Landbay brings three new buy to let products to the market, aimed at expats, professional landlords and those with Houses in Multiple Occupation (HMO), while Newcastle Intermediaries has made a number of changes to its buy to let offering in England and Wales.
Landbay’s new buy to let products will be available exclusively through select broker partners, including Mortgages for Business.
The lender’s new ex-pat term tracker is available at 4.38%(4.7% APR) up to 75% loan to value (LTV). The interest coverage ratio requirement for the product is 135% and it carries an early repayment charge of 2% for two years.
The new professional landlord deal is a standard tracker mortgage at 3.88%(4.2% APR) up to 75% LTV. The interest coverage ratio is 125% and there are no early repayment charges.
Lastly, Landbay’s HMO offering is available at 3.98%(4.3% APR) up to 75% LTV, with an interest coverage ratio of 130% and no early repayment charges.
The lender has also revised its criteria to require a minimum income (from all sources) of £25,000 for those employed, or the equivalent of £40,000 for expats.
Its minimum property values are £80,000 for standard properties and £150,000 for HMOs.
Newcastle Intermediaries has enhanced its buy to let product range, extending distribution to all key partners while improving the service it delivers to both brokers and clients.
Offering brokers greater flexibility, applications for Newcastle’s buy to let mortgages can now be completed directly through its website, as the lender retires its paper-based application process.
The new system allows brokers to scan and upload completed documents, track the progress of an application and and speak directly to a member of the Newcastle Intermediary team through a web chat service.
The lender’s buy to let criteria has also been extended to £500,000 and rental stress will be calculated on an interest-only basis.
Nationwide has revealed that it will cease commercial real estate lending.
Following a strategic review of its business, the building society announced that commercial real estate (CRE) lending was not 'key to the Society's vision for the future and that [its] resources would be better deployed elsewhere'.
"We will maintain a dedicated service for each existing CRE customer throughout the remainder of their loan term. We will continue to provide funding to registered social landlords and existing Project Finance customers as well as continuing our Business Savings proposition,"
the society added.
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