New incentives and deals are available to buy to let borrowers, as BM Solutions offers £500 cashback on two-year fixed deals and Coventry launches new 50% loan-to-value (LTV) buy to let mortgage deals.
BM Solutions’ £500 cashback incentive for buy to let borrowers is applicable on selected two-year fixed mortgages.
The offer is available from Monday 3rd April and applications must be made by Sunday 28th May 2017. For eligible applications, the cashback will be paid through conveyancers on completion.
In parallel, BM Solutions has announced two new fixed rate mortgages. A two-year fixed mortgage up to 60% LTV is now available at a rate of 2.09%(4.4% APR) and the 75% LTV option is available at a rate of 2.49%(4.5% APR). The fee on these deals is £495 and BM Solutions’ cash back incentive applies.
New five-year let to buy products are also available through BM Solutions.
The lender’s rate for its 60% LTV five-year let to buy deal is 2.39%(4.1% APR) and at up to 75% LTV the rate is 2.89%(4.3% APR). Both deals carry a fee of £1,995.
BM Solutions has also reduced its five-year fixed rate buy to let mortgage rates, in what it says is its ongoing investment in the buy to let market. It has cut rates on its five-year buy to let loans up to 60% LTV by 0.30% and by 0.20% on its five-year buy to let loans up to 75% LTV.
Coventry for Intermediaries’ new range targets those buy to let borrowers looking for 50% LTV deals.
Its new range of 50% LTV buy to let mortgages includes a 1.49%(4.3% APR) two-year fixed deal with early repayment charges (ERCs) payable up until 30 April 2019 and a £1,999 product fee, as well as a five-year fixed rate deal at 2.59%(4.1% APR) with ERCs of £1,999 payable until 31 October 2022.
The lender has also introduced a Flexx for Term product at 1.59%(1.7% APR) for a 50% LTV mortgage with no ERCs and a £1,999 product fee.
Coventry’s Flexx for Term products allow unlimited overpayments and further borrowing at the same rate and Coventry says that all of its products are application fee free and include a valuation of up to £700 for buy-to-let mortgages.
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3rd April 2017