In the specialist buy-to-let sector, it’s been encouraging to see non-stop innovation and product diversity throughout September.
West One Loans has introduced an environmental initiative to fund projects with sustainability and carbon reduction measures in mind. As part of its ‘Funding the Future’ campaign, West One has developed a series of products across its entire range, launching with the release of a green deal for buy-to-let.
Penrith Building Society launched an expat holiday-let product and a multi-unit mortgage. The expat holiday let is available to non-owner occupiers, first-time buyers and/or first-time landlords. It offers a maximum loan-to-value (LTV) of 70 per cent on a three-year fix at 4.25 per cent. Applications are assessed on an average of low, medium and high season rental yield. There is an application fee of £249, product fee of £1,350 and a variable valuation fee.
Buckinghamshire Building Society unveiled a series of new mortgage products. Home from Home is the first new addition to the society’s mortgage portfolio – a proposition which gives people the opportunity to own a second holiday home and rent it out for up to 90 days each year as a holiday let.
Shawbrook Bank is hosting a new buy-to-let product, exclusively available via its recently launched digital portal, MyShawbrook Buy-to-Let. The lender has also reduced rates by up to 0.60 per cent across its buy-to-let range on mortgages up to £1m. The non-portfolio product is designed to complement the new system and support cases that will benefit most from its automation features.
Turning our attention to the standard product changes, Precise Mortgages reduced rates and fees within its buy-to-let range across the full suite of personal ownership, houses in multiple occupation (HMO) and limited company products. The lender has also introduced products with refund of valuation and £500 cashback to help support the remortgage market.
CHL Mortgages decreased rates across its entire product range for individuals and limited companies. Rates now start from 2.88 per cent on the lender’s two-year fixed rate buy-to-let product range up to 65 per cent LTV and from 3.05 per cent up to 75 per cent LTV.
Accord Mortgages cut rates on selected remortgage products by up to 0.12 per cent at 60 per cent LTV and 0.08 per cent at 65 per cent LTV. Notable reductions include a two-year fixed rate remortgage at 1.31 per cent (was 1.43 per cent) for landlords with 40 per cent equity, which comes with a £1,495 completion fee, free standard valuation and either £300 cashback or free remortgage legal services.
Specialist lender Hampshire Trust Bank made a series of updates to its buy-to-let product range for lending up to £5m. The changes see two-year fixed rates start at 3.84 per cent up to 65 per cent LTV, 3.99 per cent at up to 70 per cent LTV and 4.09 per cent up to 75 per cent LTV. Its five-year fixed rates start at 3.99per cent up to 65 per cent LTV, 4.14 per cent up to 70 per cent LTV and 4.19 per cent up to 75 per cent LTV.
Paragon Bank launched two limited edition products for single self-contained units, HMOs and multi-unit blocks (MUBs). Offered over two- and five-year fixed-rate terms, with rates starting at 2.65 per cent and 2.99 per cent respectively, the products include free mortgage valuations and £750 cashback. Both mortgages are offered at 75 per cent LTV and are available for experienced landlords purchasing and remortgaging buy-to-let properties as individuals or through limited companies.
Finally, Foundation Home Loans introduced flat-fee buy-to-let limited editions for both individual and limited company landlord borrowers. The new buy-to-let limited editions are available for both purchase and remortgage purposes and offered to individual and limited company landlords. The 75 per cent LTV two-year fixed rate is available at 2.94 per cent, while the five-year option is available at 3.14 per cent. Each product comes with a flat fee of £1,995 and there is no minimum loan size.
After reading that back, it’s easier than ever to see why Christmas is just around the corner.