Buy to let lenders announce new products and lower rates

Buy to let lenders announce new products and lower rates

0:02 AM, 7th March 2024, About 2 months ago

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Several buy to let lenders have updated their products and rates to attract more landlords and investors.

The Mortgage Works (TMW), a specialist BTL arm of Nationwide, has cut its Interest Cover Ratios (ICR) for both higher and lower rate taxpayers, as well as its ‘existing portfolio rental calculation’ stress rate.

This means that landlords can borrow more based on their rental income and portfolio size.

TMW’s senior manager of buy to let mortgages, Joe Avarne, said: ”We regularly review our affordability policy to ensure borrowing is sustainable for our landlords.

“With these latest changes we’re pleased to be able to reduce our Interest Cover Ratios so that landlords can borrow more and achieve their buy to let aspirations.”

Hanley Economic unveils two new BTL products

Hanley Economic Building Society has introduced two new products to its BTL range: a two-year fixed rate remortgage-only product with a rate of 5.35%, and a variable discount expat product with a rate of 5.89%. Both products have free valuation.

Both products have a £700 arrangement fee and are available up to 80% loan-to-value (LTV).

YBS Commercial, a division of Yorkshire Building Society, has reduced its BTL rates for the third time this year, by up to 0.15%.

The reductions apply to its core and specialist buy to let ranges, including products for holiday lets and houses of multiple occupancy (HMOs).

Some of the highlights of the new range are a five-year fix at 5.10% and a five-year fix at 5.30%, both on loans over £1 million and up to 65% LTV.

Paradigm adds The Loans Engine to its referral partner panel

Paradigm has announced the addition of The Loans Engine, a specialist finance broker, to its referral partner panel.

This will allow Paradigm members to access a wide range of specialist mortgage finance solutions, such as second-charge, specialist first-charge buy to let, asset finance, bridging, commercial and development finance.

The Loans Engine also provides a quick quote calculator and a dedicated account manager for each application.

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below:

Contact Brooklands Commercial Finance

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