West One Loans cuts BTL green mortgage rates and refreshes large loan products
In its green BTL mortgage range its two-year fixed rate at 65 per cent loan to value (LTV) stands at 2.99 per cent, down from 3.04 per cent, whilst its five-year fixed rate at 65 per cent LTV has fallen from 3.09 per cent to 3.04 per cent.
At the 70 per cent LTV tier, its two-year fixed rate is now 3.04 per cent, down from 3.09 per cent, and its five-year fixed rate has decreased from 3.24 per cent to 3.09 per cent.
The lender has also added limited edition large loan products for standard and HMO properties, with five-year fixed rates starting from 3.07 per cent. It comes with a 1.5 per cent product fee and is available for loans between £350,000 and £1m.
Limited large loan products are also available for HMOs and MUFBs up to six bedrooms, with five-year fixed rates beginning from 3.38 per cent. Products come with a 1.75 per cent product fee and loans between £350,00 and £1m can be accessed.
West One Loans has also improved its criteria and will now consider new build properties up to 75 per cent LTV without prior referral, up from 70 per cent LTV before.
Andrew Ferguson (pictured), managing director for West One Loans BTL division, said: “These new products and rate changes support our aspiration to become the ‘go-to option’ for brokers in the BTL arena.
“Our continued focus on service delivery and common-sense underwriting, aligned with these product changes, mean we are well placed to support our broker partners and their landlord clients as we move toward the end of the year.”
Natwest ups rates across new and existing products
The lender increased the rates for certain two and five-year fixed rate purchase and remortgage products between 60 and 75 per cent LTV.
The biggest change occurred at the 60 per cent LTV tier which increased by 0.2 per cent from 1.18 per cent to 1.38 per cent.
Its two-year fixed rate purchase product has increased form 1.31 per cent to 1.47 per cent, whilst its five-year fixed rate purchase has grown from 1.38 per cent to 1.56 per cent. Both now have cashback of £150.
In its shared equity range, it has upped rates on its two-year fixed rate purchase and certain Help to Buy products. Its two-year fixed rate purchase product at 60 per cent LTV has gone from 1.18 per cent up to 1.33 per cent with a product fee of £995 and £400 cashback.
The lender has decreased two and five-year fixed rates in its buy-to-let (BTL) range by up to 0.1 per cent. This includes two-year fixed rate at 70 per cent LTV falling from 1.68 per cent to 1.58 per cent, and a five-year fixed rate at the same LTV decreasing from 1.93 per cent to 1.83 per cent.
On the switcher side, there are increases of up to 0.23 per cent on selected two and five-year fixed rate deals, including high value rate switcher products.
Its two-year fixed rate switcher at 60 per cent LTV has gone from 0.95 per cent to 1.18 per cent, whilst its five-year fixed rate switcher at the same LTV has been upped from 1.14 per cent to 1.36 per cent. Both come with a £995 fee.
In its green mortgage range, the lender has increased rates by up to 0.2 per cent for select two-year and five-year fixed rate purchase and remortgage products.
This includes five-year fixed rate purchase product that has gone from 1.22 per cent to 1.34 per cent and five-year fixed rate remortgage which has risen from 1.17 per cent to 1.37 per cent. It has product fee and cashback £350.
Natwest is also withdrawing a BTL two-year fixed rate remortgage deal at 75 per cent LTV. It was priced at 1.29 per cent with a £1,495 product fee.
Cambridge BS cuts rates and adds product to holiday let range
The mutual has cut its five-year fixed rate mortgage from four per cent to 3.79 per cent, and its two-year discounted product from 3.39 per cent to 3.34 per cent.
The two-year fixed rate is priced at 3.69 per cent and is available up to 75 per cent loan to value (LTV).
The products have no application fees and completion fees have fallen from £1,500 to £999 across the range.
There are early repayment charges in place on the products, starting at two per cent for the two-year products and five per cent for the five-year product. They reduce by one per cent each year of the term.
The mutual will also use projected low, mid and high season weekly rental yields multiplied by 30 weeks to calculate annual rental income.
Across the holiday let range, the maximum LTV is pegged at 75 per cent and the loan size is between £50,000 and £500,000. Loans are available for purchase, remortgage, product switches and further advances.
Cambridge’s head of lending, Tracy Simpson, said: “We’re excited to add another great product to our range of competitively priced holiday let mortgages, as well as making it cheaper for customers to complete.”
The mutual has been making changes to its offering, temporarily withdrawing BTL portfolio lending earlier this week and reduced rates and removed fees for shared ownership range last week.
It has also brought back top-slicing for BTL mortgages and launched self-employed mortgages for pandemic entrepreneurs.
Hodge cuts rates on holiday let deals
The lender offers both two and five-year fixed rate options with 50, 60 and 75 per cent LTV borrowing options available.
The rate for its two-year fixed rate at 75 per cent LTV now stands at 3.7 per cent, down from 3.8 per cent, whilst the five-year fixed rate at the same LTV has fallen from 4.05 per cent to 3.95 per cent. Both come with a £995 fee.
The minimum loan size for a holiday let is £50,000 and the maximum loan size is £1.5m. The minimum property value is £120,000 and is capped at £10m, and valuation fees are free up to £1m in property value.
Emma Graham, business development director at Hodge, said: “The holiday let market has had a bumper year, with the pandemic and lockdowns restricting holiday choices for many and attracting new people to the market, and as a result it has been a very popular mortgage product in a very competitive market.
“So, it is great to be able to offer this rate reduction on our holiday let products, as well as our flexible way of lending and assessing applications on a case-by-case basis, further helping our intermediary partners get their customers the mortgages they need at the right rate.”
Nationwide increases rates at 60 and 75 per cent LTV
The changes come into effect from tomorrow.
This includes its two-year fixed rate house purchase product at 60 per cent LTV, which has gone up by 0.05 per cent to 0.99 per cent. It is subject to a £1,499 fee.
Its three-year fixed rate at 60 per cent LTV has increased by 0.05 per cent to 1.04 per cent. It has a fee of £999.
The lender has also upped the rate for its five-year fixed rate at 75 per cent LTV from 1.14 per cent to 1.19 per cent. It comes with a £1,499 fee.
The same changes also apply to existing borrowers who are moving home, switching rates or seeking further finance.
Henry Jordan, Nationwide’s director or mortgages, said: “We regularly review the rates we offer across our mortgage range. As swap rates continue to rise we have seen fixed rates start to trend back upwards and these new rates follow similar changes made across the mortgage market over recent weeks.”
Santander ups rates on sub-one per cent deals
The changes come into effect from tomorrow. A spokesperson confirmed that as of midnight tonight all its mortgage products will be above one per cent for new applicants.
In its residential range, Santander has increased 10 of its two-year fixed rate products between 60 and 75 per cent loan to value (LTV) by up 0.34 per cent.
Its two-year fixed rate remortgage product at 60 per cent LTV has gone up by 0.34 per cent to 1.43 per cent. The maximum LTV has been reduced from 70 per cent LTV to 60 per cent LTV.
Its two-year fixed rate remortgage at 60 per cent LTV has also been upped from 0.84 per cent to 1.14 per cent. The fee has increased by £250 to £999.
Another sub-one per cent deal that has been increased is its two-year fixed rate purchase product that has gone from 0.84 per cent to 1.13 per cent. It has a £999 fee and £250 cashback has been removed.
Santander has upped the rates for nine residential five-year fixed rate products by up to 0.37 per cent. This includes its five-year fixed rate purchase at 60 per cent LTV, with a £999 fee, which has gone from 0.99 per cent to 1.34 per cent. Its £250 cashback has been removed.
Its five-year fixed rate remortgage product at the same LTV has also increased from 0.99 per cent to 1.34 per cent. Its fee has also increased by £250 to £999.
Santander has also cut the rates on eight two-year fixed products between 80 and 95 per cent LTV by up to 0.36 per cent. The rate on its two-year fixed rate remortgage at 85 per cent LTV has also reduced from 2.19 per cent to 1.83 per cent.
The lender has also brought in a two-year fixed rate purchase product at 80 per cent LTV priced at 1.74 per cent.
The lender has cut the rates for six of its residential five-year fixed rates between 80 and 95 per cent LTV by up to 0.30 per cent.
This includes a five-year fixed rate remortgage product at 85 per cent LTV which has fallen from 2.54 per cent to 2.24 per cent.
Across its Help to Buy range, the bank has cut the rate of six products by up to 0.15 per cent, including its two-year fix at 75 per cent LTV which has fallen by 0.15 per cent to 1.33 per cent. It has a £499 fee.
The lender has reduced six BTL products between 60 and 75 per cent LTV by up 10 0.1 per cent. This includes a two-year fixed rate purchase and remortgage product at 60 per cent LTV which has been reduced by 0.1 per cent to 1.62 per cent.
Its two-year fixed rate at the same LTV with a £1,499 fee has been cut by 0.09 per cent to 1.1 per cent, along with its two-year fixed rate at 75 per cent LTV which now stands at 1.3 per cent.
Santander has also withdrawn some sub-one per cent deals, including a pair of two-year fixed rates at 70 per cent LTV as well as two five-year fixed rates at the same LTV.
It has also removed two intermediary exclusives, including a three-year fixed rate remortgage deal at 60 per cent LTV and three-year fixed rate at 75 per cent LTV.
Newcastle BS cuts Deposit Unlock rates and ups maximum value
The maximum purchase price for the scheme has been increased from £330,000 to £600,000 to reflect the “national scope of the scheme”.
Its two-year fixed rate has fallen by 0.71 per cent to 2.79 per cent, and its five-year fixed rate has been cut by 0.56 per cent to 3.19 per cent.
There are no product fees, and both come with a free standard valuation for properties up to £500,000 and £500 cashback.
Early repayment charges (ERC) of two per cent and then one per cent apply to its two-year fixed rate product, and the five-year fixed rate ERCs start at five per cent and then reduce by one per cent every year.
Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, said: “Deposit Unlock is true innovation and gives low deposit buyers a great option on new builds. As the first lender to bring the scheme to market and roll out nationally, it means we’re also the first to respond to broker feedback, refining the proposition to make it an even more attractive option for customers and broaden access to the product range across the country.”
The mortgage indemnity scheme was developed by the Home Builders Federation and insurance broker Gallagher Re. It helps borrowers secure a new-build property worth up to £600,000 with a deposit of five per cent.
The lender was the first to sign up and launch 95 per cent loan to value (LTV) products for the scheme, initially launching a two-year fixed rate at 3.5 per cent and a five-year fixed rate of 3.95 per cent.
Natwest ups green mortgage rates
The changes apply to a range of two and five-year fixed rates for both purchases and remortgages.
A two-year fixed rate purchase product at 60 per loan to value (LTV) has increased from 0.92 per cent to 0.97 per cent, whilst its similar product at 75 per cent LTV has gone from 1.02 per cent to 1.07 per cent.
The lender’s two-year fixed rate remortgage at 60 per cent LTV has been upped from 0.87 per cent to 0.97 per cent. At 75 per cent LTV the rate has risen from 1.06 per cent to 1.11 per cent.
For five-year fixed rates, the bank’s purchase product at 60 per cent LTV and 75 per cent LTV have increased by 0.5 per cent to 1.02 per cent and 1.32 per cent respectively.
Both its five-year fixed rate remortgage products at 60 and 70 per cent LTV have also gone up by 0.5 per cent to 1.02 per cent and 1.34 per cent respectively.
Barclays cuts purchase, BTL and resi reward products
The lender has reduced its five-year residential purchase fixed rate at 90 per cent loan to value (LTV), which has gone down from 2.65 per cent to 2.55 per cent. It comes with a £999 fee.
Its fee-free option has reduced from 2.88 per cent to 2.7 per cent. Both products are available for loans between £5,000 to £570,000.
On the residential purchase and remortgage tracker rates, its two-year tracker at 80 per cent LTV has decreased from 1.97 per cent to 1.39 per cent. It has a £999 fee and loans are available from £5,000 to £2m.
Its 10-year fixed rate BTL purchase and remortgage product at 75 per cent LTV has fallen from 2.75 per cent to 2.45 per cent. It is eligible for loans between £35,000 to £1m and has a fee of £1,795.
In the lender’s residential reward range, which covers product transfers and further borrowing, its five-year fixed rate at 85 per cent LTV has reduced from 2.4 per cent to 2.2 per cent.
For this product, borrowers can access loans of between £5,000 and £2m.
The lender also confirmed key product change timing, with the final date for its mortgage information sheet for existing products set to today.
The deadline for product transfer applications for the existing reward range is tomorrow and new lending applications for existing products is 27 October.
The Mortgage Works slashes BTL rates by 0.5 per cent
In its limited company range, it has cut its two-year fixed rate at 75 per cent LTV by 0.5 per cent to 2.59 per cent. It is available for purchase and remortgage and comes with a £1,995 product fee.
The lender has also reduced rates at 80 per cent LTV, with its two-year fixed rate at this tier starting from 2.24 per cent with a two per cent fee. This is down 0.25 per cent.
It is available for purchase and remortgage and fee-free options are available.
There are currently 24 products at this tier according to TMW’s product guide.
TMW said that its range of 80 per cent LTV products is only available on properties with an EPC rating of C or above.
This is partially due to proposal from Department of Business, Energy and Industrial Strategy’s proposal to increase the EPC requirement for all tenancies to C by 2028.
Daniel Clinton, head of The Mortgage Works, said: “This latest change sees the largest reductions on limited company mortgages, which is an important and growing segment of the market.
“Many landlords are increasingly choosing to expand their portfolio in this way following the changes to tax relief on individual ownership. At the same time, we are also reducing rates on our range of 80 per cent LTV mortgages, helping those with smaller deposits.”