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Kensington accepts first-time buyers and Skipton hikes SVR – Ying Tan’s roundup

by: Ying Tan, managing director of The Buy To Let Club
  • 07/09/2018
  • 0
Summer is almost over and it’s back to school and back to business for the industry with a number of lenders making changes to their product ranges.




Skipton became the latest lender to hike rates following the Bank of England’s base rate rise earlier in the month. The lender announced its Standard Variable Rate (SVR) for residential or buy to let would increase from 4.70% to 4.95% while its base rate tracker (residential or buy to let) would rise from 4.95% to 5.20%.

The Mortgage Lender, meanwhile, has been reducing a number of rates with limited company two-year fixes now at 3.25% (up to 70% LTV), HMO five-year fixes now at 3.65% (70% LTV) and standard individual two-year fixes at 3.25% (up to 75% LTV).

Elsewhere, Pepper Money launched a Zero Completion Fee Limited Edition for residential and buy to let. Buy to let two-year fixed rates in the range start from 3.18%.


Laying Foundations


Foundation Home Loans launched a semi-exclusive with Buy to Let Club for a short term let product. The product, which is available through a select number of providers, is available to limited companies and individuals. There is no minimum income, rates start from 2.99%, up to 75% LTV and there are two- and five-year products available.

Kensington gave first-timers a boost when it announced it will now accept first-time buyers and non-owner occupier applications. The applicant(s) must be an existing residential home owner, unless at least one applicant earns a minimum of £40,000 or their employer provides tied accommodation.



Aldermore’s multiple property loan


Meanwhile Aldermore launched a limited edition product of its own with a Multi Property product with reduced rates for individual landlords. Available to clients with an existing Aldermore mortgage and also new clients submitting a second or subsequent application, the product is available as a five-year fixed rate up to 75% LTV at 3.48% and a five-year fixed rate up to 80% LTV at 3.78%. There are no product or valuation fees and free standard legal fees.

LendInvest introduced an exclusive product with Buy to Let Club this month for customers looking for a lower rate and higher fee. The five-year fixed rate of 2.75% with a product fee of 4.99% is for packaged cases only and may be suitable for landlords who want higher leverage, are looking to manage their cash flow by reducing monthly mortgage payments or who are able to capitalise on their tax status by taking more of the cost up front in order to claim tax relief.

The lender has also made a number of changes to its buy-to-let proposition including removing the requirement for a floating charge on limited company applications, offering free title insurance and reduced legal fees for remortgage cases up to £750,000.

Lendinvest has also reduced its ICR assessment rate to 5% across all products with the exception of the five-year fixed interest pay rate product which remains at 4.19%.

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