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Buy-to-let mortgage lenders continue to cut rates

Like in the residential space, buy-to-let mortgage rates have continued to come down, easing affordability pressures for many landlords.

Getting to grips with higher mortgage rates has been one of the key difficulties faced by much of the housing market over the past couple of years – and is why cash buyers have grown in number, particularly in the property investment space.

As inflation has begun to ease, though, and the Bank of England ceased its hiking of the base rate and actually held it steady at the past two meetings, lenders have reacted by bringing more competition to the buy-to-let mortgage market. This is good news for landlords remortgaging, as well as new borrowers coming to the market.

Landlords and investors are now much more likely to secure rates at closer to 6% or even below, whereas a couple of months ago rates were averaging closer to 7%. While this still remains higher than it had been for many years, it will make a tangible difference to the monthly outgoings of those taking out a buy-to-let mortgage now.

Which buy-to-let mortgage lenders are dropping rates?

Since the summer, lenders across the board in both the buy-to-let and residential space have been lowering their rates, while also boosting their product numbers in many cases. This gives borrowers much more choice, making it easier to select a product that best suits their individual circumstances.

Over the past few days, there has been a new wave of lenders dropping their buy-to-let rates, though, and landlords should keep abreast of these changes when they’re looking to remortgage or take out a new loan.

CHL Mortgages has cut its fixed rate buy-to-let products by up to 39 basis points, with two-year fixed rates now starting from 5.40%. For a five-year fixed rate, CHL now offers products starting at 5.27%. The lender has made the biggest cuts to its houses in multiple occupation (HMO) rates.

This week also saw West One Loans dropping its buy-to-let mortgage rates, by up to 40 bps. It is now offering a two-year fixed rate product from just 4.74%, while it is also offering more competitive deals to complex borrowers. There are new products on the shelves for foreign national landlords, too.

Next, Virgin Money has launched a series of seven-day “exclusives”, launching on 20th November for both remortgages and new loans, so landlords looking to secure a competitive deal right now might find a good offer with this lender.

For remortgages, it will be offering a 60% LTV five-year fixed rate product at 4.70%, with a £995 fee, as well as a 70% LTV five-year fixed rate of 4.80% with the same fee for landlords. For purchase, it will offer a 90% LTV two-year fixed rate at 5.85% with £500 cashback, and a 90% LTV five-year fixed rate at 5.16% with £500 cashback.

Paragon Bank has also made a number of buy-to-let mortgage product cuts, including a particular focus on the energy efficient property market. It has reduced its rates for those purchasing properties with an energy performance certificate (EPC) rating of A-C, as part of its green product range.

Vida Home Loans, another specialist lender, also cut its buy-to-let rates by up to 40bps. It now offers rates from 5.39% for standard buy-to-lets, or from 5.54% for HMOs and multi-unit blocks, with varying fee percentages attached.

Finally, although the list is not exhaustive, Bluestone Mortgages has dropped its buy-to-let mortgage rates across its whole product range, with new offers on two-year, three-year and five-year deals. The lender caters for those with complex credit needs, including those with defaults or CCJs.

It is reducing rates by up to 80bps on two-year and three-year fixed, and by up to 60bps on its five-year rates. Borrowers can take out up to 80% LTV loans.

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