Mortgage lenders are continuing a mix of cutting rates and changing criteria in a bid to woo buy to let investors.
Precise has made a number of changes across its buy to let product range, including reduced rates starting from 4.49% and new fee products.
The enhancements are designed to offer a more competitive range whilst helping to increase the borrowing capacity of landlords.
Highlights include the reintroduction of Tier 1 products at 70% & 75% LTV with reduced paperwork for eligible borrowers and options for HMOs, MUFBs and limited companies; plus the expansion of Tier 2 & 3 products up to 80% LTV with two and five-year fixed options, expanding the allowable adverse at higher LTVs.
A spokesperson for Precise says: “As well as reducing rates, we’ve widened our acceptable criteria on buy to let properties with all three tier products which strengthens Precise’s offering within the buy to let market.”
Meanwhile the Mansfield Building Society has extended the range of property types on its buy to let product range to include flats of up to 10 storeys.
The changes improve on the previous maximum allowance of four storeys and the improvements includes flats over commercial units and city centre flats, which will be underwritten on the same terms.
Flats are available up to a maximum of 90% LTV for residential and 75% LTV on BTL with new build flats (less than 12 months old) available at a lower LTV of 85% for residential and 70% LTV for BTL.
A spokesperson comments: “Mansfield Building Society is already well-known for our wide-ranging criteria that supports unconventional circumstances, whether it’s income, credit history, capital raising, debt consolidation and more. Increasing the number of storeys for flats extends our appeal, particularly in cities, where high-rise blocks are an essential part of the property mix. We’re looking forward to offering our flexible lending approach to even more borrowers.”
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Well, can’t see much business coming their way these days.
Perhaps if these lenders had come out and supported private landlords when the assault on the PRS started, we would still be be investing and wanting their products.
Instead they chose to sit on there hands and did nothing, and guess what, their loan books have fallen through the floor. I am sad beyond words!!
I agree. This is not the political climate to invest in the PRS!
You would think there would be loads of really good deals around as this market must have crashed. I guess they are making plenty of money out of the mugs like me that got caught out with the standard 2 year fixed rate deals and now paying 100% more.
You are not alone!
I wonder how long it will be before the big BTL mortgage crash comes?
Bigger investors looking for less legislated, better returns for their money than BTL.
Small landlords cornered by low, rent-capped returns and sitting tenant directives may find that defaulting on their mortgage is the only quick way to escape.
We will hear the pips squeak from the Lenders then…
So will the government….but too late. Goodbye BTL 👋🏻
Going to be a massive exodus of PRS when Labour has us by the b....! But fear not comrades, they are going to build millions of homes for social housing etc...by that time pigs might learn to fly 😉
Rasmin - They will make it difficult for us to sell. For a start CGT will be massively increased when one finally has a vacant property to sell. If you sell with sitting tenants in situ you can probably argue the value of the property has reduced by fifty percent. My very first property I got cheap with sitting tenants. I just waited it out a few years until the tenants left of their own accord. Then I redeveloped into three self contained flats. Not long after that Section 21 introduced. It was a very good earner for me but obviously not for the original landlord.
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