Buy-to-let product round-up

Buy-to-let lender BM Solutions has slashed rates on a number of mortgage deals while extending end dates on all fixed-rate products by three months.

Refreshed products in the range include two-year 60% loan-to-value (LTV) deals reduced by 0.15% now at 1.99%; two-year 75% LTV large loan products now at 2.14%; and two year 75% mortgages cut by 0.10% and now starting from 2.34%.

Vida Homeloans has introduced new rental calculations and top-ups for landlords in response to the stricter underwriting regime introduced by the Prudential Regulatory Authority in January.

For basic rate tax payers and limited companies, the lender’s new rental cover is 125%, however borrowers can lower the threshold to 115% with top-ups from their surplus income.

Similarly, higher rate tax payers will be able to lower the 140% rate of rental income required to 120%.

For pound for pound remortgages the lender has said it will use a notional rate of 5%, while a minimum rate of 5.5% will apply to rental calculations.

Barclays has launched a range of fee-free deals for buy-to-let borrowers, while reducing a number of products to 'best-ever' rates.

Highlights from the reduced range include a two-year fixed mortgage at 2.09% with a 1% fee; a two-year tracker at a rate of 2.09% and £1,500 fee; and a five-year fix at 2.99% with a 1% fee, all at 75% LTV. Barclays is also introducing a new 2.99% 10-year fix at 65% LTV with a £2,000 fee.

Products in the fee-free range include a 2.35% five-year fix at 75% LTV; a 3.59% five-year fix at 75% LTV; and a number of rate switch and further advance fixed-rate deals starting from 2.31%.

Landbay confirmed its commitment to professional landlords with a new range including fixed-rate products from 4.20%. New products include a five-year fix from 4.40%, HMO trackers from 3.98% and expat trackers from 4.38%. Furthermore, maximum LTVs have risen to 80% on some products.

Fleet Mortgages has launched a number of new products across both its individual and limited company ranges.

The new individual products include a two-year 80% LTV fix at 3.79% and a 75% LTV lifetime tracker at 4%. Both products come with a 1% fee and rent is calculated at 125% at 5%.

The new limited company products include a two-year 80% LTV fix at 4.39%, a 75% LTV lifetime tracker at 4.2% and a 65% LTV lifetime tracker at 4%.

All three products come with a 1.5% fee and again rent is calculated at 125% at 5%.

Aldermore has dropped its rates on a number of products with two-year fixes at 75% LTV now starting at 3.48% and at 80% LTV starting at 3.88%.

Axis Bank has also been cutting its rates. The lender’s new reduced rates apply to its two and five-year standard and specialist products. Two-year fixes are now available from 3.38% and five-year fixes from 3.95%, both at 75% LTV.

The lender also revealed that Special Purpose Vehicle (SPV) applications will now qualify for its standard range pricing on straightforward ‘vanilla’ properties.

All interest rates correct at time of writing


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