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BTL lenders responding to Ltd Co with gusto – Ying Tan

by: Ying Tan, managing director of Buy to Let Club
  • 01/12/2017
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BTL lenders responding to Ltd Co with gusto – Ying Tan
Ahead of the Autumn Budget there will undoubtedly have been some wishful-thinking folk hoping for a u-turn on the buy-to-let tax relief changes that have led to a huge number of landlords pursuing the limited company route.

While the chancellor did not deliver anything positive here (nor anything negative mind, thank heavens for small mercies), it seems the industry does not actually need him too.

Buy to let lenders are responding to the growing limited company market with gusto.


TMW returns

November, of course, saw the very welcome return of The Mortgage Works to the limited company market.

The lender hasn’t operated in this space since 2011 but has made its return as a result of growing demand for products.

It has launched five new purchase and remortgage loans with rates from 2.99% for two-year and 3.64% for five-year loans.

This will no doubt lead to greater competition and product innovation in this space.


New products

Also keen to support the limited company sector, Precise announced the launch of a limited edition five-year fixed product which will be available for core and limited company applications.

The product has the cheapest five-year fixed rate within the lender’s buy-to-let range at 3.90%, and the stress rate is the pay rate.

Elsewhere, Foundation Home Loans introduced a series of flat-fee products across its buy-to-let range. It seems all landlords have reason to be cheerful here as everyone can access it from first time landlords, through to experienced landlords with large portfolios.

The new two- and five-year fixed rates are available to individuals and limited companies and all have an arrangement fee of £1,995.


Well done everyone

So Mr Hammond may not have had the buy-to-let industry in his sights in this Budget but I think it’s clear the industry is responding very well indeed to the changes, thank you very much.

Give yourselves a pat on the back compatriots.

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