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Landlords seeking better deals and longer-term financial security

Mortgage lenders who cater for the buy-to-let market are combating the recent market difficulties by offering competitive products to entice both existing and new landlords.

Despite talk of a mass exodus from the market, buy-to-let continues to be a popular investment choice, but with increased regulations and tax liabilities squeezing profit margins, landlords are seeking better deals and longer-term financial security from their mortgage providers more than ever before.

Reduced rates

Several announcements of reduced rates have been made over the past few weeks. Kent Reliance has cut rates across its buy-to-let range, with its five-year fixed rate now starting at 3.79% at 75% loan to value (LTV) and 4.39% at 80% LTV.

Sainsbury’s Bank is offering reduced rates of 1.40% at 60% LTV and 1.67% at 75% LTV, both with a £1,995 product fee, on a number of its two-year fixed rates for remortgages.

And Barclays has announced that it will be slicing rates for its two-year and five-year fixed rate products. Two-year fixes will drop to 1.50% at 60% LTV and 1.79% at 75% LTV) and five-year fixes at 2.19% at 60% LTV and 2.57% at 75% LTV.

Best five-year fixed rates

Since long-term security is a priority for many landlords, many lenders are focusing on their five-year fixed rate deals. For landlords with a 60% LTV, Leeds Building Society is offering a five-year fixed rate at 2.4% with no fees, while Post Office Money has a 75% LTV deal at 2.7% with a £995 fee. Skipton is offering a low rate of 2.2% with a £995 fee to borrowers with a 40% deposit, and Virgin Money will fix your mortgage until January 2024 on a 60% LTV at 2.3% with a £995 fee.

New mortgages for more complex assets

Magellan Homeloans has launched a range of products tailored to individuals and limited companies to make the process of obtaining a buy-to-let mortgage simpler and cater for more complex assets, e.g. HMOs, studio flats, shared houses and new-build property. The product range offers two- and five-year fixed rates and trackers, with rates starting at 2.69%.

Buy-to-let guarantor option avoids tax liability of joint ownership

For existing landlords wanting to invest with a first-time landlord (a spouse or dependent), Magellan has introduced a buy-to-let guarantor option – currently unique to them. As a guarantor rather than a joint owner, professional or experienced landlords can invest with a first-time landlord without the tax liability of joint ownership.

There is no doubt that the industry has concerns over the number of buy-to-let properties sold in recent months. However, there is a strong case that buy-to-let will remain an attractive investment choice as lenders compete for business in a less populated and more challenging landscape. Indeed the reward for not bailing out in response to tax and regulation changes are just starting to be felt by those landlords with a long-term strategy.

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