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  • Mortgages & Finance

    New BTL mortgage products & ranges - Jan 2017

    Virgin Money has launched a raft of residential and buy-to-let mortgage products, including a two-year 60% loan-to-value (LTV) landlord mortgage at 1.59%.

    Virgin Money has announced this morning that it has launched new mortgage products across its residential and buy-to-let ranges.

    VM say “With tax changes coming in up until April 2020, some landlords may be looking for longer-term certainty on their mortgage payments during this period. That’s why we have launched a competitive 5 Year Fixed Rate deal to help”.

    Their new range includes;

    • BTL 2 Year Fixed Rate available up to 60% LTV at 1.59% with a £1,995 fee and £500 cashback
    • BTL 5 Year Fixed Rate available up to 60% LTV at 2.99% with no fee and £500 cashback

    Key product features:

    > Fixed and tracker deals available up to 75% LTV, with a choice of fee options

    > All deals come with cashback

    > The £99 application fee has been waived from all BTL deals for a limited period

    > Maximum loan size of £1m

    > Flexible features – overpayments can be made, and borrowers can apply for payment holidays (subject to criteria)* which can be useful to offset rental void

    Peter Rogerson, Virgin Money’s Commercial Director for Mortgages, said: “To kick off the year we have launched a new range of red hot mortgage products that offer competitive rates to help homebuyers get onto the property ladder, support those looking to move home and a great deal for landlords.”

    Full product range available via http://www.PTFS.co.uk

    Other lenders and products are available.  An authorised Adviser will always conduct a full Fact Find first to determine your requirements and eligibility.

    NEXT UP  -        The best 5 year fixed rate mortgages

    SEE ALSO -      Fix for 2y or 5y?
    DON'T MISS -    Lenders slash BTL mortgage rates to tempt LLs




    * For BTL's, residential mortgages, bridging, life cover and estate planning Property Tribes Financial Services website.

    Online Life Insurance quotes here          Property Tribes Financial Services Videos here

    For commercial finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 01206 654444


    Another new mortgage product:

    Mansfield Building Society has announced this morning that it has launched a new BTL product range that will be up to 75% loan to value.

    According to the lender, the new range will include three and five year fixed rates as well as two and three year discounted rate products.

    For house purchase and remortgage with additional borrowing, rental income must now be at least 145% of monthly mortgage interest calculated at 5.5% with the exception of the five-year fixed rate product, which requires rental income to be at least 130% of the monthly mortgage interest calculated at 5%.

    The Society’s existing FCA regulated Family buy-to-let product and its Consumer buy-to-let mortgages remain available up to 70% LTV. Rental income requirements for these mortgages remain unchanged at a minimum 130% of the monthly mortgage interest calculated at 5%. The Society will also use this rental income calculation in all instances where remortgages have no additional borrowing.

    National Development Manager, Steve Walton, said that meeting the new regulatory standards was the catalyst for the Society to review and improve its overall buy to let proposition.

    Full/source article


    Landbay has announced that it has launched a new range of products aimed at professional landlords.

    According to the lender, amongst the new products on offer are standard term trackers now starting from 3.88%, HMO trackers from 3.98% and Expat trackers from 4.38%.

    Fixed rate products are available at 4.2%, including a five-year fix from 4.4% with ICR based on pay rate.

    Landbay has also increased the maximum LTV to 80% on some products.

    All new products use pay rate to make initial ICR calculations, however Landbay runs an underlying affordability calculator to ensure that, as a whole, the application meets a minimum ICR of 125% at 5.5%.

    Source article


    [Image: 4995468760_6be86655d4_t.jpg]
    general operations director (aka Colonel Nicaffi) - propertytribes.com

    Interesting news:

    Landlords with just one or two buy-to-lets are likely to see mortgage rates cut in 2017 but professionals with larger portfolios may find they are forced to pay more.

    Mortgage broker John Charcol is predicting a buy-to-let mortgage rate war in the so-called 'vanilla' end of the market, as a wave of tax and regulation changes cause the big high street lenders to drop rates for smaller scale landlords with lots of equity, who they consider lower risk.

    But the broker warns that fierce competition for these smaller private landlords isn't likely to extend to professionals - in fact, landlords with more than three buy-to-lets may even see the rates on offer from high street lenders start to climb.

    Full/source story


    Whilst the rates are very good for the UK market, I love how lenders have managed to get us excited about what is still a rip off. French mortgages for expats are 1.8% for 80% ltv and fixed for 20 years! UK banks are still ripping us off...


    You are correct the UK mortgage market is a rip off.

    But what choice do we have!?

    Surely French banks could offer the advantageous rates to British customers!?

    But they won't of course because they will just increase their rates to the average British level.

    They will just be another lender offering rip off rates!

    With the advent of the PRA regulations it would be nice to see a lender who offered a tracker of say Fixed rate of 3% for 5 years before converting to a BOE differential rate of 1.75% ABBR for a total term of 40 years or age 95 whichever comes sooner.

    Lenders used to offer 1% ABBR and were perfectly content with the returns.

    But of course the BOE rate was then about 5%!!

    Banks want it all their own way which is why the likes of WBBS tried to get out of their tracker mortgages.

    They were stopped in their tracks by unexpected court action by the little people!

    Lenders will be a bit more careful in light of the WBBS experience

    It should make them less arrogant, but it won't lead to rates and terms that the French banks offer.


    Paragon has launched a range of new fixed rate products for those seeking to make fresh buy-to-let acquisitions as well as remortgage existing properties in their portfolio.

    The lender’s new five year fixed rate loans include rates of 3.75% for buy-to-let investors borrowing up to 75% loan-to-value (LTV), with interest coverage ratios from 125%.

    The range also includes a two year fix at 3.25% for lending up to 65% LTV and another at 3.4% for lending up to 75% LTV.


    Bank of Ireland for Intermediaries has removed its £25,000 minimum income requirement for buy-to-let and increased its maximum loan size by £500,000 to £1.5m.

    The move is part of a raft of changes by the lender designed to make its products available to more customers, including buy-to-let landlords.

    The lender is also increasing its upper age limit for residential customers to 75, while loan-to-value loans on new build homes or the first sale will increase 5% to 85% and by 5% to 80% for new build flats.

    Self-employed applicants now only need to provide the last two years’ figures, as opposed to three years previously, to verify income.


    Fleet announce new limited company products

    Fleet Mortgages, the buy-to-let and specialist lender, has announced this morning that it has launched five new products across both its individual and limited company ranges.

    According to the lender, all products are available with immediate effect with lifetime trackers replacing the lender’s previous pay rate trackers, plus the return of 80% LTV options for both. The new individual products are a two-year 80% LTV fix at 3.79% and a 75% LTV lifetime tracker at 4%. Both products come with a 1% fee and rent is calculated at 125% at 5%.

    The new limited company products for those using corporate structures are a two-year 80% LTV fix at 4.39%,  a 75% LTV lifetime tracker at 4.2% and a 65% LTV lifetime tracker at 4%.

    All three products come with a 1.5% fee and again rent is calculated at 125% at 5%.

    Both new 80% LTV product options for individuals and limited company borrowers come with a maximum loan size of £500k; the maximum loan size up to 75% LTV is £750k, and up to 70% LTV is £1m.

    Fleet Mortgages is an intermediary-only, buy-to-let lender and its products are available to individuals, limited companies and those looking to invest in Houses in Multiple Occupation (HMO)/Multi-units.


    It looks as if Lenders are stepping up to the mark

    Great news for us all


    Learn Change and Adapt ?????

    Barclays is launching its "best ever" buy-to-let fixed rates, which now start from 1.89% for a two-year fixed rate at 65% LTV.

    Other highlights include a 2.09% two-year fix at 75% LTV with a 1% fee, a 2.99% five-year fix at 75% LTV with a 1% fee, and a 2.99% ten-year fix at 65% LTV with a £2,000 fee.

    The Bank has also extended its fee-free options to include a 2.79% two-year fix at 75% LTV and a 2.79% two-year tracker at 75% LTV.