Penrith Building Society has decided to waive mortgage application fees for buy-to-let and residential products, including further advances, until March 31. Tim Vigeon, the head of products at the society, emphasized their commitment to customer support, acknowledging the financial challenges faced by homeowners and landlords, and this initiative is a step towards easing those pressures.
The move to scrap application fees aligns with Penrith Building Society‘s customer-centric approach, placing the well-being of customers at the forefront of product development. This decision reflects their ongoing dedication to supporting both homeowners and landlords during a time when financial considerations weigh heavily on many.
Founded in 1977, Penrith Building Society holds the distinction of being the smallest member of the Building Societies Association in terms of assets, with reported assets amounting to £126.73 million in 2022.
The recent move by Penrith follows a broader industry trend, with several lenders strategically cutting their buy-to-let mortgage rates in an effort to compete and attract new business opportunities in the market.
These include:Â
- LendInvest Mortgages has recently made significant adjustments by reducing its buy-to-let rates by up to 0.80%. In addition to this, the company is actively providing specialized assistance for complex buy-to-let scenarios, including loans with substantial values of up to £1.5 million, specifically tailored for extensive HMOs and Multi-Unit Freehold Blocks. The emphasis here is on delivering comprehensive support for portfolio landlords and those operating within a limited company structure.
- CHL Mortgages, on the other hand, has taken steps to enhance its offerings by implementing reductions in fixed rates for its CHL 1 BTL product range. The rate cuts, reaching up to 0.65%, apply to a product line launched in November. Designed for customers, both individual and corporate, with a clean credit history, this product encompasses standard buy-to-let options and Small HMO/MUFB product types.
- Kensington Mortgages has recently announced an attractive proposition for its customers. Until the end of January, all residential and buy-to-let mortgages, including limited company products, will feature a minimum cashback of £250. Adding to this, Kensington is making further accommodations by lowering selected residential rates by up to 0.75%, providing added financial benefits for prospective homeowners and property investors.
- Foundation Home Loans has responded to market demands by introducing a limited edition five-year fixed-rate buy-to-let product. This offering, available for both purchase and remortgage purposes, presents a competitive headline rate of 5.64% up to 75% loan-to-value, coupled with a 1.50% fee. This new product follows a strategic repricing of selected items in its buy-to-let range in December, with rate reductions of up to 0.20%.
- Shawbrook is expanding its footprint in the buy-to-let market with the introduction of a new, limited edition five-year fixed-rate product. This offering, available on loans ranging from £150,000 to a substantial £25 million, features a noteworthy 0.50% reduction on the standard five-year fixed product up to 75% loan-to-value. With rates starting from 6.09%, Shawbrook aims to provide a competitive solution catering to a diverse range of property investment needs.
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