Specialist lender Aldermore has launched new and reduced limited edition Buy To Let and residential owner-occupier mortgage products.
For individual and company landlords with single residential investment properties, the lender reduced its five-year fixed rates at 65% Loan To Value with rates starting from 4.89%, and launched a new 5-year fixed at 75% LTV with rates starting from 4.99%.
For its multi-property product for individual and company landlords, Aldermore has cut its five-year fixed at 65% LTV with rates from 4.79% and launched a new five-year fixed at 75% LTV, with rates from 4.89%.
In its residential owner-occupier level 1 limited edition range, Aldermore has also launched new limited editions with zero fee, all products up to 80% LTV, with a two-year fixed from 5.79% and a five-year fixed from 5.34%.
Meanwhile another lender - Funding 365 - has launched three and five-year buy to let offerings for England, Wales and Northern Ireland.
The products cater for social housing, HMOs, MUFBs, student accommodation and holiday lets. Semi-commercial properties are also considered where commercial is less than 30% of the total value.
Expats and foreign nationals with a UK credit footprint, offshore companies and first-time buyers will all considered on a case-by-case basis, while loan sizes range from £100,000 to £5m in England and Wales, and £100,000 to £3m in Northern Ireland and fixed interest starting at 7.49% per annum with a 2% arrangement fee.
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Predictable desperation from another lender trying to rebuild their plunging BTL loan book, and long after the ‘horse has bolted’.
Where were these guys when the assault on the PRS began? They just sat on their hands and surprise, surprise now their market is crumbling away.
Well, now it’s their turn to feel some pain.
Interest rates may be lower than the base rate. However, they all make money from their up front fees of 2% or more. If you cannot pay upfront, no problem, add it to the mortgage, so they earn interest on their fees as well. How sickening it is? Best thing for landlords is to reduce their stock and reduce the overall mortgage liabilities. More lenders are coming on the market to get their sauce of business.
With the current political climate and vilification of landlords who is their right mind would invest in the PRS and take out a mortgage? What will happen when without Section 21 a tenant stops paying rent? The lender will have to foreclose and then sell off the property at reduced value. I can see the lenders getting burnt here too.
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