Buy to let mortgage lenders cut landlord rates

Landlords have been handed another round of buy to let mortgage rate reductions, with The Mortgage Works, Rely, HSBC and Coventry for intermediaries all announcing new prices.

TMW has made cuts of up to 0.26 percentage points across selected two-, three- and five-year fixed rate products for new and existing customers.

Its reductions cover mortgages for individual landlords and limited companies.

A two-year fixed remortgage deal for individual landlords has been reduced by 0.10 percentage points to 3.49%, available up to 65% loan-to-value with a 3% fee.

The product includes a free valuation and free legal work.

TMW’s switcher deal

An existing customer switcher deal has also fallen by 0.10 percentage points to 3.49%, with the same 3% fee and maximum 65% LTV.

Limited company landlords can access a two-year fixed rate of 4.98%, down by 0.26 percentage points, for purchases, remortgages and further advances.

That deal is available up to 75% LTV, carries a £3,995 fee and includes a free valuation.

Keir Fraser, the lead manager at The Mortgage Works, said: “We’re making further rate cuts across our mortgage range as part of our ongoing commitment to supporting individual and limited company landlords.”

Rely launches limited-edition range

Specialist lender Rely has launched a limited-edition buy to let range for non-portfolio landlords, covering houses in multiple occupation and standard properties.

The products are available at 55% and 65% LTV and support both purchases and remortgages, with two- and five-year fixed options.

Two-year rates start at 3.51% at 55% LTV and 3.53% at 65% LTV.

Five-year fixed rates begin at 4.58% at 55% LTV, rising to 4.65% for borrowing at 65% LTV.

Rely has also reduced the minimum loan size across its BTL ranges to £25,001, although individual products may retain higher minimum borrowing requirements.

HSBC cuts landlord mortgages

HSBC has reduced selected fixed rates for landlords by up to 0.12 percentage points, according to Moneyfactscompare.co.uk.

Its two-year fixed mortgage for second-time buyers at 60% LTV is now priced at 4.86%, fixed until 31 July 2028.

The mortgage has no product fee, includes a free valuation and permits overpayments.

Caitlyn Eastell, a personal finance analyst at the platform, said: “The two-year option at 60% loan-to-value for second-time buyers has seen a slightly smaller cut and is now priced at an attractive 4.86%.

“The drop strengthens its position as a Moneyfacts Best Buy and, in addition to being fee-free, landlords can also enjoy a free valuation incentive, which may make this deal a great option for those looking to save on upfront costs.”

Coventry trims selected BTL rates

Coventry for intermediaries has also reduced selected buy to let rates by up to 0.13 percentage points, with lower-priced options available to new and existing customers.

The lender has announced further reductions across its wider mortgage range.

One highlighted residential purchase deal is a five-year fix at 4.60% until 30 November 2031, available at 75% LTV with a £999 fee.

Jonathan Stinton, the lender’s head of intermediary relationships, said: “Continuing rate reductions gives brokers more opportunities to re-engage clients who may have been holding off making a move.

“The market remains highly competitive and even relatively small pricing changes can help improve monthly costs or make certain options more attractive for borrowers.”

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