Raft of lenders announce product revisions and sales

Kent Reliance, Paragon Mortgages and Virgin Money all have renewed propositions on offer to incentivise buy to let investors, and Accord Mortgages announces a sale on product fees and rates for a limited 10-day period.

Accord Mortgages’ 10-day sale is now live.

All products in the sale are available with reduced rates and 50% off product fees until 8pm on Wednesday 30 March.

The sale includes four buy to let mortgage deals: two two-year fixed rate 75% loan to value (LTV) mortgages at 2.79%(5.6%APR), available with a £400 arrangement fee, free valuation and a choice of either free legals or £300 cashback, as well as two five-year fixed rate 75% LTV buy to let mortgages at 3.44%(5.2%APR), again available with a £400 product fee, free valuation and either free legals or £300 cashback. Early repayment charges apply.

Following the Summer Budget and Autumn Statement, Kent Reliance has reviewed its policy regarding investors who want to transfer individual ownership of their buy to let property to that of a Limited Company Special Purpose Vehicle (SPV) or a Limited Liability Partnership (LLP).

As such, new and existing Kent Reliance customers can now transfer properties from their sole name to a Limited Company SPV or a LLP, subject to Kent Reliance’s current policy requirements.

The lender will accept a director’s loan, or gifted equity for the difference between the new loan amount and the value of the property.

Appropriate assurances from the borrower will be requested by the lender.

Kent Reliance customers will also be able to borrow funds for Stamp Duty, Capital Gains Tax and legal costs.

These costs may be added to the loan, subject to underwriting and product LTV limits.

Paragon Mortgages has updated its buy to let product range in a bid to meet the ever changing needs of buy to let investors.

New products in the range include a two-year fixed rate at 3.65%(5.4% APR) with a 1.5 % product fee at 75 % LTV, as well as a five-year fixed rate at 4.49%(5.3% APR) with a £995 fee at 75% LTV. Early repayment charges apply.

Both products are available for single, self-contained properties for individuals and limited companies.

The refreshed range also includes six stepped five-year fixed rate products.

The fixed rate products can either increase or decrease in rate each year until the end of the term, depending on landlord preference.

The lender is also due to launch a range of consumer buy-to-let products under its Mortgage Trust brand.

Virgin Money has made revisions to select intermediary exclusive buy to let products, and has reduced rates on other core buy to let deals.

The lender is reducing certain two, three and five-year fixed rate buy to let deals between 50% and 75% LTV and is offering a five-year fixed rate remortgage product at 2.89%(5.6% APR), available up to 50% LTV. Early repayment charges apply.

In addition, a two-year tracker remortgage product, available up to 50% LTV, will be reduced by 0.03% to 1.72%(4.8% APR). Arrangement fee of £1,995, and early repayment charges apply.

Lastly Virgin Money is reducing certain two, three and five-year fixed rate buy to let products between 60% and 75% LTV, and is offering a two-year fixed rate product at 2.38%(4.9% APR), available up to 75% LTV with a flat arrangement fee of £1,995. Early repayment charges apply.  

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