Interest Rate Cuts for Buy-to-Let MortgagesInterest Rate Cuts for Buy-to-Let Mortgages Competition among landlords is intensifying, leading to a series of interest rate cuts on buy-to-let mortgages by various lenders. Agreement: * Reduced two-year fixed rates by 0.05% to 0.40% * Reduced three-year fixed rates by 0.10% to 0.20% * Reduced two-year tracker rates by 0.05% LendInvest Mortgages: * Further cuts in five-year rates by up to 0.10% * Rates starting at 4.99% West One: * Buy-to-let rates starting at 3.09% * Catering to various borrower types, including first-time landlords, portfolio landlords, and borrowers seeking larger loans Foundation Home Loans (Buy to Rent): * New five-year, fixed rate Limited Edition product * Available up to 75% LTV with a rate of 5.59% and a fee of 2.25% The Mortgage Works: * Reduced rates by up to 0.30% on selected BTL products * New two-year fixed rate for BTL purchases and refinancing of 3.69% with a 3% fee (up to 65% LTV) * New five-year fixed rate for BTL purchases and refinancing of 4.04% with a 3% fee (up to 65% LTV) * Five-year fixed switcher rate reduced to 4.14% with a 3% fee (up to 75% LTV) * Reduced rates for private limited companies up to 75% LTV
Another group of rental property lenders have cut interest rates on their products as competition among landlords intensifies.
A statement of Agreement says new buy-to-let borrowers can now benefit from reduced two-year fixed rates, which will be cut from 0.05% to 0.40%. Three-year fixed rates will also be cut by 0.10% to 0.20% and Accord’s two-year tracker rates will be cut by 0.05%.
All discounts apply to the lender’s full new business BTL range, with the exception of the 80% loan-to-value products.
And LendInvest Mortgages has followed up last month’s rate cuts with further cuts in a number of five-year rates by up to 0.10%, with rates now starting at 4.99%.
In the meantime West oneThe latest rate changes mean the buy-to-let range starts at 3.09% and caters for a range of borrowers including first-time landlords, those with poor credit and portfolio landlords looking to borrow up to £10.5m. The BTL range also offers solutions for HMOs, multi-unit freehold blocks (MUFBs), holiday lets, ex-local authority, let-to-buy and expat borrowers.
Buy to rent by Foundation – the buy to let brand of Foundation Home Loans – has launched a new five-year, fixed rate Limited Edition product. Available within the F1 tier for customers with an ‘almost clean’ credit history, the new product is available up to 75% LTV with a rate of 5.59% and a fee of 2.25%.
Finally The Mortgage Works has today reduced rates by up to 0.30% on selected BTL products for both new and existing customers.
For new businesses, the revised rates include a two-year fixed rate for BTL purchase and refinance of 3.69% with a 3% fee, available up to 65% LTV, reduced by 0.10%. There is also a five-year fixed rate for BTL purchase and refinance of 4.04% with a 3% fee, available up to 65% LTV, also reduced by 0.10%.
Mortgage Works’ five-year fixed switcher rate is 4.14% with 3% fees. This rate is reduced by 0.10% and is available for BTL purchases up to 75% LTV.
As part of these changes, the lender’s new business rates for private limited companies have also been reduced. These include a two-year fixed rate for buy-to-let purchases and refinancing of 4.99% with a 3% fee, available up to 75% LTV, reduced by 0.30%.
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