New mortgage deals for HMO and student landlords

– News Sourced by Property118 News Team –

Kent Reliance has launched 80% loan-to-value buy to let and HMO mortgages. Rates include two and three year fixed and discounted deals.

The lender has joined the ranks of few banks and building societies inviting applications for houses in multiple occupation loans, specifically for student landlords.

HMO, student let and limited company mortgages start at 5.19%.

BM Solutions has trimmed 0.20% on all buy-to-let mortgages – including fixed and tracker loans.

The lender has already reduced the cost of borrowing by up to 0.30% on selected products earlier in the month.

BM Solutions is also offering new fixed rate products at 75% loan to value with a fee of either £995 or 0.50% of the amount borrowed.

Phil Rickards, of BM Solutions, said: “This is our second round of price reductions in as many weeks. By launching some new deals and reducing all rates in the current range, we’re shaking up competition in the buy-to-let market.”

Platform has also cut the rates on two-year fixed rate buy-to-let mortgages by 0.20%.

Loans are available up to 75% loan to value and include let-to-buy mortgages.

The deals include a free valuation and free legal fees for remortgages.

The Mortgage Works (TMW) has released a free affordability app for iPhone and iPad.

Android and Blackberry versions were launched last year.

The app works out how much TMW will lend after entering the estimated purchase price or valuation and estimated rental income on a property.

Recent research by Paragon Mortgages revealed one in four applications to brokers are for buy to let loans – up from one in five a year ago.

The lender claims 40% of landlords are seeking loans to buy more homes to let, while 30% are remortgaging for better rates.

The findings also showed mortgage brokers increased their landlord loan business by 4.5% in the final three months of 2011.