Landlords can choose from any offerings in the lender’s BTL product range for both purchase and remortgage and select any property type in the application. This includes single self-contained units, houses of multiple occupation (HMOs) and multi-unit blocks (MUBs).
The properties included in the single applications can be completed at separate times and up to 99 properties can be included in the multi-property applications.
The multi-property BTL proposition has no application fees, saving £299 per property, and only one legal advice certificate is needed, rather than one per property.
A single underwriter will also manage the whole application to completion, to whom brokers will have direct access during the process.
The launch of the multi-property proposition comes after the launch of its bespoke originations platform earlier this year.
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Russell Anderson, Paragon Bank’s mortgages commercial director, said: “Buy-to-let is in our DNA and we have been supporting landlords to build portfolios for decades. The launch of our multi-property proposition sets us apart from peers as it gives landlords a quick and cost-efficient way of adding a number of properties in one go, but the flexibility to manage those transactions individually.
“Landlords can mix and match from our product range across a number of property types. For example, they may want to select a flat-fee product for larger loans, or a nil-fee option for smaller mortgages; flexibility is the key.”
Louisa Sedgwick, Paragon Bank’s managing director of mortgages, added: “This is a further example of our mortgages origination platform enabling us to enhance our proposition to deliver a better service for our customers. We launched a streamlined application process for landlords with 15 or fewer properties earlier this year, so the launch of our multi-property proposition builds on that momentum. I’m really excited about some of the innovations we have in the pipeline as we evolve our business.”
Landbay broadens premier availability to individual landlords
Landbay has widened the availability of its premier products so they can be used for individual applications.
The premier products were initially available for landlords with up to 15 properties in limited company special purpose vehicles (SPVs).
The range has two- and five-year fixed rate options, with free valuation remortgage and product transfer options, with rates beginning at 3.39%.
Rob Stanton, sales director at Landbay, said: “For brokers looking to support clients outside of limited company SPVs, the news of access to this set of innovative and highly competitive products will be hugely welcome. Increasing the scope of our Premier products to include individual applicants reflects their critical role in the rental market mix and our commitment to use every avenue to support brokers and landlords – particularly when it comes to affordability.
“The Premier products answer… every call, whether it’s responding to new investment opportunities with competitive fixed rates or giving landlords the options and breathing space they need as they look to refinance. In the process, we give our broker partners more tools at their disposal to support landlords of all sizes and setups.”
Foundation Home Loans cuts rates and adds discount deals
Foundation Home Loans has introduced two-year discount products and reduced rates on its existing ERC3 and discount deals.
The two-year discount products include its F2 range, which is for clients with some historical blips, priced at 5.99% at 75% loan to value (LTV) with 1.5% fee.
For HMOs, also in its F2 range, the rate is 6.09% and for multi-unit freehold blocks (MUFBs) pricing is now set at 6.19%.
ERC3 is a five-year fixed rate with an early repayment charge (ERC) for only three of the five years, giving the landlord stability and flexibility.
The changes apply to a deal in its F1 range, for clients with an almost recent credit history, which is priced at 5.54%.
Its two-year discount at 75% LTV has fallen by 0.05% to 5.94%. It has a 1.5% fee.
Tom Jacob, director of product at Foundation Home Loans, said: “Landlords continue to balance opportunity with requirements for ongoing flexibility when it comes to their mortgage finance requirements. That need for both certainty and flexibility remains one of the key priorities we hear from our broker partners in terms of what they can offer landlord borrowers.
“That being the case, these price cuts and the launch of new products are designed to deliver just that. Our two-year discount products with no ERCs and the ERC3 product, which offers a five-year fixed rate but only a three-year tie-in, deliver the kind of adaptable finance structure that landlords need right now.
“We believe these changes position Foundation Home Loans strongly in an evolving buy-to-let market and reinforce our commitment to providing products that help landlords plan with confidence while keeping their future options open.”
ModaMortgages cuts BTL rates by up to 0.15%
ModaMortgages will lower selected rates by up to 0.15%, applying to both its standard and limited-edition ranges.
This means rates for single-dwelling products start from 2.99% for two-year fixed rates, while five-year fixed rates begin at 4.59%.
Pricing for its small HMO and MUFB products, which are suitable for properties with up to six bedrooms or units, now starts from 3.09% for two-year fixed rates and from 4.69% for five-year fixed rates.
Darrell Walker, group sales director at Chetwood Bank, said: “We’re pleased to announce rate reductions of up to 15bps across our entire buy-to-let product range.
“This move reinforces our commitment to providing competitive options for brokers and their landlord clients in an ever-changing market environment.”
