We are still seeing plenty of sensible levels of repricing taking place throughout the sector. This is hardly headline-grabbing news but there are still plenty of positive moves being made, so let’s focus on these.
In a further addition to the seven-year fixed rate arena, West One Loans launched a series of new products to its buy-to-let product range, including seven-year fixed payrate products, both standard and specialist, and a new lifetime tracker range, also available for standard and specialist properties.
All of the products are available from 65 per cent up to 75 per cent loan to value (LTV) and the standard seven-year product is priced from 3.44 per cent with a 1.5 per cent fee. The specialist range is designed to finance more complex transactions such as homes in multiple occupancy (HMOs) and multi-unit freehold blocks (MUFBs). The seven-year product is priced from 3.64 per cent with a two per cent fee.
Foundation Home Loans expanded its green buy-to-let product range to specialist property types including short-term lets and standard HMOs (up to six occupants).
The ABC+ green HMO product has rates starting from 3.44 per cent for 75 per cent LTV on a F2 five-year fixed rate, with a 0.75 per cent fee. The ABC+ green short-term let product has rates starting from 3.94 per cent for 75 per cent LTV, again on an F2 five-year fixed rate, also with a 0.75 per cent fee. Both allow a maximum loan size of £1m. Rates are tiered depending on the EPC rating of the property with those at an A level securing the most competitive rate.
The specialist lender has also made changes to its fee-assisted buy-to-let product range including fee cuts, the introduction of new 80 per cent LTV products, and new limited edition specialist fee-assisted products.
Habito announced a string of enhancements to its buy-to-let range, with new longer-term fixed rates at seven and 10 years, and a maximum LTV of 85 per cent. Its newly launched 85 per cent LTV products are available across the full range of terms for properties with an EPC rating of A to C and where the property value is worth a minimum of £100,000. The lender has also increased its maximum loan size from £1m to £2m to help further support landlords in London and the South East.
Coventry for Intermediaries added mortgage products across its owner-occupier, offset and buy-to-let mortgage ranges, as well as two tracker mortgages.
Bolstered specialist underwriting
Finally, from a service perspective, Landbay has created a portfolio underwriting team specifically to cater for professional landlords who own rental properties in a portfolio of between £2m and £15m. The team of five underwriters are all experienced in dealing with large and complex buy-to-let cases.
As previously stated, this is certainly not an all-encompassing selection of the product-related moves being made by lenders across the buy-to-let sector. Repricing has been a daily occurrence in recent times but these progressive product moves are – fingers crossed – at least more likely to be still around by the time you get around to reading this.