Two specialist lenders have significantly expanded their buy-to-let range, meanwhile, in the residential sector, Accord and Platform update offerings
Two specialist lenders have significantly expanded their buy to let range. Among them, Paragon has launched a limited edition BTL range for portfolio landlords which offers cashback and a free mortgage valuation.
Products are available for purchase and remortgage and include a two-year fixed rate at 3.40% for landlords borrowing up to 75% LTV on SSC units and at 3.60% up to 75% LTV on HMO and MUB properties.
Five-year fixed rates are available at 3.74% up to 75% LTV on SSC units and 3.84% up to 75% LTV for borrowing on HMO and MUB properties.
Products include £250 cashback upon release of funds for customers who select a two-year fixed rate mortgage and £500 for those on a five-year fixed rate.
Elsewhere in the sector, Vida Homeloans has broadened its buy to let expat criteria for a limited number of distributors.
The specialist lender has made changes to cater for existing UK property owners working in FATF (Financial Action Task Force) member countries around the world.
The exclusive BTL range is available up to 65% LTV outside the EEA and up to 75% LTV inside the EEA.
First-time landlords, houses in multiple occupation and multi-blocks are all acceptable and the maximum loan size is £1m.
Spouses who are non-British citizens can also be party to the BTL mortgage and no minimum income is required.
The new extension to the expat range is currently available to mortgage intermediaries through Mortgages for Business, and other select intermediaries. Vida is giving intermediaries the choice of submitting business via packagers or directly via the club route.
Meanwhile, in the residential sector, Accord has this week cut 30 of its fixed-rate mortgage prices by up to 0.18%. The rate cuts apply to the firm’s house purchase and remortgage products.
The 0.18% drop applies to Accord’s two-year fixed rate for housebuyers at 80% LTV, now 2.15%. This fee-free mortgage comes with £500 cashback and a free standard valuation.
The lender has cut its two-year fix for housebuyers and remortgagors at the 80% LTV by 0.11% making it now 1.68%.
Accord mortgage manager Ben Merritt commented:
“We’ve spring cleaned our mortgage range to make it as competitive as possible for borrowers with differing budgets.
“The new range includes some fee-free options as well as home loans with additional features, such as cashback and free standard valuations, designed to help borrowers keep down the upfront costs of buying or remortgaging.”
Also in the residential sector, Platform Home Loans, the intermediary mortgage brand of The Co-operative Bank, is next week to launch a range of Help to Buy mortgages including a five-year fixed rate which it says is currently the lowest on the market.
The five-year fixed rate is available at 2.14% up to 75% LTV with a £999 fee. Available from Monday 9th April, two-year fixed rates are available from 1.54% with a £999 arrangement fee and five-year rates from 2.34% with no fee.
All of Platform’s Help to Buy mortgages are available with £500 cashback and free mortgage valuation.
ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
6th April 2018