Tag Archives: Buy to let mortgage market

New Tracker Lender for Buy to Let Buy to Let News, Latest Articles, Property Investment News, Property Market News

Street with 'To Let' signs outside most houses
“State Bank of India set to enter the buy to let market”

A new buy to let mortgage lender is about to enter the market with broker-only deals.

The State Bank of India (SBI) has announced preparations to offer a 60% loan-to-value (LTV) tracker at 3.9%.

The first applications will be handled in branches and then opened to brokers and independent financial advisers.

The bank is accepting deals for loans between £50,000 and £1.5 million, and charges a £150 booking fee and £1,990 closing fee. No early redemption payments are charged.

SBI has 10 branches, mainly in and around London.

Leeds Building Society has launched a new five year 4.99% fixed rate buy to let mortgage at 70% LTV.

The closing fee is £1,299 and the lender allows borrowers make 10% capital repayments a year without penalty.

Borrowers are also being offered a free valuation and a legal service for remortgages in a bid to tempt them in.

Meanwhile, Kensington has pulled all 85% LTV buy to let mortgages; Skipton Building Society has raised the tracker rates from 3.24% to 3.59% and Aldermore Bank has stopped offering fixed rate deals.

Replacement deals are at more expensive interest rates or charge more fees.

Despite a flurry of activity among lenders, the market is still dominated by the big two – BM Solutions, owned by the Lloyds Banking Group, and The Mortgage Works (TMW), a Nationwide Building Society subsidiary

These landlord lenders have around a 90% share of the market.

The buy to let market has around 30 bank, building society and finance house lenders offering about 2,600 different loan deals at an average 23% loan-to-value.

Santander is the latest big name lender considering entering the property investment market. A spokesman has confirmed the bank is ‘considering’ buy to let loans to non-professional landlords.

Buy to let lenders warn of cash grab for missed payments Buy to Let News, Latest Articles

Padlock in front of coins

"Setting off could create problems for investors"

Landlords should separate their savings and current accounts from banks where they hold buy to let mortgages, loans or credit cards after threats to snatch cash without permission from a lender.

Nationwide, the UK’s biggest building society, has written to mortgage customers threatening to implement ‘setting off’ powers that lets lenders take cash from a borrower’s savings or current accounts to pay loans installments if payments are missed. Continue reading Buy to let lenders warn of cash grab for missed payments

Google launches new mortgage comparison site Latest Articles

Google logo

Google launches mortgage comparison site

Google has quietly launched a trial run of a mortgage comparison site that includes buy to let mortgages.

Links to the site appear at the top of the search results page triggered by mortgage related keywords.

Only a few lenders are listed – Woolwich, ING Direct, Lloyds TSB, NatWest and Royal Bank of Scotland.

Around five buy to let deals are available to compare. Continue reading Google launches new mortgage comparison site

Buy to let lending swings back in to favour Latest Articles, Lettings & Management

Upward green arrow on graphThe buy to let mortgage market has seen a wind change in recent weeks and lenders loosening their purse strings with higher loan to values and better rates for property investors.

Continue reading Buy to let lending swings back in to favour

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