More BTL lenders reduce mortgage rates

More BTL lenders reduce mortgage rates

9:42 AM, 10th January 2024, About 5 months ago

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More buy to let mortgage lenders are reducing their rates in a boost for landlords.

This week has already seen Paragon, Landbay, Accord and Penrith Building Society all lowering their BTL rates.

They have now been joined by:

  • New and existing customers can benefit from lower fixed rates from Coventry for Intermediaries. The lender has cut its residential rates by up to 0.57% and its buy to let rates by up to 0.39%. Its updated range of products includes 2, 3, and 5-year fixed rates for residential loans. These products cover a wide loan-to-value spectrum, from 65% to 95%. Some of the attractive options in the new rates are a 2-year fixed rate of 4.61% until 30th June 2026, with a 75% LTV and a £999 product fee. This option is suitable for residential remortgage and offers either £350 cashback or the Remortgage Transfer Service. Another option is a 5-year fixed rate of 4.84% until 30 June 2029, with a 90% LTV and a £999 product fee, ideal for residential purchases.
  • Some of the buy to let (BTL) products from Suffolk Building Society, including holiday let and expat options, have new prices. The main features are a 2-year fixed buy to let product at 6.04% and a 5-year fixed one at 5.69%, both with 80% LTV. For holiday let products, the society offers a 5-year fixed rate of 5.99%, a 2-year discount of 6.09%, and a 2-year fixed rate of 6.29% – all with 80% LTV. There are also more changes to the expat buy to let and expat holiday let products.
  • Market Financial Solutions (MFS), a specialist lender, has lowered its rates for residential bridging and BTL mortgages. The rate cuts affect both fixed and variable products, as well as residential and commercial properties. MFS also offers a new range of products that let borrowers select their product fee based on their needs, with options of 2%, 4% or 6% fees for all four loan tiers.
  • The buy to let division of West One Loans has lowered its fixed-rate mortgages by as much as 70 basis points and relaxed stress tests for some products. The specialist lender has announced that it has cut its core and complex fixes by up to 70bps, with rates from 3.84% for two-year fixes and 4.64% for five-year fixes. Its complex products include large HMOs and MUBs, holiday lets, expat mortgages, and loans for first-time buyers and foreign nationals. The company’s portfolio two- and five-year portfolio rates have dropped by up to 57bps and 54bps, respectively, and now start at 3.64% and 3.96%. Its non-portfolio two- and five-year fixes have been reduced by 57bps and 58bps, respectively, and start at 4.32% and 4.5%.
  • CHL Mortgages has cut its rates by as much as 0.78% on its CHL 2 products. These products cover various types of BTL properties, such as standard, small and large HMOs, MUFBs, short-term rentals, and light refurbishments. Both individuals and limited companies can apply for these products. The best rates in the CHL 2 products are for a 5-year fixed deal up to 70% LTV with a 7% fee, which now begins at 4.62% for a standard BTL, 4.65% for a small HMO/MUFB and 4.80% for large HMO/MUFB.
  • Lendco has cut its 2-year and 5-year mortgage rates by 0.74% from today. The lender also offers lower fees for arranging the loans and broadens its Verde products, which target landlords who own properties with an EPC rating of A to C.

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