There was good news from Fleet Mortgages which announced it was reducing both rates and fees across a number of its products. Highlights include rate reductions on 75% loan-to-value (LTV) five-year fixes now at 3.49%, down from 3.79% and limited company buy-to-let 75% LTV five-year fixes now at 3.79%, down from 3.99%.
Limited company fees have been dropped from 1.5% to 1.25% and Houses in Multiple Occupation (HMO) fees have been cut from 2% to 1.5%.
Meanwhile, The Mortgage Works announced rate reductions of up to 0.45% across selected five-year fixed rates at 65% and 75% LTV.
And before the interest rate rise hit, BM Solutions became one of the lenders to increase rates, announcing a 0.15% increase to all two- and five-year remortgage buy-to-let and let-to-buy products.
Bated breath
As Mortgage Solutions reported some weeks back, Paragon Mortgages has undergone a rebrand and this month confirmed that the Mortgage Trust name is no more, with its products now coming under the Paragon non-portfolio brand.
Finally, Virgin Money revealed it will now accept a landlord’s personal income to cover any rental shortfall between the 125% and 145% rental coverage requirement.
Elsewhere the buy-to-let world waits with bated breath on this month’s Autumn Budget. We have already heard more on the lettings fee ban and may see further attention on affordable build-to-rent.
Indeed, as Theresa May made clear in her party conference speech, property is a key focus for the government going forward. Whether that focus will impact landlords and the buy-to-let sector further remains to be seen – I’m keeping everything crossed that it doesn’t.
