Against this backdrop, buy to let has been given something of a reprieve which has been a welcome break.
Being able to open a newspaper and not be greeted by doom and gloom headlines forecasting the end of property investment has made a nice change. But while the nationals may not have been reporting on the buy-to-let market, that’s not to say there wasn’t much going on. Indeed, it’s been quite a busy month as far as criteria changes are concerned.
Aldermore came out with a new limited edition rate on its standard buy-to-let product range of 3.35% for five-year fixed rates up to 80% loan-to-value (LTV), available for both purchase and remortgage. The new product features a completion fee of 1.50% and a £199 booking fee.
Pepper Home Loans announced some changes to its tracker rates in line with LIBOR changes. Its buy-to-let rates now start at 2.48%.
Precise also altered its tracker range with updates to two lifetime tracker products. Its flat fee lifetime tracker will now have a maximum LTV of 75% while its percentage fee product will have a maximum LTV of 60%.
Santander launched a new remortgage special in its buy-to-let range at 75% LTV, fixed for two years at 2.49%. The product comes with a 1% booking fee. The lender also announced selected fixed rate reductions of up to 0.15% at 60% and 75% LTV. Rates now start at 1.89%.
Rates are also tumbling at the Nottingham which revealed it was reducing the pricing on three of its buy-to-let products. Its two-year fix at 75% LTV saw rates reduced from 2.99% to 2.64% while its three and five-year fixes saw rates reduced from 3.40% to 2.99% and 3.79% to 3.39% respectively – both at 75% LTV.
Finally, Skipton made some changes to selected two and five-year fixed products with rates reduced by up to 0.20%.
Now, back to Brexit. In or out? One thing’s for sure, we’ll be back to buy-to-let horror stories by this time next month, so for now, enjoy the break.