Insights and Opinions Doug Hall 15/02/2021

Buy-to-let mortgages update: February

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: -

BM Solutions – has overhauled its buy-to-let mortgage rates. Remortgage and let-to-buy products saw a range of reductions across 2-year fixes at 60% Loan to Value and 75% Loan to Value and 5-year fixes at 75% LTV. The cuts have been applied to products with £0, £995 and £1,995 fees.

The Mortgage Works - has launched new limited company mortgages with legal fees and a valuation included. The new rates at 75% Loan to Value are available for remortgages and cover four products. Its 2-year fixed rate at 3.34% with a £1,995 fee is included; its 2-year fixed rate at 3.49% with a £995 fee; its 5-year fixed rate at 3.69% with a £1,995 fee; and its 5-year fixed rate at 3.84% with a £995 fee.

Vida Homeloans – has launched a new shared buy-to-let exclusive product available for both limited company and individual applications which is available to 75% Loan to Value. The 5-year fixed rate is 3.34% with a fixed lender fee of £3,750. The product is available for loan sizes between £150,000 and £750,000 and available through selected partners including NRLA Mortgages/3mc.

Landbay – has made rate reductions across its range, including on houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) deals. This includes an improved HMO special edition range, enhancing rates and criteria on HMO’s up to six bedrooms with rates starting at 3.35%. A new large loan £750 cashback product has been added to its 5-year 70% Loan to Value deal for loans between £1m and £1.5m is at 3.49%.

Precise Mortgages – has reduced rates and fees across the full Buy to Let range (including limited company, HMOs and limited company HMO) with rates starting from 2.79% with 1.5% fee (core and limited company) and 2.89% with 1.5% fee (HMO and limited company HMO – including multi-units).

Paragon Bank – has broadened its buy-to-let larger loan offering to include Houses in Multiple Occupation (HMOs) and multi-unit blocks (MUBs). The new 75% Loan to Value product, which is available on loans between £350,000 and £1 million, is a 5-year fixed rate at 3.60%, and includes a free mortgage valuation. The product has a £3,500 lender fee and £299 application fee fixed regardless of the loan amount.

Zephyr Homeloans – has reduced the majority of their standard and specialist HMO & MUFB products and also reduced rates across their Specialist New Build & Flats Above Commercial product range.

Lendinvest – has increased their Loan to Values and reduced rates on their HMO range and will now consider HMO’s up to 15 bedrooms.

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