Lenders drop buy to let mortgage rates, with more fal...

Breaking News

26 June 2024

10016 Reads
4 Comments

By Graham Norwood

TODAY'S OTHER NEWS

Lenders drop buy to let mortgage rates, with more falls to come

Molo Finance has made further rate cuts to its UK resident buy to let fixed-rate products.

The lender’s BTL rates now start from 4.55% for a two-year fixed for both individual and limited companies up to 75% loan to value, which is a 0.17% reduction.

Its five-year fixed rates for the standard range begin at 5.06%, equating to a 0.15% reduction.

Product rates for HMOs, multi-unit freehold blocks, new builds and investor-led properties now start from 4.65% for a two-year fixed product and 5.16% for a five-year fixed.

Meanwhile Fleet Mortgages has introduced a series of rate cuts and launched two five-year, 75% LTV fixes for both standard and limited company landlord borrowers.

The lender made a 0.20% reduction to its standard 75% LTV five-year fix for individual landlord borrowers, with a new rate of 5.14% from 5.34%, plus a 0.35% reduction for the same product for limited company borrowers, also now available at a rate of 5.14%, down from 5.49%.

Both products come with a 3% fee, at a minimum of £750.

The two products are available at 75% LTV for both standard and limited company borrowers, and priced at 5.69% and come with a fixed fee of £3,999.

The maximum loan available is £500,000, and the end date for the products is 31st October 2029.

Both products come with a rental calculation of 125% at 5.69% for basic tax payers and 145% at 5.69% for higher rate tax payers.

Free valuations are available for properties valued up to £500,000, and are discounted for values above this.

Earlier this week Barclays and HSBC slashed their rates on a number of deals, with analysts saying this would likely trigger a new round of rate reductions, despite the Bank of England keeping base rate at 5.25% for the eighth time in a row. The analysts say Swap rates, which dictate pricing for mortgage lenders, have fallen recently, so will have led to Barclays’ decision.

We're excited to announce that we're working on building a shiny new website for readers of Landlord Today! As part of this process, commenting on articles will be temporarily disabled. We look forward to sharing our new and improved Landlord Today website with you shortly!