Buy to let and bridging loan sectors benefit from revamped product offerings
Fleet and Precise Mortgages launch new buy to let products, while Together introduces its lowest ever bridging rate and Kent Reliance slashes the rates on its five-year buy to let fixed products.
Fleet Mortgages is targeting individual landlords, limited companies and borrowers interested in investing in Houses in Multiple Occupation (HMOs) with its new range of buy to let and residential products.
Now available from Fleet are 13 new mortgage products, spilt between two- and five-year fixed rates deals and lifetime trackers.
Fleet’s standard and limited company loans have a rental calculation of 125% at 5%, and the new standard range includes a two-year fixed rate individual landlord loan at 2.99% and 75% loan-to-value (LTV) up to £200,000. A rate of 3.49% is available up to £750,000 and the range also includes a five-year fixed mortgage at 3.99%.
The lender’s limited company range now offers a two-year fixed rate of 3.29% up to 65% LTV and a five-year loan at a rate of 3.69%, while its HMO range includes a two-year fixed rate of 3.39% at 65% LTV.
Precise Mortgages is another lender to revamp its buy to let range with reduced rates and improved criteria.
The lender’s core and limited company range now offers two-year tracker rates from 3.19%, with no product fee and five-year fixed rates from 3.39% with assessment based on payrate, up to a maximum of £3m. Five-year fixed rates from 3.69% are also available, up to a maximum of £500,000 and come with a £2,495 fee.
Precise Mortgages has also adjusted its limited company policy and now allows an unlimited number of shareholders under the age of 25, subject to them being a director’s dependent.
As for its HMO range, the same rates as advertised for Precise’s core range (tier 1) are available and the lender will allow borrowers to take advantage of multiple rental incomes to maximize the available loan size. Licensed and unlicensed HMOs will be accepted.
Precise defines portfolio landlords as those who hold up to 20 buy to let mortgages (with them) at a combined maximum value of £5m. Neither does it impose a limit of buy to let mortgages with other lenders.
Kent Reliance has lowered its five-year buy to let fixed rates and is introducing its lowest ever priced 75% LTV five-year fixed rates for buy to let standard and buy to let specialist mortgages.
The lender’s five-year fixed rate standard product at 75% is now advertised at a rate of 3.79%, with a fee of 2%. While its five-year fixed specialist large loan, which offers a maximum loan size of £3,000,000, is available at the same rate, with a fee of 1.75%.
Kent Reliance’s 80% and 85% LTV Standard buy to let and specialist buy to let products remain unchanged, but it is removing its current higher priced 65% LTV five-year fixed range.
Together has launched a new bridging loan product which has the lowest rate in the lender’s 43-year history.
The lender is offering a rate of 0.49% per month for loans of 50% LTV, up to a maximum of £2.5m, with larger applications considered on a case by case basis.
The product doesn’t stipulate a maximum age limit, but the lender will not accept sales of existing properties or proceeds of probate as repayment strategies.
However, Together will permit a combination of sale and remortgage where borrowers use more than one property as security against the loan.
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