The Mortgage Works (TMW) has cut the rates on its two year fixed and tracker buy to let loans, while Fleet Mortgages has made a series of revisions to its product criteria and NatWest Intermediary launches two new purchase mortgages to replace its Help to Buy deals.
The Mortgage Works has cut the rates on those of its two-year fixed and tracker buy to let mortgages which come with a £1,995 fee, by up to 0.20%.
The lender’s two-year fixed rate mortgages with a £1,995 fee now start at 1.89%(4.4% APR), while its two-year tracker now starts at 1.84%(4.4% APR), and also carries a £1,995 fee.
TMW’s existing five-year fixed rate mortgages, which carry a £1,995 fee, have also been reduced by up to 0.15% and now start at 2.64%(4.1% APR).
Other five-year fixed rates deals have also been introduced. With rates starting from 2.74%(4.2% APR), these mortgages come with free standard valuation and legals or cashback option and carry the same £1,995 fee.
TMW has also removed the cap on free standard valuations, which were previously restricted to those taking out loans on properties valued at £500,000 or less. Switcher rates for existing mortgage customers have also been reduced by up to 0.20%.
The changes that Fleet Mortgages has made to its product criteria concern minimum valuations, landlord experience and shared accommodation.
Outside of London and the South East, Fleet has reduced its minimum valuation on converted freehold properties from £150,000 down to £100,000.
In London and the South East, the figure of £150,000 still applies.
With regards to Houses in Multiple Occupation (HMO) applications, the lender now requires two years landlord experience if the primary applicant has owned an HMO property for that period.
Otherwise, three years standard buy to let experience is required.
As for shared accommodation, this will now be accepted on standard buy to let products and will be valued on a room-by-room basis.
NatWest Intermediary has launched two new 95% loan to value (LTV) mortgages for house purchase, which will replace the deals it currently offers as part of the Help to Buy: Mortgage guarantee scheme.
The first is a two-year fixed rate mortgage at 3.69%(3.84% APRC), with no product fee and the second is a five-year fixed rate at 4.59%(4.2% APRC), also with no product fee.
The mortgages are available to first-time buyers and existing home-owners who are buying for residential purposes.
New build properties are excluded from these offers, but NatWest does have another range to help those buying through the Help to Buy shared equity schemes.
In this case, a maximum property value of £600,000 is applied and applicants must contribute a 5% deposit at least.
There is no limit on the amount of income an applicant can earn and repayment must be on a capital and interest basis only.
You may also be interested in:
5 buy to let mortgages with generous rent to interest calculations
Buy to let mortgages with generous Rent to Interest calculations are disappearing fast. Come 1 January 2017 lenders will be required to RTIs for landlords borrowing personally. Jeni explains why and reveals some buy to let mortgages rates which have a more generous cover ratio.