BuytoLet news round upMake Text Bigger
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.
- The Mortgage Works still offer an extensive range of 80% Loan to Value products starting at a 4.99% 2 year fixed up to a 5.99% 5 year fixed and still require no minimum level of earned income for existing investors.
- BM solutions product range although with an overall maximum of 75% Loan to value has rates starting from 3.44% for a 2 year fixed.
- Kent Reliance are still the only BuytoLet lender who offer an 85% Loan to Value product ranges with a 5.49% 2 year discount and a 5.69% 3 year discount both 85% LTV.
- Aldermore continue with 80% Loan to Value starting with a 5.88% 3 year fixed up to a 6.48 5 year fixed at 80% LTV
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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