The Mortgage Works reduced selected two and five-year fixed buy-to-let rates by up to 0.30 per cent. Limited company two-year fixed rates now start at 4.79 per cent and five-year fixes at 4.99 per cent, both available up to 75 per cent LTV with a three per cent fee.
House in multiple occupation (HMO) products include a two-year fix at 4.59 per cent and a five-year fix at 4.94 per cent, both at 75 per cent LTV with a three per cent fee.
In addition, a large portfolio HMO five-year fixed rate now sits at 4.99 per cent with a three per cent fee.
Fleet Mortgages brought back its range of two-year fixed rate products for landlord borrowers, as well as launching a new range of five-year fixes. Fleet’s new two-year fix for both standard and limited company borrowers is available at 5.69 per cent, while its two-year fix for HMO and multi-unit block (MUB) borrowers starts at 5.79 per cent.
Its five-year fixed-rate products, available up to 70 per cent LTV, are priced at 4.79 per cent for both standard and limited company products while the HMO/MUB product is available at 4.89 per cent.
Landbay cut rates for buy-to-let loans on HMOs and multi-unit freehold blocks (MUFBs) and reintroduced products for first-time landlords purchasing HMOs/MUFBs. Rates on small HMO and MUFBs of up to six bedrooms/units have been reduced by 30 basis points on two-year fixed rates and 20 basis point on five-year fixed rates.
Further cuts
Foundation Home Loans reduced rates by up to 180 bps across its current buy-to-let five-year green product range for properties with an EPC rating of C and above. The specialist lender also introduced two green two-year discount products, with rates from 6.49 per cent and new buy-to-let discount products for HMOs, MUBs and short-term lets, available up to 75 per cent LTV for both individuals and limited company borrowers.
CHL Mortgages made further reductions to the pricing of its two and five-year fixed rate products. Five-year fixed rates on its core range now start from 5.37 per cent and are available to individual and limited company/LLP borrowers. The small HMO/MUFB five-year fixed rates now start from 5.42 per cent, and the large HMO/MUFB five-year fixed rates start from 5.47 per cent.
Bluestone Mortgages announced a further rate reduction across its standard and fee-free BTL range with two-year fixed rates reduced by up to 64bps.
West One Loans launched a new range of two and five-year fixed rate products for landlords. The limited edition standard range starts at 4.39 per cent for a two-year fix and 4.54 per cent for a five-year fix. Meanwhile, landlords buying specialist properties can choose from a two-year fix starting from 4.59 per cent or a five-year fix priced from 4.74 per cent.
Hampshire Trust Bank implemented major changes to its specialist buy-to-let mortgage offering, with significantly reduced fixed rates and simplified loan size bandings. Five-year fixed rates have been reduced by up to 130 basis points (starting from 5.99 per cent), with the bank’s new two-year fixed rates starting from 5.69 per cent. In addition, the bank has simplified its bandings into three levels: £100,000 to £1m; £1m to £5m and £5m+.
Coventry for Intermediaries launched two-year fixed rates for new buy-to-let and portfolio landlord customers, ranging from 50–75 per cent LTV, with fee and no fee options available. Selected products have a remortgage cashback option, offering £350 cashback as an alternative to its remortgage transfer service.
Finally, Suffolk Building Society is now accepting applications from first-time buyer expat landlords and will now also consider applications for first-time buyer buy-to-let properties in England and Wales.
While these represent some much-welcomed steps in the right direction, we are yet to see the BTL sector truly catch fire and it will be interesting to see which lenders emerge with the type of rates which will see activity levels really heat up.
