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Buy to Let Market Update

Doug Hall
Written by Doug Hall

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: –

The Mortgage Works – has announced a series of rate cuts across its two and five-year fixed rate buy-to-let products. The rate cuts include the 65% LTV (loan to value) two-year fix reduced from 1.64% to 1.59%. This deal has a £1,995 fee, free valuations, and £250 cashback. In addition, the 65% LTV two-year fix has been sliced from 1.99% to 1.69%. This product has a £995 fee, free valuations, and £250 cashback. The 50% LTV five-year fix has also been reduced, from 1.94% to 1.89%, and the 65% LTV five-year fix from 2.09% to 1.99%. Both products have a £1,995 fee. All of the products listed above are for both purchase and remortgage.

The Mortgage Lender – has launched a multi loan buy-to-let shared exclusive range for RLA Mortgages/3mc. The range has no lender application fee (usually £150 per application) and a reduced lender completion fee of 0.25% when comparing to the lenders core range. This range is available for both remortgage and purchases when submitting two or more applications at the same time.

Leeds Building Society – has cut rates on selected buy-to-let mortgages by up to 0.16%. The lender has also introduced new cashback incentive. It is now offering a 1.69% two year buy-to-let fixed rate mortgage up to 60% LTV (loan to value) with a £999 fee. The range has also been expanded to include new five-year fixed rate buy-to-let cashback products. The new £1,000 cashback incentive products, which include a free standard valuation and fees assisted legal services for remortgages, comprise: 2.94% five year buy-to-let mortgage available up to 60% LTV with no fee & 3.11% five year buy-to-let mortgage available up to 70% LTV with no fee.

Zephyr Home Loans – one of the newest lenders to enter the buy-to-let market has launched a new 7-year fixed rate product and also lower rates across most of their core range.

Accord Mortgages – has launched three new products including 2-year remortgage deals with £0 fee and paid standard legal fees. These new products are available at both 60% and 80% LTV. A new 5-year 75% LTV house purchase product at 2.82%. This product comes with a paid valuation, £0 product fee and £500 cashback.

Paragon Bank – has reduced its rates on a series of buy-to-let mortgage products. The reductions include the 75% LTV five-year fix cut from 3.80% to 3.70%. This deal is for landlords with single self-contained units, has a maximum loan value of £750,000, and a maximum term of 25 years. The lender has also sliced rates on the 75% LTV five-year fix from 3.90% to 3.75%. This offering is for landlords with houses in multiple occupations or multi-unit blocks, includes a maximum loan value of £750,000, and a maximum term of 25 years. In addition, both products have free valuations, do not include product fees or application fees, and offer £350 cashback, increased from £250.

Skipton for Intermediaries – has made rate reductions across selected buy-to-let products. At the same time, they have increased the maximum individual buy-to-let loan amount to £1,000,000 and increased our maximum buy-to-let portfolio limit with Skipton Building Society to £3,000,000.

Landbay – has reduced rates by up to 0.6% across their buy-to-let range and at the same time reduced the lender completion fee on selected products by up to 0.5%. The maximum individual loan is £2,000,000 through selected partners including RLA Mortgages/3mc.

Axis Bank – has refreshed their entire buy-to-let products and announced criteria changes including landlords are now only required to hold 2 buy-to-let properties for 2 years (compared to 3 previously). Where applicant 2 is a spouse, experience as a landlord is no longer required.

Pepper Money – has launched a range of buy-to-let summer specials for landlords that haven’t had a county court judgment or default registered against them in the last 6 to 24 months. The 5-year fixed rate limited edition range starts from 3.48% and is available up to 80% LTV. The products have a 2% lender completion fee.

Foundation Home Loans – has launched a limited-edition portfolio landlord 5-year fixed rate product with free standard valuation and no lender application fee. The product is fixed at 3.39% and has a 1.5% lender completion fee.

For further information on Buy to Let mortgages both for individuals and limited companies please contact RLA Mortgages on 0161 341 0581 or visit the website

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 it be viewed as a personal recommendation or advice. Before a recommendation/advice can be given, you should seek independent mortgage advice so that they can understand your circumstances before any advice is given.

Please note: We 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.

RLA Mortgages is operated exclusively for The Residential Landlords Association (RLA) by 3mc, which is authorised and regulated by the Financial Conduct Authority. FCA No. 302992. The Residential Landlords Association is an Introducer Appointed Representative of 3mc (UK) Limited.


About the author

Doug Hall

Doug Hall

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.

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