A raft of lenders including Barclays, Keystone Property Finance, Pepper Homeloans and Skipton Building Society have launched new mortgage products to suit buy to let investors and residential borrowers.
Barclays' new residential and buy to let mortgage products include buy to let and remortgage rates starting at 1.99% for a three-year fixed rate loan at 60% loan-to-value (LTV) with a £1,950 fee.
Also included in the new range of buy to let deals is a 2.59% three-year fixed mortgage at 60% LTV with no fee.
Barclays’ residential offering will now include a rate of 3.69% for a 95% LTV two-year fixed rate loan, which carries a £999 fee; as well as rate of 3.99% for the same deal, but with no fee.
The lender’s five-year fixed rate, 95% LTV mortgage deal comes in at a rate of 4.55%, with a £499 fee.
Barclays is also increasing its maximum loan size for 75% LTV buy to let mortgages to £1m and will offer a £250 cashback option to replace its free legal fees option on its Switch and Save package.
As part of its spring clean, the lender is also cutting buy to let rates by up to 0.20% on loans such as its 1.89% two-year fixed mortgage at 60% LTV with a £1,850 fee, and is also making cuts to its residential rates.
Specialist lender Keystone Property Finance has launched a new, three-year fixed rate buy to let mortgage.
Priced at 3.69% to 65% LTV it is now the lowest priced product in Keystone’s Classic Range.
The rate is being offered to landlords regardless of whether they choose to invest personally or via a limited company, and unlike many buy to let products, it is available to trading limited companies as well as Special Purpose Vehicles (SPVs).
Keystone does not impose an upper age limit to qualify for finance. The lender’s product criteria stretches to borrowers up to 85 years of age at the end of the mortgage term, making Keystone an appealing choice for older investors.
Keystone is an intermediary only lending brand which boasts criteria aimed at investors typically with more complex borrowing scenarios. It is one of the few lenders which will allow remortgages within six months of purchase and will consider a wide range of non-standard properties including flats above commercial premises and new build flats.
Pepper Homeloans is targeting buy to let investors with its limited edition five-year fixed rate of 2.98%.
The new mortgage deal is available up to 75% LTV for loans between £25,001 to £1m, with a rental calculation based on 140% times pay rate.
The completion fee for the product is 1.75% and Pepper is offering free legals on all remortgages. After the term ends the loan will revert to Pepper’s standard variable rate of Libor plus 4%.
On the residential side, Skipton Building Society is launching three new residential two-year fixed rate products, which offer £1,000 cashback.
The deals, which are available at 60%, 70% and 85% LTV, also come with free valuations and no fee.
A minimum loan size of £80K applies and the new products are available for purchase and remortgage, but not rate switches.
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