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Fingers crossed Autumn Budget will ignore BTL – Ying Tan

by: Ying Tan, managing director of Buy to Let Club
  • 03/11/2017
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Fingers crossed Autumn Budget will ignore BTL – Ying Tan
It’s been a bit of a mixed bag in the buy-to-let world this month with rate rises and rate cuts across the board.

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.

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