Insights and Opinions Doug Hall 02/08/2021

Buy-to-let market update August 2021

Welcome to ‘Buy to Let Market’, a column aimed at providing you with recent criteria and product updates within the Buy to Let lending markets.

Buy to Let Market Update: -

Landbay – has launched a new first time landlord HMO range for properties with up to 6 bedrooms. Rates start from 3.49% and is available up to 70% Loan to Value.

The Mortgage Works – has brought in 2-year and 5-year fixed rate limited company mortgages, with free legal incentives, to minimise upfront costs. Both products have a rate of 3.39% and are available up to 75% LTV. They are both subject to a £1,995 fee. The products come with free standard valuations and The Mortgage Works will appoint the conveyancer, cover the professional fee and standard disbursements. The lender has also cut rates for 5-year fixes with the limited company option up to 75% LTV going from 3.59% to 3.09%. It has a fee of £1,995 and free standard valuation.

Its BTL remortgage up to 65% LTV has been cut by 0.3%, with rates now starting from 1.59%. The rates for the lender’s BTL remortgage up to 75% LTV have decreased by 0.4% with rates starting from 1.79%.

Precise Mortgages – has increased their maximum Loan to Value from 75% to 80% across all of their Buy to Let ranges including the standard range, HMO, limited company and limited company HMO.

Kent Reliance - has increased their maximum Loan to Value from 75% to 80% across all of their Buy to Let ranges including the standard range, HMO, limited company and limited company HMO. They have also simplified their product options.

 BM Solutions – has applied rate reductions across their BTL purchase range.

Accord Mortgages – has reduced rates across a number of products for both Buy to Let purchases and remortgages. Rates have reduced by up to 0.38%.

Virgin Money – has reduced their 80% Loan to Value Buy to Let 2-year fixed rate product by 0.30% to 2.99%. The product has a lender completion fee of £995. They have also reduced their 75% Loan to Value by 0.10% to 1.99%.

CHL Mortgages – has reduced rates across its 75% Loan to Value range by up to 0.15% with 5-year fixed rates now starting from 3.10% at 75% Loan to Value.

Leeds Building Society – has reduced rates on selected Buy to Let and Portfolio Buy to Let 75% Loan to Value fixed rates by up to 0.20%. They have also launched a fee free option at 75% Loan to Value.

Masthaven Bank – has launched a number of limited-edition specialist Buy to Let deals starting from 2.75% for a 2-year fixed. The lender is offering the rate up to 65% LTV with a 1.5% fee, which is set at a minimum of £995. It has also launched a two-year fixed at 2.79% up to 75% LTV with the same fee.

Godiva Mortgages – has reduced rates on their 65% Loan to Value options for both portfolio landlords and non portfolio landlords. Rates have been reduced by up to 0.26%.

For further information on Buy to Let mortgages both for individuals and limited companies please contact NRLA Mortgages on 0161 341 0581 or visit the NRLA website https://www.nrla.org.uk/services/mortgages.

Please note lenders have different minimum criteria requirements and not all landlords and property types will qualify for a specific product. The product rates are correct at the time of writing the article and are subject to change.

This is an advertisement only and in no way should be viewed as a personal recommendation or advice. Before a recommendation of the suitability of the product can be given, we will direct you to 3mc (UK) Limited who can provide independent mortgage advice. As part of this they will ask questions so that they can fully understand your circumstances before giving advice.

NRLA Mortgages is a trading name of LPTE Limited which is an Introducer Appointed Representative of 3mc (UK) Limited who is Authorised and Regulated by the Financial Conduct Authority and is entered on the FS Register under reference 302992.

Please note: 3mc can advise/arrange Business Buy to Let (BBTL) and Consumer Buy to Lets (CBTL). Of the two, only Consumer Buy to Lets are regulated by the FCA.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

ANY PROPERTY USED AS SECURITY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

All calls are recorded for training and monitoring purposes.

Doug Hall

Doug Hall Director 3mc

Doug Hall is a director of 3mc; a specialist mortgage provider within the buy-to-let sector. 3mc have been established for over 21 years working with lenders, mortgage intermediaries and the Residential Landlords Association (RLA) providing all types of buy-to-let mortgage solutions.

See all articles by Doug Hall