MT Finance is the latest BTL lender to cut rates

MT Finance is the latest BTL lender to cut rates

10:16 AM, 16th January 2024, About 3 months ago

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MT Finance is the latest buy to let lender to announce a rate reduction on its 16 BTL products, effective immediately.

The specialist lender has cut rates by 1% and now offers mortgages starting from 4.65% for two-year fixed standard residential BTL products.

The interest cover ratio (ICR) stress testing remains at 125% on five-year products across all tax brackets.

‘Reductions to the whole of our buy to let product range’

The firm’s head of lending, Marylen Edwards, said: “I’m really pleased to announce that we are making reductions to the whole of our buy to let product range.

“We are acutely aware how hard the last year has been for landlords and investors, and we hope that the latest changes will help to alleviate some of the many pressures they’re facing.”

She added: “As always, we are continuing to monitor our products, ensuring that we can deliver the very best for our customers.”

Rate cut by MT Finance is part of an industry-wide trend

The rate cut by MT Finance is part of an industry-wide trend and other lenders that have recently reduced their rates include Principality Building Society and Aldermore.

  • Principality Building Society is set to update its acquisition mortgage products, with rate cuts across various loan-to-value (LTV) brackets for BTL mortgages. The BTL mortgage changes include a drop of 0.10% on a chosen 60% LTV product and a drop of 0.09% on a chosen 75% LTV product.
  • Aldermore has also introduced rate cuts across both its BTL mortgages. The lender reduced rates by 0.50% across BTL products. Individual and company landlords with single residential investment properties will see all fixed rates lowered by 0.50% for new customers and up to 0.50% for existing customers. Rates will begin from 4.29% with LTVs up to 75%. For houses in multiple occupation (HMO) and multi-unit freehold (MUFBs), all fixed rates will be lowered by 0.50% for new customers and up to 0.50% for existing customers.

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below:

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