January sees UK lenders launch raft of new and revised products

A highly competitive market and changes in taxation policies prompt Shawbrook Bank, Precise Mortgages and Coventry for intermediaries to launch revised mortgage offerings.

A new limited company buy to let mortgage product is now available from Precise Mortgages.

The product is on offer for loan sizes of up to £3 million at up to 80% loan to value. Rates start at 4.09%.

Applicants can have up to 10 loans with Precise Mortgages, up to a maximum of £5 million and can also own unlimited properties through other lenders.

The maximum loan term is 30 years and the maximum age at application is 80 years of age.

Alan Cleary, managing director at Precise Mortgages, said:

"Changes in the taxation of buy to let properties may result in more professional landlords using a Ltd Company structure. Therefore, we have launched this product to help intermediaries meet the needs of their customers."

Precise has also recently announced that it is entering into the government Help to Buy scheme.

Help to Buy Almost Prime products start at 3.55% up to 75% LTV for a two-year tracker.

Two-year fixed rates start at 3.95%, while its four-year fixed rate is available from 4.20%.

Help to Buy Near Prime products include a 5.05% two-year tracker, a two-year fix from 5.45% and four-year fix at 5.70%.

Meanwhile, Shawbrook Bank has reduced rates by 0.20% to 0.35% across its residential refurbishment range.

Karen Bennett, sales and marketing director, commercial mortgages, at Shawbrook, said:

“It is testament to the hard work of the Shawbrook teams and the close relationship we have with our broker partners that we have been able to take on board feedback, and deliver such a significant series of improvements to elements of the residential product suite in January.”

Lastly, Coventry for intermediaries has cut the rates on its residential and buy to let mortgages, including its two-year fixed, five-year fixed and Flexx for Term products.

Coventry’s residential 90% loan to value mortgage is now available from 3.15%, with a £999 arrangement fee and the 75% loan to value buy to let product has been reduced from 2.95% to 2.55%.

Darin Landon, distribution director, Coventry for intermediaries, said:

“We’re delighted to reduce the rates on selected Fixed and Flexx for Term Residential and Buy to Let products, with a variety of fee options available. Plus, all of our products are booking fee free and include a valuation of up to £670 for Residential and £700 for Buy to Let.”