Buy to let, resi and commercial borrowers to benefit from new deals

A variety of lenders have refreshed their product offering bringing new deals and revised product criteria to suit the buy to let, residential and commercial mortgage markets.

On the buy to let front, Newcastle Intermediaries has refreshed its self-employed borrower range, targeting customers who have been trading for two years or less.

The lender has launched a range of two-year fixed rate deals, which start from 2.49%(5.5% APR) and include free valuations on properties up to £500,000. The minimum loan size available is £10,000 and the maximum loan size in £1m.

Available through Newcastle’s key distributors, the first product (at 2.49%(5.5% APR)) is available up to 60% loan to value (LTV), while the second is at 2.89%(5.6% APR) and is available up to 75% LTV. Both of these deals come with a £199 reservation fee and an £800 completion fee.

Offered at 2.99%(5.5%APR) the lender’s final deal is also available up to 75% LTV and is free of reservation and completion fees. It also includes free legals for remortgages, or £300 cashback for purchases.

These changes follow Newcastle’s amendments to its criteria for self-employed customers, as announced in April.

Santander’s new buy to let rates start at 1.89%(4.6%APR).

The bank has reduced certain fixed rates on its 60% and 75% LTV mortgages by up to 0.15%, and has launched a new two-year remortgage special at 75% LTV from 2.49%(4.7%APR), with a 1% booking fee.

Santander has also removed its £495 booking fee on certain two-year fixed products, including a 60% LTV at 2.94%(4.7% APR) and a 75% LTV at 3.64%(4.8%APR).

The bank has reportedly made the cuts in response to recent changes in the buy-to-let market, including the new 3% surcharge to stamp duty and the forthcoming cuts to tax relief on BTL homes.

Commercial borrowers will be interested to learn that Shawbrook Bank’s commercial division has revised its product criteria so that bank statements are no longer required on roll-up short term loans.

The bank has announced that as long as there is sufficient information gathered from a credit search, bank statements will no longer be requested.

Shawbrook has also redefined the required experience for STL products 1-5 to ‘relevant experience’ rather than a prescriptive standard.

Furthermore, on STL products 6-9 Shawbrook Commercial will accept borrowers who worked on similar projects in the last five years, rather than two as was the case previously.

In addition, the bank no longer needs to validate the client’s experience in the development market where the bank’s exit is development finance.

According to Karen Bennett, sales and marketing director for Shawbrook Commercial, the changes have been made to shorten the time it takes to evidence cases, and to streamline the whole submission process.

Yorkshire Building Society, meanwhile, has cut its fee-free first-time buyer rates.

The lender is offering a 2.59%(4.7%APRC) two-year fixed rate at 90% LTV with no product fee and free standard valuation. The deal comes with £250 cashback on completion for those buying a home and free standard legal fees for those remortgaging.

For first-time buyers with a 5% deposit, the Yorkshire BS is offering a 3.84%(4.9%APRC) two-year fixed rate, or a 4.49%(4.9%APRC) five-year fixed rate, with no product fee, free standard valuation and £250 cashback on completion.

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