Products updated by residential and buy to let lenders
Skipton, Leeds, Fleet and TMW overhaul and update buy to let and residsential products
Skipton Building Society has reduced its two-year residential tracker rates and launched new three- and seven-year fixed rates.
New tracker rates are available at 1.43% to 75% LTV and 1.97% to 90% LTV, available for purchase or remortgage with no completion fees.
The new three-year fixed rate products start from 1.57% at 60% LTV and 1.64% at 75% LTV with a £995 fee, with a fee-free 60% LTV option available at 1.89%.
The new range also includes a 90% LTV seven-year fixed rate at 2.99% for purchase and remortgage with no fees.
Purchase products offer free valuation while remortgage products also include free standard legals.
Kris Brewster, Skipton’s head of products, said:
“We want to offer new and existing customers the most competitive rates and the best levels of service to enable them to complete their purchase or remortgage in the quickest possible timescale.
“These new products are available through the Society's Skipton Direct customer service centre, branches and all intermediaries.”
Meanwhile, in the buy to let sector, The Mortgage Works, a specialist arm of Nationwide Building Society, is launching its lowest ever five-year fixed rate BTL mortgage product.
Rates start from 1.99% at 50% LTV with a £1,995 fee, and from 2.39% with no fees.
In addition, there are selected rate reductions across the buy to let range of 0.15%, as well as new fee-free two-year fixed rates starting from 2.14%.
Paul Wootton, managing director of TMW, said:
“TMW is offering landlords a range of new buy-to-let deals with competitive rates, including our lowest ever five-year fixed rate product. The aim is to help landlords to manage ongoing costs and offer a wider choice of options.
“This is particularly important in an environment where managing cashflow and costs has become increasing significant for both portfolio and smaller scale landlords.”
Fleet Mortgages, the buy to let specialist updated the new LIBOR rate of 0.54% earlier this week. Fleet are offering a buy to let mortgage tracker to 75% LTV at 4.04% available to SPV's & Individuals for purchases & remortgages.
They also offer a HMO tracker product at 4.14% to 75% loan to value.
Also with effect from today, Leeds Building Society has reduced selected buy to let fixed rates by 0.20%, and extended all dates until May 2020 or 2023. A reduction of 0.11% also applies to selected tracker rates, again with all end dates extended until May 2020 or 2023.
In addition, Leeds has introduced new 80% LTV Help to Buy Cashback products to its residential product range.
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