TSB has reintroduced a number of mortgage deals, including products within its buy-to-let remortgage range up to 75% loan-to-value (LTV).
At the end of March, TSB withdrew all residential and buy-to-let products above 60% LTV.
But the bank has now relaunched a range of mortgage products, and amongst them are deals aimed at buy-to-let landlords.
There are buy-to-let remortgage products between 60-75% LTV that start from 2.39% fixed for two or three years and 2.44% fixed for five years, all with no fees.
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75% LTV seems a bit risky to me, 50 - 60 % would seem more sensible now, but then the best way is not to borrow at all.
I'm very surprised lenders aren't restricting to no more than 50% LTV!
This is what lenders did for residential mortgages.
It would be eminently sensible for lenders to restrict to 50% LTV
This would effectively collapse the BTL market which Govt wants to achieve anyway with S24
Even 50% LTV is risky.
In such unprecedented times I'm very surprised any BTL wishes to lend.
A Residential Mortgage is a debt reliant solely on the property owners income to ensure mortgage payments are made.
A BTL mortgage is funding an asset that is generating an income from a rent payment, with a safety net of the landlord paying the mortgage regardless of the tenants ability to pay, so two steps of payment options to cover it.
The likelihood of a landlord defaulting on a new mortgage in the first six months, especially if they have taken the mortgage on since lockdown, is remote by which time this covid issue is likely to be over, the landlord has an asset he is paying for, a tenant who is paying him, a mortgage company who is receiving mortgage payments that they would not otherwise have received, and a landlord who will undoubtedly take on more mortgages moving forward and will most likely use that mortgage company to do so.
Making BTL mortgages easier right now is good business for mortgage companies and good for the economy both now and in the long term.
Making a residential mortgage more risky for the lender, few first time buyers are going to qualify for a mortgage and gone will be the 10% deposit, some lenders are now talking about 30 - 40 % down, so more good quality working tenants for us, win win hopefully.
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