Buy to Let Market Update: February 2023
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. The information within this article is correct as at 31/01/2023.
Buy to Let Market Update: -
The Mortgage Works – has reduced rates on selected products by up to 0.5%, including large portfolio Buy to Let, limited company and houses in multiple occupation (HMO) deals.
The 2-year fixed rate at 65% loan to value (LTV) is priced from 3.99%. The lender’s 5-year fixed rate up to 65% LTV is priced from 4.39%. For large portfolio Buy to Let products, selected 2 and 5-year fixed rates have decreased by up to 0.50%. The lender has also reduced tracker stress rates by up to 1%.
Paragon Bank – has launched 4 new 5-year fixed rate Buy to Let mortgages. Aimed at portfolio landlords, the new fixes are all available at up to 75% LTV and come with £350 cashback. For properties with an energy performance certificate rating of between A and C, rates start at 5.20% with a 3% fee or 5.40% with a 2% fee. For properties rated D to E, rates begin at 5.25% with a 3% fee or 5.45% with a 2% fee.
Accord Mortgages – has reduced Buy to Let rates across all loan to value (LTV) tiers. This includes a 5-year fixed purchase rate deal at 60% LTV which has gone from 4.97% to 4.82%. It has a £1,995 fee, £500 cashback and free standard valuation. A 2-year fixed remortgage product at 60% LTV has gone down from 5.07% to 4.9%. It is subject to a £1,995 fee, £250 cashback and free standard valuation.
BM Solutions – has reduced rates on their 2-year fixed rate products by up to 1.62%- and 5-year products by up to 0.91%. The products are available for both Buy to Let and Let to Buy applications. The lender has also introduced new stress rates for certain application types.
HSBC – has reduced rates on their 2 and 5 fixed rate products as well as their 2-year tracker products.
Precise Mortgages – has launched a number of limited edition Buy to Let products available up to 75% LTV. 2- and 5-year fixed rates for purchase and remortgages with ICR (Interest Cover Ratio) assessment rates from 4.99%.
Kent Reliance for Intermediaries – has launched a number of limited edition Buy to Let products available up to 75% LTV. 2- and 5-year fixed rates for purchase and remortgages with ICR (Interest Cover Ratio) assessment rates from 5.39%.
Landbay – has reduced rates by up to 0.60% on their HMO and MUFB (Multi Unit Freehold Block) range and introduced more 2-year fixed rate products. All products include a variable fee structure for increased affordability. The lender has also launched 2-year discounted tracker products with no early repayment charges from day 1. The lender has also launched a Special Edition 5-year fixed range. The range now includes 55% and 65% LTV products suitable for standard properties. In addition, the lender has lowered its income cover ratio (ICR) requirements for basic tax rate borrowers to 125% from 140%.
Fleet Mortgages – has reduced rates on its fixed-rate products. The price reductions cover 5 - and 7-year fixes and its green 5-year fix across the lender’s standard, limited company and houses of multiple occupancy (HMO)/multi-unit block ranges. 5-year fixed rates now start at 5.29% for 65% loan-to-value (LTV) and 5.39% for 75% LTV, which are available for standard and limited company applications, while a 7-year fix is available at 5.43%.
Clydesdale Bank – has reduced fixed rates by up to 0.35%, with rates now from 5.04%.
Santander – has launched an intermediary exclusive Buy to Let product. The 5 year fixed rate is fixed at 4.99% with product fee of £1,999 and is available up to 75% Loan to value.
Zephyr Homeloans – has reduced rates on both their fixed and lifetime tracker products. Rates now start from 5.59% on the 5-year fixed and from 5.90% on the lifetime tracker.
Quantum Mortgages – has reduced all fixed rates by up to 0.75%.
Leeds Building Society – has reduced selected Buy to Let rates by up to 0.85%. Buy to Let stress rates have also reduced.
TSB - 2 and 5-year fixed rate Buy to Let purchase and remortgage deals up to 75% LTV have reduced by up to 0.8%.
Platform – part of the Cooperative Bank – has reduced their 2- and 5-year fixed rate products as well as their 2-year tracker products. 5-year fixed rates have been reduced by up to 0.55%.
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.