More buy to let lenders cut mortgage rates

Fleet Mortgages, The Mortgage Works, Accord Mortgages and Coventry for intermediaries have all reduced their buy to let pricing, while Atom bank has improved parts of its commercial lending proposition.

Fleet has cut rates across its standard, limited company and HMO and multi-unit freehold block ranges, alongside launching products aimed at borrowers seeking to limit upfront costs.

Two-year fixed rates at 75% loan-to-value in its standard and limited company ranges have been reduced by 0.30 percentage points where borrowers pay a 3% product fee.

Rates now start at 4.19%, falling to 4.09% on qualifying EPC A-C properties.

A new zero-fee, two-year fix is available at 5.74%, also at 75% LTV.

Fleet buy to let deals

Fleet’s five-year fixed rates with a 3% fee have been cut by 0.10 percentage points to 4.94%, or 4.84% for the EPC A-C version.

The lender has also reduced its five-year fixed-fee rate by 0.20 percentage points to 5.39%. The accompanying product charge has fallen from £3,999 to £1,499.

Five-year products charging a 3% fee have been reduced to 5.19%, with the EPC A-C version now priced at 5.09%.

Steve Cox, the lender’s chief commercial officer, said: “This latest product refresh is about giving advisers and their landlord clients more choice while ensuring our pricing remains competitive across every major buy to let segment.”

The Mortgage Works cuts again

The Mortgage Works has made its third round of rate reductions during June, cutting selected one-, two- and five-year fixed mortgages by as much as 0.25 percentage points.

Its latest changes cover buy to let and limited company borrowing for new customers.

A two-year limited company fix at 75% LTV has been reduced by 0.25 percentage points to 4.09%, with a 3% fee.

It is available for purchases, remortgages and further advances, and includes a free valuation.

Dan Clinton, TMW’s head of BTL, said: “Cost pressures remain a concern and these latest changes will help manage those challenges while reinforcing The Mortgage Works as a leading choice for landlords.”

Accord lowers every fixed BTL rate

Accord Mortgages is cutting all fixed buy to let rates by 0.09 percentage points, its second reduction this month.

A two-year remortgage fix at up to 60% LTV is now priced at 4.78%, down from 4.87%.

It has a £995 fee and includes a standard valuation and remortgage legal service.

A five-year remortgage product at 75% LTV has also fallen from 4.87% to 4.78%.

The fee is £3,495, with valuation and legal incentives included.

Landlords purchasing at 75% LTV can choose a fee-free two-year fix at 5.23%, previously 5.32%, with a standard valuation.

Coventry reduces buy to let pricing

Coventry for intermediaries has reduced selected buy to let fixed rates by up to 0.15 percentage points for new and existing borrowers.

The five-year, fee-free mortgage at 65% LTV has been selected as a Moneyfacts’ Pick of the Week.

The deal is priced at 4.89% and fixed until 31 December 2031.

It includes a free valuation, allows overpayments and is available to second-time buyers across Great Britain.

The platform’s finance expert, Rachel Springall, said: “Borrowers looking to secure a competitive fixed rate for peace of mind over the next five years may then find it an attractive option.”

Atom improves commercial lending terms

Atom bank has increased the procuration fee available on new commercial mortgage applications submitted before 30 September.

Qualifying cases will pay brokers a 1.75% procuration fee. The overall arrangement charge remains at 2%, with the bank reducing the proportion it retains.

Atom has also increased its interest-rate discount on larger commercial loans.

Borrowing of between £1 million and £3 million now receives a 0.40% reduction, while loans from £3 million to £10 million qualify for a 0.25% cut.

Previously, a 0.25% discount was available on facilities between £1 million and £4 million.

Commercial rates are set according to the borrower’s circumstances, with indicative pricing available through Atom’s Quick Quote broker portal.

Atom’s head of business lending, Tom Renwick, said: “By boosting procuration fees and introducing more competitive rates for larger facilities, we are further strengthening our commercial proposition and providing our broker partners with greater commercial flexibility.”