New EICR to cover any changes made by outgoing tenant?10:00 AM, 4th May 2021
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Google has quietly launched a trial run of a mortgage comparison site that includes buy to let mortgages.
Links to the site appear at the top of the search results page triggered by mortgage related keywords.
Only a few lenders are listed – Woolwich, ING Direct, Lloyds TSB, NatWest and Royal Bank of Scotland.
Around five buy to let deals are available to compare.
The trial follows Google acquiring online comparison site BeatThatQuote for £37 million in March. Google is also running a mortgage comparison site in the US.
More than 400 buy to let mortgage deals are available for landlords – up 35% in three months.
The extra deals are mainly due to three new lenders entering the market.
The research from Mortgages for Business also shows average buy to let yields have risen to 5.8% – up from 5.6% in April.
Houses in multiple occupation (HMO) mortgages are offering average yields of 10%, up from 9.3% in April, while the average loan-to-value for shared house mortgages has fallen from 63% to 60%.
Their findings also show 19% of buy to let transactions were purchases in the second quarter compared to 41% in the first three months of the year.
Meanwhile, NatWest has cut interest rates across all buy to let mortgages by up to 1.40%.
Two-year fixed rate deals up to 60% loan to value for buying and remortgaging are cut by the whole 1.40% to 3.99%.
Two-year fixed rate purchase and remortgage offers up to 75% loan to value are 4.39%, while two-year trackers up to 60% and 75% LTV are 3.49% and 3.89%.
All have a £1,999 arrangement fee.
Northern Rock and JC Flowers – recently the new partner of Kent Reliance Building Society – may bid for buy to let lender Capital Home Loans.
Capital Home Loans is owned by an Irish firm ordered to cut home loan losses by 4 billion Euros.
Northern Rock has cut rates of up to 0.70% on buy to let fixed and tracker mortgages.
Rates kick off at 3.89% at 60% loan to value with a £1,995 fee.
Platform, a subsidiary of the Co-operative Bank, has reduced mortgage rates and launched four buy to let deals with cash backs.
Two-year, fixed-rate mortgages come with £500 cash-back and free valuations, with rates ranging from 4.89% at 60% loan to value and 5.79% at 75% loan to value.
Two-year fixed deals are down to 4.19% at 60% loan to value to 4.59% at 70% loan to value with a 1% arrangement fee.
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