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TBMC adds Axis to buy-to-let panel

by: Emma Lunn
  • 21/04/2015
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TBMC adds Axis to buy-to-let panel
TBMC has added new buy-to-let lender Axis Bank to its buy-to-let panel.

The lender, which is a UK subsidiary of the Axis Bank based in India, launched earlier this month and plans to target experienced landlords as well as limited company, HMO (houses in multiple occupation) landlords and expat applicants.

Axis is one of a raft of new lenders entering, or planning to enter, the buy-to-let market and is offering its products through specialist buy-to-let distributors only.

Other new brands include the State Bank of India, Pepper, FHL and Fleet. Each lender is targeting a slightly different borrower mix.

For example, the State Bank of India lends to special purpose vehicles (SPV) and limited liability partnerships (LLP), as well as individuals. Foundation Home Loans (FHL) has products aimed at first-time landlords, with no requirement for borrowers to currently own a property.

Pepper targets near-prime and self-employed borrowers as well as buy to let, while Fleet Mortgages targets both limited companies and landlords of HMOs.

Andy Young (pictured), chief executive of TBMC, said: “It is exciting to see Axis Bank entering the buy-to-let market, especially as the sector is growing and the demand from landlords is strong. Currently, competition between lenders is increasing, pushing rates down and there are a large number of excellent products available for mainstream buy-to-let applications.

“However, there is definitely still room for improvement in niche areas of the buy-to-let mortgage market such as for HMO properties, limited companies and expat applicants. This is where Axis Bank will be a particularly useful addition to our lender panel with its specialist product range and a flexible approach to underwriting.”

Meanwhile, information provider Moneyfacts confirmed buy-to-let deals are more plentiful and cheaper than they were two years ago.

For example, the average five-year fixed rate deal has tumbled from 4.65 to 4.25% today, with product numbers rising from 37 to 143.

 

 

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