Surely I am not the only landlord worried about new EPC requirements?9:44 AM, 17th February 2021
About 2 weeks ago 126
The good news for Buy to Let mortgage products is that they have remained mostly stable for the last two months, despite the Mortgage Market Review (MMR) and the Bank of England base rate of 0.5% on it’s five year anniversary.
There has been very little movement in 2-3 year Buy to Let mortgage fixed rates indicating the banks and money markets still predict stability in interest rate forecasts for the medium term.
The traditional two big market players, The Mortgage Works (TMW) and BMsolutions have only extended the initial terms of their products without touching the interest rates. TMW are still offering 80% LTV and rates from 2.49%, however they will no longer consider First Time Buyers as the risk post MMR is that BTL may be seen as an easier back door route to owning property than proving income on a residential mortgage.
Kent Reliance continue to offer 85% LTV at the same rates, but have also added a 5.39% 3 year fixed 85% LTV. The only other lender to offer 85% is Interbay Commercial.
Platform were one of the few significant movers with their 2 year tracker rate at 60% LTV reducing from 3.09% to 2.49% with a flat £1,999 fee.
Overall the average change (if any) for mainstream lenders seems to have been a small fall in rates of between 0.1 and 0.2%. The odd exception being Aldermore and Principality with small rate rises of similar amounts. Although Principality still offer their same headline rate of 1.99%.
Another stand out niche lender with improved rates is Keystone who have a full range of Buy to Let mortgage products for limited companies that offer up to 80% LTV and products specifically for HMO/Multi-unit properties.
This calculator shows the products and lenders that will fit the loan amount required along with guidance on the maximum you could borrow. You can then print off a quote showing a break down of the product costs, interest payments and fees.
If you would like our help finding finance please do not hesitate to ask using the form below 🙂
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