And when reflecting on previous Budgets from times gone by, this may well be no bad thing.
So, without further ado let’s crack on with this month’s product news.
Paragon Bank reintroduced its green buy-to-let product range, which offers a 10 basis point pricing reduction for properties with an Energy Performance Certificate (EPC) rating of A to C. A green version is now available for every standard Paragon buy-to-let product, and the lender has extended its green offering to all property types, including single self-contained properties (SSC), houses in multiple occupation (HMO) and multi-unit blocks (MUBs), having previously been restricted to SSCs.
Paragon has also amended its portfolio range so that the same rates are available for single self-contained properties, HMOs and MUBs.
Fleet Mortgages launched its first full buy-to-let product range funded by its new parent, Starling Bank. Covering its three core areas of lending – standard, limited company/LLP, and HMO and multi-unit blocks – rates within the range start from 2.59 per cent and rental calculations from 125 per cent at 2.99 per cent.
The Cambridge Building Society reinstated its buy-to-let top slicing proposition.
Loans of between £20,000 and £750,000 are now available to landlords, with top slicing permitted on up to three mortgaged rental properties at up to 75 per cent loan to value (LTV). This is available across the society’s standard buy-to-let range, and includes two-year discounted and five-year fixed rates, through its in-house mortgage advisers and intermediary network.
Shawbrook Bank made improvements to its newly launched non-portfolio product, making it available to customers with small HMO properties. The bank said the changes mean more customers can benefit from the product which offers a fixed rate of 3.69 per cent up to 75 per cent LTV. Shawbrook has also changed its automated valuation model (AVM) criteria to cater for small HMO applications.
Vida introduced a number of changes to its limited edition buy-to-let products including reducing the rates of three of the current products by up to 0.25 per cent. All three products have a fixed fee of just £1,995.
Rates begin at 2.89 per cent for its two-year fixed and five-year fixes start from 3.14 per cent. Special purchase vehicles (SPVs) are accepted across all buy-to-let ranges, and the deals are available for both purchases and remortgages. The maximum loan available for these products is £1m.
The Mortgage Works (TMW) reduced selected buy-to-let rates by up to 0.50 per cent. The rate cuts see limited company rates reduced by 0.50 per cent, starting from 2.59 per cent for a two-year fix at 75 per cent LTV with a £1,995 product fee. For buy-to-let, two-year fixes at 80 per cent LTV are reduced by 0.25 per cent with rates now starting from 2.24 per cent with a two per cent fee.
Foundation Home Loans launched a limited edition two-year discounted variable product with no early repayment charge (ERC) for buy-to-let and limited company borrowers. Available for both purchasing and remortgaging, for portfolio and non-portfolio landlords alike, this two-year, ERC-free product comes with a discount of 2.4 per cent making the current rate 2.69 per cent with a two per cent product fee.
It comes with a free valuation and no application fee and has a maximum loan amount of £1m up to 75 per cent LTV.
Finally, LendInvest unveiled a new product range for holiday lets and short-term properties, alongside a number of reductions across its standard property range. Rates start at 3.59 per cent for 65 per cent LTVs on two-year fixed products.
The lender has also reduced rates on its standard buy-to-let products, with its five-year 75 per cent LTV product now available at 3.14 per cent and the two-year fixed rate products starting from 2.75 per cent.
That signifies the closing of the latest red buy-to-let briefcase, until next month.