Buy to Let Mortgage War Hots up with New Deals for LandlordsMake Text Bigger
Buy to let lenders have fired the first shots in the battle to win the hearts and minds of property investors.
Platform, the landlord loan subsidiary of the Co-operative Bank, is increasing funding in the sector by 33% from £450 million last year to £600 million in 2012.
The lender is launching new loans without early repayment fees or bundled with cash backs to help with buying costs.
The firm has also hinted other mortgage packages are on the way later in the year.
Lee Gladwell, business development director at Platform, said: “Our commitment to lend a minimum of £600 million in buy to let loans in 2012 reaffirms our support for the sector.
“Platform has many years’ experience in buy to let and we aim to be a preferred lender for this sector in future by continuing to provide a wide and innovative product range and great service support.”
Santander brand Abbey for Intermediaries, which launched a buy to let mortgage range in December, is revamping landlord mortgages with new interest rates and products.
The new range includes a two-year fixed at 3.39% with a 2.5% fee and a two-year tracker at 2.99% with a 2.5% fee. Both are up to 60% loan to value.
Abbey also has a new two-year tracker at 3.49% with a £1,495 fee, up to 60% loan to value and a two-year tracker with a rate of 4.09% and a £1,495 fee, available up to 75% loan to value.
Each of Abbey’s new loan deals are for buyers and landlords refinancing.
Miguel Sard, managing director of Abbey for Intermediaries, said: “We continue to see strong rental demand in today’s housing market and we expect these intermediary exclusives to be very well received by intermediaries and their clients alike.”
Meanwhile, Accord is launching a 3.89% two-year tracker with a flat fee of £800.
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