Buy to let lenders widen landlord mortgage choice

Buy to let tracker mortgages are back on the agenda for landlords weighing up whether to stay flexible rather than lock into another fixed rate.

Landbay has launched five new BTL product transfer tracker products across its Core and Specialist buy to let ranges, with no early repayment charges on any of the new deals.

The lender said the products follow increased interest from brokers and landlord borrowers in tracker options, as expectations over future interest rate movements continue to shift.

Its Core range, aimed at portfolio landlords and available to individuals and limited company structures, now includes three two-year tracker Product Transfer deals.

They comprise a 65% loan-to-value product with a 3% fee at Bank Base Rate plus 1.49%, and two 75% LTV options.

One has a 2% fee and a rate of BBR plus 2.24%, while the other has a 3% fee and a rate of BBR plus 1.74%.

Landbay BTL tracker deal

Landbay has also added two specialist two-year tracker product transfer deals.

A small HMO product is available up to 75% LTV with a 3% fee at BBR plus 1.74%, while a Small MUFB option carries the same LTV, fee and rate.

The new tracker products follow Landbay’s launch earlier this week of Premier Remortgage AVM two-year fixed-rate products, alongside selected reductions within its Premier range.

Those AVM products are available up to 75% LTV and include four two-year fixed-rate options with zero, 1%, 3% and 5% fee structures.

The lender’s sales and distribution director, Rob Stanton, said: “The absence of ERCs is of course an important feature of these products because it means landlords do not have to feel locked into a particular rate if market conditions change.

“Should fixed rates become more attractive in the future, borrowers have the flexibility to move without penalty.”

Accord unveils larger loan product

Accord Mortgages has also moved on service, introducing a dedicated larger loans proposition for residential cases worth £1 million or more.

The lender said brokers will be automatically allocated a specialist underwriter at the decision-in-principle stage, with that underwriter remaining on the case through to completion.

Accord said the service was introduced after a small-scale pilot and is designed to offer direct contact from the designated underwriter within hours of case submission.

The service supports loans of up to £5 million at 75% LTV, up to £2.6 million at 85% LTV, and up to £1 million at 90% LTV.

It is available for purchases and remortgages, including new-build cases, boost loan-to-income options and joint borrower sole proprietor cases.

Jeremy Duncombe, the lender’s managing director, said: “Cases involving larger loans are often more complex, potentially involving borrowers with more intricate income structures or financial profiles.

“These require a tailored approach, and closer collaboration between brokers and lenders.”

CHL’s light refurbishment BTL range

Meanwhile, CHL Mortgages has unveiled a new light refurbishment buy to let range for landlords carrying out non-structural or modernisation works.

The range is aimed at investors planning improvements such as new bathrooms or kitchens, replacement fixtures and fittings, new windows and doors, roof coverings, full rewiring, or converting a C3 dwelling into a C4 HMO property.

CHL said the product gives landlords an alternative to the usual route of using a bridging loan before moving onto a long-term buy to let mortgage once work has been completed.

Borrowers can use a single BTL term mortgage solution, giving them more certainty upfront and removing the need for two sets of legal fees.

Buy to let rates

The initial mortgage advance is based on the pre-works rent and market valuation, with a retention held against the difference between pre-works and post-works values.

Two-year fixed rates start from 4.40% for single dwelling properties and 4.50% for HMO and MUFB properties with up to six bedrooms or units.

Five-year fixed rates start from 6.11% for single dwelling properties and 6.21% for HMO and MUFB properties with up to six bedrooms or units.

All products are available to individual and limited company landlords up to 75% LTV, with a choice of product fee options.

Mil Consiglio, the head of sales at CHL, said: “Our new light refurbishment range is all about giving landlords the freedom to unlock the potential in their properties.

“It offers them a simple way to add value through non-structural or modernisation upgrades before letting them out, and it’s ideal for investors looking to refresh tired stock or turn vacant or under-used properties into high-quality, income-producing homes.”

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