March 26, 2024 9:17 am

Insert Lead Generation
Nikka Sulton

Buy-to-let mortgage options from various lenders have been revised once again.

Effective immediately, The Mortgage Works is implementing rate cuts on specific buy-to-let and limited company products.

These new rates comprise a five-year fixed rate for purchase and remortgage starting at 3.99% with a 3% fee, accessible up to 55% loan-to-value (LTV) – marking a reduction of 0.10%; a five-year fixed rate for purchase and remortgage commencing at 4.04% with a 3% fee, available up to 65% LTV – reflecting a decrease of 0.10%; and a five-year fixed rate for purchase and remortgage at 4.59% with no fee, available up to 65% LTV – indicating a reduction of 0.15%.

For limited companies, there are new rates, including a two-year fixed rate for purchase and remortgage at 4.99% with a 3% fee, available up to 75% LTV – a reduction of 0.40%.

Dan Clinton, head of specialist lending at TMW, commented: “As one of the UK’s leading buy-to-let lenders, we continue to support landlords with a range of product options. We know that rate is a key consideration for those in the buy-to-let and limited company market as they try to manage their finances through fixed rates.”

Additionally, two new Aldermore BTL products for landlords are now available, including a five-year fixed rate up to 65% loan-to-value with a 1.5% fee option, along with a five-year fixed rate up to 65% LTV fee-free option.

For landlords with single residential investment properties, the bank is now offering a variety of options. These include a five-year fixed rate at 5.89% with no associated fee and another five-year fixed rate at 5.59% with a 1.50% fee. Additionally, there’s an adjusted rate for a five-year fixed mortgage at 4.89%, which comes with a 5% fee, reflecting a 0.1% reduction from previous rates. These changes provide landlords with more flexibility in choosing the right mortgage option to suit their investment needs and financial goals.

Multi-property portfolio landlords also have new rates to consider. Among these options is a five-year fixed mortgage at 5.79% with no fee attached and a five-year fixed rate at 5.49% with a 1.50% fee. Moreover, an adjusted five-year fixed rate at 4.79% with a 5% fee is available, showcasing a rate reduction of 0.1%. With these competitive rates, landlords managing multiple properties can optimize their financing strategies and potentially increase their rental income while minimizing costs.

These changes in mortgage rates demonstrate the bank’s commitment to supporting landlords across various property investment scenarios. By offering competitive rates and flexible terms, the bank aims to empower landlords to make informed decisions about their investment properties. Whether they own a single residential property or manage a portfolio of multiple properties, landlords can benefit from these updated mortgage options, helping them navigate the ever-changing landscape of property investment with confidence.

Jon Cooper, Aldermore’s mortgages head, stated, “We constantly evaluate our mortgage offerings in line with market conditions and broker feedback to meet our clients’ needs. Introducing our latest limited edition products and targeted rate reductions reflects our commitment to providing tailored solutions for borrowers.”

YBS Commercial Mortgages has made adjustments to its specialist buy-to-let range for the second time this month, including a 0.15% discount on holiday lets and HMO products.

Landlords in search of holiday let properties can now access a five-year fixed rate of 5.75% (previously 5.90%) for loans up to £1.5 million per unit, up to 75% loan-to-value (LTV), accompanied by a 2% fee. Similarly, for those interested in financing a house in multiple occupation (HMO) purchase, a five-year fixed-rate option is available at 5.80% (down from 5.95%) for loans exceeding £500,000, up to 75% LTV, also with a 2% fee.

No changes have been made to the lender’s commercial investment products, which start from 6.99% for loans on various commercial properties, maintaining consistency across their product range.

Tom Simpson, managing director at YBS Commercial Mortgages, comments: “We’re pleased to be able to reduce rates on our specialist buy-to-let range. This is especially pertinent given that in the current climate, rate rises have become the norm.

“This move demonstrates our continued commitment, as a strong, stable lending partner, to supporting brokers and their landlord clients with their specialist lending needs, passing on reductions wherever we can, and ensuring that we remain as competitive as possible.”


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