Tag Archives: Godiva

Buy to Let Mortgage products and market update – essential reading Buy to Let News, Landlord News, Latest Articles

Having just updated the Buy to Let mortgage products on our own in house Buy to Let Mortgage sourcing system and calculator I thought I would give you a summary of what’s Hot or Not in the current market.

Virgin Money have been added to the system because of their helpful attitude and criteria which includes:

  • Day one remortgages – So no need to wait 6 months to remortgage for cash purchases, refurbs, Auction purchases etc
  • First Time Buyers
  • Regulated Buy to Let

However Maximum LTV is 70%. Stand out different product is a 5 year fixed at 4.09% with £750 Cash Back and 2.5% product fee (better for smaller loan sizes where looking to fix costs long term is important.

The Mortgage Works (TMW) always been and old favorite of mine going back to 2003 have a selection of 80% LTV products and no income requirement for existing landlords.

Interestingly they have no longer term products currently above an initial 2 year deal. This will either be because they have purchased no long term funds or are uncertain of market direction at the moment. Example products range from:

  • 2.49% two year fixed with 2.5% arrangement fee at 60% LTV (really only a headline grabber) to
  • 4.14% 2 year fixed 2.5% fee at 80% LTV (one of the lower interest rate high LTV products)

BM Solutions were the old industry go to lender until introducing a maximum exposure of 3 mortgages, but still have one of the most comprehensive range of products up to 75% LTV.  They are also often helpful for flats above or adjacent to commercial premises.

  • 3.19% 2 year tracker £1295 fee 60% LTV
  • 3.89% 2 year tracker 0.5% fee 75% LTV
  • 4.34% 3 year fixed 1% fee 75% LTV
  • 4.99% 5 year fixed 1.25% fee 75% LTV

BM Solutions have NO customer service staff so any mortgages or further advances even must be done by a broker.

Kent Reliance are really mostly famous for being THE 85% LTV lender.

However minimum property value £75,000, proof of £25,000 income required stress tested at 192 times monthly rental income.

  • 4.99% 2 year fixed 2.5% fee 85% LTV reversion rate 6.58%
  • 4.89% 2 year discount 2.5% fee 85% LTV reversion rate 6.58%

Aldermore have a good range of 80% LTV products at 4.98% including 2, 3 and 5 year fixed and a varibale rate for the term. They will do day 1 remortgages for properties bought with a bridging loan on a like for like basis and inherited properties.

They will also consider customer with light adverse credit which very few lenders will allow including:

  • 1 or 2 missed mortgage payments over 12 months
  • CCJs and Defaults registered over 3 years ago
  • Missed unsecured credit payments such as credit cards, mobile phone, loans et

Principality have a penalty free no tie in 2 year discount product at 3.39% with only a 1% + £99 fee at 60% LTV.

Also interestingly they will consider Holiday Homes on their BTL range!

Godiva owned by the Coventry building society are the “Does what it says on the tin lender” I liken them to the Yorkshire tea, or a sliced white loaf of a the buy to let product market. Nothing spectacular just a good solid no frills value for money products.

  • 3.49% variable penalty free for the term of the loan, £999 fee max 65% LTV (very good value with flexibility)
  • 3.79% 2 year fixed, £500 fee max 65% LTV
  • 4.74% Standard variable penalty free no fee max 65% LTV

Cost and product wise the market has been reasonably stable with small improvements adding up each month giving a healthier range of options available especially in niche areas such as:

Terms beyond retirement age, Bridge to Let, Remortgages inside 6 months, Ltd company applications, Higher LTV, Lower fees, Light adverse, Holiday let and more.

All of the above products, lenders and many more can be found by using our Buy to Let calculator and quote engine Please Click Here

If you need any assistance with a Buy to Let mortgage you can also:

Email: info@property118.com or

Telephone: 01603 489 1182013


BuytoLet Lender BM Solutions allows Student and Benefits tenants Buy to Let News, Landlord News, Latest Articles, Property News

BMSBM Solutions relaxes its BuytoLet lending criteria to allow landlords to rent to students and benefit claimants

It was recently reported that BM Solutions was looking at changes to its BuytoLet underwriting criteria and the rumors were that they would be looking to remove its £25,000 minimum income requirement.

The initial reaction by some market commentators was that to remove the £25k minimum income would lead to the door being opened to low income households who are more at risk of defaulting, albeit that it could open the door to buyers outside of London, and would be of particular help for self-employed clients.

Another rumored criteria change was regarding the Lloyds restriction on its BuytoLet criteria which only allows a maximum of three buy-to-let properties per customer, across the whole of the Lloyds Banking Group (which now includes major lending brands such as BM Solutions, Halifax, C&G).

So, what has changed? How have BM Solutions relaxed their criteria? Previously, the lender’s list of exclusions included student lets, tenants claiming housing benefit, rent rebates or rent allowance, asylum seekers and tenants benefiting from diplomatic immunity.

With immediate effect BM Solutions has now adjusted its criteria to allow BuytoLet landlords to rent properties to students and benefit claimants. They are also now willing to offer loans on properties with a maximum of five occupants, a stipulation attached to all properties, although BM Solutions has never lent on House of Multiple Occupation, where tenants sign individual tenancy agreements and this still hasn’t changed.

This news comes just over a week after The Mortgage Works has also in dropped its restriction on lending to landlords with tenants who are on housing benefits.

Other lenders which will lend to landlords with student tenants include The Mortgage Works, Godiva, Abbey for Intermediaries, Woolwich, Aldermore and Virgin Money.

Howard Reuben, Principal of H D Consultants says that these most recent criteria changes are testimony that Lloyds is pursuing more business. He says “This criteria update appears to back up the news that BM Solutions is looking increase business via criteria rather than chasing the rate. This is a controlled measure which will provide some relief to a number of landlords”

From 19th March, BM Solutions has announced new semi-exclusive products starting at 3.89% up to 75% LTV available for purchase and remortgage, and which also benefits from a £500 cashback too.

To discuss any Buy-to-Let deal with our preferred broker please call us on 01603 489118 or email info@property118.com

If you would like to add your own requirements and search for the most popular available Buy to Let products please click here

Buy to let auction property finance calculator


Godiva BuytoLet save £2499 on the same rate! Buy to Let News, Landlord News, Latest Articles, Property News

Godiva BuytoLet, owned by the Coventry Building Society, have further tweaked their Flexible variable and Flexible fixed products by keeping the interest rate charged the same and removing the fixed arrangement fees.

This is a whole of term flexible BuytoLet product with no early repayment charge and no need to remortgage after a prescribed time thus saving remortgage costs as well as the £2499 arrangement fee. The other product is a Flexible fixed for 2 years with no early repayment charge and no arrangement fee saving £749. Details and Criteria below: Continue reading Godiva BuytoLet save £2499 on the same rate!


Godiva launch new 75% buy to let product range Buy to Let News, Landlord News, Latest Articles, Property News

Godiva, owned by the Coventry Building Society, have launched an aggressive new buy to let product range extending its loan to values to 75% and adding 5 year fixed rates with no early repayment charges.

They have obviously secured funding and are hungry for market share with the 5 year flexible fixed at 5.75% and a lifetime flexible variable at 5.49%. These products are targeting the market that wants a long term deal without the need to remortgage in a short space of time whilst keeping options open for future changes in circumstances (further details below) Continue reading Godiva launch new 75% buy to let product range


Buy to let product that does what it says on the tin Financial Advice, Landlord News, Latest Articles, Mortgage News, Property News

I spent all day yesterday updating the mortgage calculator making sure all the usual little lenders’ tweaks had been uploaded and any interesting new products were included, when I ran across what I think is the Yorkshire tea, or a sliced white loaf of a the buy to let product market.

It is nothing spectacular just a good solid no frills value for money product by Godiva owned by the Coventry building Society. It is a 4.25% variable mortgage, which doesn’t sound exciting, but I will tell you why I like it the same way as my vanilla ice cream. Continue reading Buy to let product that does what it says on the tin


Property118 Landlords Newsletter – Issue 116 Latest Articles

This week’s edition features an introduction to Tessa Shepperson’s course “Landlord law made easy”, a recession busting article on how to save stamp duty, criteria to consider when purchasing a flat, buy to let market updates and the start of a series of articles on the availability of commercial finance.

Continue reading Property118 Landlords Newsletter – Issue 116


Lenders cut rates with new buy to let mortgage deals Buy to Let News, Financial Advice, Latest Articles, Mortgage News

Buy to let mortgage borrowing is expected to increase even more as lenders switch funds away from movers and first time buyers to landlords.

Several key lenders have already pledged more funds for buy to let – including the Co-op Bank and The Mortgage Works, the property investment subsidiary of the Nationwide Building Society. Continue reading Lenders cut rates with new buy to let mortgage deals


Godiva resurrect buy to let capped rates Buy to Let News, Latest Articles, Property118 News

Godiva the specialist buy to let arm of the Coventry Building society is bringing capped rates back into the market after their disappearance during the credit crunch.

A capped rate is a variable mortgage that can move up or down with fluctuations in interest rates, but will not increase beyond the “capped” pay rate during the term of the product. The advantage is that you can take a potentially cheaper variable rate without the risk of it increasing beyond a defined interest rate. Continue reading Godiva resurrect buy to let capped rates


Property118 Landlords Newsletter – Issue 114 Newsletter

This week’s edition features Julie Ford looking at the rise of virgin landlords and Ben Reeve-Lewis delves deeper into his Tenancy Relations Officer role. There is also news of buy to let mortgage changes, an update on the government and insurance companies stand off and a round up of landlords in court.

Continue reading Property118 Landlords Newsletter – Issue 114


Buy to Let Arrangement Fees Reduced by Godiva and Platform Buy to Let News, Latest Articles, Mortgage News, Property Market News

The Coventry Building Society has cut rates and fees on buy to let loans through subsidiary Godiva.

Two year fixed rates are offered at 4.30% at 65% loan to value with a £250 booking fee and no arrangement fee, while another two-year fix is available at 3.99% with a £250 booking fee and a £749 arrangement fee.

Platform has also cut buy to let rates across a range of tracker and fixed rate buy-to-let products. Continue reading Buy to Let Arrangement Fees Reduced by Godiva and Platform


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