Other lenders, who have remained active throughout this period, have also aligned their proposition in response to swap rate volatility.
In short, October has seen huge swings across the BTL marketplace and I’m writing this with a huge caveat that some lenders may have made further adjustments by the time I finish writing this, never mind by the time you get to read it.
So, apologies in advance if there are a host of further rate changes in the meantime and if I have not included any lender within this one, but here we go.
Paragon Bank introduced four discounted standard variable rate BTL mortgages. Available at 75 per cent loan to value (LTV), the discounted standard variable rate (SVR) products span 12-month, two-year, three-year and five-year terms. Rates start at 3.99 per cent and all four products are offered with free mortgage valuations.
Landbay launched a range of five-year fixed rate BTL products with variable fee options. The new range consists of three standard five-year fixed rate products up to 75 per cent LTV starting at 6.49 per cent.
Market relaunches and re-entries
Coventry for Intermediaries reentered the market with some new five-year fixed BTL products including one priced at 5.85 per cent up to 75 per cent LTV with a £1,999 fee and a 5.95 per cent portfolio five-year fixed up to 75 per cent LTV with a £1,999 fee.
On the back of its recent relaunch of variable products, Vida revamped its BTL range, including products for both amateur and professional landlords, those wanting to purchase or remortgage houses in multiple occupation (HMOs) and multi-unit blocks (MUBs), and expats in a wide range of countries across the world. Allowing a broad range of property options including flats above commercial units, ex-local authority flats, HMOs and MUBs, loans are available up to a maximum of £1m.
Two- and five-year fixed rates start at 7.49 per cent, with LTV up to 80 per cent, and 75 per cent for expats.
Fleet Mortgages launched new BTL green mortgages and reintroduced 65 per cent LTV products across its three core ranges – standard, limited company and limited liability partnership (LLP), HMO and multi-unit freehold block (MUFB).
Accord Mortgages, who recently returned to the BTL market, introduced a new range of fixed rates at 60 per cent LTV, with a variety of initial fixed terms and rates starting at 5.55 per cent for a five-year fix. Rates have also been reduced on selected products at 65 per cent and 75 per cent LTV by up to 0.10 per cent, alongside reduced fees.
CHL Mortgages unveiled new lifetime tracker products across its complete core and refurbishment product ranges. The lifetime tracker products are available to a maximum 70 per cent LTV, with a two-year early repayment charge (ERC) of three per cent in year one and two per cent in year two. A two per cent product fee applies across the range.
Molo Finance is also back in the market, with fixed rate BTL mortgages starting from 6.69 per cent on 65 per cent LTV for individual buyers and 6.99 per cent on 65 per cent LTV for limited companies.
Finally, Foundation Home Loans, reduced its F1 75 per cent two-year discount rate by 25 basis points, with rates of 4.19 per cent for 75 per cent LTV and 4.74 per cent for 80 per cent LTV available to provide a two-year option for buy-to-let borrowers. It has also introduced new discount rates at 75 per cent LTV for standard applicants, those seeking to purchase/refinance standard HMOs, and for short-term lets.
It’s great to see so many lenders back and active and it will be interesting to see where rates, stress tests and interest coverage ratio (ICR) calculations go from here.
