As today’s main news turns to the impact of last night’s shock general election result, we bring you the latest lender updates concerning buy to let and residential borrowers.
Buy to Let
Leeds Building Society has extended its range of buy to let mortgages, to include a five-year tracker with no early redemption charges.
The lender is offering the five-year product up to 60% loan-to-value (LTV), and it comes with a free valuation and fees assisted legal services for standard mortgages.
Leeds has also cut the rates on its 60% LTV buy to let mortgage range by 0.10%. Its new five-year remortgage deal comes at a rate of 2.39%, with a free valuation and fees assisted legal services. The product has a £999 fee.
Newcastle Intermediaries has cut its minimum buy to let income requirement by £10,000.
The lender’s minimum income requirement for joint buy to let properties is now £30,000 and enhances its current buy to let policy which covers five-year products stressed at 145% at 4% and no maximum age limit.
Newcastle has also refreshed its buy to let rates with new fee assisted options, and will allow borrowers with products in this range to overpay their mortgage balance by 10% per annum, over and above the existing policy which allows £499 regular monthly overpayments.
In residential mortgage news, Metro Bank has cuts rates across its five-year fixed rate range of mortgages.
The revised offering will include; a rate of 1.74%, available up to 65% LTV for mortgages under £2m, a rate of 1.84% available up to 70% LTV, as well as a rate of 2.04% up to 75% LTV.
Coventry Building Society is offering its customers a cashback incentive of £500 on residential and offset deals.
The cashback deal is available on all fixed-rate residential and offset products for first-time buyers and homemovers.
Tesco Bank, meanwhile, says that its new five-year remortgage deal is the lowest on the market.
The bank has introduced a five-year fixed rate 60% LTV remortgage product at a rate of 1.68%, with a product fee of £995.
It has also cut the rates on its two-year 60% LTV remortgage products to 1.53%.
At the end of the fixed rate term, both these products will move onto the lender’s standard variable rate, which is currently at 3.89%.
Chelsea Building Society is targeting homebuyers and remortgagors with its new range of low-fee fixed rate mortgages.
The building society is advertising fees of £495 on its two- and five-year deals across its 65%, 75% and 85% LTV ranges.
Current deals include the following rates: 1.64% for a two-year fixed rate mortgage at 75% LTV, 1.79% for a fixed rate mortgage at 65% LTV and 1.99% for a 75% LTV deal.
Finally, Saffron for Intermediaries will now lend up to 90% LTV to self-employed borrowers, who have one years’ accounts.
Other initiatives to enhance its mortgage offering include a five-year fixed mortgage at a discounted rate of 3.99% with a £1,250 fee and a reduced five-year fixed first-time buyer mortgage available at 3.67% at 95% LTV with no fee.
Owner-occupiers meanwhile will have access to rates from 1.15% at 60% LTV, available for purchase or remortgage with £800 cashback. 80% LTV rates are available from 1.25% with a £999 fee.
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