Variety of lenders refresh buy to let offerings and cut rates
New Street Mortgages, Accord Buy to Let and Barclays refresh their buy to let mortgage offerings, while Atom Bank launches residential loans at 80% and 85% loan-to-value (LTV).
New Street Mortgages has revived its buy to let range, and is now offering 65% LTV mortgage deals which it says beat anything that is available from the high street.
The lender’s two-year discounts now stand at 1.59%(4.7%APR) to 65% LTV and 1.94%(4.7%APR) to 75% LTV and its two-year fixed rate has been cut to 1.69%(4.7%APR) from 1.99% up to 65% LTV.
As for its let-to-buy products, New Street has also made reductions of 0.50% and is offering a one-year fixed rate at 2.39%(4.8%APR) up to 65% LTV.
Accord Buy to Let has cut its rates on a select range of lower LTV mortgages by up to 0.20% and has expanded its range of 65% LTV products.
The lender is now offering two-year fixed rates from 1.99%(5.5% APR) for buy to let borrowers with a 35% deposit, as well as a two-year fixed rate of 2.04%(5.5%APR) for those with a 25% deposit.
Both options carry a product fee of £1,995 and are available to landlords looking to remortgage or grow their portfolios.
Other deals newly launched by Accord include 65% LTV loans at 2.54%(5.5% APR) for a two-year fix with a £450 product fee. Those buying a new property are offered £500 cashback on completion. Remortgaging landlords can choose from either free standard valuation and £300 cashback on completion, or free standard valuation and legal fees.
Barclays is another lender to review its buy to let deals.
Now available from the bank is a range of fee-free deals, highlights of which include a 2.35% five-year fix at 75% LTV; a 3.59% five-year fix at 75% LTV as well as a number of rate switch and further advance fixed-rate deals starting from 2.31%.
Barclays has also reduced a number of products to ‘best-ever’ rates. The reduced range includes a two-year fixed mortgage at 2.09% with a 1% fee; a two-year tracker at a rate of 2.09% and £1,500 fee; and a five-year fix at 2.99% with a 1% fee, all at 75% LTV. The bank is also introducing a new 2.99% 10-year fix at 65% LTV with a £2,000 fee.
Barclays has also increased the fees on other products and has withdrawn certain deals.
Its two-year tracker at 1.85% and 65% LTV, now has a fee of £1,500 - an increase of £10 and the lender’s product withdrawals include a five-year fixed purchase-only mortgage at 2.69% and 80% LTV and a two-year fixed-rate at 2.95% and 65% LTV.
On the residential front, Atom Bank has expanded its offering and has now launched new two- and five-year residential loans at 80% and 85% LTV, both available for house purchase and remortgage.
Atom Bank specialises in digital mortgages and its products are available through select brokers only.
The bank services the following lending categories: self-employed, contractors, lending into retirement, purchase, re-mortgage, shared ownership, first-time-buyers and new-build properties.
Digital mortgages by Atom Bank are all backed by automated systems, and customers can see every stage of their application through an app.
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