TMW, Kensington and Teachers BS update BTL products – round-up

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  • 16/07/2020
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TMW, Kensington and Teachers BS update BTL products – round-up
Three lenders have amended rates and products on their specialist buy-to-let offerings.

 

The Mortgage Works (TMW) has withdrawn four of its new business deals and increased the rate on another.

The lender, which is part of Nationwide Building Society, has increased the rate on its two-year fixed limited company product up to 75 per cent loan to value (LTV) with a £995 fee to 3.39 per cent from 3.19 per cent.

Two of those deals withdrawn are also from its limited company range, both with no fee, while the others are five-year fixes from its mainstream range up to 50 per cent LTV with £1,995 fee.

 

Kensington cuts rates

Kensington Mortgages has cut rates on its buy-to-let deals by up to 0.5 per cent.

The lender has four fixed rate products available at up to 75 per cent LTV open to individuals or limited companies.

The two-year fixes are now available at 4.14 per cent with a £1,999 fee, or 4.49 per cent with no fee – assessment rates are at 6.15 per cent and 6.49 per cent respectively.

A pair of five-year fixes are live at 4.24 per cent with a £1,999 fee and 4.59 per cent fee free – assessment rates for these are unchanged.

 

Teachers BS extends holiday let deals

Teachers Building Society has added two fixed rate products to its existing variable rate holiday let deal.

The mutual said these were aimed at supporting increased demand from new and existing property investors looking to capitalise on growth in the UK holiday-let market.

“As more consumers plan to take a break on home soil as a result of the ongoing pandemic, the need for self-catering holiday accommodation in popular destinations is growing,” it said.

The products, which are available from today are available up to 75 per cent LTV, with the three-year fix at 3.49 per cent and the five-year loan at 3.74 per cent.

Both products have a £99 application fee and a £899 arrangement fee.

Teachers for Intermediaries business development manager Ralph Punter said: “As our own research has shown, consumer demand for UK based holidays has increased as a direct result of the pandemic, a trend we expect to continue into next year too.

“Combined with the recently announced stamp duty holiday, we expect to see increased interest in the holiday let market from investors.

“Our new mortgage products will support those looking to purchase holiday-let homes for short term rental purposes.”

 

 

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