BTL lenders cut rates and expand landlord access

Several leading buy to let lenders have announced updates to their mortgage offerings, aiming to enhance affordability and accessibility for landlords, including international investors.

Landbay has trimmed rates by up to 0.15% across its non-portfolio range, tailored for landlords with three or fewer mortgaged properties.

The lender has introduced a new five-year fixed rate product at 55% loan-to-value (LTV) with a 4.84% rate and a 3% fee, alongside three additional standard five-year fixed rate options starting at 4.39%.

Its sales and distribution director, Rob Stanton, said: “Following new innovation in our product transfer range, it’s fantastic to bring to market rate reductions and new products in our ever-popular non-portfolio range.

“This is an important segment of the market that absolutely needs support from lenders, so it is great to be able to assist our broker partners further in meeting this growing demand.”

GB Bank offers expat BTL deals

GB Bank has announced that it has broadened its buy to let proposition to include foreign nationals and expatriates without UK residency, provided they hold a UK bank account.

This move allows global investors to access loans up to £20 million at a maximum 75% LTV, with no minimum income requirements.

The offering supports diverse property types, such as houses in multiple occupation (HMOs) and multi-unit blocks and accommodates complex ownership structures like overseas special purpose vehicles.

The bank’s chief executive, Mike Says, said: “We’re seeing increasing demand from international investors who recognise the strength and stability of the UK property market.

“Our enhanced buy to let proposition reflects our commitment to providing accessible, agile and expert-led lending solutions, particularly on high value investments.

“By removing the UK residency barrier, we can say ‘yes’ to more complex cases that mainstream lenders would decline.”

ModaMortgages lowers its BTL rates

ModaMortgages has reduced rates by up to 15 basis points on selected 75% LTV products, covering standard, HMO and multi-unit freehold block mortgages.

Its two-year fixed rate products now start at 3.44% for standard properties and 3.54% for small HMOs, while five-year fixed rates begin at 4.94% and 5.04%, respectively.

Darrell Walker, the group sales director at ModaMortgages, said: “We’re pleased to announce we’re further able to support landlords with rate reductions of up to 15bps on selected 75% LTV buy to let products.”

TMW lowers landlord stress rate

The Mortgage Works (TMW) has lowered its stress rate by 0.50% to 4.00% or the pay rate – whichever is higher – for new buy to let applications up to 65% LTV on five-year fixed terms or like-for-like remortgages.

This adjustment aims to allow landlords to borrow more.

TMW’s director of landlord, Damian Thompson, said: “These positive changes to our stress rates will serve to boost affordability.

“They will enable landlords to borrow more with us but, at the same, will ensure that we continue to lend responsibly.”

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