Lenders reduce rates and launch new buy to let deals

Three specialist buy to let lenders have unveiled fresh rate changes and new products to support brokers working with landlords.

Dudley Building Society has expanded its BTL range with new two and five-year fixed rates.

Pricing starts at 5.50% for a two-year fix at 70% LTV, while a five-year deal at the same LTV is set at 5.80%.

There’s also an 80% LTV option which is priced at 5.90%.

Arrangement fees vary from £750 to £1,499 depending on product choice. Borrowers can make annual overpayments of up to 10% without penalty.

Practical choices for landlords

Rob Oliver, the distribution director at Dudley Building Society, said: “Brokers tell us their clients want choice, certainty and the flexibility to adapt if circumstances change.

“That’s exactly what these new products are designed to offer.

“The two-year fixes give people the option to review sooner, while the five-year fixes provide longer term security.”

He added: “For landlords, the new range is about giving them practical choices to manage cash flow and plan ahead.”

Hinckley & Rugby lowers BTL rates

Hinckley & Rugby for Intermediaries has also reduced pricing on its buy to let fixed products.

The lender’s two-year rate at 75% LTV has been cut from 5.65% to 5.55%, while its five-year option at the same LTV has dropped from 5.72% to 5.64%.

Both carry a £1,249 non-refundable product fee.

From October, the society’s lowest variable buy to let rate will fall from 4.89% to 4.74%.

Laura Sneddon, the lender’s head of mortgage sales and distribution, said: “It is important brokers, and their landlord clients have access to competitive options that reflect their current requirements.

“That is why we have reduced rates across both our two- and five-year fixes within our buy to let range.”

Together lowers bridging and BTL rates

Meanwhile, property finance provider Together has cut rates across a wide range of its loans.

Regulated bridging loans now start from 0.81% up to £1 million, with larger cases from £1 million priced from 0.70%.

Buy to let variable rates begin at 8.54%, commercial term loans from 8.44%, and semi-commercial terms from 7.69%.

Tanya Elmaz, the managing director of intermediary sales at Together, said: “We’re committed to delivering the best possible outcomes for both brokers and customers, and these rate reductions reflect that.”

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