Rates on five-year buy to let products are rising at Accord Mortgages, TSB is increasing its buy to let interest cover to 145%, Coventry for Intermediaries has launched a 50% loan-to-value (LTV) range and Skipton introduces ‘day one’ valuations.
Accord Mortgages five-year buy to let mortgage range has been revised to accommodate the following rate increases:
• Five-year 60% LTV mortgages increased by 0.15%
• Five-year 65% LTV mortgages increased by 0.30%
• Five-year 75% LTV mortgages increased by 0.20%
All of Accord’s five-year end dates have also been extended to 31 October. Early repayment charges apply.
High street bank, TSB is upping its buy to let interest coverage ratio from 125% to 145%.
As from Thursday, 29 June, the bank will charge 145% of 5%, or pay rate (whichever is highest) for loans up to 65% LTV.
For mortgages from 65.1% to 75% LTV, TSB will ask for 145% of 5.5% or pay rate.
This revision will be applied to residential mortgage affordability as well, where the borrower also has a buy to let loan.
Applications made before 8pm on Wednesday, 29th June will not be affected.
Coventry of Intermediaries’ residential and offset mortgages portfolios will now include a 50% LTV range.
Its new 50% LTV residential mortgage range includes a five-year fixed rate of 2.09% (3.63% APRC) and its offset range includes a 2.19% (3.67% APRC) five-year fixed deal.
Early repayment charges apply until September 2021 and an arrangement fee on £999 is payable on both deals.
Hoping to ‘improve its own application speed and efficiency’ Skipton Intermediaries has launched ‘day one’ valuations on all its mortgage applications. The changes follow a recent trial of the service.
The lender will now instruct standard valuations for complete purchase and remortgage cases from brokers.
As part of improvements to its services, Skipton also now allows its brokers to use its online e-mortgage facility until 10pm.
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