Thankfully, the vast majority of this comes from a positive place. So, let’s focus on a welcomed return from an established name, multiple product launches, increased options for landlords, reduced fees and some tech enhancements.
First up, is the return of CHL Mortgages and the launch of its BTL product range. This includes five-year fixed rate BTL products which are available at a rate of 3.25 per cent up to 75 per cent LTV and 3.10 per cent up to 65 per cent LTV.
Rental income for these products must be at least 125 per cent of the monthly mortgage payment calculated at pay rate, and they are applicable for purchase or remortgage purposes. The full product range will be accessible to individual landlords, portfolio landlords and limited companies through a select distribution panel.
Multiple product launches
In terms of product launches, increased options and reduced fees, YBS Commercial Mortgages has introduced a product for landlords purchasing houses in multiple occupation (HMOs). It comes at a rate of 3.9 per cent, fixed for five years, on an interest-only basis and with a maximum LTV of 75 per cent.
It is available to borrowers with a minimum of one year’s experience as an HMO landlord, for loans from £500,000 up to £1.5m on each property. Applications will be considered from select locations across the UK, based on analysis of demand – including London, Manchester, Birmingham and Bristol.
The Mortgage Lender released a limited edition £100m five-year fixed BTL product. The offering has a maximum LTV of 75 per cent and a rate set at 3.56 per cent. The tranche, for individual and limited company applicants, is available to the whole of market and also offers a reduced completion fee of one per cent, down from 1.5 per cent.
West One Loans’ BTL division unveiled a host of product and criteria changes. The range is available on West One’s broker portal with a new 75 per cent LTV limited edition among the highlights.
Vida announced a remortgage-only five-year fixed rate at 3.29 per cent on its Vida 1 BTL range, up to a maximum LTV of 75 per cent. The product has a 1.5 per cent fee, which can be added to the loan, and is available on Vida’s core BTL criteria, including flats over commercial premises.
Landlords using special purpose vehicles are also eligible.
Foundation Home Loans launched a number of products, including fee-assisted options for purchases as well as remortgages.
It has also added two fixed-fee HMO and multi-unit blocks deals, in addition to rate reductions on its 80 per cent LTV products. The fee-assisted options – which all come with a fixed £1,495 fee, one free valuation, no application fee and £250 cashback – are available to both individual and limited company landlord borrowers up to 75 per cent LTV on a purchase or remortgage basis.
Landbay has reduced rates by up to 0.10 per cent and fees have decreased by 0.25 per cent across its core BTL product range.
Focusing on tech enhancements, Landbay also introduced a portal upgrade which adds new features and services, including more detailed case status reporting and progress updates, plus the flexibility to download European Standardised Information Sheet (ESIS) documentation at any time in the application process.
Finally, Accord Mortgages has successfully moved its BTL business to a new mortgage sales and originations platform. The system has a range of features, including software that reduces the need for repeating information, decision in principle certificates and the facility to view and print offers, which the lender says could now be available within 24 hours of an application.
That’s all for now, but I certainly don’t expect this sector to slow down anytime soon. See you next month, and I hope to catch my breath in the meantime.