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  • Mortgages & Finance

    Lenders slash BTL mortgage rates to tempt LLs

    Vida Homeloans has reduced rates across its buy-to-let range by up to 0.5%, with the lowest two-year fixed rate now starting from 3.14% and five-year deal at 3.59%.

    The lender has also added an 85% LTV buy-to-let product for loans up to £250,000, while also improving its expat criteria.

    LTVs for buy-to-let applicants resident in a non-EEA country has increased from 65% to 75%, while they can also now borrow via an SPV, as well as  benefit from rate cuts.

    The specialist lender’s landlords can now bring up to 20 properties to Vida, up from 15, and their total portfolio can be up to 100 properties.

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    The Mortgage Lender has reduced rates on its limited company buy-to-let range to bring it in line with individual pricing.

    Rates now start from 3.09% for a two-year fixed rate at 70% LTV with a completion fee of 1.5%.

    A five-year fixed rate is available at 4.02% with no fees and £500 cashback, or 4.05% with a 1.5% completion fee.

    Meanwhile, Ipswich Building Society has reduced the rates and fees on its existing buy to let five year fixed rate products.

    Available for purchase and remortgage are a buy to let fixed at 3.75% with a completion fee of £950, for maximum 80% LTV and a minimum loan of £75k (5.0% APRC), and an expat BTL fixed at 3.99% with a completion fee of £999, to a maximum of 75% LTV and a minimum loan of £75k (5.1% APRC). Both are fixed until 30 June 2024.

    All deals are available from five to 40 year terms up to a maximum loan of £500,000 and have an application fee of £199, CHAPs fee of £35 and a tiered valuation fee based on property value. For standard BTL and later life remortgage applications, there is a free valuation (up to property value of £1m) and fee assisted legals.

    During the fixed rate period the products offer fee-free overpayments up to 50% of the original loan amount.

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    Ipswich Building Society has cut the rates and fees on its existing buy-to-let five-year fixed rate products .

    ​There is a five-year deal available at 3.75% at 80% loan-to-value (LTV) with a completion fee of £950 and an expat buy-to-let available at 3.99% and 75% LTV with a completion fee of £999.

    Ipswich BS has also launched a five-year fixed rate product at 3.5% with a completion fee of £999, available to those looking to borrow up to 75% LTV

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    Leeds Building Society has cut rates across its buy-to-let range to help landlords already facing a tax and mortgage squeeze to ‘actively manage their portfolios’.

    Leeds BS has reduced its 60% loan-to-value (LTV) product from 1.64% to 1.49%, while its 60% LTV five-year fix has been cut from 2.29% to 2.15%.

    Both deals include free standard valuation up to £999, 10% penalty free over-repayments annually and have a product fee of £1,999.

    ​Contact Property Tribes Financial Services on 01206 654444 to access this product.

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    NatWest has cut rates on selected buy-to-let products.

    The lender has reduced its semi exclusive five-year buy-to-let fixed rate remortgage deals by up to 0.31% on its semi exclusive five-year buy-to-let fixed rate remortgage deals.

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    Kensington have cut rates on their BTL mortgage products.

    ​The reductions consist of the 70 per cent LTV two-year fix having been cut from 2.58 per cent to 2.54 per cent, and the 70 per cent LTV five-year fixed rate offer, which has been reduced from 3.68 per cent to 3.64 per cent.

    In addition, the lender has sliced rates on the 75 per cent LTV two-year fix from 2.73 per cent to 2.69 per cent, and the 75 per cent LTV five-year fixed product from 3.83 per cent to 3.79 per cent.

    The 80 per cent LTV two-year fixed rate offer has also been cut, from 3.49 per cent to 3.24 per cent, and the 80 per cent LTV five-year fix has been chopped from 4.34 per cent to 4.09 per cent.

    The society will also now offer £250 cashback, and free valuation on residential and BTL products including limited company remortgages.

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    Barclays have reduced selected buy-to-let rates by up to 5bps reductions.

    Two-year fixed rates at 60% LTV start at 1.50% with a 1% product fee or 2.28% fee-free.

    Fee-free 60% LTV products are decreasing to 2.37% fixed for three years and 3.36% for five years.

    Barclays is also moving the end dates forward on all of its fixed rates to 31st July.

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    The Mortgage Works (TMW) has reduced rates on selected two-year fixed and tracker mortgages by up to 0.25%.

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    Accord Buy to Let has reduced rates on nine of its five-year fixed rate products.

    Highlights of the new range, available to those purchasing or remortgaging property, include a five-year fixed rate at 2.19% available for house-purchasing landlords with a 40% deposit with £500 cashback, free valuation and a £950 product fee.

    For landlords with the same equity looking to remortgage, the 2.19% five-year fixed rate is also available with £250 cashback, free legals, free valuation and a £950 product fee.

    Full/source article

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    will be interesting to see if the lenders react to the chatter and potential LL exodus around Sec21....

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