If June is anything to go by then the signs are very promising. The longer daylight hours appear to have inspired a variety of lenders to launch new products, make criteria enhancements and even extend BTL offerings across the border.
Principality Intermediaries has made changes to its buy-to-let product transfer mortgage range. The majority of fixed rates remained consistent with a few selected rates decreasing by up to 0.05 per cent within the 60 per cent and 75 per cent LTV bands. In addition, ERC-free products will be introduced to its five-year discount.
Newcastle Intermediaries has just extended its buy-to-let range into Scotland. The range is available for both two- and five-year fixed rates. The lender’s interest coverage ratio on its five-year products is assessed to 145 per cent at 4 per cent and the assessment of rental cover is calculated on an interest-only basis. There is no maximum age criteria at the end of the term and all cases are individually underwritten. The society also lends up to 75 per cent LTV on loans up to £500,000 to landlords with no more than three mortgaged buy-to-let properties.
Foundation Home Loans has launched a buy-to-let portfolio landlord special with a minimum amount of upfront fees and costs to pay. The product, an addition to Foundation’s F1 core buy-to-let range, is a 3.39 per cent five-year fix, available up to 75 per cent loan-to-value (LTV). It comes with a 1.5 per cent product fee, one free standard valuation and there is no £125 application fee to pay.
Pepper Money recently announced a limited edition summer special, with rate reductions across nearly all residential and buy-to-let products. Rates have been cut by up to 0.15 per cent on the buy-to-let Pepper 6-24 five-year fixed rate products.
Santander has improved its mortgage range by reducing selected two- and five-year fixed rate deals and introducing some special large loan deals. Plus, the lender has moved to further support landlords with smaller loan sizes by introducing two new £0 product fee BTL deals.
These market moves underline the breadth of activity across the BTL sector from providers of all shapes and sizes, and I for one don’t foresee competition waning anytime soon. Which means landlords and intermediaries should continue to make hay whilst the sun shines.