Northern Rock BuytoLet who are part of Virgin Money have confirmed they will consider “Day One” remortgages otherwise known as “Back-to-Back” and Regulated BuytoLets for the use of close family members.
This is a very niche area for Lenders with only Mortgage Trust as the other company able to consider remortgages inside six months of the purchase date when significant works have been carried out and BM Solutions who will consider Regulated BuytoLet applications. Continue reading Northern Rock BuytoLet Useful Criteria
Despite the economic uncertainty surrounding Europe BuytoLet products have remained very stable in terms of pricing to the consumer. It will be interesting to see if the Bank of England’s offer of £80 billion in cheap long term loans to the UK banking system specifically for the purpose of increasing lending will have a positive effect on BuytoLet availability and cost.
After the recent LIBOR (London Inter Bank Offered Rate) fixing scandal it is good to see this rate being reduced for buytolet borrowers. Mortgage Trust part of the Paragon group have reduced their LIBOR from 1.1% to 0.9% and Keystone mortgages who specialise in limited company, multi-let and HMO applications have reduced their LIBOR from 1.1% to 1.05% Continue reading BuytoLet news round up
Mortgage Trust will now consider remortgaging a property inside 6 months of the date of purchase, but only if there have been significant improvement works carried out which have enhanced the property’s value.
Continue reading Buy to Let remortgaging is now possible inside 6 months
As the buy to let mortgage wars hot up, several lenders are easing their terms for landlords.
Yorkshire Building Society has decided to offer buy to let across England and Wales, instead of just London and the South East. Continue reading Buy to Let Mortgage Conditions Eased
Landlord mortgage lender has changed borrowing criteria and released 50 new loan products – although most are just variations on fixed rates and terms.
The main changes to interest buy to let landlords are revised rent and income criteria that bring more purchase and remortgage deals in to the scope of loans Paragon underwriters can consider.
Most of the revamped products and application criteria relate to Paragon mortgages – but six are for subsidiary The Mortgage Trust.
Managing director John Heron said: “The new mix of products has been created to enable intermediaries to offer their landlord clients a flexible and open approach when looking for a buy-to-let mortgage.
“I would encourage intermediaries not to shy away from approaching us if they receive a more complex or unusual request from a professional landlord as we have extensive knowledge of how they operate, the type of funding they require and specific expertise in dealing with complex buy-to-let property purchases. Continue reading 50 new buy to let products from the Paragon Group
In a press release today Mortgage Trust launched its new Buy to let product range with a quote from John Heron, Mortgage Trust Managing Director, saying: “Mortgage Trust returned to lending in April and we have secured a strong position back in the buy-to-let market in this short space of time.
Continue reading Mortgage Trust launches new Buy to let product range
A new range of six buy to let mortgage products has been released by Paragon’s Mortgage Trust today, as well as two ‘Rapid Remortgage’ deals.
The three fixed mortgage rates range from 4.89% to 5.09% with three tracker rates between 4.3% and 4.5%, they will only be available via intermediaries for purchase and remortgage. Continue reading Mortgage Trust unveils its new buy to let package
The Mortgage Works (TMW) has cut interest rates across some buy to let mortgages and launched a new fixed rate deal.
Rates are down by 0.5% on mortgages for first landlords, let to buy borrowers and those offering free valuations and legal fees.
The new fixed rate is 4.99% at 50% loan-to-value over five years with a 3.5% arrangement fee. Continue reading Buy to let mortgage rates cut by TMW
Buy to let lender Paragon Mortgages is about to test how markets react to fears about toxic mortgage debt by issuing £250 million in bonds.
The lender had to stop mortgage lending when funding for securitisation of mortgage loans dried up in the credit crunch – but the firm feels banks may now be ready to offer funds, especially after Santander recently sold £3.75 billion of bonds. Continue reading Paragon sees virtues of buy to let lending
The buy to let mortgage lender battle for the hearts and minds of landlords has stepped up another gear as BM Solutions cut rates on some deals.
The lead up to Easter has seen most of the big players jockey for position in the buy to let market with rate cuts, slashed fees, plus free valuation and legal fee bundles. Continue reading BM Solutions play trump card as buy to let mortgage rate deals hot up