Mortgage rates HMO

Landlords incentivised as lenders review buy-to-let mortgage ranges

The buy-to-let (BTL) market remains strong as existing landlords become the focus for lenders vying for new business. 

Despite fears of a mass exodus from the buy-to-let market a survey from advice website The Property Hub found that just 2.9% of landlords are planning to sell their property in the next year.  As competition intensifies for borrowers, lenders have launched a raft of new and improved products over the past month. 

Enticements include Coventry’s rate cuts of up to 0.10% across its range, Leeds Building Society’s two-year tracker reduced to 1.29%, and Precise Mortgages new criteria for lending plus a new refurbishment product for properties requiring remedial works.  

The Mortgage Works reduces rates across its range  

The Mortgage Works five-year fixed rates are now available from 3.59% with a 2% fee at 80% LTV.  A two-year fixed rate at 4.69% at 80% LTV, with no fee and £1,000 cashback, is also available.  For limited companies, the five-year fixed has been dropped to 3.74% at 75% LTV.  There’s also a five-year fixed Further Advance product for HMOs, with rates starting at 2.79% with a 1% fee for existing customers.  

Landlords looking to remortgage an existing residential property can take advantage of a new let-to-buy five-year fix of 3.99% at 75% LTV with £1,000 cashback.  

Kensington Mortgages increase LTV on HMO range  

Kensington Mortgages is now accepting up to 80% LTV on its HMO range up to 6 beds, starting at 3.44%. Plus, the lender has extended its lending criteria to allow personal income or income from other properties to be used in affordability assessments. Non-owner occupiers and first-time buyers will also now be considered, and the applicant age has been increased to a maximum of 70 years.  

Magellan Homeloans enters buy-to-let market  

The new BTL range from Magellan Homeloans offers mortgages up to 80% of the property value and caters for standard, multi-unit and HMO type properties and is available to individuals and both trading and SPV limited companies.  

Accord Mortgages cuts up to 0.25% on BTL products  

Accord has reduced their 5-year fixed rate mortgages to 2.94% at 75% LTV for purchases and remortgages. Both have a £195 fee, free standard valuation and £1,000 cashback. 

According to UK Finance, while new buy-to-let mortgages were 13% down on August 2017, almost 14,000 buy-to-let remortgages were completed in August this year – 4.5% more than in the same month last year.  With mortgage lenders focusing on delivering attractive deals for existing landlords, it’s certainly a good time to lock into a record low rate. 







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