While I was seeing many such messages and a slight lull in business, it seems that product teams have not got this memo as many lenders continue to tweak their ranges, criteria and lending policy.
Let’s start on the product front.
Landbay reduced pricing across its core product range as well as on its green offerings.
Its green buy-to-let (BTL) product range now has two-year fixed rates starting from 2.89 per cent, down from 2.99 per cent, and additional 70 per cent loan-to-value (LTV) options.
These are five-year fixed rates set at 3.09 per cent for properties with an EPC rating of A or B, and 3.14 per cent for a C rate property. In addition, Landbay has refreshed pricing across its core BTL range, including two-year fixed rate mortgages starting from 2.85 per cent.
Accord Mortgages improved the majority of its BTL mortgage range, with rate reductions of up to 0.15 per cent.
Highlights of the new range include a three-year fixed rate of 3.28 per cent, which was 3.43 per cent, at an LTV of 80 per cent for house purchase and remortgage clients, which comes with a £995 fee, £500 cashback and free standard valuation.
Paragon Bank expanded its range of limited edition BTL mortgages by relaunching two products for single self-contained units. Both mortgages are available at 75 per cent LTV, with rates starting at 2.75 per cent when borrowed over two years and 3.1 per cent over five years.
They are available for both purchase and remortgage purposes, include free valuations, £750 cashback and are available for portfolio landlords who have four or more mortgaged BTL properties in their own name or through a limited company.
LendInvest made a raft of changes to its BTL product suite, including rate reductions across standard properties and houses in multiple occupation (HMOs). The lender has repriced its standard BTL products, with its two-year 65 per cent LTV product now available at 2.85 per cent, and its five-year 65 per cent LTV product at 3.04 per cent.
LendInvest has also introduced a 75 per cent two-year LTV product at 3.69 per cent and five-year at 3.95 per cent for large HMOs and multi-unit-freehold-blocks (MUFBs).
Barclays introduced five products to its BTL mortgage range. Notable new products include a 75 per cent LTV 10-year fixed rate at 2.75 per cent with a £1,795 fee and a 60 per cent LTV two-year fixed rate at 1.45 per cent with a £1,295 fee.
The lender has also added a 75 per cent LTV two-year tracker at 2.25 per cent and a 75 per cent LTV three-year fixed rate premier exclusive at two per cent. For portfolio landlords, the lender has introduced a 75 per cent LTV five-year fix at 2.50 per cent with a £2,495 fee.
Changes to criteria
When it comes to criteria and lending policy, NatWest has changed the way it assesses affordability and how much a customer can borrow. It has also made it easier for a buy-to-let remortgage customer to make a like-for-like application.
These changes include two simplified indication calculators, one for small landlords and like-for-like remortgages, and the other for portfolio landlords and first-time buyer BTLs. The loan to income (LTI) cap has also been removed for small landlords and like-for-like applications, meaning the maximum lend will be based on the subject property’s rental and the client’s tax band.
Finally, Leeds Building Society has amended its holiday let rental income affordability assessment. The society will now evaluate affordability using an average of low, medium and high season expected rental income when considering applications for holiday let mortgages.
And that’s all for now and I hope that you enjoy the rest of your summer.