Complex Buy To Let
Axis Bank cuts rates in buy-to-let overhaul
Guest Author:
Carmen ReichmanSpecialist buy-to-let lender Axis Bank has cut several of its two, three and five-year fixes by as much as 0.4% in an overhaul of its product range.
The lender launched a two-year fix at 3.69% for up to 75% loan-to-value (LTV), which will be available to limited companies, houses in multiple occupation (HMO), multi unit and expat applicants and comes with a 1.5% fee.
It has also dropped the rate of its five-year products to as low as 3.99% with a 1.5% fee, which will be bolstered by a flexible early redemption feature with no charge after the end of year three.
Head of buy to let Andrew Ferguson, (pictured) said: “These changes improve our mortgage rates for customers looking to fix their repayments for up to five years. These rates, aligned with our strong service focus and sensible, pragmatic underwriting approach provide a strong proposition to meet the needs of experienced landlords.”
The bank’s current panel of introducers includes 3mc, Atom, Complete, Connect, TBMC, The Buy to Let Business and Mortgages for Business.
However, Axis said it was considering extending its panel to add “one or two specialist distributors” by year end.
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It also works with a small group of direct firms, such as Savills, so does not always transact on a packaged basis.
In July it partnered with buy-to-let and commercial finance broker Commercial Trust for clients in London and the South East