While August brought us just a little more sunshine than soggy July, it definitely brought a raft of new products to the market.
Despite the base rate rise at the start of the month, many lenders have been refreshing their propositions with rate reductions and making additions to their ranges to better support a range of consumer needs.
Kicking off early
At the start of the month, Vida Homeloans announced rate cuts of up to 40 basis points across its standard, houses in multiple occupation (HMO), multi-unit block (MUB), expat and fee saver two and five-year fixed ranges and its two-year variable range.
Rates now start from 6.29 per cent for a standard five-year fixed up to 75 per cent loan to value (LTV) in the ‘Vida 36’ tier. This comes with a four per cent fee and a maximum loan size of £1m.
Aldermore has repriced its mortgages, introducing new buy-to-let, residential owner-occupied and product switch rates. As part of this, its five-year fixed limited edition buy-to-let product for individual and company landlords with single residential investment products, previously priced at 5.89 per cent, is now available at 5.69 per cent up to 75 per cent LTV with a five per cent fee.
The lender also introduced an open panel approach in August for specialist buy-to-let conveyancing processes, giving brokers the flexibility to use conveyancers of their choice.
Hampshire Trust Bank has made enhancements to its specialist buy-to-let and semi-commercial products. Reductions of up to 70 basis points have been made to five-year fixed rates across its early repayment charge (ERC) Lite and ERC Plus ranges with rates now starting from 7.29 per cent.
The lender also launched a ‘fee plus’ buy-to-let product to replace its special edition that is available as a five-year fixed rate at 6.89 per cent for loans over £1m and 7.29 per cent for loans between £100,000 and £1m. The product was also introduced for semi-commercial properties and has a five per cent arrangement fee.
Santander introduced a buy-to-let fixed rate range with a £749 product fee for new business and product transfer clients to sit alongside the £0 and £1,749 fee options. The products include a two-year fixed up to 75 per cent LTV priced at 6.39 per cent and a five-year fixed at 5.83 per cent, also up to 75 per cent LTV.
Selected buy-to-let fixed rates have also been reduced by between 0.04 per cent and 0.20 per cent.
Paragon Bank added a pair two-year fixed products to its buy-to-let range for non-portfolio landlords. These limited edition rates start at 4.85 per cent (for properties with an EPC rating of A–C) and are available at up to 70 per cent LTV with a five per cent fee. A limited edition five-year fixed product is also available up to 75 per cent LTV for non-portfolio landlords and is priced at 6.05 per cent when the EPC rating is A–C, increasing by five basis points for ratings of D or E.
More newly added deals
Saffron for Intermediaries has launched both two and five-year limited company buy-to-let products. With a maximum LTV of 75 per cent, the two-year discount product is priced at 6.39 per cent with a £1,999 arrangement fee and the five-year fixed rate is priced at 6.77 per cent with a 1.5 per cent arrangement fee.
Both are available for purchase or remortgage.
Kensington launched a buy-to-let special product which is also available for limited company applications. This is priced at 5.59 per cent for a five-year fixed up to a maximum 75 per cent LTV. Available for purchase or remortgage, the completion fee is five per cent with a maximum loan amount of £750,000.
The lender also launched a three-year fixed rate option across the majority of its buy-to-let and residential products with options for free valuation, no completion fee, assisted legals and a sliding ERC payment scale of three, two and one per cent over the fixed period.
Fleet Mortgages introduced new two-year fixed rate products available across their three core ranges: standard, limited company and HMO/MUB. These are ideal for landlords looking for shorter-term certainty and are available up to 75 per cent LTV with a three per cent fee.
These start at 5.79 per cent for standard and limited company, whilst the HMO/MUFB rate is priced at 5.99 per cent.
Newcastle Intermediaries announced it was relaunching two five-year buy-to-let products, including a fee-assisted option to support clients looking for assistance with costs. The two options are available up to 75 per cent LTV.
The fee assisted option is available at 6.74 per cent with a £0 completion fee. It includes a free standard valuation up to £500,000 and increased overpayments are permitted of 10 per cent per annum plus additional monthly overpayments of £499.99.
And last, but by no means least, Foundation Home Loans added buy-to-let remortgage-only products in its F1 and F2 tiers. These five-year fixed rates are available up to 80 per cent LTV from 7.29 per cent in F1 and up to 75 per cent from 7.44 per cent in F2. They come with a £1,295 fixed fee, free standard valuation, no application fee and £500 cashback.
So, lots of positive changes to give us all a boost as we return from our summer breaks and more reasons than ever to reach out to clients.
