Another slew of buy to let lenders have slashed rates on their products as competition for landlords hots up further.
A statement from Accord says that new buy to let borrowers will now benefit from reduced two-year fixed rates, which will see reductions ranging from 0.05% to 0.40%. Three-year fixed rates will also be reducing by 0.10% to 0.20% and Accord’s two-year tracker rates will be reduced by 0.05%.
All the reductions apply across the lender’s new business BTL range, with the exception of its 80% loan-to-value products.
And LendInvest Mortgages has followed up last month’s rate cuts with further reductions on selected five-year rates by up to 0.10%, with rates now starting at 4.99%.
Meanwhile West One’s latest rate changes mean its buy to let range starts at 3.09% and caters for a range of borrowers, including first-time landlords, those with impaired credit, and portfolio landlords wanting to borrow up to £10.5m. The BTL range also offers solutions for HMOs, multi-unit freehold block (MUFB), holiday let, ex-local authority, let-to-buy and expat borrowers.
Buy to Let by Foundation - the buy to let brand of Foundation Home Loans - has launched a new five-year, fixed-rate Limited Edition product. Available within its F1 tier for clients with an ‘almost clean’ credit history, the new product is available up to 75% LTV with a rate of 5.59%, and a 2.25% fee.
Finally The Mortgage Works has today cut rates by up to 0.30% across selected BTL products for both new and existing customers.
For new business, the revised rates include a two-year fixed rate for BTL purchase and remortgage at 3.69% with a 3% fee, available up to 65% LTV, reduced by 0.10%.There's also a five-year fixed rate for BTL purchase and remortgage at 4.04% with a 3% fee, available up to 65% LTV, also reduced by 0.10%.
The Mortgage Works' five-year fixed switcher rate at 4.14% with a 3% fee, will see a reduction of 0.10% and is available for BTL purchase up to 75% LTV.
As part of these changes, the lender’s new business rates for limited companies have also been reduced. These include a two-year fixed rate for buy-to-let purchase and remortgage at 4.99% with a 3% fee, available up to 75% LTV, cut by 0.30%.
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It’s strange, lenders don’t offer more periodic, month by month flexible rates, like the Government are trying to impose on Tenants.
Is it because all people want security of tenure & peace of mind, the monthly outgoings will be the same for a fixed period?
Who would be crazy enough to invest on any terms when you have an end of Section 21, a Labour government, activists and media vilifying the smaller landlords. The only investors will be the Corporates. I suspect Labour will give them exemptions as the big pension funds have invested in them.
I always hear this but cannot for the life of me work out why any corporate would want to get into it.
They are as desperate as the government 😂, you’re mad if you invest further now, the removal of s21 without a mechanism to gain back control of your property is theft by the back door.
Another lender trying to rebuild its plunging BTL loan book. Too little too late. Lenders sat on their hands while the PRS was being bludgeoned. Some, such as The Nationwide actually worked against the interests of private landlords.
Now it’s their time to take some pain.
Well there are plenty of us out there with mortgages coming up all the time for remortgage, so any reduction is most welcome thank you. Could do with going down to about 4% actually, then we might not have to sell our properties and make more people homeless.
Worried Landlord, low rates comes with hefty fees of 3%. If your mortgages are small, that is fine. In London properties, mortgages are higher even at 65% LTV. Rather pay high interest rates then the hier fees.
I only go for the no fees options these days. So I need them to drop to 4% on the no fee deals. I'm not conned by the lure of low rates and high fees.
Margaret, you are right, the corporates will be allowed full tax concessions on btl. The big pension funds and also government and civil servants pensions are invested in property companies. They seem to in bed together. PRS is dead now.
Mortgage works sponsors Shelter and heavily advertising for people to donate to homeless charity, without explaining the charity is not practically housing the homeless but in advisory capacity to the tenants to not pay rent and find faults with the property to stay as long as possible.
Seems odd as they are therefore putting their own loans at risk?
Nationwide the owners of The Mortgage Works I had dealings and a bad experience with them cost me a lot extra and to crown it all wanted to give me a big penalty for paying it off a week early said it was beyond their control the computer couldn’t be changed , well they found out all about that in no uncertain terms.
HMO’s licensing disaster defying how you are going to operate your property in the terms & conditions, you are losing your flexibility they are deciding on how you currently rent your property regardless of the number of occupants, you might currently be letting to a group joint & several but on other occasions you might have let to a family or rooms to individuals, now then the License has removed your options and telling you how you can rent it, time for landlord to wake up from sleep walking into licensing. Obviously they don’t know the Business new boys on the block / bandwagon we have been doing it for decades. Roll on now we must have courses to learn how to do it, it’s like telling an Adult he must get potty trained again. Then expected to have Redress Scheme to redress whom, who is going to Redress us ?.
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