0:06 AM, 17th July 2024, About 30 minutes ago
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Several buy to let mortgage lenders have announced interest rate reductions this week, offering better deals for BTL investors in the UK.
Aldermore launched a series of limited-edition buy to let products with reduced rates, including a five-year fixed rate at 4.89% for individual and company landlords with single residential investment properties (at 65% LTV).
It is also offering a new five-year fixed rate at 4.99% (at 75% LTV) for the same borrower group.
Aldermore’s director of mortgages, Mark Gordon, said: “We’re pleased to make these rate reductions for a wide range of borrowers, enabling as many people as possible to go for it in life and business.”
The Mortgage Works (TMW) is offering better deals for existing buy to let customers looking to remortgage with them.
It is cutting its switcher rates by up to 0.20 percentage points, with new rates as low as 3.89%.
It is also offering a variety of fixed-term options, including two-year terms at 3.89% (with a 3% fee), and both three- and five-year terms starting from 3.99% (also with a 3% fee).
There’s also a five-year fixed rate with a lower fee of £3,995 available for those who prefer a longer lock-in period.
The lender’s senior manager, buy to let mortgages, Joe Avarne, said: “We are continually looking to support our existing landlords and with rates now starting from 3.89% these latest reductions will provide some welcomed relief by lowering repayments and supporting their cashflow.”
Foundation Home Loans’ ‘Buy to Let’ brand also announced new limited-edition BTL products and price cuts.
It is offering a five-year fixed-rate product for clients with an almost clean credit history at 5.44% (up to 75% LTV) with a £4,995 fee.
The lender’s director of product, Tom Jacob, said: “We are continuing to review our product offering across all of our lending brands, and are pleased to be offering these new two- and five-year buy-to-let options in our Core range, both available up to 75% LTV, with differing fee structures.
“At the same time, we can also cut pricing on our five-year fixes for portfolio landlords, plus are able to cut rates for both F1 and F2 specialist residential borrowers.”
Finally, Accord Mortgages reduced rates on its buy to let products by up to 0.25% across all loan-to-values (LTVs) up to 75%.
This is the second time Accord has cut rates this month.
Highlights include a three-year fix at 4.39% (was 4.64%) for remortgage clients, to 60% LTV.
Aidan Smith, the buy to let mortgage manager at Accord, said: “We’re taking this latest opportunity to pass on value to borrowers with rate cuts across the range, to ensure they receive the best value possible.
“We’ll continue to closely monitor market trends with a view to further supporting landlords wherever we can.”
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