The roll out of the cuts to landlord tax relief will begin on 6 April and while most landlords have already made plans to accommodate the changes, there’s undoubtedly an air of trepidation and nervousness about. That being said, the lending community is certainly rising to the challenge and should be applauded for doing so.
Portfolio landlords may feel somewhat put upon of late with the tax relief cuts and the impending PRA rules surrounding landlords with several properties no doubt causing some headaches. Credit goes, therefore, to New Street Mortgages which this month launched a new range of low rates up to 80% LTV aimed at professional and portfolio landlords.
The new range features no portfolio limit with other lenders and no debt-to-income ratios and all adverse credit older than 36 months is ignored. LTVs of 65%, 75% and 80% are available, discounted rates start from just 1.59%, fixed rates are as low as 1.69% and landlords can have up to £2m total lending with New Street.
Fellow specialist lender Pepper Homeloans has also made changes to its buy to let offering, launching limited edition two-year fixed rates starting from just 3.38% across its near prime range. Five-year fixed rates now start at just 4.18% across all product levels.
Elsewhere, Kent Reliance has launched its lowest ever rates for specialist buy to let, including loans to limited companies and HMO mortgages. Rates have been cut across the lender’s two and three-year fixed and variable rate products, with rates starting at 2.99% at 65% LTV, reduced product fees on large loans and no early repayment charges on discounted variable rates.
Meanwhile, State Bank of India launched a new range of buy-to-let products with reduced rates, an increase to its maximum LTV and enhancements to its lending policy. The new range includes rates reduced by up to 45 basis points on five-year fixed and by up to 30 basis points on five-year trackers. Special purpose vehicle and limited company applications will no longer require the principal applicant to be an existing buy-to-let investor.