Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Despite the economic uncertainty surrounding Europe BuytoLet products have remained very stable in terms of pricing to the consumer. It will be interesting to see if the Bank of England’s offer of £80 billion in cheap long term loans to the UK banking system specifically for the purpose of increasing lending will have a positive effect on BuytoLet availability and cost.
After the recent LIBOR (London Inter Bank Offered Rate) fixing scandal it is good to see this rate being reduced for buytolet borrowers. Mortgage Trust part of the Paragon group have reduced their LIBOR from 1.1% to 0.9% and Keystone mortgages who specialise in limited company, multi-let and HMO applications have reduced their LIBOR from 1.1% to 1.05%
The Mortgage works and BM solutions the two largest BuytoLet lenders in term of market share have both kept their product pricing at the same level for the last few months having recently extended the term of their fixed rates showing further confidence.
There are many more lenders and a vast array of criteria to match to individual circumstances, but I just wanted to give you a flavor of the current market before we get the results of the Bank of England MPC meeting tomorrow.
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