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Buy-to-let lenders have been looking ahead to 2019 – Ying Tan

by: Ying Tan, chief executive and founder, The Buy to Let Business and Buy to Let Club
  • 03/01/2019
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Buy-to-let lenders have been looking ahead to 2019 – Ying Tan
It’s been a quiet few weeks in terms of product updates as lenders have obviously been looking ahead to 2019 and completing their plans for the year ahead.


Therefore, few tinkered with their products as 2018 wound down.

That being said there are a few updates to report.

Fleet Mortgages announced it is now offering free valuations on properties up to the value of £500,000.

The lender is also introducing three-year fixed rate mortgages, reducing its rental calculation on its pay rate (now 125% @ pay rate), aggregate exposure up to £4m and will now accept tenants on state benefits.

Elsewhere, Foundation Home Loans has updated its buy-to-let and residential ranges.

As of 6 December, all existing products were withdrawn and new products introduced with end-dates extended to 30 April.

A new standard buy-to-let and residential fee scale was introduced with a separate short-term let fee scale introduced.

And for large loan products the minimum loan size has been reduced from £750,000 to £500,000.


TMW, Aldermore and Axis

The Mortgage Works (TMW) has made changes to selected buy-to-let rental stress rates.

The stress rate has been reduced on five-year fixed products:

  • from 4.99% to 4.50% at up to 75% loan to value (LTV);
  • from 4.99% to 4.00% (or pay rate +0.75% if higher) on 10-year fixed products up to 65% LTV;
  • and from 5.50% to 4.99% for like-for-like remortgage applications between 65% and 75% LTV.

Aldermore revealed it will be extending its decision in principle validity period from 14 days to 30 days.

And Axis Bank unveiled a new range of rates with the previous product range withdrawn from December 7.

Allow me to take the opportunity to wish you all a very happy and healthy New Year.

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