More BTL lenders reduce product rates
“Good News for Buy to Let Landlords: Three More BTL Lenders Slash Mortgage Rates”
Are you a buy-to-let landlord looking to save on your mortgage expenses? Well, you’re in luck! Three prominent buy-to-let (BTL) lenders have just announced significant reductions in their product rates, making it easier for investors to thrive in the dynamic property market. Let’s dive into the details of these exciting developments.
The Mortgage Works (TMW): Unlocking Savings for Investors
TMW, a reputable player in the mortgage industry, has rolled out rate reductions of up to 0.5% on selected new business products, offering potential savings that will surely pique the interest of BTL investors. This move is a promising sign for those eyeing the buy-to-let market as it signals improved affordability and potentially higher returns.
What does TMW have in store for you?
– Buy To Let – Five-year fixed rate (purchase and remortgage) at 4.99% with a 3% fee, available up to 55% Loan-to-Value (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%
TMW’s rate reductions extend to other product categories as well, including let-to-buy and large portfolio ranges (up to 0.4% reduction) and HMO properties (up to 0.5% reduction) for new business customers. Daniel Clinton, TMW’s head of specialist lending, is optimistic about these changes, saying, “These reductions will be well received by buy to let investors and provide welcomed relief over their repayments.”
The Mortgage Lender (TML): Staying Competitive with Lower Rates
TML is also following suit in this rate reduction trend, focusing on its 5-Year fixed buy-to-let product range. Investors will be pleased to find that TML has trimmed rates in its BTL core range and HMO & Multi Unit range by up to 10 basis points (bps). This move reflects TML’s commitment to helping landlords and brokers find the best options for their BTL investments.
Steve Griffiths, TML’s chief commercial officer, highlights the importance of flexibility in the current market, stating, “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.”
Fleet Mortgages: Expanding Offerings with Product Transfers
In a bid to enhance its offerings, Fleet Mortgages, a specialist BTL lender, has introduced a brand-new suite of product transfer options tailored for existing borrowers. This move aims to provide increased flexibility and peace of mind to investors in the private rental sector.
What’s included in Fleet Mortgages’ product transfer mortgage range?
– Standard/limited company borrowers can enjoy a two-year fixed-rate priced at 5.79% or a five-year fixed-rate at 6.09%.
– HMO/multi-unit block borrowers have options too, with a two-year fixed-rate priced at 5.99% and a five-year fixed-rate at 6.23%.
The fees for all product transfer products are set at 2.5%, which is a notable 50-basis point reduction compared to the equivalent new business product range. After the fixed-rate period, borrowers can expect a revert rate of Bank Base Rate plus 3%.
Steve Cox, Fleet’s chief commercial officer, is enthusiastic about the introduction of these new product transfer products, stating, “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.”
In conclusion, these rate reductions and enhanced product offerings are excellent news for buy-to-let landlords, providing them with more affordable options and increased flexibility in managing their investments. As the property market continues to evolve, staying informed about such developments is essential for making the most of your investments. So, if you’re in the BTL game, be sure to explore these new opportunities and seize the benefits they offer. Your investment portfolio will thank you for it!