Foundation Home Loans certainly got into the Christmas spirit with a catchily titled ‘festive’ five-year fix.
The five-year fixed rate has a headline rate of 3.04 per cent, a flat product fee of £1,995 and is available for both purchase and remortgage mortgage loans between £250,000 and £1m for buy to let, limited company buy-to-let customers, and portfolio landlords alike. The specialist lender has also separately launched a range of buy-to-let products at 85 per cent loan to value (LTV) for the first time.
Vida also released a suite of winter limited edition products, including a no fee, buy-to-let product up to 75 per cent LTV. The rate for the no-fee limited edition product is 2.94 per cent and is fixed for five years.
The Mortgage Works reduced selected limited company buy-to-let rates by up to 0.20 per cent and added no-fee options to the range. Additionally, the lender introduced a new 10-year fixed buy-to-let mortgage to the suite.
Landbay repriced its limited edition range of five-year fixed rate buy-to-let remortgage products, and introduced a £500 cashback option, payable upon completion. The rates on four of the five products have been reduced by five basis points and the minimum loan value has decreased to £200,000 from £250,000.
Zephyr Homeloans has launched a range of buy-to-let products which offer reduced rates on properties with higher EPC ratings. Properties with a rating of at least a C enjoy a discount of 10 basis points on the new range, with the lower rates applying for houses in multiple occupancy and multi-unit freehold blocks, as well as standard properties.
As a result, rates for two-year standard property products start at 2.54 per cent for loans at 65 per cent LTV. The lender has also cut rates on some products in its range which are aimed at new build properties and flats above commercial properties by an average of 45 basis points. These reductions apply to properties with at least an E rating on their EPC.
Turning our attention to criteria, Dudley Building Society has increased its maximum loan size on expat mortgages from £1m to £1.5m and from £500,000 to £1m for holiday let mortgages.
Natwest announced that small portfolio landlords or those applying for a like-for-like remortgage will be able to apply for additional buy-to-let borrowing with no proof of income required on submission and reduced underwriting. New and existing landlords will be able to apply for additional borrowing with the lender for any legal purpose other than gambling; business purpose (i.e. start up for a new business); or unsecured debt consolidation.
All these additions and enhancements are likely to produce some festive cheer amongst a range of landlords, investors and developers who continue to be active right up until the holiday season kicks off.
Having said that, I’m sure that we’re all in need of a little break after such a frenetic year and let me take this opportunity to wish you all a very Merry Christmas and a Happy New Year. (Thanks and back to you Cat. Ed)
