreased two- and five-year fixed purchase and remortgage rates for buy-to-let and portfolio buy-to-let, up to 75 per cent LTV, by 0.1 per cent.
Accord Mortgages – has decreased selected buy-to-let fixed rates by up to 0.3 per cent, two-year fixed rates now start from 4.54 per cent and five-year fixed rates now start from 4.68 per cent.
Virgin Money – will no longer offer new buy to let mortgages.
Santander – has decreased selected buy-to-let products.
Paragon Bank – has launched a Tailored service to support buy-to-let mortgage applications that fall outside its standard lending criteria. The Tailored service may be suitable for landlords seeking higher loan amounts, those with larger or more complex portfolios and cases involving non-standard ownership structures, including trusts or trading companies. It can also support landlords with varied tenant types, applications outside typical age parameters and those with limited experience in the sector.
The lender has also updated the shared exclusive range of products for NRLA members. These selected products now have a reduction of 0.25 per cent on the lender completion fee when compared to the lender core range.
Family Building Society – has launched their first NRLA member exclusive product. The exclusive product is a five-year fixed rate for limited company applications with a rate of 5.79 per cent and a 1 per cent lender completion fee. This product has no lender application fee, saving the member £175 when compared to the lender core product.
The lender has also lowered their minimum property value – now from £75,000, reduced from £120,000.
Rely – Part of the OSB Group has introduced a new limited-edition range of buy-to-let mortgages for non-portfolio landlords, with rates starting from 3.51 per cent.
The new products are available for both HMO and non-HMO properties at 55 per cent and 65 per cent loan-to-value (LTV), supporting both purchase and remortgage transactions.
Landbay – has decreased rates in its Premier buy-to-let range, including reductions of up to 0.4 per cent on selected two-year fixed-rate deals. The changes apply across standard and HMO products for landlords with up to 15 mortgaged properties, available to both individual and limited company borrowers.
Foundation – has relaunched its enhanced Property Plus proposition, introducing lower valuation costs and a new limited-edition product. The refreshed proposition will support landlords investing in more complex property types, including flats above or adjacent to commercial premises and other specialist investment properties.
Fleet Mortgages – has decreased rates by 0.2 per cent on its two-year fixed-rate 75 per cent LTV HMO and MUFB product with a 3 per cent lender fee, including EPC A-C variants.
In addition, five-year fixed-rate products at 75 per cent LTV with a 3 per cent lender fee have decreased by 0.1 per cent across its standard, limited company and HMO/MUFB ranges, including EPC A-C options.
Aldermore Bank – has expanded its buy-to-let range with the launch of two limited-edition two-year fixed products. The products are available to new customers at 75 per cent loan to value (LTV) and come with no lender product fee.
For landlords with single residential investment properties, the new two-year fixed rate is available at 6.14 per cent. For multi-property residential investment property portfolios, the new two-year fixed rate is available at 6.09 per cent.
ModaMortgages – has decreased rates by 0.2 per cent across its recently launched limited-edition two-year and five-year fixed-rate buy-to-let (BTL) products. Products are available to individual and limited company landlords up to 80 per cent loan to value, with a choice of lender fee options and free valuations offered across the entire range.
The Mortgage Lender (TML) – has decreased rates by up to 0.15 per cent across two-year and five-year fixed rate products, including HMO and Multi-Loan. The lender has also launched a new limited-edition range.
Pepper Money – has decreased rates across its buy-to-let and limited company buy-to-let ranges, with rates now starting from 4.64 per cent.
CHL Mortgages – has launched limited-edition products and reduced rates by 0.3 per cent across its short-term let range. The specialist lender’s new limited-edition products start from 2.7 per cent for single dwelling properties and from 2.8 per cent for HMO and MUFB properties with up to six bedrooms or units. The lender has also reduced rates by 0.3 per cent across its short-term let range with rates now starting from 3.16 per cent for landlords who intend to let a property for a short period, such as a holiday let or serviced apartments.
All products are open to individual and limited company landlords, with up to 80 per cent loan-to-value (LTV) available, a choice of lender fee options and free valuations on selected short-term lets.
United Trust Bank – has decreased selected buy-to-let fixed rates across their Standard, Specialist and Non-Standard product range, two-year fixed rates now start from 4.39 per cent and five-year fixed rates now start from 5.69 per cent.
Zephyr Homeloans – have updated their buy-to-let criteria and will now lend to Limited Company subsidiaries and will allow corporate lets for tenant employees. At the same time, they have also enhanced their CCJ criteria and will now consider settled CCJs up to £1,000, where the client can evidence, they didn’t have the opportunity to settle before judgment.
The lender has also reduced all fixed rate products by 0.15 percent.
Lendinvest Mortgages – has reduced rates across its two-year and five-year fixed-rate buy-to-let products by 0.1 per cent.
Quantum Mortgages – has launched a cashback product for remortgages and reduced rates across its product range. Rates across its single unit, multi-unit, specialist and pro mixed-use ranges have been reduced by 0.2 per cent.
Vida Homeloans – will now accept buy-to-let SPVs where the applicant company is a subsidiary of a parent company.