Three more BTL lenders reduce product rates

Buy to let landlords wanting cheaper BTL mortgage products are seeing rates being reduced as three more lenders are now offering cheaper products.

The Mortgage Works (TMW) has unveiled rate reductions of up to 0.5% on selected new business products, delivering potential savings to investors in the buy to let market.

Fleet Mortgages, a specialist BTL lender, has introduced a suite of product transfer options for its existing borrowers.

The Mortgage Lender has also unveiled a tranche of BTL products with lower rates for its existing customers.

Rate cuts for buy to let investors

The Mortgage Works is making these rate reductions available across several product categories, including its BTL range, including:

• Buy To Let – Five-year fixed rate (purchase and remortgage) at 4.99% with a 3% fee, available up to 55% LTV (reduced by 0.15%)
• Buy To Let – Five-year fixed rate (purchase and remortgage) at 5.04% with a 3% fee, available up to 65% LTV (reduced by 0.15%)
• Buy To Let – Five-year fixed rate (purchase and remortgage) at 5.59% with a £1495 fee, available up to 75% LTV (reduced by 0.15%)

Additionally, TMW is lowering selected rates in its let-to-buy and large portfolio range by up to 0.4% and its HMO range by up to 0.5% for new business customers.

Daniel Clinton, TMW’s head of specialist lending, said: “We are pleased to announce further rate reductions following a sustained period of stability in the swap rate environment.

“These reductions will be well received by buy to let investors and provide welcomed relief over their repayments.”

Competitive rates from The Mortgage Lender

The Mortgage Lender (TML) is also joining the rate reduction trend, targeting its 5-Year fixed buy to let product range.

Products in TML’s BTL core range and HMO & Multi Unit range are impacted by this change with rate reductions of up to 10 basis points (bps).

Steve Griffiths, TML’s chief commercial officer, said: “With costs still high across the board, we understand that landlords and brokers are looking for the best options to suit their needs when purchasing a new BTL property or re-mortgaging their current portfolio.”

New product transfer options from Fleet Mortgages

And Fleet Mortgages, in a bid to enhance its offerings has introduced a new suite of product transfer products for existing borrowers.

The product transfer mortgage range includes both two- and five-year fixed-rate deals and is available across Fleet’s three core areas of lending: standard, limited company, and HMO/Multi-Unit Block (MUB).

For eligible borrowers, Fleet is offering the following products:

• Standard/limited company borrowers – a two-year fixed-rate priced at 5.79%, with a five-year fixed-rate priced at 6.09%
• HMO/multi-unit block borrowers – a two-year fixed-rate priced at 5.99%, with a five-year fixed-rate priced at 6.23%.

Fees for all product transfer products are 2.5%, which is a 50-basis points reduction compared to the equivalent new business product range, with a revert rate of Bank Base Rate plus 3% after the fixed-rate period.

‘New range of product transfer products’

Fleet’s chief commercial officer, Steve Cox, said: “As we continue to broaden our offering, we are very pleased to be launching this new range of product transfer products.

“Given where we are with the new rate environment, we believe this is a vital new option that will support ongoing property investment and provide peace of mind to eligible borrowers in terms of their continued ability to be active in the private rental sector.”

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