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September’s 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: –

Accord Mortgages – has announced cuts of up to 0.25% across its mortgage range.
Changes include the 75% Loan to Value 5-year fixed rate purchase or remortgage products being cut from 3.19 per cent to 2.94 per cent. Both have a £195 fee and come with free standard valuation and £1,000 cashback.

Coventry for Intermediaries – has announced cuts of up to 0.10% across its BTL products which can be found within its 5-year fixed rate range of products. Highlights include the 50% Loan to Value product, which has been cut from 2.55% to 2.45%, and the 65% Loan to Value BTL mortgage, which has been cut from 2.65% to 2.55%. Both have a £999 product fee.

Leeds Building Society – has refreshed it 2-year tracker range with rates now starting from 1.29%. All products come with a free standard valuation and fees assisted legal services for standard re-mortgages.

Kent Reliance – has announced cuts on their 75% and 80% Loan to Value 5-year fixed rates for Buy to Let Standard and Buy to Let Specialist products. The new rates will now start from 3.79%.

Landbay – will now consider individual loans up to £1,500,000 with aggregate borrowing up to £5,000,000. They will also consider up to 15 bedroomed HMO’s. These exclusive criteria are available through selected mortgage intermediaries including RLA Mortgages/3mc.

Precise Mortgages – has launched new criteria across various property types. They will now consider holiday lets up to 70% Loan to Value, up to 6 flats on 1 title up to 75% Loan to Value and they have also launched a new Refurbishment product for Buy to Let properties in need of remedial works. Landlords can borrow up to £10,000,000 across 20 properties with no limit with other lenders.

Magellan Homeloans – is the newest specialist residential lender to enter the Buy to Let market. Their new range will cater for standard, multi-unit and HMO type properties and is available to individuals and both trading and SPV limited companies. They will allow Loan to Values of up to 80% and have no early repayment charges on their tracker products.

Kensington Mortgages – will now allow up to 80% Loan to Value on their HMO range which will allow up to 6 beds. The rates start from 3.44%. The lender has further expanded its lending criteria and introduced ‘top-slicing’ to allow personal income or income from other properties to be used in affordability assessments, with rental cover from 125%. Applications from non-owner occupier and first-time buyers will now also be accepted (on condition that one applicant is earning £40,000 or above) and the applicant age has been increased to a maximum of 70 years at application.

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 www.rlamortgages.co.uk.
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 a financial promotion 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 or financial advice. 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.

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

Although the FCA regulates the way the majority of mortgages are sold, in most cases it does not regulate buy to let mortgages. This means you may have less protection if things go wrong with a Buy to Let mortgage.

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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