At the beginning of lockdown, we had just eight lenders offering 75% Loan to Value (LTV) buy to let mortgages. As restrictions begin to lift, lenders are returning to the market and increasing their offerings almost daily. Our latest article from Jeni Browne takes a look at what higher LTV mortgages you can now access.
From just eight lenders offering up to 75% LTV at the end of March, including Paragon, Keystone Property Finance and The Mortgage Works, we now have over 21 at the beginning of June. While it’s by no means a return to ‘normal’, it demonstrates that the mortgage market is regaining confidence and has no intention of stagnating.
Virgin, Nottingham Building Society, Clydesdale, Accord, LendInvest, Kent Reliance and Precise are among several lenders now offering 75% LTV buy to let products. Even more positively, four lenders released buy to let mortgages for up to 80% LTV this week for both purchase and remortgage, a real sign that things are (in some areas) starting to return to a kind of normality.
The return of physical valuations last month has played a large part in this recent uptick in activity, as it’s allowed the lenders to process higher risk investments. Although there are currently fewer options on the market for HMO and Multi-Unit properties, a couple of lenders, including One Savings Bank (the umbrella brand for Kent Reliance, Precise Mortgages and InterBay Commercial) and Foundation, have launched buy to let mortgage products which include them in their criteria - even including some rates at 75% LTV!
As restrictions lift further and the lenders clear the backlog of cases built up from March to May, we expect the buy to let market to pick up the pace again; especially as lots of the landlords we’ve spoken to are looking to make new investments soon!
If you’d like to know what buy to let mortgage rates are suitable for your property investment finance requirements, do not hesitate to contact our expert team on 0345 345 6788 or email firstname.lastname@example.org.
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